LIN · LINDE PLC

114 filings

LIN SEC Filings

LINDE PLC - 114 total filings

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

Showing 1–50 of 114 filings

LINDE PLC Quarterly Report for Q2 Ended Jun 30, 2026

Linde plc's second-quarter 2026 results show continued top-line and earnings growth. Reported sales rose 9% to $9,289 million, driven by volume (+2%), price/mix (+2%), currency (+2%), acquisitions (+1%), cost pass-through (+1%) and Engineering (+1%). Reported operating profit grew 8% to $2,554 million, though operating margin slipped to 27.5% from 27.7% as cost of sales rose faster than sales (52.3% of sales vs. 50.7%). Reported diluted EPS was $4.15, up 11%, helped by a 2% reduction in diluted shares. On an adjusted basis (excluding Linde AG merger purchase accounting), operating profit rose 7% to $2,744 million, and adjusted diluted EPS was $4.50, up 10%. For the first half, reported net income attributable to Linde rose 10% to $3,785 million, and operating cash flow increased 3% to $4,511 million. Capital deployment remained heavy. Capital expenditures were $2,780 million for the six months, up $253 million, reflecting backlog-driven plant investment, and the company held $8.1 billion of large-project backlog. Linde returned cash through $1,479 million of dividends (the quarterly dividend rose 7% to $1.60) and $1,656 million of net share repurchases, with $5.6 billion left under its 2023 program. Total debt rose to $28.0 billion from $27.0 billion, following new Euro notes issued in May 2026 and repayment of $725 million of 3.20% notes. Liquidity remains ample, with $4.9 billion of cash and undrawn revolving credit facilities totaling $6.5 billion. The filing's main investor watch item is contingent liabilities tied to Russian engineering contracts. Linde reports a $1.8 billion combined liability related to Russia, including a $1.1 billion contingent liability on RCA advance payments and a $0.7 billion contingent liability on Amur GPP matters, and it faces about €0.8 billion of German guarantee claims. Management says these are not expected to have a material adverse effect on consolidated financial position or liquidity, but outcomes are difficult to time and could affect reported results in any given period. Separately, the Brazilian Refis tax dispute and the Linde AG appraisal appeal remain unresolved.

Jul 31, 2026 8-K

LINDE 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.

Jul 31, 2026 8-K

LINDE 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.

Jul 30, 2026 8-K

LINDE 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.

May 13, 2026 8-K

LINDE 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.

May 1, 2026 10-Q

LINDE PLC Quarterly Report for Q1 Ended Mar 31, 2026

Linde plc's first-quarter 2026 10-Q shows continued top-line and profit growth, helped substantially by currency. Reported sales rose 8% to $8,781 million, with currency contributing 5 points, price 2 points, volume 1 point and acquisitions 1 point; Engineering sales fell 1%. Reported operating profit increased 12% to $2,439 million (27.8% margin), while adjusted operating profit (excluding Linde AG merger purchase accounting) rose 8% to $2,630 million, a 30.0% margin, slightly below the prior year's 30.1%. Reported diluted EPS was $3.98, up 13%, and adjusted diluted EPS was $4.33, up 10%. Note that the prior-year quarter included $55 million of cost reduction charges, which flatters the reported growth comparison, and the reported Q1 2026 results include a gain on an Americas divestiture within other income. Cash generation remained solid, with operating cash flow of $2,240 million (up 4%) covering capital expenditures of $1,342 million (up $72 million, tied to backlog-driven plant investment) and dividends of $741 million. Free cash flow after capex and dividends was roughly $157 million, and Linde spent $804 million on net share repurchases, leaving $6.5 billion authorized under the 2023 program. Net debt is modest relative to earnings: total debt was $26.3 billion against $3.96 billion of cash, down from $27.0 billion at year-end, and the company repaid $725 million of maturing notes. Short-term commercial paper rose to $4.5 billion, and the company retains $6.5 billion of undrawn revolving credit facilities. Investors should keep an eye on the contingent liabilities tied to the Russian gas processing and LNG projects (a $1.1 billion contingent liability, a $1.9 billion total of recorded liabilities for the Russia matters, and a $0.8 billion Amur GPP contingent liability), as well as the Brazil tax dispute and German appraisal litigation. Management does not expect these to have a material adverse effect on financial position or liquidity, but timing and outcomes are uncertain. Remaining performance obligations total about $64 billion, supporting visibility into future revenue.

May 1, 2026 10-K

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.

Feb 25, 2026 8-K

LINDE 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.

Feb 5, 2026 8-K

LINDE PLC 8-K Report, Material Agreement (Dec 3, 2025)

Linde plc (LIN) has entered into a new 364-day unsecured revolving credit agreement totaling $1.5 billion. This facility, secured by full and unconditional guarantees from the Company and certain subsidiaries, is intended for general corporate purposes. The agreement provides flexibility with borrowing options in multiple currencies, including USD, Sterling, and Euros, and includes provisions for swingline loans up to $50 million (USD) and €25 million (EUR). Notably, the Credit Agreement does not contain a financial maintenance covenant, which is a positive sign for operational flexibility. The company has the option to convert outstanding revolving loans into non-revolving term loans, payable one year after the commitment termination date. As of the filing date, there were no outstanding borrowings under this new facility, indicating strong liquidity and no immediate need for these funds.

Dec 3, 2025 8-K

LINDE PLC 8-K Report, Corporate Update (Nov 20, 2025)

Linde plc has filed an 8-K to announce the issuance of €1.75 billion in new debt across three tranches: €600 million in Floating Rate Notes due 2027, €650 million in 3.125% Notes due 2032, and €500 million in 3.750% Notes due 2038. The company expects to receive approximately €1,737 million in net proceeds after fees, which will be utilized for general corporate purposes. These new notes have been admitted for trading on the Euro MTF market of the Luxembourg Stock Exchange, indicating their availability to a broad investor base. This debt issuance is part of Linde's established European debt issuance program, which has been updated and supplemented. The notes are unsecured and are guaranteed by Linde GmbH and Linde Inc., wholly-owned subsidiaries, providing an additional layer of credit support. The aggregate principal amount authorized under the program is €20 billion, and this issuance is within that framework. Investors should note that these securities were issued under Regulation S of the U.S. Securities Act of 1933 and are not registered in the U.S., meaning they are primarily offered outside the United States to non-U.S. persons.

Nov 20, 2025 8-K

LINDE PLC 8-K Report, Financial Results (Oct 31, 2025)

Linde plc (LIN) furnished its third-quarter 2025 results via an 8-K (Item 2.02) dated October 31, 2025, with the full press release attached as Exhibit 99.1. Sales were $8.6 billion, up 3% year over year, with underlying sales up 2% from price while volumes were flat and acquisitions added 1%. GAAP diluted EPS rose 27% to $4.09, and adjusted EPS was $4.21, up 7%. Adjusted operating profit reached $2.6 billion (up 3%) at a 29.7% margin, 10 basis points above the prior year. Operating cash flow grew 8% to $2.9 billion, and free cash flow was $1.67 billion after $1.28 billion of capex. The company returned $1.685 billion to shareholders through dividends and buybacks, net of issuances. Segment performance was mixed. Americas sales grew 6% with a 31.2% margin, slightly down year over year. APAC sales rose 1% but underlying sales fell 1% on lower helium pricing, and margin declined 90 basis points. EMEA margin improved 260 basis points to 35.9% despite a 3% volume decline. Linde Engineering sales fell 15% to $519 million, though its backlog stood at $2.9 billion. Management guided Q4 2025 adjusted EPS to $4.10-$4.20 and full-year 2025 adjusted EPS to $16.35-$16.45 (up 5-6%), with currency expected to be flat for the year. Full-year capex is expected at $5.0-$5.5 billion, including a $7.1 billion contractual sale-of-gas project backlog. CEO Sanjiv Lamba described the industrial backdrop as stagnant and said management remains guarded on near-term recovery.

