Analysis of Profitability Ratios
Quarterly Data
Profitability ratios measure the company ability to generate profitable sales from its resources (assets).
Profitability Ratios (Summary)
Linde plc, profitability ratios (quarterly data)
Based on: 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 analyzed period is characterized by a sustained and significant expansion in overall profitability. After a period of mild volatility during 2022, there is a consistent upward trajectory across all profitability margins and return metrics, suggesting an improvement in operational efficiency, pricing power, or cost management through mid-2026.
- Profit Margins
- Gross profit margin experienced an initial decline from 42.42% in March 2022 to a low of 40.91% in September 2022, followed by a steady climb to peak at 48.83% in December 2025. Operating profit margin showed more pronounced growth, rising from 16.53% in March 2022 to a high of 27.38% in September 2025, indicating that operating expenses were managed effectively relative to revenue growth. Similarly, the net profit margin nearly doubled over the period, moving from 12.66% in March 2022 to a peak of 21.17% in September 2025, before stabilizing around 20.4% in 2026.
- Return on Equity (ROE)
- A strong and consistent growth trend is observed in ROE, which climbed from 9.36% in March 2022 to 18.54% by June 2026. The progression is largely linear, with a notable acceleration beginning in June 2023, reflecting an increasing ability to generate profits from shareholders' equity.
- Return on Assets (ROA)
- ROA demonstrated a positive trend, increasing from 4.86% in March 2022 to reach a plateau between 7.8% and 8.2% from late 2023 through June 2026. While the growth in ROA was less aggressive than the growth in ROE, the overall increase indicates improved asset utilization and productivity.
The convergence of rising gross, operating, and net margins suggests that the increase in profitability is driven primarily by core operational improvements. The simultaneous rise in both ROA and ROE confirms that the expanded margins are translating directly into higher returns for both the asset base and the equity holders.
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Return on Sales
Return on Investment
Gross Profit Margin
Linde plc, gross profit margin calculation (quarterly data)
| 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 | 4,428) | 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 | 9,289) | 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 | 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. | 48.98% | 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: 2026-06-30), 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 Q2 2026 Calculation
Gross profit margin = 100
× (Gross marginQ2 2026
+ Gross marginQ1 2026
+ Gross marginQ4 2025
+ Gross marginQ3 2025)
÷ (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
= 100 × (4,428 + 4,258 + 4,217 + 4,236)
÷ (9,289 + 8,781 + 8,764 + 8,615)
= 48.35%
2 Click competitor name to see calculations.
The analysis of profitability metrics from March 2022 through June 2026 reveals a sustained expansion in gross profit margins, characterized by an initial period of volatility followed by a consistent upward trajectory and eventual stabilization.
- Gross Profit Margin Trend
- A marginal decline is observed during the first three quarters of 2022, with the margin retreating from 42.42% in March to a period low of 40.91% in September. Following this trough, a strong and consistent growth phase commenced in December 2022 (41.70%) and persisted through December 2025, when the margin peaked at 48.83%. The final two quarters of the analyzed period show a slight plateau and a minor contraction, ending at 48.35% in June 2026.
- Revenue and Gross Margin Correlation
- Sales figures exhibited fluctuations between 2022 and 2024, ranging from a low of 7,899 million US dollars in December 2022 to a high of 8,797 million US dollars in September 2022. Despite these revenue oscillations, the absolute gross margin showed a steady increase, rising from 3,413 million US dollars to 4,428 million US dollars. This divergence indicates that the increase in the gross profit margin percentage was driven by factors beyond mere volume growth, such as optimized cost structures or strategic pricing adjustments.
- Operational Efficiency Insights
- The steady climb in the gross profit margin from 41.70% in late 2022 to over 48% by 2025 suggests a significant improvement in production efficiency or a favorable shift in the product mix. The ability to maintain and expand margins while sales remained relatively flat between 2023 and 2024 highlights a period of internal optimization. The subsequent increase in sales starting in 2025, coupled with the maintenance of high margins, indicates a successful scaling of operations without compromising profitability.
