Linde (LIN) Q4 2024 earnings summary

Executive summary

• Achieved industry-leading results in 2024, with strong financial performance, best-in-class safety, ESG leadership, and over 800 community projects; gender diversity reached 29% with a 2030 goal of 30%+.

• Delivered record EPS and return on capital, with $7.1 billion returned to shareholders and a $10.4 billion project backlog.

• Recognized for sustainability leadership, with 22 consecutive years in the Dow Jones Sustainability World Index.

• Awarded a $2B+ low-carbon hydrogen project in Canada and made 18 bolt-on acquisitions.

• CEO highlighted strong execution, resilience, and progress in clean energy strategy despite macro headwinds.

Financial highlights

• Full-year 2024 sales were $33.0 billion, flat year-over-year; Q4 sales were $8.3 billion, also flat, with underlying sales up 2% from price and stable volumes.

• Operating profit for 2024 was $9.7 billion, up 7%; adjusted EPS was $15.51, up 9% (10% ex FX); Q4 adjusted EPS was $3.97, up 11% (13% ex FX).

• Operating cash flow for 2024 was $9.4 billion; free cash flow for Q4 was $1.56 billion; capex increased 19% to $4.5 billion.

• EBIT margin for 2024 was 29.5%, up 190 bps; after-tax ROC reached 25.9%, up 50 bps.

• Returned $7.1 billion to shareholders in 2024 via dividends and buybacks.

Outlook and guidance

• 2025 adjusted EPS guidance is $16.15–$16.55, up 4–7% vs. 2024, or 8–11% ex FX; Q1 2025 adjusted EPS guidance is $3.85–$3.95, up 3–5% vs. prior year, or 7–9% ex FX.

• 2025 capex expected at $5.0–$5.5 billion, with margin expansion of 20–50 bps anticipated across all segments.

• EPS growth algorithm targets 10%+ annual growth ex-economy, with resilience to macro headwinds.