Analyst Consensus ?
ConsensusBuy29 ratings
Bullish2689.7%
Neutral310.3%
Bearish00.0%
Linde plc · LIN · FY2025 Q1 · Calendar Q2 2025
Linde pairs margin expansion with backlog and hydrogen execution
The supplied analysis supports a cautiously constructive view of Linde's operating trajectory: backlog, defensive contracts, electronics, hydrogen, India, and productivity initiatives provide support, but the evidence is not conclusive because industrial softness, project timing, FX, and hydrogen execution remain material constraints.
Reported Before market openNASDAQBasic Materials
$227.65B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $3.92
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $8.25B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-1.1%
Event window
SPY move
+0.7%
Same window
Abnormal move
-1.9%
Stock minus SPY
Volume
1.0×
Versus trailing sessions
Subsequent drift
+4.4%
Up to 20 sessions
LINSPY benchmark
Ask FN2 about LIN FY2025 Q1
Transcript, numbers and history already loaded
What drove LIN's -1.1% move after FY2025 Q1 earnings?What changed in LIN's guidance and outlook in FY2025 Q1?Give me the bull and bear case for LIN after FY2025 Q1 earnings.
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Transcript intelligence
What changed
Versus the prior-quarter analysis, the current analysis emphasizes 8% year-over-year EPS growth, a 30.1% operating margin, flat sales and weaker volumes, while guidance remained in place. Management also highlighted more than 100 AI-driven productivity models and a clean-energy hydrogen opportunity of $8 billion to $10 billion over the next few years.
Guidance delta
Guidance was maintained, with the EPS range narrowed marginally.
Key takeaways
- Management described EPS growth and higher operating margin despite flat sales and weaker volumes.
- A defensive mix of fixed-fee on-site contracts and rental assets supports roughly two-thirds of global gas sales.
- Management highlighted a $10 billion backlog, electronics demand, India, hydrogen, and AI-enabled productivity.
- The central test is whether backlog and productivity can offset softer industrial demand and project timing risk.
Management priorities
- Execute two major gas projects and advance low-carbon hydrogen projects.
- Expand electronics-gas supply in Asia and continue India infrastructure growth.
- Deploy AI-driven productivity tools across plants and optimize power and distribution.
- Maintain focus on backlog execution and low-carbon projects supported by available policy incentives.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$492.79Current
$293.65Low
$470.67Average
$612High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 14, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Citigroup | Buy | Buy | Maintain | Oct 7, 2026 |
| UBS | Buy | Buy | Maintain | Oct 5, 2026 |
| Argus Research | Buy | Buy | Maintain | Sep 28, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Aug 10, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Bernstein | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Evercore ISI Group | Outperform | Outperform | Maintain | Jul 10, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | May 4, 2026 |
| Seaport Global | Buy | Buy | Maintain | Apr 17, 2026 |
| B of A Securities | Buy | Buy | Maintain | Nov 3, 2025 |
| Mizuho | Outperform | Outperform | Maintain | Feb 7, 2025 |
| TD Cowen | Buy | Hold | Upgrade | Jan 13, 2025 |
| Erste Group | Hold | Buy | Downgrade | Nov 19, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 1, 2024 |
| Wells Fargo | Overweight | Overweight | Maintain | Feb 8, 2023 |
| Goldman Sachs | Buy | Buy | Maintain | Dec 15, 2022 |
