Tellvest

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Linde plc (LIN) — Tellvest

Latest Quarter Insights

2025 Q4

Sentiment

6/10-1

How this score was built

Base6Transcript0EPS-1Guidance+1Final6

How this score was built

Base6Transcript0

Macro Signals

→Macroeconomic↑FX→Trade & Tariffs

Key Themes7

positive📊 company

Full Year Record EPS, OCF, And Operating Margins

Annual record levels for EPS, operating cash flow, and operating margins despite weak industrial environment. Full year operating margin up 30 basis points. 24.2% return on capital leads industry. Over $7 billion returned to shareholders.

MarginCapital Allocation

positive📊 company

2026 Guide $17.40-$17.90, 6-9% Growth

2026 EPS projected $17.40-$17.90 or 6-9% growth. Assumes 1% FX tailwind and 0% base volume change at midpoint. Q1 assumes 3% FX tailwind from weak 2025 dollar baseline. Management described guidance as guarded, prudent, and conservative.

Guidance Reliability

positive📊 company

Q&A Topicsfrequency by quarter

	Demand	Capex Investment	Macroeconomic	Margin	Pricing	Regulation Policy	Trade Tariffs	Competitive Dynamics
2024Q4	4	5	1	1	1	1	2	2
2025Q1	3	4	2	4	1	2	1
2025Q2	4	4	3	2	1	2		2
2025Q3	7	2	3	1	2	1	2
2025Q4	5	3	4		2

	'24Q4	'25Q1	'25Q2	'25Q3	'25Q4
Demand	4	3	4	7	5
Capex Investment	5	4	4	2	3
Macroeconomic	1	2	3	3	4
Margin	1	4	2	1
Pricing	1	1	1	2	2
Regulation Policy	1	2	2	1
Trade Tariffs	2	1		2
Competitive Dynamics	2		2

Analyst Q&A10 analysts · 10 questions

Dave BegleiterDeutsche Bank

just on Europe, are there are you seeing any signs of progress in that region? And I did see that pricing did slow to plus 1% in Q4

View in transcript →

Duffy FischerGoldman Sachs

Maybe if you could just go around the rest of the world. You talked a little bit about Europe and maybe about your end markets

View in transcript →

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