Linde plc (LIN) Q2 FY2026

Business

From the fiscal 2025 Form 10-K, accession 0001628280-26-011430.

Linde plc is a public limited company formed under the laws of Ireland, with principal executive offices in Woking, United Kingdom and Danbury, Connecticut, and administrative offices in Tonawanda, New York and Pullach, Germany. It is the largest industrial gas company worldwide. Sales were $33,986 million in 2025, $33,005 million in 2024 and $32,854 million in 2023. Approximately 64% of 2025 sales were generated outside the United States. The company had 65,177 employees at December 31, 2025. Ordinary shares trade on Nasdaq under the symbol LIN.

What it sells. Two product lines. The industrial gases business produces atmospheric gases (oxygen, nitrogen, argon and rare gases such as krypton, neon and xenon) separated from ambient air, and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases and acetylene) produced by other methods. Most of Linde's conventional hydrogen is made from natural gas or methane by steam methane reformation or auto-thermal reforming; the company also produces low-carbon ("blue") hydrogen by capturing and sequestering carbon emissions, renewable ("green") hydrogen by electrolysis, and recovers hydrogen from existing chemical and petrochemical processes. The Engineering business designs and builds turnkey plants, air separation, hydrogen, synthesis, olefin and natural gas plants, for third-party customers and for Linde's own gases businesses. End markets are healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics; Linde is not dependent on a single customer or a few customers.

How the revenue is contracted. Three distribution methods, each with a distinct contract profile, and this is the core of the business model:

• On-site / tonnage, Linde builds a plant on or next to the customer's site and supplies by pipeline. Contracts are generally total-requirements contracts with terms typically of 10 to 20 years, containing minimum purchase requirements and price escalation provisions. Many on-site cryogenic plants also produce liquid product for the merchant market, so plants are typically not dedicated to one customer.
• Merchant / bulk liquid, delivered by tanker truck to customer-site storage containers that Linde generally owns and leases to the customer. Usually three- to seven-year requirements contracts. Merchant oxygen and nitrogen carry a small distribution radius; argon, hydrogen and helium travel much farther.
• Packaged / cylinder gases, small volumes in cylinders, generally sold under one- to three-year supply contracts and purchase orders.

In the second quarter of 2026 the consolidated mix by distribution method was packaged gas 34%, merchant 30%, on-site 24% and other (including Engineering) 12% of sales.

Assets and geography. Because industrial gases are generally uneconomical to transport more than a few hundred miles, Linde runs a large, geographically dispersed production base: approximately 350 facilities in the Americas (mainly cryogenic air separation, hydrogen and carbon dioxide plants), approximately 275 in EMEA and approximately 230 in APAC, plus non-cryogenic plants, packaged gas facilities and pipelines. Five major North American pipeline complexes sit in northern Indiana, Houston, the Texas Gulf Coast, Detroit and Louisiana. Engineering plant components are made in owned factories in Tacherting, Germany; Hesingue, France; New York; and Dalian, China. Research and development is conducted primarily in Pullach, Tonawanda, Burr Ridge (Illinois) and Shanghai.

Segments. Industrial gases are managed geographically, giving three reportable segments, Americas, EMEA and APAC, alongside a fourth, Engineering, managed worldwide. "Other" holds corporate costs and smaller businesses, principally Linde Advanced Material Technologies (LAMT) and global helium wholesale. In 2025 the three geographic segments produced 90% of sales and Engineering plus Other the remaining 10%. Segment operating profit, the company's own measure, excludes purchase accounting impacts of the 2018 Linde AG merger, cost reduction and other charges, and items not indicative of ongoing trends. Fiscal 2025 segment sales and segment operating profit (millions of dollars):

Cost structure and competition. Energy, mostly electricity, natural gas and diesel for distribution, is the single largest cost item in production and distribution. Linde mitigates price movement contractually through pricing formulas, surcharges, cost pass-through and tolling arrangements; large contracts typically carry escalation and pass-through clauses. Hydrogen, helium, carbon dioxide, carbon monoxide and specialty gas raw materials are largely purchased from outside sources. Competitors include L'Air Liquide, Air Products and Chemicals, Messer Group and Mitsubishi Chemical (through Taiyo Nippon Sanso), plus many small and mid-size regional producers and distributors; a significant portion of the international market is served by customer-owned plants. Where Linde has pipeline networks it derives a competitive advantage. The business is not materially seasonal and is not materially dependent on any one patent or patent family.

