LINDE PLC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data LINDE PLC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,534	11,358	14,836	28,228	27,243	30,793	33,364	32,854	33,005	33,986
Cost of revenue		6,382	9,020	16,644	15,383	17,543	19,450	17,492	17,143	17,389
Gross profit		4,976	5,816	11,584	11,860	13,250	13,914	15,362	15,862	16,597
Research and development	92	93	113	184	152	143	143	146	150	147
Selling, general and administrative	1,145	1,207	1,629	3,457	3,193	3,189	3,107	3,295	3,337	3,433
General and administrative	652	696	872	1,857	1,890	1,847	1,812	1,965	2,004	2,083
Operating income	2,247	2,444	5,247	2,933	3,322	4,984	5,369	8,024	8,635	8,923
Interest expense	208	230	297	284	277	227	63	200	256	255
Interest income		41	80	112	55	40	117	197	228	209
Pre-tax income	2,048	2,287	5,049	2,927	3,384	5,099	5,543	7,988	8,569	8,897
Income tax	551	1,026	817	769	847	1,262	1,434	1,814	2,002	1,989
Income from continuing operations	1,500	1,247	4,273	2,183	2,497	3,821	4,147	6,199
Net income to minority interests							134	142	172	160
Net income	1,500	1,247	4,381	2,285	2,501	3,826	4,147	6,199	6,565	6,898
EBITDA	3,369	3,628	7,077	7,608	7,948	9,619	9,573	11,840	12,415	12,686
EPS, basic	5.25	4.36	13.26	4.22	4.75	7.40	8.30	12.70	13.71	14.69
EPS, diluted	5.21	4.32	13.11	4.19	4.71	7.33	8.23	12.59	13.62	14.61
Shares, basic (weighted)	286	286	330	541	527	517	500	488	479	469
Shares, diluted (weighted)	288	289	334	545	531	522	504	492	482	472
Dividend per share	3.00	3.15	3.30	3.50	3.85	4.24	4.68	5.10	5.56	6.00

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	524	617	4,466	2,700	3,754	2,823	5,436	4,664	4,850	5,056
Receivables		1,710	4,297	4,322	4,167	4,499	4,559	4,718	4,622	4,966
Inventory		614	1,651	1,697	1,729	1,733	1,978	2,115	1,946	2,055
Other current assets		344	1,077	1,265	1,112	970	950	927	1,264	979
Total current assets		3,285	17,272	10,352	10,924	10,159	13,047	12,620	12,945	13,325
Property, plant and equipment	11,249	11,825	29,717	29,064	28,711	26,003	23,548	24,552	24,775	28,260
Lease right-of-use assets				1,025	935	853	726	759	800	886
Goodwill	3,117	3,233	26,874	27,019	28,201	27,038	25,817	26,751	25,937	27,927
Intangible assets		785	16,223	16,137	16,184	13,802	12,420	12,399	11,330	11,871
Other non-current assets		581	1,462	2,013	2,148	1,984	2,476	2,299	3,030	5,434
Total assets		20,436	93,386	86,612	88,229	81,605	79,658	80,811	80,147	86,817
Accounts payable		922	3,219	3,266	3,095	3,503	2,995	3,020	2,507	2,810
Accrued liabilities		1.64
Deferred revenue		0	1,546	1,758	1,769	2,940	3,073	1,901	1,194	1,231
Short-term debt		979	1,523	1,531	751	1,709	1,599	1,263	2,057	1,796
Total current liabilities		3,307	12,956	12,160	13,740	13,643	16,479	15,717	14,544	15,198
Long-term debt		7,783	12,288	10,693	12,152	11,335	12,198	13,397	15,343	20,683
Lease liabilities				716	669	618	540	572	606	667
Other non-current liabilities		1,588	3,435	4,888	5,519	4,188	2,795	3,804	4,015	11,195
Total liabilities		13,914	36,290	34,977	38,647	36,164	38,271	39,716	40,659	47,076
Total debt		8,762	13,811	12,224	12,903	13,044	13,797	14,660	17,400	22,479
Paid-in capital		4,084	40,151	40,201	40,202	40,180	40,005	39,812	39,603	39,430
Retained earnings		13,224	16,529	16,842	17,178	18,710	20,541	8,845	12,634	16,608
Treasury stock		-7,196	-629	-3,156	-5,374	-9,808	-14,737	-3,133	-7,252	-11,561
Other comprehensive income		-4,098	-4,456	-4,814	-4,690	-5,048	-5,782	-5,805	-6,894	-6,233
Shareholders' equity		6,018	51,596	49,074	47,317	44,035	40,028	39,720	38,092	38,245
Minority interests		493	5,484	2,448	2,252	1,393	1,346	1,362	1,383	1,483
Total equity	5,441	6,511	57,080	51,522	49,569	45,428	41,374	41,082	39,475	39,728
Total liabilities and equity		20,436	93,386	86,612	88,229	81,605	79,658	80,811	80,147	86,817
Shares outstanding			547	534	523	509

