Linde plc (LIN) financials
NASDAQ · Basic Materials · Chemicals - Specialty · 64,649 employees · CEO Sanjiv Lamba
- Price
- $514.24 +2.20%
- Market cap
- $236B
- Enterprise value
- $259B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-02-04 EPS est. $4.50
Revenue (TTM)$36.2B+8.2% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)26.0%-1.2 pp vs a year agoOperating income $9.42B
Net income (TTM)$7.01B-1.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$5.08B+0.1% vs a year agoCapex $5.63B
Diluted EPS (TTM)$15.05+0.8% vs a year agoSum of the last 4 quarters
Net cash-$22.8B-6.3% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $236B EV $259B
- Revenue
- $36.2B Trailing 12 months
- Revenue growth
- +7% FY2026 consensus
- Profit margin
- 19.3% Net income / revenue, TTM
- P/E
- 34.0× Forward 28.7× (FY2026)
- P/S
- 6.5× Price / sales, TTM
- EV / EBITDA
- 19.5× TTM
- Free cash flow
- $5.08B Trailing 12 months
- Net income
- $7.01B Trailing 12 months
- Revenue estimate
- $36.4B FY2026 consensus
- Earnings
- 2027-02-04 Revenue est. $9.23B
- Dividend
- $6.30 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 2.6%, EPS beat by 1.5%Revenue $9.4B vs $9.16B expected (+2.6%); EPS $4.59 vs $4.52 (+1.5%).
- Revenue growth accelerating: 9.2% year on yearQ3 '26 revenue $9.4B, against an average of 6.6% over the four quarters before.
- Operating margin 26.0% (TTM), -1.2 pp on a year agoOperating income grew 3.5% while revenue grew 8.2%.
- Capex 15.5% of revenue (a year ago 15.1%)$5.63B invested in the last 4 quarters (+11.4% on a year earlier). Free cash flow $5.08B = 72.5% of net income.
- Returned $6.93B to shareholders = 136.5% of free cash flowBuybacks $4.02B (a year earlier $4.55B), dividends $2.91B, stock-based pay $104M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 1.9% in a year463M diluted shares in Q3 '26, 472M a year earlier.
- Net debt $22.8BCash + short-term investments $3.95B, debt incl. leases $26.7B; a year ago net debt $21.4B.
- Engineering Segment: revenue +12.1%, margin 18.4% (was 19.5%)Fastest-growing reported segment in Q3 '26: operating income $107M on revenue $582M (from the segment note of the filing).
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.4B | $8.62B | +9.2% |
| Gross margin | 37.0% | 38.0% | -1.0 pp |
| Operating income | $2.15B | $2.34B | -8.2% |
| Operating margin | 22.9% | 27.2% | -4.3 pp |
| Net income | $1.69B | $1.93B | -12.3% |
| Diluted EPS | $3.66 | $4.09 | -10.5% |
| Operating cash flow | $3.17B | $2.95B | +7.5% |
| Capex | $1.39B | $1.28B | +9.1% |
| Free cash flow | $1.78B | $1.67B | +6.3% |
| R&D | $37M | $36M | +2.8% |
| Stock-based compensation | $44M | $45M | -2.2% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.4B | $9.16B | +2.6% |
| EPS (as estimated) | $4.59 | $4.52 | +1.5% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Americas Segment | $3.6B | -6.4% | 42.0% | $15.6B | -15.7% | |
| EMEA Segment | $2.33B | +6.8% | 27.1% | $8.98B | -14.7% | |
| APAC Segment | $1.95B | +12.0% | 22.8% | $7.25B | +9.8% | |
| Engineering Segment | $693M | -4.8% | 8.1% | $2.66B | +3.2% |
Segment profits
Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).
