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Linde plc

LIN Clue Score58
United Kingdom Fiscal year ends December CIK 0001707925
$483.73 +0.42% Close, 9 Oct 2026
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Price $483.73 +64.07% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 1 Oct 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue10.53Operating income2.25Net income1.50EPS, diluted5.21Fiscal year 2017Revenue11.36 +7.8%Operating income2.44Net income1.25 −16.9%EPS, diluted4.32Fiscal year 2018Revenue14.84 +30.6%Operating income5.25Net income4.38 +251.3%EPS, diluted13.11Fiscal year 2019Revenue28.23 +90.3%Operating income2.93Net income2.29 −47.8%EPS, diluted4.19Fiscal year 2020Revenue27.24 −3.5%Operating income3.32Net income2.50 +9.5%EPS, diluted4.71Fiscal year 2021Revenue30.79 +13.0%Operating income4.98Net income3.83 +53.0%EPS, diluted7.33Fiscal year 2022Revenue33.36 +8.3%Operating income5.37Net income4.15 +8.4%EPS, diluted8.23Fiscal year 2023Revenue32.85 −1.5%Operating income8.02Net income6.20 +49.5%EPS, diluted12.59Fiscal year 2024Revenue33.01 +0.5%Operating income8.64Net income6.57 +5.9%EPS, diluted13.62Fiscal year 2025Revenue33.99 +3.0%Operating income8.92Net income6.90 +5.1%EPS, diluted14.61
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 10.53 11.36 14.84 28.23 27.24 30.79 33.36 32.85 33.01 33.99
Growth +7.8% +30.6% +90.3% −3.5% +13.0% +8.3% −1.5% +0.5% +3.0%
Operating income 2.25 2.44 5.25 2.93 3.32 4.98 5.37 8.02 8.64 8.92
Net income 1.50 1.25 4.38 2.29 2.50 3.83 4.15 6.20 6.57 6.90
Growth −16.9% +251.3% −47.8% +9.5% +53.0% +8.4% +49.5% +5.9% +5.1%
EPS, diluted 5.21 4.32 13.11 4.19 4.71 7.33 8.23 12.59 13.62 14.61

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin21.3%Net margin14.2%Free cash flow margin12.6%Fiscal year 2017Operating margin21.5%Net margin11.0%Free cash flow margin15.2%Fiscal year 2018Operating margin35.4%Net margin29.5%Free cash flow margin11.9%Fiscal year 2019Operating margin10.4%Net margin8.1%Free cash flow margin8.6%Fiscal year 2020Operating margin12.2%Net margin9.2%Free cash flow margin14.8%Fiscal year 2021Operating margin16.2%Net margin12.4%Free cash flow margin21.6%Fiscal year 2022Operating margin16.1%Net margin12.4%Free cash flow margin17.1%Fiscal year 2023Operating margin24.4%Net margin18.9%Free cash flow margin16.8%Fiscal year 2024Operating margin26.2%Net margin19.9%Free cash flow margin14.9%Fiscal year 2025Operating margin26.3%Net margin20.3%Free cash flow margin15.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating margin 21.3% 21.5% 35.4% 10.4% 12.2% 16.2% 16.1% 24.4% 26.2% 26.3%
Net margin 14.2% 11.0% 29.5% 8.1% 9.2% 12.4% 12.4% 18.9% 19.9% 20.3%
Free cash flow margin 12.6% 15.2% 11.9% 8.6% 14.8% 21.6% 17.1% 16.8% 14.9% 15.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow2.79Capital expenditure−1.47Free cash flow1.32Buybacks−0.23Dividends paid−0.86Fiscal year 2017Operating cash flow3.04Capital expenditure−1.31Free cash flow1.73 +30.7%Buybacks−0.01Dividends paid−0.90Fiscal year 2018Operating cash flow3.65Capital expenditure−1.88Free cash flow1.77 +2.4%Buybacks−0.60Dividends paid−1.17Fiscal year 2019Operating cash flow6.12Capital expenditure−3.68Free cash flow2.44 +37.6%Buybacks−2.66Dividends paid−1.89Fiscal year 2020Operating cash flow7.43Capital expenditure−3.40Free cash flow4.03 +65.3%Buybacks−2.46Dividends paid−2.03Fiscal year 2021Operating cash flow9.73Capital expenditure−3.09Free cash flow6.64 +64.8%Buybacks−4.61Dividends paid−2.19Fiscal year 2022Operating cash flow8.86Capital expenditure−3.17Free cash flow5.69 −14.3%Buybacks−5.17Dividends paid−2.34Fiscal year 2023Operating cash flow9.31Capital expenditure−3.79Free cash flow5.52 −3.0%Buybacks−3.96Dividends paid−2.48Fiscal year 2024Operating cash flow9.42Capital expenditure−4.50Free cash flow4.93 −10.7%Buybacks−4.48Dividends paid−2.66Fiscal year 2025Operating cash flow10.35Capital expenditure−5.26Free cash flow5.09 +3.3%Buybacks−4.60Dividends paid−2.81
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 2.79 3.04 3.65 6.12 7.43 9.73 8.86 9.31 9.42 10.35
Capital expenditure −1.47 −1.31 −1.88 −3.68 −3.40 −3.09 −3.17 −3.79 −4.50 −5.26
Free cash flow 1.32 1.73 1.77 2.44 4.03 6.64 5.69 5.52 4.93 5.09
Growth +30.7% +2.4% +37.6% +65.3% +64.8% −14.3% −3.0% −10.7% +3.3%
Buybacks −0.23 −0.01 −0.60 −2.66 −2.46 −4.61 −5.17 −3.96 −4.48 −4.60
Dividends paid −0.86 −0.90 −1.17 −1.89 −2.03 −2.19 −2.34 −2.48 −2.66 −2.81

