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Cash conversion remains strong with OCF/NI averaging 1.4 over ten quarters, and free cash flow margin of 9.0% in 2026Q2 supports $8.5B in shareholder returns over the last four quarters.
Linde plc (LIN) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 10.49B | 10.35B | 9.42B | 9.3B | 8.86B | 9.72B | 7.43B | 6.19B | 3.7B | 3.04B | 2.77B | 2.68B | 2.87B | 2.92B | 2.75B | 2.46B | 1.91B | 2.17B | 2.04B | 1.96B | 1.75B | 1.48B | 1.24B | 1.14B | 1B | 1.02B | 899M | 953M | 936M | 752M | 606M |
| Operating CF Margin % | - | 30.45% | 28.55% | 28.32% | 26.57% | 31.58% | 27.27% | 21.92% | 24.95% | 26.59% | 26.32% | 24.89% | 23.37% | 24.46% | 24.52% | 21.82% | 18.83% | 24.21% | 18.88% | 20.83% | 21.05% | 19.27% | 18.85% | 20.26% | 19.52% | 19.78% | 17.83% | 20.54% | 19.37% | 15.88% | 13.62% |
| Operating CF Growth % | 22.18% | 9.84% | 1.27% | 4.98% | -8.85% | 30.91% | 20.05% | 67.15% | 21.74% | 9.66% | 3.39% | -6.49% | -1.68% | 6% | 12.1% | 28.87% | -12.13% | 6.38% | 4.09% | 11.76% | 18.78% | 18.66% | 9.32% | 13.59% | -1.86% | 13.46% | -5.67% | 1.82% | 24.47% | 24.09% | -0.82% |
| Net Income | 7.29B | 6.94B | 6.57B | 6.2B | 4.28B | 3.96B | 2.62B | 2.27B | 4.29B | 1.31B | 1.54B | 1.59B | 1.75B | 1.84B | 1.74B | 1.72B | 1.23B | 1.25B | 1.21B | 1.18B | 988M | 726M | 697M | 585M | 409M | 430M | 363M | 441M | 425M | 416M | 282M |
| Depreciation & Amortization | 3.83B | 3.76B | 3.78B | 3.82B | 4.2B | 4.63B | 4.63B | 4.67B | 1.83B | 1.18B | 1.12B | 1.11B | 1.17B | 1.11B | 1B | 1B | 925M | 846M | 850M | 774M | 696M | 665M | 578M | 517M | 483M | 499M | 471M | 445M | 467M | 444M | 420M |
| Stock-Based Compensation | 105M | 133M | 0 | 141M | 107M | 128M | 133M | 95M | 62M | 59M | 39M | 30M | 51M | 70M | 70M | 62M | 47M | 39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -317M | -318M | -142M | -84M | -319M | 6M | -222M | -314M | -248M | 634M | -5M | -59M | -59M | 32M | 258M | -3M | 133M | -221M | -23M | 37M | 90M | 200M | 89M | 33M | 37M | 36M | 35M | 53M | 11M | 67M | 48M |
| Other Non-Cash Items | -26M | 144M | 291M | -284M | 789M | -72M | 34M | -452M | -2.43B | -52M | 33M | 76M | 69M | -99M | -233M | -234M | 33M | 238M | 177M | 24M | 36M | 1M | 11M | 21M | 3M | 47M | 10M | 19M | 22M | 42M | 49M |
| Working Capital Changes | -385M | -313M | -1.07B | -483M | -198M | 1.07B | 236M | -88M | 202M | -92M | 46M | -62M | -109M | -31M | -88M | -95M | -467M | 12M | -177M | -32M | -58M | -123M | -132M | -19M | -70M | 8M | -138M | 5M | -5M | -186M | -226M |