Segments in Q3 '26
| Segment | Revenue | y/y | Operating income | y/y | Margin | Margin a year ago | TTM operating income |
|---|---|---|---|---|---|---|---|
| Americas Segment | $3.6B | +10.7% | $1.26B | +12.4% | 35.1% | 34.6% | $5.08B |
| EMEA Segment | $2.33B | +6.8% | $817M | +4.6% | 35.1% | 35.9% | $3.2B |
| APAC Segment | $1.95B | +12.0% | $534M | +9.0% | 27.4% | 28.1% | $2.04B |
| Corporate And Other | $944M | +2.2% | $42M | -32.3% | 4.4% | 6.7% | -$13M |
| Engineering Segment | $582M | +12.1% | $107M | +5.9% | 18.4% | 19.5% | $411M |
| Material Reconciling Items | – | – | – | – | – | – | – |
Operating income by segment
quarterlySegment operating margin
quarterlyFourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $10.7B
- Capex
- -$5.63B
- Buybacks
- -$4.02B
- Dividends
- -$2.91B
- Acquisitions
- -$430M
- Net debt issued
- $1.5B
- Stock-based compensation
- $104M
- Free cash flow
- $5.08B
- Returned to shareholders / FCF
- 136.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 34.0× | 35.6× | 29.1× – 46.8× |
| EV / EBITDA | 19.5× | 17.7× | 16.5× – 19.3× |
| EV / Sales | 7.1× | 6.2× | 5.3× – 6.6× |
| Price / FCF | 46.5× | 34.3× | 27.0× – 40.7× |
| Price / Book | 6.0× | 4.7× | 4.1× – 5.3× |
| FCF yield | 2.2% | 3.0% | 2.5% – 3.7% |
| Return on invested capital | 9.2% | 8.0% | 5.6% – 9.3% |
| Return on equity | 18.0% | 14.0% | 8.7% – 18.0% |
Analysts
Consensus target $559.55 (+8.8%)
range $525.00 – $583.00 · rating Buy
Strong buy0
Buy27
Hold3
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $36.4B | +7.2% | $17.91 | +22.7% | 28.7× | 16 |
| FY2027 | $38.1B | +4.7% | $19.56 | +9.3% | 26.3× | 10 |
| FY2028 | $40.3B | +5.6% | $21.55 | +10.1% | 23.9× | 9 |
| FY2029 | $43.3B | +7.6% | $24.80 | +15.1% | 20.7× | 3 |
| FY2030 | $45.7B | +5.5% | $27.17 | +9.6% | 18.9× | 3 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 297 figures Linde plc tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $2.85B | $2.65B | +7.9% | $2.81B | $2.51B | +12.1% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.6B | $5.33B | +5.0% | $4.97B | $4.62B | +7.4% |
| Accounts Receivable, Allowance for Credit Loss | $257M | $453M | -43.3% | $581M | – | – |
| Accounts Receivable, Allowance for Credit Loss, Current | $581M2025-12-31 | $421M | +38.0% | $581M | $421M | +38.0% |
| Accounts Receivable, Allowance for Credit Loss, Noncurrent | $41M2025-12-31 | $36M | +13.9% | $41M | $36M | +13.9% |
| Accounts Receivable, before Allowance for Credit Loss, Current | $5.37B | $5.24B | +2.5% | $5.55B | $5.04B | +10.0% |
| Accounts Receivable, before Allowance for Credit Loss, Noncurrent | $350M | $383M | -8.6% | – | – | – |
| Accounts Receivable, Credit Loss Expense (Reversal) | $19M | $56M | -66.1% | $207M | $180M | +15.0% |
| Accrued Income Taxes | $492M2025-12-31 | $535M | -8.0% | $492M | $535M | -8.0% |
| Accrued Insurance, Current | $21M2025-12-31 | $20M | +5.0% | $21M | $20M | +5.0% |
| Accrued Insurance, Noncurrent | $63M2025-12-31 | $60M | +5.0% | $63M | $60M | +5.0% |
| Accrued Salaries, Current | $649M2025-12-31 | $618M | +5.0% | $649M | $618M | +5.0% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | -$107M | -$80M | -33.7% | -$104M | -$79M | -31.6% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | -$5.77B | -$6.52B | +11.5% | – | – | – |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$5.63B | -$6.41B | +12.1% | -$6.23B | -$6.89B | +9.6% |
| Additional Paid in Capital | $39.2B | $39.4B | -0.6% | $39.4B | $39.6B | -0.4% |
| Amortization of Intangible Assets | – | – | – | $517M | $554M | -6.7% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 552K | 485K | +13.8% | 572K | 268K | +113.4% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $31M | $34M | -8.8% | $16M | -$6M | +366.7% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $44M | $45M | -2.2% | $164M | $160M | +2.5% |
