Linde Earnings Call Transcripts
Fiscal Year 2026
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Q1 2026 saw 10% EPS growth and 8% sales growth, with strong margins and disciplined capital allocation. Guidance for 2026 was raised, reflecting confidence in business resilience despite geopolitical and supply chain challenges.
Fiscal Year 2025
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Record annual EPS, cash flow, and margins were achieved despite industrial headwinds, with a $10B project backlog and robust capital returns. 2026 EPS is guided up 6–9%, with restructuring and productivity actions expected to drive margin expansion.
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EPS grew 7% to $4.21 and sales rose 3% year-over-year, with strong cash flow and a $10B backlog supporting long-term growth. Electronics and U.S. manufacturing led segment gains, while Europe and chemicals remained weak. Cautious outlook continues amid macro headwinds.
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Record Q2 results with EPS of $4.09 and 30.1% margin, strong cash flow, and a $7.1B project backlog. Guidance for 2025 EPS raised to $16.30–$16.50, with growth led by the Americas and clean energy, but volume headwinds and macro uncertainty persist.
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EPS grew 8% ex-FX with operating margins at 30.1% and a strong $10B backlog, despite flat sales and ongoing industrial softness. Guidance remains cautious but stable, with proactive capital allocation and robust productivity initiatives supporting future growth.
Fiscal Year 2024
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Delivered industry-leading financial results in 2024, with strong margin expansion, record project backlog, and robust capital returns. 2025 guidance anticipates 4–7% EPS growth (8–11% ex-FX), continued margin gains, and resilient performance despite macro headwinds.
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Record Q3 results were achieved despite global industrial weakness, with strong North American performance and a $10 billion project backlog led by a landmark Dow Chemical contract. Guidance reflects continued macro caution, proactive cost actions, and stable capital allocation.
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Record Q2 results with EPS up 8% and operating margin at 29.3%, driven by strong pricing and project execution despite flat volumes. Guidance remains cautious amid macro uncertainty, but proactive management and a robust backlog support continued growth.