| Change in Receivables | -464M | -122M | -160M | -86M | -423M | -553M | 19M | 80M | -124M | -92M | -33M | 1M | -80M | -84M | -36M | -108M | -114M | 39M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -6M | 47M | 56M | -127M | -347M | -129M | 18M | -81M | -4M | -22M | -13M | -23M | -42M | -54M | -18M | -31M | -26M | 58M | 21M | -71M | -15M | -41M | -24M | -22M | 4M | 20M | -13M | 12M | 18M | -14M | -4M |
| Change in Payables | 442M | 351M | -277M | -102M | 307M | 447M | 109M | -174M | 383M | -46M | 86M | 47M | 42M | 89M | -86M | 0 | 163M | -178M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -5.94B | -5.72B | -4.64B | -4.67B | -3.09B | -3.01B | -2.99B | 1.13B | 5.34B | -1.31B | -1.77B | -1.3B | -1.8B | -3.24B | -2.38B | -2B | -1.48B | -1.45B | -1.69B | -1.81B | -988M | -887M | -1.55B | -992M | -587M | -763M | -888M | -686M | -816M | -703M | -2.33B |
| Capital Expenditures | -5.51B | -5.26B | -4.5B | -3.79B | -3.17B | -3.09B | -3.4B | -3.68B | -1.88B | -1.31B | -1.47B | -1.54B | -1.69B | -2.02B | -2.18B | -1.8B | -1.39B | -1.35B | -1.61B | -1.38B | -1.1B | -877M | -668M | -983M | -498M | -595M | -704M | -653M | -781M | -902M | -893M |
| CapEx % of Revenue | 15.55% | 15.48% | 13.63% | 11.53% | 9.51% | 10.02% | 12.48% | 13.04% | 12.69% | 11.46% | 13.91% | 14.3% | 13.76% | 16.94% | 19.42% | 15.97% | 13.72% | 15.1% | 14.92% | 14.64% | 13.21% | 11.46% | 10.13% | 17.51% | 9.71% | 11.54% | 13.96% | 14.08% | 16.16% | 19.05% | 20.07% |
| Acquisitions | -527M | -412M | -317M | -883M | 85M | 79M | 414M | 4.87B | 7.25B | -3M | -305M | 238M | -114M | -1.22B | -198M | -294M | -148M | -131M | -130M | -437M | 112M | -44M | -929M | -73M | -113M | -213M | -290M | -136M | -241M | -101M | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 216M | -48M | 170M | 0 | 0 | 0 | 0 | -60M | -23M | 30M | 58M | 320M | 92M | 106M | -198M | 86M | -1.39B | -1.35B | 54M | 0 | 0 | 34M | 45M | 64M | 24M | 45M | 106M | 103M | 206M | 300M | 264M |
| Cash from Financing | -4.45B | -4.55B | -4.36B | -5.4B | -3.09B | -7.59B | -3.35B | -8.99B | -5B | -1.66B | -643M | -1.3B | -1.01B | 328M | -303M | -380M | -419M | -711M | -333M | -170M | -905M | -438M | 281M | -136M | -411M | -247M | -55M | -226M | -126M | -68M | 1.78B |
| Debt Issued (Net) | 2.72B | 2.91B | 3.17B | 1.06B | 4.47B | -514M | 1.31B | -1.26B | -2.91B | -771M | 357M | 168M | 589M | 1.46B | 807M | 914M | 490M | -62M | 987M | 795M | -378M | -3M | 666M | 43M | -245M | -189M | 127M | -247M | -36M | 59M | 1.23B |
| Equity Issued (Net) | -4.03B | -4.58B | -4.45B | -3.96B | -5.13B | -4.56B | -2.41B | -2.66B | -599M | 108M | -228M | -637M | -759M | -590M | -459M | -742M | -404M | -141M | -892M | -636M | -220M | -154M | -182M | -25M | -70M | 66M | -20M | 16M | 12M | -27M | 604M |
