Research · Sep 3, 2026
[LIN] Linde Thesis 2026: Thirty-Percent Margin Holds Through Capital Return Cycle
Linde plc FY25 (Dec 31, 2025) at $34.0B revenue (+3%). Americas $15.2B (+5%), EMEA $8.5B (+2%), APAC $6.7B (flat), Engineering $2.25B (-3%). Reported OpMargin 26.3%; adjusted OpMargin 29.8% (vs 29.5% FY24). Net income $6.9B; adjusted EPS $16.46 (+6%). OCF $10.35B; capex $5.26B (+17% on backlog conversion); FCF $5.09B. Capital return $7.4B (buyback $4.58B + div $2.81B; DPS $6.00, 31st consecutive annual increase) = 145% of FCF. Large project backlog $7.3B end-FY25. 5 tracked analysts: 5/5 Buy; consensus $562.20, range $525-$580.