Linde Reports Third-Quarter 2025 Results

Core Insights - Linde plc reported strong financial results for Q3 2025, with net income of $1,929 million and diluted earnings per share (EPS) of $4.09, reflecting increases of 24% and 27% respectively compared to the previous year [2][3] - The company anticipates continued growth, projecting adjusted diluted EPS for Q4 2025 in the range of $4.10 to $4.20, which represents a year-over-year increase of 3% to 6% [5][6] Financial Performance - Total sales for Q3 2025 reached $8,615 million, a 3% increase year-over-year, with underlying sales up 2% driven by price increases, while volumes remained flat [3][8] - Adjusted operating profit for the quarter was $2,558 million, up 3% from the prior year, with an adjusted operating profit margin of 29.7%, which is 10 basis points higher than the previous year [3][8] - Operating cash flow for Q3 2025 was $2,948 million, an 8% increase year-over-year, leading to a free cash flow of $1,672 million after capital expenditures of $1,276 million [4][8] Segment Performance - In the Americas, sales were $3,846 million, up 6% year-over-year, with operating profit of $1,199 million, representing 31.2% of sales [7] - Asia Pacific (APAC) sales were $1,741 million, a 1% increase year-over-year, with operating profit of $490 million, accounting for 28.1% of sales [9] - EMEA (Europe, Middle East & Africa) sales reached $2,178 million, up 3% year-over-year, with an operating profit of $781 million, which is 35.9% of sales [10] - Linde Engineering reported sales of $519 million, down 15% year-over-year, with an operating profit of $101 million [11] Future Outlook - For the full year 2025, Linde expects adjusted diluted EPS to be in the range of $16.35 to $16.45, indicating a growth of 5% to 6% compared to the previous year [6][8] - Full-year capital expenditures are projected to be between $5.0 billion and $5.5 billion to support growth and maintenance, including a $7.1 billion contractual sale of gas project backlog [6]