10-KPeriod: FY2025

LINDE PLC Annual Report, Year Ended Dec 31, 2025

Filed February 25, 2026For Securities:LIN

Summary

Linde plc reported strong financial performance for the fiscal year ended December 31, 2025, with sales reaching $33.986 billion, a 3% increase compared to the previous year. This growth was primarily driven by a 2% rise in price attainment, particularly in the Americas and EMEA regions, and a 1% contribution from acquisitions. Despite flat volumes, where new project start-ups offset base volume declines, the company managed to increase its reported operating profit by 3% to $8.923 billion and adjusted operating profit by 4% to $10.137 billion. This was attributed to higher pricing and productivity initiatives that more than compensated for cost inflation. Net income attributable to Linde plc increased by 5% to $6.898 billion, resulting in diluted earnings per share of $14.61, a 7% increase. The company also demonstrated robust cash flow generation, with operating cash flow increasing by $927 million to $10.350 billion, driven by higher net income and improved working capital management. Linde continued to return value to shareholders through significant share repurchases totaling $4.578 billion and dividends paid of $2.811 billion, reflecting a continued commitment to capital return.

Financial Highlights

56 data points
Beta

Revenue

$33.99B

Net Income

$6.90B

20.3% Net Margin

EPS (Diluted)

$14.61

Total Assets

$86.82B

Cash & Equivalents

$5.06B

Free Cash Flow

$5.09B

Financial Statements
Beta
Revenue$33.99B
R&D Expenses$147.00M
SG&A Expenses$3.43B
Operating Income$8.92B
Interest Expense$575.00M
Net Income$6.90B
EPS (Basic)$14.69
EPS (Diluted)$14.61
Shares Outstanding (Basic)469.49M
Shares Outstanding (Diluted)472.19M

Key Highlights

  • 1Sales increased by 3% to $33.986 billion in 2025, driven by price increases and acquisitions.
  • 2Operating profit grew by 3% (reported) to $8.923 billion and 4% (adjusted) to $10.137 billion, benefiting from higher pricing and productivity.
  • 3Net income increased by 5% to $6.898 billion, with diluted EPS rising 7% to $14.61.
  • 4Cash flow from operations significantly increased by $927 million to $10.350 billion.
  • 5The company repurchased $4.578 billion of its ordinary shares and paid $2.811 billion in dividends.
  • 6The Americas segment showed the strongest sales growth at 5%, while EMEA saw a 10% increase in operating profit.
  • 7Despite a 3% decrease in Engineering segment sales, the segment's operating profit remained stable.

Frequently Asked Questions

Linde's sales in 2025 grew by 3% to $33.986 billion. The key drivers were a 2% increase in price attainment, particularly strong in the Americas and EMEA segments, and a 1% contribution from acquisitions. Volumes remained flat overall, as increases from new project start-ups were offset by declines in base volumes.

Linde's higher pricing and productivity initiatives were effective in offsetting the adverse impacts of cost inflation. This allowed the company to achieve a 3% increase in reported operating profit to $8.923 billion and a 4% increase in adjusted operating profit to $10.137 billion.

Linde demonstrated a strong commitment to returning capital to shareholders in 2025. The company executed share repurchases totaling $4.578 billion and paid $2.811 billion in dividends, reflecting a balance between investing in growth and providing returns to investors.

The Americas segment was the strongest performer in terms of sales growth, up 5%. The EMEA segment saw a significant 10% increase in operating profit, driven by pricing, currency translation, and productivity. The APAC segment experienced flat sales but a 1% increase in operating profit. The Engineering segment's sales decreased by 3% due to project timing, with a slight decrease in operating profit.