LINDE PLC Quarterly Report for Q3 Ended Sep 30, 2025

Summary

Linde plc reported a strong third quarter of 2025, with sales increasing by 3% year-over-year to $8.6 billion. This growth was primarily driven by higher pricing, productivity initiatives, and favorable currency translations, partially offset by cost inflation. The company's reported operating profit saw a significant 13% increase to $2.4 billion, with an operating margin of 27.5%, also boosted by lower cost reduction charges. On an adjusted basis, which excludes certain non-recurring items, Linde demonstrated continued operational strength. Adjusted operating profit rose 3% to $2.6 billion, with an improved operating margin of 29.7%. Diluted earnings per share (EPS) also showed robust growth, increasing by 27% on a reported basis to $4.09 and by 7% on an adjusted basis to $4.21. The company's cash flow from operations remained strong, providing ample liquidity to support investments and shareholder returns, including substantial share repurchases.

Key Highlights

• 1Sales increased by 3% to $8.6 billion in Q3 2025, driven by higher pricing and favorable currency movements.
• 2Reported operating profit grew by 13% to $2.4 billion, with operating margin expanding to 27.5%.
• 3Adjusted operating profit increased by 3% to $2.6 billion, reflecting strong underlying business performance.
• 4Reported diluted EPS surged by 27% to $4.09, with adjusted diluted EPS up 7% to $4.21.
• 5Cash provided by operations for the nine months ended September 30, 2025, was $7.3 billion, an 11% increase year-over-year.
• 6Capital expenditures increased by 18% year-to-date to $3.8 billion, supporting backlog growth.
• 7The company repurchased $2.1 billion of shares in the third quarter as part of its ongoing $15.0 billion share repurchase program.

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