LIN Linde (LIN) Q4 FY25 earnings call
Linde delivered resilient Q4 FY25 performance amidst a challenging and divergent economic environment, marked by strong AI investment contrasting with traditional industrial softness. The company achieved record financial metrics and a substantial project backlog, while proactively implementing restructuring actions to position for stronger EPS growth in 2026, despite a guarded outlook for macroeconomic conditions.
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LIN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $10B+The year ended with more than $10 billion in backlog, including a record sale of gas backlog of $7 billion.Source: earnings call transcript | $10BThe quarter ended with a strong backlog of $10 billion of which more than $7 billion is sale of gas projects, all underpinned by long-term contracts with secured returns driving future growth.Source: earnings call transcript | $10BThe backlog remains at $10 billion, contractually securing long-term EPS growth while increasing our network density.Source: earnings call transcript | — | $8.1BDuring the second quarter, we achieved record sales and EPS levels with both growing at near double-digit percent, while increasing the backlog by $1 billion to a record $8.1 billion, after securing a new electronic spin in the US In addition, the backlog project pipeline remains healthy, but still new project opportunities under development.Source: earnings call transcript | — |
| Backlog Sale of gas | $7BThe year ended with more than $10 billion in backlog, including a record sale of gas backlog of $7 billion.Source: earnings call transcript | $7B+The quarter ended with a strong backlog of $10 billion of which more than $7 billion is sale of gas projects, all underpinned by long-term contracts with secured returns driving future growth.Source: earnings call transcript | — | $7.1BFurthermore, we signed 5 new projects that added $100 million to the sale of gas backlog, which ended the quarter at $7.1 billion.Source: earnings call transcript | $8.1BWhen considering the record $8.1 billion sale of gas backlog continued roll-up acquisition targets and project pipeline opportunities, we expect this number to remain a significant use of capital for the foreseeable future.Source: earnings call transcript | +14.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Inve summary of the company's earnings call; see how call summaries are prepared. Not investment advice.