LIN (Linde plc) Stock Financials & Earnings

Company Info & Key Metrics

Linde plc operates as an industrial gas and engineering company in North and South America, Europe, the Middle East, Africa, and the Asia Pacific. It offers atmospheric gases, including oxygen, nitrog...

CEOSanjiv Lamba

Country🇬🇧 United Kingdom

ExchangeNASDAQ

IPOJun 17, 1992

www.linde.com

Revenue$8.8B

YoY Growth+5.8%

QoQ Growth+1.7%

Net Income$1.6B

EPS$3.26

Free Cash Flow$1.6B

Gross Margin48.1%

Op. Margin23.0%

Net Margin17.9%

FCF Margin17.9%

Rev Multiple (TTM)6.6x

P/E Ratio (TTM)32.3x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$8.2B	$2.8B	$2.0B
Q2 23	$8.2B	$2.9B	$2.1B
Q3 23	$8.2B	$2.9B	$2.0B
Q4 23	$8.3B	$2.9B	$2.1B
Q1 24	$8.1B	$2.9B	$2.0B
Q2 24	$8.3B	$3.1B	$2.2B
Q3 24	$8.4B	$3.0B	$2.2B
Q4 24	$8.3B	$3.0B	$2.2B
Q1 25	$8.1B	$3.0B	$2.2B
Q2 25	$8.5B	$4.2B	$2.4B
Q3 25	$8.6B	$3.3B	$2.3B
Q4 25	$8.8B	$4.2B	$2.0B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	6.7x	49.9x
Q2 23	6.8x	39.4x
Q3 23	6.9x	37.5x
Q4 23	6.8x	36.2x
Q1 24	6.8x	35.5x
Q2 24	6.8x	35.0x
Q3 24	6.8x	35.1x
Q4 24	6.8x	34.1x
Q1 25	6.8x	33.9x
Q2 25	6.7x	33.4x
Q3 25	6.7x	31.6x
Q4 25	6.6x	32.3x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$1.9B	$1.1B
Q2 23	$2.1B	$1.3B
Q3 23	$2.5B	$1.6B
Q4 23	$2.7B	$1.6B
Q1 24	$2.0B	$906M
Q2 24	$1.9B	$796M
Q3 24	$2.7B	$1.7B
Q4 24	$2.8B	$1.6B
Q1 25	$2.2B	$891M
Q2 25	$2.2B	$954M
Q3 25	$2.9B	$1.7B
Q4 25	$3.0B	$1.6B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$829M
Q2 23	$859M
Q3 23	$948M
Q4 23	$1.2B
Q1 24	$1.0B
Q2 24	$1.1B
Q3 24	$1.1B
Q4 24	$1.3B
Q1 25	$1.3B
Q2 25	$1.3B
Q3 25	$1.3B
Q4 25	$1.5B

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	-0.2%	-1.1%
Q2 23	-3.0%	-5.0%
Q3 23	-7.3%	-9.9%
Q4 23	+5.1%	+1.1%
Q1 24	-1.1%	-2.8%
Q2 24	+0.8%	-1.0%
Q3 24	+2.5%	+1.0%
Q4 24	-0.2%	-2.6%
Q1 25	+0.1%	-2.8%
Q2 25	+2.8%	+0.9%
Q3 25	+3.1%	+1.6%
Q4 25	+5.8%	+10.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$30M	0.4%
Q2 23	$36M	0.4%
Q3 23	$36M	0.4%
Q4 23	$39M	0.5%
Q1 24	$38M	0.5%
Q2 24	$0	0.0%
Q3 24	$42M	0.5%
Q4 24	$40M	0.5%
Q1 25	$42M	0.5%
Q2 25	$46M	0.5%
Q3 25	$45M	0.5%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 23	$36M	$822M
Q2 23	$35M	$833M
Q3 23	$36M	$808M
Q4 23	$39M	$832M
Q1 24	$38M	$860M
Q2 24	$36M	$840M
Q3 24	$37M	$823M
Q4 24	$39M	$814M
Q1 25	$38M	$786M
Q2 25	$38M	$870M
Q3 25	$36M	$897M
Q4 25	$35M	$880M

Revenue Segments

Quarter	APAC Segment	Americas Segment	EMEA Segment	Engineering Segment
Q2 24	$1.7B	$3.7B	$2.1B	$544M
Q3 24	$1.7B	$3.6B	$2.1B	$611M
Q1 25	$1.5B	$3.7B	$2.0B	$601M
Q2 25	$1.7B	$3.8B	$2.2B	$619M
Q3 25	$1.7B	$3.8B	$2.2B	$728M
Q4 25	$1.7B	$3.9B	$2.2B	$754M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$5.0B	$0	$5.0B
Q2 23	$3.4B	$0	$3.4B
Q3 23	$3.9B	$0	$3.9B
Q4 23	$4.7B	$0	$4.7B
Q1 24	$4.8B	$0	$4.8B
Q2 24	$4.6B	$0	$4.6B
Q3 24	$5.2B	$0	$5.2B
Q4 24	$4.8B	$0	$4.8B
Q1 25	$5.3B	$0	$5.3B
Q2 25	$4.8B	$0	$4.8B
Q3 25	$4.5B	$0	$4.5B
Q4 25	$5.1B	$0	$5.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	496M	-0.5%
Q2 23	494M	-0.4%
Q3 23	491M	-0.5%
Q4 23	488M	-0.6%
Q1 24	486M	-0.5%
Q2 24	483M	-0.5%
Q3 24	481M	-0.5%
Q4 24	479M	-0.4%
Q1 25	476M	-0.5%
Q2 25	474M	-0.6%
Q3 25	472M	-0.4%
Q4 25	469M	-0.6%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	—	—
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	$184K	81K
FY 19	$353K	80K
FY 20	$367K	74K
FY 21	$426K	72K
FY 22	$513K	65K
FY 23	$495K	66K
FY 24	$506K	65K
FY 25	$521K	65K