Linde PLC

Latest Results (13.12.2025):

Linde PLC — third-quarter 2025: Linde PLC reported Q3 2025 sales of $8.615 billion (up 3% YoY) and GAAP net income of $1,929 million (diluted EPS $4.09). On an adjusted basis, Q3 adjusted net income was $1,987 million and adjusted diluted EPS was $4.21 (up 7% YoY). Adjusted operating profit was $2.558 billion (adjusted operating margin 29.7%, +10 bps). Operating cash flow rose 8% to $2.948 billion and free cash flow was $1.672 billion after $1.276 billion of capex.

Key financials

Sales $8.615B (+3% YoY); GAAP operating profit $2.367B, adjusted operating profit $2.558B (+3%); GAAP diluted EPS $4.09 (+27% YoY), adjusted diluted EPS $4.21 (+7% YoY). Adjusted operating margin 29.7% (10 bps improvement).

Cash flow and capital use

Q3 operating cash flow $2.948B (+8% YoY); capex $1.276B; free cash flow $1.672B. During the quarter Linde returned $1.685B to shareholders (dividends + share repurchases, net of issuances).

Guidance and capital spending

Q4 2025 adjusted diluted EPS guidance $4.10–$4.20 (up 3–6% YoY; 1–4% excluding ~2% currency tailwind). Full‑year 2025 adjusted EPS guidance $16.35–$16.45 (up 5–6%). Full‑year capex expected $5.0–$5.5B to support growth and maintenance; company cites a $7.1B contractual sale of gas project backlog.

Segment highlights

Americas: sales $3.846B (+6% YoY), underlying +4% (price +3%, volumes +1); operating profit $1.199B (31.2% of sales, ~70 bps below prior year). EMEA: sales $2.178B (+3%), operating profit $781M (35.9% of sales, materially higher YoY). APAC: sales $1.741B (+1%) but underlying sales down 1% (pricing weakness, helium); operating profit $490M (28.1% of sales). Linde Engineering: sales $519M (-15%), operating profit $101M (19.5%).

Other items to note

Adjusted results exclude merger purchase-accounting impacts and certain charges; Linde notes continued productivity gains despite weak industrial activity. Balance sheet snapshots: cash ~$4.5B and adjusted net debt ~$21.4B (quarter end). Management emphasized disciplined capital allocation and cautious near‑term industrial outlook.