Income Statement
Quarterly Data
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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Linde plc pages available for free this week:
- Common-Size Income Statement
- Common-Size Balance Sheet: Assets
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Long-term (Investment) Activity Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Capital Asset Pricing Model (CAPM)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Analysis of Debt
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Linde plc, consolidated income statement (quarterly data)
US$ in millions
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).
- Sales Trend
- Sales exhibited an overall upward trajectory from March 2020 to December 2021, rising from approximately $6.7 billion to $8.3 billion. Following this, sales showed some volatility but generally stabilized around $8.1 to $8.4 billion through early 2025, indicating steady revenue growth with some seasonal or market-driven fluctuations.
- Cost of Sales Dynamics
- The cost of sales, exclusive of depreciation and amortization, also increased over the period, peaking in late 2022 with a notable spike during the second quarter. Although costs generally matched the sales growth pattern, recent periods show a relative moderation, which may reflect cost control efforts.
- Gross Margin Analysis
- Gross margins increased steadily from roughly $2.9 billion in early 2020 to around $4.0 billion by late 2024. The gross margin stability and growth support an improving efficiency or better pricing strategies despite rising costs.
- Operating Expenses
- Selling, general and administrative expenses remained fairly stable between $760 million and $860 million, without dramatic changes, suggesting consistent overhead levels. Depreciation and amortization slightly decreased over time, from around $1.14 billion to under $1 billion by 2025, indicating either asset impairment or changes in capital investment. Research and development expenses fluctuated marginally around $35 million, demonstrating maintained investment in innovation.
- Cost Reduction and Other Charges
- There was significant variability in cost reduction programs and other charges, with large negative spikes notably in mid-2022. This suggests episodic restructuring or one-time charges affecting profitability in these periods.
- Other Income/Expense
- Other income (expense), net, was volatile with negative values intermittently throughout 2020 and 2022 but showed positive increases in several quarters following 2023, indicating improving non-operating income or reduced expenses.
- Operating Profit
- Operating profit showed strong growth from approximately $733 million in early 2020 to a peak above $2.2 billion in late 2024, despite some weak quarters, particularly the second quarter of 2022. This suggests enhanced operational efficiency or increased profitability margins over time.
- Interest Expense
- Interest expense remained mostly controlled, fluctuating around $30 to $70 million negative, with some increases in recent periods, potentially reflecting changes in debt levels or interest rates.
- Pension and OPEB Benefit
- Net pension and OPEB benefits were generally positive and stable, mostly in the $40 to $60 million range, contributing consistently to income before taxes.
- Income Before Taxes and Taxes
- Income before income taxes generally increased from around $754 million to over $2.1 billion by 2024, following operating profit trends. However, income taxes also rose correspondingly, maintaining a substantial tax expense without a clear change in effective tax rate.
- Net Income and Equity Investment Income
- Net income from continuing operations showed consistent growth, rising from around $606 million to approximately $1.7 billion by 2025. Income from equity investments was positive but fluctuated slightly without clear long-term trend. Total net income including noncontrolling interests followed a similar growth pattern.
- Noncontrolling Interests
- Noncontrolling interest values showed moderate fluctuations, generally ranging between $25 million and $53 million negative, indicating variable minority stakeholder shares over the quarters.
- Overall Financial Health
- The data reveals a company with steadily increasing revenue, improving gross margins, and robust growth in operating profit and net income. Cost control measures have likely helped maintain profitability despite rising cost of sales. Interest expenses and tax burdens remained stable without significant negative impacts on net profitability. Episodic charges affected certain quarters but did not derail the overall positive financial trends observed.