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.

Linde plc, consolidated cash flow statement (quarterly data)

US$ in millions

3 months ended:	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
Net income, Linde plc	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)
Income from discontinued operations, net of tax and noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2)	(1)	(1)	(1)
Noncontrolling interests from continuing operations	43)	43)	40)	34)	44)	53)	37)	38)	33)	36)	37)	36)	33)	27)	38)	36)	30)	31)	36)	38)
Income from continuing operations, including noncontrolling interests	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)
Cost reduction program and other charges	210)	(57)	(32)	18)	(21)	127)	(20)	(55)	(27)	(30)	—)	(61)	(7)	(13)	956)	(34)	15)	(12)	171)	(76)
Depreciation and amortization	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)
Deferred income taxes	(7)	(445)	(22)	9)	166)	(124)	(149)	(35)	88)	(111)	(65)	4)	29)	(191)	(162)	(59)	(70)	(106)	(13)	(65)
Share-based compensation	31)	45)	46)	42)	40)	42)	40)	38)	39)	36)	36)	30)	29)	27)	17)	34)	33)	32)	34)	29)
Accounts receivable	257)	(70)	(79)	(230)	38)	224)	(61)	(361)	83)	6)	(44)	(131)	149)	(29)	(203)	(340)	(14)	(151)	(210)	(178)
Inventory	84)	(1)	(45)	9)	24)	55)	4)	(27)	(2)	(40)	(26)	(59)	(47)	(156)	(109)	(35)	(52)	(35)	18)	(60)
Prepaid and other current assets	59)	77)	(107)	26)	7)	—)	(12)	(50)	35)	70)	(34)	(5)	(46)	12)	(16)	(107)	101)	(5)	44)	(64)
Payables and accruals	(83)	434)	(290)	(209)	101)	15)	(328)	(65)	100)	190)	(394)	(64)	(69)	306)	19)	51)	316)	92)	(30)	69)
Contract assets and liabilities, net	(96)	46)	43)	(65)	(99)	(121)	(139)	(50)	(164)	(121)	183)	(66)	(59)	126)	51)	192)	777)	479)	(140)	191)
Working capital	221)	486)	(478)	(469)	71)	173)	(536)	(553)	52)	105)	(315)	(325)	(72)	259)	(258)	(239)	1,128)	380)	(318)	(42)
Pension contributions	(5)	(5)	(10)	(5)	(6)	(5)	(13)	(11)	(11)	(10)	(15)	(10)	(7)	(25)	(6)	(13)	(10)	(4)	(16)	(12)
Long-term assets, liabilities and other	57)	(9)	(41)	(51)	(123)	(45)	(51)	(44)	61)	(30)	(63)	(230)	(194)	234)	85)	(11)	(52)	94)	(78)	92)
Adjustments to reconcile net income to net cash provided by operating activities	1,457)	976)	405)	454)	1,040)	1,128)	229)	289)	1,151)	919)	538)	356)	734)	1,336)	1,723)	790)	2,179)	1,547)	951)	1,092)
Net cash provided by operating activities	3,030)	2,948)	2,211)	2,161)	2,809)	2,731)	1,929)	1,954)	2,727)	2,520)	2,150)	1,908)	2,095)	2,636)	2,133)	2,000)	3,233)	2,556)	1,827)	2,109)
Capital expenditures	(1,458)	(1,276)	(1,257)	(1,270)	(1,250)	(1,066)	(1,133)	(1,048)	(1,151)	(948)	(859)	(829)	(936)	(762)	(826)	(649)	(839)	(741)	(744)	(762)
Acquisitions, net of cash acquired	(19)	(123)	(158)	(112)	(142)	(23)	(152)	—)	(111)	(8)	(26)	(808)	—)	(61)	(6)	(43)	(57)	—)	(21)	(10)
Divestitures, net of cash divested and asset sales	11)	7)	11)	13)	16)	132)	15)	7)	36)	10)	21)	3)	55)	123)	(10)	27)	20)	70)	56)	21)
Other investing, net	5)	(42)	(53)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash used for investing activities	(1,461)	(1,434)	(1,457)	(1,369)	(1,376)	(957)	(1,270)	(1,041)	(1,226)	(946)	(864)	(1,634)	(881)	(700)	(842)	(665)	(876)	(671)	(709)	(751)
Short-term debt borrowings (repayments), net	(466)	82)	260)	165)	863)	101)	(705)	(631)	799)	871)	(2,315)	1,199)	821)	57)	756)	1,416)	(1,698)	(712)	377)	704)
Long-term debt borrowings	2,084)	5)	719)	2,340)	8)	8)	2,372)	2,456)	65)	8)	2,055)	60)	919)	—)	(5)	2,296)	23)	2,209)	17)	34)
Long-term debt repayments	(624)	(9)	(633)	(1,012)	(332)	(16)	(347)	(610)	(31)	(10)	(1,099)	(542)	(60)	(22)	(537)	(1,166)	(647)	(3)	(761)	(57)
Issuances of ordinary shares	3)	5)	4)	11)	3)	7)	5)	16)	8)	4)	8)	13)	12)	2)	12)	10)	11)	7)	15)	17)
Purchases of ordinary shares	(1,390)	(989)	(1,111)	(1,111)	(1,334)	(667)	(1,440)	(1,041)	(1,033)	(1,158)	(908)	(859)	(690)	(1,149)	(1,610)	(1,719)	(1,361)	(1,169)	(1,214)	(868)
Cash dividends, Linde plc shareholders	(698)	(701)	(704)	(708)	(659)	(662)	(665)	(669)	(616)	(620)	(623)	(623)	(586)	(581)	(585)	(592)	(541)	(546)	(549)	(553)
Noncontrolling interest transactions and other	73)	(175)	99)	(73)	(159)	(44)	(28)	(189)	28)	(59)	(10)	(12)	(26)	(27)	(34)	(1)	(4)	(42)	(30)	(247)
Net cash provided by (used for) financing activities	(1,018)	(1,782)	(1,366)	(388)	(1,610)	(1,273)	(808)	(668)	(780)	(964)	(2,892)	(764)	390)	(1,720)	(2,003)	244)	(4,217)	(256)	(2,145)	(970)
Effect of exchange rate changes on cash and cash equivalents	(4)	(9)	104)	40)	(160)	60)	(73)	(61)	49)	(73)	1)	16)	76)	(115)	(97)	62)	(17)	(66)	68)	(46)
Change in cash and cash equivalents	547)	(277)	(508)	444)	(337)	561)	(222)	184)	770)	537)	(1,605)	(474)	1,680)	101)	(809)	1,641)	(1,877)	1,563)	(959)	342)