Oct 31, 2025 10-Q

LINDE PLC Quarterly Report for Q3 Ended Sep 30, 2025

Linde plc's third-quarter 2025 10-Q shows continued operational momentum. Q3 sales rose 3% to $8,615 million, driven mainly by 2% higher price attainment, 1% from acquisitions and 1% from currency, with flat volumes. Reported operating profit grew 13% to $2,367 million and reported diluted EPS rose 27% to $4.09, though much of the reported improvement reflects lower cost reduction charges and lower merger-related purchase accounting amortization. On an adjusted basis, operating profit grew 3% to $2,558 million (29.7% margin) and adjusted diluted EPS rose 7% to $4.21. For the nine months, adjusted EPS grew 6% to $12.26 and operating cash flow rose 11% to $7,320 million. The balance sheet expanded meaningfully. Total assets reached $85.99 billion, up from $80.15 billion at year-end 2024, driven by higher PP&E from a $3.8 billion capex program tied to backlog growth and a $5.3 billion receivables balance. Total debt rose to $25.9 billion from $21.6 billion, including $5.0 billion of short-term debt, and the company issued multiple euro, Swiss franc and other bonds during the period. Linde continued returning capital, repurchasing $3.2 billion of shares and paying $2.1 billion in dividends, with the quarterly dividend raised 8% to $1.50 per share. Free cash flow after capex was roughly $3.5 billion year to date. The principal risk flagged is ongoing Russia-related litigation with RusChemAlliance and Gazprom. Linde reports contingent liabilities of about $1.9 billion for Russia matters and a $0.7 billion Amur GPP contingency, plus a $1.2 billion contingent liability tied to terminated RCA engineering projects. Management believes these will not have a material adverse earnings impact, but timing is uncertain. The Brazilian Refis tax dispute and the Linde AG appraisal appeal also remain open. Engineering sales declined 15% in Q3 on project timing, and volumes in EMEA fell.

Oct 31, 2025 8-K

LINDE PLC 8-K Report, Executive Changes (Sep 29, 2025)

Linde plc announced significant leadership changes via an 8-K filing on September 29, 2025. The most notable change is the upcoming retirement of Chairman Stephen F. Angel, effective January 31, 2026. In preparation for this transition, CEO Sanjiv Lamba will assume the additional role of Chairman of the Board upon Mr. Angel's retirement, with Robert Wood continuing as Lead Independent Director. This move consolidates leadership at the top, aligning the CEO and Chairman roles under Lamba. Furthermore, Linde has appointed Sean Durbin as its new Chief Operating Officer (COO), effective October 1, 2025. Durbin brings extensive operational and leadership experience from his various roles within Linde and its predecessor, Praxair, Inc., including his recent position as EVP-North America. This appointment signals a focus on operational execution and management continuity as the company navigates future growth and strategic initiatives.

Sep 29, 2025 8-K

LINDE PLC 8-K Report, Executive Changes (Aug 7, 2025)

Linde plc has filed an 8-K to announce a significant leadership transition within its Human Resources department. Effective September 1, 2025, Executive Vice President and Chief Human Resources Officer David Strauss will step down from his executive officer role, retiring from the company on March 31, 2026, after a distinguished 35-year tenure. This change marks the end of an era for a long-serving executive. Following Mr. Strauss's departure from his executive role, Desiree Bacher has been appointed as the new Senior Vice President and Chief Human Resources Officer, effective September 1, 2025. Ms. Bacher currently holds the position of Senior Vice President-Communications, AI, & Corporate Procurement, indicating a strategic internal promotion and likely a continuation of established HR strategies or an integration of new areas of focus. Investors should monitor how Ms. Bacher's leadership influences Linde's talent management, employee relations, and corporate culture moving forward.

Aug 7, 2025 8-K

LINDE PLC 8-K Report, Shareholder Vote Results (Aug 1, 2025)

Linde plc filed an 8-K report on August 1, 2025, detailing the outcomes of its Annual General Meeting (AGM) held on July 29, 2025. The meeting saw strong shareholder participation, with over 83% of outstanding shares present or represented by proxy, indicating significant investor engagement. Key resolutions included the election of directors, ratification of the independent auditor, and approval of executive compensation, all of which passed with substantial support, reflecting shareholder confidence in the company's governance and management. The meeting also addressed proposals related to auditor remuneration and the re-allotment of treasury shares, both receiving high approval rates. Notably, a shareholder proposal requesting a report on lobbying and trade association alignment with climate goals was not acted upon due to the proponent's absence. Overall, the AGM results suggest a stable and supportive shareholder base, with broad approval for the board's proposed actions and compensation structures. Investors can interpret these outcomes as positive indicators of leadership stability and alignment on key corporate governance matters.

Aug 1, 2025 8-K

LINDE PLC 8-K Report, Financial Results (Aug 1, 2025)

Linde plc (Nasdaq: LIN) reported second-quarter 2025 results on August 1, 2025, showing modest top-line growth and stronger profitability. Sales were $8.5 billion, up 3% year over year, though underlying sales rose only 1%, with 2% price gains partly offset by 1% lower volumes concentrated in the manufacturing end market. Adjusted operating profit reached $2.6 billion, up 6%, and the adjusted operating margin expanded 80 basis points to 30.1%, reflecting higher pricing and productivity initiatives across all segments. GAAP diluted EPS was $3.73, up 8%, and adjusted EPS was $4.09, up 6%. Cash generation was solid. Operating cash flow rose 15% to $2.2 billion, and after $1.26 billion of capital expenditures, free cash flow was $954 million. Linde returned $1.8 billion to shareholders via dividends and net buybacks during the quarter. Management guided full-year 2025 adjusted EPS to $16.30–$16.50 (up 5–6%, or 4–5% excluding currency tailwinds) and Q3 adjusted EPS to $4.10–$4.20. Full-year capex is expected at $5.0–$5.5 billion, including the $7.1 billion sale-of-gas project backlog. Management described a more measured macro view for the second half, which tempers the outlook for industrial volumes.

