NASDAQ : LIN
Linde plc — Financial statements
Materials · Specialty Chemicals · United Kingdom
Last price 514.24 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 236.08B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Linde plc (LIN) reported revenue of 36.24B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 36.24B | 33.99B | 33.01B | 32.85B | 33.36B | 30.79B |
| Cost of Revenue | 18.89B | 17.39B | 17.14B | 17.49B | 19.45B | 17.54B |
| Gross Profit | 17.34B | 16.60B | 15.86B | 15.36B | 13.91B | 13.25B |
| Selling, General & Admin | 3.34B | 3.20B | 3.15B | 3.13B | 2.87B | 3.00B |
| Research & Development | 147.00M | 147.00M | 150.00M | 146.00M | 143.00M | 143.00M |
| Other Operating Expenses | 15.00M | -97.00M | -104.00M | 42.00M | -26.00M | |
| Operating Expenses | 7.36B | 7.02B | 6.97B | 7.09B | 7.26B | 7.75B |
| Operating Income | 9.99B | 9.58B | 8.89B | 8.27B | 6.66B | 5.50B |
| Interest Expense | -660.00M | -464.00M | -487.00M | -413.00M | -215.00M | -170.00M |
| Interest & Investment Income | 209.00M | 209.00M | 228.00M | 197.00M | 117.00M | 40.00M |
| Earnings From Equity Investments | 182.00M | 152.00M | 173.00M | 169.00M | 190.00M | 132.00M |
| Currency Exchange Gain (Loss) | 157.00M | -13.00M | -11.00M | -47.00M | -18.00M | -29.00M |
| Other Non Operating Income (Expenses) | 3.00M | 16.00M | 35.00M | 53.00M | ||
| EBT Excluding Unusual Items | 9.88B | 9.46B | 8.79B | 8.19B | 6.76B | 5.53B |
| Merger & Restructuring Charges | -686.00M | -488.00M | -221.00M | -67.00M | -152.00M | -330.00M |
| Gain (Loss) on Sale of Investments | 52.00M | |||||
| Gain (Loss) on Sale of Assets | 69.00M | 69.00M | 120.00M | 21.00M | -9.00M | -31.00M |
| Other Unusual Items | 34.00M | -890.00M | ||||
| Pretax Income | 9.30B | 9.05B | 8.74B | 8.15B | 5.71B | 5.22B |
| Income Tax Expense | 2.11B | 1.99B | 2.00B | 1.81B | 1.43B | 1.26B |
| Earnings From Continuing Operations | 7.18B | 7.06B | 6.74B | 6.34B | 4.28B | 3.96B |
| Earnings From Discontinued Operations | 5.00M | |||||
| Net Income to Company | 7.18B | 7.06B | 6.74B | 6.34B | 4.28B | 3.96B |
| Minority Interest in Earnings | -178.00M | -160.00M | -172.00M | -142.00M | -134.00M | -135.00M |
| Net Income | 7.01B | 6.90B | 6.57B | 6.20B | 4.15B | 3.83B |
| Net Income to Common | 7.01B | 6.90B | 6.57B | 6.20B | 4.15B | 3.83B |
| Shares Outstanding (Basic) | 463.24M | 469.49M | 478.77M | 488.19M | 499.74M | 516.90M |
| Shares Outstanding (Diluted) | 465.40M | 472.19M | 482.09M | 492.29M | 504.04M | 521.88M |
| EPS (Basic) | 15.13 | 14.69 | 13.71 | 12.70 | 8.30 | 7.40 |
| EPS (Diluted) | 15.05 | 14.61 | 13.62 | 12.59 | 8.23 | 7.33 |
