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.

Linde plc, consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Sales	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)	8,298)	7,668)	7,584)	7,243)	7,272)	6,855)	6,377)	6,739)
Cost of sales, exclusive of depreciation and amortization	(4,379)	(4,306)	(4,157)	(4,320)	(4,356)	(4,251)	(4,216)	(4,431)	(4,314)	(4,316)	(4,431)	(4,427)	(5,285)	(4,940)	(4,798)	(4,927)	(4,368)	(4,194)	(4,054)	(4,086)	(3,835)	(3,619)	(3,843)
Gross margin	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)	3,371)	3,300)	3,390)	3,189)	3,186)	3,020)	2,758)	2,896)
Selling, general and administrative	(897)	(870)	(786)	(814)	(823)	(840)	(860)	(832)	(808)	(833)	(822)	(764)	(770)	(771)	(802)	(787)	(793)	(822)	(787)	(802)	(770)	(760)	(861)
Depreciation and amortization	(961)	(942)	(910)	(913)	(960)	(958)	(949)	(949)	(959)	(960)	(948)	(956)	(1,045)	(1,091)	(1,112)	(1,135)	(1,163)	(1,171)	(1,166)	(1,192)	(1,168)	(1,124)	(1,142)
Research and development	(36)	(38)	(38)	(39)	(37)	(36)	(38)	(39)	(36)	(35)	(36)	(36)	(35)	(37)	(35)	(38)	(36)	(34)	(35)	(38)	(36)	(34)	(44)
Cost reduction program and other charges	11)	—)	(55)	—)	(145)	—)	—)	2)	(2)	(22)	(18)	(25)	(15)	(993)	4)	(51)	(26)	(204)	8)	(78)	(48)	(249)	(131)
Other income (expense), net	14)	15)	18)	74)	51)	2)	58)	(25)	16)	(27)	(5)	(4)	(34)	(36)	12)	(23)	10)	(17)	4)	(47)	(29)	—)	15)
Operating profit	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)	1,337)	1,292)	1,142)	1,213)	1,029)	969)	591)	733)
Interest expense, net	(64)	(67)	(60)	(53)	(68)	(70)	(65)	(71)	(40)	(52)	(37)	(31)	(18)	(5)	(9)	(31)	(8)	(18)	(20)	(35)	(38)	(18)	(24)
Net pension and OPEB benefit, excluding service cost	57)	59)	56)	46)	45)	49)	50)	39)	35)	45)	45)	58)	53)	62)	64)	49)	45)	49)	49)	46)	41)	45)	45)
Income before income taxes and equity investments	2,360)	2,346)	2,180)	2,263)	2,063)	2,163)	2,080)	1,996)	2,047)	2,004)	1,941)	1,714)	1,648)	646)	1,535)	1,355)	1,329)	1,173)	1,242)	1,040)	972)	618)	754)
Income taxes	(424)	(573)	(511)	(533)	(498)	(508)	(463)	(459)	(487)	(438)	(430)	(388)	(391)	(286)	(369)	(339)	(321)	(334)	(268)	(253)	(265)	(164)	(165)
Income from continuing operations before equity investments	1,936)	1,773)	1,669)	1,730)	1,565)	1,655)	1,617)	1,537)	1,560)	1,566)	1,511)	1,326)	1,257)	360)	1,166)	1,016)	1,008)	839)	974)	787)	707)	454)	589)
Income from equity investments	36)	33)	38)	39)	38)	45)	48)	39)	41)	46)	41)	35)	43)	50)	44)	38)	1)	37)	43)	16)	23)	29)	17)
Income from continuing operations, including noncontrolling interests	1,972)	1,806)	1,707)	1,769)	1,603)	1,700)	1,665)	1,576)	1,601)	1,612)	1,552)	1,361)	1,300)	410)	1,210)	1,054)	1,009)	876)	1,017)	803)	730)	483)	606)
Income from discontinued operations, net of tax	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	2)	1)	1)	1)	1)	1)	—)	2)
Net income, including noncontrolling interests	1,972)	1,806)	1,707)	1,769)	1,603)	1,700)	1,665)	1,576)	1,601)	1,612)	1,552)	1,361)	1,300)	410)	1,210)	1,056)	1,010)	877)	1,018)	804)	731)	483)	608)
Noncontrolling interests	(43)	(40)	(34)	(44)	(53)	(37)	(38)	(33)	(36)	(37)	(36)	(33)	(27)	(38)	(36)	(30)	(31)	(36)	(38)	(34)	(31)	(25)	(35)
Net income, Linde plc	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)	1,026)	979)	841)	980)	770)	700)	458)	573)

The quarterly financial data over the observed periods demonstrates several notable patterns and trends in revenue generation, cost management, profitability, and expense allocation.

