Analysis of Inventory
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Inventory Disclosure
Linde plc, balance sheet: inventory
US$ in millions
| Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Raw materials and supplies | |||||||||||
| Work in process | |||||||||||
| Finished goods | |||||||||||
| Inventories |
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
Overall, the value of inventories exhibited a general increasing trend from 2021 to 2023, followed by a decrease in 2024 and a subsequent increase in 2025. Examining the components of inventory reveals differing patterns within each stage of production.
- Raw Materials and Supplies
- The value of raw materials and supplies increased from US$399 million in 2021 to US$567 million in 2022, representing a significant rise. This was followed by a further increase to US$614 million in 2023. However, a decrease to US$529 million was observed in 2024, with a slight increase to US$530 million in 2025. This suggests potential fluctuations in procurement activity or input costs.
- Work in Process
- Work in process inventory demonstrated a consistent upward trend from US$334 million in 2021 to US$390 million in 2023. A slight decrease to US$371 million occurred in 2024, followed by a further decrease to US$346 million in 2025. This pattern could indicate changes in production efficiency or throughput.
- Finished Goods
- Finished goods inventory showed a steady increase from US$1,000 million in 2021 to US$1,111 million in 2023. A decrease to US$1,046 million was noted in 2024, and then a more substantial increase to US$1,179 million in 2025. This suggests potential shifts in sales volume or production planning relative to demand.
- Total Inventories
- Total inventories increased from US$1,733 million in 2021 to a peak of US$2,115 million in 2023. A decrease to US$1,946 million was observed in 2024, and inventories then rose again to US$2,055 million in 2025. The 2024 decrease may reflect successful inventory management initiatives or a reduction in overall production levels, while the 2025 increase suggests a rebuilding of inventory positions.
The combined effect of these component trends determines the overall inventory level. The increases in both raw materials and finished goods contributed significantly to the overall growth in 2022 and 2023, while the decreases in 2024 were partially offset by continued growth in finished goods. The 2025 increase was driven by finished goods, despite a slight decrease in raw materials.