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

Each cell as a share of that year’s total assets.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 10 years

Total assets $86.8B

Total liabilities $47.1B

Shareholders equity $38.2B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	5.8%	6.1%	5.8%	6.8%	3.5%	4.3%	3.1%	4.8%	0.9%	—
Short Term Investments	0.0%	0.1%	0.2%	0.2%	0.0%	0.0%	0.0%	0.1%	0.0%	—
Accounts Receivable	5.7%	5.8%	5.8%	5.7%	5.5%	4.7%	5.0%	4.6%	0.0%	—
Inventory	2.4%	2.4%	2.6%	2.5%	2.1%	2.0%	2.0%	1.8%	—	—
Prepaid Expenses	1.1%	0.7%	0.7%	0.7%	0.6%	0.6%	0.6%	0.4%	99.1%	—
Other Current Assets	1.1%	1.6%	1.1%	1.2%	1.2%	1.3%	1.3%	1.2%	99.1%	—
Total Current Assets	15.3%	16.2%	15.6%	16.4%	12.4%	12.4%	12.0%	18.5%	—	—
Property,Plant and Equipment	32.6%	30.9%	30.4%	29.6%	31.9%	32.5%	33.6%	31.8%	128331.4%	—
Goodwill	32.2%	32.4%	33.1%	32.4%	33.1%	32.0%	31.2%	28.8%	35086.3%	—
Intangible Assets	13.7%	14.1%	15.3%	15.6%	16.9%	18.3%	18.6%	17.4%	22671.0%	—
Other Noncurrent Assets	3.9%	3.8%	2.8%	3.1%	2.4%	2.4%	2.3%	1.6%	—	—
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—
Liabilities
Accounts Payable	3.2%	3.1%	3.7%	3.8%	4.3%	3.5%	3.8%	3.4%	—	—
Accrued Liabilities	0.0%	1.6%	1.8%	1.9%	1.5%	1.4%	1.2%	1.3%	17.9%	—
Deferred Revenue	1.4%	1.5%	2.4%	3.9%	3.6%	2.0%	2.0%	1.7%	—	—
Current Portion of Long Term Debt	2.1%	2.6%	1.6%	2.0%	1.4%	3.7%	2.0%	1.6%	—	—
Other Current Liabilities	4.8%	4.9%	5.1%	5.1%	4.8%	4.9%	4.0%	4.0%	—	—
Total Current Liabilities	17.5%	18.1%	19.4%	20.7%	16.7%	15.6%	14.0%	13.9%	—	—
Long Term Debt	23.8%	19.1%	16.6%	15.3%	13.9%	13.8%	12.3%	13.2%	—	—
Deferred Revenue Noncurrent	1.5%	1.4%	1.3%	—	—	—	—	8.2%	—	—
Deferred Tax Liabilities	0.0%	7.1%	7.1%	7.4%	7.6%	7.6%	8.0%	8.0%	0.0%	—
Other Noncurrent Liabilities	5.0%	5.0%	4.7%	3.5%	5.1%	6.3%	5.6%	3.7%	0.0%	—
Total Liabilities	54.2%	50.7%	49.1%	48.0%	44.3%	43.8%	40.4%	38.9%	—	—
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.3%	—
Additional Paid In Capital	45.4%	49.4%	49.3%	50.2%	49.2%	45.6%	46.4%	43.0%	0.3%	—
Retained Earnings	19.1%	15.8%	10.9%	25.8%	22.9%	19.5%	19.4%	17.7%	-20.4%	—
Treasury Stock	13.3%	9.0%	3.9%	6.4%	12.0%	6.1%	3.6%	0.7%	10.9%	—
Accumulated Other Comprehensive Income	-7.2%	-8.6%	-7.2%	-7.3%	-6.2%	-5.3%	-5.6%	-4.8%	-0.5%	—
Noncontrolling Interest	1.7%	1.7%	1.7%	1.7%	1.7%	2.6%	2.8%	5.9%	119.4%	—
Total Stockholders Equity	44.1%	47.5%	49.2%	50.2%	54.0%	53.6%	56.7%	55.3%	-21.0%	—
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	100.0%	—

