Linde reported second-quarter 2025 net income of $1,766 million and diluted earnings per share of $3.73, up 6% and up 8%, respectively. Excluding Linde AG purchase accounting impacts, adjusted net income was $1,937 million, up 4% versus prior year. Adjusted earnings per share was $4.09, 6% above prior year.

Linde’s sales for the second quarter were $8,495 million, up 3% versus prior year. Compared to prior year, underlying sales increased 1% from 2% price attainment partially offset by 1% lower volumes largely driven by the manufacturing end market.

Second-quarter operating profit was $2,354 million. Adjusted operating profit of $2,556 million was up 6% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 30.1% was 80 basis points above prior year.

Second-quarter operating cash flow of $2,211 million increased 15% versus prior year. After capital expenditures of $1,257million, free cash flow was $954 million. During the quarter, the company returned $1,811 million to shareholders through dividends and stock repurchases, net of issuances.

Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “For the second quarter, Linde once again demonstrated strong resiliency as our employees delivered high-quality results against a muted industrial economy. EPS grew 6% and operating margins expanded 80 basis points versus prior year. In addition, we continue to secure future, contractual growth with the addition of several new wins to the project backlog, including another long-term agreement to supply gases to a world-scale low-carbon ammonia facility in the U.S. Gulf Coast. The current $7.1 billion saleof-gas backlog will ensure attractive growth for years to come, and I’m confident in our ability to add even more high-quality projects, especially in the electronic and clean energy end markets.”