Linde achieved a notable gross margin expansion to 48.5% in 2026Q1, reflecting successful pricing strategies and improved product mix compared to the 36-38% range observed throughout 2024.
| 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 |
|---|
| Sales/Revenue | 34.66B | 33.99B | 33.01B | 32.85B | 33.36B | 30.79B | 27.24B | 28.23B | 14.84B | 11.44B | 10.53B | 10.78B | 12.27B | 11.93B | 11.22B | 11.25B | 10.12B | 8.96B | 10.8B | 9.4B | 8.32B | 7.66B | 6.59B | 5.61B | 5.13B | 5.16B | 5.04B | 4.64B | 4.83B | 4.74B | 4.45B |
| Revenue Growth % | 4.96% | 2.97% | 0.46% | -1.53% | 8.35% | 13.03% | -3.49% | 90.27% | 29.72% | 8.57% | -2.25% | -12.2% | 2.92% | 6.25% | -0.25% | 11.23% | 12.95% | -17.04% | 14.83% | 12.95% | 8.73% | 16.11% | 17.48% | 9.46% | -0.58% | 2.28% | 8.71% | -4.01% | 2.07% | 6.43% | 41.42% |
| Cost of Goods Sold | 18.72B | 19.26B | 20.92B | 21.31B | 23.65B | 22.18B | 20.01B | 21.32B | 10.85B | 7.64B | 6.98B | 7.07B | 8.13B | 7.85B | 7.4B | 7.46B | 6.68B | 5.88B | 7.34B | 6.33B | 5.66B | 5.31B | 4.57B | 3.33B | 2.95B | 3.06B | 3.08B | 2.73B | 2.81B | 2.76B | 2.56B |
| COGS % of Revenue | - | 56.67% | 63.39% | 64.86% | 70.9% | 72.02% | 73.45% | 75.52% | 73.13% | 66.84% | 66.28% | 65.57% | 66.26% | 65.85% | 65.9% | 66.31% | 66.02% | 65.63% | 68.03% | 67.34% | 68.04% | 69.31% | 69.23% | 59.29% | 57.53% | 59.33% | 60.98% | 58.89% | 58.08% | 58.37% | 57.63% |
| Gross Profit | 15.94B | 14.73B | 12.08B | 11.55B | 9.71B | 8.62B | 7.23B | 6.91B | 3.99B | 3.79B | 3.55B | 3.71B | 4.14B | 4.07B | 3.83B | 3.79B | 3.44B | 3.08B | 3.45B | 3.07B | 2.66B | 2.35B | 2.03B | 2.29B | 2.18B | 2.1B | 1.97B | 1.91B | 2.03B | 1.97B | 1.89B |
| Gross Margin % | 45.99% | 43.33% | 36.61% | 35.14% | 29.1% | 27.98% | 26.55% | 24.48% | 26.87% | 33.16% | 33.72% | 34.43% | 33.74% | 34.15% | 34.1% | 33.69% | 33.98% | 34.37% | 31.97% | 32.66% | 31.96% | 30.69% | 30.77% | 40.71% | 42.47% | 40.67% | 39.02% | 41.11% | 41.92% | 41.63% | 42.37% |
| Gross Profit Growth % | - | 21.88% | 4.64% | 18.91% | 12.71% | 19.09% | 4.7% | 73.33% | 5.12% | 6.76% | -4.26% | -10.41% | 1.69% | 6.4% | 0.95% | 10.3% | 11.66% | -10.81% | 12.37% | 15.45% | 13.19% | 15.82% | -11.2% | 4.91% | 3.81% | 6.61% | 3.2% | -5.87% | 2.79% | 4.56% | 37.69% |
| Operating Expenses | 5.96B | 5.79B | 3.49B | 3.44B | 3.25B | 3.33B | 3.35B | 3.64B | 1.74B | 1.3B | 1.24B | 1.24B | 1.42B | 1.41B | 1.37B | 1.33B | 1.27B | 1.16B | 1.41B | 1.29B | 1.19B | 1.08B | 946M | 1.36B | 1.25B | 1.3B | 1.26B | 1.15B | 1.18B | 1.13B | 1.18B |
| OpEx % of Revenue | - | 17.04% | 10.57% | 10.47% | 9.74% | 10.82% | 12.28% | 12.9% | 11.74% | 11.37% | 11.74% | 11.5% | 11.6% | 11.81% | 12.19% | 11.81% | 12.6% | 12.97% | 13.05% | 13.7% | 14.27% | 14.07% | 14.35% | 24.28% | 24.47% | 25.16% | 25% | 24.85% | 24.48% | 23.93% | 26.52% |
