Linde Q4 2025 earnings: adjusted EPS beats estimates

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.