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash0.52Shareholders’ equity5.44Fiscal year 2017Cash0.62Total debt7.78Net cash (debt)−7.17Shareholders’ equity6.02Debt to equity1.29Fiscal year 2018Cash4.47Total debt12.29Net cash (debt)−7.82Shareholders’ equity51.60Debt to equity0.24Fiscal year 2019Cash2.70Total debt10.69Net cash (debt)−7.99Shareholders’ equity49.07Debt to equity0.22Fiscal year 2020Cash3.75Total debt12.15Net cash (debt)−8.40Shareholders’ equity47.32Debt to equity0.26Fiscal year 2021Cash2.82Total debt13.04Net cash (debt)−10.22Shareholders’ equity44.04Debt to equity0.30Fiscal year 2022Cash5.44Total debt13.80Net cash (debt)−8.36Shareholders’ equity40.03Debt to equity0.34Fiscal year 2023Cash4.66Total debt14.66Net cash (debt)−10.00Shareholders’ equity39.72Debt to equity0.37Fiscal year 2024Cash4.85Total debt17.40Net cash (debt)−12.55Shareholders’ equity38.09Debt to equity0.46Fiscal year 2025Cash5.06Total debt22.48Net cash (debt)−17.42Shareholders’ equity38.25Debt to equity0.59
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 0.52 0.62 4.47 2.70 3.75 2.82 5.44 4.66 4.85 5.06
Total debt n/a 7.78 12.29 10.69 12.15 13.04 13.80 14.66 17.40 22.48
Net cash (debt) n/a −7.17 −7.82 −7.99 −8.40 −10.22 −8.36 −10.00 −12.55 −17.42
Shareholders’ equity 5.44 6.02 51.60 49.07 47.32 44.04 40.03 39.72 38.09 38.25
Debt to equity n/a 1.29 0.24 0.22 0.26 0.30 0.34 0.37 0.46 0.59

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019† 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
10.53 11.36 14.84 28.23 27.24 30.79 33.36 32.85 33.01 33.99
Growth +7.8% +30.6% +90.3% −3.5% +13.0% +8.3% −1.5% +0.5% +3.0%
0.09 0.09 0.11 0.18 0.15 0.14 0.14 0.15 0.15 0.15
1.15 1.21 1.63 3.46 3.19 3.19 3.11 3.30 3.34 3.43
2.25 2.44 5.25 2.93 3.32 4.98 5.37 8.02 8.64 8.92
Growth +8.8% +114.7% −44.1% +13.3% +50.0% +7.7% +49.5% +7.6% +3.3%
2.05 2.29 5.05 2.93 3.38 5.10 5.54 7.99 8.57 8.90
0.55 1.03 0.82 0.77 0.85 1.26 1.43 1.81 2.00 1.99
1.50 1.25 4.38 2.29 2.50 3.83 4.15 6.20 6.57 6.90
Growth −16.9% +251.3% −47.8% +9.5% +53.0% +8.4% +49.5% +5.9% +5.1%
Per share
5.25 4.36 13.26 4.22 4.75 7.40 8.30 12.70 13.71 14.69
5.21 4.32 13.11 4.19 4.71 7.33 8.23 12.59 13.62 14.61
Growth −17.1% +203.5% −68.0% +12.4% +55.6% +12.3% +53.0% +8.2% +7.3%
285.7 286.3 330.4 541.1 526.7 516.9 499.7 488.2 478.8 469.5
287.8 289.1 334.1 545.2 531.2 521.9 504.0 492.3 482.1 472.2
Growth +0.5% +15.6% +63.2% −2.6% −1.7% −3.4% −2.3% −2.1% −2.1%

† The diluted share count jumps at 2019, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 4.5% a year over five years.
  • Operating margin is up 14.1 points on five years ago, at 26.3%.
  • Profitable in every one of the 10 years on file.