| Free Cash Flow | 5.08B | 5.09B | 4.93B | 5.52B | 5.69B | 6.64B |
| Free Cash Flow Per Share | 10.91 | 10.78 | 10.22 | 11.21 | 11.29 | 12.72 |
| Dividend Per Share | 6.30 | 6.00 | 5.56 | 5.10 | 4.68 | 4.24 |
| Gross Margin | 47.86% | 48.84% | 48.06% | 46.76% | 41.70% | 43.03% |
| Operating Margin | 27.57% | 28.19% | 26.93% | 25.17% | 19.95% | 17.86% |
| Profit Margin | 19.34% | 20.30% | 19.89% | 18.87% | 12.43% | 12.43% |
| Free Cash Flow Margin | 14.02% | 14.97% | 14.92% | 16.80% | 17.06% | 21.56% |
| EBITDA | 13.82B | 13.34B | 12.67B | 12.09B | 10.86B | 10.14B |
| EBITDA Margin | 38.13% | 39.26% | 38.39% | 36.78% | 32.55% | 32.92% |
| D&A For EBITDA | 3.83B | 3.76B | 3.78B | 3.82B | 4.20B | 4.63B |
| EBIT | 9.99B | 9.58B | 8.89B | 8.27B | 6.66B | 5.50B |
| EBIT Margin | 27.57% | 28.19% | 26.93% | 25.17% | 19.95% | 17.86% |
| Effective Tax Rate | 22.71% | 21.98% | 22.91% | 22.24% | 25.09% | 24.19% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 3.95B | 5.06B | 4.85B | 4.66B | 5.44B | 2.82B |
| Cash & Short-Term Investments | 3.95B | 5.06B | 4.85B | 4.66B | 5.44B | 2.82B |
| Accounts Receivable | 5.91B | 5.10B | 4.74B | 4.76B | 4.68B | 4.63B |
| Other Receivables | 130.00M | 367.00M | 325.00M | 332.00M | 225.00M | 196.00M |
| Receivables | 6.04B | 5.46B | 5.06B | 5.09B | 4.91B | 4.83B |
| Inventory | 2.13B | 2.06B | 1.95B | 2.12B | 1.98B | 1.73B |
| Prepaid Expenses | 1.06B | 440.00M | 358.00M | 410.00M | 433.00M | 405.00M |
| Other Current Assets | 242.00M | 310.00M | 729.00M | 339.00M | 292.00M | 369.00M |
| Total Current Assets | 13.42B | 13.32B | 12.95B | 12.62B | 13.05B | 10.16B |
| Property, Plant & Equipment | 29.83B | 29.34B | 25.76B | 25.49B | 24.42B | 27.02B |
| Long-Term Investments | 2.12B | 2.24B | 2.38B | 2.53B | 2.64B | |
| Goodwill | 27.90B | 27.93B | 25.94B | 26.75B | 25.82B | 27.04B |
| Other Intangible Assets | 11.43B | 11.87B | 11.33B | 12.40B | 12.42B | 13.80B |
| Long-Term Accounts Receivable | 104.00M | 67.00M | ||||
| Long-Term Deferred Tax Assets | 423.00M | 428.00M | 226.00M | 230.00M | 242.00M | |
| Long-Term Deferred Charges | 63.00M | 58.00M | 60.00M | 66.00M | 62.00M | |
| Other Long-Term Assets | 5.40B | 1.68B | 1.45B | 888.00M | 1.12B | 646.00M |
| Total Assets | 88.08B | 86.82B | 80.15B | 80.81B | 79.66B | 81.61B |
| Accounts Payable | 2.85B | 2.81B | 2.51B | 3.02B | 3.00B | 3.50B |
| Accrued Expenses | 2.64B | 2.48B | 2.61B | 2.59B | 2.41B | |
| Short-Term Debt | 4.64B | 4.51B | 4.22B | 4.71B | 4.12B | 1.16B |
| Current Portion of Long-Term Debt | 1.46B | 1.80B | 2.06B | 1.26B | 1.60B | 1.71B |
| Current Portion of Leases | 261.00M | 230.00M | 227.00M | 223.00M | 262.00M | |