Risk factors

Condensed from Item 1A of the fiscal 2025 Form 10-K, accession 0001628280-26-011430. The Form 10-Q for the quarter ended June 30, 2026 states there have been no material changes to these risk factors through that quarterly period.

• Cyclical end markets and weakening economies. Linde serves customers across more than 80 countries, which generally steadies results through cycles, but chemicals and energy and metals and mining are cyclical. Downturns can cut demand, impair customers' ability to pay, cause contract terminations or project delays, reduce capacity utilization, and force impairments of plant or of goodwill, customer relationships and intellectual property.
• Energy and raw material cost and supply. Energy is the largest cost item; contractual escalation and pass-through may not fully mitigate variability. Disruption in externally purchased raw materials could impair Linde's ability to meet contractual supply commitments.
• International operations. Currency devaluations, transportation interruptions, political and economic instability, restrictions on transferring funds, trade conflicts, duties and tariffs, import/export controls, labor unrest and possible nationalization or expropriation of assets.
• Currency translation. A significant share of revenue is denominated in currencies other than the reporting US dollar; hedging may not succeed.
• Financing and ratings. Credit-market disruption could raise the cost or difficulty of financing; borrowing costs depend in significant part on debt ratings, themselves driven by interest coverage and leverage.
• Goodwill and intangible impairment. At December 31, 2025 goodwill was approximately $28 billion and other indefinite-lived intangibles approximately $2 billion, largely a consequence of acquisition accounting for the 2018 merger of Linde's predecessor companies. Negative industry trends, business disruption, changes in asset use, divestitures or a sustained decline in market capitalization could force impairment.
• Catastrophic events. Physical exposure to natural disasters linked to climate change (hurricanes, floods), epidemics and pandemics, and acts of war or terrorism, affecting Linde's own operations and those of its customers and suppliers.
• Operational risk. Results depend on continuous plant operation and on completing new construction on time, on budget and to performance specification; failure exposes Linde to lost revenue, litigation and reputational damage. Production, storage, vehicle transport and pipeline operations carry risk of fire, toxic release and explosion, with potential loss of life, environmental damage and extensive property damage.
• Talent and technology. Competitive advantage rests substantially on skilled personnel; separately, failure of research and development to keep pace with competitors could cost the company customers.
• Cybersecurity. Systems have been, and are expected to continue to be, subject to increasingly sophisticated attacks; to date such attempts have not had a significant impact on operations or financial results. Cybersecurity is identified as a top enterprise risk and falls under Audit Committee oversight, with a Global CIO reporting to the CFO and a CISO reporting to the CIO.
• Acquisition integration and joint ventures. Integration may create unforeseen operating difficulty; named risks include remediating controls at acquired companies, diversion of management time, cultural and systems integration, failure to achieve targeted synergies, and loss of key employees and business relationships.
• Regulation. Securities laws, tax laws and currency controls, trade and export restrictions and economic sanctions, antitrust, safety, environmental protection (including climate change and energy efficiency laws and related disclosure), data protection including artificial intelligence, global anti-bribery laws including the FCPA, and healthcare regulation. Environmental and climate rules may drive structural change in key end markets by altering customer and competitor behavior.
• Litigation and product liability. Subsidiaries face lawsuits and government investigations in the ordinary course; industrial gases are potentially hazardous substances and medical gases must meet specifications or risk patient harm, and US class action exposure is noted as historically more significant than elsewhere.
• Irish incorporation and enforcement. A US money judgment is not automatically enforceable in Ireland; there is no US–Ireland reciprocal enforcement treaty, and an Irish court may refuse a judgment obtained by fraud, contrary to Irish public policy, in breach of natural justice, or irreconcilable with an earlier foreign judgment.
• Tax law and residency. Linde is Irish-incorporated but currently treated as UK tax resident, so changes to UK rules bear directly on it; ceasing UK residence could trigger exit charges, dual residence could cause duplicative taxation, and the IRS could challenge the position that Linde is not a domestic US corporation.

