Linde (LIN) Q4 FY2025 earnings: revenue $8.8 billion, up 5.8% on the year

Linde plc (LIN) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.8% on the same quarter a year earlier. Net income was $1.5 billion, down 11.3% on the year, and diluted earnings per share $3.28. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue

$8.8 billion

+5.8% on the year · +1.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

23.0%

27.4% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.5 billion

-11.3% on the year · -20.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$3.28

-9.1% on the year · -19.8% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 4 new, 1 kept.

Fourth-quarter sales rose 6%: Fourth-quarter sales were $8.8 billion, up 6%. Underlying sales rose 3%: 2% from price and 1% from volume, mainly project startups. Acquisitions added 1%.
Full-year adjusted EPS rose 6%: Full-year diluted EPS was $14.61 and adjusted EPS $16.46, up 6%. Operating profit was $8.9 billion; adjusted operating profit was $10.1 billion, up 4%.
Total project backlog above $10 billion: Total project backlog stood at $10.0 billion. Management said operating profit, cash flow and backlog each exceeded $10 billion in 2025.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	8,764	8,615	8,282	+1.7%	+5.8%
Cost of revenue	4,547	4,379	4,320	+3.8%	+5.3%
Gross profit	4,217	4,236	3,962	-0.4%	+6.4%
Gross margin	48.1%	49.2%	47.8%
Research and development	35.0	36.0	39.0	-2.8%	-10.3%
Selling, general and administrative	880	897	814	-1.9%	+8.1%
Operating income	2,018	2,367	2,270	-14.7%	-11.1%
Operating margin	23.0%	27.5%	27.4%
Interest expense	64.0	64.0	53.0	0.0%	+20.8%
Pre-tax income	2,011	2,360	2,263	-14.8%	-11.1%
Income tax	481	424	533	+13.4%	-9.8%
Effective tax rate	23.9%	18.0%	23.6%
Net income	1,530	1,929	1,725	-20.7%	-11.3%
Net margin	17.5%	22.4%	20.8%
Diluted EPS	$3.28	$4.09	$3.61	-19.8%	-9.1%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,030	2,948	2,809	+2.8%	+7.9%
Capital expenditure	1,458	1,276	1,250	+14.3%	+16.6%
Free cash flow	1,572	1,672	1,559	-6.0%	+0.8%
Free cash flow margin	17.9%	19.4%	18.8%
Cash from investing	-1,461	-1,434	-1,376
Cash from financing	-1,018	-1,782	-1,610
Depreciation and amortisation	950	961	913	-1.1%	+4.1%
Share-based compensation	31.0	45.0	40.0	-31.1%	-22.5%
Buybacks	1,390	989	1,334	+40.5%	+4.2%
Dividends paid	698	701	659	-0.4%	+5.9%
Dividend per share	n/a	$1.50	n/a
Diluted shares, weighted	472m	472m	482m	+0.1%	-2.1%
Shares outstanding at period end	463m	467m	473m	-0.8%	-2.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	38,245	38,616	38,092	-1.0%	+0.4%
Non-controlling interest	1,483	1,457	1,383	+1.8%	+7.2%
Redeemable equity	13.0	13.0	13.0	0.0%	0.0%
Debt	26,989	25,925	21,623	+4.1%	+24.8%
Operating lease liabilities	667	n/a	606		+10.1%
Finance lease liabilities	152	n/a	150		+1.3%
Other liabilities	19,268	19,982	18,280	-3.6%	+5.4%
Total liabilities and equity	86,817	85,993	80,147	+1.0%	+8.3%
Fixed assets	28,260	n/a	24,775		+14.1%
Goodwill	27,927	27,828	25,937	+0.4%	+7.7%
Intangible assets	11,871	11,931	11,330	-0.5%	+4.8%
Cash and equivalents	5,056	4,509	4,850	+12.1%	+4.2%
Receivables	4,966	5,331	4,622	-6.8%	+7.4%
Inventory	2,055	2,128	1,946	-3.4%	+5.6%
Other assets	6,682	34,266	6,687	-80.5%	-0.1%
Total assets	86,817	85,993	80,147	+1.0%	+8.3%

Questions

What was Linde's revenue in Q4 FY2025?

