Linde plc is a public limited company organized under the laws of Ireland, with principal offices in the United Kingdom and United States, engaged in the industrial gases and engineering businesses. Its primary products are atmospheric gases, including oxygen, nitrogen, argon, and rare gases, and process gases, including hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene, which are distributed through on-site, merchant, and packaged gas delivery methods. The company also designs and constructs plants such as air separation units, olefin plants, natural gas plants, and hydrogen and synthesis gas plants, either for its own gas operations or for sale to industrial customers.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 33,986 | 33,005 | 32,854 | 3 |
| · Americas | 15,208 | 14,442 | 14,304 | |
| · EMEA | 8,549 | 8,352 | 8,542 | |
| · APAC | 6,661 | 6,632 | 6,559 | |
| · Engineering | 2,250 | 2,322 | 2,160 | |
| · Corporate Segment and Other Operating | 1,318 | 1,257 | 1,289 | |
| Research and development | 147 | 150 | 146 | |
| Selling, general and administrative | 3,433 | 3,337 | 3,295 | |
| Depreciation, depletion and amortization | 3,763 | 3,780 | 3,816 | |
| Operating income | 8,923 | 8,635 | 8,024 | 2 |
| Interest expense | 255 | 256 | 200 | 1 |
| Income before income taxes | 8,897 | 8,569 | 7,988 | |
| Income tax provision | 1,989 | 2,002 | 1,814 | 1 |
| — of which current | 2,454 | 2,144 | 1,898 | 1 |
| Net income incl. noncontrolling interests | 7,058 | 6,737 | 6,341 | |
| Less: noncontrolling interests | 160 | 172 | 142 | |
| Net income attributable to common | 6,898 | 6,565 | 6,199 | 2 |
| Diluted earnings per share | $14.61 | $13.62 | $12.59 | 1 |
| Weighted-average diluted shares | 472 | 482 | 492 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 7,058 | 6,737 | 6,341 | |
| Depreciation, depletion and amortization | 3,763 | 3,780 | 3,816 | |
| Deferred income taxes | (465) | (142) | (84) | |
| Change in receivables | 122 | 160 | 86 | |
| Change in inventories | (47) | (56) | 127 | |
| Change in payables | (148) | (277) | (168) | |
| Net cash provided by operating activities | 10,350 | 9,423 | 9,305 | 4 |
| Capital expenditure | 5,261 | 4,497 | 3,787 | 3 |
| Acquisitions, net of cash | 412 | 317 | 953 | |
| Net cash used in investing activities | (5,721) | (4,644) | (4,670) | |
| Dividends paid | 2,811 | 2,655 | 2,482 | 2 |
| Repurchases of common stock | 4,601 | 4,482 | 3,958 | 2 |
| Debt issued | 5,148 | 4,844 | 2,188 | |
| Debt repaid | 2,278 | 1,305 | 1,682 | |
| Net cash used in financing activities | (4,554) | (4,359) | (5,400) | |
| Cash and equivalents at end of period | 5,056 | 4,850 | 4,664 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 5,056 | 4,850 | |
| Receivables, net | 4,966 | 4,622 | 1 |
| Inventories | 2,055 | 1,946 | 1 |
| Total current assets | 13,325 | 12,945 | |
| Property, plant and equipment, net | 28,260 | 24,775 | |
| Goodwill | 27,927 | 25,937 | 1 |
| Intangible assets, net | 10,045 | 9,680 | |
| Total assets | 86,817 | 80,147 | 1 |
| Accounts payable | 2,810 | 2,507 | |
| Current debt | 1,796 | 2,057 | |
| Total current liabilities | 15,198 | 14,544 | |
| Long-term debt | 20,683 | 15,343 | |
| Total liabilities | 47,076 | 40,659 | |
| Redeemable interests (temporary equity) | 13 | 13 | |
| Stockholders' equity | 38,245 | 38,092 | |
| Noncontrolling interests | 1,483 | 1,383 | |
| Total equity | 39,728 | 39,475 |
| Segments · as filed in the segment note · $ millions | Americas | EMEA | APAC | Engineering | Corporate Segment and Other Operating | Consolidated |
|---|---|---|---|---|---|---|
| Net sales | 15,208 | 8,549 | 6,661 | 2,250 | 1,318 | 33,986 |
Not shown: Operating income. The filed segment lines for these do not reconcile to the consolidated line, so the row is left out rather than approximated.
