Linde plc announced that it will build, own and operate a new air‑separation unit in Garysburg, North Carolina. The facility will produce liquid oxygen, nitrogen and argon for regional customers and is slated to start up at the end of 2028. The project carries a $75 million investment and is expected to create 20 new jobs, each with an average wage of $87,750.
The new plant is part of Linde’s broader strategy to expand its U.S. production footprint and to meet growing demand in the region’s healthcare, electronics and industrial markets. It follows recent investments in other U.S. facilities, including a new plant in Brownsville, Texas, and an expansion in Mims, Florida, that support rocket launches and other high‑growth end‑markets. By adding capacity in the Southeast, Linde aims to reduce transportation costs and improve supply reliability for customers in the Carolinas and surrounding states.
Linde’s most recent quarterly results underscore the company’s ability to generate strong earnings while investing in growth. In Q4 2025, the company reported adjusted earnings per share of $4.20 versus an estimate of $4.18, a beat of $0.02, and revenue of $8.764 billion versus an estimate of $8.561 billion, a beat of $203 million. The adjusted operating profit margin of 29.5% was 40 basis points below the prior year, reflecting a modest compression from higher input costs, but the company’s pricing power and productivity initiatives helped offset the impact. The results were driven largely by an 8% year‑over‑year increase in Americas sales, with underlying sales up 4% (3% from pricing and 1% from volume) as electronics demand grew.
Full‑year 2025 performance further demonstrated Linde’s resilience. Sales reached $34.0 billion, up 3% year‑over‑year, while adjusted EPS rose to $16.46 from $15.51 in 2024, a 6% increase. The adjusted operating profit margin expanded to 29.8%, 30 basis points higher than 2024, driven by price attainment, acquisitions and ongoing productivity initiatives across all segments. The company’s backlog exceeded $10 billion, supporting confidence in future earnings.
Management guidance for 2026 reflects a cautious outlook. For Q1 2026, adjusted EPS is projected at $4.20–$4.30, and for the full year at $17.40–$17.90, a midpoint that falls short of the analyst consensus of $17.83. The guidance is described as prudent, with the company noting that it remains early in the year and wishes to maintain a conservative stance while still expecting to benefit from a strong backlog of projects and continued productivity gains.
CEO Sanjiv Lamba highlighted the company’s robust performance, stating, “Linde delivered another year of resilient performance, with operating profit, cash flow and backlog each exceeding $10 billion. Operating margins expanded to 29.8%, ROC reached 24.2% and EPS grew 6%.” He added, “From my perspective, this is the strongest strategic position Linde has held during my tenure,” and noted that the company’s 2026 outlook remains prudent due to early‑year uncertainty.
Investors noted the guidance miss for 2026, which was the primary driver of a muted market reaction following the Q4 2025 earnings release. The company’s strong quarterly results were offset by the lower-than‑expected full‑year guidance, prompting a cautious response from the market.
The Garysburg plant will not begin operations until 2028, so its immediate financial impact will be limited. However, the addition of capacity, the creation of 20 jobs, and the strategic positioning in a high‑growth region reinforce Linde’s long‑term competitive advantage and support its broader expansion strategy across the United States.
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