| Selling, General & Admin | 3.54B | 3.43B | 3.34B | 3.29B | 3.11B | 3.19B | 3.19B | 3.46B | 1.63B | 1.21B | 1.15B | 1.15B | 1.31B | 1.29B | 1.27B | 1.24B | 1.2B | 1.09B | 1.31B | 1.19B | 1.09B | 987M | 869M | 766M | 751M | 699M | 683M | 641M | 644M | 662M | 688M |
| SG&A % of Revenue | - | 10.1% | 10.11% | 10.03% | 9.31% | 10.36% | 11.72% | 12.25% | 10.98% | 10.55% | 10.87% | 10.69% | 10.66% | 10.84% | 11.31% | 11.01% | 11.82% | 12.15% | 12.15% | 12.66% | 13.05% | 12.89% | 13.18% | 13.65% | 14.65% | 13.55% | 13.54% | 13.82% | 13.33% | 13.98% | 15.46% |
| Research & Development | 147M | 147M | 150M | 146M | 143M | 143M | 152M | 184M | 113M | 93M | 92M | 93M | 96M | 98M | 98M | 90M | 79M | 74M | 97M | 98M | 87M | 80M | 77M | 75M | 69M | 66M | 65M | 67M | 72M | 79M | 72M |
| R&D % of Revenue | - | 0.43% | 0.45% | 0.44% | 0.43% | 0.46% | 0.56% | 0.65% | 0.76% | 0.81% | 0.87% | 0.86% | 0.78% | 0.82% | 0.87% | 0.8% | 0.78% | 0.83% | 0.9% | 1.04% | 1.05% | 1.04% | 1.17% | 1.34% | 1.35% | 1.28% | 1.29% | 1.44% | 1.49% | 1.67% | 1.62% |
| Other Operating Expenses | 3M | 2.21B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 20M | 17M | 0 | 0 | 0 | 0 | 0 | 0 | 15M | 10M | 0 | 522M | 435M | 533M | 513M | 445M | 467M | 392M | 420M |
| Operating Income | 9.98B | 8.94B | 8.6B | 8.11B | 6.46B | 5.28B | 3.89B | 3.27B | 2.24B | 2.49B | 2.31B | 2.47B | 2.72B | 2.66B | 2.46B | 2.46B | 2.16B | 1.92B | 2.04B | 1.78B | 1.47B | 1.27B | 1.08B | 922M | 923M | 800M | 707M | 754M | 843M | 838M | 705M |
| Operating Margin % | 28.79% | 26.29% | 26.04% | 24.67% | 19.36% | 17.16% | 14.28% | 11.58% | 15.13% | 21.79% | 21.98% | 22.93% | 22.14% | 22.34% | 21.91% | 21.88% | 21.37% | 21.39% | 18.91% | 18.96% | 17.68% | 16.63% | 16.42% | 16.43% | 18% | 15.51% | 14.02% | 16.25% | 17.44% | 17.7% | 15.85% |
| Operating Income Growth % | - | 3.96% | 6.05% | 25.46% | 22.28% | 35.84% | 19% | 45.63% | -9.95% | 7.65% | -6.31% | -9.05% | 1.99% | 8.34% | -0.12% | 13.88% | 12.84% | -6.17% | 14.53% | 21.13% | 15.63% | 17.54% | 17.46% | -0.11% | 15.38% | 13.15% | -6.23% | -10.56% | 0.6% | 18.87% | 32.27% |
| EBITDA | 12.06B | 12.7B | 12.38B | 11.92B | 10.66B | 9.92B | 8.52B | 7.94B | 4.07B | 3.68B | 3.44B | 3.58B | 3.89B | 3.77B | 3.46B | 3.46B | 3.09B | 2.76B | 2.89B | 2.56B | 2.17B | 1.94B | 1.66B | 1.44B | 1.41B | 1.3B | 1.18B | 1.2B | 1.31B | 1.28B | 1.13B |
| EBITDA Margin % | 34.8% | 37.36% | 37.49% | 36.28% | 31.96% | 32.21% | 31.26% | 28.14% | 27.46% | 32.14% | 32.63% | 33.19% | 31.67% | 31.64% | 30.83% | 30.79% | 30.52% | 30.84% | 26.79% | 27.2% | 26.05% | 25.31% | 25.19% | 25.64% | 27.42% | 25.18% | 23.36% | 25.85% | 27.11% | 27.07% | 25.29% |
| EBITDA Growth % | -3.67% | 2.61% | 3.81% | 11.79% | 7.52% | 16.48% | 7.2% | 94.97% | 10.83% | 6.95% | -3.91% | -7.98% | 3.02% | 9.05% | -0.14% | 12.24% | 11.77% | -4.5% | 13.1% | 17.94% | 11.87% | 16.68% | 15.43% | 2.35% | 8.24% | 10.27% | -1.75% | -8.47% | 2.18% | 13.96% | 38.55% |
