On February 5, 2026 published $LIN (-3.69%) published its financial results for the fourth quarter and full year 2025. The figures show a strong operating result with record earnings per share despite a challenging industrial environment.
Key financial figures Q4 2025 Compared to the same quarter of the previous year, Linde recorded growth in its key performance indicators in the last three months of the year:
- Sales: Sales rose to USD 8.76 bn. This corresponds to an increase of 6 % compared to the previous year (USD 8.28 bn) and 2 % compared to the previous quarter.
- Adjusted earnings per share (Adjusted EPS): Earnings per share climbed to USD 4.20, an increase of 6% compared to the same quarter last year (USD 3.97).
- Adjusted operating profit: Adjusted operating profit amounted to USD 2.59 billion with a margin of 29.5%.
- Operating cash flow: Cash flow from operating activities rose to USD 3.03 billion, an increase of 8% compared to the previous year.
Reasons for the development Management cited several factors that influenced the result in the fourth quarter and for the year as a whole:
- Volume growth: Higher volumes, particularly in the electronics end market (Electronics) and the launch of new projects, drove growth.
- Pricing: Price increases and productivity initiatives contributed to stability.
- Industrial environment: Despite a challenging industrial environment, record EPS and operating cash flow were achieved.
- Investments: Capital expenditure (capex) increased by 17% to USD 1.46 billion in Q4, driven by project investments.
Full year 2025
Looking at the full financial year, the following picture emerges:
- The total revenue amounted to USD 33.99 billion (+3 % compared to 2024).
- The adjusted operating profit increased by 4 % to USD 10.14 billion, with the operating margin improving by 30 basis points to 29.8 %.
- The adjusted earnings per share (EPS) reached a record USD 16.46 (+6 % compared to 2024).
- The order backlog for projects (project backlog) is stable at over USD 10 billion.
Shareholder return & outlook Linde continues its focus on shareholder value and capital return:
- Capital return: In 2025, over USD 7 bn was returned to shareholders. This was split into USD 4.6 billion for share buybacks and USD 2.8 billion for dividends.
Outlook for 2026: For the full year 2026, Linde expects adjusted EPS in the range of USD 17.40 to USD 17.90, which corresponds to growth of 6 % to 9 %. EPS of USD 4.20 to USD 4.30 is forecast for the first quarter of 2026.
Summary: Linde closes 2025 with a strong fourth quarter characterized by volume growth in key sectors and robust pricing power. The company continues to demonstrate resilience and growth potential with record EPS, a solid order backlog of USD 10 bn and positive guidance for 2026.