Sales Revenue: Sales figures exhibit a generally increasing trend from early 2020 through 2025, with modest fluctuations. Initial declines around mid-2020 likely reflect external pressures but were followed by recovery and growth reaching peaks above US$8,500 million. Some quarters show slight revenue contractions, suggesting periodic market or operational influences.
Cost of Sales (excluding depreciation and amortization): This cost category increased overall, mirroring the sales growth but with some irregularities. The higher cost base in later periods points to rising input costs or increased production volumes. Notably, sharp cost increases in some quarters contrast with periods of relative cost control.
Gross Margin: Gross margin values generally rise alongside sales, indicating maintained or improving gross profitability. The margin fluctuates within a moderate range, signaling some pressure on product pricing or cost structures over specific quarters. Nonetheless, the upward trajectory suggests effective management of direct costs relative to sales.
Selling, General and Administrative Expenses (SG&A): SG&A expenses remain relatively stable with slight increases over time. These expenses demonstrate controlled growth reflective of the scaling operations without significant spikes, indicating disciplined overhead management.
Depreciation and Amortization: This expense category shows a gradual decline from early 2022 onward, suggesting a possible decrease in asset base additions or changes in amortizable intangible assets. The trend towards lower depreciation expenses could favor higher operating profits if other factors remain constant.
Research and Development (R&D): R&D expenses fluctuate narrowly with no clear upward or downward trend, indicating consistent investment levels in innovation or product development efforts.
Cost Reduction Program and Other Charges: These charges exhibit volatility, with some quarters reflecting significant expenses (e.g., early 2022), while others show credits or minimal impact. The irregular pattern points to occasional restructuring, one-time charges, or cost-saving initiatives that vary quarter to quarter.
Other Income (Expense), Net: This category fluctuates between positive and negative values without a discernible trend, implying variable other operating or non-operating gains and losses impacting the bottom line intermittently.
Operating Profit: Operating profits reveal overall growth with prominent dips, notably in mid-2022, before resuming upward movement. The increases correspond with rising sales and controlled expense growth, while declines may relate to extraordinary costs or decreased operational efficiency in particular quarters.
Interest Expense, Net: Net interest expenses are relatively low and fluctuate modestly, with some increases in late periods. The magnitude of interest expense remains minor compared to operating profits, indicating manageable financing costs.
Income before Income Taxes and Equity Investments: This income measure generally trends upwards, consistent with operating profit trends, demonstrating higher profitability prior to tax and investment effects. Periodic declines suggest episodic cost impacts or revenue pressures.
Income Taxes: Income tax expenses increase over time, aligning with rising pre-tax income. Variability in tax amounts reflects changing income levels and potentially different effective tax rates or tax planning effects.
Income from Continuing Operations: Income from continuing operations, including equity investments and noncontrolling interests, steadily increases, reinforcing the trend of improved core profitability.
Net Income: Net income parallels the trajectory of income from continuing operations, with notable dips in mid-2022, likely induced by increased expenses or lower revenues during that period. The recovery and subsequent growth beginning late 2022 highlight the entity's profitability resilience.
Noncontrolling Interests: Noncontrolling interests remain relatively stable with minor fluctuations, indicating consistent minority shareholder impact on consolidated net income.

In summary, the financial data portrays a company experiencing recovery and growth in sales and profitability post-2020, with effective cost management reflected by steady SG&A expenses and decreasing depreciation costs. Variability in cost reduction charges and other income elements introduce periodic volatility in operating profit figures. Overall, the trend towards increasing net income and income from continuing operations suggests strengthened financial performance over the quarter series analyzed.

Download chart

Linde plc (NASDAQ:LIN)

Income Statement Quarterly Data

Income Statement
Quarterly Data