Analyst Consensus ?
ConsensusBuy28 ratings
Bullish2589.3%
Neutral310.7%
Bearish00.0%
Linde plc · LIN · FY2025 Q4 · Calendar Q1 2026
Linde: Record Q4 EPS as Electronics, Clean Energy and Space Lead
Linde's record Q4 performance and exposure to electronics, clean energy, and space support a constructive earnings outlook, but the case depends on backlog execution and recovery in weaker industrial markets.
Reported Before market openNASDAQBasic Materials
$218.37B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.20
Consensus $4.18
EPS surprise
+0.5%
Reported versus consensus
Reported revenue
$8.76B
Consensus $8.64B
Revenue surprise
+1.4%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-2.9%
Event window
SPY move
-1.2%
Same window
Abnormal move
-1.6%
Stock minus SPY
Volume
1.4×
Versus trailing sessions
Subsequent drift
+5.4%
Up to 20 sessions
LINSPY benchmark
Ask FN2 about LIN FY2025 Q4
Transcript, numbers and history already loaded
Why did LIN fall 2.9% after beating EPS estimates in FY2025 Q4?What changed in LIN's guidance and outlook in FY2025 Q4?Give me the bull and bear case for LIN after FY2025 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The latest analysis emphasizes record EPS and margins, more than 90 gas-application wins, higher capital spending, and a $10 billion backlog; management maintained its full-year EPS guidance while continuing restructuring and productivity actions.
Guidance delta
Maintained: full-year EPS guidance was $17.40-$17.90, with assumptions including a 1% FX tailwind and flat volumes.
Key takeaways
- EPS was $4.20, up 6%, with a 29.5% operating margin despite weak industrial markets.
- Management highlighted a $10 billion backlog and more than 90 new gas-application wins.
- Electronics, clean energy, and space demand were identified as key growth areas.
- Capital expenditures increased 17%, reflecting project backlog and space-related investment.
Management priorities
- Execute the six-point growth blueprint.
- Expand semiconductor-fab wins and rocket-propellant production.
- Continue disciplined bolt-on acquisitions focused on supply density.
- Increase low-carbon power sourcing and deliver restructuring and productivity initiatives.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$472.04Current
$293.65Low
$468.61Average
$612High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 29, 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 |
|---|---|---|---|---|
| BMO Capital | Outperform | Outperform | Maintain | Aug 10, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 3, 2026 |
| Citigroup | Buy | Buy | 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 |
| UBS | Buy | Buy | Maintain | Apr 9, 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 $472.04. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Argus Research | Analyst unavailable | $538 | $471.79 | +14.0% | Sep 28, 2026 |
| Bernstein | James Hooper | $563 | $463.92 | +19.3% | Sep 11, 2026 |
| KeyBanc | Analyst unavailable | $542 | $461.62 | +14.8% | Sep 10, 2026 |
| Goldman Sachs | Analyst unavailable | $580 | $487.37 | +22.9% | Aug 10, 2026 |
| BMO Capital | Analyst unavailable | $546 | $488.14 | +15.7% | Aug 10, 2026 |
| Bernstein | James Hooper | $564 | $482.46 | +19.5% | Aug 3, 2026 |
| RBC Capital | Arun Viswanathan | $553 | $482.25 | +17.2% | Aug 3, 2026 |
| UBS | Analyst unavailable | $612 | $478.38 | +29.7% | Aug 3, 2026 |
| Bernstein | Analyst unavailable | $559 | $520.74 | +18.4% | Jul 17, 2026 |
| Evercore ISI | Analyst unavailable | $525 | $531.79 | +11.2% | Jul 10, 2026 |
| UBS | Joshua Spector | $600 | $494.4 | +27.1% | Jun 2, 2026 |
| BMO Capital | Analyst unavailable | $560 | $495.09 | +18.6% | May 5, 2026 |
| RBC Capital | Analyst unavailable | $570 | $493.55 | +20.8% | May 5, 2026 |
| Deutsche Bank | David Begleiter | $575 | $499.45 | +21.8% | May 4, 2026 |
| RBC Capital | Arun Viswanathan | $552 | $505.73 | +16.9% | Apr 24, 2026 |
