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Jun 30, 2025
Linde Q2 2025 Earnings Report
Linde reported solid second-quarter results with strong margins and positive cash flow generation.
Key Takeaways
Linde delivered a robust Q2 2025 performance with increased revenue and net income. Operating margin remained high at 30.1%, and operating cash flow reached $2.2 billion, supported by pricing power and productivity gains.
Revenue grew to $8.495 billion in Q2 2025.
Diluted EPS reached $4.09, with adjusted EPS matching reported EPS.
Net income was $1.937 billion, up from $1.859 billion a year ago.
Operating margin rose to 30.1%.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Linde raised the low end of its full-year EPS guidance for 2025, reflecting confidence despite a stagnant macroeconomic environment.
Positive Outlook
- Full-year adjusted EPS guidance raised to $16.30–$16.50.
- Q3 adjusted EPS expected to be $4.10–$4.20.
- Currency expected to provide 1% tailwind YoY.
- Continued execution despite macro challenges.
- Strong backlog and secured growth pipeline.
Challenges Ahead
- Assumes potential economic contraction at top-end guidance.
- Weak volumes in Manufacturing and Metals & Mining in EMEA.
- Pressure from lower Engineering profit sequentially.
- Global Helium business impacted margins.
- FX volatility still a concern in LATAM and EMEA.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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