LINDE PLC Annual Report, Year Ended Dec 31, 2025

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.