Income Statement

Revenue, expense, and profitability

19 accounts · 10 years

Revenue $34.0B

Operating income $8.9B

Net income $6.9B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	39.1%	41.2%	40.7%	41.9%	37.7%	30.9%	32.6%	15.9%	123263.3%	—
Expenses Research and Development	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.2%	0.1%	1009.3%	—
Expenses Selling,General and Administrative	4.0%	4.2%	4.1%	3.9%	3.9%	3.6%	4.0%	1.7%	13099.0%	—
Expenses Depreciation and Amortization	4.3%	4.7%	4.7%	5.3%	5.7%	5.2%	5.4%	2.0%	12849.4%	—
Expenses Share Based Compensation	0.2%	0.2%	0.2%	0.1%	0.2%	0.2%	0.1%	0.1%	640.3%	—
Expenses Restructuring and Asset Impairment	0.3%	0.2%	0.0%	1.3%	0.3%	0.6%	0.7%	0.3%	564.3%	—
Expenses Operating Expenses	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	—	—	—	—
Other Income Expense Operating Income	10.3%	10.8%	9.9%	6.7%	6.1%	3.8%	3.4%	5.6%	26523.6%	—
Other Income Expense Interest Income	0.2%	0.3%	0.2%	0.1%	0.0%	0.1%	0.1%	0.1%	445.0%	—
Other Income Expense Interest Expense	0.7%	0.7%	0.6%	0.3%	0.1%	0.1%	0.0%	0.2%	1747.3%	—
Other Income Expense Other Income/expense	-0.1%	0.2%	-0.1%	-0.1%	-0.0%	-0.1%	0.1%	0.0%	43.4%	—
Other Income Expense Income Before Tax	10.2%	10.7%	9.9%	7.0%	6.2%	3.8%	3.4%	5.4%	24819.8%	—
Income Tax Income Tax Expense	2.3%	2.5%	2.2%	1.8%	1.5%	1.0%	0.9%	0.9%	11134.7%	—
net Income net Income	7.9%	8.2%	7.7%	5.2%	4.7%	2.8%	2.6%	4.7%	13533.1%	—
net Income Comprehensive Income	8.7%	6.8%	7.6%	4.3%	4.2%	3.0%	2.2%	4.3%	18981.1%	—
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	—
Earnings Per Share Weighted Average Shares Basic	0.5%	0.6%	0.6%	0.6%	0.6%	0.6%	0.6%	0.4%	3106.7%	—
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.6%	0.6%	0.6%	0.6%	0.6%	0.6%	0.4%	3137.6%	—