| Dividends Paid | -2.88B | -2.81B | -2.65B | -2.48B | -2.34B | -2.19B | -2.03B | -1.89B | -1.17B | -901M | -856M | -819M | -759M | -708M | -655M | -602M | -551M | -491M | -468M | -381M | -323M | -233M | -195M | -149M | -123M | -110M | -98M | -89M | -79M | -69M | -58M |
| Share Repurchases | -4.06B | -4.6B | -4.48B | -3.96B | -5.17B | -4.61B | -2.46B | -2.66B | -599M | -12M | -228M | -725M | -862M | -590M | -623M | -937M | -587M | -236M | -1.08B | -959M | -487M | -396M | -394M | -271M | -276M | -76M | -144M | -73M | -97M | -137M | -7M |
| Other Financing | -259M | -76M | -420M | -20M | -88M | -323M | -220M | -3.18B | -323M | -92M | 84M | -9M | -79M | 165M | 4M | 50M | 46M | -17M | 40M | 52M | 16M | -48M | -8M | -5M | 27M | -14M | -64M | 78M | -31M | -31M | 4M |
| Net Change in Cash | 112M | 206M | 186M | -772M | 2.61B | -931M | 1.05B | -1.77B | 3.99B | 93M | 377M | 21M | -12M | -19M | 67M | 51M | -6M | 13M | 15M | -19M | -137M | 148M | -25M | 11M | 0 | 8M | -45M | 42M | -9M | -20M | 48M |
| Free Cash Flow | 4.97B | 5.09B | 4.93B | 5.52B | 5.69B | 6.64B | 4.03B | 2.51B | 1.82B | 1.73B | 1.31B | 1.14B | 1.18B | 897M | 572M | 658M | 517M | 816M | 427M | 582M | 652M | 598M | 575M | 154M | 503M | 425M | 195M | 300M | 155M | -150M | -287M |
| FCF Margin % | 14.03% | 14.97% | 14.92% | 16.8% | 17.06% | 21.56% | 14.79% | 8.88% | 12.26% | 15.13% | 12.42% | 10.59% | 9.61% | 7.52% | 5.1% | 5.85% | 5.11% | 9.11% | 3.96% | 6.19% | 7.83% | 7.81% | 8.72% | 2.74% | 9.81% | 8.24% | 3.87% | 6.47% | 3.21% | -3.17% | -6.45% |
| FCF Growth % | -1.85% | 3.31% | -10.73% | -3.04% | -14.28% | 64.78% | 60.77% | 37.77% | 5.14% | 32.26% | 14.64% | -3.22% | 31.44% | 56.82% | -13.07% | 27.27% | -36.64% | 91.1% | -26.63% | -10.74% | 9.03% | 4% | 273.38% | -69.38% | 18.35% | 117.95% | -35% | 93.55% | 203.33% | 47.74% | -2709.09% |
| FCF per Share | 10.71 | 10.86 | 10.22 | 11.21 | 11.29 | 12.72 | 7.59 | 4.60 | 5.44 | 5.98 | 4.55 | 3.95 | 3.99 | 3.00 | 1.90 | 2.15 | 1.66 | 2.61 | 1.34 | 1.79 | 1.98 | 1.81 | 1.74 | 0.47 | 1.53 | 1.30 | 0.61 | 0.92 | 0.47 | -0.46 | -0.90 |
| FCF Conversion (FCF/Net Income) | 0.68x | 1.50x | 1.44x | 1.50x | 2.14x | 2.54x | 2.97x | 2.71x | 0.85x | 2.44x | 1.85x | 1.73x | 1.69x | 1.66x | 1.63x | 1.47x | 1.59x | 1.73x | 1.68x | 1.66x | 1.77x | 2.03x | 1.78x | 1.94x | 2.45x | 2.37x | 2.48x | 2.21x | 2.20x | 1.86x | 2.15x |
| Interest Paid | 0 | 0 | 443M | 451M | 170M | 233M | 322M | 275M | 214M | 184M | 189M | 174M | 210M | 184M | 153M | 157M | 185M | 171M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 2.22B | 1.96B | 1.74B | 1.71B | 1.07B | 1.36B | -757M | 565M | 585M | 420M | 606M | 532M | 277M | 515M | 757M | 254M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying LIN stock.
