Linde plc

Materials Industrial Gases Guildford, United Kingdom Last filing Feb 25, 2026 · FY2025

                    Revenue
                    FY2025
                
$34.0B
                    3y CAGR +0.6%
                    
                    P65
                    
                    +3.0%
                    
                    Net income
                    FY2025
                
$6.9B
                    Net margin +20.3%
                    
                    P92
                    
                    +5.1%
                    
                    Total assets
                    FY2025
                
$86.8B
                    ROA +7.9%
                    
                    P85
                    
                    +8.3%
                    
                    Operating cash flow
                    FY2025
                
$10.3B
                    FCF margin +15.0%
                    
                    P91
                    
                    +9.8%

10 yrs · FY2016–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

31 accounts · 5 years

Total assets $86.8B

Total liabilities $47.1B

Shareholders equity $38.2B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$5.1B 4.2%	$4.8B 4.0%	$4.7B -14.2%	$5.4B 92.6%	$2.8B
Short Term Investments	$0 -100.0%	$106.0M -43.3%	$187.0M 1.6%	$184.0M 922.2%	$18.0M
Accounts Receivable	$5.0B 7.4%	$4.6B -2.0%	$4.7B 3.5%	$4.6B 1.3%	$4.5B
Inventory	$2.1B 5.6%	$1.9B -8.0%	$2.1B 6.9%	$2.0B 14.1%	$1.7B
Prepaid Expenses	$979.0M 69.1%	$579.0M -0.7%	$583.0M -2.3%	$597.0M 13.3%	$527.0M
Other Current Assets	$979.0M -22.5%	$1.3B 36.4%	$927.0M -2.4%	$950.0M -2.1%	$970.0M
Total Current Assets	$13.3B 2.9%	$12.9B 2.6%	$12.6B -3.3%	$13.0B 28.4%	$10.2B
Property,Plant and Equipment	$28.3B 14.1%	$24.8B 0.9%	$24.6B 4.3%	$23.5B -9.4%	$26.0B
Goodwill	$27.9B 7.7%	$25.9B -3.0%	$26.8B 3.6%	$25.8B -4.5%	$27.0B
Intangible Assets	$11.9B 4.8%	$11.3B -8.6%	$12.4B -0.2%	$12.4B -10.0%	$13.8B
Other Noncurrent Assets	$3.4B 12.8%	$3.0B 31.8%	$2.3B -7.1%	$2.5B 24.8%	$2.0B
Total Assets	$86.8B 8.3%	$80.1B -0.8%	$80.8B 1.4%	$79.7B -2.4%	$81.6B
Liabilities
Accounts Payable	$2.8B 12.1%	$2.5B -17.0%	$3.0B 0.8%	$3.0B -14.5%	$3.5B
Accrued Liabilities	$0 -100.0%	$1.3B -11.6%	$1.5B -2.5%	$1.5B 22.8%	$1.2B
Deferred Revenue	$1.2B 3.1%	$1.2B -37.2%	$1.9B -38.1%	$3.1B 4.5%	$2.9B
Current Portion of Long Term Debt	$1.8B -12.7%	$2.1B 62.9%	$1.3B -21.0%	$1.6B 37.5%	$1.2B
Other Current Liabilities	$4.2B 6.2%	$3.9B -5.5%	$4.2B 1.8%	$4.1B 4.7%	$3.9B
Total Current Liabilities	$15.2B 4.5%	$14.5B -7.5%	$15.7B -4.6%	$16.5B 20.8%	$13.6B
Long Term Debt	$20.7B 34.8%	$15.3B 14.5%	$13.4B 9.8%	$12.2B 7.6%	$11.3B
Deferred Revenue Noncurrent	$1.3B 16.9%	$1.1B 4.7%	$1.0B	—	—
Deferred Tax Liabilities	$0 -100.0%	$5.7B -1.6%	$5.7B -2.3%	$5.9B -5.7%	$6.2B
Other Noncurrent Liabilities	$4.4B 8.5%	$4.0B 5.5%	$3.8B 36.1%	$2.8B -33.3%	$4.2B
Total Liabilities	$47.1B 15.8%	$40.7B 2.4%	$39.7B 3.8%	$38.3B 5.8%	$36.2B
Equity
Common Stock	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M
Additional Paid In Capital	$39.4B -0.4%	$39.6B -0.5%	$39.8B -0.5%	$40.0B -0.4%	$40.2B
Retained Earnings	$16.6B 31.5%	$12.6B 42.8%	$8.8B -56.9%	$20.5B 9.8%	$18.7B
Treasury Stock	$11.6B 59.4%	$7.3B 131.5%	$3.1B -38.9%	$5.1B -47.7%	$9.8B
Accumulated Other Comprehensive Income	$-6.2B 9.6%	$-6.9B -18.8%	$-5.8B -0.4%	$-5.8B -14.5%	$-5.0B
Noncontrolling Interest	$1.5B 7.2%	$1.4B 1.5%	$1.4B 1.2%	$1.3B -3.4%	$1.4B
Total Stockholders Equity	$38.2B 0.4%	$38.1B -4.1%	$39.7B -0.8%	$40.0B -9.1%	$44.0B
Total Liabilitiesand Equity	$86.8B 8.3%	$80.1B -0.8%	$80.8B 1.4%	$79.7B -2.4%	$81.6B

