LINDE PLC
For the period ended Mar 31, 2026. Filed May 1, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 1, 2026
LIN$515.25-1.1%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-09-30; filed 2025-10-31.
0001628280-25-047710
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-03-31; filed 2026-05-01.
0001628280-26-029165
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 127 previous paragraphs and 119 current paragraphs.
70 unchanged; 41 reworded; 8 added; 14 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 19 previous and 19 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (8)
Current report
2026 versus 23.4% in the first quarter 2025. Diluted earnings per share ("EPS") was $3.98, or 13% above EPS of $3.51 in the first quarter of 2025, primarily due to higher net income - Linde plc and lower diluted shares outstanding.
Current report
There were no cost reduction program and other charges for the three months ended March 31, 2026. The respective 2025 period primarily included severance charges of $55 million. On an adjusted basis, these costs have been excluded.
Current report
Reported other income (expense) - net was a benefit of $63 million for the first quarter of 2026 primarily driven by a gain on a divestiture in the Americas business. In the respective 2025 period, other income (expense) was a benefit of $18 million.
Current report
Reported interest expense - net increased $2 million, or 3%, for the first quarter of 2026 versus the respective 2025 period.
Current report
On an adjusted basis, the ETR was 23.5% for the three months ended March 31, 2026 and the 2025 respective period.
Current report
Sales for the APAC segment increased $162 million, or 11%, for the first quarter versus the respective 2025 period. Volumes increased sales by 6% in the first quarter, driven by base volumes, new project start-ups and equipment sales. Currency translation increased sales by 4% in the quarter, primarily due to the strengthening of the Australian dollar and Chinese yuan against the U.S. dollar. Acquisitions increased sales by 2% in the quarter. Price was flat in the quarter largely due to helium decrease which offset other positive price in the segment. Cost pass-through decreased sales by 1% in the quarter with minimal impact on operating profit.
Current report
Operating profit in the APAC segment increased $26 million, or 6%, in the first quarter compared to the respective 2025, driven primarily by higher volumes, continued productivity initiatives, currency translation and acquisitions, which more than offset cost inflation.
Current report
Operating profit in Other decreased $18 million in the first quarter, as compared tothe respective 2025 period. The decrease in the quarter was primarily driven by helium and higher costs.
Removed paragraphs (14)
Previous report
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations ("MD&A")
Previous report
Reported depreciation and amortization expense was flat for the third quarter of 2025 and decreased $54 million, or 2%, in the nine months ended September 30, 2025, primarily due to lower depreciation and amortization of assets acquired in the merger, partially offset by the net impact of new project start-ups.
Previous report
Cost reduction program and other charges were a benefit of $11 million for the third quarter of 2025, and charges of $44 million for the nine months ended September 30, 2025, primarily related to severance charges. On an adjusted basis, these costs have been excluded in both periods. 2024 included severance charges of $148 million and $165 million for the quarter and year to date periods, other cost reduction charges of $40 million and $23 million for the quarter and year to date periods, and other benefit of $43 million for the quarter and year to date periods related to a divestiture in APAC.
Previous report
Reported other income (expense) - net was a benefit of $14 million for the third quarter of 2025 and $47 million for the year-to-date period. 2024 other income (expense) for the year-to-date period included a benefit of $43 million in insurance recoveries primarily within the Other segment, recognized during the first quarter, and a benefit of $36 million related to a settlement with a supplier in the Americas segment, recognized during the third quarter.
Previous report
Reported interest expense - net decreased $4 million, or 6%, for the third quarter of 2025 and decreased $12 million, or 6%, for the nine months ended September 30, 2025.
Previous report
On an adjusted basis, the ETR for the quarter and nine months ended September 30, 2025 was 22.7% and 23.5%, respectively, versus 23.6% and 23.3% for the respective 2024 periods. The decrease in the quarter rate was primarily due to tax rate change in Germany excluding merger-related purchase accounting impacts. The increase in the year-to-date rate was primarily due to tax benefits from a repatriation in 2024 that did not recur in 2025 partially offset by a tax rate decrease in Germany.
Previous report
On July 4, 2025, H.R.1 - One Big Beautiful Bill Act was enacted into law (OBBBA). The Bill makes permanent key elements of the 2017 Tax Cuts and Jobs Act, including 100% bonus depreciation and domestic research cost expensing. These changes provide current and future cash tax benefits to the company. The company continues to evaluate the impact of other provisions of OBBBA but does not expect them to be material.
