LIN 10-Q report for 2026-03-31

Linde plc Form 10-Q (quarter ended March 31, 2026) — consolidated financial statements, balance sheet and cash flow summaries, and index to notes and disclosures.

LIN 10-Q report for 2026-03-31 lin-20260331 Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from             to Commission file number 001-38730 LINDE PLC (Exact name of registrant as specified in its charter) Ireland 98-1448883 (State or other jurisdiction of incorporation) (I.R.S. Employer Identification No.) 10 Riverview Drive, Forge Danbury , Connecticut 43 Church Street West United States 06810 Woking, Surrey GU21 6HT United Kingdom (Address of principal executive offices) (Zip Code) (203) 837 - 2000 + 44 14 83 242200 (Registrant's telephone number, including area code) N/A (Former name, former address and former fiscal year, if changed since last report Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading symbol(s) Name of each exchange on which registered Ordinary shares (€0.001 nominal value per share) LIN NASDAQ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.      Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “non-accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes ☐ No ☒ At March 31, 2026, 462,599,539 ordinary shares (€0.001 par value) of the Registrant were outstanding. 1 Table of Contents INDEX PART I - FINANCIAL INFORMATION Item 1. Financial Statement s (unaudited) Consolidated Statement of Income - Quarters Ended March 31, 2026 and 2025 4 Consolidated Statement of Comprehensive Income - Quarters Ended March 3 1 , 202 6 and 20 25 5 Condensed Consolidated Balance Sheet - March 31 , 202 6 and December 31, 202 5 6 Condensed Consolidated Statement of Cash Flows - Quarters Ended March 3 1 , 202 6 and 202 5 7 Notes to Condensed Consolidated Financial Statements 8 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures about Market Risk 39 Item 4. Controls and Procedures 39 PART II - OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A. Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 Signature 42 2 Table of Contents Forward-looking Statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact o Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3. Quantitative and Qualitative Disclosures about Market Risk 39 Item 4. Controls and Procedures 39 PART II - OTHER INFORMATION Item 1. Legal Proceedings 40 Item 1A. Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 Signature 42 2 Table of Contents Forward-looking Statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and cybersecurity breaches; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements. Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc’s Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 25, 2026, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks. 3 Table of Contents LINDE PLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Millions of dollars, except per share data) (UNAUDITED) Quarter Ended March 31, 2026 2025 Sales $ 8,781 $ 8,112 Cost of sales, exclusive of depreciation and amortization 4,523 4,157 Selling, general and administrative 893 786 Depreciation and amortization 951 910 Research and development 38 38 Cost reduction program and other charges — 55 Other income (expense) - net 63 18 Operating Profit 2,439 2,184 Interest expense - net 62 60 Net pension and OPEB cost (benefit), excluding service cost ( 54 ) ( 56 ) Income Before Income Taxes and Equity Investments 2,431 2,180 Income taxes 571 511 Income Before Equity Investments 1,860 1,669 Income from equity investments 40 38 Net Income (Including Noncontrolling Interests) 1,900 1,707 Less: noncontrolling interests ( 43 ) ( 34 ) Net Income – Linde plc $ 1,857 $ 1,673 Per Share Data – Linde plc Shareholders Basic earnings per share $ 4.00 $ 3.53 Diluted earnings per share $ 3.98 $ 3.51 Weighted Average Shares Outstanding (000’s): Basic shares outstanding 464,051 473,303 Diluted shares outstanding 466,319 476,262 The accompanying notes are an integral part of these financial statements. 