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Sep 30
Linde Q3 2025 Earnings Report
Linde reported higher sales, earnings, and operating income in Q3 2025, achieving record EPS and maintaining strong margins.
Key Takeaways
Linde delivered a strong Q3 2025 performance with record earnings per share, steady revenue growth, and a solid $10B project backlog. Despite volume pressures in some segments, margin expansion and operational efficiency contributed to profitability.
Record EPS of $4.21 driven by margin strength and pricing
Revenue reached $8.615B, up 3% YoY
Net income totaled $1.987B
Project backlog maintained at $10B, supporting future growth
Linde
Linde
Linde Revenue by Segment
Linde Revenue by Geographic Location
Revenue by Segment
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.comLinde Engineering Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
Americas Revenue
CapyFin.comEMEA Revenue
CapyFin.comAPAC Revenue
CapyFin.com Forward Guidance
Linde guided for steady EPS growth in Q4 2025 despite potential macroeconomic headwinds, maintaining its capital spending outlook and expecting continued operational strength.
Positive Outlook
- Adjusted EPS expected between $4.10 and $4.20
- Top-end assumes economic contraction, signaling confidence
- Estimated 2% YoY currency tailwind
- Strong backlog supports forward revenue visibility
- Solid balance sheet and continued capital returns
Challenges Ahead
- Q4 top-end assumes economic contraction
- Estimated 2% YoY tax rate headwind
- Some volume softness in cyclical markets
- Currency fluctuations may impact regional margins
- Helium and rare gas pricing pressures in APAC