Principal legal and contingent matters (from the commitments and contingencies notes of both filings; balances as of June 30, 2026):

• Russia / RusChemAlliance (RCA). Performance of all Linde Engineering agreements in Russia was lawfully suspended on May 27, 2022 in compliance with sanctions. RCA, owned 50% by PJSC Gazprom, obtained a December 2022 St. Petersburg injunction blocking sale of Linde's Russian shares and assets, then won St. Petersburg decisions on both its gas processing plant ("GPP") and LNG claims. During the fourth quarter of 2024 RCA enforced the GPP decision against Linde's shares in two Russian joint ventures, which were sold locally with proceeds paid to RCA; enforcement against remaining local assets is ongoing. Linde has secured contrary rulings outside Russia, Hong Kong International Arbitration Centre awards on exclusive jurisdiction and a January 2024 Hong Kong court judgment granting permanent anti-suit and anti-enforcement injunctions and ordering the St. Petersburg injunction lifted, but RCA continues to pursue Russian proceedings. Guarantor banks, following their own asset seizures in Russia, have asserted reimbursement claims against Linde GmbH in Germany totaling approximately €0.8 billion. A Linde subsidiary has obtained a German damages judgment against Gazprom PJSC of €204 million over the seizure of a Russian joint venture's shares. Linde records a contingent liability of $1.1 billion representing advance payments previously in contract liabilities for the terminated RCA projects, and does not expect a material adverse earnings impact given $1.8 billion of combined liabilities recorded at June 30, 2026 and the immaterial investment value of its remaining deconsolidated Russian subsidiaries.
• Amur GPP. Gazprom filed an October 2024 claim in the Amur Region arbitration court against Linde Engineering and unrelated Linde entities for damages and lost profits from fires at the Amur gas processing plant in October 2021 and January 2022; Linde's own review attributed the first fire to construction and assembly quality, the responsibility of contractor Nipigas. Linde Engineering initiated arbitration against Gazprom before the Stockholm Chamber of Commerce during 2025. Contingent liability of $0.7 billion for this and other Amur GPP contract matters.
• Linde AG squeeze-out appraisal. Former Linde AG shareholders filed proceedings in Munich seeking an increase above the €189.46 per share cash consideration paid in the April 2019 squeeze-out of minority holders, applicable to 14,763,113 shares. The court rejected the claims in full in November 2023; plaintiffs have appealed. No reserve has been established.
• Brazil Refis program. Federal tax disputes enrolled in Brazil's 2009 voluntary amnesty program remain unresolved, with litigation over the application of cash deposits and net operating loss carryforwards and over the size of available tax reductions.

Management's discussion, fiscal 2025

From Item 7 of the fiscal 2025 Form 10-K, accession 0001628280-26-011430.

Top line. Sales of $33,986 million rose 3%. The whole of the increase came from price and acquisitions: higher price attainment added 2%, primarily in the Americas and EMEA, and acquisitions added 1%, largely in APAC and the Americas. Volumes were flat, with base volume declines largely offset by new project start-ups. Currency translation and cost pass-through, the contractual billing of energy cost variances, mainly to on-site customers, were both flat.

Margins and earnings. Cost of sales excluding depreciation and amortization rose 1% and fell as a share of sales to 51.2% from 51.9%, on higher pricing and productivity gains against cost inflation. SG&A rose 3% to $3,433 million, holding at 10.1% of sales. Reported operating profit of $8,923 million was 3% higher; adjusted operating profit of $10,137 million was 4% higher. Cost reduction program and other charges were $273 million net, comprising $308 million of global severance largely in Engineering less $35 million of other benefits mostly from a divestiture. Other income (expense) swung to a $58 million expense from $185 million of income, on a $164 million merger-related purchase accounting charge in 2025 against 2024 benefits of $41 million from a supplier settlement in the Americas and $45 million of insurance recoveries. The reported effective tax rate fell to 22.4% from 23.4%, chiefly on a German tax rate reduction worth $158 million, partly offset by the non-recurrence of 2024 repatriation benefits; on an adjusted basis the rate rose slightly to 23.7%. Net income attributable to Linde plc was $6,898 million and diluted EPS $14.61, against $6,565 million and $13.62 in 2024; adjusted diluted EPS was $16.46, up 6%, helped by a lower share count. EBITDA was $12,836 million and adjusted EBITDA $13,351 million. Enacted US legislation (H.R.1, the One Big Beautiful Bill Act, signed July 4, 2025) made permanent 100% bonus depreciation and domestic research cost expensing, providing current and future cash tax benefits, with no material effect on 2025 results.