Aug 1, 2025 10-Q

LINDE PLC Quarterly Report for Q2 Ended Jun 30, 2025

Linde plc's Q2 2025 10-Q shows steady top-line and profit growth. Reported sales rose 3% to $8,495 million in the quarter (1% year-to-date to $16,607 million), driven by 2% price/mix, 1% cost pass-through and 1% acquisitions, partly offset by 1% lower volumes. Reported operating profit grew 8% to $2,354 million (27.7% margin), and adjusted operating profit (excluding Linde AG merger purchase accounting) rose 6% to $2,556 million with a 30.1% margin. Diluted EPS was $3.73 reported ($4.09 adjusted), up 8% and 6% respectively, helped by a roughly 2% reduction in diluted share count from buybacks. Cash generation was solid, with operating cash flow of $4,372 million for the six months (up 13%), but capital spending rose to $2,527 million, pushing free cash flow lower than the prior-year period after accounting for higher debt-funded investment. Linde returned about $3.6 billion to shareholders in the first half through $2,207 million of net buybacks and $1,412 million of dividends (quarterly dividend raised 8% to $1.50). Total debt increased to $25.9 billion from $21.6 billion at year-end 2024, reflecting new euro, Swiss franc and other bond issuances, though the company retains $6.5 billion of undrawn revolving credit capacity and no financial maintenance covenants. The most material risk flagged is the Russia-related litigation with RusChemAlliance, where Linde carries $1.9 billion of recorded liabilities and disclosed contingent liabilities of $1.2 billion (RCA contract terminations) and $0.7 billion (Amur GPP matters). Management does not expect a material adverse impact on earnings, though timing of resolution is uncertain. Other items include a $1.9 billion-plus OBBBA tax benefit expected from 100% bonus depreciation and domestic R&D expensing enacted July 4, 2025, and a backlog of large projects under construction of about $7.1 billion.

Aug 1, 2025 8-K

LINDE PLC 8-K Report, Corporate Update (Jun 5, 2025)

Linde plc (LIN) has filed an 8-K report detailing the issuance of new debt securities on June 4, 2025. The company issued ₣225 million in 0.6150% Notes due 2029 and ₣275 million in 1.0629% Notes due 2033, totaling ₣500 million. These notes were issued under the company's European debt issuance programme, which is valid for one year from May 8, 2025, and can support up to €20 billion in outstanding notes. The net proceeds from this offering amount to approximately ₣498.6 million, which will be utilized for general corporate purposes. The notes have been admitted to the official list of the SIX Swiss Exchange for trading. This issuance is part of Linde's ongoing strategy to manage its capital structure and fund its operations. Investors should note that these notes are unsecured and guaranteed by Linde's German and US subsidiaries, and they were issued under Regulation S of the U.S. Securities Act of 1933, meaning they are not registered with the SEC and have restrictions on sale within the United States.

Jun 5, 2025 10-Q

LINDE PLC Quarterly Report for Q1 Ended Mar 31, 2025

Linde plc's first-quarter 2025 10-Q shows a company holding sales flat at $8,112 million versus $8,100 million a year earlier, while reported operating profit rose 4% to $2,184 million (26.9% margin) and reported diluted EPS grew 5% to $3.51. Growth was driven by price attainment (+2%) and productivity initiatives, which offset a 1% volume decline and a 3% currency headwind from the weaker Brazilian real, Mexican peso and euro. Adjusted operating profit, which excludes Linde AG merger purchase accounting and $55 million of cost reduction charges, rose 4% to $2,438 million (30.1% margin), and adjusted diluted EPS rose 5% to $3.95. Cash generation and capital deployment were strong. Operating cash flow increased 11% to $2,161 million, while capital expenditures rose to $1,270 million, driven by new plant investment against a backlog of large projects of about $7.0 billion. Linde returned roughly $1.8 billion to shareholders through $1,111 million of share purchases and $708 million of dividends, and it funded the gap with net new debt. Total debt climbed to $23.9 billion from $21.6 billion after a February 2025 euro-denominated bond issuance, and cash rose to $5.3 billion. The main investor watch items are the Russia-related legal exposure and the company's rising leverage. Linde carries $1.8 billion in recorded liabilities tied to the RusChemAlliance dispute, plus contingent liabilities of $1.1 billion and $0.7 billion for the Russian claims and Amur GPP matters, and it expects no material earnings impact. Reported net income attributable to Linde rose 3%, and the reported effective tax rate increased to 23.4% due to lower share-based compensation tax benefits.

May 1, 2025 8-K

LINDE PLC 8-K Report, Financial Results (May 1, 2025)

Linde plc (Nasdaq: LIN) reported first-quarter 2025 results on May 1, 2025, with sales flat year-over-year at $8.1 billion (underlying sales up 1%, driven by 2% price attainment partially offset by 1% lower volumes). Net income was $1,673 million and diluted EPS was $3.51, up 5%. Excluding Linde AG purchase accounting impacts and other charges, adjusted EPS was $3.95, up 5% year-over-year (8% excluding currency effects). Adjusted operating profit rose 4% to $2.4 billion, and the adjusted operating margin expanded 120 basis points to 30.1%, reflecting pricing and productivity gains across all segments. Cash generation was solid. Operating cash flow rose 11% to $2.2 billion, and after $1.27 billion of capital expenditures, free cash flow was $891 million. The company returned $1.8 billion to shareholders through dividends and net buybacks. Management cited a return on capital of 25.7%, and the Americas and EMEA segments drove most of the profit strength, with EMEA's operating margin up 260 basis points. Guidance points to modest near-term growth with currency headwinds. Full-year 2025 adjusted EPS is guided to $16.20–$16.50 (up 4–6%, or 6–8% excluding an estimated 2% FX headwind), and Q2 adjusted EPS is guided to $3.95–$4.05. Full-year capex is expected at $5.0–$5.5 billion, including support for a $7.0 billion contractual sale-of-gas project backlog. Management remains cautious on the macroeconomic outlook, with volume weakness in manufacturing and metals & mining the main drag. This filing is a furnished press release under Item 2.02, not a financial statement filing, so the figures are unaudited.

May 1, 2025 10-K

LINDE PLC Annual Report, Year Ended Dec 31, 2024

Linde plc reported flat sales of $33,005 million for the fiscal year 2024, with growth primarily driven by a 2% increase in price attainment across the Americas and EMEA segments, which offset flat volumes and a 1% decrease from cost pass-through and currency translation. Despite flat sales, reported operating profit saw a robust 8% increase to $8,635 million, supported by higher pricing and productivity initiatives that outpaced cost inflation and currency impacts. This translated to a 6% rise in reported net income to $6,565 million and a 8% increase in diluted earnings per share to $13.62. The company generated strong operating cash flow of $9,423 million, up slightly from the prior year. Significant capital allocation included $4,497 million for capital expenditures, $4,451 million for share repurchases, and $2,655 million for dividends, reflecting a continued commitment to returning value to shareholders while investing in growth. Linde's diversified business model across numerous industries and geographies provides resilience against economic cycles. The company's substantial backlog of $7.1 billion for large projects under construction suggests continued investment and future revenue opportunities, particularly in clean energy technologies like hydrogen. Looking ahead, Linde continues to focus on operational efficiency, pricing power, and strategic investments in high-growth areas. The company's strong financial position, supported by significant credit facilities and a commitment to maintaining strong credit ratings, positions it well to navigate potential economic uncertainties and pursue strategic growth opportunities.