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Operating Profit Margin
Linde plc, operating profit margin calculation (quarterly data)
| 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 | 2,554) | 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 | 9,289) | 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 | 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. | 16.35% | 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: 2026-06-30), 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 Q2 2026 Calculation
Operating profit margin = 100
× (Operating profitQ2 2026
+ Operating profitQ1 2026
+ Operating profitQ4 2025
+ Operating profitQ3 2025)
÷ (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
= 100 × (2,554 + 2,439 + 2,018 + 2,367)
÷ (9,289 + 8,781 + 8,764 + 8,615)
= 26.45%
2 Click competitor name to see calculations.
The operational performance demonstrates a strong upward trajectory in profitability, characterized by a significant expansion of the operating profit margin over the period from March 2022 to June 2026.
- Initial Margin Volatility and Recovery
- During 2022, the operating profit margin experienced notable fluctuations, starting at 16.53% in March 2022 and reaching a period low of 14.40% in June 2022. This volatility was mirrored in the operating profit, which dropped to 589 million USD in June 2022 before recovering to 1,687 million USD by December 2022, ending the year with a margin of 16.09%.
- Accelerated Profitability Expansion
- A sustained period of margin growth occurred throughout 2023. The operating profit margin rose consistently from 17.46% in March 2023 to 24.42% by December 2023. This trend indicates a marked increase in operational efficiency, as operating profit grew from 1,933 million USD to 2,028 million USD while sales remained relatively stagnant within the 8.1 billion to 8.3 billion USD range.
- Stabilization at Elevated Levels
- From 2024 through June 2026, the operating profit margin stabilized at a high plateau, consistently remaining above 24%. The margin reached its peak of 27.38% in September 2025. This suggests the establishment of a new, higher baseline for operational efficiency, where margins remained resilient despite minor fluctuations in quarterly sales.
- Revenue and Profit Correlation
- While sales grew moderately from 8,211 million USD in March 2022 to 9,289 million USD in June 2026, operating profit grew at a significantly faster pace, rising from 1,480 million USD to 2,554 million USD. The expansion of the operating profit margin from 16.53% to 26.45% over the full period reflects a successful decoupling of profit growth from revenue growth, indicating improved cost control or enhanced pricing power.
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Net Profit Margin
Linde plc, net profit margin calculation (quarterly data)
| 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 | 1,928) | 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 | 9,289) | 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 | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
Net profit margin = 100
× (Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025
+ Net income, Linde plcQ3 2025)
÷ (SalesQ2 2026
+ SalesQ1 2026
+ SalesQ4 2025
+ SalesQ3 2025)
= 100 × (1,928 + 1,857 + 1,530 + 1,929)
÷ (9,289 + 8,781 + 8,764 + 8,615)
= 20.43%
2 Click competitor name to see calculations.
The analysis of profitability ratios reveals a sustained expansion in the net profit margin from the first quarter of 2022 through the second quarter of 2026, reflecting a significant enhancement in the conversion of sales into actual profit.
- Net Profit Margin Trajectory
- The net profit margin initiated at 12.66% in March 2022 and experienced a temporary contraction to 10.88% by June 2022. Following this dip, a consistent and strong upward trend is observed. The margin surpassed 15% in June 2023 and continued to climb, reaching a peak of 21.17% in September 2025. From March 2024 onward, the margin stabilized at a significantly higher level, consistently remaining above 19%.
- Revenue and Net Income Correlation
- Sales demonstrated relative stability over the analyzed period, fluctuating between a low of 7,899 million US dollars in December 2022 and a high of 9,289 million US dollars in June 2026. In contrast, net income showed more pronounced growth, rising from an average of approximately 1.1 billion US dollars in 2022 to consistently exceed 1.5 billion US dollars from 2023 onward, peaking at 1,929 million US dollars in September 2025. This disparity suggests that the margin expansion was driven more by operational efficiencies or pricing strategies than by aggressive revenue growth.
- Profitability Stability
- A period of consolidation is evident between March 2024 and June 2026, during which the net profit margin fluctuated minimally between 19.26% and 21.17%. This indicates the establishment of a new profitability baseline, demonstrating a sustained ability to maintain high margins regardless of minor quarterly variations in total sales volume.