Segments. Americas sales rose $766 million, or 5%, price 3 points, volume 1 point on electronics, metals and mining and chemicals and energy including project start-ups, pass-through 1 point, net acquisitions 1 point, currency minus 1 point on the Brazilian real and Mexican peso, with operating profit up $197 million, or 4%. EMEA sales rose $197 million, or 2%, with currency adding 3 points (euro and sterling) and price 2 points against a 3-point volume decline in metals and mining, manufacturing and chemicals and energy; operating profit rose $275 million, or 10%. APAC sales were flat, acquisitions plus 2, volume minus 1, currency minus 1, and operating profit rose $15 million, or 1%. Engineering sales fell $72 million, or 3%, on project timing despite a 3-point currency tailwind, with operating profit down $2 million. Other sales rose 5% on LAMT volumes partly offset by helium, but operating profit fell $68 million on helium and the non-recurrence of a 2024 insurance recovery.

Cash and capital. Operating cash flow of $10,350 million was $927 million above 2024, on higher net income adjusted for non-cash charges and lower net working capital, including higher contract-liability inflows from Engineering customer advances. Capital expenditure of $5,261 million was $764 million higher and went primarily into new plant and production equipment for backlog growth, roughly 60% in the Americas and 21% in APAC. Acquisitions net of cash acquired were $412 million (primarily EMEA and APAC, against $317 million in 2024 concentrated in Americas packaged gas); divestiture and asset-sale proceeds were $42 million against $170 million. The sale-of-gas backlog of large projects under construction, the total estimated capital cost of large plants being built, was approximately $7.3 billion at December 31, 2025. Dividends of $2,811 million reflected an 8% increase in the per-share rate to $6.00 from $5.56. Net purchases of ordinary shares were $4,578 million; under the $15 billion repurchase program authorized on October 23, 2023, $7.7 billion had been repurchased and $7.3 billion remained authorized at year end. Net debt rose $5,160 million to $21,933 million, of which roughly $2,400 million was foreign currency translation; total debt was $26,989 million, 81% fixed rate, at a global effective borrowing rate of approximately 2.3%. Ratings at year end were A/A2 long-term and A-1/P-1 short-term, with a $5 billion and a $1.5 billion revolving credit agreement, both unsecured, undrawn and without financial covenants.

Balance sheet judgments. Goodwill was $27,927 million and other indefinite-lived intangibles $1,826 million; the October 1, 2025 annual test indicated no impairment, with enterprise value of approximately $220 billion against total capital of approximately $62 billion. Critical estimates flagged by management are long-term construction contract revenue recognized on a cost-incurred input method (where estimating total cost at completion is the key uncertainty), pension assumptions, asset impairment, income taxes and contingencies. US pension plans closed the year with a $169 million surplus and non-US plans a $615 million surplus; 2026 consolidated pension expense is expected to be a benefit of approximately $136 million, with required contributions of $25 million to $35 million.

Environmental positioning. Production and distribution of industrial gases is energy intensive and a significant source of greenhouse gas emissions, and hydrogen production and other plants are already subject to carbon taxation or cap-and-trade in California, China, Singapore and the European Union. Management believes it can mitigate those costs through the terms of its product supply contracts, and frames decarbonization as a source of demand as much as cost: continued growth in clean hydrogen sales, oxyfuel combustion technology for metals, glass, refining and chemicals, oxygen for wastewater treatment, carbon dioxide for desalination, and gases for second-generation biofuels under EU and US renewable fuel standards. 2025 environmental protection costs were not significant, and future annual spending is expected to be similar.

Current period, quarter and six months ended June 30, 2026

From the Form 10-Q, accession 0001628280-26-051289.

The quarter. Sales of $9,289 million were 9% above the prior-year quarter, and this time growth was broad rather than price-only: price added 2 points, volume 2 points (electronics, manufacturing, and chemicals and energy), currency 2 points (Brazilian real, Chinese yuan and euro), acquisitions 1 point, cost pass-through 1 point and Engineering 1 point. Reported operating profit was $2,554 million, or 27.5% of sales, up 8%; adjusted operating profit was $2,744 million, a 29.5% margin, up 7%. The reported effective tax rate was 24.0% against 24.4%. Reported diluted EPS was $4.15, up 11% from $3.73, on higher net income and a lower share count; adjusted diluted EPS was $4.50. EBITDA was $3,553 million.

