Stock Analysis on Net
Stock Analysis on Net

Linde plc (NASDAQ:LIN)

$24.99

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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Linde plc, consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: 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
Net income, Linde plc
Income from discontinued operations, net of tax and noncontrolling interests
Noncontrolling interests from continuing operations
Income from continuing operations, including noncontrolling interests
Cost reduction program and other charges
Depreciation and amortization
Deferred income taxes
Share-based compensation
Accounts receivable
Inventory
Prepaid and other current assets
Payables and accruals
Contract assets and liabilities, net
Working capital
Pension contributions
Long-term assets, liabilities and other
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Capital expenditures
Acquisitions, net of cash acquired
Divestitures, net of cash divested and asset sales
Other investing, net
Net cash used for investing activities
Short-term debt borrowings (repayments), net
Long-term debt borrowings
Long-term debt repayments
Issuances of ordinary shares
Purchases of ordinary shares
Cash dividends, Linde plc shareholders
Noncontrolling interest transactions and other
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash and cash equivalents
Change in cash and cash equivalents

Based on: 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).

Operating cash flow exhibits a sustained upward trajectory over the analyzed period, increasing from 2,109 million USD in March 2021 to a peak of 3,030 million USD by December 2025. This growth is supported by a general rise in net income, which grew from 980 million USD in early 2021 to 1,857 million USD by March 2026, despite periodic fluctuations. The ability to generate cash from operations consistently exceeds net income, primarily driven by significant non-cash charges including depreciation and amortization, which remained substantial throughout the period, typically ranging between 900 million USD and 1,200 million USD per quarter.

Capital Investment and Asset Growth
Capital expenditures show a clear expansionary trend, rising from 762 million USD in March 2021 to 1,342 million USD by March 2026. This indicates a consistent commitment to scaling infrastructure and enhancing production capacity. While investing activities are dominated by these expenditures, periodic acquisitions—most notably an 808 million USD outflow in March 2023—supplement the organic growth strategy.
Shareholder Return Strategy
A prioritized approach to returning capital to shareholders is evident through both dividends and share repurchases. Cash dividends grew steadily from 553 million USD per quarter in early 2021 to 741 million USD by March 2026. Concurrently, the purchase of ordinary shares remained a primary use of cash, with quarterly outflows frequently exceeding 1 billion USD, peaking at 1,719 million USD in March 2022.
Financing and Liquidity Management
Financing activities are characterized by tactical movements in debt to manage liquidity. There is a recurring pattern of large-scale long-term debt borrowings—such as the 2,456 million USD in March 2024—offset by significant repayments and short-term debt adjustments. This suggests a strategic use of leverage to fund capital expenditures and shareholder returns during periods of high cash deployment.
Working Capital Volatility
Working capital exhibits significant quarterly volatility. Large fluctuations in accounts receivable and payables and accruals frequently impact the reconciliation of net income to operating cash flow. For instance, a significant positive impact of 1,128 million USD was noted in December 2021, contrasted by a negative impact of 553 million USD in March 2023, reflecting the timing of operational payments and collections.

Overall, the financial profile is one of strong operational cash generation that comfortably funds an escalating capital expenditure program and an aggressive shareholder return policy. The growth in operating cash flow has effectively offset the rising costs of investment and the consistent outflows associated with dividends and equity buybacks.