Feb 26, 2025 8-K

LINDE PLC 8-K Report, Corporate Update (Feb 18, 2025)

Linde plc (LIN) has announced the issuance of €2,234 million in aggregate principal amount of senior unsecured notes across three tranches with varying maturities and coupon rates. The issuance includes €850 million of 2.625% Notes due 2029, €750 million of 3.000% Notes due 2033, and €650 million of 3.250% Notes due 2037. These notes were issued under the Company's established European debt issuance program and have been admitted to the official list of the Luxembourg Stock Exchange. The net proceeds from this offering, amounting to approximately €2,234 million after deducting fees, are designated for general corporate purposes. The notes are guaranteed by Linde GmbH and Linde Inc., wholly-owned subsidiaries, reinforcing the overall creditworthiness of the debt issuance. This move signals Linde's strategic approach to financing its operations and potentially future growth initiatives through diversified debt capital markets.

Feb 18, 2025 8-K

LINDE PLC 8-K Report, Financial Results (Feb 6, 2025)

Linde plc (Nasdaq: LIN) reported full-year and fourth-quarter 2024 results on February 6, 2025, furnished under Item 2.02 of this 8-K. Full-year 2024 sales were $33.0 billion, flat year over year, with underlying sales up 2% driven by price attainment and stable volumes. Adjusted operating profit rose 7% to $9.7 billion, lifting the adjusted operating margin to 29.5%, up 190 basis points. Diluted EPS was $13.62 (up 8%), and adjusted EPS was $15.51 (up 9%, or 10% excluding currency). Fourth-quarter adjusted operating margin expanded 250 basis points to 29.9%, and adjusted EPS of $3.97 rose 11%, or 13% excluding currency headwinds. Operating cash flow was $9.4 billion for the year, with $4.5 billion of capex, leaving substantial free cash flow that funded $7.1 billion of dividends and net buybacks. Management's 2025 guidance calls for adjusted EPS of $16.15 to $16.55, representing 4% to 7% growth reported, or 8% to 11% excluding estimated currency headwinds. Q1 2025 adjusted EPS guidance is $3.85 to $3.95, which includes an assumed 4% unfavorable currency impact. Capital expenditures are expected to be $5.0 billion to $5.5 billion, including the contractual sale of gas backlog. The company ended 2024 with a total project backlog of $10.4 billion, including a largest-ever product supply agreement tied to clean energy projects. The main risk to the outlook is currency translation, which management has flagged as weakening macro conditions persist. For investors, the filing shows steady pricing-driven margin expansion and disciplined capital returns, with the currency headwind the key variable for the 2025 earnings trajectory. The filing itself is a routine earnings disclosure; the detailed financials appear in the attached press release exhibit, which should be reviewed alongside the Form 10-K risk factors.

Feb 6, 2025 8-K

LINDE PLC 8-K Report, Material Agreement (Dec 4, 2024)

Linde plc has entered into a new unsecured 364-day revolving credit agreement totaling $1.5 billion, effective December 4, 2024. This facility, secured by guarantees from Linde plc and certain subsidiaries, is intended for general corporate purposes and provides flexibility in borrowing various currencies. The agreement includes provisions for conversion into term loans and features interest rates tied to benchmark rates like SOFR, EURIBOR, and SONIA, adjusted by a ratings-based pricing grid. This credit line offers significant liquidity and financial flexibility for Linde's ongoing operations and strategic initiatives. The absence of financial maintenance covenants is a positive indicator of the company's strong financial standing and confidence from its banking partners. As of the filing date, no funds have been drawn from this facility, indicating robust current liquidity.

Dec 4, 2024 8-K

LINDE PLC 8-K Report, Executive Changes (Dec 2, 2024)

This 8-K filing from Linde PLC details the retirement agreement for John Panikar, former Executive Vice President-APAC. While Mr. Panikar's executive officer role concluded on November 1, 2024, he will continue in a non-executive capacity until his official retirement on March 31, 2025. This transition period includes continued salary and benefits, with eligibility for a 2024 variable compensation bonus. Key financial aspects for investors revolve around the severance package Mr. Panikar will receive upon his retirement. This includes a substantial cash severance totaling over $860,000, plus a performance-based component tied to 2025 corporate performance, and continued health benefits. The agreement also reaffirms Mr. Panikar's existing non-compete and non-solicitation obligations, ensuring protection of Linde's business interests.

Dec 2, 2024 8-K

LINDE PLC 8-K Report, Executive Changes (Nov 4, 2024)

Linde plc (LIN) has filed an 8-K to announce a key executive transition within its Asia-Pacific (APAC) region. Effective November 1, 2024, John Panikar, Executive Vice President of APAC, will step down from his executive officer role to retire on March 31, 2025, after a distinguished 33-year tenure with the company. This transition marks the end of an era for a long-standing leader in a critical growth market for Linde. To ensure continuity and strategic execution in the APAC region, Linde has appointed Binod Patwari as the new Senior Vice President of APAC, effective November 1, 2024. Mr. Patwari, previously the Managing Director of Linde's South Pacific Region, will assume responsibility for all APAC operations, business plan execution, and strategic development. This appointment signifies Linde's confidence in internal talent to lead its significant operations in this vital geographical area.

Nov 4, 2024 10-Q

LINDE PLC Quarterly Report for Q3 Ended Sep 30, 2024

Linde plc's Q3 2024 10-Q shows steady underlying performance. Reported sales rose 2% to $8,356 million, driven by 2% price gains, with flat volumes, a 1% currency headwind and a 1% cost pass-through headwind. Reported operating profit rose 2% to $2,086 million, but adjusted operating profit (excluding Linde AG purchase accounting and cost reduction charges) grew 7% to $2,477 million, with the adjusted operating margin expanding to 29.6% from 28.3%. Reported diluted EPS was $3.22 (up 1%), while adjusted diluted EPS was $3.94 (up 9%), helped by a 2% lower diluted share count from buybacks. The quarter included $145 million of cost reduction program and other charges, mainly severance, which weighed on reported results. Nine-month results are stronger: reported net income attributable to Linde rose 4% to $4,840 million, and operating cash flow was $6,614 million, up 1%. Capital expenditures rose sharply to $3,247 million, up $611 million, reflecting growth investment tied to a $7.0 billion large-project backlog. Balance sheet leverage increased. Long-term debt rose to $17,475 million from $13,397 million after several Euro bond issuances, while short-term commercial paper fell. Net debt reached $17.1 billion versus $14.7 billion at year-end 2023. Linde also repurchased $3.1 billion of shares year-to-date and paid $2.0 billion in dividends. The most significant risk disclosed is the Russia dispute with RusChemAlliance, where Linde carries a $1.2 billion contingent liability. Management says it does not expect a material earnings impact.

Oct 31, 2024 8-K

LINDE PLC 8-K Report, Financial Results (Oct 31, 2024)

Linde plc (LIN) filed an 8-K on October 31, 2024, to report its financial results for the quarter ended September 30, 2024. The core of this filing is the press release furnished as Exhibit 99.1, which contains the company's operational and financial performance for the period. Investors should refer to this press release for detailed metrics, earnings per share, revenue figures, and any forward-looking statements or guidance provided by the company. While the 8-K itself is a procedural filing to announce the results, the accompanying press release is the crucial document for understanding Linde's recent performance. It will likely cover key financial indicators and provide management's commentary on business trends, segment performance, and strategic initiatives. Investors seeking to assess Linde's current financial health and future prospects should closely examine the details within Exhibit 99.1.

