Earnings quality
Compare earnings and operating cash flow for earnings quality.
Linde plc
Ticker LIN · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-25 · Period end 2025-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 26.3%; equity ratio is 44.1%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin26.3%
Equity ratio44.1%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Linde plc is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 00441483242200 · As of filing date 2026-02-25
Financial statements
Income statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Revenue | $33.0B | $34.0B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $8.6B | $8.9B |
| Income tax | $2.0B | $2.0B |
| Net income | $6.6B | $6.9B |
| Basic EPS | 13.71 | 14.69 |
Balance sheet
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Cash & equivalents | $4.8B | $5.1B |
| Current assets | $12.9B | $13.3B |
| Non-current assets* | $67.2B | $73.5B |
| Total assets | $80.1B | $86.8B |
| Current liabilities | $14.5B | $15.2B |
| Non-current liabilities* | $26.1B | $31.9B |
| Total liabilities | $40.7B | $47.1B |
| Stockholders’ equity | $38.1B | $38.2B |
Cash flow statement
| Account | FY2024 (ended Dec 31, 2024) | FY2025 (ended Dec 31, 2025) |
|---|---|---|
| Operating cash flow | $9.4B | $10.3B |
| Investing cash flow | -$4.6B | -$5.7B |
| Financing cash flow | -$4.4B | -$4.6B |
| Cash at end of period | $4.8B | $5.1B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B | |
| Operating profit | $5.0B | $5.4B | $8.0B | $8.6B | $8.9B | |
| Net income | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B | |
| Total assets | $81.6B | $79.7B | $80.8B | $80.1B | $86.8B | |
| Cash & equivalents | $2.8B | $5.4B | $4.7B | $4.8B | $5.1B | |
| Stockholders’ equity | $44.0B | $40.0B | $39.7B | $38.1B | $38.2B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $33.0B to $34.0B (▲ +3.0%). Operating profit went from $8.6B to $8.9B (▲ +3.3%).
Operating cash flow was $10.3B (prior $9.4B), with cash on the balance sheet at $5.1B versus $4.8B.
Liquidity & leverage
Cash moved from $4.8B to $5.1B; current liabilities $15.2B.
Capital buffer
Stockholders’ equity moved from $38.1B to $38.2B.
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Source: SEC EDGAR 0001628280-26-011430
(Linde plc), period end 2025-12-31.