Company file · LIN
Linde
Linde's sales were little changed in 2025 while net income rose
Sales rose 3.0% to $34.0B, and net income rose 5.1% to $6.9B. The Americas segment was 45% of sales.
Key facts
Linde (Nasdaq: LIN) closed fiscal 2025 on Dec 31, 2025 with sales of $34.0B, up 3.0% from a year before; net income to Linde came to $6.9B, up 5.1%. Its newest quarterly report covers the three months to Jun 30, 2026: sales of $9.3B, up 9.3% on the same stretch of the prior year, and net income of $1.9B. Broken down by segment, Americas led with 45% of fiscal 2025 sales. Sources: 10-K for fiscal 2025 (filed Feb 25, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 31, 2026).
Source: 10-K FY2025, filed Feb 25, 2026
How it makes money
By segment, the Americas were 45% of 2025 sales, EMEA 25%, APAC 20% and Engineering 7%. By delivery, packaged gas was 35%, merchant 30% and on-site 24%.
Source: 10-K FY2025
By how gas is delivered, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: Linde 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026
By segment
Source: Linde 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026
The bull case and the bear case
The bull case
- Net income rose 5.1% in 2025 to $6.9B. 10-K, FY2025
- Operating cash flow rose 9.8% in 2025 to $10.3B. 10-K, FY2025
- Sales in the quarter ended Jun 30, 2026 were $9.3B, up 9.3% on a year earlier, and net income rose 9.2% to $1.9B. 10-Q, quarter ended Jun 30, 2026
- Diluted shares fell 2.1% in 2025. 10-K, FY2025
The bear case
- Sales grew just 3.0% in 2025, and Engineering sales fell 3.1%. 10-K, FY2025
- Total debt rose 24.8% in 2025 to $27.0B. 10-K, FY2025
- The 10-K lists weak economic conditions, energy and raw material costs, international operations and currency moves among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Linde is the world's largest industrial gases company. It produces and delivers gases such as oxygen, nitrogen, argon, hydrogen and carbon dioxide, and designs and builds gas plants.
Its customers are in healthcare, chemicals and energy, manufacturing, metals, electronics and food. Gas reaches them in three main ways: on-site plants built next to large customers under long contracts, merchant deliveries by tanker, and packaged gas in cylinders. Its Engineering segment designs and builds plants for itself and others.
Linde plc is incorporated in Ireland but files annual reports on Form 10-K with the SEC, like a US company. Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Linde's latest 10-K. Read the original for the full list.
- EconomyDemand from industrial customers falls in a weaker economy.
- Energy costsMaking gases uses a lot of electricity and natural gas, so energy price swings affect costs.
- InternationalIt operates in many countries, exposing it to political and legal risk.
- CurrencyMost sales are outside the US, so exchange rates affect reported results.
- ProjectsLarge plant projects can run over budget or be delayed.
- RegulationEnvironmental and climate rules can raise costs.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Sales | $32.9B | $33.0B | $34.0B |
| Net income to Linde | $6.2B | $6.6B | $6.9B |
| Operating cash flow | $9.3B | $9.4B | $10.3B |
| Cash & equivalents (year end) | $4.7B | $4.8B | $5.1B |
| Total debt (year end) | $19.4B | $21.6B | $27.0B |
| Diluted shares | 492M | 482M | 472M |
- Sales: Sales of industrial gases such as oxygen, nitrogen, hydrogen and argon, plus engineering of gas plants.
- Net income to Linde: Net income attributable to Linde, after the share belonging to minority owners.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Short-term borrowings (mostly commercial paper) plus current and long-term debt, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Segment figures are sales to outside customers, so they add up to total sales.
- Net income is net income attributable to Linde.
Recent filings
Latest filings
- Oct 55:24 PM ET
Form 4
Linde director Paula Rosput Reynolds reports an award of about 18 deferred stock units
The filing reports about 18 deferred stock units in a grant or award (code A).
- Oct 55:09 PM ET
Form 4
Linde director Hugh Grant reports an award of about 72 deferred stock units
The filing reports about 72 deferred stock units in a grant or award (code A).
Common questions about Linde
How does Linde make money?
Fiscal 2025 sales: $34.0B. By segment, the Americas were 45% of 2025 sales, EMEA 25%, APAC 20% and Engineering 7%. By delivery, packaged gas was 35%, merchant 30% and on-site 24%. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What was Linde's revenue in fiscal 2025?
$34.0B, up 3.0% from fiscal 2024 ($33.0B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $32.9B. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
Is Linde profitable?
Net income to Linde was $6.9B in fiscal 2025 (up 5.1%; fiscal 2024 was $6.6B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $1.9B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 25, 2026.
What did Linde report in its latest quarterly filing?
For the three months to Jun 30, 2026: sales $9.3B (up 9.3% from $8.5B) and net income $1.9B (up 9.2% from $1.8B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 31, 2026.
How much cash and debt does Linde have?
As of Jun 30, 2026: $4.9B of cash and cash equivalents, $28.0B of total debt. Total debt here is short-term borrowings (mostly commercial paper) plus current and long-term debt, at carrying value. Source: 10-Q filed Jul 31, 2026.
What are the main risks Linde lists?
The risk factors are in Item 1A of the 10-K filed Feb 25, 2026. This page sorts them into 6 groups (Economy; energy costs; international; currency; projects; regulation). The first group in plain English: Demand from industrial customers falls in a weaker economy. Source: 10-K, Item 1A Risk Factors.
Where do these Linde numbers come from?
The 10-K filed Feb 25, 2026 (fiscal 2025) and the 10-Q filed Jul 31, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in LIN
- The editor holds no position in Linde (LIN). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell LIN from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold LIN, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| LindeLIN | FY2025 | $34.0B | +3.0% | $6.9B |
| CaterpillarCAT | FY2025 | $67.6B | +4.3% | $8.9B |
| GE AerospaceGE | FY2025 | $45.9B | +18.5% | $8.7B |
| Procter & GamblePG | FY2026 | $87.0B | +3.3% | $16.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.