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LINDE PLCLIN

Sector
Industrial
Industry
Industrial Inorganic Chemicals
Exchange
Nasdaq

Stock Price $LIN

Latest filings

You are here#1 of 15 in Materials by market cap

Filing record · 2017–202610-K910-Q258-K80

LIN filed 9 annual reports (10-K), 25 quarterly reports (10-Q) and 80 current reports (8-K) between 2017 and 2026.

  1. Material agreement8-K · Sep ’19Sep ’19
  2. Leadership change8-K · Nov ’21Nov ’21
  3. Leadership change8-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  10. $33.99B
YoY changeLargest recent move+90.3%in FY19Latest +3.0%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All LIN Financial Metrics60 metrics

Income Statement13

Balance Sheet27

Cash Flow15

Per Share5

02—Overview

LINDE PLC Financial Overview 2021–2025

Updated Jul 10, 2026

Linde managed to expand its reported operating profit by 8% to $8.63 billiona in FY2024 even as top-line sales remained completely flat at $33.0 billion. This dynamic underscores the core investment thesis: the industrial gas producer operates an inflation-resistant model where aggressive pricing power and productivity enhancements manufacture steady profit growth, insulating the bottom line from stagnant underlying volumes.

This structural leverage is highly visible across a multi-year horizon. Reported diluted earnings per share effectively doubled, climbing from $7.32 in FY2021 to $14.61b in FY2025. Top-line revenue charted a much slower trajectory, growing from $30.8 billion in FY2021 to $33.98 billion in FY2025, proving that the company's value creation stems from operational efficiency rather than sheer scale expansion. Linde converts this efficiency into massive liquidity, generating a record $10.35 billion in operating cash flow during FY2025. Management systematically channeled this capital back to investors, deploying $4.57 billion for share repurchases and distributing $2.81 billion in dividends that same year.

The market has historically placed a premium on this defensive, high-margin cash generation. By the close of FY2025, Linde's stock traded at $426.39c, valuing the enterprise at a steep 29.2x earnings multiple. Investors treat the company as a durable safe haven, willing to pay up for its proven capacity to absorb macroeconomic volatility through price attainment.

Recent Developments (Q4 2025 and Q1 2026)

Linde closed FY2025 with net income up 5% to $6.898 billiond, then expanded consolidated sales by 8% year-over-year to $8,781 million in Q1 2026. Currency translations drove 5% of this quarterly growth, while pricing added 2%. The company grew adjusted operating profit by 8% to $2,630 million, yielding a 30.0% adjusted operating margin. Reported diluted earnings per share rose 13% to $3.98. The firm also raised €1.6 billion through a debt issuance in May 2026.

Bulls point to regional sales growth, as the Americas and APAC segments posted 10% and 11% sales increases. Bears warn that underlying volume growth remained at just 1%, leaving the top line dependent on currency fluctuations. Investors continue to pay a premium, pricing the stock at 34.8x earnings as of May 1, 2026.

What to watch: deployment of the remaining $6.5 billione share repurchase authorization; allocation of the $1,342 million quarterly capital expenditure budget.