4 Table of Contents LINDE PLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Millions of dollars) (UNAUDITED) Quarter Ended March 31, 2026 2025 NET INCOME (INCLUDING NONCONTROLLING INTERESTS) $ 1,900 $ 1,707 OTHER COMPREHENSIVE INCOME (LOSS) Translation adjustments: Foreign currency translation adjustments 79 132 Reclassifications to net income ( 18 ) — Income taxes ( 6 ) 2 Translation adjustments 55 134 Funded status - retirement obligations (Note 7): Retirement program remeasurements 22 11 Reclassifications to net income ( 4 ) ( 8 ) Income taxes ( 4 ) ( 9 ) Funded status - retirement obligations 14 ( 6 ) Derivative instruments (Note 4): Current unrealized gain (loss) 28 10 Reclassifications to net income ( 16 ) ( 5 ) Income taxes ( 2 ) ( 2 ) Derivative instruments 10 3 TOTAL OTHER COMPREHENSIVE INCOME (LOSS) 79 131 COMPREHENSIVE INCOME (LOSS) (INCLUDING NONCONTROLLING INTERESTS) 1,979 1,838 Less: noncontrolling interests ( 36 ) ( 39 ) COMPREHENSIVE INCOME (LOSS) - LINDE PLC $ 1,943 $ 1,799 The accompanying notes are an integral part of these financial statements. 5 Table of Contents LINDE PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEET (Millions of dollars) (UNAUDITED) March 31, 2026 December 31, 2025 Assets Cash and cash equivalents $ 3,959 $ 5,056 Accounts receivable - net 5,321 4,966 Contract assets 321 269 Inventories 2,079 2,055 Prepaid and other current assets 1,071 979 Total Current Assets 12,751 13,325 Property, plant and equipment - net 28,564 28,260 Goodwill 27,882 27,927 Other intangible assets - net 11,673 11,871 Other long-term assets 5,445 5,434 Total Assets $ 86,315 $ 86,817 Liabilities and equity Accounts payable $ 2,659 $ 2,810 Short-term debt 4,822 4,510 Current portion of long-term debt 1,636 1,796 Contract liabilities 1,168 1,231 Other current liabilities 5,106 4,851 Total Current Liabilities 15,391 15,198 Long-term debt 19,859 20,683 Other long-term liabilities 10,973 11,195 Total Liabilities 46,223 47,076 Redeemable noncontrolling interests 13 13 Linde plc Shareholders’ Equity (Note 10): Ordinary shares, € 0.001 par value, authorized 1,750,000,000 shares, 2026 and 2025 issued: 490,766,972 ordinary shares 1 1 Additional paid-in capital 39,177 39,430 Retained earnings 17,639 16,608 Accumulated other comprehensive income (loss) ( 6,147 ) ( 6,233 ) Less: Treasury shares, at cost (2026 – 28,167,433 shares and 2025 – 27,086,030 shares) ( 12,104 ) ( 11,561 ) Total Linde plc Shareholders’ Equity 38,566 38,245 Noncontrolling interests 1,513 1,483 Total Equity 40,079 39,728 Total Liabilities and Equity $ 86,315 $ 86,817 The accompanying notes are an integral part of these financial statements. 6 Table of Contents LINDE PLC AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (Millions of dollars) (UNAUDITED) Three Months Ended March 31, 2026 2025 Increase (Decrease) in Cash and Cash Equivalents Operations Net income - Linde plc $ 1,857 $ 1,673 Add: Noncontrolling interests 43 34 Net Income (including noncontrolling interests) 1,900 1,707 Adjustments to reconcile net income to net cash provided by operating activities: Cost reduction program and other charges ( 44 ) 18 Depreciation and amortization 951 910 Deferred income taxes 8 9 Share-based compensation 41 42 Working capital: Accounts receivable ( 361 ) ( 230 ) Inventory ( 48 ) 9 Prepaid and other current assets ( 52 ) 26 Payables and accruals 35 ( 209 ) Contract assets and liabilities, net ( 108 ) ( 65 ) Pension contributions ( 7 ) ( 5 ) Long-term assets, liabilities and other ( 75 ) ( 51 ) Net cash provided by (used for) operating activities 2,240 2,161 Investing Capital expenditures ( 1,342 ) ( 1,270 ) Acquisitions, net of cash acquired ( 153 ) ( 112 ) Divestitures, net of cash divested and asset sales 112 13 Other investing, net ( 1 ) — Net cash provided by (used for) investing activities ( 1,384 ) ( 1,369 ) Financing Short-term debt borrowings (repayments) - net 339 165 Long-term debt borrowings 58 2,340 Long-term debt repayments ( 733 ) ( 1,012 ) Issuances of ordinary shares 3 11 Purchases of ordinary shares ( 807 ) ( 1,111 ) Cash dividends - Linde plc shareholders ( 741 ) ( 708 ) Noncontrolling interest transactions and other ( 87 ) ( 73 ) Net cash provided by (used for) financing activities ( 1,968 ) ( 388 ) Effect of exchange rate changes on cash and cash equivalents 15 40 Change in cash and cash equivalents ( 1,097 ) 444 Cash and cash equivalents, beginning-of-period 5,056 4,850 Cash and cash equivalents, end-of-period $ 3,959 $ 5,294 The accompanying notes are an integral part of these financial statements. 