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Linde plc (NASDAQ:LIN)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

Linde plc, common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

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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
Accounts payable 3.21 3.08 3.24 3.08 3.01 2.96 3.13 3.45 3.56 3.59 3.74 3.53 3.78 3.66 3.76 4.13 4.31 4.09 4.29 3.65 3.73 3.46
Short-term debt 5.50 5.59 5.19 5.77 5.67 5.40 5.27 4.25 4.15 5.04 5.83 4.95 3.83 6.65 5.17 4.28 4.13 3.08 1.43 3.44 4.36 3.85
Current portion of long-term debt 2.80 1.90 2.07 2.76 1.56 2.21 2.57 1.55 1.57 1.30 1.56 1.18 1.20 2.11 2.01 2.09 2.12 1.30 2.09 2.72 2.17 2.97
Contract liabilities 1.28 1.35 1.42 1.49 1.46 1.45 1.49 2.09 2.20 2.27 2.35 2.55 4.12 3.82 3.86 3.90 3.77 3.67 3.60 2.63 2.12 2.19
Other current liabilities 5.46 5.92 5.59 5.74 5.39 5.51 5.69 5.68 5.35 5.71 5.96 5.98 5.55 5.90 5.89 5.87 5.31 5.39 5.30 5.09 5.02 5.20
Current liabilities 18.25% 17.83% 17.51% 18.83% 17.09% 17.51% 18.15% 17.02% 16.83% 17.91% 19.45% 18.20% 18.49% 22.15% 20.69% 20.26% 19.64% 17.53% 16.72% 17.53% 17.40% 17.68%
Long-term debt, excluding current portion 23.40 23.01 23.82 21.62 22.89 21.29 19.14 21.17 21.11 18.95 16.58 17.00 17.19 14.62 15.31 14.27 14.35 15.50 13.89 13.71 11.84 11.71
Other long-term liabilities 12.35 12.71 12.89 12.93 13.57 13.48 13.44 12.62 12.75 13.07 13.12 13.10 11.93 11.76 12.04 13.07 13.32 13.34 13.71 14.44 14.77 14.57
Long-term liabilities 35.76% 35.72% 36.72% 34.56% 36.45% 34.77% 32.58% 33.79% 33.86% 32.02% 29.70% 30.10% 29.11% 26.38% 27.36% 27.34% 27.67% 28.84% 27.60% 28.15% 26.61% 26.28%
Total liabilities 54.01% 53.55% 54.22% 53.38% 53.55% 52.28% 50.73% 50.81% 50.69% 49.93% 49.15% 48.30% 47.60% 48.53% 48.04% 47.61% 47.31% 46.37% 44.32% 45.67% 44.01% 43.96%
Redeemable noncontrolling interests 0.01 0.02 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02
Ordinary shares, €0.001 par value 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 0.00 0.00 0.00
Additional paid-in capital 44.29 45.39 45.42 45.82 45.79 47.65 49.41 47.94 49.32 49.25 49.27 51.14 50.56 49.63 50.22 53.83 51.33 48.29 49.24 47.77 47.66 47.29
Retained earnings 21.28 20.44 19.13 18.37 16.96 16.38 15.76 14.03 13.37 12.08 10.95 10.20 8.92 7.59 25.79 26.70 24.60 23.42 22.93 21.67 21.13 20.66
Accumulated other comprehensive loss -6.71 -7.12 -7.18 -7.45 -7.26 -8.18 -8.60 -7.34 -8.47 -8.12 -7.18 -8.58 -7.49 -7.23 -7.26 -10.89 -8.30 -5.97 -6.19 -6.67 -5.82 -6.29
Treasury shares, at cost -14.63 -14.02 -13.32 -11.83 -10.74 -9.86 -9.05 -7.18 -6.62 -4.88 -3.88 -2.79 -1.28 -0.21 -18.50 -19.02 -16.69 -13.84 -12.02 -10.12 -8.70 -7.30
Total Linde plc shareholders’ equity 44.23% 44.68% 44.05% 44.91% 44.74% 45.99% 47.53% 47.46% 47.60% 48.33% 49.15% 49.98% 50.70% 49.77% 50.25% 50.63% 50.94% 51.91% 53.96% 52.65% 54.27% 54.37%
Noncontrolling interests 1.74 1.75 1.71 1.69 1.69 1.71 1.73 1.72 1.69 1.73 1.69 1.71 1.68 1.68 1.69 1.75 1.74 1.71 1.71 1.66 1.70 1.66
Total equity 45.97% 46.43% 45.76% 46.60% 46.44% 47.70% 49.25% 49.17% 49.29% 50.05% 50.84% 51.69% 52.38% 51.46% 51.94% 52.37% 52.68% 53.62% 55.67% 54.31% 55.98% 56.03%
Total liabilities and equity 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%

Based on: 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 capital structure exhibits a gradual shift toward increased leverage over the analyzed period. Total liabilities as a percentage of total liabilities and equity rose from 43.96% in March 2021 to 54.01% by June 2026. Conversely, total equity experienced a corresponding decline, moving from 56.03% to 45.97% over the same timeframe, indicating a strategic transition in how the organization finances its assets.

Debt and Liability Trends
A significant increase is observed in long-term debt, excluding the current portion, which expanded from 11.71% in March 2021 to 23.40% in June 2026. This represents the primary driver of the increase in total liabilities. Short-term debt exhibited higher volatility, peaking at 6.65% in March 2023 before stabilizing around 5.50% by the end of the period. Current liabilities remained relatively stable, generally fluctuating between 17% and 22% of the total balance sheet.
Equity Composition and Shareholder Value
Total shareholders' equity declined from 54.37% to 44.23%. A notable pattern is seen in treasury shares, which increased from -7.30% in March 2021 to -14.63% in June 2026, suggesting a consistent program of share repurchases. Additional paid-in capital saw a gradual reduction from 47.29% to 44.29%.
Financial Anomalies and Retained Earnings
A sharp deviation occurred in the first quarter of 2023, where retained earnings dropped from 25.79% in December 2022 to 7.59% in March 2023, and treasury shares shifted from -18.50% to -0.21%. Following this event, retained earnings began a steady recovery, climbing back to 21.28% by June 2026, while treasury shares resumed their downward trend, indicating a resumption of buyback activities.
Other Comprehensive Loss and Noncontrolling Interests
Accumulated other comprehensive loss remained consistently negative, ranging between -5.82% and -10.89%, reflecting ongoing unrealized losses. Noncontrolling interests remained marginal and stable, hovering between 1.66% and 1.75% throughout the entire period.

Overall, the financial profile shows a transition toward a more debt-heavy balance sheet, characterized by a doubling of the long-term debt proportion and a persistent reduction in equity through share repurchases. The stability of other current and long-term liabilities suggests that the increase in leverage is specifically tied to debt issuance rather than operational liability growth.

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