No product revenue tagged.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| U.S. | 12,182 | 35.8% |
| Other – non-U.S. | 11,259 | 33.1% |
| China | 2,600 | 7.7% |
| Germany | 2,432 | 7.2% |
| United Kingdom | 1,510 | 4.4% |
| Mexico | 1,391 | 4.1% |
| Brazil | 1,325 | 3.9% |
| Australia | 1,287 | 3.8% |
| Total revenues, as filed | 33,986 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 86,817 | 80,147 | +6,670 | +8.3% | — |
| Total liabilities · BS | 47,076 | 40,659 | +6,417 | +15.8% | — |
| Long-term debt · BS | 20,683 | 15,343 | +5,340 | +34.8% | — |
| Property, plant and equipment, net · BS | 28,260 | 24,775 | +3,485 | +14.1% | — |
| Goodwill · BS | 27,927 | 25,937 | +1,990 | +7.7% | — |
| Net cash used in investing activities · CF | (5,721) | (4,644) | −1,077 | -23.2% | — |
| Total revenues · IS | 33,986 | 33,005 | +981 | +3.0% | — |
| Debt repaid · CF | 2,278 | 1,305 | +973 | +74.6% | — |
| Net cash provided by operating activities · CF | 10,350 | 9,423 | +927 | +9.8% | — |
| · Americas · IS | 15,208 | 14,442 | +766 | +5.3% | — |
| Capital expenditure · CF | 5,261 | 4,497 | +764 | +17.0% | — |
| Total current liabilities · BS | 15,198 | 14,544 | +654 | +4.5% | — |
| Total current assets · BS | 13,325 | 12,945 | +380 | +2.9% | — |
| Intangible assets, net · BS | 10,045 | 9,680 | +365 | +3.8% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 18.1% sector median 11.9% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | +0.0% sector median -0.6% | flat |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.59 sector median 0.62 | moderate |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 26.2% sector median 9.9% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 8,112 | 8,495 | 8,615 | 8,781 | 9,289 |
| Research and development | 38 | 38 | 36 | 38 | 37 |
| Selling, general and administrative | 786 | 870 | 897 | 893 | 891 |
| Depreciation, depletion and amortization | 910 | 942 | 961 | 951 | 963 |
| Operating income | 2,184 | 2,354 | 2,367 | 2,439 | 2,554 |
| Interest expense | 60 | 67 | 64 | 62 | 61 |
| Income before income taxes | 2,180 | 2,346 | 2,360 | 2,431 | 2,546 |
| Income tax provision | 511 | 573 | 424 | 571 | 610 |
| Net income incl. noncontrolling interests | 1,707 | 1,806 | 1,972 | 1,900 | 1,972 |
| Less: noncontrolling interests | 34 | 40 | 43 | 43 | 44 |
| Net income attributable to common | 1,673 | 1,766 | 1,929 | 1,857 | 1,928 |
| Diluted earnings per share | $3.51 | $3.73 | $4.09 | $3.98 | $4.15 |
| Weighted-average diluted shares | 476 | 474 | 472 | 466 | 465 |
| Net cash provided by operating activities | 2,161 | — | — | 2,240 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 8,781 | 9,289 | +508 | +5.8% |
| Operating income | 2,439 | 2,554 | +115 | +4.7% |
| Income before income taxes | 2,431 | 2,546 | +115 | +4.7% |
| Net cash provided by operating activities | 2,161 | 2,240 | +79 | +3.7% |
| Net income incl. noncontrolling interests | 1,900 | 1,972 | +72 | +3.8% |
| Net income attributable to common | 1,857 | 1,928 | +71 | +3.8% |
| Income tax provision | 571 | 610 | +39 | +6.8% |
| Depreciation, depletion and amortization | 951 | 963 | +12 | +1.3% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $220,000M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 4 filings · 1 buys / 0 sells | net buying · +$47,912 |
| · Reynolds Paula Rosput | BUY $47,912 | Form 4 filed 2026-08-19 · open market |
| Insider ownership % | 0.3% | directors & officers as a group · DEF 14A filed 2026-04-29 |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Linde plc's Form 10-K for FY2025 (accession 0001628280-26-011430), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. LIN is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.