7 Table of Contents INDEX TO NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS Notes to Condensed Consolidated Financial Statements - Linde plc and Subsidiaries (Unaudited) Note 1. Summary of Significant Accounting Policies 9 Note 2. Supplemental Information 9 Note 3. Debt 11 Note 4. Financial Instruments 11 Note 5. Fair Value Disclosures 14 Note 6. Earnings Per Share – Linde plc Shareholders 15 Note 7. Retirement Programs 15 Note 8. Commitments and Contingencies 15 Note 9. Segments 17 Note 10. Equity 19 Note 11. Revenue Recognition 20 8 Table of Contents 1. Summary of Significant Accounting Policies Linde plc ("Linde" or "the company") is an incorporated public limited company formed under the laws of Ireland. Linde’s registered office is located at Ten Earlsfort Terrace, Dublin 2, D02 T380 Ireland. Linde’s principal executive offices are located at Forge, 43 Church Street West, Woking, Surrey GU21 6HT, United Kingdom and 10 Riverview Drive, Danbury, Connecticut, 06810, United States. Presentation of Condensed Consolidated Financial Statements - In the opinion of Linde management, the accompanying condensed consolidated financial statements include all adjustments necessary for a fair statement of the results for the interim periods presented and such adjustments are of a normal recurring nature. The accompanying condensed consolidated financial statements should be read in conjunction with the notes to the consolidated financial statements of Linde plc and subsidiaries in Linde's 2025 Annual Report on Form 10-K. There have been no material changes to the company’s significant accounting policies during 2026. Reclassifications – Certain prior periods' amounts have been reclassified to conform to the current year’s presentation. Accounting Standards to be Implemented Disaggregation of Income Statement Expenses - In November 2024, the FASB issued guidance requiring disaggregated disclosure of income statement expenses. The new standard is effective for fiscal years beginning after December 15, 2026, and interim periods with fiscal years after December 15, 2027, with early adoption permitted. The standard can be applied either prospectively after the effective date or retrospectively to any or all periods presented. The adoption of this standard will only impact disclosures within the company's consolidated financial statements and the company is evaluating the impact this guidance will have on those disclosures. Targeted Improvements to the Accounting for Internal-Use Software - In September 2025, the FASB issued guidance that amends the existing standard for internal-use software by removing the software development project stage model and introducing a recognition and capitalization framework to reflect current software development practices. The new standard is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The standard can be applied prospectively, retrospectively, or via a modified prospective transition method. The adoption of this standard is not expected to have a material impact on the financial statements. 2. Supplemental Information Receivables Linde applies loss rates that are lifetime expected credit losses at initial recognition of the receivables. These expected loss rates are based on an analysis of the actual historical default rates for each business, taking regional circumstances into account. If necessary, these historical default rates are adjusted to reflect the impact of current changes in the macroeconomic environment using forward-looking information. The loss rates are also evaluated based on the expectations of the responsible management team regarding the collectability of the receivables. Gross trade receivables aged less than one year were $ 5,352  million and $ 5,032  million at March 31, 2026 and December 31, 2025, respectively, and gross receivables aged greater than one year were $ 435  million and $ 377  million at March 31, 2026 and December 31, 2025, respectively. Gross o ther receivables were $ 133  million and $ 138  million at March 31, 2026 and December 31, 2025, respectively. Receivables aged greater than one year are generally fully reserved unless specific circumstances warrant exceptions, such as those backed by federal governments. Accounts receivable net of reserves were $ 5,321 million at March 31, 2026 and $ 4,966  million at December 31, 2025. Allowances for expected credit losses were $ 599  million at March 31, 2026 and $ 581  million at December 31, 2025. Provisions for expected credit losses were $ 63  million and $ 42  million for the three months ended March 31, 2026 and 2025, respectively. The allowance activity in the three months ended March 31, 2026 and 2025 related to write-offs of uncollectible amounts, net of recoveries and currency movements is not material. Inventories The f Item 1A. Risk Factors 40 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 40 Item 3. Defaults Upon Senior Securities 40 Item 4. Mine Safety Disclosures 40 Item 5. Other