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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)

Microsoft Excel
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
Accounts payable 3.24 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 5.27 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 1.66 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 1.33 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 6.26 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 17.76% 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 23.38 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 12.31 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 35.69% 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 53.45% 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 0.01 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 0.00
Additional paid-in capital 44.47 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 22.42 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 -6.39 -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 -15.74 -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 44.76% 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 1.77 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 46.53% 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% 100.00%

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 capital structure exhibits a gradual transition toward higher leverage over the observed period. Total liabilities increased from 43.96% of total liabilities and equity in March 2021 to 53.45% by September 2026, while total equity experienced a corresponding decline from 56.03% to 46.53%.

Debt and Liability Trends
A significant increase is observed in long-term debt, excluding the current portion, which rose from 11.71% in March 2021 to 23.38% by September 2026. This suggests a strategic shift toward long-term borrowing to fund operations or expansions. Short-term debt also showed a general upward trajectory, moving from 3.85% to 5.27% over the same period, despite intermittent fluctuations. Current liabilities remained relatively stable, generally oscillating between 17% and 22% of the total balance sheet.
Equity Composition and Volatility
Total shareholders' equity declined from 54.37% in March 2021 to 44.76% by September 2026. A notable shift occurred in the first quarter of 2023, where retained earnings dropped sharply from 25.79% in December 2022 to 7.59% in March 2023, while treasury shares simultaneously shifted from -18.50% to -0.21%. Following this event, retained earnings showed a steady recovery, climbing back to 22.42% by September 2026, while treasury shares again increased in negative magnitude to -15.74%.
Operational Liability Analysis
Accounts payable remained relatively consistent, fluctuating within a narrow band between 2.96% and 4.31%. Contract liabilities showed a downward trend in the latter half of the period, decreasing from a peak of 4.12% in June 2023 to 1.33% by September 2026. Other long-term liabilities exhibited a slight contraction, moving from 14.57% in March 2021 to 12.31% in September 2026.
Overall Solvency Profile
The balance sheet indicates a shift in the financing mix, with a greater reliance on debt relative to equity. The expansion of long-term debt is the primary driver of this change, while the equity base was impacted by fluctuations in treasury shares and a mid-period adjustment to retained earnings.

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