Six months. Sales of $18,070 million were also 9% higher, with currency contributing 3 points over the half. Reported operating profit rose $455 million, or 10%; on an adjusted basis $380 million, or 8%. Cost of sales excluding depreciation and amortization rose to 52.3% of sales in the quarter and 51.9% for the half, from 50.7% and 51.0%, on higher costs and cost pass-through partly offset by productivity; SG&A improved to 9.6% and 9.9% of sales from 10.2% and 10.0%. There were no cost reduction program or other charges in either 2026 period, against $55 million of mostly severance charges in the first half of 2025. Other income of $80 million year to date included a gain on a divestiture in the Americas. Headcount was 64,649 at June 30, 2026, 193 lower than a year earlier, reflecting the continuing cost reduction program partly offset by acquisitions.

Segments. Americas sales rose $271 million, or 7%, in the quarter (price 2, volume 2 on electronics and manufacturing, currency 2, acquisitions 1), with operating profit up $63 million, or 5%. EMEA sales rose $141 million, or 7%, driven by 3 points of currency, 2 of price, 2 of pass-through and 1 of acquisitions against a 1-point volume decline in manufacturing; operating profit rose $43 million, or 6%. APAC was the standout: sales rose $215 million, or 13%, with volume alone adding 6 points on new project start-ups and equipment sales, plus 3 points of currency, 2 of price and 2 of pass-through, and operating profit rose $41 million, or 8%. Engineering sales rose $74 million, or 13%, on project timing and currency, with operating profit up $10 million, or 11%, though for the half Engineering operating profit was $3 million lower. Other sales rose $93 million, or 30%, on LAMT volume, price and pass-through, lifting Other operating profit by $31 million.

Cash, capital and the backlog. First-half operating cash flow was $4,511 million, 3% higher, on higher net income. Capital expenditure of $2,780 million was $253 million above the prior year, again for plant and production equipment supporting backlog growth, and the sale-of-gas backlog of large projects under construction had grown to approximately $8.1 billion at June 30, 2026 from approximately $7.3 billion at the end of 2025, the clearest forward indicator in the filing. Acquisitions net of cash acquired were $385 million, primarily businesses in the Americas and EMEA (against $270 million a year earlier in the Americas and APAC); divestitures and asset sales brought in $123 million, including proceeds from the sale of a business in the Americas. Net debt inflow was $1,645 million: Linde issued €1.6 billion of euro-denominated notes and repaid $725 million of US dollar notes in the half. Net purchases of ordinary shares fell to $1,656 million from $2,207 million; during the second quarter the company bought 1,732 thousand shares at an average $504.02, bringing cumulative repurchases under the 2023 program to $9.4 billion with $5.6 billion still authorized. Dividends of $1,479 million reflected a 7% increase in the quarterly rate to $1.60 per share from $1.50. Both revolving credit agreements, $5.0 billion and $1.5 billion, remained unsecured, undrawn and free of financial covenants. Contract liabilities were $2,413 million and contract assets $523 million at June 30, 2026, mostly Engineering and on-site customer prepayments.

Funding structure. Linde filed a Form S-3 registration statement on May 5, 2026 under which Linde plc and its wholly owned subsidiary Linde Inc. may offer debt securities, with cross-guarantees among Linde plc, Linde Inc. and Linde GmbH. The company's European debt issuance programme was updated with a base prospectus filed with the Luxembourg Stock Exchange on May 4, 2026 and enlarged to €25.0 billion, valid for one year from that date.

Outlook disclosure. The 10-Q itself carries no numeric financial guidance: the company states that it provides operating results updates, material trends and financial guidance through its quarterly earnings releases and investor teleconferences rather than in the quarterly report. The numbers for this quarter accordingly appear in the second-quarter earnings release furnished the same day, summarised under subsequent events below.

Subsequent events

Neither the fiscal 2025 Form 10-K nor the Form 10-Q for the quarter ended June 30, 2026 contains a subsequent-events note; the 10-Q's notes run from summary of significant accounting policies through revenue recognition with no such note, and no acquisition or divestiture signed or completed after June 30, 2026 is disclosed in either filing.

In the window between the June 30, 2026 quarter end and the July 31, 2026 filing date, Linde furnished its second-quarter earnings release (Form 8-K, accession 0001654954-26-007052), raising full-year 2026 adjusted diluted earnings per share guidance to a range of $17.70 to $17.90 and setting third-quarter guidance at $4.45 to $4.55.

