Linde PLC
linde.comWhat Do They Do?
Supplies industrial gases to healthcare, chemicals and energy, and manufacturing customers, and designs and builds gas-production plants and equipment.
10-K for FY2025, filed Feb 25, 2026Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States.…View ↗
Linde serves a diverse group of industries including healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage…View ↗
Linde’s Engineering business has a global presence, with its focus on market segments such as air separation, hydrogen, synthesis, olefin…View ↗
How Do They Make Money?
Industrial-gas customers are billed when gases are delivered or picked up, including pipeline supply. Engineering customers can be paid for equipment work as it is completed.
10-K for FY2025, filed Feb 25, 2026The company’s performance obligations related to on-site customers are satisfied over time as customers receive and obtain control of the…View ↗
The company’s performance obligations related to merchant customers are generally satisfied at a point in time as the customers receive and…View ↗
The company’s performance obligations related to packaged gases are satisfied at a point in time. Accordingly, revenue is recognized when…View ↗
The company designs and manufactures equipment for air separation and other industrial gas applications manufactured specifically for end…View ↗
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10-K for FY2025, filed Feb 25, 2026
FY2025 revenue by reportable segment ↗
$34B
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10-K for FY2025, filed Feb 25, 2026
$34B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Americas
Sold outright
10-K for FY2025, filed Feb 25, 2026 |
45%
FY2022: 42%
|
Americas, FY2025
$15.2B Sources
|
Sold outright |
|
EMEA
Sold outright
10-K for FY2025, filed Feb 25, 2026 |
25%
FY2022: 25%
|
EMEA, FY2025
$8.5B Sources
|
Sold outright |
|
APAC
Sold outright
10-K for FY2025, filed Feb 25, 2026 |
20%
FY2022: 19%
|
APAC, FY2025
$6.7B Sources
|
Sold outright |
|
Engineering Segment
Sold outright
|
6.6%
FY2022: 8.3%
|
Engineering Segment, FY2025
$2.3B Sources
|
Sold outright |
|
Corporate Segment and Other Operating Segment
|
3.9%
FY2022: 5.4%
|
Corporate Segment and Other Operating Segment, FY2025
$1.3B Sources
|
Who Are Their Customers?
Industrial customers needing large volumes get gases directly by pipeline; others receive tanker-delivered gases or cylinders by delivery or pickup. Engineering sells plant components directly to end customers or to Linde’s industrial-gas business.
10-K for FY2025, filed Feb 25, 2026On-site. Customers that require the largest volumes of product (typically oxygen, nitrogen and hydrogen) and that have a relatively…View ↗
Merchant. The merchant business is generally associated with distributable liquid oxygen, nitrogen, argon, hydrogen, helium and carbon…View ↗
Packaged Gases. Customers requiring small volumes are supplied products in metal containers called cylinders, under medium to high…View ↗
Linde's plants are used in a wide variety of fields: in the petrochemical and chemical industries, in refineries and fertilizer plants, to…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 20 cents of every revenue dollar as net income in FY2025 and turned 15 cents into free cash flow.
10-K for FY2025, filed Feb 25, 2026
$8.9BView ↗
10-K for FY2025, filed Feb 25, 2026
$6.9BView ↗
10-K for FY2025, filed Feb 25, 2026
$5.1BView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Jul 31, 2026
Open tableView ↗
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Jul 31, 2026
Linde provides adjusted EPS guidance for the full year
It expects adjusted diluted EPS of $17.70 to $17.90, representing 8% to 9% growth.
Sources
8-K, filed Jul 31, 2026
For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.70 to $17.90, up 8% to 9% when…View ↗
Growing. Revenue grew 10% in 4 years, from $30.8B in FY2021 to $34B in FY2025, about 2% a year.
Who Do They Compete With?
Competes with L’Air Liquide, Air Products and Chemicals, Messer Group, Mitsubishi Chemical Holdings, and Taiyo Nippon Sanso
10-K for FY2025, filed Feb 25, 2026Competitors in the industrial gases industry include global and regional companies such as L’Air Liquide S.A., Air Products and Chemicals…View ↗
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