Previous report
Reported net income - Linde plc increased $379 million, or 24%, for the third quarter of 2025 and increased $528 million, or 11%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Previous report
On an adjusted basis, diluted EPS increased $0.27, or 7%, for the third quarter versus the respective 2024 period. On an adjusted basis, diluted EPS increased $0.72, or 6%, for the nine months ended September 30, 2025, versus the respective 2024 period.
Previous report
EBITDA was $3,364 million for the third quarter of 2025 as compared to $3,084 million in the respective 2024 period. EBITDA was $9,825 million for the nine months ended September 30, 2025 as compared to $9,363 million in the respective 2024 period.
Previous report
Sales for the APAC segment increased $25 million, or 1%, in the third quarter and decreased $29 million, or 1%, for the nine months ended September 30, 2025 versus the respective 2024 periods. Acquisitions increased sales by 3% in the quarter and 1% in the year-to-date period. Volumes were flat in the quarter anddecreased sales by 1% in theyear-to-date period. Price decreased sales by 1% in the quarter largely due to helium and was flat year to date. Currency translation decreased sales by 1% in the quarter and year-to-date periods, primarily due to the weakening of the Australian dollar against the U.S. dollar.
Previous report
Operating profit in the APAC segment decreased $7 million, or 1%, in the third quarter, driven primarily by lower helium pricing, currency translation, partially offset by acquisitions. In the nine months ended September 30, 2025, operating profit increased $13 million, or 1%, driven primarily by productivity initiatives and acquisitions, partially offset by cost inflation, lower volumes, and currency translation.
Previous report
Operating profit in Other decreased $29 million in the third quarter and $36 million for the nine months ended September 30, 2025 versus the respective 2024 periods. The decrease in the quarter was primarily driven by helium and cost inflation. The decrease in theyear-to-date period was driven by helium and an insurance recovery in 2024, partially offset bylower costs and continued productivity initiatives.
Previous report
divestiture in APAC and a settlement with a supplier in the Americas.
Reworded paragraphs (41)
Previous wording
The following table provides summary information for the quarters and nine months ended September 30, 2025 and 2024. The reported amounts are GAAP amounts from the Consolidated Statement of Income. The adjusted amounts are intended to supplement investors' understanding of the company's financial information and are not a substitute for GAAP measures:
Current wording
The following table provides summary information for the three months ended March 31, 2026 and 2025. The reported amounts are GAAP amounts from the Consolidated Statement of Income. The adjusted amounts are intended to supplement investors' understanding of the company's financial information and are not a substitute for GAAP measures:
Previous wording
In the third quarter of 2025, Linde's sales were $8,615 million, 3%, above the prior year. Sales grew 2% from higher price attainment. Acquisitions increased sales by 1% in the third quarter. Currency translation increased sales by 1% in the quarter driven primarily by the strengthening of the Euro and British pound against the U.S dollar. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, was flat in the quarter. Engineering sales decreased by 1% in the quarter. Volumes were flat in the quarter versus the 2024 respective period, as base volume declines were largely offset by new project start-ups.
Current wording
In the first quarter of 2026, Linde's sales were $8,781 million, 8% above the prior year. Currency translation increased sales by 5% in the quarter, largely driven by the strengthening of the Euro against the U.S dollar. Sales grew 2% from higher price attainment. Volumes increased sales by 1% in the quarter versus the 2025 respective period, primarily due to new project start-ups. Acquisitions increased sales by 1% in the quarter. Cost pass-through, representing the contractual billing of energy cost variances primarily to onsite customers, was flat in the quarter. Engineering sales decreased by 1% in the quarter.
Previous wording
Reported operating profit for the third quarter of 2025 was $2,367 million, or 27.5% of sales, 13% above the prior year. The reported year-over-year increase was primarily driven by higher pricing and productivity initiatives and lower cost reduction program and other charges, which more than offset adverse impacts from cost inflation. The reported effective tax rate ("ETR") was 18.0% in the third quarter 2025 versus 24.1% in the third quarter 2024. Diluted earnings per share ("EPS") was $4.09, or 27% above EPS of $3.22 in the third quarter of 2024, primarily due to higher net income - Linde plc and lower diluted shares outstanding.
