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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- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Aggregate Accruals
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Linde plc, consolidated income statement (quarterly data)
US$ in millions
Based on: 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).
- Sales
- Sales show a generally increasing trend over the periods analyzed, with some fluctuations. Starting around 6,739 million USD in March 2020, sales fluctuate but exhibit a steady rise towards the later quarters, reaching approximately 8,495 million USD by June 2025. Peaks are observed intermittently, indicating periods of higher demand or pricing power.
- Cost of Sales (exclusive of depreciation and amortization)
- This cost generally mirrors sales trends but exhibits volatility. Beginning at approximately 3,843 million USD in March 2020, costs increased notably towards the end of 2021, peaking near 5,285 million USD by September 2022, before somewhat stabilizing around 4,306 million USD by mid-2025. The rising costs may suggest inflationary pressures or increased input expenses during the later period.
- Gross Margin
- Gross margin steadily improves over the timeframe, moving from about 2,896 million USD in March 2020 to approximately 4,189 million USD in June 2025. This positive trend suggests effective management of production costs relative to sales growth, improving overall profitability before operating expenses.
- Selling, General and Administrative Expenses (SG&A)
- SG&A expenses remain relatively stable, ranging between 760 million USD and 870 million USD throughout the periods. Despite slight fluctuations, these costs do not show a consistent upward or downward trend, indicating controlled overhead amid varying sales volumes.
- Depreciation and Amortization
- Depreciation and amortization expenses show a gradual decline from 1,142 million USD in March 2020 to a range near 910 million USD by mid-2025. This decline may reflect completion of amortization schedules or reduced capital expenditure.
- Research and Development (R&D)
- R&D expenditures are relatively low and stable, fluctuating modestly between 34 million USD and 44 million USD. This consistency indicates steady investment in innovation without significant expansion or contraction.
- Cost Reduction Program and Other Charges
- These charges exhibit considerable volatility, with significant negative spikes, notably around June 2022 (-993 million USD), suggesting one-time costs or restructuring activities. Other periods show minor charges or even positive values, indicating occasional gains or reversals of reserves.
- Other Income (Expense), Net
- Other income and expenses fluctuate variably, with no clear trend. Values range from positive to negative, reflecting perhaps gains and losses from financial or non-operating activities. Notable positive values occur intermittently, such as 74 million USD in December 2024.
- Operating Profit
- Operating profit generally increases over the discussed timeframe, starting at 733 million USD in March 2020, with fluctuations including a notable dip around June 2022 (589 million USD). Subsequently, it recovers and grows, reaching approximately 2,354 million USD by the end of 2024. This upward movement indicates improved operational efficiency and profitability.
- Interest Expense, Net
- Interest expense exhibits variability, with periods of increase and decrease. The figures mostly fluctuate between -5 million USD and -71 million USD without a clear steady trend. This could relate to changes in debt levels or interest rates over time.
- Net Pension and OPEB Benefit, Excluding Service Cost
- The net pension and other post-employment benefits remain relatively stable, with benefits approximating between 35 million USD and 64 million USD, suggesting consistent pension cost management.
- Income Before Income Taxes and Equity Investments
- This measure follows a similar increasing pattern as operating profit, reflecting improved profitability prior to tax and investment income considerations. Starting just above 750 million USD, it grows to over 2,300 million USD by mid-2025, notwithstanding some periodical declines.
- Income Taxes
- Income taxes rise along with pre-tax income, increasing from about 165 million USD at the start to over 570 million USD by mid-2025. The tax expense closely tracks profitability, consistent with a relatively stable effective tax rate.
- Income from Continuing Operations Before Equity Investments
- This income metric also increases steadily, with a noticeable dip around mid-2022 corresponding to reduced operating profits, followed by recovery and growth to near 1,773 million USD by mid-2025. This indicates consistent core business performance improvement post costs and tax adjustments.
- Income from Equity Investments
- Income from equity investments remains relatively modest and stable over time, generally within the 30 million USD to 50 million USD range, without significant upward or downward trends.
- Income from Continuing Operations Including Noncontrolling Interests
- This consolidated income shows consistent growth over the periods, reflecting the upward trends in operating profit and core earnings, moving from approximately 606 million USD in early 2020 to about 1,806 million USD in mid-2025.
- Income from Discontinued Operations, Net of Tax
- Income from discontinued operations is marginal and sporadic, only recorded in the earlier quarters and negligible in later periods, indicating minimal impact on overall profitability.
- Net Income Including Noncontrolling Interests
- Net income aligns closely with income from continuing operations, showing strong growth from 608 million USD to 1,806 million USD over the period. This reflects overall financial health and improved bottom-line results.
- Noncontrolling Interests
- Noncontrolling interests fluctuate between approximately -25 million USD and -53 million USD, with no clear trend. The consistent negative values represent the portion of net income attributable to minority shareholders.
- Net Income Attributable to Linde plc
- Net income attributable to Linde plc shows a clear upward trend, increasing from roughly 573 million USD in early 2020 to approximately 1,766 million USD by mid-2025. Despite occasional declines, the overall improvement suggests increasing profitability and shareholder value generation over time.