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Linde (LIN) investor relations material
Linde Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary31 Oct, 2025
Executive summary
Adjusted diluted EPS for Q3 2025 was $4.21, up 7% year-over-year, with operating cash flow of $2.95 billion, up 8%, and free cash flow of $1.67 billion.
Q3 2025 sales reached $8.6 billion, up 3% year-over-year, driven by higher pricing, acquisitions, and favorable currency; backlog remains robust at $10 billion.
Growth in Electronics and Food & Beverage offset by weaker Chemicals & Energy; Americas led segment growth, while Engineering declined.
Net income attributable to shareholders was $1.93 billion for Q3 2025, up 24% year-over-year; adjusted net income was $1.99 billion, up 5%.
Resilient performance despite ongoing industrial recession and macroeconomic uncertainty, with continued focus on sustainability and GHG emissions intensity reduced by 49% since 2018.
Financial highlights
Q3 2025 sales were $8.615 billion, up 3% year-over-year; operating profit was $2.558 billion, up 3% year-over-year, with an adjusted operating margin of 29.7%.
Adjusted EBITDA for Q3 2025 was $3.38 billion (39.2% of sales), up 4% year-over-year.
Cost of sales as a percentage of sales decreased to 50.8% in Q3 2025, reflecting higher pricing and productivity gains.
SG&A expenses increased 9% year-over-year in Q3 2025, mainly due to acquisitions and cost inflation.
After-tax return on capital for Q3 2025 was 24.6%.
Outlook and guidance
Q4 2025 adjusted EPS guidance is $4.10–$4.20, up 3–6% year-over-year; full-year 2025 adjusted EPS guidance is $16.35–$16.45, up 5–6% year-over-year.
Full-year 2025 capex expected between $5.0 billion and $5.5 billion, supporting growth and maintenance.
Management remains cautious on near-term industrial activity, with no clear catalysts for improvement in 2025.
Guidance assumes potential economic contraction at the top end.
Backlog and disciplined capital allocation expected to drive continued EPS growth into 2026.
What factors offset stagnant industrial activity?
Detail the $7.1B contractual sale of gas backlog.
Explain EMEA's strong margin growth vs. other regions.
Electronics cycle duration beyond next year?
Catalysts for European industrial recovery?
Sustain pricing power in soft macro?
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Frequently asked questions
Linde plc operates as an industrial gas company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers processes, such as oxygen delignification process for removing lignin from wood pulp; bleaching process; refining process; pelletizing process; controlled freezing processes; and gasification of carbonaceous fuels. It also provides machinery and plants for processing various raw materials into bulk chemicals. In addition, the company offers engineering services.
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