LINDE PLC

LIN 10-K · FY 2025

LIN FY 2025 request

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Income Statement

Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 33,986 33,005 +3.0%
Show Business Segments breakouts
Americas 15,208 14,442 +5.3%
Americas · Merchant 4,892 4,572 +7.0%
Americas · On-Site [Member] 3,609 3,239 +11.4%
Americas · Operating Segments 15,208 14,442 +5.3%
Americas · Other Distribution Methods [Member] 247 217 +13.8%
Americas · Packaged Gas 6,460 6,414 +0.7%
APAC 6,661 6,632 +0.4%
APAC · Merchant 2,213 2,233 -0.9%
APAC · On-Site [Member] 2,789 2,695 +3.5%
APAC · Operating Segments 6,661 6,632 +0.4%
APAC · Other Distribution Methods [Member] 261 328 -20.4%
APAC · Packaged Gas 1,398 1,376 +1.6%
Corporate And Other 1,318 1,257 +4.9%
Corporate And Other · Merchant 194 208 -6.7%
Corporate And Other · Operating Segments 1,318 1,257 +4.9%
Corporate And Other · Other Distribution Methods [Member] 1,099 1,021 +7.6%
Corporate And Other · Packaged Gas 25 28 -10.7%
EMEA 8,549 8,352 +2.4%
EMEA · Merchant 2,860 2,765 +3.4%
EMEA · On-Site [Member] 1,685 1,722 -2.1%
EMEA · Operating Segments 8,549 8,352 +2.4%
EMEA · Other Distribution Methods [Member] 34 60 -43.3%
EMEA · Packaged Gas 3,970 3,805 +4.3%
Engineering Segment [Member] 2,250 2,322 -3.1%
Engineering Segment [Member] · Intersegment Elimination 2,702 1,958 +38.0%
Engineering Segment [Member] · Operating Segments 2,250 2,322 -3.1%
Engineering Segment [Member] · Other Distribution Methods [Member] 2,250 2,322 -3.1%
Show Geography breakouts
AU 1,287 1,354 -4.9%
BR 1,325 1,263 +4.9%
CN 2,600 2,649 -1.8%
DE 2,432 2,509 -3.1%
GB 1,510 1,540 -1.9%
MX 1,391 1,346 +3.3%
Other – non-U.S. 11,259 10,847 +3.8%
US 12,182 11,497 +6.0%
Show Consolidation Items breakouts
Intersegment Elimination 436 477 -8.6%
Operating Segments 33,986 33,005 +3.0%
Show Contract With Customer Sales Channel breakouts
Merchant 10,159 9,778 +3.9%
On-Site [Member] 8,083 7,656 +5.6%
Other Distribution Methods [Member] 3,891 3,948 -1.4%
Packaged Gas 11,853 11,623 +2.0%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 17,389 17,143 +1.4%
Selling, General & Administrative 3,433 3,337 +2.9%
Depreciation And Amortization 3,763 3,780 -0.4%
Show Business Segments breakouts
Americas · Operating Segments 1,504 1,450 +3.7%
APAC · Operating Segments 674 641 +5.1%
Corporate And Other · Operating Segments 95 93 +2.2%
EMEA · Operating Segments 681 640 +6.4%
Engineering Segment [Member] · Operating Segments 32 33 -3.0%
Show Consolidation Items breakouts
Material Reconciling Items 2,986 2,857 +4.5%
Operating Segments 2,986 2,857 +4.5%
Research & Development 147 150 -2.0%
Restructuring Charges 273 145 +88.3%
Other Operating Income Expense Net -58 185 -131.4%
Operating Income 8,923 8,635 +3.3%
Show Business Segments breakouts
Americas · Operating Segments 4,747 4,550 +4.3%
APAC · Operating Segments 1,933 1,918 +0.8%
Corporate And Other · Operating Segments -6 62 -109.7%
EMEA · Operating Segments 3,055 2,780 +9.9%
Engineering Segment [Member] · Operating Segments 408 410 -0.5%
Show Consolidation Items breakouts
Operating Segments 10,137 9,720 +4.3%
Interest Expense 255 256 -0.4%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component -229 -190 -20.5%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit -229 -190 -20.5%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 8,897 8,569 +3.8%
Income Tax Expense (Benefit) 1,989 2,002 -0.6%
Income Loss From Continuing Operations Before Equity Method Investments Noncontrolling Interest 6,908 6,567 +5.2%
Income Loss From Equity Method Investments 150 170 -11.8%
Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest 7,058 6,737 +4.8%
Net Income Loss Attributable To Noncontrolling Interest 160 172 -7.0%
Net Income 6,898 6,565 +5.1%
EPS (Basic) 14.69 13.71 +7.1%
EPS (Diluted) 14.61 13.62 +7.3%
Wtd Avg Shares (Basic) 469,488 478,773 -1.9%
Wtd Avg Shares (Diluted) 472,195 482,092 -2.1%
General & Administrative 2,083 2,004 +3.9%
Net Income 7,058 6,737 +4.8%
Show Equity Components breakouts
Noncontrolling Interest 160 172 -7.0%
Parent 6,898 6,565 +5.1%
Retained Earnings 6,898 6,565 +5.1%
Comprehensive Income 7,559 5,476 +38.0%
Foreign Currency Transaction Gain Loss Before Tax -13 -11 -18.2%
Interest Income Expense Net 255 256 -0.4%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 5,056 4,850 +4.2%
Accounts Receivable 4,966 4,622 +7.4%
Contract With Customer Asset Net Current 269 263 +2.3%
Inventory 2,055 1,946 +5.6%
Other Assets Current 979 1,264 -22.5%
Total Current Assets 13,325 12,945 +2.9%
Non-Current Assets
Goodwill 27,927 25,937 +7.7%
Show Business Segments breakouts
Americas 9,910 9,838 +0.7%
APAC 4,601 4,259 +8.0%
Corporate And Other 285 272 +4.8%
EMEA 10,553 9,296 +13.5%
Engineering Segment [Member] 2,578 2,272 +13.5%
Other Non-Current Assets 3,419 3,030 +12.8%
Total Assets 86,817 80,147 +8.3%
Property, Plant & Equipment 28,260 24,775 +14.1%
Show Geography breakouts
AU 621 573 +8.4%
BR 896 738 +21.4%
CN 2,129 2,022 +5.3%
DE 1,550 1,386 +11.8%
GB 718 668 +7.5%
MX 852 704 +21.0%
Other – non-U.S. 10,265 9,021 +13.8%
US 11,229 9,663 +16.2%
Operating Lease Right-of-Use Assets 886 800 +10.8%
Intangible Assets 10,045
Deferred Tax Assets 423 428 -1.2%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 28,260 24,775 +14.1%
Equity Method Investments 2,015 2,130 -5.4%
Intangible Assets Net Excluding Goodwill 11,871 11,330 +4.8%
Show Finite Lived Intangible Assets By Major Class breakouts
Brands/Tradenames 2,397 2,239 +7.1%
Customer Relationships 8,773 8,401 +4.4%
Other Intangible Assets 701 690 +1.6%
Current Liabilities
Accounts Payable 2,810 2,507 +12.1%
Long Term Debt And Capital Lease Obligations Current 1,796 2,057 -12.7%
Deferred Revenue (Current) 1,231 1,194 +3.1%
Taxes Payable Current 680 637 +6.8%
Other Liabilities Current 4,171 3,926 +6.2%
Total Current Liabilities 15,198 14,544 +4.5%
Commercial Paper 4,226 3,964 +6.6%
Current Portion of Long-Term Debt -1,796 -2,057 +12.7%
Non-Current Liabilities
Other Non-Current Liabilities 4,355 4,015 +8.5%
Total Liabilities 47,076 40,659 +15.8%
Long-Term Debt 22,479 17,400 +29.2%
Show Long-Term Debt Type breakouts
0.00% Euro Denominated Notes Due 2026 822 726 +13.2%
0.220% Euro denominated notes due 2027 705
0.250% Euro Denominated Notes Due 2027 880 776 +13.4%
0.375% Euro Denominated Notes Due 2033 582 512 +13.7%
0.550% Euro Denominated Notes Due 2032 877 772 +13.6%
0.6150% Swiss Franc Denominated Notes Due 2029 283
1.00% Euro Denominated Notes Due 2027 589 519 +13.5%
1.00% Euro denominated notes due 2028 854 742 +15.1%
1.00% Euro Denominated Notes Due 2051 805 707 +13.9%
1.0629% Swiss Franc Denominated Notes Due 2033 346
1.10% US Long-term Notes Due 2030 698 697 +0.1%
1.375% Euro Denominated Notes Due 2031 884 779 +13.5%
1.625% Euro Denominated Notes Due 2035 934 822 +13.6%
1.652% Euro Denominated Notes Due 2027 95 84 +13.1%
1.90% Euro Denominated Notes Due 2030 120 106 +13.2%
2.00% US Long-term Notes Due 2050 297 297 0.0%
2.625% Euro Denominated Notes Due 2029 994
3.00% Euro Denominated Notes Due 2028 820 722 +13.6%
3.00% Euro Denominated Notes Due 2033 877
3.125% Euro Denominated Notes Due 2032 759
3.20% Euro Denominated Notes Due 2031 997 878 +13.6%
