LINLinde plc

Materials · Industrial Gases & Chemicals · Nasdaq

Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. 10-K, Item 1

Employees: 65,177
Headquarters: Woking Surrey, X0
CEO: Sanjiv Lamba
Next results: around Feb 4, 2027

Compare with peers → Embed

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	15.06	Sales (ttm)	36.2B	Net income (ttm)	7.0B	Sales growth	+3.0%	EPS growth	+7.3%	Sales Q/Q	+9.2%
Free cash flow	5.1B	Gross margin	-	Oper. margin	25.3%	Net margin	19.3%	FCF margin	14.0%	ROE	17.8%
ROA	8.0%	R&D / sales	0.4%	Dividend	6.00	Debt/Eq	0.67	Curr. ratio	0.86	Cash	3.9B
Op. cash flow (ttm)	10.7B	EBITDA	12.7B	EBITDA margin	37.3%	Net debt	22.4B	Quick ratio	0.73	Interest cover	34.99
ROIC	10.5%	Payout ratio	41.1%	Tax rate	22.4%	Stock pay / sales	0.5%	Shares out.	459.1M	Shares Y/Y	-2.1%
Book / share	85.87	Cash / share	8.60	Sales / share	78.94	Asset turnover	0.41	Days sales out.	53	Sales 3Y CAGR	+0.6%
Sales 5Y CAGR	+4.5%	EPS 3Y CAGR	+21.1%	EPS 5Y CAGR	+25.4%	Employees	65,177	Sales / employee	556K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

Changes in the numbers

FY2025 against FY2024

Debt rose 25%$21.4B → $26.7B · Short-term + long-term debt at year end

What management wrote about it → · Every company →

LIN against Materials peers

Ten years, side by side → · All 24 →

LINPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 24 companies, the better end on the right. Hover a dot for the company.

Sales growth

+3.0%14th of 24 · median +4.4%

Net margin

19.3%4th of 24 · median 8.4%

Return on equity

17.8%8th of 24 · median 13.1%

Free cash flow margin

14.0%4th of 24 · median 6.8%

Debt / equity (less is better)

0.679th of 24 · median 0.76

LIN and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
LIN Linde plc	$36.2B	+3.0%	-	19.3%	17.8%	14.0%	0.67
DOW Dow Inc.	$42.6B	-7.0%	11.1%	-2.1%	-5.5%	4.9%	1.08
CRH CRH plc	$39.0B	+5.3%	36.2%	9.2%	14.3%	6.5%	0.79
NUE Nucor	$36.1B	+5.7%	15.5%	8.0%	13.0%	4.4%	0.32
LYB LyondellBasell	$32.0B	-9.7%	14.3%	4.1%	11.6%	7.6%	1.10
SW Smurfit Westrock	$31.5B	+47.7%	17.4%	1.5%	2.6%	2.7%	0.78

Profitability

3 of 3

✓
Net margin above the peer median19.3% vs 8.4%
✓
Return on equity above 15%17.8%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 14.2% → 20.3%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 35.0× interest expense
✓
Debt smaller than equityDebt / equity 0.67 on the latest balance sheet (peer median 0.76)
!
Current ratio below 1Current ratio 0.86
!
Net debt over 3 years of free cash flow$22.4B net debt, 4.4 years

Debt / equity at each year end, FY2016 to FY2025: 1.49 → 0.70

What the debt is made of ↓

Cash and shareholders

4 of 4

✓
Free cash flow positive in every one of 10 years$5.1B last year
✓
Share count down over 5 years−11.1%
✓
Dividend per share up over 5 years$3.85 → $6.00
✓
Cash from operations above net income$10.3B vs $6.9B

Free cash flow, FY2016 to FY2025: 1.3B → 5.1B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025

