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Linde plc operates as an industrial gas company worldwide. It offers atmospheric gases, including oxygen, nitrogen, argon, and rare gases; and process gases, such as hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene. The company also engages in designing and constructing of turnkey process plants for third-party customers, as well as for the gas businesses in various locations comprising air separation, hydrogen, synthesis, olefin, and natural gas plants. It serves healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics industries. The company operates in the United States, Brazil, Mexico, Canada, Germany, the Unted Kingdom, Eastern Europe, China, Australia, South Korea, And India. Linde plc was founded in 1879 and is based in Woking, the United Kingdom.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $34.0B | $13.1B | $6.9B | $5.1B | 18.0% | 3.0% | 5.1% |
| 2024 | $33.0B | $12.8B | $6.6B | $4.9B | 17.2% | 0.5% | 5.9% |
| 2023 | $32.9B | $12.2B | $6.2B | $5.5B | 15.6% | -1.5% | 49.5% |
| 2022 | $33.4B | $10.0B | $4.1B | $5.7B | 10.4% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 33,364 | 32,854 | 33,005 | 33,986 |
| Cost Of Revenue | - | 19,450 | 17,492 | 17,143 | 17,389 |
| Gross Profit | - | 13,914 | 15,362 | 15,862 | 16,597 |
| Operating Expense | - | 7,454 | 7,257 | 7,267 | 7,343 |
| Operating Income | - | 6,460 | 8,105 | 8,595 | 9,254 |
| EBITDA | - | 9,962 | 12,217 | 12,836 | 13,124 |
| EBIT | - | 5,758 | 8,401 | 9,056 | 9,361 |
| Pretax Income | - | 5,543 | 7,988 | 8,569 | 8,897 |
| Tax Provision | - | 1,434 | 1,814 | 2,002 | 1,989 |
| Net Income | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Net Income Common Stockholders | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Total Expenses | - | 26,904 | 24,749 | 24,410 | 24,732 |
| Interest Expense | - | 215 | 413 | 487 | 464 |
| Interest Income | - | 152 | 213 | 231 | 209 |
| Research And Development | - | 143 | 146 | 150 | 147 |
| Selling General And Administration | - | 3,107 | 3,295 | 3,337 | 3,433 |
| Normalized EBITDA | - | 11,029 | 12,260 | 12,903 | 13,554 |
| Normalized Income | - | 4,937.96 | 6,232.24 | 6,616.35 | 7,231.87 |
| Market Cap | 236,470 | 236,470 | 236,470 | 236,470 | 236,470 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Linde plcthis co. | LIN | $239.6B | 34.28 | 6.18 | 18.0% | 19.77 |
| Newmont Corporation | NEM | $133.4B | 18.19 | 3.80 | 20.9% | 9.00 |
| Freeport-McMoRan Inc. | FCX | $87.9B | 39.76 | 4.64 | 11.7% | 10.50 |
| The Sherwin-Williams Company | SHW | $83.6B | 32.58 | 18.20 | 55.9% | 21.52 |
| CRH plc | CRH | $79.4B | 21.14 | 3.28 |
| - |
| - |
| - |
| - |
| 15.5% |
| 12.16 |
| Ecolab Inc. | ECL | $76.3B | 36.67 | 7.79 | 21.2% | 22.05 |
| Corteva, Inc. | CTVA | $54.6B | 48.97 | 2.22 | 4.5% | 16.81 |
| Nucor Corporation | NUE | $49.6B | 27.98 | 2.33 | 8.3% | 12.72 |
| Vulcan Materials Company | VMC | $38.5B | 35.42 | 4.47 | 12.6% | 18.17 |
| Peer Median | - | 34.00 | 4.14 | 14.1% | 14.77 | |