03—Filings

Recent SEC Filings

  1. 8-KLINDE PLC 8-K Report, Financial Results (Jul 31, 2026)Linde plc (Nasdaq: LIN) reported second-quarter 2026 results on July 31, 2026, delivering record sales and EPS. Sales reached $9.3 billion, up 9% year over year, with about 2 points from favorable currency and 1 point from acquisitions; underlying sales rose 4%, driven by 2% price and 2% volume, primarily in electronics, manufacturing and chemicals & energy. GAAP diluted EPS was $4.15, up 11%, and adjusted EPS, which excludes Linde AG purchase accounting impacts, was $4.50, up 10%. Adjusted operating margin was 29.5%, while GAAP operating margin of 27.5% declined 60 basis points as price and productivity gains were offset by cost inflation. Cash generation was solid but less dramatic. Operating cash flow was $2.3 billion, up 3%, and after $1.44 billion of capital expenditures, free cash flow was $833 million. Linde returned $1.59 billion to shareholders through dividends and net buybacks in the quarter. Management highlighted a record $8.1 billion sale-of-gas backlog after another long-term U.S. electronics supply contract, a Linde Engineering project backlog of $11 billion, and robust customer proposal activity, mainly in electronics. Guidance points to continued steady growth. Management expects Q3 2026 adjusted EPS of $4.45 to $4.55 (up 6% to 8%) and full-year 2026 adjusted EPS of $17.70 to $17.90 (up 8% to 9%, including about 1% favorable currency). Full-year capital expenditures are projected at $5.5 to $6.0 billion, including the contracted sale-of-gas project backlog. Investors should note that the results are non-GAAP adjusted in part, and that the filing directs readers to the risk factors in the 2025 Form 10-K.
  2. 8-KLINDE PLC 8-K Report, Shareholder Vote Results (Jul 30, 2026)Linde plc (LIN) filed an 8-K on July 30, 2026, detailing the results of its Annual General Meeting of Shareholders held on July 28, 2026. The meeting saw strong shareholder participation, with 85.65% of outstanding shares present or represented by proxy, indicating significant investor engagement. All nine director nominees were overwhelmingly elected to serve until the 2027 annual general meeting, with a minimum of 93.55% of votes cast in favor for each nominee. Key proposals also received substantial support. Shareholders ratified the appointment of PricewaterhouseCoopers (PWC) as the independent auditor and approved the remuneration determination for PWC, with over 92% and 97% of votes cast in favor, respectively. The compensation of Named Executive Officers was also approved on an advisory basis, with approximately 94.42% of votes cast in favor. Furthermore, the company received strong backing for its proposal to determine the price range for re-allotting treasury shares. However, a shareholder proposal requesting a report on renewable electricity procurement strategy was narrowly defeated, with only 13.05% of votes cast in favor.
  3. 8-KLINDE PLC 8-K Report, Corporate Update (May 13, 2026)Linde plc (LIN) has announced the successful issuance of €1.6 billion in aggregate principal amount of new notes across three tranches on May 13, 2026. These include €600 million of Floating Rate Notes due 2028, €500 million of 3.200% Notes due 2030, and €500 million of 3.800% Notes due 2036. The net proceeds from this offering, approximately €1,595 million after fees, will be utilized for general corporate purposes. This debt issuance was conducted under the Company's established European debt issuance program, which was recently updated on May 4, 2026, and is valid for one year. The new notes have been admitted to the official list of the Luxembourg Stock Exchange and will trade on the Euro MTF market. The issuance was coordinated by several financial institutions acting as bookrunners and managers. The notes are unsecured and guaranteed by Linde GmbH and Linde Inc., wholly-owned subsidiaries, with these guarantees previously filed and confirmations updated for the current program. This move diversifies Linde's debt maturity profile and provides financial flexibility.
  4. 8-KLINDE PLC 8-K Report, Financial Results (May 1, 2026)Linde plc (Nasdaq: LIN) reported first-quarter 2026 results on May 1, 2026, with sales of $8.78 billion, up 8% year over year, though only 3% on an underlying basis after adding 5 points of favorable currency and 1 point from acquisitions. Underlying growth came from 2% price attainment and 1% volume, with Americas driving the gains and EMEA volumes declining. Reported GAAP diluted EPS was $3.98, up 13%, while adjusted diluted EPS (excluding Linde AG merger purchase accounting impacts) was $4.33, up 10%. Adjusted operating margin held at 30.0%, down 10 basis points year over year, and the company highlighted a 24% return on capital in the quarter. Cash generation was solid but seasonally softer, with operating cash flow of $2.24 billion (up 4%) and free cash flow of $898 million after $1.34 billion of capex. Linde returned $1.545 billion to shareholders through dividends and net buybacks during the quarter. Cash and equivalents fell to $3.96 billion from $5.06 billion at year-end, and total debt was $26.3 billion, so net debt rose to about $22.4 billion from $21.9 billion. Management guided second-quarter 2026 adjusted diluted EPS to $4.40 to $4.50 (up 8% to 10%) and reaffirmed full-year adjusted EPS of $17.60 to $17.90 (up 7% to 9%, including roughly 1% favorable currency). Full-year capex is expected at $5.0 to $5.5 billion, including growth investment tied to a $7.1 billion contracted sale-of-gas project backlog. Investors should weigh the strong EPS growth and steady margins against the modest underlying volume growth, weak EMEA trends, and rising leverage.
  5. 8-KLINDE PLC 8-K Report, Financial Results (Feb 5, 2026)Linde plc (Nasdaq: LIN) reported full-year and fourth-quarter 2025 results in an 8-K furnished on February 5, 2026. For full-year 2025, sales were $34.0 billion, up 3% year over year, with underlying sales up 2% from 2% price attainment and stable volumes, plus 1% from bolt-on acquisitions. Adjusted operating profit was $10.1 billion, up 4%, with an adjusted operating margin of 29.8%, 30 basis points higher than 2024. Diluted EPS was $14.61 and adjusted diluted EPS was $16.46, up 6%. Operating cash flow rose 10% to $10.4 billion, and the company returned $7.4 billion to shareholders through dividends and net buybacks. Management cited ROC of 24.2% and a total project backlog of $10.0 billion. Fourth-quarter results were similarly steady. Sales were $8.8 billion, up 6%, with underlying sales up 3% driven by pricing and project start-ups. Adjusted operating profit rose 4% to $2.6 billion, though the adjusted margin of 29.5% was 40 basis points below the prior year. GAAP diluted EPS fell 9% to $3.26, reflecting Linde AG purchase accounting and restructuring charges. Americas drove growth, with sales up 8% and a 30.9% operating margin. EMEA underlying sales declined 2% on lower volumes in chemicals & energy, and Linde Engineering sales fell 2% to $615 million. For 2026, Linde guided full-year adjusted EPS to $17.40-$17.90, implying 6%-9% growth, or 5%-8% excluding currency tailwinds. Capital expenditures are expected at $5.0-$5.5 billion, and Q1 2026 adjusted EPS guidance is $4.20-$4.30. Investors should note that the guidance relies on non-GAAP adjusted EPS, that a meaningful share of growth is currency-driven, and that the company did not provide a GAAP reconciliation for its forward guidance.
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04—See also

Related Companies

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