Linde is a global multinational chemical company and the world's largest industrial gas supplier by market share and revenue. Founded by German scientist and engineer Carl von Linde in 1879 in Wiesbaden, Germany, the company is now headquartered in Woking, United Kingdom, and registered in Ireland as Linde plc. Linde plc was formed in 2018 through the merger of Linde AG and Praxair, which was founded in 1907 in the United States as Linde Air Products Company.
Leading global industrial gases and engineering company making customers more successful and helping to sustain, decarbonize and protect our planet. Linde is the largest industrial gas supplier in the world, with operations in over 100 countries. The company operates through two principal business segments that form the backbone of its global operations.
The company has two principal business areas: gas (industrial gases and medical gases), and engineering, procurement, and construction. The company's primary business is the manufacturing and distribution of atmospheric gases, including oxygen, nitrogen, argon, rare gases, and process gases, including carbon dioxide, helium, hydrogen, ammonia, electronic gases, specialty gases, and acetylene.
The gas division encompasses a comprehensive portfolio of industrial and medical gases supplied through various delivery methods. Depending on the gas and the quantity required, these may be supplied in portable high-pressure gas cylinders, in liquefied form by road tanker, from on-site gas generators or in gaseous form via pipeline to large customers. In the industrial gas area, the company uses the brand names Linde, AGA, BOC, TIG, Mox-Linde Gases, Afrox, Sigas and PanGas.
The engineering division represents a significant technological capability within the organization. Linde Engineering designs and builds large-scale chemical plants for the production of industrial gases including oxygen, nitrogen, argon, hydrogen and carbon monoxide, as well as large plants associated with the processing of natural gas, LNG, Liquefied petroleum gas and the manufacture of olefins. The group has more than 1,000 process engineering patents and 4,000 completed plant projects.
Linde's products are used in the healthcare, petroleum refining, manufacturing, food, beverage carbonation, fiber-optics, steel making, aerospace, material handling equipment (MHE), chemicals, electronics and water treatment industries. The company serves a variety of end markets such as chemicals & energy, food & beverage, electronics, healthcare, manufacturing, metals and mining.
Linde's industrial gases and technologies are used in countless applications including production of clean hydrogen and carbon capture systems critical to the energy transition, life-saving medical oxygen and high-purity & specialty gases for electronics. The company's commitment to sustainability is reflected in its environmental impact, as The company helps avoid >2X its own GHG emissions through its products and services.
The current market capitalization of Linde is $214B with 471M shares. Linde is a leading global industrial gases and engineering company with 2024 sales of $33 billion. Linde annual revenue for 2024 was $33.005B, a 0.46% increase from 2023.
**Key Financial Metrics (2024):**
- Trailing twelve month revenue: $33B as of March 31, 2025
- EPS for 12 months: $13.85
- Adjusted operating profit margin: 29.5% in 2024, up 190 basis points from 2023
**Q1 2025 Performance:**
- Sales for the first quarter: $8,112 million, flat versus prior year
- First-quarter 2025 net income: $1,673 million and diluted earnings per share: $3.51, up 3% and 5% respectively
- Adjusted earnings per share: $3.95, 5% above prior year
- Adjusted operating profit of $2,438 million was up 4% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin of 30.1% was 120 basis points above prior year
The company maintains a robust project pipeline that supports long-term growth. Linde reported a total project backlog of $10.4 billion. This substantial backlog provides visibility into future revenue streams and demonstrates the company's strong market position in large-scale industrial projects.
Linde is also a member of the Hydrogen Council, a group of companies investing in hydrogen vehicles. The company expects hydrogen vehicles to compete with electric vehicles and has invested in wind powered plants that convert water to hydrogen. This positioning aligns with global energy transition trends and positions Linde as a key player in the hydrogen economy.
Linde demonstrates strong capital discipline and commitment to shareholder returns. Linde returned $7.1 billion to shareholders through dividends and share buybacks in 2024. The company's Board of Directors has declared a quarterly dividend of $1.50 per share, payable on June 18, 2025 to shareholders of record on June 4, 2025.
**2025 Outlook:**
- For the full year 2025, the company expects adjusted diluted earnings per share to be in the range of $16.20 to $16.50, up 4% to 6% versus prior year or 6% to 8% when excluding 2% of estimated currency headwind
- 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 $7.0 billion contractual sale of gas project backlog
Linde is ranked 463rd on the Fortune Global 500 and 187th on the Forbes Global 2000. Linde has been included in the 2025 World's Most Ethical Companies® list for the fifth consecutive year. Ethisphere's annual list identifies organizations that prioritize integrity and ethical business practices.
The company's strong financial performance, global market leadership, diversified end-market exposure, and commitment to sustainability initiatives position it as a compelling investment opportunity in the industrial gases sector. With its extensive infrastructure, technological capabilities, and strategic focus on growth markets including hydrogen and carbon capture, Linde continues to execute on its mission of making the world more productive while supporting global decarbonization efforts.
