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Linde (LIN) investor relations material
Linde Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Q2 2025 sales reached $8.5B, up 3% year-over-year, with adjusted operating profit rising 6% to $2.6B and margin at 30.1%, supported by price attainment, productivity, and acquisitions.
Adjusted EPS grew 6% to $4.09, with operating cash flow up 15% to $2.2B and free cash flow at $954M; $1.8B returned to shareholders in Q2.
Project backlog stands at $7.1B for sale-of-gas and $3.2B for sale-of-plant contracts, supporting future growth.
Growth strategy includes disciplined project backlog, base CapEx investments, bolt-on acquisitions, and sustainability initiatives reducing GHG emissions intensity.
Significant events include new long-term contracts, U.S. space sector investments, and benefits from U.S. tax legislation.
Financial highlights
Q2 2025 adjusted sales: $8.5B (+3% YoY), adjusted operating profit: $2.6B (+6% YoY), adjusted net income: $1.94B (+4% YoY), and net income: $1.77B (+6% YoY).
Adjusted EBITDA for Q2: $3.35B (39.2% margin); free cash flow: $954M; capex: $1.26B (+11% YoY).
After-tax return on capital: 25.1%; adjusted effective tax rate: 23.9–24.3%.
Net debt at quarter-end: $21.1B; cash and equivalents: $4.8B.
Cost of sales as a percent of sales decreased to 50.7% year-over-year.
Outlook and guidance
Q3 2025 adjusted EPS guidance: $4.10–$4.20, up 4–7% year-over-year, with a 1% currency tailwind.
Full-year 2025 adjusted EPS guidance: $16.30–$16.50, up 5–6%; capex expected at $5.0–$5.5B.
Guidance remains cautious due to currency volatility, economic uncertainty, and assumes economic contraction at the top end.
Expectation to return to double-digit EPS growth as volume headwinds ease and internal initiatives deliver.
How does Linde define project backlog?
What's driving EMEA volume declines?
Assess Linde's space sector growth potential.
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Q3 202531 Oct, 2025
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Frequently asked questions
Linde plc operates as an industrial gas company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company offers processes, such as oxygen delignification process for removing lignin from wood pulp; bleaching process; refining process; pelletizing process; controlled freezing processes; and gasification of carbonaceous fuels. It also provides machinery and plants for processing various raw materials into bulk chemicals. In addition, the company offers engineering services.
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