The other corporate action in that window was the annual general meeting of shareholders, held July 28, 2026 (Form 8-K, accession 0001193125-26-325127), at which holders of 396,007,872 shares, 85.65% of shares outstanding and entitled to vote, were present or represented. All nine director nominees were re-elected, the lowest with 93.55% of votes cast, and every board proposal carried; the shareholder proposal requesting a report on Linde's renewable electricity procurement strategy was defeated, receiving 13.05% of votes cast in favour.

Filings that contain financial statements

• 8-K accession 0001654954-26-007052 (filed July 31, 2026, Item 2.02): furnishes the second-quarter 2026 earnings press release (Exhibit 99.1), which includes a summary non-GAAP reconciliation, statement of income, balance sheet, statement of cash flows and segment information for the quarter ended June 30, 2026.
• 8-K accession 0001654954-26-004202 (filed May 1, 2026, Item 2.02): furnishes the first-quarter 2026 earnings press release (Exhibit 99.1), including a full statement of income, balance sheet, statement of cash flows and segment table for the quarter ended March 31, 2026.
• 8-K accession 0001654954-26-000913 (filed February 5, 2026, Item 2.02): furnishes the fourth-quarter and full-year 2025 earnings press release (Exhibit 99.1), with income statement, balance sheet, cash flow and segment tables covering the quarter and year ended December 31, 2025.
• 8-K accession 0001654954-25-012384 (filed October 31, 2025, Item 2.02): furnishes the third-quarter 2025 earnings press release (Exhibit 99.1), with statement of income, balance sheet, cash flow and segment tables for the quarter ended September 30, 2025.
• 8-K accession 0001654954-25-008771 (filed August 1, 2025, Item 2.02): furnishes the second-quarter 2025 earnings press release (Exhibit 99.1), with statement of income and segment results for the quarter ended June 30, 2025 (comparative full statement of income appears in the exhibit).
• 8-K accession 0001654954-25-004916 (filed May 1, 2025, Item 2.02): furnishes the first-quarter 2025 earnings press release (Exhibit 99.1) for the quarter ended March 31, 2025.

Earnings and guidance

• July 31, 2026 (accession 0001654954-26-007052), Second-quarter 2026 results: sales of $9,289 million, up 9% year over year (underlying sales up 4%); adjusted operating profit of $2,744 million, up 7%, for a 29.5% adjusted operating margin; adjusted diluted EPS of $4.50, up 10%. Operating cash flow was $2,271 million. The company raised full-year 2026 adjusted diluted EPS guidance to $17.70–$17.90 (8%–9% growth) and issued third-quarter guidance of $4.45–$4.55.
• May 1, 2026 (accession 0001654954-26-004202), First-quarter 2026 results: sales of $8,781 million, up 8% (underlying sales up 3%); adjusted operating profit of $2,630 million, up 8%, for a 30.0% adjusted operating margin; adjusted diluted EPS of $4.33, up 10%. Full-year 2026 adjusted diluted EPS guidance was set at $17.60–$17.90 (7%–9% growth).
• February 5, 2026 (accession 0001654954-26-000913), Fourth-quarter and full-year 2025 results: full-year sales of $34.0 billion, up 3%; full-year adjusted operating profit of $10.1 billion (29.8% adjusted operating margin); full-year adjusted diluted EPS of $16.46, up 6%. Fourth-quarter adjusted diluted EPS was $4.20, up 6%. The company guided full-year 2026 adjusted diluted EPS to $17.40–$17.90 (6%–9% growth) and first-quarter 2026 adjusted diluted EPS to $4.20–$4.30.
• October 31, 2025 (accession 0001654954-25-012384), Third-quarter 2025 results: sales of $8,615 million, up 3%; adjusted operating profit of $2,558 million, up 3%, for a 29.7% adjusted operating margin; adjusted diluted EPS of $4.21, up 7%. Full-year 2025 adjusted diluted EPS guidance was narrowed to $16.35–$16.45 (5%–6% growth).
• August 1, 2025 (accession 0001654954-25-008771), Second-quarter 2025 results: sales of $8,495 million, up 3% (underlying sales up 1%); adjusted operating profit of $2,556 million, up 6%, for a 30.1% adjusted operating margin; adjusted diluted EPS of $4.09, up 6%. Full-year 2025 adjusted diluted EPS guidance was set at $16.30–$16.50 (5%–6% growth).
• May 1, 2025 (accession 0001654954-25-004916), First-quarter 2025 results: sales of $8,112 million, flat year over year (underlying sales up 1% on 2% price against 1% lower volumes in the manufacturing and metals & mining end markets); operating profit $2,184 million and adjusted operating profit $2,438 million, up 4%, for a 30.1% adjusted operating margin, up 120 basis points; diluted EPS $3.51, up 5%, and adjusted diluted EPS $3.95, up 5% (8% ex-FX); operating cash flow of $2,161 million, up 11%. The company issued initial full-year 2025 adjusted diluted EPS guidance of $16.20–$16.50 (4%–6% growth) and second-quarter 2025 guidance of $3.95–$4.05.

