Balance Sheet: Assets

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.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Linde plc, consolidated balance sheet: assets

US$ in millions

	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash and cash equivalents	5,056)	4,850)	4,664)	5,436)	2,823)
Accounts receivable, net	4,966)	4,622)	4,718)	4,559)	4,499)
Contract assets	269)	263)	196)	124)	134)
Inventories	2,055)	1,946)	2,115)	1,978)	1,733)
Prepaid and other deferred charges	546)	579)	583)	597)	527)
VAT recoverable	229)	177)	178)	225)	196)
Unrealized gains on derivatives	107)	302)	73)	24)	101)
Other	97)	206)	93)	104)	146)
Prepaid and other current assets	979)	1,264)	927)	950)	970)
Current assets	13,325)	12,945)	12,620)	13,047)	10,159)
Property, plant and equipment, net	28,260)	24,775)	24,552)	23,548)	26,003)
Finance lease right-of-use assets	193)	189)	179)	146)	163)
Property, plant and equipment, net, including finance lease right-of-use assets	28,453)	24,964)	24,731)	23,694)	26,166)
Equity investments	2,015)	2,130)	2,190)	2,350)	2,619)
Goodwill	27,927)	25,937)	26,751)	25,817)	27,038)
Other intangible assets, net	11,871)	11,330)	12,399)	12,420)	13,802)
Pension assets	1,298)	1,106)	380)	661)	139)
Insurance contracts	32)	32)	38)	39)	46)
Long-term receivables, net	29)	28)	163)	164)	105)
Operating lease right-of-use assets	886)	800)	759)	726)	853)
Deposits	62)	73)	76)	52)	43)
Investments carried at cost	108)	106)	187)	184)	18)
Deferred charges	63)	58)	60)	66)	62)
Deferred income taxes	423)	428)	226)	230)	242)
Unrealized gains on derivatives	10)	4)	8)	4)	35)
Contract assets	67)	—)	—)	—)	—)
Other	248)	206)	223)	204)	278)
Other long-term assets	3,226)	2,841)	2,120)	2,330)	1,821)
Long-term assets	73,492)	67,202)	68,191)	66,611)	71,446)
Total assets	86,817)	80,147)	80,811)	79,658)	81,605)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, the company’s total assets demonstrate a fluctuating pattern over the five-year period, beginning at US$81.605 billion in 2021, decreasing to US$79.658 billion in 2022, then exhibiting relative stability before increasing to US$86.817 billion in 2025. A significant portion of the asset base is comprised of long-term assets, particularly property, plant, and equipment, and goodwill.

Current Assets: Current assets increased substantially from 2021 to 2022, rising from US$10.159 billion to US$13.047 billion. This growth was primarily driven by a significant increase in cash and cash equivalents. However, current assets then decreased slightly in 2023 before stabilizing and increasing again in 2025 to US$13.325 billion. Accounts receivable remained relatively stable throughout the period, with a modest increase observed in 2025. Contract assets and inventories also showed incremental growth over the five years. VAT recoverable fluctuated modestly.
Property, Plant, and Equipment: Property, plant, and equipment, net, experienced a decrease from US$26.003 billion in 2021 to US$23.548 billion in 2022. This was followed by a period of recovery, reaching US$28.260 billion in 2025. The inclusion of finance lease right-of-use assets mirrors this trend, remaining relatively consistent as a proportion of the total. This suggests potential investment in fixed assets towards the end of the period.
Intangible Assets and Goodwill: Goodwill represents a substantial portion of the company’s assets, fluctuating between US$25.817 billion and US$27.927 billion. Other intangible assets, net, decreased from US$13.802 billion in 2021 to US$11.871 billion in 2025. These movements suggest potential adjustments related to acquisitions or impairment charges. Equity investments experienced a consistent, albeit moderate, decline throughout the period.
Other Long-Term Assets: Other long-term assets increased from US$1.821 billion in 2021 to US$3.226 billion in 2025. This increase is notable and warrants further investigation to understand the composition of these assets. Deferred income taxes also increased significantly in 2024, before stabilizing in 2025. Pension assets showed a substantial increase from 2021 to 2025, indicating potential changes in pension plan funding or performance. Investments carried at cost also increased over the period.
Derivatives: Unrealized gains on derivatives fluctuated considerably, with a peak in 2024. This volatility suggests active hedging activities or changes in derivative positions. The values, while fluctuating, remain a relatively small portion of the overall asset base.

In summary, the asset composition demonstrates a shift towards increased long-term assets, particularly property, plant, and equipment, and other long-term assets, while goodwill and intangible assets remain significant components. The increase in cash and cash equivalents in 2022 was a key driver of the initial increase in total assets, and the subsequent growth in other long-term assets contributed to the overall increase in total assets by 2025.

Linde plc (NASDAQ:LIN)

Balance Sheet: Assets

Assets: Selected Items

Current Assets: Selected Items