Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Return on Sales
Return on Investment
Linde plc, profitability ratios (quarterly data)
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).
The financial performance across the analyzed period demonstrates a sustained expansion in profitability and efficiency, characterized by a recovery from early 2022 volatility followed by a multi-year growth trajectory that peaks in late 2025 before entering a phase of slight stabilization.
- Margin Expansion
- Gross profit margin exhibited a recovery from a low of 40.91% in September 2022, climbing consistently to a peak of 48.83% by December 2025. This upward trend suggests improved pricing power or a reduction in direct production costs. Operating profit margins followed a similar trajectory, rising from 14.40% in June 2022 to a high of 27.38% in September 2025, indicating significant gains in operational efficiency and better management of overhead expenses.
- Bottom-Line Performance
- Net profit margin mirrored the operating trend, moving from a period of compression in mid-2022 (10.88%) to a sustained level above 20% between March 2024 and June 2026. The peak net margin of 21.17% was achieved in September 2025, reflecting the cumulative impact of higher gross margins and operational leverage.
- Returns on Capital and Assets
- Return on Equity (ROE) showed substantial growth, nearly doubling from 8.95% in June 2022 to a peak of 18.54% in June 2026. This indicates a significantly improved ability to generate profit from shareholders' equity. Simultaneously, Return on Assets (ROA) trended upward from 4.56% in June 2022 to peak at 8.25% in September 2025, signaling enhanced asset utilization and overall capital efficiency.
- Recent Trends and Stabilization
- A slight softening in ratios is observable throughout 2026. Gross profit margin declined from its peak to 47.86% by September 2026, and operating profit margin decreased to 25.28% in the same period. Net profit margin and ROA also showed marginal declines toward the end of the series, suggesting a transition from a period of rapid margin expansion to a state of stabilization.
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Gross Profit Margin
Linde plc, gross profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Gross profit margin1 | 47.86% | 48.35% | 48.77% | 48.83% | 48.78% | 48.45% | 48.26% | 48.06% | 47.75% | 47.56% | 47.26% | 46.76% | 46.11% | 44.22% | 42.77% | 41.70% | 40.91% | 41.68% | 42.42% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Gross Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 48.60% | 48.98% | 49.04% | 48.85% | 48.88% | 48.87% | 48.72% | 48.47% | 48.46% | 48.07% | 47.30% | 46.67% | 45.35% | 44.06% | 42.90% | 42.10% | 41.38% | 41.01% | 41.82% | ||||||
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).
1 Q3 2026 Calculation
Gross profit margin = 100
× (Gross marginQ3 2026
+ Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025)
÷ (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
= 100 × (4,442 + 4,428 + 4,258 + 4,217)
÷ (9,404 + 9,289 + 8,781 + 8,764)
= 47.86%
2 Click competitor name to see calculations.
The gross profit margin exhibits a general upward trajectory over the analyzed period, characterized by an initial phase of volatility followed by a sustained expansion and a subsequent period of stabilization.
- Margin Expansion Phase
- Following a brief decline between March 31, 2022, and September 30, 2022, where the margin dropped from 42.42% to 40.91%, a period of consistent growth occurred. From December 31, 2022, the gross profit margin climbed steadily, surpassing the 45% threshold by September 30, 2023, and eventually reaching a peak of 48.83% by December 31, 2025.
- Revenue and Absolute Profit Correlation
- Sales figures fluctuated in the early stages of the period, reaching a low of 7,899 million on December 31, 2022. However, the absolute gross margin continued to improve, rising from 3,413 million in March 2022 to 4,442 million by September 30, 2026. This indicates that the growth in the gross profit margin percentage was driven by efficiency gains or pricing adjustments that outpaced the fluctuations in sales volume.
- Terminal Stabilization and Marginal Contraction
- A peak in profitability is observed in the latter half of 2025. After reaching 48.83% in December 2025, the gross profit margin entered a phase of slight contraction, ending the period at 47.86% on September 30, 2026. Despite this percentage decline, the absolute gross margin and total sales reached their highest levels during this timeframe, suggesting a trade-off between maximum margin percentage and increased scale.
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Operating Profit Margin
Linde plc, operating profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Operating profit margin1 | 25.28% | 26.45% | 26.48% | 26.25% | 27.38% | 26.75% | 26.42% | 26.16% | 25.41% | 25.47% | 24.99% | 24.42% | 23.68% | 21.89% | 17.46% | 16.09% | 14.87% | 14.40% | 16.53% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Operating Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 16.13% | 16.35% | 16.13% | 16.17% | 16.04% | 15.98% | 16.66% | 16.50% | 16.29% | 16.17% | 15.58% | 15.48% | 15.30% | 14.89% | 13.97% | 13.56% | 12.82% | 11.94% | 12.49% | ||||||
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).
