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Linde plc (NASDAQ:LIN)

Common-Size Income Statement
Quarterly Data

Linde plc, common-size consolidated income statement (quarterly data)

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3 months ended: Sep 30, 2026 Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Sales 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Cost of sales, exclusive of depreciation and amortization -52.76 -52.33 -51.51 -51.88 -50.83 -50.69 -51.25 -52.16 -52.13 -51.42 -52.05 -53.37 -52.90 -52.61 -54.08 -56.05 -60.08 -58.41 -58.43 -59.38 -56.96 -55.30 -55.97
Gross margin 47.24% 47.67% 48.49% 48.12% 49.17% 49.31% 48.75% 47.84% 47.87% 48.58% 47.95% 46.63% 47.10% 47.39% 45.92% 43.95% 39.92% 41.59% 41.57% 40.62% 43.04% 44.70% 44.03%
Selling, general and administrative -9.49 -9.59 -10.17 -10.04 -10.41 -10.24 -9.69 -9.83 -9.85 -10.16 -10.62 -10.02 -9.91 -10.15 -10.03 -9.67 -8.75 -9.12 -9.77 -9.48 -10.34 -10.84 -10.87
Depreciation and amortization -10.26 -10.37 -10.83 -10.84 -11.15 -11.09 -11.22 -11.02 -11.49 -11.59 -11.72 -11.43 -11.76 -11.70 -11.57 -12.10 -11.88 -12.90 -13.54 -13.68 -15.17 -15.44 -16.10
Research and development -0.39 -0.40 -0.43 -0.40 -0.42 -0.45 -0.47 -0.47 -0.44 -0.44 -0.47 -0.47 -0.44 -0.43 -0.44 -0.46 -0.40 -0.44 -0.43 -0.46 -0.47 -0.45 -0.48
Cost reduction program and other charges -4.52 0.00 0.00 -2.61 0.13 0.00 -0.68 0.00 -1.74 0.00 0.00 0.02 -0.02 -0.27 -0.22 -0.32 -0.17 -11.74 0.05 -0.61 -0.34 -2.69 0.11
Other income (expense), net 0.29 0.18 0.72 -1.20 0.16 0.18 0.22 0.89 0.61 0.02 0.72 -0.30 0.20 -0.33 -0.06 -0.05 -0.39 -0.43 0.15 -0.28 0.13 -0.22 0.06
Operating profit 22.86% 27.49% 27.78% 23.03% 27.48% 27.71% 26.92% 27.41% 24.96% 26.42% 25.86% 24.43% 25.16% 24.51% 23.59% 21.36% 18.34% 6.96% 18.02% 16.11% 16.85% 15.06% 16.75%
Interest expense, net -0.75 -0.66 -0.71 -0.73 -0.74 -0.79 -0.74 -0.64 -0.81 -0.85 -0.80 -0.86 -0.49 -0.63 -0.45 -0.39 -0.20 -0.06 -0.11 -0.37 -0.10 -0.24 -0.28
Net pension and OPEB benefit, excluding service cost 0.52 0.57 0.61 0.65 0.66 0.69 0.69 0.56 0.54 0.59 0.62 0.47 0.43 0.55 0.55 0.73 0.60 0.73 0.78 0.59 0.59 0.65 0.68
Income before income taxes and equity investments 22.63% 27.41% 27.68% 22.95% 27.39% 27.62% 26.87% 27.32% 24.69% 26.16% 25.68% 24.04% 25.10% 24.43% 23.69% 21.70% 18.73% 7.64% 18.69% 16.33% 17.33% 15.47% 17.15%
Income taxes -4.77 -6.57 -6.50 -5.49 -4.92 -6.75 -6.30 -6.44 -5.96 -6.14 -5.72 -5.53 -5.97 -5.34 -5.25 -4.91 -4.44 -3.38 -4.49 -4.09 -4.19 -4.40 -3.70
Income from continuing operations before equity investments 17.85% 20.84% 21.18% 17.46% 22.47% 20.87% 20.57% 20.89% 18.73% 20.02% 19.96% 18.51% 19.13% 19.09% 18.44% 16.79% 14.29% 4.26% 14.20% 12.24% 13.15% 11.06% 13.45%
Income from equity investments 0.65 0.39 0.46 0.49 0.42 0.39 0.47 0.47 0.45 0.54 0.59 0.47 0.50 0.56 0.50 0.44 0.49 0.59 0.54 0.46 0.01 0.49 0.59
Income from continuing operations, including noncontrolling interests 18.50% 21.23% 21.64% 17.95% 22.89% 21.26% 21.04% 21.36% 19.18% 20.56% 20.56% 18.98% 19.63% 19.65% 18.94% 17.23% 14.78% 4.85% 14.74% 12.70% 13.16% 11.55% 14.04%
Income from discontinued operations, net of tax 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.02 0.01 0.01 0.01
Net income, including noncontrolling interests 18.50% 21.23% 21.64% 17.95% 22.89% 21.26% 21.04% 21.36% 19.18% 20.56% 20.56% 18.98% 19.63% 19.65% 18.94% 17.23% 14.78% 4.85% 14.74% 12.73% 13.17% 11.56% 14.05%
Noncontrolling interests -0.51 -0.47 -0.49 -0.49 -0.50 -0.47 -0.42 -0.53 -0.63 -0.45 -0.47 -0.40 -0.44 -0.45 -0.44 -0.42 -0.31 -0.45 -0.44 -0.36 -0.40 -0.47 -0.52
Net income, Linde plc 17.99% 20.76% 21.15% 17.46% 22.39% 20.79% 20.62% 20.83% 18.55% 20.12% 20.09% 18.59% 19.19% 19.20% 18.50% 16.81% 14.47% 4.40% 14.30% 12.36% 12.77% 11.09% 13.53%

Based on: 10-Q (reporting date: 2026-09-30), 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31).

The financial performance across the analyzed period demonstrates a consistent expansion in profitability margins, characterized by improved cost management and a reduction in the relative weight of fixed expenses. Net income margins evolved from a baseline of approximately 12% to 14% in 2021 to a higher range of 18% to 22% by 2025 and 2026.

Gross Margin and Direct Cost Trends
A gradual improvement in operational efficiency is evident as the cost of sales, exclusive of depreciation and amortization, declined from a peak of 60.08% in September 2022 to approximately 51% to 52% in the 2025 and 2026 periods. This trend resulted in gross margin expansion, with values rising from 44.03% in March 2021 to a peak of 49.31% in June 2025.
Operating Expense Analysis
Selling, general, and administrative expenses remained relatively stable, fluctuating within a narrow band between 8.75% and 10.87% of sales. A more pronounced downward trend is observed in depreciation and amortization, which decreased steadily from 16.10% of sales in March 2021 to 10.26% by September 2026. Research and development expenditures remained constant and immaterial, consistently representing less than 0.5% of total sales.
Operating Profitability and Non-Recurring Items
Operating profit margins showed significant growth, transitioning from the 15-17% range in 2021 to frequently exceeding 25% between 2023 and 2026. Periodic volatility was introduced by cost reduction programs and other charges, most notably in June 2022, where a charge of 11.74% of sales caused operating profit to drop to 6.96%. Similar, though smaller, impacts are observed in December 2025 and September 2026.
Net Income and Tax Impact
The bottom-line performance mirrored the operating trend, with net income for Linde plc increasing from 13.53% of sales in March 2021 to a peak of 22.39% in September 2025. This growth occurred despite an increase in the effective tax rate as a percentage of sales, which rose from approximately 4% in 2021 to a range of 5% to 6.5% in later periods, reflecting the higher taxable income generated by improved margins.

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