3.20% US Long-term Due 2026 725 725 0.0%
3.250% Euro Denominated Notes Due 2037 756
3.375% Euro Denominated Notes Due 2029 878 773 +13.6%
3.375% Euro Denominated Notes Due 2030 877 772 +13.6%
3.40% Euro Denominated Notes Due 2036 816 718 +13.6%
3.434% US Long-term Notes Due 2026 200 199 +0.5%
3.50% Euro Denominated Notes Due 2034 874 769 +13.7%
3.55% US Long-term Notes Due 2042 666 666 0.0%
3.625%Euro Denominated Notes Due 2034 760 670 +13.4%
3.75% Euro Denominated Notes Due 2044 810 712 +13.8%
3.750% Euro Denominated Notes Due 2038 582
Non U.S. borrowings 307 214 +43.5%
Other 10 10 0.0%
Long-Term Debt 20,683 15,343 +34.8%
Operating Lease Liabilities 667 606 +10.1%
Deferred Tax Liabilities 5,556 5,659 -1.8%
Contract With Customer Liability Noncurrent 1,284 1,098 +16.9%
Other Liabilities
Short Term Borrowings 4,510 4,223 +6.8%
Long Term Debt And Capital Lease Obligations 20,683 15,343 +34.8%
Deferred Credits And Other Liabilities 6,840 6,757 +1.2%
Redeemable Noncontrolling Interest Equity Carrying Amount 13 13 0.0%
Minority Interest 1,483 1,383 +7.2%
Stockholders' Equity
Common Stock 1 1 0.0%
Additional Paid-In Capital 39,430 39,603 -0.4%
Retained Earnings 16,608 12,634 +31.5%
Accumulated Other Comprehensive Income -6,233 -6,894 +9.6%
Treasury Stock Common Value -11,561 -7,252 -59.4%
Total Stockholders' Equity 38,245 38,092 +0.4%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 39,728 39,475 +0.6%
Show Equity Components breakouts
Accumulated Other Comprehensive Income -6,233 -6,894 +9.6%
Additional Paid In Capital 39,430 39,603 -0.4%
Common Stock 1 1 0.0%
Noncontrolling Interest 1,483 1,383 +7.2%
Parent 38,245 38,092 +0.4%
Retained Earnings 16,608 12,634 +31.5%
Treasury Stock Common -11,561 -7,252 -59.4%
Total Liabilities & Equity 86,817 80,147 +8.3%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Other Non-Cash Items 139 31 +348.4%
Deferred Income Tax Expense Benefit Excluding Tax Act Impact -465 -142 -227.5%
Allocated Share Based Compensation Expense 164 160 +2.5%
Noncash Charges And Other 23 -72 +131.9%
Change in Accounts Receivable -122 -160 +23.8%
Increase Decrease In Contract With Customer Asset And Liability -72 -409 +82.4%
Change in Inventory 47 56 -16.1%
Change in Prepaid & Other Assets 55 -55 +200.0%
Increase Decrease In Accounts Payable And Accrued Liabilities -148 -277 +46.6%
Pension Contributions -25 -35 +28.6%
Increase Decrease In Other Operating Capital Net -67 -191 +64.9%
Net Cash from Operations 10,350 9,423 +9.8%
Deferred Income Taxes -465 -142 -227.5%
Investing Activities
Capital Expenditures -5,261 -4,497 -17.0%
Payments To Acquire Businesses Net Of Cash Acquired -412 -317 -30.0%
Proceeds From Sales Of Business Affiliate And Productive Assets 42 170 -75.3%
Other Investing Activities -90
Net Cash from Investing -5,721 -4,644 -23.2%
Financing Activities
Proceeds From Repayments Of Short Term Debt 41 -372 +111.0%
Proceeds From Issuance Of Long Term Debt 5,148 4,844 +6.3%
Repayments Of Long Term Debt -2,278 -1,305 -74.6%
Proceeds From Issuance Of Common Stock 23 31 -25.8%
Share Repurchases -4,601 -4,482 -2.7%
Payments Of Dividends Common Stock -2,811 -2,655 -5.9%
Proceeds From Payments For Other Financing Activities -76 -420 +81.9%
Net Cash from Financing -4,554 -4,359 -4.5%
Supplemental
Interest Paid 548 443 +23.7%
Income Taxes Paid 2,274 2,216 +2.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 131 -234 +156.0%
Net Change in Cash 206 186 +10.8%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 5,056 4,850 +4.2%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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