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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 |
| Operating 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 |
| Research And Development | - | 143 | 146 | 150 | 147 |
| Selling General And Administration | - | 3,107 | 3,295 | 3,337 | 3,433 |
| Total Expenses | - | 26,904 | 24,749 | 24,410 | 24,732 |
| Operating Income | - | 6,460 | 8,105 | 8,595 | 9,254 |
| Total Operating Income As Reported | - | 5,369 | 8,024 | 8,635 | 8,923 |
| EBITDA | - | 9,962 | 12,217 | 12,836 | 13,124 |
| Normalized EBITDA | - | 11,029 | 12,260 | 12,903 | 13,554 |
| EBIT | - | 5,758 | 8,401 | 9,056 | 9,361 |
| Interest Income | - | 152 | 213 | 231 | 209 |
| Interest Expense | - | 215 | 413 | 487 | 464 |
| Net Interest Income | - | -63 | -200 | -256 | -255 |
| Other Non Operating Income Expenses | - | 213 | 126 | 297 | 328 |
| Other Income Expense | - | -854 | 83 | 230 | -102 |
| Interest Income Non Operating | - | 152 | 213 | 231 | 209 |
| Interest Expense Non Operating | - | 215 | 413 | 487 | 464 |
| Net Non Operating Interest Income Expense | - | -63 | -200 | -256 | -255 |
| Pretax Income | - | 5,543 | 7,988 | 8,569 | 8,897 |
| Tax Provision | - | 1,434 | 1,814 | 2,002 | 1,989 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -276.04 | -9.76 | -15.65 | -96.13 |
| Net Income Continuous Operations | - | 4,281 | 6,341 | 6,737 | 7,058 |
| Net Income From Continuing And Discontinued Operation | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Net Income From Continuing Operation Net Minority Interest | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Net Income | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Net Income Common Stockholders | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Net Income Including Noncontrolling Interests | - | 4,281 | 6,341 | 6,737 | 7,058 |
| Normalized Income | - | 4,937.96 | 6,232.24 | 6,616.35 | 7,231.87 |
| Diluted NI Availto Com Stockholders | - | 4,147 | 6,199 | 6,565 | 6,898 |
| Basic Average Shares | - | 499.74 | 488.19 | 478.77 | 469.49 |
| Diluted Average Shares | - | 504.04 | 492.29 | 482.09 | 472.92 |
| Reconciled Depreciation | - | 4,204 | 3,816 | 3,780 | 3,763 |
| Reconciled Cost Of Revenue | - | 19,450 | 17,492 | 17,143 | 17,389 |
| Total Unusual Items | - | -1,067 | -43 | -67 | -430 |
| Total Unusual Items Excluding Goodwill | - | -1,067 | -43 | -67 | -430 |
| Minority Interests | - | -134 | -142 | -172 | -160 |
| Net Income Discontinuous Operations | 5 | 0 | 0 | - | - |
| Earnings From Equity Interest Net Of Tax | - | 172 | 167 | 170 | 150 |
| Special Income Charges | - | -1,049 | 4 | -56 | -417 |
| Gain On Sale Of Business | 0 | - | - | 43 | 35 |
| Other Special Charges | - | 888 | -10 | -45 | -2 |
| Restructuring And Mergern Acquisition | - | 152 | 27 | 221 | 488 |
| Gain On Sale Of Security | - | -18 | -47 | -11 | -13 |
| Depreciation Amortization Depletion Income Statement | - | 4,204 | 3,816 | 3,780 | 3,763 |
| Depreciation And Amortization In Income Statement | - | 4,204 | 3,816 | 3,780 | 3,763 |
| General And Administrative Expense | - | 1,812 | 1,965 | 2,004 | 2,083 |
| Other Gand A | - | 1,812 | 1,965 | 2,004 | 2,083 |
| Salaries And Wages | -192 | -237 | -164 | - | - |
| Gain On Sale Of Ppe | - | -9 | 21 | 77 | 34 |
| Total Other Finance Cost | -53 | -35 | - | - | - |
| Selling And Marketing Expense | - | 1,295 | 1,330 | 1,333 | 1,350 |
| Amortization | - | 571 | 550 | 554 | 517 |
| Amortization Of Intangibles Income Statement | - | 571 | 550 | 554 | 517 |
| Depreciation Income Statement | - | 3,633 | 3,266 | 3,226 | 3,246 |
Basic Materials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Linde plcthis co. | LIN | $234.6B | 34.01 | 6.13 | 18.0% | 19.63 |
| Newmont Corporation | NEM | $115.6B | 16.32 | 3.41 | 20.9% | 8.06 |
| Freeport-McMoRan Inc. | FCX | $100.2B | 45.46 | 5.30 | 11.7% | 11.89 |
| The Sherwin-Williams Company | SHW | $74.0B | 28.82 | 16.10 | 55.9% | 19.36 |
| Ecolab Inc. | ECL | $71.6B | 34.49 | 7.33 |
| - |
| - |
| - |
| - |
| 21.2% |
| 20.87 |
| CRH plc | CRH | $71.2B | 19.09 | 2.97 | 15.5% | 11.17 |
| Air Products and Chemicals, Inc. | APD | $63.0B | -159.66 | 4.19 | -2.6% | 59.47 |
| Nucor Corporation | NUE | $59.7B | 34.25 | 2.85 | 8.3% | 15.31 |
| Corteva, Inc. | CTVA | $51.8B | 47.36 | 2.15 | 4.5% | 16.23 |
| Peer Median | - | 31.53 | 3.80 | 13.6% | 15.77 | |