Excluding Linde AG purchase accounting impacts and cost reduction program and other charges, adjusted net income was $1,987 million, up 5% versus prior year. Adjusted earnings per share was $4.21, 7% above prior year.
Linde’s sales for the third quarter were $8,615 million, up 3% versus prior year. Compared to prior year, underlying sales increased 2% from price attainment as volumes were flat. Acquisitions increased sales by 1%.
Third-quarter operating profit was $2,367 million. Adjusted operating profit of $2,558 million was up 3% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 29.7% was 10 basis points above prior year.
Third-quarter operating cash flow of $2,948 million increased 8% versus prior year. After capital expenditures of $1,276 million, free cash flow was $1,672 million. During the quarter, the company returned $1,685 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, “Despite stagnant industrial activity, Linde employees once again demonstrated resilient results by growing operating cash flow 8% and EPS to an all-time high of $4.21, all while maintaining industry leading margins and return on capital.”
Lamba continued, “While we remain guarded on any near-term industrial recovery, our time-tested capital allocation policy and disciplined investment approach will continue to generate long-term shareholder value.”
For the fourth quarter of 2025, Linde expects adjusted diluted earnings per share in the range of $4.10 to $4.20, up 3% to 6% versus prior-year quarter or 1% to 4% when excluding 2% of estimated currency tailwind.
For the full year 2025, the company expects adjusted diluted earnings per share to be in the range of $16.35 to $16.45, up 5% to 6% versus prior year with estimated currency to be flat. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including the $7.1 billion contractual sale of gas project backlog.
Third-Quarter 2025 Results by Segment
Americas sales of $3,846 million were up 6% versus prior year. Compared with third quarter 2024, underlying sales increased 4%, driven by 3% higher pricing and 1% higher volumes, primarily in the electronics, manufacturing and metals and mining end markets. Operating profit of $1,199 million was 31.2% of sales, 70 basis points below prior year or 30 basis points lower when excluding the effects of cost pass-through.
APAC (Asia Pacific) sales of $1,741 million were up 1% versus prior year. Compared with third quarter 2024, underlying sales decreased 1%, driven by stable volumes but 1% lower pricing, primarily due to helium. Operating profit of $490 million was 28.1% of sales, 90 basis points below prior year. Year over year cost pass-through was immaterial.
EMEA (Europe, Middle East & Africa) sales of $2,178 million were up 3% versus prior year. Compared with third quarter 2024, underlying sales decreased 1%, driven by 2% higher pricing that was more than offset by 3% lower volumes, primarily in the metals & mining and manufacturing end markets. Operating profit of $781 million was 35.9% of sales, 260 basis points above prior year or 220 basis points when excluding the effects of cost pass-through.
Linde Engineering sales were $519 million, down 15% versus prior year, and operating profit was $101 million or 19.5% of sales. Order intake for the quarter was $269 million and third-party sale of equipment backlog was $2.9 billion.
