Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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Linde plc pages available for free this week:
- 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, consolidated cash flow statement (quarterly data)
US$ in millions
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).
- Net Income and Earnings
- Net income exhibited fluctuations over the periods, with a notable dip in mid-2022 followed by a steady recovery and growth trend through 2023 and into early 2025. Income from continuing operations shows a similar pattern but with more pronounced volatility around 2022. Noncontrolling interests remained relatively stable with minor oscillations.
- Cost Reduction and Depreciation
- The cost reduction program and associated charges displayed significant volatility, especially notable spikes in late 2021 and throughout 2022, indicating episodic restructuring or cost management efforts. Depreciation and amortization trends show a gradual decline from 2020 through 2025, reflecting possible asset depreciation or changes in capital expenditure patterns.
- Deferred Income Taxes and Share-Based Compensation
- Deferred income taxes fluctuated without a consistent trend, with both negative and positive values suggesting varying tax impacts or adjustments. Share-based compensation remained relatively steady with slight increases towards the end of the period, indicating stable remuneration policies involving equity incentives.
- Working Capital Components
- Accounts receivable had a highly variable pattern, with several sharp declines and recoveries, suggesting changing credit control or sales collection efficiency. Inventory levels generally stayed negative or low positive, with no clear trend. Prepaid and other current assets showed sporadic fluctuations, more volatile in the latter periods. Payables and accruals saw large swings, particularly with significant negative values at times, which could imply payment timing changes or supplier negotiations. Contract assets and liabilities were irregular with several peaks, indicating changing contract terms or revenue recognition timing. Overall, working capital demonstrated pronounced volatility, especially with large positive spikes in late 2020 and negative troughs in recent quarters, reflecting shifts in operational cash flow management.
- Pension Contributions and Long-Term Adjustments
- Pension contributions were relatively steady, mostly low in magnitude with small negative values, representing consistent contribution levels. Long-term assets, liabilities, and other adjustments fluctuated without a clear directional trend, indicating various one-time or periodic items impacting long-term balances.
- Cash Flow From Operations and Investing Activities
- Net cash provided by operating activities remained strong and generally increasing over time, though with some dips consistent with income fluctuations. In contrast, net cash used for investing activities increased significantly during 2022, marked by a large spike in acquisition-related outflows, suggesting aggressive expansion or acquisitions during that year. Capital expenditures showed a steady and considerable outflow trend, pointing to sustained investment in assets.
- Financing Activities and Debt Management
- Financing activities presented high variability, with major outflows related to share repurchases and dividend payments. Purchases of ordinary shares were consistently high, indicating a robust buyback program. Short-term debt borrowings and repayments were highly volatile, with net borrowings fluctuating greatly quarter to quarter. Long-term debt borrowings and repayments also moved erratically, with large debt issuances and repayments occurring at irregular intervals. Dividend payments increased modestly over the periods, showing a commitment to shareholder returns.
- Effect of Exchange Rates and Cash Management
- Exchange rate impacts on cash and equivalents were inconsistent, with both positive and negative effects, reflecting currency volatility affecting foreign operations. The overall change in cash and cash equivalents showed notable volatility, with large positive changes often offset by significant negative movements, suggesting active cash management amidst fluctuating operational and financing dynamics.
- Overall Assessment
- The data reveals a company experiencing steady profitability growth post-2022 turbulence, accompanied by aggressive capital investment and acquisition activity. Cash flow from operations supports these investments but is balanced by variable financing activity and significant share repurchases. Working capital components show volatility, possibly indicating ongoing adjustments in receivables, payables, and contract terms. The firm appears to manage debt actively, with a focus on maintaining liquidity while pursuing strategic growth investments. Fluctuations in costs, deferred taxes, and one-time charges imply the presence of both operational and structural changes throughout the periods under review.