The financial information reveals fluctuating cash flows over the observed period, spanning from March 2021 to December 2025. Operating activities consistently generate positive cash flow, though with considerable quarterly variation. Investing and financing activities demonstrate more pronounced volatility, often resulting in net cash outflows.

Net Income & Operating Cash Flow: Net income exhibits an overall upward trend, increasing from approximately $980 million in March 2021 to around $1,929 million in September 2025. However, this growth is not linear, with notable dips in June 2022 and December 2023. Net cash provided by operating activities generally tracks net income, showing a similar pattern of growth and fluctuation, ranging from a low of $1,827 million in June 2021 to a high of $3,030 million in December 2025. Adjustments to reconcile net income to net cash from operations are substantial and variable, indicating significant non-cash items impacting the cash flow statement.
Investing Activities: Net cash used for investing activities is consistently negative, indicating ongoing investments. Capital expenditures represent the largest component of these outflows, remaining relatively stable between approximately $700 million and $1,458 million per quarter. Acquisitions and divestitures contribute to variability, with significant net outflows from acquisitions in several periods, partially offset by inflows from divestitures. Other investing activities are minimal until a notable outflow in June 2025.
Financing Activities: Financing activities demonstrate the most significant fluctuations. Net cash provided by (used for) financing activities swings between substantial inflows and outflows. Debt activity, including borrowings and repayments of both short-term and long-term debt, is a major driver of these changes. Share repurchases consistently represent a significant cash outflow, exceeding issuances of ordinary shares in most periods. Cash dividends paid to shareholders also represent a consistent and substantial outflow. Noncontrolling interest transactions contribute to variability, with both inflows and outflows observed.
Working Capital: Working capital fluctuates considerably throughout the period. Significant changes in accounts receivable, contract assets/liabilities, and payables/accruals contribute to these variations. The largest swings in working capital occur in the earlier periods observed, with a notable increase in September 2021 and subsequent declines. Inventory changes also contribute to working capital fluctuations, though to a lesser extent.
Specific Adjustments: Depreciation and amortization consistently contribute a substantial positive adjustment to net cash from operations, averaging around $1,000 million per quarter. Deferred income taxes exhibit significant variability, swinging between positive and negative adjustments. Share-based compensation provides a consistent, though smaller, positive adjustment. Cost reduction program and other charges show significant variability, with large positive adjustments in some quarters and negative adjustments in others.
Exchange Rate Effects: The effect of exchange rate changes on cash and cash equivalents is relatively small compared to other cash flow components, but demonstrates both positive and negative impacts throughout the period.

Overall, the company demonstrates a capacity to generate cash from operations, but significant cash is consistently used for investing and financing activities. The financing activities are particularly sensitive to debt management and shareholder returns. The fluctuations observed suggest a dynamic financial strategy and responsiveness to market conditions.

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Linde plc (NASDAQ:LIN)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data