The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
Linde plc, consolidated income statement (quarterly data)
US$ in millions
3 months ended:
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
Sales
9,289)
8,781)
8,764)
8,615)
8,495)
8,112)
8,282)
8,356)
8,267)
8,100)
8,302)
8,155)
8,204)
8,193)
7,899)
8,797)
8,457)
8,211)
8,298)
7,668)
7,584)
7,243)
Cost of sales, exclusive of depreciation and amortization
(4,861)
(4,523)
(4,547)
(4,379)
(4,306)
(4,157)
(4,320)
(4,356)
(4,251)
(4,216)
(4,431)
(4,314)
(4,316)
(4,431)
(4,427)
(5,285)
(4,940)
(4,798)
(4,927)
(4,368)
(4,194)
(4,054)
Gross margin
4,428)
4,258)
4,217)
4,236)
4,189)
3,955)
3,962)
4,000)
4,016)
3,884)
3,871)
3,841)
3,888)
3,762)
3,472)
3,512)
3,517)
3,413)
3,371)
3,300)
3,390)
3,189)
Selling, general and administrative
(891)
(893)
(880)
(897)
(870)
(786)
(814)
(823)
(840)
(860)
(832)
(808)
(833)
(822)
(764)
(770)
(771)
(802)
(787)
(793)
(822)
(787)
Depreciation and amortization
(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)
Research and development
(37)
(38)
(35)
(36)
(38)
(38)
(39)
(37)
(36)
(38)
(39)
(36)
(35)
(36)
(36)
(35)
(37)
(35)
(38)
(36)
(34)
(35)
Cost reduction program and other charges
—)
—)
(229)
11)
—)
(55)
—)
(145)
—)
—)
2)
(2)
(22)
(18)
(25)
(15)
(993)
4)
(51)
(26)
(204)
8)
Other income (expense), net
17)
63)
(105)
14)
15)
18)
74)
51)
2)
58)
(25)
16)
(27)
(5)
(4)
(34)
(36)
12)
(23)
10)
(17)
4)
Operating profit
2,554)
2,439)
2,018)
2,367)
2,354)
2,184)
2,270)
2,086)
2,184)
2,095)
2,028)
2,052)
2,011)
1,933)
1,687)
1,613)
589)
1,480)
1,337)
1,292)
1,142)
1,213)
Interest expense, net
(61)
(62)
(64)
(64)
(67)
(60)
(53)
(68)
(70)
(65)
(71)
(40)
(52)
(37)
(31)
(18)
(5)
(9)
(31)
(8)
(18)
(20)
Net pension and OPEB benefit, excluding service cost
53)
54)
57)
57)
59)
56)
46)
45)
49)
50)
39)
35)
45)
45)
58)
53)
62)
64)
49)
45)
49)
49)
Income before income taxes and equity investments
2,546)
2,431)
2,011)
2,360)
2,346)
2,180)
2,263)
2,063)
2,163)
2,080)
1,996)
2,047)
2,004)
1,941)
1,714)
1,648)
646)
1,535)
1,355)
1,329)
1,173)
1,242)
Income taxes
(610)
(571)
(481)
(424)
(573)
(511)
(533)
(498)
(508)
(463)
(459)
(487)
(438)
(430)
(388)
(391)
(286)
(369)
(339)
(321)
(334)
(268)
Income from continuing operations before equity investments
1,936)
1,860)
1,530)
1,936)
1,773)
1,669)
1,730)
1,565)
1,655)
1,617)
1,537)
1,560)
1,566)
1,511)
1,326)
1,257)
360)
1,166)
1,016)
1,008)
839)
974)
Income from equity investments
36)
40)
43)
36)
33)
38)
39)
38)
45)
48)
39)
41)
46)
41)
35)
43)
50)
44)
38)
1)
37)
43)
Income from continuing operations, including noncontrolling interests
The financial trajectory exhibits a sustained expansion in both top-line revenue and bottom-line profitability over the analyzed period. Sales grew from 7,243 million USD in March 2021 to a projected 9,289 million USD by June 2026, reflecting a consistent upward trend with moderate quarterly fluctuations. This revenue growth is mirrored by a significant increase in gross margin, which rose from 3,189 million USD to 4,428 million USD, indicating an improvement in production efficiency or pricing power.
Operating Performance and Profitability
Operating profit demonstrates a strong growth trend, rising from 1,213 million USD in March 2021 to 2,554 million USD by June 2026. A notable anomaly occurred in June 2022, where operating profit dropped to 589 million USD; this decline is directly attributable to a one-time cost reduction program charge of 993 million USD. Excluding this outlier, the operational growth is linear and robust.
Expense Management
Selling, general, and administrative expenses remained relatively controlled, moving from 787 million USD to 891 million USD over the period, suggesting that operating leverage is increasing as revenue grows faster than overhead. Depreciation and amortization showed a gradual decline from 1,166 million USD in early 2021 to stabilizing around 950 million USD in later periods. Research and development expenditures remained highly stable, consistently fluctuating between 34 million USD and 39 million USD.
Net Income and Bottom-Line Trends
Net income attributable to Linde plc increased from 980 million USD in March 2021 to 1,928 million USD by June 2026. The growth in net income closely tracks the rise in operating profit, despite a gradual increase in net interest expenses, which rose from 20 million USD to 61 million USD. The impact of net pension and OPEB benefits provided a consistent positive contribution, generally ranging between 35 million USD and 64 million USD per quarter.
Taxation and Equity Investments
Income tax expenses increased in absolute terms as profitability grew, rising from 268 million USD to 610 million USD. Income from equity investments remained a stable supplementary revenue stream, typically contributing between 35 million USD and 50 million USD per quarter.