Linde plc (LIN) generated $10.35B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Linde plc (LIN) generated $5.09B in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Linde plc (LIN) spent $5.26B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Linde plc (LIN) returned $2.81B to shareholders via cash dividends and spent $4.60B on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Energy cost pass-through lag
Metrics are mathematically derived from official filings.
Cash Conversion Remains Resilient
Linde's operating cash flow consistently exceeds net income, with OCF/NI averaging 1.4 over the past ten quarters, according to reported financials, indicating high earnings quality despite working capital swings.
The OCF/NI ratio has ranged from 1.16 to 1.93, with the strongest conversion in Q4 quarters, likely reflecting seasonal working capital releases. The gap between net income and operating cash flow is modest and driven by non-cash D&A, which is a positive signal for earnings quality. Investors should monitor whether the recent dip in OCF/NI to 1.18 in 2026Q2 signals a temporary working capital drag or a more persistent trend.
Free Cash Flow Momentum Solid
Linde's free cash flow margin averaged 13.8% over the last ten quarters, with Q4 quarters consistently above 18%, as per financial statements, demonstrating strong cash generation despite elevated capital spending.
FCF has grown from $906M in 2024Q1 to $833M in 2026Q2, with a peak of $1.7B in 2025Q3. The FCF margin has been volatile, ranging from 9.0% to 19.9%, but the overall trajectory is stable, supported by robust operating cash flow. The recent dip in FCF margin to 9.0% in 2026Q2 is concerning but may be due to timing of working capital and capex, warranting close monitoring.
Capital Intensity Reflects Growth Ambitions
Linde's capex-to-revenue ratio has risen from 12.9% in 2024Q1 to 15.5% in 2026Q2, according to reported figures, indicating increased investment in growth projects, particularly in hydrogen and on-site plants.
The consistent increase in capex intensity suggests management is prioritizing long-term growth, likely in green hydrogen and emerging markets. This elevated capital spending may pressure near-term FCF but could enhance the moat and future cash flows. Investors should assess whether the incremental capex is generating adequate returns, especially given the company's strong balance sheet and low leverage.
Working Capital Swings Create Volatility
Working capital changes have been a significant source of quarterly volatility, ranging from -$616M to +$1.2B, as per cash flow data, indicating that Linde's cash flow is sensitive to timing of collections and payables.
The large positive working capital change in 2024Q3 ($1.2B) and negative changes in other quarters suggest that Linde's cash conversion can be lumpy, possibly due to project milestones in the Engineering segment. This volatility complicates quarterly comparisons but does not appear to signal a structural deterioration. Investors should focus on annual trends rather than quarterly noise.
Shareholder Returns Outpace Acquisitions
Linde returned over $8.5B to shareholders via dividends and buybacks in the last four quarters, while net acquisition spending averaged just $150M per quarter, based on reported cash flow, underscoring a disciplined capital allocation strategy.
The company's capital deployment is heavily skewed toward buybacks, with quarterly repurchases ranging from $667M to $1.4B, and dividends steadily increasing. This suggests management views the stock as undervalued and prioritizes direct shareholder returns over M&A. The low acquisition activity may reflect regulatory constraints or a lack of attractive targets, but it also preserves balance sheet flexibility.
Cash Flow Distortions from Energy Pass-Through
Linde's revenue and cash flow can be inflated by energy cost pass-throughs, as noted in company disclosures, which may obscure underlying volume trends and create apparent margin volatility that is not indicative of operational performance.
The accounting treatment of energy costs can cause revenue and operating cash flow to move in tandem with energy prices, potentially masking true cash generation. Additionally, the Engineering segment's percentage-of-completion accounting may lead to timing differences between reported earnings and cash flows. Investors should adjust for these factors when evaluating the sustainability of cash flow growth.