Oct 31, 2024 10-Q

LINDE PLC Quarterly Report for Q2 Ended Jun 30, 2024

Linde plc's Q2 2024 10-Q shows steady, pricing-driven performance. Quarterly sales rose 1% to $8,267 million, with price/mix up 3% offsetting a 2% currency headwind, flat volumes, and a 1% cost pass-through drag. Reported operating profit grew 9% to $2,184 million (26.4% margin), and adjusted operating profit (excluding Linde AG merger purchase accounting and other charges) rose 6% to $2,422 million (29.3% margin). Reported diluted EPS was $3.44, up 8%, and adjusted diluted EPS was $3.85, up 8%. Six-month results were similar, with reported diluted EPS of $6.79 (up 9%) and sales flat at $16,367 million. Cash generation softened while investment accelerated. Operating cash flow fell 4% to $3,883 million for the first half, driven by working capital needs and lower engineering advance payments. Capital expenditures rose to $2,181 million (up $493 million) for backlog-driven plant builds, pushing free cash flow lower. Shareholder returns remained substantial, with $2,481 million in gross share buybacks and $1,334 million in dividends in the half. Funding came largely from new debt: total debt rose to $21.5 billion from $19.4 billion, including a February and June issuance of several euro-denominated notes. Cash stood at $4.6 billion, and $6.5 billion of undrawn revolving credit facilities remained with no financial maintenance covenants. Risk items warrant attention. Linde disclosed a $1.2 billion contingent liability tied to terminated Russian engineering projects, along with a St. Petersburg court judgment against its Russian assets, which management says is not expected to have a material earnings impact. Brazilian tax disputes and a German appraisal proceeding also remain open. Interest expense rose 35% to $70 million in the quarter as borrowing costs increased, and the effective tax rate rose to 23.5%. Management reiterated that the company retains access to capital markets and that the Moody's and S&P ratings remain strong.

Aug 2, 2024 8-K

LINDE PLC 8-K Report, Financial Results (Aug 2, 2024)

Linde plc (Nasdaq: LIN) reported second-quarter 2024 results that combined modest top-line growth with strong margin expansion and a raised underlying earnings trajectory. Sales were $8,267 million, up 1% reported and 3% on an underlying basis, with growth driven entirely by price as volumes were flat. Adjusted operating profit rose 6% to $2,422 million, and the adjusted operating margin expanded 140 basis points to 29.3%. Adjusted diluted EPS was $3.85, up 8%, while GAAP diluted EPS was $3.44, up 8% as well. Management highlighted an after-tax adjusted return on capital of 25.7%. Cash generation was softer this quarter. Operating cash flow fell 10% to $1,929 million, primarily due to the timing of engineering project prepayments, and free cash flow was $796 million after $1,133 million of capital expenditures. Linde returned $2,100 million to shareholders through dividends and net buybacks during the quarter. Net debt rose to about $16.9 billion from $14.7 billion at year-end 2023, reflecting the timing of cash returns and capital spending, and reported long-term debt increased to $16.9 billion from $13.4 billion. Looking forward, Linde guided full-year 2024 adjusted EPS to $15.40 to $15.60, implying 8% to 10% growth reported, or 9% to 11% excluding an estimated 1% currency headwind. Third-quarter adjusted EPS is guided to $3.82 to $3.92. Full-year capital expenditures are expected at $4.0 to $4.5 billion, including the $4.7 billion contractual sale-of-gas project backlog. Management characterized the economic environment as uncertain but expressed confidence in winning a fair share of high-quality projects.

Aug 2, 2024 8-K

LINDE PLC 8-K Report, Shareholder Vote Results (Aug 2, 2024)

Linde plc held its Annual General Meeting (AGM) on July 30, 2024, with a strong shareholder turnout of 84.22%. The meeting primarily focused on voting for director nominees, ratification of PricewaterhouseCoopers (PWC) as the independent auditor, executive compensation, and the re-allotment price range for treasury shares. All ten director nominees were overwhelmingly elected, indicating strong board support. Shareholders also overwhelmingly ratified the appointment of PWC as the independent auditor and approved the authorization for the Board to determine PWC's remuneration. Additionally, advisory votes on executive compensation and the price range for treasury share re-allotment received significant approval, underscoring shareholder confidence in the company's governance and operational decisions.

Aug 2, 2024 8-K

LINDE PLC 8-K Report, Corporate Update (Jun 4, 2024)

Linde plc (LIN) has announced the successful issuance of €2.176 billion in aggregate principal amount of senior notes across three tranches: €750 million of 3.375% Notes due 2030, €750 million of 3.500% Notes due 2034, and €700 million of 3.750% Notes due 2044. These notes were issued under the company's updated European debt issuance programme, which has an authorized aggregate principal amount of up to €15 billion. The proceeds from this offering will be utilized for general corporate purposes, which provides the company with increased financial flexibility. The notes have been admitted to trading on the Euro MTF market of the Luxembourg Stock Exchange, indicating enhanced liquidity and accessibility for investors in the European market. The issuance reinforces Linde's established debt program and is supported by guarantees from its wholly-owned subsidiaries, Linde GmbH and Linde Inc.

Jun 4, 2024 10-Q

LINDE PLC Quarterly Report for Q1 Ended Mar 31, 2024

Linde plc's first quarter 2024 results show top-line softness but solid profit growth. Reported sales fell 1% to $8,100 million, as 2% price gains were offset by a 1% volume decline and a 2% drag from cost pass-through. Reported operating profit rose 8% to $2,095 million, with the operating margin expanding to 25.9% from 23.6%. Adjusted operating profit (excluding Linde AG purchase accounting and other charges) grew 6% to $2,341 million, a 28.9% margin. Reported diluted EPS rose 9% to $3.35, and adjusted diluted EPS rose 10% to $3.75, helped by lower diluted share count from buybacks. Cash generation and capital allocation were the main themes. Operating cash flow was $1,954 million, up 2%, while capital expenditures increased to $1,048 million to support backlog growth. Linde returned capital through $669 million in dividends (quarterly dividend raised 9% to $1.39 per share) and $1,041 million in share repurchases. Total debt rose to $20.3 billion as the company issued about €2.25 billion of new notes in February, and net debt increased to $15.5 billion. Cash stood at $4.8 billion, and the company had undrawn revolvers totaling $6.5 billion. Key watch items include the Russia-related litigation, where a St. Petersburg court ruled in favor of RusChemAlliance in February 2024, though Linde has recorded a $1.2 billion contingent liability and expects no material earnings impact. Engineering segment operating profit fell 33% due to the prior year's benefit from wind-down of Russian projects. Currency translation was a significant drag on equity, with other comprehensive loss of $738 million, mainly from a $744 million translation adjustment as the U.S. dollar strengthened against major currencies.