The debt note's own lines, 2025-12-31

Line, as the company names it	Kind	Rate	Fixed or floating	Amount
3.20% Euro Denominated Notes Due 2031	Notes and bonds	3.20%	not stated	$997.0M
2.625% Euro Denominated Notes Due 2029	Notes and bonds	2.62%	not stated	$994.0M
1.625% Euro Denominated Notes Due 2035	Notes and bonds	1.62%	not stated	$934.0M
1.375% Euro Denominated Notes Due 2031	Notes and bonds	1.38%	not stated	$884.0M
0.250% Euro Denominated Notes Due 2027	Notes and bonds	0.25%	not stated	$880.0M
3.375% Euro Denominated Notes Due 2029	Notes and bonds	3.38%	not stated	$878.0M
0.550% Euro Denominated Notes Due 2032	Notes and bonds	0.55%	not stated	$877.0M
3.00% Euro Denominated Notes Due 2033	Notes and bonds	3.00%	not stated	$877.0M
3.375% Euro Denominated Notes Due 2030	Notes and bonds	3.38%	not stated	$877.0M
3.50% Euro Denominated Notes Due 2034	Notes and bonds	3.50%	not stated	$874.0M
1.00% Euro denominated notes due 2028	Notes and bonds	1.00%	not stated	$854.0M
0.00% Euro Denominated Notes Due 2026	Notes and bonds	–	not stated	$822.0M
3.00% Euro Denominated Notes Due 2028	Notes and bonds	3.00%	not stated	$820.0M
3.40% Euro Denominated Notes Due 2036	Notes and bonds	3.40%	not stated	$816.0M
3.75% Euro Denominated Notes Due 2044	Notes and bonds	3.75%	not stated	$810.0M
1.00% Euro Denominated Notes Due 2051	Notes and bonds	1.00%	not stated	$805.0M
3.625%Euro Denominated Notes Due 2034	Notes and bonds	3.62%	not stated	$760.0M
3.125% Euro Denominated Notes Due 2032	Notes and bonds	3.12%	not stated	$759.0M
3.250% Euro Denominated Notes Due 2037	Notes and bonds	3.25%	not stated	$756.0M
3.20% US Long-term Due 2026	–	3.20%	not stated	$725.0M
0.220% Euro denominated notes due 2027	Notes and bonds	2.27%	not stated	$705.0M
1.10% US Long-term Notes Due 2030	Notes and bonds	1.10%	not stated	$698.0M
3.55% US Long-term Notes Due 2042	Notes and bonds	3.55%	not stated	$666.0M
1.00% Euro Denominated Notes Due 2027	Notes and bonds	1.00%	not stated	$589.0M
0.375% Euro Denominated Notes Due 2033	Notes and bonds	0.38%	not stated	$582.0M
3.750% Euro Denominated Notes Due 2038	Notes and bonds	3.75%	not stated	$582.0M
1.0629% Swiss Franc Denominated Notes Due 2033	Notes and bonds	1.06%	not stated	$346.0M
Non U.S. borrowings	–	–	not stated	$307.0M
2.00% US Long-term Notes Due 2050	Notes and bonds	2.00%	not stated	$297.0M
0.6150% Swiss Franc Denominated Notes Due 2029	Notes and bonds	0.61%	not stated	$283.0M
3.434% US Long-term Notes Due 2026	Notes and bonds	3.43%	not stated	$200.0M
1.90% Euro Denominated Notes Due 2030	Notes and bonds	1.90%	not stated	$120.0M
1.652% Euro Denominated Notes Due 2027	Notes and bonds	1.65%	not stated	$95.0M
Other	–	–	not stated	$10.0M

All 34 lines

From the debt note in the 10-K's XBRL (0001628280-26-011430), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 34.0B Net income 6.9B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

LIN's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue34.0B

Net income6.9B

Free cash flow5.1B

EPS (diluted)14.61

Dividend per share6.00

Diluted shares472.2M

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
Americas	15.2B	44.7%	+5.3%
EMEA	8.5B	25.2%	+2.4%
APAC	6.7B	19.6%	+0.4%
Engineering	2.2B	6.6%	-3.1%
Corporate And Other	1.3B	3.9%	+4.9%

10-K 0001628280-26-011430, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.	12.2B	35.8%	+6.0%
Other – non-U.S.	11.3B	33.1%	+3.8%
China	2.6B	7.7%	-1.8%
Germany	2.4B	7.2%	-3.1%
United Kingdom	1.5B	4.4%	-1.9%
Mexico	1.4B	4.1%	+3.3%
Brazil	1.3B	3.9%	+4.9%
Australia	1.3B	3.8%	-4.9%

