Linde plc (LIN) FY2025 10-K Annual Report
Linde plc (LIN) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 25, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Linde plc FY2025 10-K Analysis
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
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%
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
Linde plc FY2025 Key Financial MetricsXBRL
Revenue
$34.0B
▲ +3.0% YoY
Net Income
$6.9B
▲ +5.1% YoY
Operating Margin
26.3%
▲ +9bp YoY
Net Margin
20.3%
▲ +41bp YoY
ROE
18.0%
▲ +80bp YoY
Total Assets
$86.8B
▲ +8.3% YoY
EPS (Diluted)
$14.61
▲ +7.3% YoY
Operating Cash Flow
$10.3B
▲ +9.8% YoY
Source: XBRL data from Linde plc FY2025 10-K filing on SEC EDGAR. All figures in USD.
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