Linde plc Reports 3% Sales Growth and 6% Increase in Net Income for Q2 2025

Linde plc reported a solid financial performance for the second quarter of 2025, with sales reaching $8,495 million, a 3% increase from $8,267 million in the same period last year. The growth was primarily driven by a 2% increase in pricing and a 1% contribution from acquisitions, although volumes decreased by 1%. The company's operating profit also saw an 8% rise, amounting to $2,354 million, which represents an operating margin of 27.7%, up from 26.4% in the prior year. Net income attributable to Linde plc was $1,766 million, a 6% increase compared to $1,663 million in the second quarter of 2024, resulting in diluted earnings per share of $3.73, up from $3.44.

For the first half of 2025, Linde's sales totaled $16,607 million, reflecting a modest 1% increase from $16,367 million in the same period of 2024. The operating profit for the six months was $4,538 million, a 6% increase year-over-year. The company attributed the overall revenue growth to higher pricing and productivity initiatives, which offset the adverse impacts of cost inflation and lower volumes. The effective tax rate for the quarter was reported at 24.4%, slightly higher than the previous year's 23.5%.

In terms of strategic developments, Linde has continued to focus on acquisitions, with $270 million spent in the first half of 2025, primarily in the Americas and Asia-Pacific regions. The company also reported capital expenditures of $2,527 million during the same period, which is $346 million higher than the previous year, indicating ongoing investments in new plant and production equipment. The total backlog of large projects under construction was approximately $7.1 billion as of June 30, 2025.

Operationally, Linde's employee count decreased to 64,842, down from 65,987 a year earlier, reflecting the impact of ongoing cost reduction programs. The company reported a slight decline in sales across its Asia-Pacific segment, while the Americas and EMEA segments experienced growth. The Americas segment reported sales of $3,812 million, a 4% increase, while EMEA sales rose by 3% to $2,162 million. The APAC segment remained flat at $1,655 million, and the Engineering segment saw a 1% increase in sales.

Looking ahead, Linde remains optimistic about its growth trajectory, emphasizing its commitment to maintaining operational flexibility and liquidity. The company has a robust financial position, with no outstanding borrowings under its $5 billion and $1.5 billion revolving credit agreements. Linde continues to monitor market conditions and is prepared to adapt its strategies to ensure sustained performance in the face of potential economic uncertainties.