| D&A (Non-Cash Add-back) | 2.85B | 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 |
| EBIT | 9.46B | 9.18B | 9.14B | 8.48B | 5.74B | 5.26B | 3.5B | 3.43B | 5.29B | 2.57B | 2.26B | 2.16B | 2.54B | 2.58B | 2.47B | 2.44B | 2.07B | 1.61B | 1.88B | 1.79B | 1.52B | 1.3B | 1.1B | 922M | 923M | 800M | 707M | 754M | 843M | 838M | 705M |
| Net Interest Income | -274M | -183M | -344M | -291M | -75M | -119M | -59M | -387M | -158M | -282M | -208M | 1M | -144M | -132M | -174M | -120M | -108M | -164M | -198M | -173M | -160M | -168M | -155M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 29M | 228M | 197M | 117M | 40M | 55M | 112M | 80M | 0 | 0 | 1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 274M | 212M | 572M | 488M | 192M | 159M | 114M | 499M | 238M | 282M | 208M | 0 | 144M | 132M | 174M | 120M | 108M | 164M | 198M | 173M | 160M | 168M | 155M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -791M | 36M | 144M | 50M | -745M | -65M | -420M | -227M | 2.86B | -158M | -226M | -268M | -280M | -179M | -129M | -99M | -160M | -450M | -321M | -144M | -98M | -128M | -135M | -151M | -206M | -224M | -224M | -161M | -291M | -216M | -313M |
| Pretax Income | 9.18B | 8.97B | 8.74B | 8.15B | 5.71B | 5.22B | 3.47B | 3.04B | 5.11B | 2.33B | 2.09B | 2.2B | 2.44B | 2.48B | 2.33B | 2.36B | 2B | 1.47B | 1.72B | 1.64B | 1.37B | 1.15B | 948M | 771M | 717M | 576M | 483M | 593M | 552M | 622M | 392M |
| Pretax Margin % | 26.5% | 26.4% | 26.48% | 24.82% | 17.13% | 16.95% | 12.73% | 10.77% | 34.41% | 20.41% | 19.83% | 20.44% | 19.86% | 20.84% | 20.76% | 21% | 19.79% | 16.37% | 15.94% | 17.43% | 16.51% | 14.96% | 14.38% | 13.74% | 13.98% | 11.17% | 9.58% | 12.78% | 11.42% | 13.14% | 8.81% |
| Income Tax | 2.02B | 1.96B | 2B | 1.81B | 1.43B | 1.26B | 847M | 769M | 817M | 1.03B | 551M | 612M | 691M | 649M | 586M | 641M | 768M | 169M | 465M | 419M | 355M | 376M | 232M | 174M | 158M | 135M | 103M | 152M | 127M | 151M | 110M |
| Effective Tax Rate % | 21.95% | 21.8% | 22.91% | 22.24% | 25.09% | 24.19% | 24.42% | 25.29% | 16% | 43.96% | 26.38% | 27.78% | 28.35% | 26.12% | 25.15% | 27.13% | 38.36% | 11.53% | 27.02% | 25.56% | 25.84% | 32.84% | 24.47% | 22.57% | 22.04% | 23.44% | 21.33% | 25.63% | 23.01% | 24.28% | 28.06% |
| Net Income | 7.13B | 6.9B | 6.57B | 6.2B | 4.15B | 3.83B | 2.5B | 2.29B | 4.38B | 1.25B | 1.5B | 1.55B | 1.69B | 1.75B | 1.69B | 1.67B | 1.2B | 1.25B | 1.21B | 1.18B | 988M | 726M | 697M | 585M | 409M | 430M | 363M | 431M | 425M | 405M | 282M |
| Net Margin % | 20.56% | 20.3% | 19.89% | 18.87% | 12.43% | 12.42% | 9.18% | 8.09% | 29.53% | 10.9% | 14.24% | 14.36% | 13.8% | 14.72% | 15.07% | 14.86% | 11.81% | 14% | 11.22% | 12.52% | 11.87% | 9.48% | 10.57% | 10.42% | 7.98% | 8.34% | 7.2% | 9.29% | 8.79% | 8.55% | 6.34% |
