Common-Size Income Statement
Quarterly Data
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Profitability Ratios
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Return on Assets (ROA) since 2005
- Price to Earnings (P/E) since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
- Price to Sales (P/S) since 2005
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Linde plc, common-size consolidated income statement (quarterly data)
Based on: 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), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Gross Margin
- The gross margin as a percentage of sales exhibited fluctuations over the reported periods. Starting around 43% in early 2020, it experienced a relative decline toward the end of 2020 and early 2021, reaching approximately 40.6%. Subsequently, there was a notable upward trend from late 2021 onwards, culminating in a gross margin close to 49% by the end of the last reported period. This improvement suggests enhanced cost control or favorable pricing strategies over time.
- Cost of Sales, Exclusive of Depreciation and Amortization
- The cost of sales remained the largest expense relative to sales, fluctuating between -57% and -50% of sales across the timeframe. There was a discernible downward trend in cost ratio from mid-2022 through late 2025, indicating increasing efficiency or improved procurement strategies reducing production costs.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses as a percent of sales gradually decreased from approximately -12.8% at the start of 2020 to around -9.7% by late 2024 and 2025. The decline indicates better management of overhead and operating expenses relative to sales, though slight short-term increases appeared intermittently.
- Depreciation and Amortization
- This expense consistently declined as a percentage of sales over the entire period, falling from nearly -17% in early 2020 to about -11% in subsequent years. This reduction reflects either a shift in asset base, capital expenditure patterns, or improved asset utilization.
- Research and Development
- R&D expenditures remained relatively stable and minor relative to sales, fluctuating narrowly around -0.4% to -0.7%. This stability suggests a consistent investment in innovation despite other operational changes.
- Cost Reduction Program and Other Charges
- There were several spikes in costs related to cost reduction programs, especially a pronounced negative impact around mid-2022 (-11.74%). However, these charges generally remained small or positive in other periods, indicating occasional restructuring or other non-recurring charges that largely stabilized over time.
- Other Income (Expense), Net
- Other income and expense showed variability with minor positive and negative values across the quarters. Notably, positive contributions increased in later periods, suggesting improvements in ancillary revenue streams or reduced non-operational expenses.
- Operating Profit
- Operating profit demonstrated significant growth over the interval, rising from approximately 11% in early 2020 to more than 27% by late 2025. Despite some volatility, particularly a sharp dip around mid-2022, the overall trend reflects strong operational leverage and improved profitability.
- Interest Expense, Net
- Interest expense remained relatively low as a portion of sales, generally under -1%, but exhibited some fluctuations with a slight increasing trend in later periods. This trend could imply changes in debt levels or interest rates.
- Net Pension and OPEB Benefit
- Benefits related to pensions and other post-employment benefits remained positive throughout, fluctuating moderately but staying within the range of approximately 0.4% to 0.7% of sales, providing some offset to expenses.
- Income Before Income Taxes and Equity Investments
- This metric showed steady improvement overall, increasing from around 11% to near 27% of sales. Despite a mid-2022 dip, the upward movement aligns with gains in operating profit and cost efficiencies.
- Income Taxes
- Income taxes as a percentage of sales increased over time, starting near -2.5% and reaching around -6.5%. This increasing tax burden reflects higher taxable income levels consistent with improved profitability.
- Income from Continuing Operations
- Income from continuing operations, including noncontrolling interests, followed the upward trend of profitability, increasing from about 9% to over 22% over the analyzed periods. Variations correspond with fluctuations in operating profit and tax rates.
- Net Income
- Net income followed a similar pattern to income from continuing operations, rising from approximately 9% of sales to nearly 23%. The data reflects overall improvements in operational performance and expense management.
- Noncontrolling Interests
- Noncontrolling interests consistently represented a small negative percentage of sales, ranging from about -0.3% to -0.6%, indicating stable minority interest impacts on net income.