Capital actions, debt issuance and credit facilities

• May 13, 2026 (accession 0001193125-26-221558), Linde plc issued €600 million Floating Rate Notes due 2028, €500 million 3.200% Notes due 2030 and €500 million 3.800% Notes due 2036 under its European debt issuance programme, for net proceeds of approximately €1,595 million, to be used for general corporate purposes. The notes are guaranteed by Linde GmbH and Linde Inc. and listed on the Luxembourg Stock Exchange (Euro MTF market).
• December 3, 2025 (accession 0001193125-25-306646), Linde plc and certain subsidiaries entered into an unsecured 364-day revolving credit agreement with Bank of America, N.A. as administrative agent and a syndicate of lenders, providing total commitments of $1,500,000,000 for general corporate purposes. The agreement carries no financial maintenance covenant and had no amounts drawn as of the filing date.
• November 20, 2025 (accession 0001193125-25-289724), Linde plc issued €600 million Floating Rate Notes due 2027, €650 million 3.125% Notes due 2032 and €500 million 3.750% Notes due 2038 under the European debt issuance programme, for net proceeds of approximately €1,737 million, for general corporate purposes; notes listed on the Luxembourg Stock Exchange.
• June 5, 2025 (accession 0001193125-25-135992), Linde plc issued ₣225 million 0.6150% Notes due 2029 and ₣275 million 1.0629% Notes due 2033 (Swiss franc notes, dated May 21, 2025), for net proceeds of approximately ₣498.6 million, listed on the SIX Swiss Exchange.
• February 18, 2025 (accession 0001193125-25-028599), Linde plc issued €850 million 2.625% Notes due 2029, €750 million 3.000% Notes due 2033 and €650 million 3.250% Notes due 2037 under the European debt issuance programme, for net proceeds of approximately €2,234 million, for general corporate purposes; notes listed on the Luxembourg Stock Exchange.

Management and board changes

• September 29, 2025 (accession 0001654954-25-011182), Chairman Stephen F. Angel announced his retirement from Linde's board effective January 31, 2026. The board appointed CEO Sanjiv Lamba to the additional role of Chairman effective on Mr. Angel's retirement, with Robert Wood continuing as Lead Independent Director. Separately, the board appointed Sean Durbin, EVP–North America, as Chief Operating Officer effective October 1, 2025.
• August 5, 2025 (accession 0001654954-25-009209), David Strauss, EVP–Chief Human Resources Officer, announced retirement effective March 31, 2026 (his officer role ended September 1, 2025). Desiree Bacher was appointed SVP–Chief Human Resources Officer, effective September 1, 2025, succeeding Mr. Strauss.

Not reflected as M&A

No 8-K reports the signing or closing of a material acquisition or divestiture; the debt-issuance 8-Ks describe use of proceeds only as general corporate purposes. Linde did complete bolt-on transactions in the period, but they are disclosed only in the Form 10-Q (accession 0001628280-26-051289, Liquidity and Capital Resources): acquisitions net of cash acquired of $385 million for the six months ended June 30, 2026, primarily businesses in the Americas and EMEA (versus $270 million a year earlier, primarily in the Americas and APAC), and divestitures and asset sales of $123 million, including proceeds from the sale of a business in the Americas, with a gain on that divestiture reflected in year-to-date other income. These transactions are unnamed and unpriced individually in the periodic filings; all are closed, none pending.

About this file

LIN annual income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

LIN quarterly income statement, balance sheet and cash flow

Taken from the SEC filings and normalized to actual dollars.

LIN year-to-date income statement and cash flow

Taken from the SEC filings and normalized to actual dollars.

