Linde (LIN) financial statements
Linde reported revenue of $34.0B in fiscal 2025, up 13.9% a year over 9 years.
Net income was $6.9B and the operating margin 26.3%, against 21.3% in 2016.
Free cash flow was $5.1B, and the company returned $2.8B in dividends and $4.6B in net buybacks.
The diluted share count rose 64% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Linde's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.5B | $11.4B | $14.8B | $28.2B | $27.2B | $30.8B | $33.4B | $32.9B | $33.0B | $34.0B |
| Cost of revenue | — | $6.4B | $9.0B | $16.6B | $15.4B | $17.5B | $19.4B | $17.5B | $17.1B | $17.4B |
| Gross profit | — | $5.0B | $5.8B | $11.6B | $11.9B | $13.2B | $13.9B | $15.4B | $15.9B | $16.6B |
| Research and development | $92M | $93M | $113M | $184M | $152M | $143M | $143M | $146M | $150M | $147M |
| Selling, general and admin | $1.1B | $1.2B | $1.6B | $3.5B | $3.2B | $3.2B | $3.1B | $3.3B | $3.3B | $3.4B |
| Operating income | $2.2B | $2.4B | $5.2B | $2.9B | $3.3B | $5.0B | $5.4B | $8.0B | $8.6B | $8.9B |
| Interest expense | $190M | $161M | $202M | $38M | $115M | $77M | $63M | $200M | $256M | $255M |
| Pre-tax income | $2.0B | $2.3B | $5.0B | $2.9B | $3.4B | $5.1B | $5.5B | $8.0B | $8.6B | $8.9B |
| Income tax | $551M | $1.0B | $817M | $769M | $847M | $1.3B | $1.4B | $1.8B | $2.0B | $2.0B |
| Net income | $1.5B | $1.2B | $4.4B | $2.3B | $2.5B | $3.8B | $4.1B | $6.2B | $6.6B | $6.9B |
| EPS (diluted) | $5.21 | $4.32 | $13.11 | $4.19 | $4.71 | $7.33 | $8.23 | $12.59 | $13.62 | $14.61 |
| Diluted shares | 288M | 289M | 334M | 545M | 531M | 522M | 504M | 492M | 482M | 472M |
| Gross margin | — | 43.8% | 39.2% | 41.0% | 43.5% | 43.0% | 41.7% | 46.8% | 48.1% | 48.8% |
| 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% |
Balance sheet
Fiscal years, from Linde's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $524M | $84,862 | $4.5B | $2.7B | $3.8B | $2.8B | $5.4B | $4.7B | $4.8B | $5.1B |
| Receivables | $1.6B | $1.7B | $4.3B | $4.3B | $4.2B | $4.5B | $4.6B | $4.7B | $4.6B | $5.0B |
| Inventory | $550M | $614M | $1.7B | $1.7B | $1.7B | $1.7B | $2.0B | $2.1B | $1.9B | $2.1B |
| Total current assets | $2.9B | $3.3B | $17.3B | $10.4B | $10.9B | $10.2B | $13.0B | $12.6B | $12.9B | $13.3B |
| Property, plant and equipment | $11.2B | $11.8B | $29.7B | $29.1B | $28.7B | $26.0B | $23.5B | $24.6B | $24.8B | $28.3B |
| Goodwill | $3.1B | $3.2B | $26.9B | $27.0B | $28.2B | $27.0B | $25.8B | $26.8B | $25.9B | $27.9B |
| Total assets | $19.3B | $20.4B | $93.4B | $86.6B | $88.2B | $81.6B | $79.7B | $80.8B | $80.1B | $86.8B |
| Total current liabilities | $2.5B | $3.3B | $13.0B | $12.2B | $13.7B | $13.6B | $16.5B | $15.7B | $14.5B | $15.2B |
| Long-term debt | $8.9B | $7.8B | $12.3B | $10.7B | $12.2B | $11.3B | $12.2B | $13.4B | $15.3B | $20.7B |
| Total liabilities | $13.9B | $13.9B | $36.3B | $35.0B | $38.6B | $36.2B | $38.3B | $39.7B | $40.7B | $47.1B |
| Shareholders' equity | $5.4B | $6.0B | $51.6B | $49.1B | $47.3B | $44.0B | $40.0B | $39.7B | $38.1B | $38.2B |
| Net debt | -$524M | $7.8B | $7.8B | $8.0B | $8.4B | $10.2B | $8.4B | $10.0B | $12.6B | $17.4B |
Cash flow
Fiscal years, from Linde's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $2.8B | $3.0B | $3.7B | $6.1B | $7.4B | $9.7B | $8.9B | $9.3B | $9.4B | $10.3B |
| Capital spending | $1.5B | $1.3B | $1.9B | $3.7B | $3.4B | $3.1B | $3.2B | $3.8B | $4.5B | $5.3B |
| Free cash flow | $1.3B | $1.7B | $1.8B | $2.4B | $4.0B | $6.6B | $5.7B | $5.5B | $4.9B | $5.1B |
| Stock-based compensation | $39M | $59M | $62M | $95M | $133M | $128M | $107M | $141M | $160M | $164M |
| Dividends paid | $856M | $901M | $1.2B | $1.9B | $2.0B | $2.2B | $2.3B | $2.5B | $2.7B | $2.8B |
| Share buybacks (net) | -$228M | -$12M | -$599M | -$2.7B | -$2.5B | -$4.6B | -$5.2B | -$4.0B | -$4.5B | -$4.6B |
| Net borrowing | $357M | -$771M | -$2.9B | -$1.3B | $1.3B | -$514M | $4.5B | $1.1B | $3.2B | $2.9B |
| Free cash flow margin | 12.6% | 15.2% | 11.9% | 8.6% | 14.8% | 21.6% | 17.1% | 16.8% | 14.9% | 15.0% |
| Dividends per share | $2.97 | $3.12 | $3.49 | $3.47 | $3.82 | $4.19 | $4.65 | $5.04 | $5.51 | $5.95 |
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Open LIN in InvestinglyQuestions
What was Linde's revenue in 2025?
$34.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Linde generate?
$5.1B in fiscal 2025 (operating cash flow minus capital spending).
From Linde's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.