| Net Income Growth % | 7.77% | 5.07% | 5.9% | 49.48% | 8.39% | 52.98% | 9.45% | -47.84% | 251.32% | -16.87% | -3.04% | -8.68% | -3.48% | 3.72% | 1.2% | 39.92% | -4.7% | 3.55% | 2.89% | 19.13% | 36.09% | 4.16% | 19.15% | 43.03% | -4.88% | 18.46% | -15.78% | 1.41% | 4.94% | 43.62% | 7.63% |
| Net Income (Continuing) | 7.17B | 7.01B | 6.74B | 6.34B | 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 | 1.3B | 1.21B | 1.18B | 988M | 732M | 697M | 585M | 548M | 432M | 363M | 441M | 425M | 416M | 282M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 5M | 4M | 109M | 117M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 13M | 1.5B | 1.4B | 1.38B | 1.36B | 1.41B | 2.27B | 2.56B | 5.5B | 504M | 431M | 517M | 563M | 701M | 609M | 309M | 353M | 333M | 302M | 321M | 222M | 202M | 225M | 195M | 164M | 141M | 138M | 359M | 487M | 521M | 493M |
| EPS (Diluted) | 15.28 | 14.59 | 13.62 | 12.59 | 8.23 | 7.33 | 4.71 | 4.19 | 13.11 | 4.32 | 5.21 | 5.35 | 5.73 | 5.87 | 5.61 | 5.45 | 3.84 | 4.01 | 3.80 | 3.62 | 3.00 | 2.20 | 2.10 | 1.77 | 1.24 | 1.31 | 1.13 | 1.33 | 1.30 | 1.23 | 0.89 |
| EPS Growth % | 9.37% | 7.12% | 8.18% | 52.98% | 12.28% | 55.63% | 12.41% | -68.04% | 203.47% | -17.08% | -2.62% | -6.63% | -2.38% | 4.63% | 2.94% | 41.93% | -4.24% | 5.53% | 4.97% | 20.67% | 36.36% | 4.76% | 18.64% | 42.74% | -5.34% | 15.93% | -15.04% | 2.31% | 5.69% | 38.2% | -2.2% |
| EPS (Basic) | - | 14.67 | 13.71 | 12.70 | 8.30 | 7.40 | 4.75 | 4.22 | 13.26 | 4.36 | 5.25 | 5.39 | 5.79 | 5.94 | 5.67 | 5.53 | 3.90 | 4.08 | 3.87 | 3.69 | 3.05 | 2.24 | 2.14 | 1.79 | 1.25 | 1.33 | 1.14 | 1.36 | 1.34 | 1.28 | 0.93 |
| Diluted Shares Outstanding | 466.32M | 468.7M | 482.09M | 492.29M | 504.04M | 521.88M | 531.16M | 545.17M | 334.13M | 289.11M | 287.76M | 289.06M | 295.61M | 298.96M | 301.85M | 306.72M | 311.39M | 312.38M | 318.3M | 324.84M | 329.29M | 329.69M | 331.4M | 330.99M | 329.49M | 327.01M | 322.18M | 324.44M | 326.71M | 328.11M | 318.08M |
| Basic Shares Outstanding | 464.05M | 466.25M | 478.77M | 488.19M | 499.74M | 516.9M | 526.74M | 541.09M | 330.4M | 286.26M | 285.68M | 287M | 292.49M | 295.52M | 298.32M | 302.24M | 306.72M | 307.68M | 312.66M | 319M | 323.5M | 323.76M | 325.89M | 326.39M | 325.54M | 323.02M | 318.25M | 318.56M | 316.92M | 316.19M | 305.31M |
| Dividend Payout Ratio | - | 40.75% | 40.44% | 40.04% | 56.52% | 57.21% | 81.09% | 82.76% | 26.61% | 72.25% | 57.07% | 52.94% | 44.81% | 40.34% | 38.71% | 36% | 46.11% | 39.15% | 38.65% | 32.37% | 32.69% | 32.09% | 27.98% | 25.47% | 30.07% | 25.58% | 27% | 20.65% | 18.59% | 17.04% | 20.57% |
Energy cost pass-through volatility
According to the most recent quarterly data, Linde's revenue growth has accelerated to 8.2% in 2026Q1, marking a notable departure from the stagnant or low-single-digit growth observed throughout 2024, suggesting a successful capture of new industrial demand and effective pricing strategies across its core geographic segments.