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	1,535	1,306	4,402	2,379	2,626	3,961	4,281	6,341	6,737	7,058
Depreciation and amortization	1,122	1,184	1,830	4,675	4,626	4,635	4,204	3,816	3,780	3,763
Stock-based compensation	39	59	62	95	133	128	107	141	160	164
Deferred income tax	-13	3	-186	-303	-368	-254	-383	-84	-142	-465
Change in receivables	-33	-92	-124	80	19	-553	-423	-86	-160	-122
Change in inventory	-13	-22	-4	-81	18	-129	-347	-127	56	47
Change in payables	92	22	287	-174	109	447	307	-168	-277	-148
Cash from operations	2,789	3,041	3,654	6,119	7,429	9,725	8,864	9,305	9,423	10,350
Capital expenditures	-1,465	-1,311	-1,883	-3,682	-3,400	-3,086	-3,173	-3,787	-4,497	-5,261
Acquisitions		-33	-25	-225	-68	-88	-110	-953	-317	-412
Cash from investing	-1,770	-1,314	5,363	1,189	-2,986	-3,007	-3,088	-4,670	-4,644	-5,721
Debt issued	936	11	8	99	2,796	2,283	3,210	2,188	4,844	5,148
Debt repaid	-770	-583	-3,124	-1,583	-2,681	-1,468	-1,785	-1,682	-1,305	-2,278
Stock issued	139	120	77	72	47	50	36	33	31	23
Share buybacks	-228	-12	-599	-2,658	-2,457	-4,612	-5,168	-3,958	-4,482	-4,601
Dividends paid	-856	-901	-1,166	-1,891	-2,028	-2,189	-2,344	-2,482	-2,655	-2,811
Cash from financing	-659	-1,656	-4,998	-8,997	-3,345	-7,588	-3,089	-5,400	-4,359	-4,554
Exchange rate effect	17	22	-60	-77	-44	-61	-74	-7	-234	131
Net change in cash	377	93	3,986	-1,752	1,054	-931	2,613	-772	186	206
Free cash flow	1,324	1,730	1,771	2,437	4,029	6,639	5,691	5,518	4,926	5,089
Interest paid	189	184	214	275	322	233	170	451	443	548
Income taxes paid	585	565	757	1,357	1,066	1,710	1,735	1,955	2,216	2,274

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $469.89 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	48.3%	Gross profit / revenue.
Operating margin	26.5%	Operating income / revenue.
EBITDA margin	37.2%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	26.4%	Pre-tax income / revenue.
Net margin	20.4%	Net income / revenue.
FCF margin	14.0%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	29.6%	Cash from operations / revenue.
Effective tax rate	22.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	18.5%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.2%	Net income / average total assets.
Return on invested capital (ROIC)	12.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	0.4%	Research and development expense / revenue.
SG&A / revenue	10.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	15.6%	Capital expenditures / revenue.
D&A / revenue	10.8%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	3.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	0.6%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	4.6%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	6.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	7.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	3.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	18.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	21.8%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	9.8%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	9.8%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	5.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	18.5%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	7.3%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	21.1%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.4%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	9.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.3%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	6.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	3.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-3.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	4.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	7.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	8.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	9.3%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-1.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-4.2%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	8.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-0.3%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.1%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.88x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.30x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.59x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.2%	Total debt / total assets.
Liabilities / assets	54.0%	Total liabilities / total assets.
Net debt	$18.25B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.38x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	37.4x	Operating income / interest expense.
Working capital	-$1.95B	Current assets - current liabilities.
Goodwill and intangibles / assets	44.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$410.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.40x	Revenue / average total assets.
Fixed asset turnover	1.22x	Revenue / average property, plant and equipment.
Inventory turnover	8.63x	Cost of revenue / average inventory.
Days inventory	42 days	365 x average inventory / cost of revenue.
Receivables turnover	6.29x	Revenue / average receivables.
Days sales outstanding	58 days	365 x average receivables / revenue.
Days payables	57 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	44 days	Days inventory + days sales outstanding - days payables.
FCF conversion	68.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	52.6%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$15.59	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$76.31	Revenue / diluted weighted shares.
FCF per share	$10.71	Free cash flow / diluted weighted shares.
Operating cash flow per share	$22.58	Cash from operations / diluted weighted shares.
Book value per share	$84.13	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.88	Tangible book value / shares outstanding.
Cash per share	$10.54	(Cash + short-term investments) / shares outstanding.
Payout ratio	39.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	57.8%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	81.5%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$216.61B	Share price x shares outstanding.
Enterprise value	$234.86B	Market cap + total debt - cash - short-term investments.
P/E	29.9x	Market cap / net income. Only when net income is positive.
P/S	6.11x	Market cap / revenue.
P/B	5.54x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	43.5x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	20.7x	Market cap / cash from operations, when positive.
EV/Sales	6.63x	Enterprise value / revenue.
EV/EBIT	25.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	47.2x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.3%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	1.3%	Dividends paid over the period / market cap.
Shareholder yield	3.2%	(Dividends paid + share buybacks) / market cap.
PEG	1.42x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was LINDE PLC's revenue in fiscal 2025?

LINDE PLC reported revenue of $33.99B for fiscal 2025, 3% higher than the year before.

Was LINDE PLC profitable in fiscal 2025?

Yes. Net income was $6.90B, a net margin of 20.3%.

How much free cash flow did LINDE PLC generate in fiscal 2025?

Cash from operations of $10.35B minus capital expenditures of $5.26B left free cash flow of $5.09B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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