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Sentiment · FY2026 Q1
What companies say about each other on earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“it looks like Air Products just like handed price back to customers and Linde didn't.”
An analyst contrasts Air Products' European pricing with Linde, noting Linde held price and now enjoys a wider margin, a favorable read-through on Linde's European pricing discipline.
“the joint venture signed an agreement with industry leader, Linde, to build and operate the air separation unit which will supply nitrogen and oxygen for the ammonia production process.”
CF's Blue Point ammonia JV contracted Linde to build and operate its air separation unit supplying nitrogen and oxygen, a new industrial-gas supply win for Linde.
“On Linde, have had contact with Linde and we have a contract that covers that. And so a lot of that is gonna depend on the length of the delay. And so we're in active engagement with them, and the answer to your question is I don't expect that we'll have to take a charge right now in order to do that.”
Linde has a supply contract tied to Dow's delayed Fort Saskatchewan (Alberta) project; Dow is in active talks with Linde about the delay and does not currently expect to take a charge to settle the agreement.
“Fab 2, as you're aware, probably from TSMC, is ramping up at their end, and, obviously, we're there fully supporting them on that.”
Linde confirms it supplies industrial gas to TSMC's Arizona Fab 2, which is ramping as planned, with more Phoenix advanced-node fabs under discussion, a positive read-through on TSMC's Arizona expansion.
“The EVPs, you know, when I was with BYD, one of our customers in China, the chairman was complaining that he wasn't seeing as growth as he was expecting, and he was unhappy that he was only growing 28%.”
Linde cites its customer BYD still growing 28% as a green shoot in Chinese EV/battery manufacturing, a positive read-through on BYD's volumes.
“Both you and Air Products had very strong EBIT growth in Europe. I think for both of you, it was double digits, which was a step-up.”
An analyst notes that Air Products, like Linde, posted double-digit European EBIT growth this quarter, prompting management to attribute the gain mainly to FX and pricing/productivity actions.
“One recent add is the Blue Point project, which is a JV between CF Industries, JERA and Mitsui that will produce low-carbon ammonia in Louisiana. We are proud to have been selected as their industrial gas partner due to the capability and track record of our U.S. Gulf Coast team.”
Mitsui is a partner in the Blue Point low-carbon ammonia JV in Louisiana that just selected Linde as its industrial gas supplier.
“One recent add is the Blue Point project, which is a JV between CF Industries, JERA and Mitsui that will produce low-carbon ammonia in Louisiana. We are proud to have been selected as their industrial gas partner due to the capability and track record of our U.S. Gulf Coast team.”
JERA is a partner in the Blue Point low-carbon ammonia JV in Louisiana that just selected Linde as its industrial gas supplier.
“One recent add is the Blue Point project, which is a JV between CF Industries, JERA and Mitsui that will produce low-carbon ammonia in Louisiana. We are proud to have been selected as their industrial gas partner due to the capability and track record of our U.S. Gulf Coast team.”
CF Industries is a partner in the Blue Point low-carbon ammonia JV in Louisiana that just added Linde as its industrial gas supplier, adding to Linde's clean-energy project backlog.
“we have signed a project development agreement with Equinor for the development of low carbon hydrogen projects in Europe”
Linde signed a project development agreement with Equinor to develop low-carbon hydrogen projects in Europe, contingent on more pragmatic European decarbonization regulation.
“we want and build the Phoenix supply to the Phoenix Fab for TSMC.”
Linde is building on-site gas supply for TSMC's Phoenix, Arizona fab, part of its electronics end-market growth tied to U.S. chip manufacturing expansion.
“We are building, at Taylor Texas for Samsung.”
Linde is building on-site gas supply for Samsung's Taylor, Texas semiconductor fab, part of its electronics end-market growth tied to U.S. chip manufacturing expansion.
“Dow recently announced the delay of its Alberta project. Linde is a partner on that.”