LIN trailing twelve month income statement and cash flow

Derived by AI from the figures the filings report. No filing prints these, so none of them is linked.

• Derivation. fiscal year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025

Adjustments

Notes

• Fiscal 2025, 2024 and 2023 come from the consolidated statements of income and cash flows in Linde plc's fiscal 2025 Form 10-K (accession 0001628280-26-011430); the December 31, 2025 and December 31, 2024 balance sheets come from the same filing. The quarter and six months ended June 30, 2026 and 2025, and the June 30, 2026 balance sheet, come from the Form 10-Q for the quarter ended June 30, 2026 (accession 0001628280-26-051289).
• These two filings are the whole of this record. The 10-K prints balance sheets for December 31, 2025 and 2024 only, so fiscal 2023 is reported with an income statement and a cash flow statement and no balance sheet. The 10-Q prints a balance sheet at June 30, 2026 with December 31, 2025 as its comparative, so the year-ago quarter (Q2 2025) carries an income statement and segment detail but no balance sheet.
• The 10-Q's condensed balance sheet groups three lines that the 10-K's balance sheet shows separately: equity investments inside other long-term assets, accrued taxes inside other current liabilities, and deferred credits inside other long-term liabilities. At December 31, 2025 those groupings tie to the annual balance sheet exactly ($3,419 million + $2,015 million = $5,434 million; $4,171 million + $680 million = $4,851 million; $4,355 million + $6,840 million = $11,195 million), so the two filings agree. The June 30, 2026 balance sheet here follows the 10-Q's grouping; the annual balance sheets follow the 10-K's more detailed one.
• Total debt is not a line Linde prints. It is stated here as short-term debt plus the current portion of long-term debt plus long-term debt: $26,989 million at December 31, 2025, $21,623 million at December 31, 2024 and $28,013 million at June 30, 2026.
• Free cash flow is not a line Linde prints. It is stated here as net cash provided by operating activities less capital expenditures.
• Cash outflows are carried with the sign the statements print, so capital expenditures, acquisitions, share repurchases, dividends paid and debt repayments are negative numbers.
• The 10-Q presents its cash flow statement for the six months only, so no three-month cash flow figures are reported for either quarter. The six-month cash flows appear in the year-to-date blocks.
• The trailing-twelve-month block is derived, not filed: fiscal 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. It is built from columns printed in the two filings above and Linde publishes no such column itself.
• Segment figures use Linde's own segment measures. Segment sales are external sales only (intersegment sales from Engineering to the industrial gases segments were $2,702 million in 2025), and segment operating profit is defined by the company as operating profit excluding purchase accounting impacts of the Linde AG merger, cost reduction and other charges, and items not indicative of ongoing business trends. Total segment operating profit is therefore larger than consolidated operating profit - $10,137 million against $8,923 million in fiscal 2025, a difference of $1,214 million that is the $941 million of Linde AG purchase accounting impacts plus $273 million of cost reduction program and other charges.
• No gross profit line is shown. Linde presents cost of sales exclusive of depreciation and amortization, so a gross profit subtotal would not be comparable to one struck after depreciation, and the company does not report one.
• Linde plc is incorporated in Ireland but reports in US dollars, so no currency conversion was applied. The company has no stock splits on record for the periods shown, and its ordinary shares are listed directly rather than as depositary receipts, so no per-share adjustment was made.

Uncertainties

• Trailing-twelve-month earnings per share is derived rather than reported. It is trailing-twelve-month net income divided by a weighted average share count built the same way (fiscal 2025 plus the first half of 2026 less the first half of 2025), giving $15.65 diluted. Adding the four published quarterly per-share amounts instead gives about $15.50; the gap is the effect of a falling share count on a weighted average and neither figure is one Linde publishes.
• No cash flow figures are given for the three months ended June 30, 2026 or June 30, 2025. The 10-Q reports cash flows for the six-month period only and the first-quarter figures needed to difference them out are not on the face of either filing used here.
• No balance sheet is reported for the quarter ended June 30, 2025 or for fiscal 2023, because neither filing prints one for those dates.
• Cost reduction program and other charges is recorded as zero for the second quarters of 2026 and 2025 because the 10-Q prints a dash in both of those columns; the charge in the first half of 2025 ($55 million) fell in the first quarter.

Prior year to date

Taken from the SEC filings and normalized to actual dollars.

Company details

Fiscal period