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 revenue.

Balance Sheet

Assets, liabilities, and equity

31 accounts · 3 years

Total assets $86.8B

Total liabilities $47.1B

Shareholders equity $38.2B

Account	2025	2024	2023
Assets
Cash and Cash Equivalents	14.9%	14.7%	14.2%
Short Term Investments	0.0%	0.3%	0.6%
Accounts Receivable	14.6%	14.0%	14.4%
Inventory	6.0%	5.9%	6.4%
Prepaid Expenses	2.9%	1.8%	1.8%
Other Current Assets	2.9%	3.8%	2.8%
Total Current Assets	39.2%	39.2%	38.4%
Property,Plant and Equipment	83.2%	75.1%	74.7%
Goodwill	82.2%	78.6%	81.4%
Intangible Assets	34.9%	34.3%	37.7%
Other Noncurrent Assets	10.1%	9.2%	7.0%
Total Assets	255.4%	242.8%	246.0%
Liabilities
Accounts Payable	8.3%	7.6%	9.2%
Accrued Liabilities	0.0%	4.0%	4.5%
Deferred Revenue	3.6%	3.6%	5.8%
Current Portion of Long Term Debt	5.3%	6.2%	3.8%
Other Current Liabilities	12.3%	11.9%	12.6%
Total Current Liabilities	44.7%	44.1%	47.8%
Long Term Debt	60.9%	46.5%	40.8%
Deferred Revenue Noncurrent	3.8%	3.3%	3.2%
Deferred Tax Liabilities	0.0%	17.1%	17.5%
Other Noncurrent Liabilities	12.8%	12.2%	11.6%
Total Liabilities	138.5%	123.2%	120.9%
Equity
Common Stock	0.0%	0.0%	0.0%
Additional Paid In Capital	116.0%	120.0%	121.2%
Retained Earnings	48.9%	38.3%	26.9%
Treasury Stock	34.0%	22.0%	9.5%
Accumulated Other Comprehensive Income	-18.3%	-20.9%	-17.7%
Noncontrolling Interest	4.4%	4.2%	4.1%
Total Stockholders Equity	112.5%	115.4%	120.9%
Total Liabilitiesand Equity	255.4%	242.8%	246.0%

Income Statement

Revenue, expense, and profitability

19 accounts · 3 years

Revenue $34.0B

Operating income $8.9B

Net income $6.9B

Account	2025	2024	2023
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%
Expenses Research and Development	0.4%	0.5%	0.4%
Expenses Selling,General and Administrative	10.1%	10.1%	10.0%
Expenses Depreciation and Amortization	11.1%	11.5%	11.6%
Expenses Share Based Compensation	0.5%	0.5%	0.4%
Expenses Restructuring and Asset Impairment	0.8%	0.4%	0.1%
Expenses Operating Expenses	0.9%	0.9%	0.9%
Other Income Expense Operating Income	26.3%	26.2%	24.4%
Other Income Expense Interest Income	0.6%	0.7%	0.6%
Other Income Expense Interest Expense	1.7%	1.7%	1.5%
Other Income Expense Other Income/expense	-0.2%	0.6%	-0.1%
Other Income Expense Income Before Tax	26.2%	26.0%	24.3%
Income Tax Income Tax Expense	5.9%	6.1%	5.5%
net Income net Income	20.3%	19.9%	18.9%
net Income Comprehensive Income	22.2%	16.6%	18.8%
Earnings Per Share Basic Eps	0.0%	0.0%	0.0%
Earnings Per Share Diluted Eps	0.0%	0.0%	0.0%
Earnings Per Share Weighted Average Shares Basic	1.4%	1.5%	1.5%
Earnings Per Share Weighted Average Shares Diluted	1.4%	1.5%	1.5%

Cash Flow Statement

Operating, investing, and financing flows

21 accounts · 3 years

Operating cash flow $10.3B

Investing cash flow $-5.7B

Financing cash flow $-4.6B

Account	2025	2024	2023
CashFlow
Operating Activities net Income	20.3%	19.9%	18.9%
Operating Activities Depreciation and Amortization	11.1%	11.5%	11.6%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.4%
Operating Activities Deferred Income Taxes	-1.4%	-0.4%	-0.3%
Operating Activities Changes In Operating Assets and Liabilities	0.1%	0.5%	0.4%
Operating Activities net Cash From Operating Activities	30.5%	28.6%	28.3%
Investing Activities Capital Expenditures	15.5%	13.6%	11.5%
Investing Activities Business Acquisitions	1.2%	1.0%	2.9%
Investing Activities Other Investing Activities	0.3%	0.0%	0.0%
Investing Activities net Cash From Investing Activities	-16.8%	-14.1%	-14.2%
Financing Activities Proceeds From Debt	15.1%	14.7%	6.7%
Financing Activities Repayment of Debt	6.7%	4.0%	5.1%
Financing Activities Repurchase of Common Stock	13.5%	13.6%	12.0%
Financing Activities Dividends Paid	8.3%	8.0%	7.6%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.1%
Financing Activities Other Financing Activities	-0.2%	-1.3%	-0.2%
Financing Activities net Cash From Financing Activities	-13.4%	-13.2%	-16.4%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.7%	-0.0%
Cash Reconciliation net Change In Cash	0.6%	0.6%	-2.3%
Cash Reconciliation Cash At Beginning of Period	14.9%	14.7%	14.2%
Cash Reconciliation Cash At End of Period	14.9%	14.7%	14.2%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 3 years

Ratio	2025	2024	2023
Profitability
Gross margin	—	—	—
Operating margin	+26.3%	+26.2%	+24.4%
Net margin	+20.3%	+19.9%	+18.9%
FCF margin	+15.0%	+14.9%	+16.8%
Growth
Revenue CAGR (3y)	+0.6%	+2.3%	+6.4%
Returns
ROE	+18.0%	+17.2%	+15.6%
ROA	+7.9%	+8.2%	+7.7%
ROIC	+12.4%	+13.1%	+12.5%
Liquidity
Current ratio	0.88x	0.89x	0.80x
Quick ratio	0.66x	0.65x	0.60x
Leverage
D/E	1.23x	1.07x	1.00x
Interest coverage	15.52x	15.56x	16.72x
Efficiency
Asset turnover	0.39x	0.41x	0.41x
Cash conversion cycle	—	—	—

Valuation

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Linde plc

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