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Mar 31, 2025
Linde Q1 2025 Earnings Report
Linde reported stable sales with higher margins and earnings in Q1 2025.
Key Takeaways
Linde delivered solid first-quarter results with flat revenue but notable margin expansion and increased earnings, driven by pricing and productivity improvements.
Adjusted EPS rose to $3.95, a 5% increase from prior year.
Adjusted operating margin expanded to 30.1%, up 120 basis points.
Free cash flow reached $891 million after capital expenditures.
Linde maintained a strong return on capital of 25.7%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Linde expects adjusted EPS for Q2 2025 between $3.95 and $4.05, indicating continued earnings growth despite FX headwinds.
Positive Outlook
- Q2 adjusted EPS guidance of $3.95 to $4.05
- Expected full-year 2025 adjusted EPS of $16.20 to $16.50
- Estimated EPS growth of 6–8% excluding currency effects
- Capital expenditures to support $7.0B backlog of projects
- Disciplined capital allocation and proactive management actions
Challenges Ahead
- Flat total sales YoY in Q1
- Macroeconomic headwinds persist
- Declines in APAC and EMEA sales volumes
- FX headwinds expected to impact Q2 by ~2%
- Lower volumes in manufacturing and metals & mining
Historical Earnings Impact
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Avg. Return Before/After Earnings
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