May 2, 2024 8-K

LINDE PLC 8-K Report, Financial Results (May 2, 2024)

Linde plc (Nasdaq: LIN) reported first-quarter 2024 results on May 2, 2024 that were solid on profitability despite flat-to-lower top-line performance. Reported sales were $8.1 billion, down 1% year over year, with underlying sales up 1% driven by 2% price attainment, partially offset by 1% lower volumes concentrated in manufacturing. The real story is margin expansion: adjusted operating profit rose 6% to $2.34 billion, and the adjusted operating margin reached 28.9%, up 200 basis points, with management crediting higher pricing and productivity initiatives across all segments. Reported GAAP diluted EPS was $3.35 (up 9%), while adjusted diluted EPS was $3.75 (up 10%), with the gap driven mainly by Linde AG merger purchase accounting impacts (about $0.41 per share). Cash generation and capital returns were healthy but tighter. Operating cash flow was $1.95 billion (up 2%), capital expenditures were $1.05 billion, and free cash flow was $906 million, down from $1,079 million a year earlier. Linde returned $1.69 billion to shareholders through dividends and net buybacks. Net debt on an adjusted basis rose to roughly $15.5 billion from about $14.7 billion at year-end 2023, and long-term debt increased meaningfully, which investors may want to monitor alongside the buyback and dividend pace. Adjusted after-tax return on capital improved to 25.6%. Guidance was reaffirmed in the form of ranges. Management expects Q2 2024 adjusted EPS of $3.70 to $3.80 and full-year 2024 adjusted EPS of $15.30 to $15.60, implying 8% to 10% growth (9% to 11% excluding an estimated 1% currency headwind). Full-year capex is expected at $4.0 to $4.5 billion, including a $4.9 billion contractual sale-of-gas project backlog. Management noted continued economic uncertainty, though it expressed confidence in the operating model. Investors should note that the adjusted figures exclude Linde AG purchase accounting effects, and that adjusted EPS guidance is a non-GAAP measure.

May 2, 2024 8-K

LINDE PLC 8-K Report, Executive Changes (Apr 30, 2024)

Linde plc (LIN) has filed an 8-K report on April 30, 2024, primarily to announce the retirement of Martin H. Richenhagen from its Board of Directors, effective April 29, 2024. This departure aligns with the company's Director Tenure & Resignation Policy, indicating a structured approach to board refreshment. While the report does not contain financial results or strategic operational updates, it marks a change in the composition of the board.

Apr 30, 2024 8-K

LINDE PLC 8-K Report, Executive Changes (Feb 28, 2024)

Linde plc announced on February 27, 2024, a significant addition to its Board of Directors with the election of Paula Rosput Reynolds as a new independent director, effective immediately. Ms. Reynolds brings valuable experience and will enhance the board's oversight capabilities by serving on both the Audit Committee and the Sustainability Committee. This strategic appointment is aimed at strengthening corporate governance and furthering Linde's commitment to robust financial scrutiny and environmental, social, and governance (ESG) principles. Investors should note that Ms. Reynolds will participate in Linde's standard non-management director compensation program. This filing primarily concerns the board composition change, with no other material financial updates or operational disclosures provided in this particular 8-K. The company continues to focus on governance enhancements as a key aspect of its corporate strategy.

Feb 28, 2024 10-K

LINDE PLC Annual Report, Year Ended Dec 31, 2023

Linde plc's 2023 10-K filing reveals a resilient performance despite a slight dip in sales. The company reported total sales of $32,854 million, a 2% decrease year-over-year, primarily attributed to lower volumes and a decrease in cost pass-through. However, strong pricing initiatives across all segments largely offset these declines, contributing positively to profitability. Adjusted operating profit saw a robust 15% increase, driven by effective pricing strategies and productivity enhancements, demonstrating the company's ability to manage cost inflation and operational efficiencies. Financially, Linde demonstrated strong cash flow generation, with operating cash flow up by $441 million to $9,305 million. The company continued its commitment to shareholder returns through significant share repurchases totaling $3,925 million and dividends of $2,482 million. Linde also strategically increased its capital expenditures by $614 million to $3,787 million, indicating continued investment in growth opportunities, notably with 63% allocated to the Americas segment, primarily driven by the nexAir acquisition. The company maintained a strong financial position with robust credit ratings, underscoring its financial stability.

Feb 28, 2024 8-K

LINDE PLC 8-K Report, Corporate Update (Feb 14, 2024)

Linde plc (LIN) announced on February 14, 2024, the issuance of €2,250 million in aggregate principal amount of senior notes across three tranches: €700 million of 3.000% Notes due 2028, €850 million of 3.200% Notes due 2031, and €700 million of 3.400% Notes due 2036. The net proceeds from this offering, approximately €2,238 million after fees, are intended for general corporate purposes. These notes were issued under Linde's existing European debt issuance program, which has an authorized aggregate principal amount of €10 billion. The issuance is supported by guarantees from Linde GmbH and Linde Inc., both wholly-owned subsidiaries. The notes have been admitted to the official list of the Luxembourg Stock Exchange and will trade on its Euro MTF market. This filing details the terms of the notes and the agreements governing their issuance and management.

Feb 14, 2024 8-K

LINDE PLC 8-K Report, Financial Results (Feb 6, 2024)

Linde plc (LIN) reported fourth-quarter and full-year 2023 results on February 6, 2024. Full-year reported sales were $32.9 billion, down 2% year over year, but underlying sales rose 5% on 6% price gains partly offset by 1% lower volumes; the reported decline reflects currency and the drag from prior-year items. Reported operating profit was $8.0 billion, while adjusted operating profit rose 15% to $9.1 billion, with the adjusted operating margin expanding 390 basis points to 27.6%. Adjusted diluted EPS grew 16% to $14.20 versus $12.29, and reported diluted EPS was $12.59. Management highlighted a 25.4% adjusted after-tax return on capital, $9.3 billion of operating cash flow, $3.8 billion of capex, and $6.4 billion returned to shareholders via dividends and buybacks. Fourth-quarter results were similarly strong: sales of $8.3 billion rose 5%, adjusted operating profit grew 14% to $2.3 billion, and adjusted EPS of $3.59 rose 14%. Free cash flow in the quarter was $1.6 billion, and the company ended the year with a $8.5 billion project backlog that management believes will support future earnings growth. Segment performance was broadly positive, with Americas and EMEA margins expanding meaningfully on pricing and cost pass-through, while Linde Engineering sales rose 17% but its margin was lower. Looking ahead, Linde guided 2024 adjusted EPS to $15.25 to $15.65 (up 7% to 10%, or 8% to 11% excluding currency headwinds) and first-quarter adjusted EPS to $3.58 to $3.68. Full-year 2024 capex is expected at $4.5 billion to $5.0 billion. Investors should note that the company's adjusted metrics exclude Linde AG merger purchase accounting effects (about $1.0 billion of operating profit impact in 2023) and other charges, so the GAAP figures are materially lower than the adjusted headline numbers.

Feb 6, 2024 8-K

LINDE PLC 8-K Report, Material Agreement (Dec 6, 2023)

Linde plc announced on December 6, 2023, the entry into a new unsecured 364-day revolving credit agreement totaling $1.5 billion. This facility, with Bank of America, N.A. as administrative agent and a syndicate of lenders, provides Linde and certain subsidiaries with access to funds for general corporate purposes. The agreement allows for borrowings in various major currencies, including USD, Pounds Sterling, and Euros, with specific provisions for swingline loans. The credit agreement's structure is designed for flexibility, with the option to convert outstanding balances into term loans due one year after the commitment termination date. Notably, the agreement does not include a financial maintenance covenant, which is a positive signal for financial flexibility. As of the filing date, there were no outstanding borrowings under this new facility, indicating a proactive approach to liquidity management by Linde.