| HSBC | Buy | Buy | Maintain | Nov 15, 2022 |
| Societe Generale | Buy | Buy | Maintain | Oct 17, 2022 |
| Stifel | Buy | Hold | Upgrade | Aug 10, 2022 |
| Jefferies | Buy | Buy | Maintain | Jun 16, 2022 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jan 11, 2022 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Dec 9, 2021 |
| Vertical Research | Buy | Hold | Upgrade | May 18, 2021 |
| Barclays | Overweight | Equal Weight | Upgrade | Dec 7, 2020 |
| CFRA | Buy | Buy | Maintain | May 7, 2020 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Feb 18, 2020 |
| KeyBanc | Overweight | Overweight | Maintain | Jul 9, 2019 |
| Evercore Partners | Equal Weight | Overweight | Downgrade | Aug 25, 2014 |
| Gabelli & Co. | Hold | Buy | Downgrade | Mar 24, 2014 |
Named analyst price targets
Upside is calculated against the persisted current price $492.79. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Barclays | Analyst unavailable | $577 | $487.35 | +17.1% | Oct 12, 2026 |
| UBS | Joshua Spector | $574 | $479.48 | +16.5% | Oct 5, 2026 |
| Argus Research | Analyst unavailable | $538 | $471.79 | +9.2% | Sep 28, 2026 |
| Bernstein | James Hooper | $563 | $463.92 | +14.2% | Sep 11, 2026 |
| KeyBanc | Analyst unavailable | $542 | $461.62 | +10.0% | Sep 10, 2026 |
| Goldman Sachs | Analyst unavailable | $580 | $487.37 | +17.7% | Aug 10, 2026 |
| BMO Capital | Analyst unavailable | $546 | $488.14 | +10.8% | Aug 10, 2026 |
| Bernstein | James Hooper | $564 | $482.46 | +14.5% | Aug 3, 2026 |
| RBC Capital | Arun Viswanathan | $553 | $482.25 | +12.2% | Aug 3, 2026 |
| UBS | Analyst unavailable | $612 | $478.38 | +24.2% | Aug 3, 2026 |
| Bernstein | Analyst unavailable | $559 | $520.74 | +13.4% | Jul 17, 2026 |
| Evercore ISI | Analyst unavailable | $525 | $531.79 | +6.5% | Jul 10, 2026 |
| UBS | Joshua Spector | $600 | $494.4 | +21.8% | Jun 2, 2026 |
| BMO Capital | Analyst unavailable | $560 | $495.09 | +13.6% | May 5, 2026 |
| RBC Capital | Analyst unavailable | $570 | $493.55 | +15.7% | May 5, 2026 |
| Deutsche Bank | David Begleiter | $575 | $499.45 | +16.7% | May 4, 2026 |
| RBC Capital | Arun Viswanathan | $552 | $505.73 | +12.0% | Apr 24, 2026 |
| Seaport Global | Analyst unavailable | $575 | $492.8 | +16.7% | Apr 17, 2026 |
| UBS | Joshua Spector | $579 | $503.3 | +17.5% | Apr 9, 2026 |
| Morgan Stanley | Analyst unavailable | $530 | $451.85 | +7.6% | Feb 6, 2026 |
| UBS | Analyst unavailable | $550 | $452.28 | +11.6% | Feb 6, 2026 |
| Mizuho Securities | John Roberts | $525 | $459.69 | +6.5% | Feb 6, 2026 |
| BMO Capital | John McNulty | $501 | $423.51 | +1.7% | Dec 17, 2025 |
| RBC Capital | Arun Viswanathan | $490 | $412.97 | -0.6% | Dec 12, 2025 |
| Mizuho Securities | Analyst unavailable | $495 | $403.32 | +0.4% | Dec 11, 2025 |
| UBS | Joshua Spector | $500 | $420.67 | +1.5% | Nov 11, 2025 |
| Bernstein | James Hooper | $516 | $418.3 | +4.7% | Nov 3, 2025 |
| Seaport Global | Michael Harrison | $500 | $418.3 | +1.5% | Nov 3, 2025 |
| UBS | Analyst unavailable | $507 | $467.61 | +2.9% | Oct 6, 2025 |
| RBC Capital | Arun Viswanathan | $576 | $465.98 | +16.9% | Jun 13, 2025 |
| Evercore ISI | Eric Boyes | $490 | $430.2 | -0.6% | Dec 17, 2024 |
| BMO Capital | John McNulty | $507 | $457.31 | +2.9% | Nov 1, 2024 |
| BMO Capital | John McNulty | $477 | $449.94 | -3.2% | Aug 6, 2024 |
| Bank of America Securities | Steve Byrne | $516 | $454 | +4.7% | Aug 5, 2024 |
| Barclays | Michael Leithead | $510 | $454 | +3.5% | Aug 5, 2024 |
| Citigroup | Pat Cunningham | $480 | $443.5 | -2.6% | Aug 5, 2024 |
| Deutsche Bank | David Begleiter | $510 | $443.5 | +3.5% | Aug 5, 2024 |
