Earnings quality remains robust, evidenced by a 2026Q1 OCF/NI ratio of 1.21, confirming that net income is well-supported by actual cash generation despite periodic capital expenditure intensity.
| 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 | 10.43B | 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 % | 34.09% | 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 | 7.13B | 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 | 3.8B | 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 | 132M | 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 | -319M | -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 | -486M | 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 | 207M | -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 | -253M | -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 | -10M | 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 | 351M | 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 | -5.74B | -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 | -5.33B | -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 | 15.39% | 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 | -453M | -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 | 50M | -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 | -6.13B | -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) | 1.42B | 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) | -3.48B | -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 | -2.84B | -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 | -3.49B | -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 | -1.23B | -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 | -1.33B | 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 | 5.1B | 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 % | 14.7% | 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 % | 3.77% | 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 | 10.93 | 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) | 0.72x | 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 |
Energy cost pass-through volatility
Based on recent financial disclosures, Linde consistently maintains an OCF/NI ratio above 1.0, with the 2026Q1 figure reaching 1.21, which indicates that the company's reported net income is well-supported by actual cash generation rather than relying on non-cash accounting accruals or aggressive revenue recognition practices.
The consistent premium of operating cash flow over net income suggests that Linde's earnings are of high quality and not inflated by accounting adjustments. Investors should monitor this relationship as it confirms that the company's core industrial gas operations are highly efficient at converting accounting profits into tangible liquidity.
As reported in quarterly filings, Linde's free cash flow margins exhibit significant fluctuations, ranging from 9.6% to 19.9% over the last ten quarters, a trend that appears driven by the timing of large-scale capital projects rather than any underlying deterioration in the company's core cash-generating capabilities.
While the FCF margin appears volatile, this is largely a function of the lumpy nature of capital expenditure cycles inherent in the industrial gas sector. The ability to maintain positive free cash flow even during periods of heavy investment suggests a resilient business model that effectively balances growth with shareholder returns.
According to historical data, Linde maintains a steady capital intensity with CapEx/Revenue ratios consistently between 12.8% and 16.6%, reflecting the ongoing requirement to fund the proprietary pipeline networks and air separation units that underpin the company's localized competitive advantage in key industrial clusters.
This level of capital expenditure is not merely maintenance but a strategic investment in the 'density moat' that prevents competitors from entering established markets. The consistent spending suggests management is prioritizing long-term asset integrity and market share protection over short-term cash flow maximization.
Based on reported cash flow statements, Linde demonstrates a disciplined approach to capital deployment, consistently utilizing excess cash to fund both significant share repurchases and steady dividend growth, while simultaneously maintaining the financial flexibility to pursue strategic acquisitions when market conditions allow for accretive expansion.
The company's ability to fund substantial buybacks alongside consistent dividends suggests a mature capital allocation framework that rewards shareholders without compromising the balance sheet. This balanced approach appears to be a key driver of the company's premium valuation relative to its more levered industrial peers.
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.