LIN LINDE PLC

Overview and Growth

LINDE PLC generated $33.99B of revenue in fiscal 2025, with net income of $6.90B and an operating cash inflow of $10.35B. At $33.99B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $33.01B in fiscal 2024, revenue recorded a 3.0% year-over-year increase. Diluted earnings per share were $14.61, translating the period’s attributable earnings into the amount reported for each diluted share. Against diluted EPS of $13.62 in fiscal 2024, the current result was 7.3% higher. The revenue-to-assets relationship was 0.39x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $16.60B as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 48.8% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $8.92B, capturing profitability after direct costs and the operating expenses reflected in the statements. The operating result equaled 26.3% of revenue, placing the absolute operating-income figure in the context of the company’s sales base. After all reported below-operating-line items, the company recorded net income of $6.90B for the fiscal year. Measured against reported revenue, net income produced a 20.3% margin after operating costs and the remaining recognized items. Income tax expense totaled $1.99B, providing the reported tax component that separates pretax and after-tax earnings. Net income equaled 17.4% of period-end equity, showing the earnings generated on shareholders’ book capital. Return on period-end assets was 7.9%, connecting net income with the company’s total asset base.

Liquidity and Capital Structure

Total assets were $86.82B, supported by $47.08B of liabilities and $39.73B of shareholder equity. Current assets were $13.32B against $15.20B of current liabilities, framing the resources and obligations classified within the near-term balance-sheet horizon. At 0.88x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. The company held $5.06B in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 33.3% of current liabilities, showing how much near-term coverage came from cash alone. Borrowings totaled $22.48B, adding a fixed financing obligation alongside the company’s equity capital. Against book equity, debt measured 0.57x, placing the company’s financial leverage in clear balance-sheet terms. Debt represented 25.9% of total assets, placing borrowing in the context of the company’s full resource base. The liabilities-to-assets relationship was 54.2%, placing reported obligations against the full positive asset balance. Cash and equivalents equaled 5.8% of total assets, showing the liquid cash component within the company’s broader resource base. The asset base changed 8.3% from $80.15B in fiscal 2024, leaving current total assets higher year over year. Book equity was 0.6% higher than fiscal 2024 equity of $39.48B, showing how shareholder capital changed year over year.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $10.35B, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Operating cash flow equaled 1.5x of net income, showing how strongly accounting earnings converted into cash from operations. Capital expenditures used $5.26B, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Relative to operating cash flow, capital expenditures measured 50.8%, connecting investment intensity with the company’s cash-generation base. Free cash flow came to $5.09B, leaving a positive amount after capital expenditures. The free-cash-flow margin was 15.0%, measuring cash remaining after capital spending against revenue. Measured against total assets, free cash flow represented 5.9%, showing the cash productivity of the company’s assets.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Sep 24, 2026.