Name: Linde plc (NASDAQ:LIN) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Linde plc, consolidated income statement (quarterly data)

US$ in millions

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	9,404)	9,289)	8,781)	8,764)	8,615)	8,495)	8,112)	8,282)	8,356)	8,267)	8,100)	8,302)	8,155)	8,204)	8,193)	7,899)	8,797)	8,457)	8,211)	8,298)	7,668)	7,584)	7,243)
Cost of sales, exclusive of depreciation and amortization	(4,962)	(4,861)	(4,523)	(4,547)	(4,379)	(4,306)	(4,157)	(4,320)	(4,356)	(4,251)	(4,216)	(4,431)	(4,314)	(4,316)	(4,431)	(4,427)	(5,285)	(4,940)	(4,798)	(4,927)	(4,368)	(4,194)	(4,054)
Gross margin	4,442)	4,428)	4,258)	4,217)	4,236)	4,189)	3,955)	3,962)	4,000)	4,016)	3,884)	3,871)	3,841)	3,888)	3,762)	3,472)	3,512)	3,517)	3,413)	3,371)	3,300)	3,390)	3,189)
Selling, general and administrative	(892)	(891)	(893)	(880)	(897)	(870)	(786)	(814)	(823)	(840)	(860)	(832)	(808)	(833)	(822)	(764)	(770)	(771)	(802)	(787)	(793)	(822)	(787)
Depreciation and amortization	(965)	(963)	(951)	(950)	(961)	(942)	(910)	(913)	(960)	(958)	(949)	(949)	(959)	(960)	(948)	(956)	(1,045)	(1,091)	(1,112)	(1,135)	(1,163)	(1,171)	(1,166)
Research and development	(37)	(37)	(38)	(35)	(36)	(38)	(38)	(39)	(37)	(36)	(38)	(39)	(36)	(35)	(36)	(36)	(35)	(37)	(35)	(38)	(36)	(34)	(35)
Cost reduction program and other charges	(425)	—)	—)	(229)	11)	—)	(55)	—)	(145)	—)	—)	2)	(2)	(22)	(18)	(25)	(15)	(993)	4)	(51)	(26)	(204)	8)
Other income (expense), net	27)	17)	63)	(105)	14)	15)	18)	74)	51)	2)	58)	(25)	16)	(27)	(5)	(4)	(34)	(36)	12)	(23)	10)	(17)	4)
Operating profit	2,150)	2,554)	2,439)	2,018)	2,367)	2,354)	2,184)	2,270)	2,086)	2,184)	2,095)	2,028)	2,052)	2,011)	1,933)	1,687)	1,613)	589)	1,480)	1,337)	1,292)	1,142)	1,213)
Interest expense, net	(71)	(61)	(62)	(64)	(64)	(67)	(60)	(53)	(68)	(70)	(65)	(71)	(40)	(52)	(37)	(31)	(18)	(5)	(9)	(31)	(8)	(18)	(20)
Net pension and OPEB benefit, excluding service cost	49)	53)	54)	57)	57)	59)	56)	46)	45)	49)	50)	39)	35)	45)	45)	58)	53)	62)	64)	49)	45)	49)	49)
Income before income taxes and equity investments	2,128)	2,546)	2,431)	2,011)	2,360)	2,346)	2,180)	2,263)	2,063)	2,163)	2,080)	1,996)	2,047)	2,004)	1,941)	1,714)	1,648)	646)	1,535)	1,355)	1,329)	1,173)	1,242)
Income taxes	(449)	(610)	(571)	(481)	(424)	(573)	(511)	(533)	(498)	(508)	(463)	(459)	(487)	(438)	(430)	(388)	(391)	(286)	(369)	(339)	(321)	(334)	(268)
Income from continuing operations before equity investments	1,679)	1,936)	1,860)	1,530)	1,936)	1,773)	1,669)	1,730)	1,565)	1,655)	1,617)	1,537)	1,560)	1,566)	1,511)	1,326)	1,257)	360)	1,166)	1,016)	1,008)	839)	974)
Income from equity investments	61)	36)	40)	43)	36)	33)	38)	39)	38)	45)	48)	39)	41)	46)	41)	35)	43)	50)	44)	38)	1)	37)	43)
Income from continuing operations, including noncontrolling interests	1,740)	1,972)	1,900)	1,573)	1,972)	1,806)	1,707)	1,769)	1,603)	1,700)	1,665)	1,576)	1,601)	1,612)	1,552)	1,361)	1,300)	410)	1,210)	1,054)	1,009)	876)	1,017)
Income from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2)	1)	1)	1)
Net income, including noncontrolling interests	1,740)	1,972)	1,900)	1,573)	1,972)	1,806)	1,707)	1,769)	1,603)	1,700)	1,665)	1,576)	1,601)	1,612)	1,552)	1,361)	1,300)	410)	1,210)	1,056)	1,010)	877)	1,018)
Noncontrolling interests	(48)	(44)	(43)	(43)	(43)	(40)	(34)	(44)	(53)	(37)	(38)	(33)	(36)	(37)	(36)	(33)	(27)	(38)	(36)	(30)	(31)	(36)	(38)
Net income, Linde plc	1,692)	1,928)	1,857)	1,530)	1,929)	1,766)	1,673)	1,725)	1,550)	1,663)	1,627)	1,543)	1,565)	1,575)	1,516)	1,328)	1,273)	372)	1,174)	1,026)	979)	841)	980)

The financial performance exhibits a consistent upward trajectory in revenue and profitability from early 2021 through late 2026, characterized by steady top-line growth and expanding margins, despite periodic volatility caused by non-recurring charges.

Revenue and Gross Profitability: Sales demonstrated a sustained growth trend, rising from 7,243 million US$ in March 2021 to 9,404 million US$ by September 2026. This expansion is mirrored in the gross margin, which increased from 3,189 million US$ to 4,442 million US$ over the same period. The rate of growth in gross margin outpaced the growth in sales, indicating enhanced pricing power or improved efficiency in the cost of sales.
Operating Expenses and Efficiency: Selling, general, and administrative expenses remained relatively stable, fluctuating between 764 million US$ and 897 million US$, showing controlled growth relative to revenue. Depreciation and amortization experienced a gradual decline from 1,166 million US$ in early 2021 to 965 million US$ by September 2026, contributing to higher operating margins. Research and development spending remained flat, consistently ranging between 34 million US$ and 39 million US$ per quarter.
Operating Profit and Non-Recurring Items: Operating profit showed a strong overall increase, growing from 1,213 million US$ in March 2021 to 2,150 million US$ in September 2026. However, the trend was interrupted by significant volatility stemming from cost reduction programs and other charges. A notable outlier occurred in June 2022, where a charge of 993 million US$ reduced operating profit to 589 million US$. Similar non-recurring charges were observed in December 2025 and September 2026, which temporarily suppressed operating results.
Net Income and Bottom-Line Performance: Net income attributable to the company followed the general operational growth trend, increasing from 980 million US$ in March 2021 to 1,692 million US$ in September 2026. The impact of interest expenses remained minimal and stable, while income taxes grew in proportion to the increasing pre-tax income. Despite the aforementioned restructuring charges, the company maintained a consistently positive net income throughout the analyzed period.

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Linde plc (NASDAQ:LIN)

Income StatementQuarterly Data

Income Statement
Quarterly Data