Computed from published fixed rules, not a model's judgement — though one input, the count of high-severity risks, comes from the AI analysis below.
Not investment advice and not a price target: it scores the quarter's fundamentals, not the stock. Full methodology →
AI Takeaway
Linde (LIN) delivered solid FY2025 results with revenue of $33.99B (+3.0% YoY), net income of $6.90B (+5.1% YoY), and operating cash flow of $10.35B (+9.8% YoY), demonstrating consistent margin expansion and strong cash generation despite a significant increase in long-term debt.
Revenue
$33.99B
+2.97% YoY
EPS (Diluted)
$14.61
+7.27% YoY
Operating Income
$8.92B
+3.34% YoY
Source: SEC XBRL
Linde (LIN) reported FY2025 revenue of $33.99B, up 3.0% year over year. Operating margin was 26.3%, up 0.1 points from 26.2% a year earlier. Operating cash flow was $10.35B, up 9.8% year over year.
Last 4 quarters: 1 beat
| Quarter | Actual EPS (USD) | Consensus (USD) | Result |
|---|---|---|---|
| Jun 2026 | 4.50 | 4.53 | Miss -0.6% |
| Mar 2026 | 4.33 | 4.31 | Beat +0.5% |
| Dec 2025This filing | 4.20 | 4.22 | Miss -0.4% |
| Sep 2025 | 4.21 | 4.22 | Miss -0.2% |
Reported EPS of $4.20 versus the $4.22 analyst consensus — a -0.4% miss for Dec 2025.
Compiled by AI from this SEC filing
LIN grew total revenue by 3.0% YoY to $33.99B in FY2025, reflecting continued demand for industrial gases across end markets. The growth was achieved while maintaining a stable operating margin of approximately 26.3%, up slightly from 26.2% in the prior year.
Source: 10-K Income Statement
Net income rose 5.1% YoY to $6.90B, with diluted EPS growing 7.3% to $14.61, outpacing revenue growth and indicating effective cost management and share repurchase activity reducing the share count.
Source: 10-K Income Statement
Operating cash flow increased 9.8% YoY to $10.35B, significantly exceeding net income and reflecting the capital-efficient, asset-heavy nature of Linde's industrial gas business model. Free cash flow (operating cash flow minus investing outflows) was approximately $4.63B.
Source: 10-K Cash Flow Statement
Long-term debt rose sharply by 29.2% YoY to $22.48B, likely reflecting financing for capital projects or acquisitions, while the company simultaneously returned $4.60B to shareholders via buybacks. Total liabilities grew 15.8% YoY to $47.08B.
Source: 10-K Balance Sheet
LIN repurchased $4.60B in shares in FY2025 (+2.7% YoY), contributing to the 7.3% diluted EPS growth that outpaced net income growth of 5.1%, demonstrating a consistent capital return program.
Source: 10-K Cash Flow Statement
Compiled by AI from this SEC filing · 0 high, 3 medium, 2 low
Long-term debt surged 29.2% YoY to $22.48B, pushing the debt-to-equity ratio to 1.23x. This elevated leverage increases interest expense obligations and financial risk, particularly if interest rates remain elevated or cash flows disappoint. The current ratio of 0.88x also indicates current liabilities exceed current assets, which warrants monitoring.
Source: 10-K Balance Sheet
LIN's current ratio stands at 0.877x, meaning current liabilities of $15.20B exceed current assets of $13.33B. While industrial gas companies often operate with negative working capital due to predictable cash flows, this metric signals potential short-term liquidity constraints if operating conditions deteriorate.
Source: 10-K Balance Sheet
Investing cash outflows increased 23.2% YoY to -$5.72B, reflecting heavy capital expenditure requirements typical of the industrial gas sector. Sustained high capex limits free cash flow and requires continued strong operating performance to fund both growth investments and shareholder returns simultaneously.
Source: 10-K Cash Flow Statement
R&D expense declined 2.0% YoY to $147M, representing less than 0.5% of revenue. While industrial gas is not R&D-intensive, limited innovation spending could constrain LIN's ability to develop next-generation clean energy or hydrogen solutions in a rapidly evolving energy transition landscape.
Source: 10-K Income Statement
SG&A expenses grew 2.9% YoY to $3.43B, roughly in line with revenue growth of 3.0%, suggesting limited operating leverage on the selling and administrative cost base. Sustained SG&A growth without corresponding revenue acceleration could pressure margins over time.
Source: 10-K Income Statement
| Metric | Current | Previous | YoY Change |
|---|---|---|---|
Revenue $B | 33.99 $B | 33.01 $B | +2.97% |
Operating Income $B | 8.92 $B | 8.64 $B | +3.34% |
Net Income $B | 6.90 $B | 6.57 $B | +5.07% |
EPS (Basic) $ | 14.69 $ | 13.71 $ | +7.15% |
EPS (Diluted) $ | 14.61 $ | 13.62 $ | +7.27% |
R&D Expense $M | 147.00 $M | 150.00 $M | -2.00% |
SG&A Expense $B | 3.43 $B | 3.34 $B | +2.88% |
Answers draw on this SEC filing and the data on this page
Linde plc delivered strong Q2 FY2026 performance with sales rising 9.3% year-over-year to $9.29B and diluted EPS increasing 11.3% to $4.15, driven by pricing power, volume growth in key markets, and ongoing productivity gains.
Linde (LIN) delivered strong Q1 2026 results with revenue of $8.78B (+8.2% YoY) and net income of $1.86B (+11.0% YoY), driven by improved operating margins and solid cash generation, though rising SG&A costs and long-term debt warrant monitoring.
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