| Seaport Global | Analyst unavailable | $575 | $492.8 | +21.8% | Apr 17, 2026 |
| UBS | Joshua Spector | $579 | $503.3 | +22.7% | Apr 9, 2026 |
| Morgan Stanley | Analyst unavailable | $530 | $451.85 | +12.3% | Feb 6, 2026 |
| UBS | Analyst unavailable | $550 | $452.28 | +16.5% | Feb 6, 2026 |
| Mizuho Securities | John Roberts | $525 | $459.69 | +11.2% | Feb 6, 2026 |
| BMO Capital | John McNulty | $501 | $423.51 | +6.1% | Dec 17, 2025 |
| RBC Capital | Arun Viswanathan | $490 | $412.97 | +3.8% | Dec 12, 2025 |
| Mizuho Securities | Analyst unavailable | $495 | $403.32 | +4.9% | Dec 11, 2025 |
| UBS | Joshua Spector | $500 | $420.67 | +5.9% | Nov 11, 2025 |
| Bernstein | James Hooper | $516 | $418.3 | +9.3% | Nov 3, 2025 |
| Seaport Global | Michael Harrison | $500 | $418.3 | +5.9% | Nov 3, 2025 |
| UBS | Analyst unavailable | $507 | $467.61 | +7.4% | Oct 6, 2025 |
| RBC Capital | Arun Viswanathan | $576 | $465.98 | +22.0% | Jun 13, 2025 |
| Evercore ISI | Eric Boyes | $490 | $430.2 | +3.8% | Dec 17, 2024 |
| BMO Capital | John McNulty | $507 | $457.31 | +7.4% | Nov 1, 2024 |
| BMO Capital | John McNulty | $477 | $449.94 | +1.1% | Aug 6, 2024 |
| Bank of America Securities | Steve Byrne | $516 | $454 | +9.3% | Aug 5, 2024 |
| Barclays | Michael Leithead | $510 | $454 | +8.0% | Aug 5, 2024 |
| Citigroup | Pat Cunningham | $480 | $443.5 | +1.7% | Aug 5, 2024 |
| Deutsche Bank | David Begleiter | $510 | $443.5 | +8.0% | Aug 5, 2024 |
| Jefferies | Laurence Alexander | $523 | $440.02 | +10.8% | Jun 20, 2024 |
| BMO Capital | John McNulty | $475 | $425.8 | +0.6% | May 6, 2024 |
| Mizuho Securities | John Roberts | $512 | $419.62 | +8.5% | May 3, 2024 |
| Mizuho Securities | John Roberts | $510 | $446.79 | +8.0% | Apr 18, 2024 |
| UBS | Joshua Spector | $510 | $467.55 | +8.0% | Mar 27, 2024 |
| Wells Fargo | Analyst unavailable | $375 | $339.83 | -20.6% | Feb 8, 2023 |
| Citigroup | Analyst unavailable | $418 | $337.12 | -11.4% | Feb 8, 2023 |
| Goldman Sachs | Analyst unavailable | $375 | $330.07 | -20.6% | Dec 15, 2022 |
| Citigroup | Analyst unavailable | $402 | $342.01 | -14.8% | Dec 15, 2022 |
| HSBC | Analyst unavailable | $375 | $335.04 | -20.6% | Nov 15, 2022 |
| UBS | Analyst unavailable | $320 | $293.37 | -32.2% | Sep 12, 2022 |
| Jefferies | Analyst unavailable | $355 | $290.73 | -24.8% | Jun 16, 2022 |
| Deutsche Bank | Tim Jones | $351.29 | $292.34 | -25.6% | Feb 14, 2022 |
| BMO Capital | John McNulty | $365 | $292.34 | -22.7% | Feb 14, 2022 |
| Mizuho Securities | Chris Parkinson | $339 | $307.62 | -28.2% | Feb 10, 2022 |
| Alembic Global | Hassan Ahmed | $331.71 | $319.88 | -29.7% | Jan 18, 2022 |
| Morgan Stanley | Vincent Andrews | $365 | $335.08 | -22.7% | Jan 11, 2022 |
| Citigroup | PJ Juvekar | $400 | $335.08 | -15.3% | Jan 11, 2022 |
| Wells Fargo | Michael Sison | $395 | $336.66 | -16.3% | Jan 6, 2022 |
| Societe Generale | Peter Clark | $400 | $343.43 | -15.3% | Jan 4, 2022 |
| Wolfe Research | Josh Silverstein | $404 | $330.79 | -14.4% | Dec 9, 2021 |
| Evercore ISI | Stephen Richardson | $355 | $329.33 | -24.8% | Dec 7, 2021 |
| Barclays | Duffy Fischer | $380 | $335.06 | -19.5% | Nov 8, 2021 |
| Norddeutsche Landesbank | Thorsten Strauss | $293.65 | $325.17 | -37.8% | Nov 2, 2021 |
| Vertical Research | Kevin McCarthy | $330 | $293.79 | -30.1% | 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 |
|---|---|---|---|---|
| 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 nextBeat on EPS
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- PAYXFY2027 Q1 · September 23, 2026+1.5% EPS-8.8% move
- GISFY2027 Q1 · September 23, 2026+4.6% EPS+1.0% move
- AZOFY2026 Q4 · September 22, 2026+3.6% EPS+3.3% move
Get the LIN recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-09-29T05:21:00.078794+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-29T05:21:00.074659+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 2026-09-29. For educational purposes only; not investment advice.