Linde plc reported third‑quarter 2025 results with net income of $1,929 million, a 24% increase year‑over‑year, and diluted earnings per share of $4.09, up 27% from the prior year. Adjusted net income rose to $1,987 million, a 7% increase, and adjusted EPS reached $4.21.
Sales for the quarter totaled $8,615 million, up 3% year‑over‑year. Operating margin (adjusted) was 29.7%, up 10 basis points, while operating cash flow reached $2,948 million, an 8% increase. Free cash flow was $1,672 million, and shareholder returns of $1,685 million were distributed through dividends and share repurchases.
The company’s earnings beat analyst expectations. Consensus diluted EPS for the quarter was $3.84, and adjusted EPS consensus was $4.18; Linde’s adjusted EPS of $4.21 exceeded both estimates. Management highlighted higher pricing power and ongoing productivity initiatives across all segments as key drivers.
Segment performance varied: Americas sales grew 6% year‑over‑year, APAC sales increased 2%, and EMEA sales rose 1%. Linde Engineering sales declined 15% year‑over‑year, reflecting a slowdown in the steel and construction markets. The company noted that stagnant industrial activity remains a near‑term headwind.
For the fourth quarter, Linde provided adjusted diluted EPS guidance of $4.10 to $4.20 and a full‑year 2025 adjusted EPS outlook of $16.35 to $16.45. Management reiterated its commitment to a robust balance sheet and disciplined capital allocation, while emphasizing continued investment in clean hydrogen and carbon capture technologies.
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