Name: Linde plc (NASDAQ:LIN) | Cash Flow Statement (Quarterly)
Creator: Stock Analysis on Net

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

3 months ended:	Sep 30, 2026	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
Net income, Linde plc	1,692)	1,928)	1,857)	1,530)	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)
Income from discontinued operations, net of tax and noncontrolling interests	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(2)	(1)	(1)	(1)
Noncontrolling interests from continuing operations	48)	44)	43)	43)	43)	40)	34)	44)	53)	37)	38)	33)	36)	37)	36)	33)	27)	38)	36)	30)	31)	36)	38)
Income from continuing operations, including noncontrolling interests	1,740)	1,972)	1,900)	1,573)	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)
Cost reduction program and other charges	389)	(32)	(44)	210)	(57)	(32)	18)	(21)	127)	(20)	(55)	(27)	(30)	—)	(61)	(7)	(13)	956)	(34)	15)	(12)	171)	(76)
Depreciation and amortization	965)	963)	951)	950)	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)
Deferred income taxes	(154)	(20)	8)	(7)	(445)	(22)	9)	166)	(124)	(149)	(35)	88)	(111)	(65)	4)	29)	(191)	(162)	(59)	(70)	(106)	(13)	(65)
Share-based compensation	44)	19)	41)	31)	45)	46)	42)	40)	42)	40)	38)	39)	36)	36)	30)	29)	27)	17)	34)	33)	32)	34)	29)
Accounts receivable	(45)	(290)	(361)	257)	(70)	(79)	(230)	38)	224)	(61)	(361)	83)	6)	(44)	(131)	149)	(29)	(203)	(340)	(14)	(151)	(210)	(178)
Inventory	(11)	(41)	(48)	84)	(1)	(45)	9)	24)	55)	4)	(27)	(2)	(40)	(26)	(59)	(47)	(156)	(109)	(35)	(52)	(35)	18)	(60)
Prepaid and other current assets	(142)	—)	(52)	59)	77)	(107)	26)	7)	—)	(12)	(50)	35)	70)	(34)	(5)	(46)	12)	(16)	(107)	101)	(5)	44)	(64)
Payables and accruals	386)	56)	35)	(83)	434)	(290)	(209)	101)	15)	(328)	(65)	100)	190)	(394)	(64)	(69)	306)	19)	51)	316)	92)	(30)	69)
Contract assets and liabilities, net	26)	(180)	(108)	(96)	46)	43)	(65)	(99)	(121)	(139)	(50)	(164)	(121)	183)	(66)	(59)	126)	51)	192)	777)	479)	(140)	191)
Working capital	214)	(455)	(534)	221)	486)	(478)	(469)	71)	173)	(536)	(553)	52)	105)	(315)	(325)	(72)	259)	(258)	(239)	1,128)	380)	(318)	(42)
Pension contributions	(5)	(11)	(7)	(5)	(5)	(10)	(5)	(6)	(5)	(13)	(11)	(11)	(10)	(15)	(10)	(7)	(25)	(6)	(13)	(10)	(4)	(16)	(12)
Long-term assets, liabilities and other	(24)	(165)	(75)	57)	(9)	(41)	(51)	(123)	(45)	(51)	(44)	61)	(30)	(63)	(230)	(194)	234)	85)	(11)	(52)	94)	(78)	92)
Adjustments to reconcile net income to net cash provided by operating activities	1,429)	299)	340)	1,457)	976)	405)	454)	1,040)	1,128)	229)	289)	1,151)	919)	538)	356)	734)	1,336)	1,723)	790)	2,179)	1,547)	951)	1,092)
Net cash provided by operating activities	3,169)	2,271)	2,240)	3,030)	2,948)	2,211)	2,161)	2,809)	2,731)	1,929)	1,954)	2,727)	2,520)	2,150)	1,908)	2,095)	2,636)	2,133)	2,000)	3,233)	2,556)	1,827)	2,109)
Capital expenditures	(1,392)	(1,438)	(1,342)	(1,458)	(1,276)	(1,257)	(1,270)	(1,250)	(1,066)	(1,133)	(1,048)	(1,151)	(948)	(859)	(829)	(936)	(762)	(826)	(649)	(839)	(741)	(744)	(762)
Acquisitions, net of cash acquired	(26)	(232)	(153)	(19)	(123)	(158)	(112)	(142)	(23)	(152)	—)	(111)	(8)	(26)	(808)	—)	(61)	(6)	(43)	(57)	—)	(21)	(10)
Divestitures, net of cash divested and asset sales	55)	11)	112)	11)	7)	11)	13)	16)	132)	15)	7)	36)	10)	21)	3)	55)	123)	(10)	27)	20)	70)	56)	21)
Other investing, net	37)	1)	(1)	5)	(42)	(53)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash used for investing activities	(1,326)	(1,658)	(1,384)	(1,461)	(1,434)	(1,457)	(1,369)	(1,376)	(957)	(1,270)	(1,041)	(1,226)	(946)	(864)	(1,634)	(881)	(700)	(842)	(665)	(876)	(671)	(709)	(751)
Short-term debt borrowings (repayments), net	(206)	49)	339)	(466)	82)	260)	165)	863)	101)	(705)	(631)	799)	871)	(2,315)	1,199)	821)	57)	756)	1,416)	(1,698)	(712)	377)	704)
Long-term debt borrowings	71)	1,958)	58)	2,084)	5)	719)	2,340)	8)	8)	2,372)	2,456)	65)	8)	2,055)	60)	919)	—)	(5)	2,296)	23)	2,209)	17)	34)
Long-term debt repayments	(1,006)	(26)	(733)	(624)	(9)	(633)	(1,012)	(332)	(16)	(347)	(610)	(31)	(10)	(1,099)	(542)	(60)	(22)	(537)	(1,166)	(647)	(3)	(761)	(57)
Issuances of ordinary shares	4)	19)	3)	3)	5)	4)	11)	3)	7)	5)	16)	8)	4)	8)	13)	12)	2)	12)	10)	11)	7)	15)	17)
Purchases of ordinary shares	(954)	(871)	(807)	(1,390)	(989)	(1,111)	(1,111)	(1,334)	(667)	(1,440)	(1,041)	(1,033)	(1,158)	(908)	(859)	(690)	(1,149)	(1,610)	(1,719)	(1,361)	(1,169)	(1,214)	(868)
Cash dividends, Linde plc shareholders	(735)	(738)	(741)	(698)	(701)	(704)	(708)	(659)	(662)	(665)	(669)	(616)	(620)	(623)	(623)	(586)	(581)	(585)	(592)	(541)	(546)	(549)	(553)
Noncontrolling interest transactions and other	28)	(70)	(87)	73)	(175)	99)	(73)	(159)	(44)	(28)	(189)	28)	(59)	(10)	(12)	(26)	(27)	(34)	(1)	(4)	(42)	(30)	(247)
Net cash provided by (used for) financing activities	(2,798)	321)	(1,968)	(1,018)	(1,782)	(1,366)	(388)	(1,610)	(1,273)	(808)	(668)	(780)	(964)	(2,892)	(764)	390)	(1,720)	(2,003)	244)	(4,217)	(256)	(2,145)	(970)
Effect of exchange rate changes on cash and cash equivalents	4)	5)	15)	(4)	(9)	104)	40)	(160)	60)	(73)	(61)	49)	(73)	1)	16)	76)	(115)	(97)	62)	(17)	(66)	68)	(46)
Change in cash and cash equivalents	(951)	939)	(1,097)	547)	(277)	(508)	444)	(337)	561)	(222)	184)	770)	537)	(1,605)	(474)	1,680)	101)	(809)	1,641)	(1,877)	1,563)	(959)	342)

