Linde 2025 Q3 Earnings Strong Performance as Net Income Surges 23%

Linde (LIN) reported fiscal 2025 Q3 earnings on Oct 31, 2025, with revenue and EPS exceeding expectations. The company’s results reflect robust demand in key markets and disciplined cost management. Linde raised Q4 EPS guidance to $4.10–$4.20, signaling confidence in its operational momentum despite broader market challenges.

Revenue

Linde’s total revenue rose 3.1% year-over-year to $8.62 billion, outpacing estimates by 0.17%. Merchant gas operations led the way with $2.62 billion in revenue, while Packaged Gas contributed $3.03 billion. On-Site and Other segments added $2.03 billion and $929 million, respectively, underscoring diversified growth across its industrial gas portfolio.

Earnings/Net Income

Earnings per share (EPS) surged 26.9% to $4.11, driven by a 23.0% increase in net income to $1.97 billion. This marks the 8th consecutive year of profitability for the quarter, reflecting Linde’s resilient business model and operational efficiency. The strong EPS growth outperformed both 2024 results and analyst expectations.

Post-Earnings Price Action Review

Following the earnings release, Linde’s stock faced downward pressure, declining 1.58% in the latest trading day, 6.21% over the past week, and 10.39% month-to-date. The underperformance contrasts with its robust financial results, highlighting market skepticism amid broader sector headwinds and valuation concerns. Analysts suggest the price action may reflect anticipation of slower growth in industrial demand or sensitivity to macroeconomic uncertainties.

Additional News

Linde’s Q3 results were accompanied by key non-earnings developments. The company announced a $1.50 quarterly dividend, maintaining its 1.4% yield. Director Stephen F. Angel sold 50,309 shares for $23.8 million, reducing his holdings by 9.48%. Institutional investors, including Spire Wealth Management, trimmed their stake by 42.3%, while Clal Insurance Enterprises Holdings Ltd. significantly increased its position. These moves underscore mixed investor sentiment despite Linde’s strong operational performance.

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