Information 40 Item 6. Exhibits 41 Signature 42 2 Table of Contents Forward-looking Statements This document contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are identified by terms and phrases such as: anticipate, believe, intend, estimate, expect, continue, should, could, may, plan, project, predict, will, potential, forecast, and similar expressions. They are based on management’s reasonable expectations and assumptions as of the date the statements are made but involve risks and uncertainties. These risks and uncertainties include, without limitation: the performance of stock markets generally; developments in worldwide and national economies and other international events and circumstances, including trade conflicts and tariffs; changes in foreign currencies and in interest rates; the cost and availability of electric power, natural gas and other raw materials; the ability to achieve price increases to offset cost increases; catastrophic events including natural disasters, epidemics, pandemics, and acts of war and terrorism; the ability to attract, hire, and retain qualified personnel; the impact of changes in financial accounting standards; the impact of changes in pension plan liabilities; the impact of tax, environmental, healthcare and other legislation and government regulation in jurisdictions in which the company operates; the cost and outcomes of investigations, litigation and regulatory proceedings; the impact of potential unusual or non-recurring items; continued timely development and market acceptance of new products and applications; the impact of competitive products and pricing; future financial and operating performance of major customers and industries served; the impact of information technology system failures, network disruptions and cybersecurity breaches; and the effectiveness and speed of integrating new acquisitions into the business. These risks and uncertainties may cause future results or circumstances to differ materially from adjusted projections, estimates or other forward-looking statements. Linde plc assumes no obligation to update or provide revisions to any forward-looking statement in response to changing circumstances. The above listed risks and uncertainties are further described in Item 1A. Risk Factors in Linde plc’s Form 10-K for the fiscal year ended December 31, 2025 filed with the SEC on February 25, 2026, which should be reviewed carefully. Please consider Linde plc’s forward-looking statements in light of those risks. 3 Table of Contents LINDE PLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF INCOME (Millions of dollars, except per share data) (UNAUDITED) Quarter Ended March 31, 2026 2025 Sales $ 8,781 $ 8,112 Cost of sales, exclusive of depreciation and amortization 4,523 4,157 Selling, general and administrative 893 786 Depreciation and amortization 951 910 Research and development 38 38 Cost reduction program and other charges — 55 Other income (expense) - net 63 18 Operating Profit 2,439 2,184 Interest expense - net 62 60 Net pension and OPEB cost (benefit), excluding service cost ( 54 ) ( 56 ) Income Before Income Taxes and Equity Investments 2,431 2,180 Income taxes 571 511 Income Before Equity Investments 1,860 1,669 Income from equity investments 40 38 Net Income (Including Noncontrolling Interests) 1,900 1,707 Less: noncontrolling interests ( 43 ) ( 34 ) Net Income – Linde plc $ 1,857 $ 1,673 Per Share Data – Linde plc Shareholders Basic earnings per share $ 4.00 $ 3.53 Diluted earnings per share $ 3.98 $ 3.51 Weighted Average Shares Outstanding (000’s): Basic shares outstanding 464,051 473,303 Diluted shares outstanding 466,319 476,262 The accompanying notes are an integral part of these financial statements. 4 Table of Contents LINDE PLC AND SUBSIDIARIES CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (Millions of dollars) (UNAUDITED) Quarter Ended March 31, 2026 2025 NET INCOME (INCLUDING NONCONTROLLING INTERESTS) $ 1,900 $ 1,707 OTHER COMPREHENSIVE INCOME (LOSS) Translation adjustments: Foreign currency translation adjustments 79 132 Reclassifications to net income ( 18 ) — Income taxes ( 6 ) 2 Translation adjustments 55 134 Funded status - retirement obligations (Note 7): Retirement program remeasurements 22 11 Reclassifications to net income ( 4 ) ( 8 ) Income taxes ( 4 ) ( 9 ) Funded status - retirement obligations 14 ( 6 ) Derivative instruments (Note 4): Current unrealized gain (loss) 28 10 Reclassifications to net inco

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