| Current Income Taxes Payable | 680.00M | 637.00M | 664.00M | 613.00M | 429.00M | |
| Current Unearned Revenue | 1.17B | 1.23B | 1.19B | 1.90B | 3.07B | 2.94B |
| Other Current Liabilities | 5.51B | 1.27B | 1.22B | 1.32B | 1.26B | 1.23B |
| Total Current Liabilities | 15.64B | 15.20B | 14.54B | 15.72B | 16.48B | 13.64B |
| Long-Term Debt | 20.59B | 20.68B | 15.34B | 13.40B | 12.20B | 11.34B |
| Long-Term Leases | 819.00M | 756.00M | 715.00M | 654.00M | 747.00M | |
| Long-Term Unearned Revenue | 1.28B | 1.28B | 1.10B | 1.05B | 913.00M | |
| Pension & Post-Retirement Benefits | 473.00M | 519.00M | 693.00M | 640.00M | 1.80B | |
| Long-Term Deferred Tax Liabilities | 5.56B | 5.66B | 5.75B | 5.89B | 6.24B | |
| Other Long-Term Liabilities | 9.57B | 3.06B | 2.74B | 2.40B | 1.50B | 2.40B |
| Total Liabilities | 47.08B | 47.08B | 40.66B | 39.72B | 38.27B | 36.16B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 39.17B | 39.43B | 39.60B | 39.81B | 40.01B | 40.18B |
| Retained Earnings | 19.75B | 16.61B | 12.63B | 8.85B | 20.54B | 18.71B |
| Treasury Stock | -13.86B | -11.56B | -7.25B | -3.13B | -14.74B | -9.81B |
| Comprehensive Income & Other | -5.63B | -6.23B | -6.89B | -5.80B | -5.78B | -5.05B |
| Total Common Equity | 39.42B | 38.24B | 38.09B | 39.72B | 40.03B | 44.03B |
| Minority Interest | 1.57B | 1.50B | 1.40B | 1.38B | 1.36B | 1.41B |
| Shareholders' Equity | 40.99B | 39.74B | 39.49B | 41.09B | 41.39B | 45.44B |
| Total Liabilities & Equity | 88.08B | 86.82B | 80.15B | 80.81B | 79.66B | 81.61B |
| Total Debt | 26.70B | 28.07B | 22.61B | 20.32B | 18.79B | 15.22B |
| Net Cash (Debt) | -22.75B | -23.01B | -17.76B | -15.65B | -13.36B | -12.39B |
| Net Cash Per Share | -48.89 | -48.74 | -36.84 | -31.79 | -26.50 | -23.75 |
| Filing Date Shares Outstanding | 459.08M | 463.39M | 472.91M | 481.58M | 492.16M | 507.74M |
| Total Common Shares Outstanding | 459.08M | 463.68M | 473.24M | 482.45M | 492.46M | 508.68M |
| Working Capital | -2.23B | -1.87B | -1.60B | -3.10B | -3.43B | -3.48B |
| Book Value Per Share | 85.87 | 82.48 | 80.49 | 82.33 | 81.28 | 86.57 |
| Tangible Book Value | 96.00M | -1.55B | 825.00M | 570.00M | 1.79B | 3.19B |
| Tangible Book Value Per Share | 0.21 | -3.35 | 1.74 | 1.18 | 3.64 | 6.28 |
| Land | 1.19B | 1.04B | 1.09B | 1.05B | 1.12B | |
| Buildings | 3.83B | 3.35B | 3.27B | 3.00B | 3.27B | |
| Machinery | 45.17B | 39.57B | 37.12B | 33.99B | 32.09B | |
| Construction In Progress | 6.13B | 4.09B | 3.40B | 3.24B | 3.06B | |
| Order Backlog | 7.30B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 7.01B | 6.90B | 6.57B | 6.20B | 4.15B | 3.83B |