Current wording
Reported operating profit for the first quarter of 2026 was $2,439 million, or 27.8% of sales, 12% above the prior year. The reported year-over-year increase was primarily driven by higher pricing, currency translation and productivity initiatives, which more than offset adverse impacts from cost inflation. The reported effective tax rate ("ETR") was 23.5% in the first quarter
Previous wording
In the third quarter of 2025, adjusted operating profit of $2,558 million, or 29.7% of sales, was 3% higher as compared to 2024, driven by higher pricing and productivity initiatives partially offset by cost inflation. The adjusted ETR was 22.7% in the third quarter 2025 versus 23.6% in the respective 2024 quarter. On an adjusted basis, EPS was $4.21, 7% above the 2024 adjusted EPS of $3.94, driven by higher adjusted net income - Linde plc and lower diluted shares outstanding.
Current wording
In the first quarter of 2026, adjusted operating profit of $2,630 million, or 30.0% of sales, was 8% higher as compared to 2025, driven by higher pricing, currency translation and productivity initiatives, partially offset by cost inflation. On an adjusted basis, the ETR was 23.5% for the first quarter 2026 and the 2025 respective period. On an adjusted basis, EPS was $4.33, 10% above the 2025 adjusted EPS of $3.95, driven by higher adjusted net income - Linde plc and lower diluted shares outstanding.
Previous wording
Sales increased by 3% for the third quarter of 2025 and 2% for the nine months ended September 30, 2025, versus the respective 2024 periods. Higher price attainment increased sales by 2% in the quarter and nine months ended September 30, 2025. Acquisitions increased sales by 1% in the quarter and nine months ended September 30, 2025. Currency translation increased sales by 1% in the quarter, primarily driven by the strengthening of the Euro and British pound against the U.S. dollar. In the nine months ended September 30, 2025, currency translation impact on sales was flat. Cost pass-through was flat in both the quarter and nine months ended September 30, 2025. Volumes were flat in the quarter and decreased sales by 1% for the nine months ended September 30, 2025, as base volume declines were partially offset by new project start-ups. Engineering sales decreased by 1% in the quarter and was flat for the nine months ended September 30, 2025.
Current wording
Sales increased by 8% for the first quarter of 2026, versus the respective 2025 period. Currency translation increased sales by 5% in the quarter, largely driven by the strengthening of the Euro against the U.S. dollar. Higher price attainment increased sales by 2% in the quarter. Volumes increased sales by 1% for the quarter, primarily due to new project start-ups. Acquisitions increased sales by 1% in the quarter. Cost pass-through was flat in the quarter. Engineering sales decreased by 1% in the quarter.
Previous wording
Cost of sales, exclusive of depreciation and amortization, increased $23 million, or 1%, for the third quarter of 2025 primarily due to cost inflation, partially offset by productivity gains, and increased $19 million for the nine months ended September 30, 2025. Cost of sales, exclusive of depreciation and amortization, was 50.8% and 50.9% of sales for the third quarter and nine months ended September 30, 2025, respectively, versus 52.1% and 51.9% for the respective 2024 periods. The decrease as a percentage of sales in the quarter and year-to-date periods was primarily due to higher pricing and productivity gains.
Current wording
Cost of sales, exclusive of depreciation and amortization, increased $366 million, or 9%, for the first quarter of 2026 primarily due to currency translation, cost inflation, partially offset by productivity gains. Cost of sales, exclusive of depreciation and amortization, was 51.5% of sales for the first quarter, versus 51.2% for the respective 2025 period. The increase as a percentage of sales in the quarter was primarily due to higher costs, partially offset by pricing and productivity gains.
Previous wording
Selling, general and administrative expense ("SG&A") increased $74 million, or 9%, for the third quarter of 2025 and increased $30 million, or 1%, for the nine months ended September 30, 2025. SG&A was 10.4% of third quarter sales and 10.1% of sales for the nine months ended September 30, 2025 versus 9.8% and 10.2% of sales for the respective 2024 periods. Currency impact increased SG&A by approximately $12 million for the third quarter and was flat year to date 2025. Excluding foreign currency, SG&A increased during the third quarter of 2025 and nine months ended September 30, 2025, due to acquisitions and cost inflation, partially offset by savings from cost reduction programs and productivity initiatives.
