← Research LibraryThe BriefFY2025 10-K · headline figures audited against SEC data
Linde grew sales 3.0% to $33.99B on pricing, not volume, held a 26.25% operating margin, and returned $7.41B to shareholders while borrowing more to fund a $7.3 billion project backlog
The read at a glance✓ Audited against SEC data
- Growth — Sales up 3.0% to $33.99B; price up, volumes flatNote
- Profitability — Operating margin 26.25%; net income up 5.1% to $6.90BOK
- Balance sheet — Total debt up 24.8% to $26.99B; rated A and A2Watch
- Accounting quality — No manipulation flag; earnings quality safe; Z-score not read as distressNote
- Capital allocation — Buybacks $4.60B and dividends $2.81B vs free cash flow $5.09BNote
- Project backlog — $7.3 billion sale-of-gas backlog of large plants under constructionOK
Business
Linde is the largest industrial gas company in the world, producing oxygen, nitrogen, argon, hydrogen, helium and other gases and delivering them by pipeline to on-site customers, by truck as bulk liquid, or in cylinders, and it designs and builds gas plants through its Engineering business. Most business runs on long-term contracts that let it pass energy and feedstock cost changes through to customers; on-site contracts typically run 10 to 20 years.
Where the revenue comes from
Fiscal 2025, as LINDE PLC reports it. History and quarterly detail are in the app.
- Americas$15.2B
- EMEA$8.5B
- APAC$6.7B
- Engineering$2.3B
- Corporate Segment and Other Operating$1.3B
Leadership changes
From LINDE PLC's own filings, the day they're filed.
- Sanjiv Lamba · CEO · departureeff. 2026-01-31
- Stephen F. Angel · Chairman · departureeff. 2026-01-31
- Sean Durbin · President · appointmenteff. 2025-10-01
Latest filings
- 8-K · Company announcement2026-07-31
- 10-Q · Quarterly report2026-07-31
- 8-K · Company announcement2026-07-30
- 8-K · Company announcement2026-05-13
- 8-K · Company announcement2026-05-01
In the full recordFree for 14 days
- What changed🔒
- Insider signal🔒
- Growth quality🔒
- Margins & accounting🔒
- Capital allocation🔒
- Real risks🔒
- The long arc🔒
- Company history🔒
- The filings, readable — with what changed vs the prior year highlighted🔒
- Full financial statements, industry-aware, sources cited throughout🔒
- Forensic score history & components — the trend, not one year🔒
- Ownership: insider buys/sells, clusters, activist stakes🔒
- Ana — ask about LINDE PLC, every answer cited to the official filings🔒
Every figure comes from the company's filings, and analysis whose figures don't match SEC data is rejected before publication.
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