Filing Flows › Linde (LIN) › Q4 2025
Linde (LIN) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 25, 2026
Linde (LIN) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +2% from the quarter before. Operating margin was 23.0%, net earnings $1.5B (17.5% of revenue).
Linde, Q4 2025: revenue $8.8B (+6% year over year), operating margin 23.0%, net earnings $1.5B, operating cash flow $3.0B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | +2% | +6% |
| Operating profit | $2.0B | -15% | -11% |
| Net earnings | $1.5B | -21% | -11% |
| Operating cash flow | $3.0B | +3% | +8% |
| Free cash flow | $1.6B | -6% | +0.8% |
What changed
Revenue was $8.8B in Q4 2025, up 6% year over year and up 2% from the previous quarter. Americas was the largest line at 44% of revenue.
Operating profit was $2.0B, a 23.0% margin (down 4.4 points year over year). Operating profit fell $0.25B even though revenue rose $0.48B versus a year earlier, so costs grew faster than sales. Total costs grew 12% against revenue growth of 6%. The fastest-growing cost line was Other operating costs (+53%). Net earnings were $1.5B, down 11% year over year. The effective tax rate was 23.4%.
Operating cash flow was $3.0B (up 8% year over year), 193% of net income including minority interests. Non-cash charges added back $0.9B of depreciation and amortization and $0.03B of share-based compensation. Working capital and other items added $0.48B. Capital expenditures of $1.5B left free cash flow of $1.6B.
Questions
What was Linde's revenue in the fourth quarter 2025?
Linde (LIN) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +6% from a year earlier and +2% from the quarter before.
Was Linde profitable in the fourth quarter 2025?
Operating profit was $2.0B (23.0% of revenue) and net earnings $1.5B.
Source: Linde 10-K on SEC EDGAR.