Linde (NASDAQ:LIN) capped a resilient fiscal year with fourth-quarter results that beat analyst expectations, as the industrial gas giant successfully used its pricing power to offset stagnant volumes and sluggish manufacturing activity in Europe.
The Woking, UK-based company reported adjusted earnings of $4.20 per share, a 6% increase from the prior year and ahead of the $4.15 consensus estimate.
Revenue for the quarter rose 6% to $8.76 billion, also surpassing Wall Street forecasts of $8.53 billion.
While statutory net income fell 11% to $1.53 billion due to restructuring charges and purchase accounting impacts from the 2018 Linde-Praxair merger, the company's "self-help" initiatives drove adjusted operating margins to a robust 29.5%.
Linde’s ability to grow earnings despite stable overall volumes highlights the strength of its high-density network and long-term on-site contracts.
Underlying sales grew 3%, fueled by a 2% price attainment and a 1% contribution from project startups in the Americas and electronics segments.
The company’s project backlog remains a significant growth engine, ending the year at $10.0 billion.
For the full year 2025, Linde generated $10.4 billion in operating cash flow, returning $7.4 billion to shareholders through dividends and buybacks.
Looking ahead, Linde provided an optimistic forecast for 2026, projecting adjusted EPS between $17.40 and $17.90.