Current wording
Selling, general and administrative expense ("SG&A") increased $107 million, or 14%, for the first quarter of 2026. SG&A was 10.2% of sales for the three months ended March 31, 2026 versus 9.7% of sales for the respective 2025 period. Currency impact increased SG&A by approximately $37 million for the first quarter of 2026. Excluding currency impacts, underlying SG&A increased in the first quarter of 2026 driven primarily by higher costs.
Previous wording
On an adjusted basis, depreciation and amortization increased $39 million, or 5%, for the third quarter of 2025 and increased $72 million, or 3%, for the nine months ended September 30, 2025. Currency impact increased depreciation and amortization by $9 million for the third quarter and was flat year to date 2025. Excluding currency, for the quarter and year-to-date periods, the underlying depreciation and amortization increase was driven largely by new project start-ups.
Current wording
Reported depreciation and amortization expense increased $41 million, or 5%, in the first quarter of 2026. On an adjusted basis, excluding merger-related impact, depreciation and amortization increased $41 million, or 6%, including currency impact of $29 million. Excluding currency for the quarter, the underlying depreciation and amortization increase was largely driven by new project start-ups.
Previous wording
On a reported basis, operating profit increased $281 million, or 13%, for the third quarter of 2025 and increased $540 million, or 8%, for the nine months ended September 30, 2025. The increase in both periods was primarily due to higher pricing and savings from productivity initiatives and lower cost reduction program and other charges, which more than offset the adverse impacts of cost inflation.
Current wording
On a reported basis, operating profit increased $255 million, or 12%, for the first quarter of 2026. The increase was primarily due to higher pricing, currency translation, savings from productivity initiatives and lower cost reduction program and other charges, which more than offset the adverse impacts of cost inflation.
Previous wording
On an adjusted basis, which excludes the impacts of merger-related purchase accounting as well as cost reduction programs and other charges, operating profit increased $81 million, or 3%, in the third quarter of 2025 and increased $312 million, or 4%, for the nine months ended September 30, 2025. Operating profit growth was driven by higher pricing and productivity initiatives, which more than offset the effects of cost inflation during the quarter and year-to-date periods of 2025. A discussion of operating profit by segment is included in the segment discussion that follows.
Current wording
On an adjusted basis, which excludes the impacts of merger-related purchase accounting as well as cost reduction programs and other charges, operating profit increased $192 million, or 8%, for the first quarter of 2026. Operating profit growth was driven by higher pricing, currency translation and productivity initiatives, which more than offset the effects of cost inflation during the first quarter of 2026. A discussion of operating profit by segment is included in the segment discussion that follows.
Previous wording
Reported net pension and OPEB cost (benefit), excluding service cost, was a benefit of $57 million and $172 million for the quarter and nine months ended September 30, 2025, respectively, versus $45 million and $144 million for the respective 2024 periods. The increase in the benefit primarily relates to lower interest cost due to lower benefit obligations and higher amortization of deferred gains year-over-year.
Current wording
Reported net pension and OPEB cost (benefit), excluding service cost, was a benefit of $54 million for the quarter, versus $56 million for the respective 2025 period. The decrease was driven by higher interest cost and lower amortization of deferred gains, partially offset by higher expected return on plan assets year-over-year.
Previous wording
The reported effective tax rate ("ETR") for the quarter and nine months ended September 30, 2025 was 18.0% and 21.9%, respectively, versus 24.1% and 23.3% for the respective 2024 periods. The decrease in the 2025 quarter was primarily due to a tax rate decrease in EMEA including merger-related purchase accounting impacts. The decrease in the year-to-date rate was primarily due to a tax rate decrease in EMEA, partially offset by tax benefits in 2024 from a repatriation that did not recur in 2025. The benefit related to the tax rate decrease in EMEA for the quarter and year-to-date periods was $156 million.
Current wording
The reported effective tax rate ("ETR") for the first quarter of 2026 was 23.5%, versus 23.4% for the respective 2025 period.
Previous wording
Reported income from equity investments for the third quarter and nine months ended September 30, 2025 was $36 million and $107 million, respectively, versus $38 million and $131 million for the respective 2024 periods.
Current wording
Reported income from equity investments for the first quarter of 2026 was $40 million, versus $38 million for the respective 2025 period.
