LINDE PLC

LIN 10-K · Q4 2025

LIN Q4 2025 request

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Income Statement

Income Statement
Metric Q4 2025 Q4 2024 YoY
Revenue 8,764 8,282 +5.8%
Show Business Segments breakouts
Americas 3,884 3,609 +7.6%
Americas · Merchant 1,240 1,117 +11.0%
Americas · On-Site [Member] 950 851 +11.6%
Americas · Operating Segments 3,884 3,609 +7.6%
Americas · Other Distribution Methods [Member] 64 52 +23.1%
Americas · Packaged Gas 1,630 1,589 +2.6%
APAC 1,726 1,668 +3.5%
APAC · Merchant 555 547 +1.5%
APAC · On-Site [Member] 707 679 +4.1%
APAC · Operating Segments 1,726 1,668 +3.5%
APAC · Other Distribution Methods [Member] 107 107 0.0%
APAC · Packaged Gas 357 335 +6.6%
Corporate And Other 361 318 +13.5%
Corporate And Other · Merchant 46 53 -13.2%
Corporate And Other · Operating Segments 361 318 +13.5%
Corporate And Other · Other Distribution Methods [Member] 310 259 +19.7%
Corporate And Other · Packaged Gas 5 6 -16.7%
EMEA 2,178 2,059 +5.8%
EMEA · Merchant 727 684 +6.3%
EMEA · On-Site [Member] 409 428 -4.4%
EMEA · Operating Segments 2,178 2,059 +5.8%
EMEA · Other Distribution Methods [Member] 11 16 -31.2%
EMEA · Packaged Gas 1,031 931 +10.7%
Engineering Segment [Member] 615 628 -2.1%
Engineering Segment [Member] · Intersegment Elimination 754 578 +30.4%
Engineering Segment [Member] · Operating Segments 615 628 -2.1%
Engineering Segment [Member] · Other Distribution Methods [Member] 615 628 -2.1%
Show Consolidation Items breakouts
Intersegment Elimination 113 124 -8.9%
Operating Segments 8,764 8,282 +5.8%
Show Contract With Customer Sales Channel breakouts
Merchant 2,568 2,401 +7.0%
On-Site [Member] 2,066 1,958 +5.5%
Other Distribution Methods [Member] 1,107 1,062 +4.2%
Packaged Gas 3,023 2,861 +5.7%
Cost Of Goods And Service Excluding Depreciation Depletion And Amortization 4,547 4,320 +5.3%
Selling, General & Administrative 880 814 +8.1%
Depreciation And Amortization 950 913 +4.1%
Show Business Segments breakouts
Americas · Operating Segments 383 359 +6.7%
APAC · Operating Segments 173 154 +12.3%
Corporate And Other · Operating Segments 23 24 -4.2%
EMEA · Operating Segments 177 161 +9.9%
Engineering Segment [Member] · Operating Segments 8 9 -11.1%
Show Consolidation Items breakouts
Operating Segments 764 707 +8.1%
Research & Development 35 39 -10.3%
Restructuring Charges 229 0
Other Operating Income Expense Net -105 74 -241.9%
Operating Income 2,018 2,270 -11.1%
Show Business Segments breakouts
Americas · Operating Segments 1,202 1,150 +4.5%
APAC · Operating Segments 502 500 +0.4%
Corporate And Other · Operating Segments 6 38 -84.2%
EMEA · Operating Segments 772 686 +12.5%
Engineering Segment [Member] · Operating Segments 103 106 -2.8%
Show Consolidation Items breakouts
Operating Segments 2,585 2,480 +4.2%
Interest Expense 64 53 +20.8%
Net Periodic Defined Benefits Expense Reversal Of Expense Excluding Service Cost Component -57 -46 -23.9%
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments 2,011 2,263 -11.1%
Income Tax Expense (Benefit) 481 533 -9.8%
Income Loss From Continuing Operations Before Equity Method Investments Noncontrolling Interest 1,530 1,730 -11.6%
Income Loss From Equity Method Investments 43 39 +10.3%
Net Income Loss Attributable To Noncontrolling Interest 43 44 -2.3%
Net Income 1,530 1,725 -11.3%
EPS (Basic) 3.29 3.62 -9.1%
EPS (Diluted) 3.27 3.6 -9.2%
Wtd Avg Shares (Basic) -1,220 -1,052 -16.0%
Wtd Avg Shares (Diluted) -1,305 -1,094 -19.3%
Net Income 1,573 1,769 -11.1%
Show Equity Components breakouts
Noncontrolling Interest 43 44 -2.3%
Parent 1,530 1,725 -11.3%
Comprehensive Income 1,706 890 +91.7%

Balance Sheet

Balance Sheet
Metric Q4 2025 Q4 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 YTD Q4 2025 YTD Q4 2024 YoY
Operating Activities
Other Non-Cash Items 210 -21 +1100.0%
Deferred Income Tax Expense Benefit Excluding Tax Act Impact -7 166 -104.2%
Allocated Share Based Compensation Expense 31 40 -22.5%
Change in Accounts Receivable 257 38 +576.3%
Increase Decrease In Contract With Customer Asset And Liability -96 -99 +3.0%
Change in Inventory 84 24 +250.0%
Change in Prepaid & Other Assets 59 7 +742.9%
Increase Decrease In Accounts Payable And Accrued Liabilities -83 101 -182.2%
Pension Contributions -5 -6 +16.7%
Increase Decrease In Other Operating Capital Net 34 -51 +166.7%
Net Cash from Operations 3,030 2,809 +7.9%
Investing Activities
Capital Expenditures -1,458 -1,250 -16.6%
Payments To Acquire Businesses Net Of Cash Acquired -19 -142 +86.6%
Proceeds From Sales Of Business Affiliate And Productive Assets 11 16 -31.2%
Net Cash from Investing -1,461 -1,376 -6.2%
Financing Activities
Proceeds From Repayments Of Short Term Debt -466 863 -154.0%
Proceeds From Issuance Of Long Term Debt 2,084 8 +25950.0%
Repayments Of Long Term Debt -624 -332 -88.0%
Proceeds From Issuance Of Common Stock 3 3 0.0%
Share Repurchases -1,390 -1,334 -4.2%
Payments Of Dividends Common Stock -698 -659 -5.9%
Proceeds From Payments For Other Financing Activities 73 -159 +145.9%
Net Cash from Financing -1,018 -1,610 +36.8%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -4 -160 +97.5%
Net Change in Cash 547 -337 +262.3%
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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