Linde Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	14,116	13,474	12,682	8,562	7,912
Depreciation & Amortization	3,763	3,780	3,816	4,204	4,635
Stock-Based Compensation	164	160	141	107	128
Other Adjustments	-370	-374	-464	633	-100
Change in Receivables	-122	-160	-86	-423	-553
Changes in Inventories	47	56	-127	-347	-129
Changes in Accounts Payable	-148	-277	-168	307	447
Changes in Other Operating Activities	-42	-499	-148	102	1,341
Operating Cash Flow	10,350	9,423	9,305	8,864	9,725
Operating Cash Flow Growth	9.84%	1.27%	4.98%	-8.85%	30.91%
Capital Expenditures	-5,261	-4,497	-3,787	-3,173	-3,086
Sale of Property, Plant & Equipment	42	170	70	195	167
Payments for Business Acquisitions	-412	-317	-953	-110	-88
Other Investing Activities	-90	-	-	-	-
Investing Cash Flow	-5,721	-4,644	-4,670	-3,088	-3,007
Net Short-Term Debt Issued (Repaid)	41	-372	554	3,050	-1,329
Long-Term Debt Issued	5,148	4,844	2,188	3,210	2,283
Long-Term Debt Repaid	-2,278	-1,305	-1,682	-1,785	-1,468
Net Long-Term Debt Issued (Repaid)	2,870	3,539	506	1,425	815
Issuance of Common Stock	23	31	33	36	50
Repurchase of Common Stock	-4,601	-4,482	-3,958	-5,168	-4,612
Net Common Stock Issued (Repurchased)	-4,578	-4,451	-3,925	-5,132	-4,562
Common Dividends Paid	-2,811	-2,655	-2,482	-2,344	-2,189
Other Financing Activities	-76	-420	-53	-88	-323
Financing Cash Flow	-4,554	-4,359	-5,400	-3,089	-7,588
Effect of Exchange Rate Changes on Cash and Cash Equivalents	131	-234	-7	-74	-61
Net Cash Flow	206	186	-772	2,613	-931
Free Cash Flow	5,089	4,926	5,518	5,691	6,639
Free Cash Flow Growth	3.31%	-10.73%	-3.04%	-14.28%	64.78%
FCF Margin	14.97%	14.93%	16.80%	17.06%	21.56%
Free Cash Flow Per Share	10.78	10.22	11.21	11.29	12.72
Levered Free Cash Flow	15,236	15,034	13,161	9,715	6,515
Unlevered Free Cash Flow	5,287	5,181	5,788	5,073	6,958

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.