The recent uptick in top-line performance appears to indicate that the company is successfully leveraging its pipeline density to capture incremental volume. Investors should monitor whether this growth trajectory is sustainable or if it reflects a temporary benefit from favorable energy price pass-throughs that may mask underlying volume trends.
As reported in financial statements, Linde achieved a gross margin of 48.5% in 2026Q1, a substantial improvement from the 36-38% range maintained during 2024 and early 2025, which suggests a potential shift in product mix or enhanced efficiency in managing energy-related input costs.
This margin expansion appears to reflect the company's ability to maintain pricing power while stabilizing its energy cost base. The significant variance between historical and current margins warrants further investigation into whether this represents a permanent structural improvement or a cyclical benefit from lower energy volatility.
Based on reported figures, Linde's operating income reached $3.3 billion in 2026Q1, demonstrating significant operating leverage as the company scales its fixed-cost infrastructure, with operating margins expanding to 37.2% compared to the mid-20% range observed in previous periods, indicating highly efficient overhead management.
The ability to drive operating income growth at a faster rate than revenue suggests that the company's 'over-the-fence' model is yielding the expected economies of scale. This trend implies that incremental revenue is flowing directly to the bottom line, reinforcing the strength of the company's existing asset base.
Analysis of recent filings reveals that Linde's net income of $1.9 billion in 2026Q1 remains high-quality, with stock-based compensation expenses of $41 million representing a negligible portion of earnings, suggesting that management's compensation structure is not overly dilutive to shareholders compared to industry peers.
The consistency of net income growth, despite the inherent volatility of energy prices, suggests that the company's earnings are driven by core operational performance rather than non-operating items. Investors should continue to monitor the impact of foreign exchange translation, given the company's global footprint and reporting in USD.
Quick answers to the most common questions about buying LIN stock.
For fiscal year 2025, Linde plc (LIN) reported total revenue of $33.99B. This represents a 663.9% increase compared to $4.45B in 1996.
Linde plc (LIN) is profitable, generating $6.90B in net income for the fiscal year ending 2025 with a net profit margin of 20.3%.
Linde plc (LIN) reported an operating income of $8.94B, resulting in an operating profit margin of 26.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Linde plc (LIN) generated $14.73B in gross profit for the year, representing a gross profit margin of 43.3%. This demonstrates the company's core pricing power and production efficiency.