| Jefferies | Laurence Alexander | $523 | $440.02 | +6.1% | Jun 20, 2024 |
| BMO Capital | John McNulty | $475 | $425.8 | -3.6% | May 6, 2024 |
| Mizuho Securities | John Roberts | $512 | $419.62 | +3.9% | May 3, 2024 |
| Mizuho Securities | John Roberts | $510 | $446.79 | +3.5% | Apr 18, 2024 |
| UBS | Joshua Spector | $510 | $467.55 | +3.5% | Mar 27, 2024 |
| Wells Fargo | Analyst unavailable | $375 | $339.83 | -23.9% | Feb 8, 2023 |
| Citigroup | Analyst unavailable | $418 | $337.12 | -15.2% | Feb 8, 2023 |
| Goldman Sachs | Analyst unavailable | $375 | $330.07 | -23.9% | Dec 15, 2022 |
| Citigroup | Analyst unavailable | $402 | $342.01 | -18.4% | Dec 15, 2022 |
| HSBC | Analyst unavailable | $375 | $335.04 | -23.9% | Nov 15, 2022 |
| UBS | Analyst unavailable | $320 | $293.37 | -35.1% | Sep 12, 2022 |
| Jefferies | Analyst unavailable | $355 | $290.73 | -28.0% | Jun 16, 2022 |
| Deutsche Bank | Tim Jones | $351.29 | $292.34 | -28.7% | Feb 14, 2022 |
| BMO Capital | John McNulty | $365 | $292.34 | -25.9% | Feb 14, 2022 |
| Mizuho Securities | Chris Parkinson | $339 | $307.62 | -31.2% | Feb 10, 2022 |
| Alembic Global | Hassan Ahmed | $331.71 | $319.88 | -32.7% | Jan 18, 2022 |
| Morgan Stanley | Vincent Andrews | $365 | $335.08 | -25.9% | Jan 11, 2022 |
| Citigroup | PJ Juvekar | $400 | $335.08 | -18.8% | Jan 11, 2022 |
| Wells Fargo | Michael Sison | $395 | $336.66 | -19.8% | Jan 6, 2022 |
| Societe Generale | Peter Clark | $400 | $343.43 | -18.8% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $404 | $330.79 | -18.0% | Dec 9, 2021 |
| Evercore ISI | Stephen Richardson | $355 | $329.33 | -28.0% | Dec 7, 2021 |
| Barclays | Duffy Fischer | $380 | $335.06 | -22.9% | Nov 8, 2021 |
| Norddeutsche Landesbank | Thorsten Strauss | $293.65 | $325.17 | -40.4% | Nov 2, 2021 |
| Vertical Research | Kevin McCarthy | $330 | $293.79 | -33.0% | May 18, 2021 |
Track every rating change on LIN the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationLinde plc functions as a global industrial gas and engineering powerhouse, extending its operations throughout North and South America, Europe, the Middle East, Africa, and the Asia Pacific. The company's comprehensive product line features atmospheric gases like oxygen, nitrogen, argon, and various rare gases, alongside a diverse array of process gases such as carbon dioxide, helium, hydrogen, specialized electronic gases, and acetylene. Beyond gas supply, Linde is also adept at designing and constructing turnkey process plants. These engineering solutions serve both third-party customers and its own gas business facilities, covering types like olefin, natural gas, air separation, hydrogen, and synthesis gas plants. Linde's extensive client base spans numerous sectors, including healthcare, energy, general manufacturing, food and beverage carbonation, fiber-optics, steel production, aerospace, chemicals, and water treatment. Established in 1879, the company is headquartered in Woking, United Kingdom.
Historical context
All LIN earningsBasic Materials peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| RPM RPM International Inc. | FY2027 Q1 · Calendar Q4 2026 | +1.5% | +3.2% | RPM posts record quarter, but input costs narrow the outlook |
Latest beats and misses
Who reports nextBeat on EPS
Missed on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2025-04-17T00:02:52.217204+00:00
- Polygon adjusted daily market bars · 2026-10-14T11:00:42.316920+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-14T11:00:42.313361+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-14. For educational purposes only; not investment advice.