Linde has reported first-quarter 2025 net income of USD 1,673 million and diluted earnings per share of USD 3.51, up 3 percent and 5 percent respectively. Excluding Linde AG purchase accounting impacts and other charges, adjusted net income was USD 1,880 million, up 3 percent versus prior year. Adjusted earnings per share was USD 3.95, 5 percent above prior year.
Linde’s sales for the first quarter were USD 8,112 million, flat versus prior year. Compared to prior year, underlying sales increased 1 percent from 2 percent price attainment partially offset by 1 percent lower volumes largely driven by the manufacturing and metals & mining end markets.
First-quarter operating profit was USD 2,184 million. Adjusted operating profit of USD 2,438 million was up 4 percent versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 30.1 percent was 120 basis points above prior year.
First-quarter operating cash flow of USD 2,161 million increased 11 percent versus prior year. After capital expenditures of USD 1,270 million, free cash flow was USD 891 million. During the quarter, the company returned USD 1,808 million to shareholders through dividends and stock repurchases, net of issuances.
For the second quarter of 2025, Linde expects adjusted diluted earnings per share in the range of USD 3.95 to USD 4.05, up 3 percent to 5 percent versus prior-year quarter or 5 percent to 7 percent when excluding 2 percent of estimated currency headwind.
For the full year 2025, the company expects adjusted diluted earnings per share to be in the range of USD 16.20 to USD 16.50, up 4 percent to 6 percent versus prior year or 6 percent to 8 percent when excluding 2 percent of estimated currency headwind. Full-year capital expenditures are expected to be in the range of USD 5.0 billion to USD 5.5 billion to support growth and maintenance requirements including the USD 7.0 billion contractual sale of gas project backlog.
The full press release is available here.