Common-Size Income Statement
Quarterly Data
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- Statement of Comprehensive Income
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Common Stock Valuation Ratios
- Capital Asset Pricing Model (CAPM)
- Dividend Discount Model (DDM)
- Selected Financial Data since 2005
- Total Asset Turnover 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-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).
- Gross Margin Trends
- The gross margin as a percentage of sales generally improved over the observed periods. Beginning at approximately 43% in early 2020, there was a dip toward the end of 2021 reaching about 40.6%, but a notable recovery followed. From 2022 through the first quarter of 2025, gross margin gradually increased, reaching nearly 49%. This suggests some improvement in cost management or pricing power relative to cost of sales.
- Cost of Sales Movement
- Cost of sales exclusive of depreciation and amortization displayed a slight upward pressure in the later part of 2020 and 2021, peaking near -59.4% of sales. However, from 2022 onward, a consistent reduction in cost as a percentage of sales is evident, lowering to about -51.3% by the first quarter of 2025. This reflects better control of direct costs relative to sales.
- Selling, General and Administrative Expenses
- SG&A expenses have shown a gradual decrease as a percentage of sales from around -12.8% in early 2020 to roughly -9.7% by March 2025. This indicates increasing operational efficiency or cost control in overhead expenses over time.
- Depreciation and Amortization
- A declining trend is observed in depreciation and amortization expenses proportionate to sales, starting near -17% and reducing steadily to approximately -11.2% by early 2025. This might be related to asset base changes or improved capital expenditure strategies.
- Research and Development
- R&D spending remained relatively stable and low, fluctuating narrowly between -0.47% and -0.4% of sales, indicating consistent investment in innovation relative to sales over the entire period.
- Cost Reduction Program and Other Charges
- This line item was volatile, with significant negative spikes, notably around mid-2022 wherein a considerable unfavorable charge appeared (-11.74%). Outside of this anomaly, the costs were minor or near zero, indicating occasional non-recurring expenses impacting margins.
- Operating Profit
- Operating profit margins showed variability, with a notable dip around mid-2022 to approximately 7%, possibly due to the large cost charge or other factors. Overall, a strong upward trend resumed, with margins improving from roughly 11% in early 2020 to near 27% by the end of the observed period, reflecting enhanced operational profitability.
- Interest Expense
- Interest expenses remained low as a percentage of sales, fluctuating mildly around -0.3% to -0.8%. Some increase in expense intensity is seen around 2023-2024 but still remained a small portion of sales.
- Pension and OPEB Benefits
- Net pension and OPEB benefits as a share of sales were steady and positive, averaging around 0.5%-0.7%. This positive contribution remained consistent, providing a modest support to overall profitability.
- Income Before Taxes and Equity Investments
- This metric closely tracked operating profit trends, showing a dip to approximately 7.6% in mid-2022 before rising steadily toward a peak near 27% by early 2025, mirroring the operational improvements.
- Income Taxes
- Income tax rates as a percentage of sales trended upwards over time, increasing from about -2.5% in early 2020 to approximately -6.3% by early 2025, possibly reflecting higher taxable income levels or changes in tax planning strategies.
- Net Income and Components
- Net income including noncontrolling interests demonstrated an upward trajectory from around 9% of sales in early 2020 to over 21% approaching 2025. Income from continuing operations and equity investments followed similarly positive trends. Noncontrolling interests remained a small negative percentage, relatively stable over time.
- Summary of Key Insights
- The data reveals resilience and improving profitability over the examined quarters. Cost control measures appear effective, as evidenced by declining cost of sales and SG&A percentages. The sharp cost charge in mid-2022 impacted profitability temporarily but was followed by strong recovery. Operating and net income margins improved substantially, supported by stable R&D investments and manageable interest expenses. The increasing tax rate corresponds with rising profitability levels. Overall, financial efficiency and profitability indicators improved consistently toward 2025.