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Linde
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Latest analysis
Updated Jul 31, 2026
Linde posts record Q2 2026 sales and EPS with backlog hitting $8.1B, but U.S. homecare drag and margin compression demand strategic resolution
Linde delivered record Q2 2026 sales of $9.3 billion and EPS of $4.50, each growing approximately 9-10% year over year, while the sale-of-gas backlog reached a record $8.1 billion driven by a new U.S. electronics win. Operating margins declined 60 basis points year over year, with the U.S. homecare (Lincare) business identified as the primary culprit; management is actively evaluating strategic options for Lincare, including divestiture, while pursuing operational fixes in parallel. Full-year EPS guidance was tightened to $17.70-$17.90, raising the prior bottom end by $0.10, with management explicitly declining to incorporate nascent volume recovery trends into the back-half assumption.
Tone: mixedRevenue
$34B
LIN 10-K · FY 2025
Employees
65,177
Revenue growth YoY
+3%
Headquarters
Woking, United Kingdom
Profile
LIN 10-K Item 1 · Feb 25, 2026Linde is the largest industrial gas company worldwide, producing and distributing atmospheric gases (oxygen, nitrogen, argon) and process gases (hydrogen, helium, carbon dioxide, specialty gases) across more than 80 countries. The company also designs and builds industrial gas production plants through its Engineering segment. It serves a diverse set of end markets including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics.
Read filing description ↓ Collapse description ↑
Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants. Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics. Linde's industrial gas operations are managed on a geographical basis and in 2025 90% of sales were generated by Linde's three geographic segments (Americas, EMEA and APAC) and the remaining 10% were related largely to the Engineering segment. The majority of Linde's business is conducted through long-term contracts which provide stability in cash flow and the ability to pass through changes in energy and feedstock costs to customers. Linde has a global presence with approximately 64% of its 2025 sales outside of the United States, operating in approximately 50 European, Middle Eastern and African countries, approximately 15 Asian and South Pacific countries, and approximately 20 countries in North and South America.
Primary products
- Oxygen
- Nitrogen
- Argon
- Rare gases
- Hydrogen
- Helium
Business segments
End markets
Geographies
Named customers
Linde is not dependent upon a single customer or a few customers.
Named competitors
“In locations where Linde has pipeline networks, which enable the company to provide reliable and economic supply of products to larger customers, Linde derives a competitive advantage.” Competitive position, as stated in the filing
Revenue commentary · FY 2025
Sales increased $981 million, or 3%, in 2025 versus 2024, driven by 2% higher price attainment and 1% contribution from acquisitions, with volumes flat as new project start-ups largely offset base volume declines.
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