Linde plc

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

                    Revenue
                    FY2025
                
$34.0B
                    3y CAGR +0.6%
                    
                    P73
                    
                    +3.0%
                    
                    Net income
                    FY2025
                
$6.9B
                    Net margin +20.3%
                    
                    P91
                    
                    +5.1%
                    
                    Total assets
                    FY2025
                
$86.8B
                    ROA +7.9%
                    
                    P82
                    
                    +8.3%
                    
                    Operating cash flow
                    FY2025
                
$10.3B
                    FCF margin +15.0%
                    
                    P82
                    
                    +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

30 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	14.9%	14.7%	14.2%	16.3%	9.2%
Accounts Receivable	14.6%	14.0%	14.4%	13.7%	14.6%
Inventory	6.0%	5.9%	6.4%	5.9%	5.6%
Other Current Assets	3.7%	4.6%	3.4%	3.2%	3.6%
Total Current Assets	39.2%	39.2%	38.4%	39.1%	33.0%
Property,Plant and Equipment	83.2%	75.1%	74.7%	70.6%	84.4%
Goodwill	82.2%	78.6%	81.4%	77.4%	87.8%
Intangible Assets	34.9%	34.3%	37.7%	37.2%	44.8%
Long Term Investments	5.9%	6.5%	6.7%	7.0%	8.5%
Other Noncurrent Assets	10.1%	9.2%	7.0%	7.4%	6.4%
Total Assets	255.4%	242.8%	246.0%	238.8%	265.0%
Liabilities
Accounts Payable	8.3%	7.6%	9.2%	9.0%	11.4%
Accrued Liabilities	2.0%	1.9%	2.0%	1.8%	1.4%
Deferred Revenue	3.6%	3.6%	5.8%	9.2%	9.5%
Current Portion of Long Term Debt	18.6%	19.0%	18.2%	17.1%	9.3%
Other Current Liabilities	12.3%	11.9%	12.6%	12.2%	12.7%
Total Current Liabilities	44.7%	44.1%	47.8%	49.4%	44.3%
Long Term Debt	60.9%	46.5%	40.8%	36.6%	36.8%
Deferred Revenue Noncurrent	20.1%	20.5%	20.7%	20.4%	22.7%
Other Noncurrent Liabilities	12.8%	12.2%	11.6%	8.4%	13.6%
Total Liabilities	138.5%	123.2%	120.9%	114.7%	117.4%
Equity
Common Stock	0.0%	0.0%	0.0%	0.0%	0.0%
Additional Paid In Capital	116.0%	120.0%	121.2%	119.9%	130.5%
Retained Earnings	48.9%	38.3%	26.9%	61.6%	60.8%
Treasury Stock	34.0%	22.0%	9.5%	44.2%	31.9%
Accumulated Other Comprehensive Income	-18.3%	-20.9%	-17.7%	-17.3%	-16.4%
Total Stockholders Equity	112.5%	115.4%	120.9%	120.0%	143.0%
Noncontrolling Interest	4.4%	4.2%	4.1%	4.0%	4.5%
Temporary Equity and Other	0.0%	0.0%	0.0%	0.0%	0.0%
Total Liabilitiesand Equity	255.4%	242.8%	246.0%	238.8%	265.0%

Income Statement

Revenue, expense, and profitability

18 accounts · 5 years

Revenue $34.0B

Operating income $8.9B

Net income $6.9B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	100.0%	100.0%	100.0%	100.0%	100.0%
Expenses Cost of Revenue	51.2%	51.9%	53.2%	58.3%	57.0%
Expenses Research and Development	0.4%	0.5%	0.4%	0.4%	0.5%
Expenses Selling,General and Administrative	10.1%	10.1%	10.0%	9.3%	10.4%
Expenses Depreciation and Amortization	11.1%	11.5%	11.6%	12.6%	15.1%
Expenses Restructuring and Asset Impairment	0.8%	0.4%	0.1%	3.1%	0.9%
Expenses Other Operating Expenses	0.2%	-0.6%	0.1%	0.2%	0.1%
Other Income Expense Operating Income	26.3%	26.2%	24.4%	16.1%	16.2%
Other Income Expense Interest Expense	0.8%	0.8%	0.6%	0.2%	—
Other Income Expense Other Income/expense	0.7%	0.6%	0.5%	0.7%	0.6%
Other Income Expense Income Before Tax	26.2%	26.0%	24.3%	16.6%	16.6%
Income Tax Income Tax Expense	5.9%	6.1%	5.5%	4.3%	4.1%
net Income Other Items Below Tax	-0.0%	-0.0%	0.1%	0.1%	-0.0%
net Income net Income	20.3%	19.9%	18.9%	12.4%	12.4%
net Income Comprehensive Income	22.2%	16.6%	18.8%	10.2%	11.3%
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 Diluted	1.4%	1.5%	1.5%	1.5%	1.7%

Cash Flow Statement

Operating, investing, and financing flows

20 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	20.3%	19.9%	18.9%	12.4%	12.4%
Operating Activities Depreciation and Amortization	11.1%	11.5%	11.6%	12.6%	15.1%
Operating Activities Stock Based Compensation	0.5%	0.5%	0.4%	0.3%	0.4%
Operating Activities Deferred Income Taxes	-1.4%	-0.4%	-0.3%	-1.1%	-0.8%
Operating Activities Changes In Operating Assets and Liabilities	-0.9%	-3.1%	-2.4%	-0.4%	4.0%
Operating Activities Other Non Cash Items	0.4%	-0.2%	-0.4%	2.4%	0.1%
Operating Activities net Cash From Operating Activities	30.5%	28.6%	28.3%	26.6%	31.6%
Investing Activities Capital Expenditures	-15.5%	-13.6%	-11.5%	-9.5%	-10.0%
Investing Activities Business Acquisitions	-1.2%	-1.0%	-2.9%	-0.3%	-0.3%
Investing Activities Other Investing Activities	-0.1%	0.5%	0.2%	0.6%	0.5%
Investing Activities net Cash From Investing Activities	-16.8%	-14.1%	-14.2%	-9.3%	-9.8%
Financing Activities Proceeds From Debt	15.1%	14.7%	6.7%	9.6%	7.4%
Financing Activities Repayment of Debt	-6.6%	-5.1%	-3.4%	3.8%	-9.1%
Financing Activities Repurchase of Common Stock	-13.5%	-13.6%	-12.0%	-15.5%	-15.0%
Financing Activities Dividends Paid	-8.3%	-8.0%	-7.6%	-7.0%	-7.1%
Financing Activities Proceeds From Stock Issuance	0.1%	0.1%	0.1%	0.1%	0.2%
Financing Activities Other Financing Activities	-0.2%	-1.3%	-0.2%	-0.3%	-1.0%
Financing Activities net Cash From Financing Activities	-13.4%	-13.2%	-16.4%	-9.3%	-24.6%
Cash Reconciliation Effect of Exchange Rate On Cash	0.4%	-0.7%	-0.0%	-0.2%	-0.2%
Cash Reconciliation net Change In Cash	0.6%	0.6%	-2.3%	7.8%	-3.0%

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+48.8%	+48.1%	+46.8%	+41.7%	+43.0%
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	+11.5%	+12.1%	+11.4%	+7.6%	+6.8%
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	34.99x	33.73x	40.12x	85.22x	—
Efficiency
Asset turnover	0.39x	0.41x	0.41x	0.42x	0.38x
Cash conversion cycle	+37d	+39d	+34d	+31d	+17d

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FY2025 fundamentals · no price

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Linde plc

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