Dec 6, 2023 10-Q

LINDE PLC Quarterly Report for Q3 Ended Sep 30, 2023

Linde plc's Q3 2023 10-Q shows a quarter that was mixed on the reported line but strong on an underlying basis. Reported sales fell 7% to $8,155 million, driven by lower cost pass-through energy charges (-6%), Engineering project timing (-4%), and lower volumes (-2%), partly offset by 5% higher pricing. Reported operating profit rose 27% to $2,052 million (25.2% margin), helped by lower merger-related depreciation and amortization, and diluted EPS rose 26% to $3.19. Adjusted operating profit, which excludes Linde AG purchase accounting and other charges, grew 15% to $2,306 million (28.3% margin), and adjusted diluted EPS was $3.63, up 17%. Management attributes the underlying improvement mainly to pricing and productivity gains, which more than offset cost inflation and softer volumes. Year-to-date results show the same pattern. Nine-month reported operating profit rose 63% to $5,996 million, but the comparison is inflated by the $1.0 billion of 2022 Russia-related charges. Adjusted operating profit grew 15%, and nine-month operating cash flow of $6,578 million was down 3%, reflecting higher working capital needs and lower contract-liability inflows from engineering customers. Capital expenditures rose to $2,636 million, and Linde spent $842 million on acquisitions, mainly nexAir. Shareholder returns remained significant, with $2.9 billion of net share repurchases, $1.9 billion of dividends, and a 9% increase in the quarterly dividend to $1.275 per share. On October 23, 2023, the board approved a new $15.0 billion buyback program. Key risks for investors are the Russia-related exposures and Brazil tax matters. Linde carries a $1.1 billion contingent liability tied to terminated Russian engineering projects, and roughly $498 million of Russian contract liabilities remain. The company is also pursuing an arbitration and anti-suit injunction against RusChemAlliance, and it has an appraisal proceeding in Germany. Net debt rose to $14.1 billion from $12.5 billion at year-end 2022 as cash fell to $3.9 billion, though the company has $6.5 billion of undrawn revolving credit facilities and no financial maintenance covenants.

Oct 26, 2023 8-K

LINDE PLC 8-K Report, Financial Results (Oct 26, 2023)

Linde plc reported third-quarter 2023 results with GAAP net income of $1,565 million and diluted EPS of $3.19 (up 26% year over year). Excluding Linde AG purchase accounting impacts and other charges, adjusted EPS was $3.63, up 17%. Reported sales fell 7% to $8,155 million, but underlying sales rose 3% on 5% price gains partly offset by 2% lower volumes. The decline in reported sales was largely driven by Linde Engineering, where sales fell 44%. Adjusted operating margin expanded 550 basis points to 28.3%, which management attributes to pricing, productivity initiatives and network density. Cash generation was solid, with operating cash flow of $2,520 million and free cash flow of $1,572 million after $948 million of capital expenditures. The company returned $1,774 million to shareholders through dividends and net buybacks during the quarter. Adjusted ROC improved to 25.6%. Management raised full-year 2023 adjusted EPS guidance to $14.00–$14.10 (up 14–15%) and guided Q4 adjusted EPS to $3.38–$3.48. The filing also discloses that Linde will voluntarily transfer its listing from the NYSE to Nasdaq, with trading under the ticker LIN beginning November 7, 2023. The company cites potential Nasdaq index inclusion opportunities and cost savings. For investors, the results point to strong margin-driven earnings growth, while the top-line decline and the Engineering segment's weakness warrant monitoring. The listing change itself is administrative and does not alter the company's operations.

Oct 26, 2023 8-K

LINDE PLC 8-K Report, Rights Modification (Jul 28, 2023)

Linde plc filed an 8-K on July 28, 2023, reporting on the outcomes of its Annual General Meeting (AGM) held on July 24, 2023. The most significant event for investors was the shareholder approval of amendments to the company's Memorandum and Articles of Association. These amendments reduce certain supermajority shareholder vote requirements, potentially making future corporate actions and decision-making more streamlined. The company also reported overwhelming support for its director nominees, the ratification of PricewaterhouseCoopers (PwC) as its independent auditor, and executive compensation.

Jul 28, 2023 10-Q

LINDE PLC Quarterly Report for Q2 Ended Jun 30, 2023

Linde plc's Q2 2023 10-Q shows a quarter dominated by the absence of the large 2022 Russia-related charge, which makes year-over-year reported comparisons look far stronger than the underlying business. Reported sales fell 3% to $8,204 million, while reported operating profit rose 241% to $2,011 million, and diluted EPS reached $3.19 versus $0.74. On an adjusted basis (excluding other charges and Linde AG merger purchase accounting), operating profit grew 15% to $2,286 million with a 27.9% margin, and adjusted diluted EPS rose 15% to $3.57. Growth was driven by price/mix (+7%), productivity gains and lower merger-related amortization, offset by volume declines (-1%), cost pass-through deflation (-4%) and currency headwinds. Cash generation and capital allocation remained steady but with more leverage. Operating cash flow for the first half was $4,058 million, roughly flat, while capital expenditures rose to $1,688 million and acquisitions (chiefly nexAir) totaled $834 million. Linde returned capital through $1,246 million of dividends and $1,767 million of share repurchases, and the quarterly dividend rose 9% to $1.275 per share. Net debt increased to $14.1 billion from $12.5 billion at year-end 2022, and the company has about $3.6 billion remaining under its 2022 buyback authorization. Key risks flagged in the filing include the approximately $1.7 billion of Russian engineering contract liabilities that may require future cash outflows, a pending arbitration and anti-suit proceeding with RusChemAlliance, Brazilian tax and antitrust contingencies, and the German appraisal proceedings. Management reports no material changes to risk factors since the 2022 10-K and states that these contingencies are not expected to have a material adverse effect on consolidated financial position.

Jul 27, 2023 8-K

LINDE PLC 8-K Report, Financial Results (Jul 27, 2023)

Linde plc (NYSE: LIN) reported second-quarter 2023 results on July 27, 2023, with reported sales of $8,204 million, down 3% year over year, but underlying sales up 6% on 7% price attainment, partly offset by 1% lower volumes. Reported GAAP diluted EPS was $3.19, up sharply from $0.74 a year earlier, but this comparison is distorted by $993 million of Russia-related other charges in Q2 2022. On an adjusted basis, which excludes other charges and Linde AG merger purchase accounting impacts, diluted EPS was $3.57, up 15%, and adjusted operating profit rose 15% to $2,286 million with the adjusted operating margin expanding 440 basis points to 27.9%. Management raised full-year 2023 adjusted EPS guidance to $13.80-$14.00, implying 12%-14% growth, and guided third-quarter adjusted EPS to $3.48-$3.58. Growth was broad-based across segments: Americas operating margin reached 30.2%, EMEA's 29.2%, and APAC's 28.0%, while Linde Engineering sales fell 23%. Cash generation remained solid, with Q2 operating cash flow of $2,150 million and free cash flow of $1,291 million, though cash fell on the balance sheet as the company returned $1,523 million to shareholders and made acquisitions. For investors, the key takeaways are margin-led earnings growth driven by pricing and productivity rather than volume, which was slightly down, and a guidance raise that assumes no currency impact for the full year. Watch the reliance on non-GAAP adjusted measures, the sizable Linde AG purchase accounting drag on reported earnings, Linde Engineering's sales decline, and the $3.5-$4.0 billion capital expenditure plan, which includes a $4.4 billion contractual gas project backlog.