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Return on Equity (ROE)
Linde plc, ROE calculation (quarterly data)
| 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 | 1,928) | 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 | 39,081) | 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 | 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. | 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: 2026-06-30), 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 Q2 2026 Calculation
ROE = 100
× (Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025
+ Net income, Linde plcQ3 2025)
÷ Total Linde plc shareholders’ equity
= 100 × (1,928 + 1,857 + 1,530 + 1,929)
÷ 39,081 = 18.54%
2 Click competitor name to see calculations.
The financial performance over the analyzed period indicates a sustained improvement in capital efficiency and net profitability. A consistent upward trajectory in the Return on Equity (ROE) is evident, reflecting enhanced operational performance and a more efficient utilization of shareholder capital.
- Net Income Trends
- Net income exhibited a strong overall growth pattern, rising from 1,174 million USD in March 2022 to 1,928 million USD by June 2026. Despite a significant outlier in June 2022, where income dropped to 372 million USD, the subsequent trajectory was characterized by steady gains. The growth became particularly pronounced from 2024 onward, with quarterly earnings consistently exceeding 1,500 million USD and peaking at 1,929 million USD in September 2025.
- Shareholders' Equity Stability
- Total shareholders' equity showed a period of initial contraction followed by long-term stabilization. After decreasing from 42,963 million USD in March 2022 to a low of 37,628 million USD in September 2022, the equity base remained relatively flat. Between December 2022 and June 2026, equity fluctuated within a tight range between approximately 38 billion and 40 billion USD, indicating a consistent capital structure.
- Return on Equity (ROE) Progression
- The ROE demonstrated a significant and nearly linear increase, nearly doubling from 9.36% in March 2022 to 18.54% by June 2026. A notable acceleration in efficiency occurred throughout 2023, as the ratio climbed from 11.23% in March to 15.61% by December. This expansion in ROE is primarily driven by the substantial increase in net income occurring against a stabilized or slightly reduced equity base, signaling a marked improvement in the company's ability to generate profit from its net assets.
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Return on Assets (ROA)
Linde plc, ROA calculation (quarterly data)
| 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 | 1,928) | 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 | 88,349) | 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 | 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. | 9.97% | 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: 2026-06-30), 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 Q2 2026 Calculation
ROA = 100
× (Net income, Linde plcQ2 2026
+ Net income, Linde plcQ1 2026
+ Net income, Linde plcQ4 2025
+ Net income, Linde plcQ3 2025)
÷ Total assets
= 100 × (1,928 + 1,857 + 1,530 + 1,929)
÷ 88,349 = 8.20%
2 Click competitor name to see calculations.
The analysis of the financial period from March 31, 2022, to June 30, 2026, reveals a sustained improvement in asset utilization and overall profitability. A positive correlation is observed between the growth of net income and the expansion of the Return on Assets (ROA), indicating an increase in operational efficiency.
- Return on Assets (ROA) Trend
- A consistent upward trajectory in ROA is evident, rising from 4.86% in March 2022 to 8.20% by June 2026. A significant acceleration occurred between March 2023 (5.59%) and June 2023 (7.23%), marking a pivotal shift in profitability efficiency. Following this surge, the ratio stabilized, fluctuating within a narrow band between 7.73% and 8.25% from late 2023 through mid-2026.
- Net Income Growth
- Net income exhibited initial volatility in 2022, notably dipping to 372 million USD in June 2022 before recovering. From 2023 onward, a strong growth pattern emerged, with quarterly earnings climbing from approximately 1.5 billion USD to a peak of 1.929 billion USD in September 2025. This growth in earnings provided the primary momentum for the increasing ROA.
- Asset Base Stability
- Total assets remained relatively stable throughout the period, fluctuating between a low of 74.3 billion USD in September 2022 and a high of 88.3 billion USD in June 2026. Because the growth in net income significantly outpaced the growth in the asset base, the company achieved higher returns without requiring a proportional increase in capital investment.
- Profitability Correlation
- The data indicates that the increase in ROA was not driven by asset reduction, but rather by the ability to generate higher net income from a steadily maintained asset base. This suggests an improvement in the quality of assets and an optimization of internal operational processes over the five-year span.
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