1 Q3 2026 Calculation
Operating profit margin = 100
× (Operating profitQ3 2026
+ Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025)
÷ (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
= 100 × (2,150 + 2,554 + 2,439 + 2,018)
÷ (9,404 + 9,289 + 8,781 + 8,764)
= 25.28%
2 Click competitor name to see calculations.
The operating profit margin demonstrates a significant long-term upward trajectory, evolving from a period of instability in 2022 to a plateau of higher efficiency between 2024 and 2026.
- Margin Expansion and Efficiency Gains
- Between March 2023 and September 2025, the operating profit margin experienced consistent and substantial growth, rising from 17.46% to a peak of 27.38%. This expansion occurred while sales remained relatively stable, largely fluctuating between 8.1 billion USD and 8.6 billion USD. The divergence between stagnant revenue and rising margins indicates a period of significant operational optimization or increased pricing power.
- Initial Volatility and Baseline Recovery
- The 2022 calendar year was characterized by notable volatility. The margin reached a period low of 14.40% in June 2022, coinciding with a sharp drop in operating profit to 589 million USD. A recovery trend followed, with the margin returning to 16.09% by December 2022, establishing a baseline for the subsequent growth phase.
- Revenue Scaling and Margin Compression
- A shift in the relationship between sales and profitability is observed in the final periods. From December 2025 to September 2026, sales reached their highest levels in the series, peaking at 9,404 million USD. However, this increase in top-line revenue was accompanied by a moderate decline in the operating profit margin, which fell from its 27.38% peak to 25.28%. This suggests that the cost of generating additional revenue increased during the final stages of the analyzed period.
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Net Profit Margin
Linde plc, net profit margin calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| 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) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| Net profit margin1 | 19.34% | 20.43% | 20.44% | 20.30% | 21.17% | 20.20% | 20.02% | 19.89% | 19.33% | 19.49% | 19.26% | 18.87% | 18.44% | 17.20% | 13.46% | 12.43% | 11.39% | 10.88% | 12.66% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| Net Profit Margin, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 10.74% | 11.01% | 10.86% | 10.90% | 11.05% | 11.03% | 11.63% | 11.61% | 11.09% | 10.92% | 10.52% | 10.36% | 10.50% | 10.20% | 9.41% | 9.12% | 8.94% | 8.45% | 9.00% | ||||||
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).
1 Q3 2026 Calculation
Net profit margin = 100
× (Net income, Linde plcQ3 2026
+ Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025)
÷ (SalesQ3 2026
+ SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025)
= 100 × (1,692 + 1,928 + 1,857 + 1,530)
÷ (9,404 + 9,289 + 8,781 + 8,764)
= 19.34%
2 Click competitor name to see calculations.
The analysis of net profit margins reveals a substantial improvement in bottom-line efficiency over the reported period. A clear trajectory of growth is evident, moving from a volatile lower range in 2022 to a stabilized, higher plateau starting in 2024.
- Margin Growth Trajectory
- The net profit margin experienced a notable upward shift between 2022 and 2024. After starting at 12.66% in March 2022 and dipping to 10.88% in June 2022, the margin climbed consistently. A pivotal increase occurred during 2023, where the margin rose from 13.46% in the first quarter to 18.87% by the fourth quarter.
- Stabilization and Peak Performance
- For the period spanning 2024 through September 2026, profitability remained consistently high, fluctuating within a narrow band between 19.33% and 21.17%. The peak margin of 21.17% was achieved in September 2025, indicating a period of maximum operational efficiency.
- Relationship Between Revenue and Net Income
- While sales exhibited a steady but modest growth pattern—increasing from approximately 8.2 billion US$ in early 2022 to 9.4 billion US$ by September 2026—net income grew at a faster rate. This indicates that the increase in profitability was driven primarily by margin expansion and enhanced cost management rather than a proportional surge in top-line revenue.
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Return on Equity (ROE)
Linde plc, ROE calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Total Linde plc shareholders’ equity | 39,422) | 39,081) | 38,566) | 38,245) | 38,616) | 38,515) | 38,032) | 38,092) | 39,173) | 38,179) | 38,829) | 39,720) | 38,898) | 39,911) | 39,970) | 40,028) | 37,628) | 39,674) | 42,963) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROE1 | 17.77% | 18.54% | 18.36% | 18.04% | 18.37% | 17.43% | 17.38% | 17.23% | 16.29% | 16.76% | 16.25% | 15.61% | 15.38% | 14.26% | 11.23% | 10.36% | 10.22% | 8.95% | 9.36% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROE, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 67.29% | 69.74% | 58.66% | 55.86% | 58.12% | 57.83% | 64.89% | 66.19% | 61.54% | 66.98% | 68.97% | 64.29% | 63.99% | 64.51% | 67.16% | 65.12% | 74.59% | 78.89% | 81.71% | ||||||
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).
