Common-Size Income Statement
Quarterly Data
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- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Current Ratio since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Book Value (P/BV) since 2005
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Linde plc, common-size consolidated income statement (quarterly data)
Based on: 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).
- Cost of Sales and Gross Margin
- The cost of sales as a percentage of sales showed a gradual decline from approximately -57.03% in early 2020 to around -50.69% by mid-2025, indicating improved cost efficiency over time. Correspondingly, the gross margin showed an upward trend, increasing from about 42.97% in the first quarter of 2020 to 49.31% by mid-2025. Despite some volatility, particularly a dip in late 2021 and early 2022, the overall trajectory reflects strengthening profitability at the gross profit level.
- Operating Expenses
- Selling, general and administrative expenses steadily decreased as a percentage of sales from approximately 12.78% in early 2020 to near 10.24% by mid-2025. Depreciation and amortization expenses also declined significantly from around 16.95% to roughly 11.09% over the same period, suggesting either asset base optimization or changes in asset composition or depreciation schedules. Research and development expenditures remained relatively stable, fluctuating slightly around 0.4% to 0.6% of sales.
- Special Charges and Other Income
- Cost reduction program charges and other unusual items showed considerable variability with notable spikes such as -11.74% in mid-2022, indicating episodic charges that affected profitability. Other income (expense), net, showed inconsistent fluctuations around zero, with occasional positive spikes in 2024 and 2025, suggesting varying non-operational gains or losses.
- Profitability Measures
- Operating profit showed a generally robust upward trend, moving from roughly 10.88% of sales in the first quarter of 2020 to over 27.71% by the end of 2025. Despite fluctuations, the margin improved significantly, particularly from 2022 onward. Net interest expense remained low and relatively stable, suggesting manageable debt servicing costs.
- Taxation and Income Metrics
- Income taxes as a percentage of sales increased steadily from approximately 2.45% to near 6.75% by mid-2025, indicating a rising tax burden possibly due to increased profitability. Income from continuing operations before equity investments rose markedly from 8.74% to around 20.87%, reflecting stronger operational performance and profitability growth over the period. Income from equity investments remained small but generally positive and stable, contributing modestly to overall income.
- Net Income and Noncontrolling Interests
- Net income attributable to Linde plc increased considerably, from around 8.5% of sales in early 2020 to approximately 20.79% by mid-2025, corroborating enhanced profitability and earnings quality. Noncontrolling interests fluctuated mildly but generally stayed below one percent, indicating a minor but consistent share of income going to minority stakeholders.
- Summary of Trends
- Overall, the data reveals a positive financial trajectory characterized by improving gross margins, decreasing operating costs relative to sales, and increasing operating and net income margins. The company appears to have enhanced cost efficiency and operational profitability steadily over the analyzed period. Variability in special charges and other income introduces some fluctuations but does not detract from the overarching trend of improved financial performance. Tax expenses have risen in line with pre-tax income, while the consistent net income growth indicates successful management of operational and financial factors impacting the bottom line.