10-K 0001628280-26-011430, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10.5B	11.4B	14.8B	28.2B	27.2B	30.8B	33.4B	32.9B	33.0B	34.0B
R&D	92.0M	93.0M	113.0M	184.0M	152.0M	143.0M	143.0M	146.0M	150.0M	147.0M
SG&A	1.1B	1.2B	1.6B	3.5B	3.2B	3.2B	3.1B	3.3B	3.3B	3.4B
Operating income	2.2B	2.4B	5.2B	2.9B	3.3B	5.0B	5.4B	8.0B	8.6B	8.9B
Interest expense	208.0M	230.0M	297.0M	284.0M	277.0M	227.0M	63.0M	200.0M	256.0M	255.0M
Pretax income	2.0B	2.3B	5.0B	2.9B	3.4B	5.1B	5.5B	8.0B	8.6B	8.9B
Income tax	551.0M	1.0B	817.0M	769.0M	847.0M	1.3B	1.4B	1.8B	2.0B	2.0B
Net income	1.5B	1.2B	4.4B	2.3B	2.5B	3.8B	4.1B	6.2B	6.6B	6.9B
EPS (diluted)	5.21	4.32	13.11	4.19	4.71	7.33	8.23	12.59	13.62	14.61
Diluted shares	287.8M	289.1M	334.1M	545.2M	531.2M	521.9M	504.0M	492.3M	482.1M	472.2M
Depreciation & amortization	1.1B	1.2B	1.8B	4.7B	4.6B	4.6B	4.2B	3.8B	3.8B	3.8B
EBITDA	3.4B	3.6B	7.1B	7.6B	7.9B	9.6B	9.6B	11.8B	12.4B	12.7B
Operating margin	21.3%	21.5%	35.4%	10.4%	12.2%	16.2%	16.1%	24.4%	26.2%	26.3%
Net margin	14.2%	11.0%	29.5%	8.1%	9.2%	12.4%	12.4%	18.9%	19.9%	20.3%
Revenue growth	-	+7.8%	+30.6%	+90.3%	-3.5%	+13.0%	+8.3%	-1.5%	+0.5%	+3.0%
EPS growth	-	-17.1%	+203%	-68.0%	+12.4%	+55.6%	+12.3%	+53.0%	+8.2%	+7.3%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	524.0M	617.0M	4.5B	2.7B	3.8B	2.8B	5.4B	4.7B	4.8B	5.1B
Receivables	-	1.7B	4.3B	4.3B	4.2B	4.5B	4.6B	4.7B	4.6B	5.0B
Inventory	-	614.0M	1.7B	1.7B	1.7B	1.7B	2.0B	2.1B	1.9B	2.1B
Current assets	-	3.3B	17.3B	10.4B	10.9B	10.2B	13.0B	12.6B	12.9B	13.3B
Property & equipment	11.2B	11.8B	29.7B	29.1B	28.7B	26.0B	23.5B	24.6B	24.8B	28.3B
Goodwill	3.1B	3.2B	26.9B	27.0B	28.2B	27.0B	25.8B	26.8B	25.9B	27.9B
Total assets	-	20.4B	93.4B	86.6B	88.2B	81.6B	79.7B	80.8B	80.1B	86.8B
Accounts payable	-	922.0M	3.2B	3.3B	3.1B	3.5B	3.0B	3.0B	2.5B	2.8B
Current liabilities	-	3.3B	13.0B	12.2B	13.7B	13.6B	16.5B	15.7B	14.5B	15.2B
Total debt	-	9.0B	14.6B	13.2B	15.4B	13.3B	17.7B	19.1B	21.4B	26.7B
Total liabilities	-	13.9B	36.3B	35.0B	38.6B	36.2B	38.3B	39.7B	40.7B	47.1B
Shareholders' equity	5.4B	6.0B	51.6B	49.1B	47.3B	44.0B	40.0B	39.7B	38.1B	38.2B
Retained earnings	-	13.2B	16.5B	16.8B	17.2B	18.7B	20.5B	8.8B	12.6B	16.6B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	2.8B	3.0B	3.7B	6.1B	7.4B	9.7B	8.9B	9.3B	9.4B	10.3B
Capital spending	1.5B	1.3B	1.9B	3.7B	3.4B	3.1B	3.2B	3.8B	4.5B	5.3B
Free cash flow	1.3B	1.7B	1.8B	2.4B	4.0B	6.6B	5.7B	5.5B	4.9B	5.1B
Stock-based pay (added back)	39.0M	59.0M	62.0M	95.0M	133.0M	128.0M	107.0M	141.0M	160.0M	164.0M
Dividends paid	856.0M	901.0M	1.2B	1.9B	2.0B	2.2B	2.3B	2.5B	2.7B	2.8B
Buybacks	228.0M	12.0M	599.0M	2.7B	2.5B	4.6B	5.2B	4.0B	4.5B	4.6B
Acquisitions	-	33.0M	25.0M	225.0M	68.0M	88.0M	110.0M	953.0M	317.0M	412.0M
Debt raised	936.0M	11.0M	8.0M	99.0M	2.8B	2.3B	3.2B	2.2B	4.8B	5.1B
Debt repaid	770.0M	583.0M	3.1B	1.6B	2.7B	1.5B	1.8B	1.7B	1.3B	2.3B
Investing cash flow	-1.8B	-1.3B	5.4B	1.2B	-3.0B	-3.0B	-3.1B	-4.7B	-4.6B	-5.7B
Financing cash flow	-659.0M	-1.7B	-5.0B	-9.0B	-3.3B	-7.6B	-3.1B	-5.4B	-4.4B	-4.6B
Dividend per share	3.00	3.15	3.30	3.50	3.85	4.24	4.68	5.10	5.56	6.00

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	39.0M	59.0M	62.0M	95.0M	133.0M	128.0M	107.0M	141.0M	160.0M	164.0M
Stock-based pay / revenue	0.4%	0.5%	0.4%	0.3%	0.5%	0.4%	0.3%	0.4%	0.5%	0.5%
Operating lease cash paid	-	-	-	341.0M	317.0M	290.0M	254.0M	249.0M	249.0M	250.0M
Right-of-use assets	-	-	-	1.0B	935.0M	853.0M	726.0M	759.0M	800.0M	886.0M
Operating lease liabilities	-	-	-	976.0M	906.0M	833.0M	721.0M	749.0M	782.0M	866.0M
Finance lease liabilities	-	-	-	149.0M	163.0M	176.0M	156.0M	193.0M	204.0M	214.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on LIN in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/LIN/export.csv") into a cell.