Previous wording
On an adjusted basis, income from equity investments for the third quarter and nine months ended September 30, 2025 was $60 million and $167 million, respectively, versus $56 million and $185 million for the respective 2024 periods.
Current wording
On an adjusted basis, income from equity investments for the first quarter of 2026 was $59 million, versus $56 million for the respective 2025 period.
Previous wording
At September 30, 2025, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $43 million and $117 million for the third quarter of 2025 and nine months ended September 30, 2025, respectively. Noncontrolling interest was $53 million and $128 million for the respective 2024 periods, which included the impact of a divestiture in the APAC segment.
Current wording
At March 31, 2026, noncontrolling interests consisted primarily of non-controlling shareholders' investments in APAC (primarily China). Reported noncontrolling interests income was $43 million for the first quarter of 2026 and $34 million for the respective 2025 period.
Previous wording
On an adjusted basis, which excludes the impacts of merger-related purchase accounting and cost reduction program and other charges, net income - Linde plc increased $91 million, or 5%, for the third quarter of 2025 and increased $228 million, or 4%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Current wording
Reported net income - Linde plc increased $184 million, or 11%, for the first quarter of 2026 versus the respective 2025 period. On an adjusted basis, which excludes the impacts of merger-related purchase accounting and cost reduction program and other charges, net income - Linde plc increased $139 million, or 7%, for the first quarter of 2026 versus the respective 2025 period. On both a reported and adjusted basis, the increase was largely driven by higher operating profit.
Previous wording
Reported diluted earnings per share increased $0.87, or 27%, for the third quarter of 2025 versus the respective 2024 period. Reported diluted earnings per share increased $1.32, or 13%, for the nine months ended September 30, 2025 versus the respective 2024 period.
Current wording
Reported diluted earnings per share increased $0.47, or 13%, for the first quarter of 2026 versus the respective 2025 period. On an adjusted basis, diluted EPS increased $0.38, or 10%, for the three months ended March 31, 2026, versus the respective 2025 period. On both a reported and adjusted basis, the increase was primarily due to higher net income - Linde plc and lower diluted shares outstanding.
Previous wording
The number of employees at September 30, 2025 was 65,489, a decrease of 107 employees from September 30, 2024, primarily due to the ongoing impact of cost reduction programs, partially offset by acquisitions.
Current wording
The number of employees at March 31, 2026 was 65,034, a decrease of 35 employees from March 31, 2025.
Previous wording
Adjusted EBITDA increased to $3,377 million for the third quarter of 2025 from $3,253 million in the respective 2024 period. Adjusted EBITDA increased to $9,941 million for the nine months ended September 30, 2025 from $9,575 million in the respective 2024 period. The increase on both a reported and adjusted basis was driven by higher net income - Linde plc versus prior year.
Current wording
EBITDA was $3,430 million for the first quarter of 2026 as compared to $3,132 million in the respective 2025 period. Adjusted EBITDA increased to $3,449 million for the first quarter of 2026 from $3,213 million in the respective 2025 period. The increase on both a reported and adjusted basis was driven by higher net income - Linde plc versus prior year.
Previous wording
Other comprehensive loss for the third quarter was $165 million and income was $507 million for the nine months ended September 30, 2025. The loss in the quarter and income in the year-to-date periods resulted primarily from currency translation adjustments of $167 million and $466 million, respectively. The translation adjustments reflect the impact of translating local currency foreign subsidiary financial statements to U.S. dollars, and are largely driven by the movement of the U.S. dollar against major currencies, including the Euro and British pound. See the "Currency" section of the MD&A for exchange rates used for translation purposes and Note 10 to the condensed consolidated financial statements for a summary of the currency translation adjustment component of accumulated other comprehensive income (loss) by segment.
Current wording
Other comprehensive income was $79 million for the first quarter of 2026. The income in the quarter resulted primarily from currency translation adjustments of $55 million. The translation adjustments reflect the impact of translating local currency foreign subsidiary financial statements to U.S. dollars, and are largely driven by the movement of the U.S. dollar against major currencies, including the Euro and British pound. See the "Currency" section of the MD&A for exchange rates used for translation purposes and Note 10 to the condensed consolidated financial statements for a summary of the currency translation adjustment component of accumulated other comprehensive income (loss) by segment.