| Asset Retirement Obligations, Noncurrent | $318M2025-12-31 | $305M | +4.3% | $318M | $305M | +4.3% |
| Assets | $88.1B | $86B | +2.4% | $86.8B | $80.1B | +8.3% |
| Assets for Plan Benefits, Defined Benefit Plan | $1.3B2025-12-31 | $1.11B | +17.4% | $1.3B | $1.11B | +17.4% |
| Assets, Current | $13.4B | $13.3B | +0.6% | $13.3B | $12.9B | +2.9% |
| Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | – | – | – | -$164M | -$17M | -864.7% |
| Cash and Cash Equivalents, at Carrying Value | $3.95B | $4.51B | -12.5% | $5.06B | $4.85B | +4.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $3.95B | $4.51B | -12.5% | $5.06B | $4.85B | +4.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$951M | -$277M | -243.3% | $206M | $186M | +10.8% |
| Commercial Paper | $4.32B | $4.73B | -8.6% | $4.23B | $3.96B | +6.6% |
| Common Stock, Dividends, Per Share, Declared | $1.60 | $1.50 | +6.7% | $6.00 | $5.56 | +7.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Shares Authorized | 1.75B | 1.75B | 0.0% | 1.75B | 1.75B | 0.0% |
| Common Stock, Shares, Issued | 491M | 491M | 0.0% | 491M | 491M | 0.0% |
| Common Stock, Value, Issued | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | $64M | $37M | +73.0% | $192M | $135M | +42.2% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $1.99B | $1.77B | +12.2% | $7.56B | $5.48B | +38.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $2.05B | $1.81B | +13.4% | $7.75B | $5.61B | +38.1% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $447M | $228M | +96.1% | $269M | $263M | +2.3% |
| Contract with Customer, Liability | $2.45B | $2.53B | -3.4% | $2.52B | $2.29B | +9.7% |
| Contract with Customer, Liability, Current | $1.17B | $1.28B | -8.5% | $1.23B | $1.19B | +3.1% |
| Contract with Customer, Liability, Noncurrent | $1.28B | $1.25B | +1.8% | $1.28B | $1.1B | +16.9% |
| Contract with Customer, Liability, Revenue Recognized | $378M2026-03-31 | $380M | -0.5% | $631M | $993M | -36.5% |
| Cost of Goods and Service, Excluding Depreciation, Depletion, and Amortization | $4.96B | $4.38B | +13.3% | $17.4B | $17.1B | +1.4% |
| Current Federal Tax Expense (Benefit) | – | – | – | $475M | $436M | +8.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.87B | $1.6B | +16.4% |
| Current Income Tax Expense (Benefit) | – | – | – | $2.45B | $2.14B | +14.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $114M | $106M | +7.5% |
| Debt, Long-term and Short-term, Combined Amount | $26.7B | $25.9B | +3.0% | $27B | $21.6B | +24.8% |
| Deferred Credits and Other Liabilities | $6.84B2025-12-31 | $6.76B | +1.2% | $6.84B | $6.76B | +1.2% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $46M | $3M | +1,433.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | -$496M | -$156M | -217.9% |
| Deferred Income Tax Assets, Net | $423M2025-12-31 | $428M | -1.2% | $423M | $428M | -1.2% |
| Deferred Income Tax Expense (Benefit) | – | – | – | -$465M | -$142M | -227.5% |
| Deferred Income Tax Liabilities, Net | $5.56B2025-12-31 | $5.66B | -1.8% | $5.56B | $5.66B | -1.8% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | -$15M | $11M | -236.4% |
| Deferred Tax Assets, Gross | $1.44B2025-12-31 | $1.44B | 0.0% | $1.44B | $1.44B | 0.0% |
| Deferred Tax Assets, Inventory | $87M2025-12-31 | $87M | 0.0% | $87M | $87M | 0.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.28B2025-12-31 | $1.29B | -0.4% | $1.28B | $1.29B | -0.4% |
| Deferred Tax Assets, Operating Loss Carryforwards | $338M2025-12-31 | $461M | -26.7% | $338M | $461M | -26.7% |
| Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | $272M2025-12-31 | $386M | -29.5% | $272M | $386M | -29.5% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01