| Depreciation & Amortization | 3.83B | 3.76B | 3.78B | 3.82B | 4.20B | 4.63B |
| Asset Writedown & Restructuring Costs | 523.00M | 139.00M | 31.00M | -118.00M | 902.00M | |
| Stock-Based Compensation | 135.00M | 164.00M | 160.00M | 141.00M | 107.00M | 128.00M |
| Other Operating Activities | -150.00M | -442.00M | -214.00M | -41.00M | -432.00M | -175.00M |
| Change in Accounts Receivable | -797.00M | -194.00M | -569.00M | -254.00M | -113.00M | 754.00M |
| Change in Inventory | -16.00M | 47.00M | 56.00M | -127.00M | -347.00M | -129.00M |
| Change in Accounts Payable | 394.00M | -148.00M | -277.00M | -168.00M | 307.00M | 447.00M |
| Change in Other Net Operating Assets | -393.00M | -37.00M | -281.00M | -285.00M | -45.00M | 109.00M |
| Operating Cash Flow | 10.71B | 10.35B | 9.42B | 9.30B | 8.86B | 9.72B |
| Capital Expenditures | -5.63B | -5.26B | -4.50B | -3.79B | -3.17B | -3.09B |
| Cash Acquisitions | -430.00M | -412.00M | -317.00M | -953.00M | -110.00M | -88.00M |
| Divestitures | 189.00M | 42.00M | 170.00M | 70.00M | 195.00M | 167.00M |
| Other Investing Activities | 42.00M | -90.00M | ||||
| Investing Cash Flow | -5.83B | -5.72B | -4.64B | -4.67B | -3.09B | -3.01B |
| Short-Term Debt Issued | 41.00M | 554.00M | 3.05B | |||
| Long-Term Debt Issued | 5.15B | 4.84B | 2.19B | 3.21B | 2.28B | |
| Total Debt Issued | 3.89B | 5.19B | 4.84B | 2.74B | 6.26B | 2.28B |
| Short-Term Debt Repaid | -372.00M | -1.33B | ||||
| Long-Term Debt Repaid | -2.28B | -1.30B | -1.68B | -1.78B | -1.47B | |
| Total Debt Repaid | -2.39B | -2.28B | -1.68B | -1.68B | -1.78B | -2.80B |
| Net Debt Issued (Repaid) | 1.50B | 2.91B | 3.17B | 1.06B | 4.47B | -514.00M |
| Issuance of Common Stock | 29.00M | 23.00M | 31.00M | 33.00M | 36.00M | 50.00M |
| Repurchase of Common Stock | -4.02B | -4.60B | -4.48B | -3.96B | -5.17B | -4.61B |
| Common Dividends Paid | -2.91B | -2.81B | -2.65B | -2.48B | -2.34B | -2.19B |
| Other Financing Activities | -56.00M | -76.00M | -420.00M | -53.00M | -88.00M | -323.00M |
| Financing Cash Flow | -5.46B | -4.55B | -4.36B | -5.40B | -3.09B | -7.59B |
| Foreign Exchange Rate Adjustments | 20.00M | 131.00M | -234.00M | -7.00M | -74.00M | -61.00M |
| Net Cash Flow | -562.00M | 206.00M | 186.00M | -772.00M | 2.61B | -931.00M |
| Free Cash Flow | 5.08B | 5.09B | 4.93B | 5.52B | 5.69B | 6.64B |
| Free Cash Flow Margin | 14.02% | 14.97% | 14.92% | 16.80% | 17.06% | 21.56% |
| Free Cash Flow Per Share | 10.91 | 10.78 | 10.22 | 11.21 | 11.29 | 12.72 |
| Levered Free Cash Flow | 4.19B | 4.79B | 3.08B | 3.71B | 4.92B | 5.89B |
| Unlevered Free Cash Flow | 4.61B | 5.08B | 3.38B | 3.97B | 5.05B | 6.00B |
