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 · 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	5.8%	6.1%	5.8%	6.8%	3.5%
Short Term Investments	0.0%	0.1%	0.2%	0.2%	0.0%
Accounts Receivable	5.7%	5.8%	5.8%	5.7%	5.5%
Inventory	2.4%	2.4%	2.6%	2.5%	2.1%
Prepaid Expenses	1.1%	0.7%	0.7%	0.7%	0.6%
Other Current Assets	1.1%	1.6%	1.1%	1.2%	1.2%
Total Current Assets	15.3%	16.2%	15.6%	16.4%	12.4%
Property,Plant and Equipment	32.6%	30.9%	30.4%	29.6%	31.9%
Goodwill	32.2%	32.4%	33.1%	32.4%	33.1%
Intangible Assets	13.7%	14.1%	15.3%	15.6%	16.9%
Other Noncurrent Assets	3.9%	3.8%	2.8%	3.1%	2.4%
Total Assets	100.0%	100.0%	100.0%	100.0%	100.0%
Liabilities
Accounts Payable	3.2%	3.1%	3.7%	3.8%	4.3%
Accrued Liabilities	0.0%	1.6%	1.8%	1.9%	1.5%
Deferred Revenue	1.4%	1.5%	2.4%	3.9%	3.6%
Current Portion of Long Term Debt	2.1%	2.6%	1.6%	2.0%	1.4%
Other Current Liabilities	4.8%	4.9%	5.1%	5.1%	4.8%
Total Current Liabilities	17.5%	18.1%	19.4%	20.7%	16.7%
Long Term Debt	23.8%	19.1%	16.6%	15.3%	13.9%
Deferred Revenue Noncurrent	1.5%	1.4%	1.3%	—	—
Deferred Tax Liabilities	0.0%	7.1%	7.1%	7.4%	7.6%
Other Noncurrent Liabilities	5.0%	5.0%	4.7%	3.5%	5.1%
Total Liabilities	54.2%	50.7%	49.1%	48.0%	44.3%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	45.4%	49.4%	49.3%	50.2%	49.2%
Retained Earnings	19.1%	15.8%	10.9%	25.8%	22.9%
Treasury Stock	13.3%	9.0%	3.9%	6.4%	12.0%
Accumulated Other Comprehensive Income	-7.2%	-8.6%	-7.2%	-7.3%	-6.2%
Noncontrolling Interest	1.7%	1.7%	1.7%	1.7%	1.7%
Total Stockholders Equity	44.1%	47.5%	49.2%	50.2%	54.0%
Total Liabilitiesand Equity	100.0%	100.0%	100.0%	100.0%	100.0%

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	39.1%	41.2%	40.7%	41.9%	37.7%
Expenses Research and Development	0.2%	0.2%	0.2%	0.2%	0.2%
Expenses Selling,General and Administrative	4.0%	4.2%	4.1%	3.9%	3.9%
Expenses Depreciation and Amortization	4.3%	4.7%	4.7%	5.3%	5.7%
Expenses Share Based Compensation	0.2%	0.2%	0.2%	0.1%	0.2%
Expenses Restructuring and Asset Impairment	0.3%	0.2%	0.0%	1.3%	0.3%
Expenses Operating Expenses	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%
Other Income Expense Interest Income	0.2%	0.3%	0.2%	0.1%	0.0%
Other Income Expense Interest Expense	0.7%	0.7%	0.6%	0.3%	0.1%
Other Income Expense Other Income/expense	-0.1%	0.2%	-0.1%	-0.1%	-0.0%
Other Income Expense Income Before Tax	10.2%	10.7%	9.9%	7.0%	6.2%
Income Tax Income Tax Expense	2.3%	2.5%	2.2%	1.8%	1.5%
net Income net Income	7.9%	8.2%	7.7%	5.2%	4.7%
net Income Comprehensive Income	8.7%	6.8%	7.6%	4.3%	4.2%
Earnings Per Share Basic Eps	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%
Earnings Per Share Weighted Average Shares Basic	0.5%	0.6%	0.6%	0.6%	0.6%
Earnings Per Share Weighted Average Shares Diluted	0.5%	0.6%	0.6%	0.6%	0.6%

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	7.9%	8.2%	7.7%	5.2%	4.7%
Operating Activities Depreciation and Amortization	4.3%	4.7%	4.7%	5.3%	5.7%
Operating Activities Stock Based Compensation	0.2%	0.2%	0.2%	0.1%	0.2%
Operating Activities Deferred Income Taxes	-0.5%	-0.2%	-0.1%	-0.5%	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.0%	0.2%	0.2%	1.2%	0.7%
Operating Activities net Cash From Operating Activities	11.9%	11.8%	11.5%	11.1%	11.9%
Investing Activities Capital Expenditures	6.1%	5.6%	4.7%	4.0%	3.8%
Investing Activities Business Acquisitions	0.5%	0.4%	1.2%	0.1%	0.1%
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%
Financing Activities Proceeds From Debt	5.9%	6.0%	2.7%	4.0%	2.8%
Financing Activities Repayment of Debt	2.6%	1.6%	2.1%	2.2%	1.8%
Financing Activities Repurchase of Common Stock	5.3%	5.6%	4.9%	6.5%	5.7%
Financing Activities Dividends Paid	3.2%	3.3%	3.1%	2.9%	2.7%
Financing Activities Proceeds From Stock Issuance	0.0%	0.0%	0.0%	0.0%	0.1%
Financing Activities Other Financing Activities	-0.1%	-0.5%	-0.1%	-0.1%	-0.4%
Financing Activities net Cash From Financing Activities	-5.2%	-5.4%	-6.7%	-3.9%	-9.3%
Cash Reconciliation Effect of Exchange Rate On Cash	0.2%	-0.3%	-0.0%	-0.1%	-0.1%
Cash Reconciliation net Change In Cash	0.2%	0.2%	-1.0%	3.3%	-1.1%
Cash Reconciliation Cash At Beginning of Period	5.8%	6.1%	5.8%	6.8%	3.5%
Cash Reconciliation Cash At End of Period	5.8%	6.1%	5.8%	6.8%	3.5%

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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FY2025 fundamentals · no price

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Linde plc

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