LINDE
LIN · NasdaqIndustrial Inorganic Chemicals · Fiscal year ends Dec 31
LINDE reported revenue of $34B in the fiscal year ended Dec 2025, up 3.0% from the year before. Operating income was $8.9B, an operating margin of 26.3%, and net income was $6.9B. Operating cash flow of $10.4B less capital expenditure of $5.3B left free cash flow of $5.1B. Net debt was $17.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $30.8B | $33.4B | $32.9B | $33B | $34B |
| Research & development | $143M | $143M | $146M | $150M | $147M |
| Selling, general & admin | $3.2B | $3.1B | $3.3B | $3.3B | $3.4B |
| Operating income | $5B | $5.4B | $8B | $8.6B | $8.9B |
| Net interest incomeBanks | −$77M | −$63M | −$200M | −$256M | −$255M |
| Interest expense | $227M | $63M | $200M | $256M | $255M |
| Pre-tax income | $5.1B | $5.5B | $8B | $8.6B | $8.9B |
| Income tax | $1.3B | $1.4B | $1.8B | $2B | $2B |
| Net income | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| Diluted EPS | 7.33 | 8.23 | 12.59 | 13.62 | 14.61 |
| Diluted shares | 522M | 504M | 492M | 482M | 472M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $2.8B | $5.4B | $4.7B | $4.9B | $5.1B |
| Receivables | $4.5B | $4.6B | $4.7B | $4.6B | $5B |
| Inventory | $1.7B | $2B | $2.1B | $1.9B | $2.1B |
| Current assets | $10.2B | $13B | $12.6B | $12.9B | $13.3B |
| Net PP&E | $26B | $23.5B | $24.6B | $24.8B | $28.3B |
| Goodwill | $27B | $25.8B | $26.8B | $25.9B | $27.9B |
| Total assets | $81.6B | $79.7B | $80.8B | $80.1B | $86.8B |
| Payables | $3.5B | $3B | $3B | $2.5B | $2.8B |
| Deferred revenue | $2.9B | $3.1B | $1.9B | $1.2B | $1.2B |
| Current liabilities | $13.6B | $16.5B | $15.7B | $14.5B | $15.2B |
| Short-term debt | $1.7B | $1.6B | $1.3B | $2.1B | $1.8B |
| Long-term debt | $11.3B | $12.2B | $13.4B | $15.3B | $20.7B |
| Total liabilities | $36.2B | $38.3B | $39.7B | $40.7B | $47.1B |
| Shareholders' equity | $44B | $40B | $39.7B | $38.1B | $38.2B |
| Backlog (remaining obligations) | – | $51B | $48B | $58B | $62B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.7B | $8.9B | $9.3B | $9.4B | $10.4B |
| Capital expenditure | $3.1B | $3.2B | $3.8B | $4.5B | $5.3B |
| Free cash flow | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| Depreciation & amortisation | $4.6B | $4.2B | $3.8B | $3.8B | $3.8B |
| Stock-based compensation | $128M | $107M | $141M | $160M | $164M |
| Acquisitions | $88M | $110M | $953M | $317M | $412M |
| Share buybacks | $4.6B | $5.2B | $4B | $4.5B | $4.6B |
| Dividends paid | $2.2B | $2.3B | $2.5B | $2.7B | $2.8B |
| Dividend per share | 4.24 | 4.68 | 5.10 | 5.56 | 6.00 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 8.3% | −1.5% | 0.5% | 3.0% |
| Operating income growth (YoY) | – | 7.7% | 49.5% | 7.6% | 3.3% |
| EPS growth (YoY) | – | 12.3% | 53.0% | 8.2% | 7.3% |
| Operating margin | 16.2% | 16.1% | 24.4% | 26.2% | 26.3% |
| Net margin | 12.4% | 12.4% | 18.9% | 19.9% | 20.3% |
| Return on equityBlank when equity is negative | 8.7% | 10.4% | 15.6% | 17.2% | 18.0% |
| ROCEEBIT ÷ (assets − current liabilities) | 7.3% | 8.5% | 12.3% | 13.2% | 12.5% |
| Free cash flow margin | 21.6% | 17.1% | 16.8% | 14.9% | 15.0% |
| Cash conversion (CFO ÷ net income) | 2.54x | 2.14x | 1.50x | 1.44x | 1.50x |
| Receivable days | 53 | 50 | 52 | 51 | 53 |
| Interest cover | 22.0x | 85.2x | 40.1x | 33.7x | 35.0x |
| Debt ÷ equity | 0.30x | 0.34x | 0.37x | 0.46x | 0.59x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.2B | $8.4B | $10B | $12.6B | $17.4B |
| Current ratio | 0.74x | 0.79x | 0.80x | 0.89x | 0.88x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.