Linde plc · LIN · FY2025 Q3 · Calendar Q4 2025

Linde: Strong electronics demand offsets weak Europe

The quarter supports a constructive but qualified view: resilient earnings, a large backlog and strong electronics and commercial-space demand provide support, while Europe, helium pricing, macro uncertainty and execution risks temper the outlook.

Reported Before market openNASDAQBasic Materials $223.15B market cap
100quality score

Earnings scorecard

Reported versus consensus
Reported EPS $4.21 Consensus $4.18
EPS surprise +0.7% Reported versus consensus
Reported revenue $8.62B Consensus $8.62B
Revenue surprise -0.1% Reported versus consensus

Market reaction

prior-close to event-session close
Stock move -2.7% Event window
SPY move +0.3% Same window
Abnormal move -3.0% Stock minus SPY
Volume 2.0× Versus trailing sessions
Subsequent drift -2.7% Up to 20 sessions
LINSPY benchmark

Ask FN2 about LIN FY2025 Q3

Transcript, numbers and history already loaded

Free account. Your question opens in FN2 with this report's transcript and numbers attached.

Transcript intelligence

What changed

Compared with the prior quarter, the analysis shows a larger reported backlog and greater emphasis on electronics and commercial-space growth, alongside continued European weakness. The tone remains confident, but guidance is still cautious and helium pricing is now identified as a specific drag.

Guidance delta

Maintained; management remained cautious, with Q4 EPS guidance of $4.10-$4.20 and full-year revenue growth guidance of 5%-6%.

Key takeaways

  • Management described a strong quarter, with EPS of $4.21 and $1.7 billion of free cash flow.
  • The backlog was reported at $10 billion, while electronics and commercial space gases were highlighted as growth areas.
  • U.S. manufacturing volumes are recovering, but European industrial demand remains soft.
  • Guidance stayed cautious amid macro uncertainty, helium pricing pressure, tariffs, tax and FX effects.

Management priorities

  • Add capacity for electronics and space gas projects.
  • Continue tuck-in acquisitions in packaged gases across the Americas and APAC.
  • Expand AI use cases across operations.
  • Advance decarbonization projects and maintain disciplined capital allocation.

Follow LIN with an agent that reads every filing, transcript, and price print. Free to start.

Try FN2 free

Earnings History

Estimate Beat Miss Match
LIN EPS earnings history estimate and actual scatter chart 9 reported fiscal quarters and 3 future estimate-only quarters. Q4 '23 estimate $3.49 Q4 '23 actual $3.59, beat Q1 '24 estimate $3.68 Q1 '24 actual $3.75, beat Q2 '24 estimate $3.78 Q2 '24 actual $3.85, beat Q3 '24 estimate $3.89 Q3 '24 actual $3.94, beat Q2 '25 estimate $4.03 Q2 '25 actual $4.09, beat Q3 '25 estimate $4.18 Q3 '25 actual $4.21, beat Q4 '25 estimate $4.18 Q4 '25 actual $4.20, beat Q1 '26 estimate $4.27 Q1 '26 actual $4.33, beat Q2 '26 estimate $4.49 Q2 '26 actual $4.50, match Q3 '26 estimate $4.52 Q4 '26 estimate $4.54 Q1 '27 estimate $4.73
Show less

Analyst Consensus ?

ConsensusBuy29 ratings
Bullish2689.7%
Neutral310.3%
Bearish00.0%

Analyst 52W Price Targets

$482.38Current
$293.65Low
$467.94Average
$612High

Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 6, 2026. Not an FN2 forecast.

Firm-level rating actions

FMP grade actions identify the grading firm, not a named analyst.

FirmRatingPrior ratingActionDate
UBS Buy BuyMaintainOct 5, 2026
Argus Research Buy BuyMaintainSep 28, 2026
BMO Capital Outperform OutperformMaintainAug 10, 2026
RBC Capital Outperform OutperformMaintainAug 3, 2026
Citigroup Buy BuyMaintainAug 3, 2026
Show 24 more rating actions

Named analyst price targets

Upside is calculated against the persisted current price $482.38. FMP does not supply a rating on these named-analyst rows.

FirmAnalyst52W targetPrice when postedUpsideDate
UBSJoshua Spector$574$479.48 +19.0%Oct 5, 2026
Argus ResearchAnalyst unavailable$538$471.79 +11.5%Sep 28, 2026
BernsteinJames Hooper$563$463.92 +16.7%Sep 11, 2026
KeyBancAnalyst unavailable$542$461.62 +12.4%Sep 10, 2026
Goldman SachsAnalyst unavailable$580$487.37 +20.2%Aug 10, 2026
See 56 more

Track every rating change on LIN the moment it posts. Free to start.

Start free

Company context

Snapshot as of publication

Linde 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 earnings

Basic Materials peers this season

Latest reports in the same sector
CompanyQuarterEPS surpriseMarket moveHeadline
HMY Harmony Gold Mining Company Limited FY2026 Q4 · Calendar Q3 2026 0.0% -6.2% Harmony Gold posts record FY2026 while Eva Copper risks remain

Latest beats and misses

Who reports next

Get the LIN recap when the next report posts

One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.

Sources

  1. Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
  2. FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
  3. Polygon adjusted daily market bars · 2026-10-06T02:30:42.968612+00:00
  4. Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-06T02:30:42.965518+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 2026-10-06. For educational purposes only; not investment advice.