| Cash Interest Paid | 548.00M | 548.00M | 443.00M | 451.00M | 170.00M | 233.00M |
| Cash Income Tax Paid | 2.27B | 2.27B | 2.22B | 1.96B | 1.74B | 1.71B |
| Change in Working Capital | -812.00M | -332.00M | -1.07B | -834.00M | -198.00M | 1.18B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 238.51B | 199.10B | 199.35B | 199.15B | 160.66B | 176.33B |
| Enterprise Value | 261.26B | 221.99B | 217.86B | 214.60B | 173.56B | 189.77B |
| Last Close Price | 514.24 | 422.23 | 409.08 | 396.47 | 310.57 | 324.84 |
| PE Ratio | 34.52 | 28.86 | 30.37 | 32.13 | 38.74 | 46.09 |
| Forward PE | 27.15 | 24.46 | 25.40 | 27.20 | 25.83 | 30.33 |
| PS Ratio | 6.51 | 5.86 | 6.04 | 6.06 | 4.82 | 5.73 |
| PB Ratio | 5.99 | 5.01 | 5.05 | 4.85 | 3.88 | 3.88 |
| P/TBV Ratio | 2,459.16 | 241.64 | 349.38 | 89.71 | 55.19 | |
| P/FCF Ratio | 46.47 | 39.12 | 40.47 | 36.09 | 28.23 | 26.56 |
| P/OCF Ratio | 22.04 | 19.24 | 21.16 | 21.40 | 18.12 | 18.13 |
| PEG Ratio | 2.89 | 2.73 | 2.40 | 2.16 | 2.20 | 2.56 |
| EV/Sales Ratio | 7.14 | 6.53 | 6.60 | 6.53 | 5.20 | 6.16 |
| EV/EBITDA Ratio | 18.73 | 16.64 | 17.20 | 17.76 | 15.98 | 18.72 |
| EV/EBIT Ratio | 25.91 | 23.17 | 24.51 | 25.95 | 26.08 | 34.50 |
| EV/FCF Ratio | 50.95 | 43.62 | 44.23 | 38.89 | 30.50 | 28.58 |
| Debt / Equity Ratio | 0.65 | 0.71 | 0.57 | 0.49 | 0.45 | 0.34 |
| Debt / EBITDA Ratio | 1.89 | 2.06 | 1.74 | 1.64 | 1.69 | 1.46 |
| Debt / FCF Ratio | 5.26 | 5.52 | 4.59 | 3.68 | 3.30 | 2.29 |
| Net Debt / Equity Ratio | 0.56 | 0.58 | 0.45 | 0.38 | 0.32 | 0.27 |
| Net Debt / EBITDA Ratio | 1.65 | 1.73 | 1.40 | 1.29 | 1.23 | 1.22 |
| Net Debt / FCF Ratio | 4.48 | 4.52 | 3.60 | 2.84 | 2.35 | 1.87 |
| Asset Turnover | 0.42 | 0.41 | 0.41 | 0.41 | 0.41 | 0.36 |
| Inventory Turnover | 8.88 | 8.69 | 8.44 | 8.55 | 10.48 | 10.13 |
| Quick Ratio | 0.64 | 0.69 | 0.68 | 0.62 | 0.63 | 0.56 |
| Current Ratio | 0.86 | 0.88 | 0.89 | 0.80 | 0.79 | 0.74 |
| Return on Equity (ROE) | 17.72% | 17.82% | 16.72% | 15.38% | 9.86% | 8.33% |
| Return on Assets (ROA) | 7.17% | 7.17% | 6.90% | 6.44% | 5.16% | 4.05% |
| Return on Invested Capital (ROIC) | 12.11% | 12.46% | 12.02% | 11.53% | 8.86% | 6.90% |
| Return on Capital Employed (ROCE) | 13.80% | 13.40% | 13.50% | 12.70% | 10.50% | 8.10% |
| Earnings Yield | 2.90% | 3.46% | 3.29% | 3.11% | 2.58% | 2.17% |
| FCF Yield | 2.15% | 2.56% | 2.47% | 2.77% | 3.54% | 3.77% |
| Dividend Yield | 1.23% | 1.40% | 1.32% | 1.23% | 1.43% | 1.22% |
| Payout Ratio | 42.52% | 40.75% | 40.44% | 40.04% | 56.52% | 57.21% |
| Buyback Yield / Dilution | 1.98% | 2.05% | 2.07% | 2.33% | 3.42% | 1.75% |
| Total Shareholder Return | 3.23% | 3.45% | 3.39% | 3.57% | 4.85% | 2.97% |