Dow delayed its Alberta (Path2Zero) project on which Linde is an on-site gas partner; Linde says its contracts have standard customer-delay protections and it is working with Dow on alternatives.
“particularly with partners like Equinor, where potentially we have an opportunity to provide low carbon hydrogen or blue hydrogen into the European network.”
Linde identifies Equinor as a potential partner for supplying low-carbon or blue hydrogen into the European network, part of Linde's European hydrogen pipeline.
“The 3 partners are led by Saudi Aramco, SRB and Linde.”
Linde is part of a 3-way joint venture led by Saudi Aramco developing a large-scale CCS hub in Saudi Arabia, with phased capacity potentially reaching 53-54 million tonnes per annum of CO2 sequestration.
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Laurent Favre | BNP Paribas | 8 (38%) |
| Jeff Zekauskas | JPMorgan | 7 (29%) |
| Dave Begleiter | Deutsche Bank | 6 (33%) |
| Kevin McCarthy | Vertical Research Partners | 6 (0%) |
| Duffy Fischer | Goldman Sachs | 5 (0%) |
| Mike Sison | Wells Fargo | 5 (60%) |
| Patrick Cunningham | Citigroup | 5 (0%) |
| Matthew DeYoe | Bank of America | 4 (75%) |
| John McNulty | BMO Capital Markets | 4 (0%) |
| Josh Spector | UBS | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| BNP Paribas | 1 | 8 (38%) |
| JPMorgan | 1 | 7 (29%) |
| Bank of America | 2 | 6 (50%) |
| Deutsche Bank | 1 |
| 6 (33%) |
| Goldman Sachs | 2 | 6 (0%) |
| Morgan Stanley | 2 | 6 (17%) |
| Vertical Research Partners | 1 | 6 (0%) |
| Citigroup | 1 | 5 (0%) |
Linde closed the year with sales of $8.8 billion, up 6%, and EPS of $4.20 growing 6% as operating cash flow exceeded $3 billion in Q4. Full-year results set records across EPS, operating cash flow, and operating margins, while the $10 billion backlog and $500 million-plus space investment positioned the company for acceleration. Management introduced FY2026 guidance of $17.40-$17.90, projecting 6-9% EPS growth.
Demand | Capex Investment | Macroeconomic | Pricing | Margin | Regulation Policy | Geographic Expansion | Revenue Growth | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 4 | 5 | 1 | 1 | 1 | 1 | 1 | 1 |
| 2025Q1 | 3 | 4 | 2 | 1 | 4 | 2 | 1 | |
| 2025Q2 | 4 | 4 | 3 | 1 | 2 | 2 | ||
| 2025Q3 | 7 | 2 | 3 | 2 | 1 | 1 | ||
| 2025Q4 | 5 | 3 | 4 | 2 | 1 | |||
| 2026Q1 | 9 | 5 | 6 | 4 | 1 | 2 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 4 | 3 | 4 | 7 | 5 | 9 |
| Capex Investment | 5 | 4 | 4 | 2 | 3 | 5 |
| Macroeconomic | 1 | 2 | 3 | 3 | 4 | 6 |
| Pricing | 1 | 1 | 1 | 2 | 2 | 4 |
| Margin | 1 | 4 | 2 | 1 | 1 | |
| Regulation Policy | 1 | 2 | 2 | 1 | ||
| Geographic Expansion | 1 | 1 | 1 | 2 | ||
| Revenue Growth | 1 | 4 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
LIN Linde plc | 9 | +8.3% | |
| ALB Albemarle Corporation | 9 | +32.7% | |
| APD Air Products | 9 | +8.8% | |
| DD DuPont | 6 | -45.2% | |
| ECL Ecolab | 7 | +10.0% | |
| IFF International Flavors & Fragrances | 6 | -3.6% | |
| LYB LyondellBasell | 4 | -6.3% | |
| PPG PPG Industries | 6 | +6.7% | |
| SHW The Sherwin-Williams Company | 6 | +6.8% |