Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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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, consolidated cash flow 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).
- Net Income and Income from Continuing Operations
- Net income shows an overall increasing trend from 573 million USD in March 2020 to 1673 million USD in March 2025, despite a notable dip in June 2022. Income from continuing operations follows a similar pattern, with steady growth interrupted by a significant decline in June 2022. This volatility in mid-2022 corresponds with the lowest income reported across the period.
- Noncontrolling Interests
- Noncontrolling interests from continuing operations fluctuate moderately but remain within a relatively narrow range, showing a slight increase towards the end of the period, reaching 44 million USD in March 2025.
- Cost Reduction Programs and Other Charges
- This item shows high variability, with notable spikes such as 956 million USD in June 2022, indicating substantial charges or cost-related activities during that quarter. There are also frequent negative values indicating cost reductions or credits throughout the period.
- Depreciation and Amortization
- Depreciation and amortization expense exhibits a declining trend over the years, decreasing steadily from 1142 million USD in March 2020 to 910 million USD in December 2024 and March 2025, suggesting possible asset base optimization or changes in asset composition.
- Working Capital Components
- Accounts receivable, inventory, prepaid and other current assets, payables and accruals, and contract assets and liabilities display significant volatility across quarters. Working capital swings from negative to positive values frequently, with a sharp peak at 1128 million USD in December 2020 and significant negatives such as -553 million USD in March 2024, indicating variable short-term asset and liability management.
- Cash Flow from Operating Activities
- Net cash provided by operating activities generally trends upward, peaking at 3233 million USD in December 2020, followed by fluctuations around 2000 to 2800 million USD in subsequent quarters, reflecting robust cash generation capacity despite some intermittent declines.
- Capital Expenditures
- Capital expenditures remain consistently high, generally exceeding 700 million USD each quarter and trending upward towards recent quarters, reaching around 1250-1270 million USD in early 2025, indicating sustained investment activity.
- Investing Activities
- Net cash used for investing activities is consistently negative, with values largely between -600 and -1300 million USD, showing ongoing investments and acquisitions. Occasional spikes, such as -1634 million USD in December 2022, suggest periods of intensified capital deployment and asset purchases.
- Financing Activities
- Net cash from financing activities is highly volatile, featuring large negative flows especially in 2020 and 2021, with the most significant outflow of -4217 million USD in December 2020. Borrowings and repayments of both short-term and long-term debt occur in varying amounts but do not show a clear long-term trend. Purchases of ordinary shares represent substantial cash outflows throughout, reflecting active share repurchase programs. Dividends show steady but moderate increases over time.
- Liquidity and Cash Position
- Changes in cash and cash equivalents fluctuate significantly, with large positive changes such as 1641 million USD in March 2022 and negative swings like -1877 million USD in December 2020. Overall, cash position changes illustrate fluctuating liquidity management influenced by the combination of operating, investing, and financing cash flows as well as exchange rate effects which also contribute to volatility.
- General Insights
- The financial data reveals a company experiencing steady growth in profitability over the medium term, supported by consistent cash flow generation but facing volatility in working capital and financing activities. Heavy and persistent capital expenditures and investments are noteworthy, as is the active approach to financing via debt and equity repurchases. Depreciation reduction and cost adjustments reflect ongoing operational efficiency efforts. Overall, the financial profile suggests strategic investment balanced with returns to shareholders despite episodic market or operational challenges.