Previous wording
Sales for the Americas segment increased $228 million, or 6%, in the third quarter and $491 million, or 5%, for the nine months ended September 30, 2025 versus the respective 2024 periods. Higher pricing contributed 3% to sales in the third quarter and 3% year to date. Cost pass-through increased sales by 2% in both the quarter and year-to-date periods, with minimal impact on operating profit. Volumes increased sales by 1% in both the quarter and year-to-date periods, primarily driven by electronics and metals and mining end markets including project start-ups. Acquisitions were flat in the quarter and increased sales by 1% year to date. Currency translation was flat in the third quarter and decreased sales by 2% year to date, driven primarily by the weakening of the Brazilian real and Mexican peso against the U.S. dollar.
Current wording
Sales for the Americas segment increased $359 million, or 10%, for the first quarter versus the respective 2025 period. Higher pricing contributed 4% to sales in the first quarter. Volumes increased sales by 2% in the quarter, primarily driven by electronics, manufacturing and metals and mining end markets including project start-ups. Cost pass-through increased sales by 2% in the quarter, with minimal impact on operating profit. Currency translation increased sales by 2% in the first quarter, driven primarily by the strengthening of the Mexican peso and Brazilian real against the U.S. dollar. Acquisitions were flat in the quarter.
Previous wording
Operating profit in the Americas segment increased $46 million, or 4%, in the third quarter and $145 million, or 4%, for the nine months ended September 30, 2025 versus the respective 2024 period, driven primarily by higher pricing and continued productivity initiatives, which more than offset cost inflation. 2024 included a settlement gain with a supplier, recognized during the third quarter.
Current wording
Operating profit in the Americas segment increased $135 million, or 12%, for the first quarter compared to the respective 2025 period, driven primarily by higher volumes, higher pricing, continued productivity initiatives and a gain on a divestiture, which more than offset cost inflation.
Previous wording
The EMEA segment includes Linde's industrial gases operations in approximately 45 European, Middle Eastern and African countries including Germany, the United Kingdom, France, the Republic of South Africa and Sweden.
Current wording
The EMEA segment includes Linde's industrial gases operations in approximately 50 European, Middle Eastern and African countries including Germany, the United Kingdom, France, the Republic of South Africa and Sweden.
Previous wording
EMEA segment sales increased $67 million, or 3%, in the third quarter and increased $78 million, or 1%, for the nine months ended September 30, 2025, compared to the respective 2024 periods. Currency translation increased sales by 5% in the third quarter and 3% year to date, driven primarily by the strengthening of the Euro and British pound against the U.S. dollar. Higher price attainment increased sales by 2% in both the quarter and year-to-date periods. Cost pass-through decreased sales by 1% in the quarter with minimal impact on operating profit and was flat year to date. Volumes decreased sales by 3% in the quarter and 4% in the year-to-date period, primarily driven by the metals and mining, manufacturing, and chemicals and energy end markets.
Current wording
EMEA segment sales increased $140 million, or 7%, for the first quarter, compared to the respective 2025 period. Currency translation increased sales by 10% in the first quarter, driven primarily by the strengthening of the Euro and British pound against the U.S. dollar. Higher price attainment increased sales by 1% in the quarter. Acquisitions increased sales by 1%. Cost pass-through decreased sales by 2% in the quarter with minimal impact on operating profit. Volumes decreased sales by 3% in the quarter, primarily driven by the manufacturing and chemicals and energy end markets.
Previous wording
Operating profit for the EMEA segment increased by $78 million, or 11%, in the third quarter and $189 million, or 9%, for the nine months ended September 30, 2025, compared to the respective 2024 periods. The increase in the third quarter and year to date was driven primarily by higher pricing, currency translation, and continued productivity initiatives, partially offset by lower volumes.
Current wording
Operating profit for the EMEA segment increased by $62 million, or 9%, for the first quarter, compared to the respective 2025 period. The increase in the first quarter was driven primarily by currency translation, higher pricing, and continued productivity initiatives, which more than offset cost inflation and lower volumes.
Previous wording
Engineering segment sales decreased $92 million, or 15%, in the third quarter and decreased $59 million, or 3%, for the nine months ended September 30, 2025, as compared to the respective 2024 periods, driven by project timing. Currency translation increased sales by 4% in the quarter and increased sales by 2% in the year-to-date period, primarily due to the strengthening of the Euro against the U.S. dollar.
