01—Abstract
Summary
Summary of the 10-K filed February 25, 2026. Cited figures are marked; the original filing is the authoritative source.
Linde plc reported strong financial performance for the fiscal year ended December 31, 2025, with sales reaching $33.986 billiona, 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 billionb 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 billionc, 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.
02—Key points
Key Highlights
- Sales increased by 3% to $33.986 billion in 2025, driven by price increases and acquisitions.
- Operating profit grew by 3% (reported) to $8.923 billion and 4% (adjusted) to $10.137 billion, benefiting from higher pricing and productivity.
- Net income increased by 5% to $6.898 billion, with diluted EPS rising 7% to $14.61.
- Cash flow from operations significantly increased by $927 million to $10.350 billion.
- The company repurchased $4.578 billion of its ordinary shares and paid $2.811 billion in dividends.
- The Americas segment showed the strongest sales growth at 5%, while EMEA saw a 10% increase in operating profit.
- Despite a 3% decrease in Engineering segment sales, the segment's operating profit remained stable.
03—One dollar
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 25, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $33.99B$33.01B | +3.0% |
| R&D Expenses | $147.00M$150.00M | −2.0% |
| SG&A Expenses | $3.43B$3.34B | +2.9% |
| Operating Income | $8.92B$8.63B | +3.3% |
| Interest Expense | $575.00M$555.00M | +3.6% |
| Net Income | $6.90B$6.57B | +5.1% |
| EPS (Basic) | $14.69$13.71 | +7.1% |
| EPS (Diluted) | $14.61$13.62 | +7.3% |
| Shares Outstanding (Basic) | 469.49M478.77M | −1.9% |
| Shares Outstanding (Diluted) | 472.19M482.09M | −2.1% |
05—Questions
Frequently Asked Questions
What were the primary drivers of Linde's sales growth in 2025?
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.
How did Linde manage cost inflation and what was the impact on profitability?
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.
What is Linde's strategy regarding capital allocation and shareholder returns?
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.
How did the different geographical segments perform in 2025?
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.
06—Continue