Linde plc
Linde plc is an industrial gases and engineering company that supplies oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide, specialty gases, and related gas-processing equipment. It also designs and builds plants and systems used to produce, separate, liquefy, and distribute industrial gases for customers across many end markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueCore gas supply business serving customers through on-site, bulk, merchant, and cylinder delivery.
Designs and manufactures equipment and plants for air separation and gas production.
Customers
Linde sells to industrial and institutional customers that need reliable gas supply, process support, or gas-related equipment. Its end markets include healthcare, chemicals and energy, manufacturing, metals and mining, food and beverage, and electronics, with many contracts structured for long-term supply and service reliability.
Buys medical gases such as oxygen and related supply services for patient care and hospital operations.
Buys hydrogen, oxygen, nitrogen, and process-gas solutions for refining, chemical processing, and energy applications.
Buys industrial gas supply for welding, cutting, heat treatment, and general production processes.
Buys oxygen, nitrogen, and related gases for smelting, refining, and extraction operations.
Buys gases used in packaging, preservation, carbonation, and processing.
Buys high-purity and specialty gases for semiconductor and advanced electronics manufacturing.
Strategy
Linde’s strategy centers on pricing discipline, productivity, and long-term customer contracts that support stable cash flow and cost pass-through. The company also invests in gas-processing technology, clean-energy solutions, and regional production networks that keep supply local and protect service reliability.
Energy is the largest cost item, so pricing formulas and surcharges protect profitability.
Higher productivity helps offset inflation and supports operating margin expansion.
Hydrogen and carbon-management technologies expand addressable markets and support decarbonization demand.
Local plants, pipelines, and delivery assets create service reliability and economic barriers to entry.
Geography
2025Linde operates globally, with about 64% of 2025 sales outside the United States. Its business is organized around the Americas, EMEA, and APAC, and it has major operating footprints in the U.S., Germany, the U.K., China, Brazil, Canada, India, Australia, and South Korea.
Share of the revenue the company reports by geography.
Risks
Linde’s earnings are exposed to industrial demand cycles, especially in chemicals, energy, and metals and mining, where customer slowdowns can reduce gas volumes and delay projects. Its cost base is heavily influenced by energy prices, while operations also face safety, cyber, climate, and geopolitical risks because gases are produced and delivered through complex plant and pipeline networks across many countries.
- Cyclical end-market demandImpact: HighLikelihood: Medium
Chemicals, energy, metals, and mining customers can cut volumes or delay projects in downturns.
Exposure: Customer demand and contract renewals
- Energy and feedstock cost inflationImpact: HighLikelihood: Medium
Energy is the largest production and distribution cost, so price spikes can hurt margins if pass-through lags.
Exposure - Operational safety incidentsImpact: HighLikelihood: Medium
Production plants, storage sites, pipelines, and transport fleets can suffer fires, releases, or explosions.
Exposure - Foreign exchange and geopolitical exposureImpact: MediumLikelihood: Medium
A large share of sales comes from outside the U.S., exposing results to currency and local policy changes.
Exposure: Non-U.S. operations in EMEA and APAC
- Cybersecurity and IT disruptionImpact: MediumLikelihood: Low
Operations depend on networked systems for production, logistics, and customer service.
Exposure: Industrial control and enterprise systems
Accounting
Judgemental itemsProject timing can shift revenue and profit between periods depending on contract milestones and completion.
Impact: Affects quarterly comparability in the Engineering segment
These mechanisms can inflate sales without changing underlying demand, so investors should separate volume from price effects.
Impact: Affects sales growth interpretation and margin analysis
Large acquired goodwill and the Linde name require impairment testing and could create non-cash charges if assumptions weaken.
Impact: Could materially affect earnings if market values decline
Energy, currency, and financing exposures are managed with derivatives that can create mark-to-market volatility.
Impact: Affects reported income and OCI
Claims and investigations require judgment on probability and loss estimates.
Impact: Can change operating expenses and liabilities
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Last updated: 24/09/2026