Current wording
Engineering segment sales decreased $48 million, or 8%, for the first quarter, as compared to the respective 2025 period, driven by project timing. Currency translation increased sales by 7% in the quarter, primarily due to the strengthening of the Euro against the U.S. dollar.
Previous wording
Engineering segment operating profit decreased $7 million, or 6%, in the third quarter primarily driven by project timing, partially offset by currency translation impacts and was flat for the nine months ended September 30, 2025, as compared to the respective 2024 periods.
Current wording
Engineering segment operating profit decreased $13 million, or 11% for the first quarter, as compared to the respective 2025 period primarily driven by project timing partially offset by currency translation.
Previous wording
Sales for Other increased $31 million, or 10%, for the third quarter and $18 million, or 2% for the nine months ended September 30, 2025, versus the respective 2024 periods. Underlying sales increased by 8% in the quarter and 1% in the year-to-date period, primarily due to higher volumes in LAMT. Currency translation increased sales by 1% in the quarter and year-to-date periods.
Current wording
Sales for Other increased $56 million, or 18% for the first quarter, versus the respective 2025 period. Underlying sales increased by 10% in the quarter, primarily due to higher volumes in LAMT, partially offset by helium. Cost pass-through increased sales by 6% in the quarter with minimal impact on operating profit. Currency translation increased sales by 2% in the quarter.
Previous wording
The results of Linde's non-U.S. operations are translated to the company’s reporting currency, the U.S. dollar, from the functional currencies. For most operations, Linde uses the local currency as its functional currency. There is inherent variability and unpredictability in the relationship of these functional currencies to the U.S. dollar and such currency movements may materially impact Linde's results of operations in any given periods.
Current wording
The results of Linde’s non-U.S. operations are translated to the company’s reporting currency, the U.S. dollar, from the functional currencies used in the countries in which the company operates. For most foreign operations, Linde uses the local currency as its functional currency. There is inherent variability and unpredictability in the relationship of these functional currencies to the U.S. dollar and such currency movements may materially impact Linde’s results of operations in any given period.
Previous wording
Cash provided by operations of $7,320 million for the nine months ended September 30, 2025 increased $706 million, or 11%, versus 2024. The increase was driven primarily by higher net income adjusted for non-cash charges and lower net working capital requirements.
Current wording
Cash provided by operations of $2,240 million for the three months ended March 31, 2026 increased $79 million, or 4%, versus 2025. The increase was driven primarily by higher net income adjusted for non-cash charges and was partially offset by higher net working capital requirements.
Previous wording
Linde estimates that the total 2025 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $20 million has been made through September 30, 2025.
Current wording
Linde estimates that the total 2026 required contributions to its pension plans will be in the range of approximately $25 million to $35 million, of which $7 million has been made through March 31, 2026.
Previous wording
Net cash used for investing activities of $4,260 million for the nine months ended September 30, 2025 increased $992 million, or 30%, versus 2024, due to higher capital expenditures and acquisition spend, net of cash acquired.
Current wording
Net cash used for investing activities of $1,384 million for the three months ended March 31, 2026 increased $15 million, or 1%, versus 2025 as higher capital expenditures and acquisition spend, net of cash acquired more than offset cash inflows from divestitures and asset sales.
Previous wording
Capital expenditures for the nine months ended September 30, 2025 were $3,803 million, $556 million higher than the prior year, primarily due to investments in new plant and production equipment for backlog growth requirements.
Current wording
Capital expenditures for the three months ended March 31, 2026 were $1,342 million, $72 million higher than the prior year, primarily due to investments in new plant and production equipment for backlog growth requirements.
Previous wording
Acquisitions, net of cash acquired, were $393 million for the nine months ended September 30, 2025, and relate primarily to businesses in the Americas, APAC and EMEA segments. Acquisitions, net of cash acquired, were $175 million for the nine months ended September 30, 2024 and related primarily to packaged gas businesses in the Americas segment.
Current wording
Acquisitions, net of cash acquired, were $153 million for the three months ended March 31, 2026, and related primarily to packaged gas businesses in the Americas segment. Acquisitions, net of cash acquired, were $112 million for the three months ended March 31, 2025 and related primarily to businesses in the Americas and APAC.