Income Statement

Revenue, expense, and profitability

19 accounts · 5 years

Revenue $34.0B

Operating income $8.9B

Net income $6.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$34.0B 3.0%	$33.0B 0.5%	$32.9B -1.5%	$33.4B 8.3%	$30.8B
Expenses Research and Development	$147.0M -2.0%	$150.0M 2.7%	$146.0M 2.1%	$143.0M 0.0%	$143.0M
Expenses Selling,General and Administrative	$3.4B 2.9%	$3.3B 1.3%	$3.3B 6.1%	$3.1B -2.6%	$3.2B
Expenses Depreciation and Amortization	$3.8B -0.4%	$3.8B -0.9%	$3.8B -9.2%	$4.2B -9.3%	$4.6B
Expenses Share Based Compensation	$164.0M 2.5%	$160.0M 13.5%	$141.0M 31.8%	$107.0M -16.4%	$128.0M
Expenses Restructuring and Asset Impairment	$273.0M 88.3%	$145.0M 262.5%	$40.0M -96.1%	$1.0B 276.9%	$273.0M
Expenses Operating Expenses	$311.0M 2.6%	$303.0M 6.7%	$284.0M 0.0%	$284.0M -10.4%	$317.0M
Other Income Expense Operating Income	$8.9B 3.3%	$8.6B 7.6%	$8.0B 49.5%	$5.4B 7.7%	$5.0B
Other Income Expense Interest Income	$209.0M -8.3%	$228.0M 15.7%	$197.0M 68.4%	$117.0M 192.5%	$40.0M
Other Income Expense Interest Expense	$575.0M 3.6%	$555.0M 15.6%	$480.0M 73.3%	$277.0M 259.7%	$77.0M
Other Income Expense Other Income/expense	$-58.0M -131.4%	$185.0M 551.2%	$-41.0M 33.9%	$-62.0M -138.5%	$-26.0M
Other Income Expense Income Before Tax	$8.9B 3.8%	$8.6B 7.3%	$8.0B 44.1%	$5.5B 8.7%	$5.1B
Income Tax Income Tax Expense	$2.0B -0.6%	$2.0B 10.4%	$1.8B 26.5%	$1.4B 13.6%	$1.3B
net Income net Income	$6.9B 5.1%	$6.6B 5.9%	$6.2B 49.5%	$4.1B 8.4%	$3.8B
net Income Comprehensive Income	$7.6B 38.0%	$5.5B -11.3%	$6.2B 81.0%	$3.4B -1.6%	$3.5B
Earnings Per Share Basic Eps	$15 7.1%	$14 8.0%	$13 53.0%	$8 12.2%	$7
Earnings Per Share Diluted Eps	$15 7.3%	$14 8.2%	$13 53.0%	$8 12.3%	$7
Earnings Per Share Weighted Average Shares Basic	$469.5M -1.9%	$478.8M -1.9%	$488.2M -2.3%	$499.7M -3.3%	$516.9M
Earnings Per Share Weighted Average Shares Diluted	$472.2M -2.1%	$482.1M -2.1%	$492.3M -2.3%	$504.0M -3.4%	$521.9M

