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LIN

Linde plc

LIN

Linde plc • NASDAQ
$410.32 ▲ 0.59% (+2.42)
Market Cap $191.60 B
52w High $486.38
52w Low $406.09
Dividend Yield 5.89%
P/E 27.46
Volume 896.33K
Outstanding Shares 466.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.615B ▲ $933M ▼ $1.929B ▲ 22.391% ▲ $4.11 ▲ $3.438B ▲
Q2-2025 $8.495B ▲ $1.835B ▲ $1.766B ▲ 20.789% ▲ $3.75 ▲ $3.355B ▲
Q1-2025 $8.112B ▼ $824M ▼ $1.673B ▼ 20.624% ▼ $3.53 ▼ $3.09B ▼
Q4-2024 $8.282B ▼ $853M ▼ $1.725B ▲ 20.828% ▲ $3.6 ▲ $3.408B ▲
Q3-2024 $8.356B $860M $1.55B 18.55% $3.24 $3.023B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $4.509B ▼ $85.993B ▼ $45.907B ▼ $38.616B ▲
Q2-2025 $4.786B ▼ $86.078B ▲ $46.092B ▲ $38.515B ▲
Q1-2025 $5.294B ▲ $82.704B ▲ $43.241B ▲ $38.032B ▼
Q4-2024 $4.85B ▼ $80.147B ▼ $40.659B ▼ $38.092B ▼
Q3-2024 $5.187B $82.546B $41.943B $39.173B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $1.929B ▲ $2.948B ▲ $-1.434B ▲ $-1.782B ▼ $-277M ▲ $1.672B ▲
Q2-2025 $1.732B ▲ $2.211B ▲ $-1.457B ▼ $-1.366B ▼ $-508M ▼ $954M ▲
Q1-2025 $1.707B ▼ $2.161B ▼ $-1.369B ▲ $-388M ▲ $444M ▲ $891M ▼
Q4-2024 $1.897B ▲ $2.809B ▲ $-1.376B ▼ $-1.61B ▼ $-337M ▼ $1.559B ▼
Q3-2024 $1.55B $2.731B $-957M $-1.273B $561M $1.665B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Americas Segment
Americas Segment
 $7.17Bn ▲$3.67Bn ▼$3.81Bn ▲$3.85Bn ▲
APAC Segment
APAC Segment
 $1.67Bn ▲$1.54Bn ▼$1.66Bn ▲$1.74Bn ▲
EMEA Segment
EMEA Segment
 $4.15Bn ▲$2.03Bn ▼$2.16Bn ▲$2.18Bn ▲
Engineering Segment
Engineering Segment
 $630.00M ▲$600.00M ▼$620.00M ▲$730.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Linde’s income statement shows a company that has steadily turned a fairly flat sales base into much higher profits. Revenue has hovered in the same general range over the past few years, but margins have improved meaningfully, with operating and net income rising much faster than sales. This points to strong pricing power, efficient operations, and a shift toward higher‑value applications. Earnings per share have climbed sharply, helped both by better profitability and likely share repurchases. The main watchpoint is that recent profit growth leans heavily on margin gains rather than rapid top‑line expansion, so a downturn in industrial activity or increased competition could pressure those gains.

Balance Sheet

Balance Sheet The balance sheet looks solid and mature, with overall assets broadly stable over several years. Debt has gradually increased while shareholders’ equity has edged down, which is consistent with a company funding growth projects and returning capital through buybacks and dividends. Cash on hand is comfortable but not excessive, indicating confidence in recurring cash generation rather than reliance on a large cash cushion. Overall, leverage appears manageable for a business with long‑term contracts and steady demand, but the trend toward a somewhat more leveraged structure is something to monitor if growth investments or economic conditions were to become less favorable.

Cash Flow

Cash Flow Linde generates strong, consistent cash flow from its operations, comfortably covering its investment needs. Even with sizable and rising capital spending on new plants and technologies, the company has regularly produced healthy free cash flow, giving it room to fund growth projects, pay dividends, and repurchase shares. The pattern suggests disciplined capital allocation and good returns from past investments. The key risk is execution: major industrial and clean‑energy projects are large, long‑lived, and can face delays, cost overruns, or changing policy support, which could affect future cash returns.

Competitive Edge

Competitive Edge Linde holds a very strong competitive position as the largest industrial gas company globally. Its extensive network of production facilities and pipelines, combined with long‑term on‑site supply contracts, creates high switching costs and significant barriers to entry. The market structure is concentrated, which tends to support rational pricing rather than cut‑throat competition. Linde also benefits from a broad product range, deep application know‑how, and an engineering arm that can design and build complex plants, allowing it to offer complete solutions rather than just commodity gases. The main structural threats are regulatory changes, environmental constraints, and shifts in large customers’ strategies, but the existing moat looks deep and durable.

Innovation and R&D

Innovation and R&D Innovation is a clear pillar of Linde’s strategy. The company invests heavily in advanced process technologies, efficient gas separation, and high‑purity solutions, particularly in hydrogen, helium, and specialty gases. Its push into clean hydrogen, carbon capture, and small on‑site plants for electronics and decarbonizing industries aligns well with long‑term trends in energy transition and semiconductor growth. Linde is also using digital tools and artificial intelligence to optimize plants and logistics, squeezing more performance out of existing assets. The opportunity is substantial, but outcomes depend on technology maturity, customer adoption, and policy support for low‑carbon projects, especially in hydrogen and carbon capture.

Summary

Overall, Linde combines a strong financial profile with a powerful industrial franchise. Profitability has improved markedly even without rapid revenue growth, supported by efficiency, pricing, and mix. The balance sheet and cash flows suggest a business that can both invest heavily in future opportunities and return capital to shareholders, while maintaining resilience. Strategically, Linde’s entrenched infrastructure, long‑term customer relationships, and engineering expertise give it a durable edge, and its innovation pipeline is closely tied to major structural themes like decarbonization, electronics, and digitalization. Key things to watch are the sustainability of margin gains, the return on large clean‑energy projects, overall leverage trends, and how regulatory and macroeconomic conditions shape demand in its core industrial and energy markets.

NEWS

November 12, 2025 · 8:30 AM UTC

BLACK TITAN CORPORATION APPOINTS CZHANG LIN AS CO-CHIEF EXECUTIVE OFFICER

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October 31, 2025 · 5:30 AM UTC

Linde Reports Third-Quarter 2025 Results

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October 27, 2025 · 9:38 AM UTC

Linde Declares Dividend in Fourth Quarter 2025

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October 14, 2025 · 8:00 AM UTC

Linde Starts Up Supply of Industrial Gases Near Charleston, TN

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October 6, 2025 · 6:00 AM UTC

Linde Announces Third Quarter 2025 Earnings and Conference Call Schedule

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