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Linde vs Tronox: revenue, profit, margins and growth compared

Linde brought in $34B of revenue in fiscal 2025, Tronox $2.9B in fiscal 2025. Revenue changed by +3.0% at Linde and -5.7% at Tronox on the year before, so Linde grew faster. Linde kept 20.3% of its revenue as net profit, Tronox -16.2%. Free cash flow was $5.1B at Linde and -$281M at Tronox.

Side by side, latest fiscal year

LINTROX
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$34B$2.9B
Revenue growth+3.0%-5.7%
Net income$6.9B-$470M
Net margin20.3%-16.2%
Free cash flow$5.1B-$281M
Free cash flow margin15.0%-9.7%
Earnings per share (diluted)$14.61-$2.97
Cash$5.1B$199M
Debt$22.5B$39M
Price to earnings32.2n/a
Market value$216.6B$643.6M
Dividend yield1.28%8.68%
Rank by revenue in sector#2 of 71 · Basic materials#17 of 71 · Basic materials

Over the years

Revenue
LIN FY2018: $14.8BLIN FY2019: $28.2BLIN FY2020: $27.2BLIN FY2021: $30.8BLIN FY2022: $33.4BLIN FY2023: $32.9BLIN FY2024: $33BLIN FY2025: $34BTROX FY2018: $1.8BTROX FY2019: $2.6BTROX FY2020: $2.8BTROX FY2021: $3.6BTROX FY2022: $3.5BTROX FY2023: $2.9BTROX FY2024: $3.1BTROX FY2025: $2.9BFY18FY19FY20FY21FY22FY23FY24FY25
LIN $34BTROX $2.9B
Net income
LIN FY2018: $4.4BLIN FY2019: $2.3BLIN FY2020: $2.5BLIN FY2021: $3.8BLIN FY2022: $4.1BLIN FY2023: $6.2BLIN FY2024: $6.6BLIN FY2025: $6.9BTROX FY2018: -$7MTROX FY2019: -$109MTROX FY2020: $969MTROX FY2021: $286MTROX FY2022: $497MTROX FY2023: -$316MTROX FY2024: -$48MTROX FY2025: -$470MFY18FY19FY20FY21FY22FY23FY24FY25
LIN $6.9BTROX -$470M
Net margin
LIN FY2018: 29.5%LIN FY2019: 8.1%LIN FY2020: 9.2%LIN FY2021: 12.4%LIN FY2022: 12.4%LIN FY2023: 18.9%LIN FY2024: 19.9%LIN FY2025: 20.3%TROX FY2018: -0.4%TROX FY2019: -4.1%TROX FY2020: 35.1%TROX FY2021: 8.0%TROX FY2022: 14.4%TROX FY2023: -11.1%TROX FY2024: -1.6%TROX FY2025: -16.2%FY18FY19FY20FY21FY22FY23FY24FY25
LIN 20.3%TROX -16.2%
Revenue growth
LIN FY2019: +90.3%LIN FY2020: -3.5%LIN FY2021: +13.0%LIN FY2022: +8.3%LIN FY2023: -1.5%LIN FY2024: +0.5%LIN FY2025: +3.0%TROX FY2019: +45.2%TROX FY2020: +4.4%TROX FY2021: +29.5%TROX FY2022: -3.3%TROX FY2023: -17.5%TROX FY2024: +7.9%TROX FY2025: -5.7%FY19FY20FY21FY22FY23FY24FY25
LIN +3.0%TROX -5.7%
Free cash flow
LIN FY2018: $1.8BLIN FY2019: $2.4BLIN FY2020: $4BLIN FY2021: $6.6BLIN FY2022: $5.7BLIN FY2023: $5.5BLIN FY2024: $4.9BLIN FY2025: $5.1BTROX FY2018: $53MTROX FY2019: $214MTROX FY2020: $160MTROX FY2021: $468MTROX FY2022: $170MTROX FY2023: -$77MTROX FY2024: -$70MTROX FY2025: -$281MFY18FY19FY20FY21FY22FY23FY24FY25
LIN $5.1BTROX -$281M

Fiscal years as each company reports them; the two may end in different months.

Questions about Linde and Tronox

Which is bigger by revenue, Linde or Tronox?

Linde is bigger by revenue: $34B in fiscal 2025, against $2.9B for Tronox in fiscal 2025.

Which keeps more of its revenue as profit, Linde or Tronox?

Linde had a net margin of 20.3% in fiscal 2025; Tronox had -16.2% in fiscal 2025.

Which grew revenue faster, Linde or Tronox?

In their latest fiscal years revenue changed by +3.0% at Linde and -5.7% at Tronox.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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