1 Q3 2026 Calculation
ROE = 100
× (Net income, Linde plcQ3 2026
+ Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025)
÷ Total Linde plc shareholders’ equity
= 100 × (1,692 + 1,928 + 1,857 + 1,530)
÷ 39,422 = 17.77%
2 Click competitor name to see calculations.
Linde plc demonstrated a sustained expansion in its Return on Equity (ROE) between March 31, 2022, and September 30, 2026. The trajectory shows a transition from single-digit returns to a stabilized range between 17% and 18%, indicating enhanced capital efficiency and profitability relative to shareholder investment.
- Net Income Trajectory
- Net income exhibited a general upward trend, despite an initial anomaly in the second quarter of 2022. After recovering from a low of 372 million USD in June 2022, quarterly earnings climbed steadily, surpassing the 1.5 billion USD threshold by mid-2023. The highest quarterly earnings were recorded in September 2025 and June 2026, both exceeding 1.9 billion USD, reflecting a significant increase in bottom-line performance over the period.
- Shareholders' Equity Stability
- Total shareholders' equity remained relatively stable, characterized by a slight overall decline from its March 2022 peak of 42,963 million USD. For the majority of the period from 2023 through 2026, equity fluctuated within a narrow range between 38,000 million USD and 39,500 million USD. The stability of the equity base indicates that the growth in ROE was driven primarily by increased earnings rather than significant reductions in the equity base.
- Return on Equity (ROE) Performance
- The ROE grew consistently from 9.36% in March 2022 to 17.77% by September 2026. A notable acceleration in efficiency occurred between March 2023 (11.23%) and June 2023 (14.26%), where the ratio increased by over 3 percentage points in a single quarter. From 2024 onward, the ROE stabilized at a higher plateau, reaching a peak of 18.54% in June 2026, signifying a strong and consistent ability to generate profit from the company's equity.
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Return on Assets (ROA)
Linde plc, ROA calculation (quarterly data)
| 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 | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in millions) | |||||||||||||||||||||||||
| 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) | ||||||
| Total assets | 88,075) | 88,349) | 86,315) | 86,817) | 85,993) | 86,078) | 82,704) | 80,147) | 82,546) | 80,215) | 80,347) | 80,811) | 77,827) | 78,718) | 80,308) | 79,658) | 74,323) | 77,885) | 82,767) | ||||||
| Profitability Ratio | |||||||||||||||||||||||||
| ROA1 | 7.96% | 8.20% | 8.20% | 7.95% | 8.25% | 7.80% | 7.99% | 8.19% | 7.73% | 7.98% | 7.85% | 7.67% | 7.69% | 7.23% | 5.59% | 5.21% | 5.17% | 4.56% | 4.86% | ||||||
| Benchmarks | |||||||||||||||||||||||||
| ROA, Competitors2 | |||||||||||||||||||||||||
| Sherwin-Williams Co. | 9.93% | 9.97% | 9.85% | 9.92% | 9.81% | 10.03% | 10.88% | 11.35% | 10.67% | 10.59% | 10.31% | 10.41% | 10.51% | 10.11% | 9.19% | 8.94% | 8.71% | 7.96% | 8.40% | ||||||
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).
1 Q3 2026 Calculation
ROA = 100
× (Net income, Linde plcQ3 2026
+ Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025)
÷ Total assets
= 100 × (1,692 + 1,928 + 1,857 + 1,530)
÷ 88,075 = 7.96%
2 Click competitor name to see calculations.
An analysis of profitability metrics reveals a consistent improvement in asset utilization efficiency from March 2022 through September 2026. The overall trend indicates an expansion in the ability to generate earnings from the existing asset base, characterized by steady growth in net income relative to a comparatively stable asset structure.
- Net Income Performance
- Net income demonstrated a strong upward trajectory over the analyzed period. After a significant outlier in June 2022, where income dropped to 372 million USD, earnings recovered and grew consistently. From March 2023 onwards, quarterly net income stabilized above 1.5 billion USD, reaching peaks of 1.929 billion USD in September 2025 and 1.928 billion USD in June 2026. This growth suggests a strengthening of operational profitability.
- Total Asset Evolution
- Total assets remained relatively stable with moderate fluctuations. Assets decreased from 82,767 million USD in March 2022 to a low of 74,323 million USD in September 2022, before beginning a gradual climb. By September 2026, the asset base had expanded to 88,075 million USD. The controlled growth of the asset base relative to the more aggressive growth in net income contributed positively to efficiency ratios.
- Return on Assets (ROA) Analysis
- The ROA exhibited a clear and sustained increase, rising from 4.86% in March 2022 to a peak of 8.25% in September 2025. A significant shift occurred between March 2023 (5.59%) and June 2023 (7.23%), marking a transition to a higher plateau of profitability. For the final two years of the period, the ROA remained resilient, consistently fluctuating within a narrow band between 7.73% and 8.25%, indicating a stabilized and improved level of asset productivity.
The convergence of increasing net income and a disciplined expansion of total assets resulted in a meaningful improvement in overall financial efficiency. The transition from an ROA averaging approximately 5% in 2022 to approximately 8% by 2026 reflects enhanced operational leverage and a more effective deployment of company resources.
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