Short answer
Linde plc (LIN) filed its fiscal 2025 10-K annual report with the SEC on Feb 25, 2026. It reported revenue of $34.0B (+3.0% year over year) and net income of $6.9B.
- Top risk flagged: Goodwill and indefinite-lived intangible assets ~$30B combined ($28B + $2B) at risk of impairment from economic disruption or market cap decline
FY2025 key financial metrics · XBRL
- Revenue
- $34.0B
- +3.0% YoY
- Net income
- $6.9B
- +5.1% YoY
- Operating margin
- 26.3%
- +0.1 pp YoY
- EPS (diluted)
- $14.61
- +7.3% YoY
- ROE
- 18.0%
- +0.8 pp YoY
- Operating cash flow
- $10.3B
- +9.8% YoY
Source: XBRL data from the Linde plc (LIN) FY2025 10-K on SEC EDGAR. USD.
Linde plc FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- World's largest industrial gas company; $33,986M revenue in FY2025, up ~3% YoY from $33,005M in FY2024
- ~64% of 2025 sales outside U.S., spanning ~85 countries across EMEA, APAC, and Americas
- Clean energy emphasis: portfolio covers full hydrogen value chain; green (electrolysis), blue (SMR/ATR + CCS), and recovered low-carbon hydrogen
- Notable leadership restructuring: new COO (Sean Durbin), new CHRO (Desiree Bacher), new Engineering SVP (Stefano Innocenzi), new Americas SVP (Ben Glazer); all effective 2025
- CEO Sanjiv Lamba added Chairman role effective January 31, 2026: combined CEO/Chairman structure
Management Discussion & Analysis
- Revenue $33,986M, up $981M (+3%) YoY; price/mix +2%, acquisitions +1%, volumes flat, currency and cost pass-through neutral
- Reported operating margin 26.3% vs 26.2%; adjusted operating margin 29.8% vs 29.5%; cost of sales fell to 51.2% of sales from 51.9%
- Best segment: EMEA operating margin 35.7% vs 33.3%, profit +$275M (+10%); worst: APAC flat sales, profit +$15M (+1%) at 29.0% vs 28.9% margin
- Operating cash flow $10,350M (+$927M YoY); capex $5,261M; share buybacks $4,578M; dividends $2,811M (8% per-share increase to $6.00)
- Backlog of large projects under construction ~$7.3B; key risks include GHG regulation, cost inflation, and base volume declines in EMEA and APAC
Risk Factors
- Goodwill and indefinite-lived intangible assets ~$30B combined ($28B + $2B) at risk of impairment from economic disruption or market cap decline
- Energy largest single cost item in gas production; regional supply disruptions unpredictable and not fully hedged via customer pass-through clauses
- IRS could challenge Linde's non-domestic U.S. tax status; UK exit charges possible if tax residency shifts from current UK-resident treatment
- Operations in 80+ countries exposed to tariffs, sanctions, currency devaluations, and potential asset nationalization/expropriation
- Key-person dependency on highly skilled technical workforce; loss of personnel in manufacturing, technology, or distribution threatens competitive advantage
Generated from the filing text; verify against the original. How to read a 10-K
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