Jul 27, 2023 8-K

LINDE PLC 8-K Report, Corporate Update (Jun 12, 2023)

Linde plc has announced the issuance of €1.891 billion in aggregate principal amount of new senior unsecured notes across three tranches: €500 million maturing in 2025 at 3.625%, €750 million maturing in 2029 at 3.375%, and €650 million maturing in 2034 at 3.625%. These notes were issued under the company's European debt issuance program, which has an aggregate authorized limit of €10 billion. The net proceeds from this offering are intended for general corporate purposes. This move indicates proactive capital management by Linde to potentially fund ongoing operations, strategic initiatives, or refinance existing debt.

Jun 12, 2023 8-K

LINDE PLC 8-K Report, Executive Changes (Apr 28, 2023)

Linde plc filed an 8-K on April 28, 2023, primarily announcing the retirement of a Board member, Edward G. Galante, effective April 24, 2023. This departure is in accordance with the company's Director Tenure & Resignation Policy, specifically due to Mr. Galante reaching the age of 72. The filing also includes the Cover Page Interactive Data File as an exhibit, which is standard for SEC filings and facilitates data analysis. For investors, this 8-K represents a routine governance update. The retirement of a director due to age limits is a planned event and does not signal any strategic shifts or performance concerns. Investors should view this as a procedural change in board composition. The company's operational and financial performance, which is typically detailed in earnings releases and subsequent 10-Q filings, is not directly addressed in this 8-K. However, understanding board composition and governance policies is a component of long-term investment assessment.

Apr 28, 2023 10-Q

LINDE PLC Quarterly Report for Q1 Ended Mar 31, 2023

Linde plc's first quarter 2023 10-Q shows solid operating performance despite a 0% reported sales change. Sales were $8,193 million versus $8,211 million a year earlier, as 8% price attainment and flat volumes were offset by a 3% currency headwind, a 2% drag from net divestitures (notably the GIST business sale), a 2% decline in Engineering, and a 1% cost pass-through decrease. Reported operating profit rose 31% to $1,933 million, with operating margin expanding to 23.6% from 18.0%. Much of that jump reflects lower depreciation and amortization from merger-related intangibles, so the company's adjusted figures are more informative: adjusted operating profit grew 16% to $2,206 million (26.9% margin), and adjusted diluted EPS rose 17% to $3.42. Reported diluted EPS was $3.06, up 33%. Cash generation and capital deployment were mixed. Operating cash flow fell 5% to $1,908 million on higher working capital needs and lower engineering customer advances. Capital expenditures increased to $829 million, and the company spent $808 million on the nexAir acquisition. Linde returned capital through $859 million of share purchases and $623 million of dividends, while the quarterly dividend rose 9% to $1.275 per share. Net debt climbed to $13.8 billion from $12.5 billion, with total debt of $18.8 billion against $5.0 billion of cash. Management states it has ample liquidity, with $6.5 billion of undrawn revolving credit facilities and no financial maintenance covenants. Investors should note several risk items. Linde disclosed roughly $1.8 billion of contract liabilities tied to sanctioned Russian engineering projects, along with a legal dispute with RusChemAlliance involving a Russian court injunction and a Hong Kong arbitration. The company also recorded an $85 million accrual for a potential international tax settlement, offset by a $124 million U.S. tax audit benefit. The reorganization that created the new NYSE-listed Linde plc holding company on March 1, 2023 explains the large retained earnings and treasury share changes in equity, which are largely accounting rather than economic events.

Apr 27, 2023 8-K

LINDE PLC 8-K Report, Financial Results (Apr 27, 2023)

Linde plc (NYSE: LIN) reported first-quarter 2023 results on April 27, 2023, with GAAP net income of $1,516 million (up 29% year over year) and diluted EPS of $3.06 (up 33%). Reported sales were flat at $8,193 million, though up 3% excluding negative currency effects, and underlying sales rose 8% on price attainment. Adjusted operating profit grew 16% to $2,206 million, with adjusted operating margin expanding 370 basis points to 26.9%. Adjusted EPS was $3.42, up 17% (20% excluding FX), marking the tenth consecutive quarter of 20%+ EPS growth ex-FX. Management cited a record adjusted after-tax return on capital of 24.0%. The key forward-looking signal is the raised full-year 2023 adjusted EPS guidance of $13.45 to $13.85, representing 9% to 13% growth, with no currency impact assumed. Second-quarter adjusted EPS guidance is $3.40 to $3.50, implying 10% to 13% growth. Full-year capital expenditures are expected at $3.5 to $4.0 billion, including the $4.2 billion contracted sale-of-gas project backlog. Management described the geopolitical and macro backdrop as uncertain. Investors should note several balance sheet and cash flow items. Operating cash flow fell 5% to $1,908 million, mainly due to lower engineering project prepayments, and free cash flow was $1,079 million. The company returned $1,469 million to shareholders through dividends and net buybacks. Net debt rose to $13.8 billion from $12.5 billion at year-end 2022, partly due to $808 million of acquisitions. Retained earnings and treasury shares were reduced by roughly $15 billion following the delisting from the Frankfurt Stock Exchange, which cancelled historical treasury shares and does not affect economic value. Adjusted figures exclude Linde AG merger purchase accounting impacts and other charges, which investors should weigh alongside GAAP results.

Apr 27, 2023 10-K

LINDE PLC Annual Report, Year Ended Dec 31, 2022

Linde plc reported robust financial performance for the fiscal year ended December 31, 2022, with sales reaching $33.36 billion, an 8% increase year-over-year. This growth was primarily driven by higher pricing across all segments, contributing 7% to sales, with a further 6% from cost pass-through mechanisms. Despite inflationary pressures and adverse currency movements that impacted reported operating profit, adjusted operating profit saw a 10% increase, reflecting strong pricing power and productivity initiatives. The company's global industrial gas operations in the Americas, EMEA, and APAC segments all demonstrated sales growth, with operating profit in these regions increasing by 11%, 7%, and 11%, respectively. The Engineering segment also reported a 17% increase in operating profit. Linde actively managed its capital structure, repurchasing $5.13 billion in ordinary shares under its $10 billion repurchase program and paying $2.34 billion in dividends. The company ended the year with $5.44 billion in cash and cash equivalents, demonstrating solid liquidity. Management remains focused on operational efficiency and strategic growth opportunities, with long-term contracts providing stability. Key risks highlighted include economic downturns, rising energy and raw material costs, and international operational risks, though the company has mechanisms in place to mitigate some of these through contract terms and hedging strategies.

Feb 28, 2023