Linde (LIN) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 5.8% on the same quarter a year earlier.

How much did Linde earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.5 billion, down 11.3% on the year, and diluted earnings per share $3.28.

When did Linde report Q4 FY2025 results?

Linde filed its 10-K for the year that ended with the quarter on 25 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	8,298	8,211	8,457	8,797	7,899	8,193	8,204	8,155	8,302	8,100	8,267	8,356	8,282	8,112	8,495	8,615	8,764	8,781	9,289	9,404
Cost of revenue	4,927	4,798	4,940	5,285	4,427	4,431	4,316	4,314	4,431	4,216	4,251	4,356	4,320	4,157	4,306	4,379	4,547	4,523	4,861	4,962
Gross profit	3,371	3,413	3,517	3,512	3,472	3,762	3,888	3,841	3,871	3,884	4,016	4,000	3,962	3,955	4,189	4,236	4,217	4,258	4,428	4,442
Gross margin	41%	42%	42%	40%	44%	46%	47%	47%	47%	48%	49%	48%	48%	49%	49%	49%	48%	48%	48%	47%
R&D	38.0	35.0	37.0	35.0	36.0	36.0	35.0	36.0	39.0	38.0	36.0	37.0	39.0	38.0	38.0	36.0	35.0	38.0	37.0	37.0
SG&A	787	802	771	770	764	822	833	808	832	860	840	823	814	786	870	897	880	893	891	892
Operating income	1,337	1,480	589	1,613	1,687	1,933	2,011	2,052	2,028	2,095	2,184	2,086	2,270	2,184	2,354	2,367	2,018	2,439	2,554	2,150
Operating margin	16%	18%	7%	18%	21%	24%	25%	25%	24%	26%	26%	25%	27%	27%	28%	27%	23%	28%	27%	23%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	52.0	40.0	n/a	65.0	70.0	68.0	53.0	60.0	67.0	64.0	64.0	62.0	61.0	71.0
Pre-tax income	1,355	1,535	646	1,648	1,714	1,941	2,004	2,047	1,996	2,080	2,163	2,063	2,263	2,180	2,346	2,360	2,011	2,431	2,546	2,128
Tax rate	25%	24%	44%	24%	23%	22%	22%	24%	23%	22%	23%	24%	24%	23%	24%	18%	24%	23%	24%	21%
Net income	1,026	1,174	372	1,273	1,328	1,516	1,575	1,565	1,543	1,627	1,663	1,550	1,725	1,673	1,766	1,929	1,530	1,857	1,928	1,692
Net margin	12%	14%	4%	14%	17%	19%	19%	19%	19%	20%	20%	19%	21%	21%	21%	22%	17%	21%	21%	18%
Diluted EPS	$1.99	$2.30	$0.74	$2.54	$2.65	$3.06	$3.19	$3.19	$3.16	$3.35	$3.44	$3.22	$3.61	$3.51	$3.73	$4.09	$3.28	$3.98	$4.15	$3.66
Operating cash flow	3,233	2,000	2,133	2,636	2,095	1,908	2,150	2,520	2,727	1,954	1,929	2,731	2,809	2,161	2,211	2,948	3,030	2,240	2,271	3,169
Capital expenditure	839	649	826	762	936	829	859	948	1,151	1,048	1,133	1,066	1,250	1,270	1,257	1,276	1,458	1,342	1,438	1,392
Free cash flow	2,394	1,351	1,307	1,874	1,159	1,079	1,291	1,572	1,576	906	796	1,665	1,559	891	954	1,672	1,572	898	833	1,777
Buybacks	1,361	1,719	1,610	1,149	690	859	908	1,158	1,033	1,041	1,440	667	1,334	1,111	1,111	989	1,390	807	871	954
Dividends paid	541	592	585	581	586	623	623	620	616	669	665	662	659	708	704	701	698	741	738	735
Shares outstanding	509m	503m	498m	494m	492m	490m	488m	485m	482m	481m	478m	476m	473m	471m	469m	467m	463m	463m	461m	459m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 25 February 2026: the filing.