Previous wording
Divestitures, net of cash divested and asset sales, for the nine months ended September 30, 2025 were $31 million. 2024 divestitures, net of cash divested and asset sales were $154 million, which primarily related to $69 million in net proceeds for a
Current wording
Divestitures, net of cash divested and asset sales, for the three months ended March 31, 2026 were $112 million. 2026 included proceeds from the sale of a business in the Americas. 2025 divestitures, net of cash divested and asset sales were $13 million.
Previous wording
Other investing, net for the nine months ended September 30, 2025 was outflows of $95 million and relate to the cash settlement of foreign exchange contracts designated in a net investment hedging relationship.
Current wording
Other investing, net for the three months ended March 31, 2026 consisted of outflows of $1 million related to the cash settlement of foreign exchange contracts designated in a net investment hedging relationship.
Previous wording
Cash used for financing activities was $3,536 million for the nine months ended September 30, 2025 as compared to $2,749 million for the nine months ended September 30, 2024. Cash provided by debt was $1,917 million in 2025 versus $2,628 million in 2024, driven primarily by lower net debt issuances in 2025 partially offset by higher commercial paper issuances. For the nine months ended September 30, 2025, Linde issued €2,250 million Euro-denominated notes and CHF500 million Swiss-franc denominated notes and redeemed or repaid $1,000 million U.S. dollar-denominated notes and €500 million Euro denominated notes.
Current wording
Cash used for financing activities was $1,968 million for the three months ended March 31, 2026 as compared to $388 million for the three months ended March 31, 2025. Cash used for debt was $336 million in 2026 versus cash provided by debt of $1,493 million in 2025, as debt repayments more than offset borrowings, including commercial paper issuances. During the three months ended March 31, 2026, Linde repaid $725 million of 3.20% U.S. dollar-denominated notes.
Previous wording
Net purchases of ordinary shares were $3,191 million in 2025 versus $3,120 million in 2024. For additional information related to the share repurchase programs, see Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Current wording
Net purchases of ordinary shares were $804 million in 2026 versus $1,100 million in 2025. For additional information related to the share repurchase programs, see Part II Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.
Previous wording
Cash dividends of $2,113 million increased $117 million from 2024 driven primarily by a 8% increase in quarterly dividends per share from $1.39 per share to $1.50 per share, partially offset by lower shares outstanding. Cash used for Noncontrolling interest transactions and other was $149 million for the nine months ended September 30, 2025 versus cash used of $261 million for the respective 2024 period, driven by higher cash inflows from financing related derivatives.
Current wording
Cash dividends of $741 million increased $33 million from 2025 driven primarily by a 7% increase in quarterly dividends per share from $1.50 per share to $1.60 per share and partially offset by lower shares outstanding. Cash used for Noncontrolling interest transactions and other was $87 million for the three months ended March 31, 2026 versus cash used of $73 million for the respective 2025 period, as higher cash requirements for withholding taxes related to share-based compensation arrangements more than offset higher cash inflows from financing related derivatives.
Previous wording
The company continues to believe it has sufficient operating flexibility, cash, and funding sources to maintain adequate amounts of liquidity to meet its business needs around the world. The company maintains a $5 billion and a $1.5 billion unsecured and undrawn revolving credit agreement with no associated financial covenants. No borrowings were outstanding under the credit agreements as of September 30, 2025. The company does not anticipate any limitations on its ability to access the debt capital markets and/or other external funding sources and remains committed to its strong ratings from Moody’s and Standard & Poor’s.
Current wording
The company continues to believe it has sufficient operating flexibility, cash, and funding sources to maintain adequate amounts of liquidity to meet its business needs around the world. The company maintains a $5.0 billion and a $1.5 billion unsecured and undrawn revolving credit agreement with no associated financial covenants. No borrowings were outstanding under the credit agreements as of March 31, 2026. The company does not anticipate any limitations on its ability to access the debt capital markets and/or other external funding sources and remains committed to its strong ratings from Moody’s and Standard & Poor’s.
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Previous report — wording carried elsewhere
On both a reported and adjusted basis, the increase was largely driven by higher operating profit.
Previous report — wording carried elsewhere
The increase on both a reported and adjusted basis was primarily due to higher net income - Linde plc and lower diluted shares outstanding.