Stock Analysis on Net
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Linde plc (NASDAQ:LIN)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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Linde plc, consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Jun 30, 2026 Mar 31, 2026 Dec 31, 2025 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
Accounts payable
Short-term debt
Current portion of long-term debt
Contract liabilities
Other current liabilities
Current liabilities
Long-term debt, excluding current portion
Other long-term liabilities
Long-term liabilities
Total liabilities
Redeemable noncontrolling interests
Ordinary shares, €0.001 par value
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Treasury shares, at cost
Total Linde plc shareholders’ equity
Noncontrolling interests
Total equity
Total liabilities and equity

Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 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 position of the entity reflects a strategic shift toward higher leverage and an aggressive shareholder return program over the analyzed period. Total liabilities have increased from 37,360 million USD in March 2021 to 47,719 million USD by June 2026, while total equity has experienced a gradual contraction, moving from 47,620 million USD to 40,617 million USD. This divergence indicates a deliberate increase in the debt-to-equity ratio to fund operations or capital allocations.

Debt Obligations and Long-Term Liabilities
A significant upward trend is observed in long-term debt, excluding the current portion, which more than doubled from 9,950 million USD in March 2021 to 20,678 million USD by June 2026. This growth is the primary driver behind the increase in total liabilities. Short-term debt exhibits higher volatility, peaking at 5,337 million USD in March 2023 before stabilizing in the 4,500 to 4,900 million USD range toward the end of the period. The current portion of long-term debt shows cyclical fluctuations, reflecting the timing of scheduled maturities.
Shareholders' Equity and Capital Management
The equity structure is characterized by substantial treasury share activity. The cost of treasury shares increased from 6,201 million USD in March 2021 to 12,928 million USD in June 2026, signifying a consistent and aggressive share repurchase strategy. A notable anomaly occurred in retained earnings, which dropped sharply from 20,541 million USD in December 2022 to 6,092 million USD in March 2023; however, this was followed by a steady recovery, reaching 18,804 million USD by June 2026. Accumulated other comprehensive losses remained a persistent negative factor, fluctuating primarily between 5,000 and 8,000 million USD.
Current Liability Trends
Current liabilities have remained relatively stable, though they peaked at 17,785 million USD in March 2023. Accounts payable show a slight downward trajectory, decreasing from 2,945 million USD to 2,837 million USD over the full period. Contract liabilities exhibited a peak of 3,246 million USD in June 2023 before declining to 1,128 million USD by June 2026, suggesting a change in the timing of customer prepayments or a shift in contract structures.
Overall Capitalization and Balance Sheet Scale
The total balance sheet size, represented by total liabilities and equity, has grown modestly from 84,993 million USD in March 2021 to 88,349 million USD in June 2026. This indicates that while the overall asset base has expanded slightly, the internal composition of the financing has shifted heavily from equity financing toward debt financing.