Linde, a leading global industrial gases and engineering company, has reported third-quarter 2025 net income of USD1,929 million and diluted earnings per share of USD 4.09, up 24 percent and up 27 percent, respectively. Excluding Linde AG purchase accounting impacts and cost reduction program and other charges, adjusted net income was USD 1,987 million, up 5 percent versus prior year. Adjusted earnings per share was USD 4.21, 7 percent above prior year.
Linde’s sales for the third quarter were USD 8,615 million, up 3 percent versus prior year. Compared to prior year, underlying sales increased 2 percent from price attainment as volumes were flat. Acquisitions increased sales by 1 percent.
Third-quarter operating profit was USD 2,367 million. Adjusted operating profit of USD 2,558 million was up 3 percent versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 29.7 percent was 10 basis points above prior year.
Third-quarter operating cash flow of USD 2,948 million increased 8 percent versus prior year. After capital expenditures of USD 1,276 million, free cash flow was USD 1,672 million. During the quarter, the company returned USD 1,685 million to shareholders through dividends and stock repurchases, net of issuances.
Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “Despite stagnant industrial activity, Linde employees once again demonstrated resilient results by growing operating cash flow 8 percent and EPS to an all-time high of USD 4.21, all while maintaining industry leading margins and return on capital.”
For the fourth quarter of 2025, Linde expects adjusted diluted earnings per share in the range of USD 4.10 to USD 4.20, up 3 percent to 6 percent versus prior-year quarter or 1 percent to 4 percent when excluding 2 percent of estimated currency tailwind.
For the full year 2025, the company expects adjusted diluted earnings per share to be in the range of USD 16.35 to USD 16.45, up 5 percent to 6 percent versus prior year with estimated currency to be flat. 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 7.1 billion contractual sale of gas project backlog.
The full report is available here.