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 5 years

Operating cash flow $10.3B

Investing cash flow $-5.7B

Financing cash flow $-4.6B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$6.9B 5.1%	$6.6B 5.9%	$6.2B 49.5%	$4.1B 8.4%	$3.8B
Operating Activities Depreciation and Amortization	$3.8B -0.4%	$3.8B -0.9%	$3.8B -9.2%	$4.2B -9.3%	$4.6B
Operating Activities Stock Based Compensation	$164.0M 2.5%	$160.0M 13.5%	$141.0M 31.8%	$107.0M -16.4%	$128.0M
Operating Activities Deferred Income Taxes	$-465.0M -227.5%	$-142.0M -69.0%	$-84.0M 78.1%	$-383.0M -50.8%	$-254.0M
Operating Activities Changes In Operating Assets and Liabilities	$20.0M -87.4%	$159.0M 8.2%	$147.0M -84.1%	$927.0M 53.0%	$606.0M
Operating Activities net Cash From Operating Activities	$10.3B 9.8%	$9.4B 1.3%	$9.3B 5.0%	$8.9B -8.9%	$9.7B
Investing Activities Capital Expenditures	$5.3B 17.0%	$4.5B 18.7%	$3.8B 19.4%	$3.2B 2.8%	$3.1B
Investing Activities Business Acquisitions	$412.0M 30.0%	$317.0M -66.7%	$953.0M 766.4%	$110.0M 25.0%	$88.0M
Investing Activities Other Investing Activities	$90.0M	$0	$0	—	—
Investing Activities net Cash From Investing Activities	$-5.7B -23.2%	$-4.6B 0.6%	$-4.7B -51.2%	$-3.1B -2.7%	$-3.0B
Financing Activities Proceeds From Debt	$5.1B 6.3%	$4.8B 121.4%	$2.2B -31.8%	$3.2B 40.6%	$2.3B
Financing Activities Repayment of Debt	$2.3B 74.6%	$1.3B -22.4%	$1.7B -5.8%	$1.8B 21.6%	$1.5B
Financing Activities Repurchase of Common Stock	$4.6B 2.7%	$4.5B 13.2%	$4.0B -23.4%	$5.2B 12.1%	$4.6B
Financing Activities Dividends Paid	$2.8B 5.9%	$2.7B 7.0%	$2.5B 5.9%	$2.3B 7.1%	$2.2B
Financing Activities Proceeds From Stock Issuance	$23.0M -25.8%	$31.0M -6.1%	$33.0M -8.3%	$36.0M -28.0%	$50.0M
Financing Activities Other Financing Activities	$-76.0M 81.9%	$-420.0M -692.5%	$-53.0M 39.8%	$-88.0M 72.8%	$-323.0M
Financing Activities net Cash From Financing Activities	$-4.6B -4.5%	$-4.4B 19.3%	$-5.4B -74.8%	$-3.1B 59.3%	$-7.6B
Cash Reconciliation Effect of Exchange Rate On Cash	$131.0M 156.0%	$-234.0M -3242.9%	$-7.0M 90.5%	$-74.0M -21.3%	$-61.0M
Cash Reconciliation net Change In Cash	$206.0M 10.8%	$186.0M 124.1%	$-772.0M -129.5%	$2.6B 380.7%	$-931.0M
Cash Reconciliation Cash At Beginning of Period	$5.1B 4.2%	$4.8B 4.0%	$4.7B -14.2%	$5.4B 92.6%	$2.8B
Cash Reconciliation Cash At End of Period	$5.1B 4.2%	$4.8B 4.0%	$4.7B -14.2%	$5.4B 92.6%	$2.8B

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+26.3%	+26.2%	+24.4%	+16.1%	+16.2%
Net margin	+20.3%	+19.9%	+18.9%	+12.4%	+12.4%
FCF margin	+15.0%	+14.9%	+16.8%	+17.1%	+21.6%
Growth
Revenue CAGR (3y)	+0.6%	+2.3%	+6.4%	+5.7%	+27.6%
Returns
ROE	+18.0%	+17.2%	+15.6%	+10.4%	+8.7%
ROA	+7.9%	+8.2%	+7.7%	+5.2%	+4.7%
ROIC	+12.4%	+13.1%	+12.5%	+8.2%	+7.0%
Liquidity
Current ratio	0.88x	0.89x	0.80x	0.79x	0.74x
Quick ratio	0.66x	0.65x	0.60x	0.61x	0.54x
Leverage
D/E	1.23x	1.07x	1.00x	0.96x	0.82x
Interest coverage	15.52x	15.56x	16.72x	19.38x	64.73x
Efficiency
Asset turnover	0.39x	0.41x	0.41x	0.42x	0.38x
Cash conversion cycle	—	—	—	—	—

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Linde plc

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