The financial trajectory of the organization is characterized by consistent growth in profitability and a robust capacity for generating cash from operations. Net income shows a steady upward trend, progressing from an average of approximately $900 million per quarter in 2021 to levels frequently exceeding $1.7 billion by 2024 and 2025. This growth is mirrored in the net cash provided by operating activities, which has expanded from a range of $1.8 billion to $3.2 billion in early periods to a sustained baseline above $2.2 billion in more recent quarters, peaking at $3.169 billion in September 2026.

Investment and Capital Expenditure Trends: A significant and sustained increase in capital expenditures is observed. Quarterly spending rose from an average of $750 million in 2021 to consistently exceeding $1.3 billion per quarter by 2024 and 2025. This indicates an aggressive long-term investment strategy in infrastructure or capacity expansion. Acquisition activity remains sporadic but impactful, with a notable cash outflow of $808 million in March 2023, suggesting a strategy of selective inorganic growth.
Shareholder Return Patterns: Cash dividends exhibit a high degree of stability and a gradual, disciplined increase, rising from approximately $540 million per quarter in 2021 to $735 million by September 2026. Share repurchases constitute a primary allocation of excess cash, with quarterly outflows typically ranging between $600 million and $1.7 billion. The scale of these buybacks frequently exceeds the quarterly dividend payments, highlighting a preference for equity reduction as a method of returning value to shareholders.
Financing and Debt Management: The financing profile is characterized by cyclical movements in long-term debt. Large-scale borrowings frequently occur in clusters—notably in March 2022, June 2023, March 2024, and June 2026—which are periodically offset by substantial repayments. This suggests a strategic approach to refinancing and liquidity management to fund both capital expenditures and shareholder distributions.
Working Capital Volatility: Working capital exhibits significant quarterly fluctuations, driven primarily by swings in accounts receivable and payables. Large negative adjustments in receivables are often followed by positive corrections, and payables show high volatility, such as the significant $434 million inflow in September 2025 compared to a $290 million outflow in June 2025, indicating seasonal or timing-related shifts in operational liabilities.

Overall, the cash flow profile reveals a company utilizing its strong operating cash flows to fund an intensifying capital expenditure program while simultaneously maintaining aggressive shareholder returns. The reliance on periodic long-term debt issuance suggests a balanced capital structure designed to sustain growth without compromising dividend stability.

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Linde plc (NASDAQ:LIN)

Cash Flow StatementQuarterly Data

Cash Flow Statement
Quarterly Data