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 10 years

Operating cash flow $10.3B

Investing cash flow $-5.7B

Financing cash flow $-4.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	7.9%	8.2%	7.7%	5.2%	4.7%	2.8%	2.6%	4.7%	13533.1%	—
Operating Activities Depreciation and Amortization	4.3%	4.7%	4.7%	5.3%	5.7%	5.2%	5.4%	2.0%	12849.4%	—
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.1%	0.2%	0.2%	0.1%	0.1%	640.3%	—
Operating Activities Deferred Income Taxes	-0.5%	-0.2%	-0.1%	-0.5%	-0.3%	-0.4%	-0.3%	-0.2%	32.6%	—
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.2%	0.2%	1.2%	0.7%	-0.2%	0.1%	0.1%	1953.5%	—
Operating Activities net Cash From Operating Activities	11.9%	11.8%	11.5%	11.1%	11.9%	8.4%	7.1%	3.9%	33002.6%	—
Investing Activities Capital Expenditures	6.1%	5.6%	4.7%	4.0%	3.8%	3.9%	4.3%	2.0%	14227.7%	—
Investing Activities Business Acquisitions	0.5%	0.4%	1.2%	0.1%	0.1%	0.1%	0.3%	0.0%	358.1%	—
Investing Activities Other Investing Activities	0.1%	0.0%	0.0%	—	—	—	—	—	—	—
Investing Activities net Cash From Investing Activities	-6.6%	-5.8%	-5.8%	-3.9%	-3.7%	-3.4%	1.4%	5.7%	-14260.3%	—
Financing Activities Proceeds From Debt	5.9%	6.0%	2.7%	4.0%	2.8%	3.2%	0.1%	0.0%	119.4%	—
Financing Activities Repayment of Debt	2.6%	1.6%	2.1%	2.2%	1.8%	3.0%	1.8%	3.3%	6327.0%	—
Financing Activities Repurchase of Common Stock	5.3%	5.6%	4.9%	6.5%	5.7%	2.8%	3.1%	0.6%	130.2%	—
Financing Activities Dividends Paid	3.2%	3.3%	3.1%	2.9%	2.7%	2.3%	2.2%	1.2%	9778.1%	—
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	1302.3%	—
Financing Activities Other Financing Activities	-0.1%	-0.5%	-0.1%	-0.1%	-0.4%	-0.2%	-3.8%	-0.4%	-998.4%	—
Financing Activities net Cash From Financing Activities	-5.2%	-5.4%	-6.7%	-3.9%	-9.3%	-3.8%	-10.4%	-5.4%	-17971.8%	—
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.3%	-0.0%	-0.1%	-0.1%	-0.0%	-0.1%	-0.1%	238.8%	—
Cash Reconciliation net Change In Cash	0.2%	0.2%	-1.0%	3.3%	-1.1%	1.2%	-2.0%	4.3%	1009.3%	—
Cash Reconciliation Cash At Beginning of Period	5.8%	6.1%	5.8%	6.8%	3.5%	4.3%	3.1%	4.8%	6696.0%	—
Cash Reconciliation Cash At End of Period	5.8%	6.1%	5.8%	6.8%	3.5%	4.3%	3.1%	4.8%	6696.0%	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	—	—	—	—	—	—	—	—	—	—
Operating margin	+26.3%	+26.2%	+24.4%	+16.1%	+16.2%	+12.2%	+10.4%	+35.4%	+21.5%	+21.3%
Net margin	+20.3%	+19.9%	+18.9%	+12.4%	+12.4%	+9.2%	+8.1%	+29.5%	+11.0%	+14.2%
FCF margin	+15.0%	+14.9%	+16.8%	+17.1%	+21.6%	+14.8%	+8.6%	+11.9%	+15.2%	+12.6%
Growth
Revenue CAGR (3y)	+0.6%	+2.3%	+6.4%	+5.7%	+27.6%	+33.9%	+38.9%	—	—	—
Returns
ROE	+18.0%	+17.2%	+15.6%	+10.4%	+8.7%	+5.3%	+4.7%	+8.5%	-64549.7%	+27.6%
ROA	+7.9%	+8.2%	+7.7%	+5.2%	+4.7%	+2.8%	+2.6%	+4.7%	+13533.1%	—
ROIC	+12.4%	+13.1%	+12.5%	+8.2%	+7.0%	+4.2%	+3.7%	+7.2%	—	—
Liquidity
Current ratio	0.88x	0.89x	0.80x	0.79x	0.74x	0.80x	0.85x	1.33x	—	—
Quick ratio	0.66x	0.65x	0.60x	0.61x	0.54x	0.58x	0.58x	0.68x	—	—
Leverage
D/E	1.23x	1.07x	1.00x	0.96x	0.82x	0.82x	0.71x	0.70x	-5.77x	—
Interest coverage	15.52x	15.56x	16.72x	19.38x	64.73x	28.89x	77.18x	25.98x	15.18x	11.83x
Efficiency
Asset turnover	0.39x	0.41x	0.41x	0.42x	0.38x	0.31x	0.33x	0.16x	1232.63x	—
Cash conversion cycle	—	—	—	—	—	—	—	—	—	—

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Linde plc

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