Common-Size Income Statement
Quarterly Data
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- Income Statement
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
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Linde plc, common-size consolidated income statement (quarterly data)
Based on: 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), 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).
The financial performance, as represented by the common-size income statement, reveals several notable trends over the period from March 2021 to December 2025. Generally, the company demonstrates a degree of cyclicality, with fluctuations in profitability observed throughout the analyzed timeframe. A significant shift in cost structure and profitability is apparent, particularly from 2021 to 2022 and then again from 2023 onwards.
- Gross Margin
- Gross margin exhibited volatility, beginning at 44.03% in March 2021, declining to a low of 39.92% in September 2022, and then steadily increasing to 49.17% by September 2025. This suggests improving efficiency in managing the cost of goods sold or potentially favorable pricing dynamics in the later periods. The most substantial increase occurred between June 2023 and September 2025.
- Operating Profit
- Operating profit as a percentage of sales followed a similar pattern to gross margin, starting at 16.75% in March 2021. It experienced a substantial dip to 6.96% in June 2022, likely influenced by increased costs, and then recovered significantly, reaching 27.48% in September 2025. This indicates a strong ability to control operating expenses relative to sales as the period progressed, despite fluctuations.
- Cost of Sales
- The proportion of sales consumed by the cost of sales, excluding depreciation and amortization, generally decreased over the period. Beginning at -55.97% in March 2021, it trended downwards, reaching -50.83% in September 2025. This reduction in cost of sales as a percentage of sales contributed to the observed improvements in gross margin. The largest decrease occurred between December 2021 and March 2022.
- Selling, General and Administrative Expenses
- Selling, general and administrative expenses remained relatively stable as a percentage of sales, fluctuating between -8.75% and -10.87% throughout the period. A slight downward trend is observable, but it is less pronounced than the changes seen in cost of sales and gross margin. The expense remained around -10% for most of the period.
- Depreciation and Amortization
- Depreciation and amortization as a percentage of sales showed a consistent decline from -16.10% in March 2021 to -10.84% in December 2025. This suggests either a decrease in capital expenditures or an increase in the useful life of assets, leading to lower depreciation charges relative to sales. The decline was most rapid between 2021 and 2023.
- Cost Reduction Programs and Other Charges
- The impact of cost reduction programs and other charges varied significantly. A large negative impact was observed in June 2022 (-11.74%), followed by a positive impact in September 2025 (0.13%). These fluctuations suggest the timing and magnitude of restructuring or other one-time charges significantly influenced profitability in specific quarters.
- Net Income
- Net income as a percentage of sales mirrored the trends in operating profit, with a low of 4.85% in June 2022 and a high of 22.89% in September 2025. The substantial increase in net income in the later periods indicates improved overall profitability and efficient management of expenses and taxes. The recovery from the low in June 2022 was particularly strong.
In conclusion, the company experienced a period of volatility followed by significant improvement in profitability. The reduction in cost of sales, coupled with effective control of operating expenses and depreciation, contributed to the observed increase in gross margin, operating profit, and ultimately, net income. The impact of cost reduction programs and other charges introduced some variability, but the overall trend indicates a strengthening financial position.