Shares of industrial gas giant sink on guidance

February 5, 2026

TL;DR

Linde's Q4 revenue of $8.76 billion and adjusted EPS of $4.20 exceeded consensus estimates.
Sales growth was primarily driven by higher prices, with management's focus on productivity and cost actions supporting profitability.
The company's backlog reached a record $10 billion, excluding investments in rocket propellants.
Linde is seen as a key supplier in the space industry and is potentially bidding on a semiconductor fabrication project with TSMC.
Stock buybacks increased significantly in Q4, totaling $1.4 billion, with $4.6 billion for the full year.
CEO Sanjiv Lamba purchased $1 million in stock, signaling confidence and contributing to a rating upgrade.
Global end markets showed year-over-year sales growth, with electronics being the strongest.
Americas segment sales rose 8% driven by price/mix and cost pass-throughs, while EMEA sales increased 6% with a currency tailwind.
Engineering segment sales fell 2% year over year.
Linde projects 2026 adjusted EPS growth of 6-9% to $17.40-$17.90, which is viewed as conservative.
Q1 2024 adjusted EPS guidance is $4.20-$4.30, in line with consensus.

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