Common-Size Income Statement
Quarterly Data
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Linde plc pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
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Linde plc, common-size consolidated income statement (quarterly data)
Based on: 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 over the analyzed period is characterized by a significant and sustained expansion in profitability margins. Net income as a percentage of sales demonstrated a clear upward trajectory, rising from approximately 13.5% in early 2021 to consistently exceeding 20% from 2023 through early 2026, peaking at 22.39% in September 2025.
- Gross Margin and Direct Costs
- A positive trend in gross profitability is evident, with gross margins expanding from a range of 40% to 44% in 2021-2022 to a higher plateau of 47% to 49% between 2023 and 2026. This improvement is directly linked to a reduction in the cost of sales (exclusive of depreciation and amortization), which declined from peaks of nearly 60% in late 2021 to approximately 50% to 52% in the latter half of the period.
- Operating Expense Management
- Selling, general, and administrative expenses remained relatively stable, generally fluctuating between 8.7% and 10.8% of sales, indicating effective cost control as the company scaled. A more pronounced efficiency gain is observed in depreciation and amortization, which decreased steadily from 16.10% of sales in March 2021 to 10.83% by March 2026, contributing significantly to operating leverage.
- Operating Profitability and Volatility
- Operating profit margins showed substantial growth, moving from the 15% to 17% range in 2021 to peak at 27.78% in March 2026. A notable anomaly occurred in June 2022, where operating profit dropped to 6.96% due to a one-time cost reduction program charge amounting to 11.74% of sales. Excluding this non-recurring event, the trend reflects a consistent strengthening of core operational profitability.
- Financial and Tax Obligations
- Interest expenses remained low and relatively stable, typically staying below 1% of sales, suggesting a manageable debt burden relative to revenue. Income tax expenses as a percentage of sales trended upward from approximately 3.7% to 4.4% in early 2021 to a range of 5.5% to 6.7% in the later periods, which is consistent with the increase in pre-tax profitability.
- Bottom Line Performance
- The conversion of sales to net income for Linde plc improved markedly over the timeline. Net income margins transitioned from a baseline of 11% to 14% in 2021 to a new normalized range of 18% to 22% between 2023 and 2026. This progression highlights a successful combination of direct cost reduction, declining depreciation as a percentage of revenue, and stable overhead costs.