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	6,898	6,565	6,199	4,147	3,826
Depreciation & Amortization	3,763	3,780	3,816	4,204	4,635
Asset Writedown & Restructuring Costs	139	31	-118	902	-
Stock-Based Compensation	-	160	141	107	128
Other Operating Activities	-	-214	-41	-432	-175
Change in Accounts Receivable	-194	-569	-254	-113	754
Change in Inventory	47	56	-127	-347	-129
Change in Accounts Payable	-148	-277	-168	307	447
Change in Other Net Operating Assets	-25	-281	-285	-45	109
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
Cash Acquisitions	-412	-317	-953	-110	-88
Divestitures	42	170	70	195	167
Other Investing Activities	-90	-	-	-	-
Investing Cash Flow	-5,721	-4,644	-4,670	-3,088	-3,007
Short-Term Debt Issued	-	-	554	3,050	-
Long-Term Debt Issued	2,911	4,844	2,188	3,210	2,283
Total Debt Issued	2,911	4,844	2,742	6,260	2,283
Short-Term Debt Repaid	-	-372	-	-	-1,329
Long-Term Debt Repaid	-	-1,305	-1,682	-1,785	-1,468
Total Debt Repaid	-	-1,677	-1,682	-1,785	-2,797
Net Debt Issued (Repaid)	2,911	3,167	1,060	4,475	-514
Issuance of Common Stock	23	31	33	36	50
Repurchase of Common Stock	-4,601	-4,482	-3,958	-5,168	-4,612
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
Foreign Exchange Rate Adjustments	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%
Free Cash Flow Margin	14.97%	14.92%	16.80%	17.06%	21.56%
Free Cash Flow Per Share	10.78	10.22	11.21	11.29	12.72
Cash Interest Paid	-	443	451	170	233
Cash Income Tax Paid	-	2,216	1,955	1,735	1,710
Levered Free Cash Flow	4,939	3,075	3,709	4,919	5,889
Unlevered Free Cash Flow	5,099	3,380	3,967	5,053	5,995
Change in Working Capital	-610	-1,071	-834	-198	1,181

Source: S&P Global Market Intelligence. Standard template. Financial Sources.