New York, Feb 7, 2026, 17:16 EST — The market has closed.
Linde plc dropped 2.5% to close at $448.24 on Friday. The stock saw action between $445.00 and $461.65, with roughly 3.1 million shares traded.
Linde sits at the top of the industrial gases sector—its products power everything from chemical plants to steel mills, food processors, and more. Investors often turn to Linde’s numbers for clues on the broader state of industrial production. Moves here tend to echo across competitors like Air Products and Air Liquide. 1
During the earnings call, CEO Sanjiv Lamba pointed to “unprecedented activity” in 2025, fueled by AI and digital infrastructure investment. “Traditional industrial markets,” he noted, saw “continued retrenchment.” After shares slipped, CFO Matt White said Linde lifted fourth-quarter buybacks to $1.4 billion. As for pricing, Lamba expects it to align over time with a globally weighted consumer inflation rate.
Linde’s fourth-quarter numbers: sales up 6% to $8.764 billion, with adjusted EPS landing at $4.20. For 2026, the company is projecting full-year adjusted EPS in the $17.40 to $17.90 range, and it’s planning to spend $5.0 to $5.5 billion on capital projects—backed by a $10.0 billion pipeline. In 2025, Linde returned $7.4 billion to its shareholders. CEO Lamba said the firm is set to deliver value “regardless of macroeconomic uncertainties.” 2
Linde attached its earnings press release as an exhibit to a Form 8-K, according to a U.S. regulatory filing dated Feb. 5. 3
JPMorgan has cut its rating on Linde to Neutral from Overweight, keeping the $455 price target steady. The call comes down to valuation, plus two quarters where sequential pricing didn’t budge, with helium prices partly to blame. According to the bank, Linde’s valuation multiple may remain stuck until pricing momentum picks up. 4
Morgan Stanley bumped its price target on Linde up to $530, previously $495, sticking with an Overweight rating. Despite a tough operating environment, analysts flagged productivity moves, new projects coming online, and some FX tailwinds as key positives. 5
UBS upped its price target to $550 from $500 and kept its Buy rating in place, noting the company’s results looked “slightly less conservative” than what analysts had been bracing for. 6
The immediate worry centers on Linde’s 2026 outlook—does it provide enough cushion if industrial demand remains sluggish and pricing fails to pick back up? According to an Investing.com piece, the company’s midpoint for full-year adjusted EPS guidance actually landed under where analysts had pegged it, despite the latest quarter topping estimates. 7
U.S. markets reopen Monday, Feb. 9. On the calendar: management is due at Citi’s 2026 Global Industrial Tech and Mobility Conference on Feb. 17, followed by the 43rd Annual Industrial Select Conference from Barclays on Feb. 18. 8
