LIN Linde plc FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-12-31 · FILED 2026-02-25 · 472M DILUTED WTD-AVG SHARES
?
Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

Chief Executive OfficerSanjiv Lamba
Executive Vice President and Chief Financial OfficerMatthew J. White
Executive Vice President and Chief Legal OfficerGuillermo Bichara
S&P 500 · MATERIALS · CIK 1707925
REVENUE$34.0B+3.0% YoY
NET INCOME$6.9B+5.1% YoY
OPERATING CASH FLOW$10.3B+9.8% YoY
FREE CASH FLOW
?
Free cash flow = operating cash flow − capital expenditure, both as filed.
$5.1B+3.3% YoY
82
FILING SCORE / 100
?
How the score is computed: 6 management claims are checked against the filed statements and 8 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 10/12 on claims and 13/16 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG14 CHECKS · 1 red · 1 watchNEXT 10-Q ~NOV 2026 (EST.)
?
Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
?
Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues33,98633,00532,8543
· Americas segment15,20814,44214,304
· EMEA segment8,5498,3528,542
· APAC segment6,6616,6326,559
· Engineering segment2,2502,3222,160
· Corporate and other1,3181,2571,289
Research and development147150146
Selling, general and administrative3,4333,3373,295
Depreciation, depletion and amortization3,7633,7803,816
Operating income8,9238,6358,0242
Interest expense2552562001
Income before income taxes8,8978,5697,988
Income tax provision1,9892,0021,8141
— of which current2,4542,1441,8981
Net income incl. noncontrolling interests7,0586,7376,341
Less: noncontrolling interests160172142
Net income attributable to common6,8986,5656,1992
Diluted earnings per share$14.61$13.62$12.591
Weighted-average diluted shares472482492
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests7,0586,7376,341
Depreciation, depletion and amortization3,7633,7803,816
Deferred income taxes(465)(142)(84)
Change in receivables12216086
Change in inventories(47)(56)127
Change in payables(148)(277)(168)
Net cash provided by operating activities10,3509,4239,3054
Capital expenditure5,2614,4973,7873
Acquisitions, net of cash412317953
Net cash used in investing activities(5,721)(4,644)(4,670)
Dividends paid2,8112,6552,4822
Repurchases of common stock4,6014,4823,9582
Debt issued5,1484,8442,188
Debt repaid2,2781,3051,682
Net cash used in financing activities(4,554)(4,359)(5,400)
Cash and equivalents at end of period5,0564,8504,664
Balance sheet · $ millions20252024
Cash and cash equivalents5,0564,850
Receivables, net4,9664,6221
Inventories2,0551,9461
Total current assets13,32512,945
Property, plant and equipment, net28,26024,775
Goodwill27,92725,9371
Intangible assets, net10,0459,680
Total assets86,81780,1471
Accounts payable2,8102,507
Current debt1,7962,057
Total current liabilities15,19814,544
Long-term debt20,68315,343
Total liabilities47,07640,659
Redeemable interests (temporary equity)1313
Stockholders' equity38,24538,092
Noncontrolling interests1,4831,383
Total equity39,72839,475
Segments · as filed in the segment note · $ millionsAmericas segmentEMEA segmentAPAC segmentEngineering segmentCorporate and otherCorporate / unallocatedConsolidated
Net sales15,2088,5496,6612,2501,318—33,986
Operating income4,7473,0551,933408(6)(1,214)8,923
· operating margin31.2%35.7%29.0%18.1%-0.5%—26.3%

Rows render only when the filed members reconcile to the consolidated line; Corporate / unallocated is consolidated − Σ segments, arithmetic on filed lines. A concept whose members do not faithfully partition the total is omitted, never approximated.

Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total assets · BS86,81780,147+6,670+8.3%—
Total liabilities · BS47,07640,659+6,417+15.8%—
Long-term debt · BS20,68315,343+5,340+34.8%—
Property, plant and equipment, net · BS28,26024,775+3,485+14.1%—
Goodwill · BS27,92725,937+1,990+7.7%—
Net cash used in investing activities · CF(5,721)(4,644)−1,077-23.2%—
Total revenues · IS33,98633,005+981+3.0%—
Debt repaid · CF2,2781,305+973+74.6%—
Net cash provided by operating activities · CF10,3509,423+927+9.8%—
· Americas segment · IS15,20814,442+766+5.3%—
Capital expenditure · CF5,2614,497+764+17.0%—
Total current liabilities · BS15,19814,544+654+4.5%—
Total current assets · BS13,32512,945+380+2.9%—
Intangible assets, net · BS10,0459,680+365+3.8%—
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
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 5consistent
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 · $ millionsMAR 25JUN 25SEP 25MAR 26JUN 26
Total revenues8,1128,4958,6158,7819,289
Research and development3838363837
Selling, general and administrative786870897893891
Depreciation, depletion and amortization910942961951963
Operating income2,1842,3542,3672,4392,554
Interest expense6067646261
Income before income taxes2,1802,3462,3602,4312,546
Income tax provision511573424571610
Net income incl. noncontrolling interests1,7071,8061,9721,9001,972
Less: noncontrolling interests3440434344
Net income attributable to common1,6731,7661,9291,8571,928
Diluted earnings per share$3.51$3.73$4.09$3.98$4.15
Weighted-average diluted shares476474472466465
Net cash provided by operating activities2,161——2,240—
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Total revenues8,7819,289+508+5.8%
Operating income2,4392,554+115+4.7%
Income before income taxes2,4312,546+115+4.7%
Net cash provided by operating activities2,1612,240+79+3.7%
Net income incl. noncontrolling interests1,9001,972+72+3.8%
Net income attributable to common1,8571,928+71+3.8%
Income tax provision571610+39+6.8%
Depreciation, depletion and amortization951963+12+1.3%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$220,000M10-K cover · as of 2025-06-30
Insider Form 4s, 90d7 filings · 0 buys / 2 sellsnet selling · −$2,642,909
· Wood Robert LSELL $2,195,201Form 4 filed 2026-05-18 · open market
· Wood Robert LSELL $447,709Form 4 filed 2026-05-18 · 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
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Revenue →Net income →Operating cash flow →Free cash flow →Capital expenditure →Cash & equivalents →Total assets →Shareholders' equity →Total debt →Return on equity →Days sales outstanding →
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
Keep readingWHERE AN ANALYST GOES NEXT
Peers in Materials →Strongest reviewed · HD 100 →Weakest reviewed · APA 29 →

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.