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Linde (LIN) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Linde (LIN) Q3 2026 earnings results →

Q3 2026 Revenue up 9% year over year to $9.4B · 18¢ of every $1 of revenue kept as net profit · operating margin 22.9%

Linde made $9.4B in Q3 2026 (+9% Y/Y): Americas $3.6B, EMEA $2.3B, APAC $1.9B. Operating margin 22.9%, net earnings $1.7B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$9.4B
Year over year+9%
Operating margin22.9%
Net earnings$1.7B
Operating cash flow$3.2B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Linde Q3 2026 revenue breakdown: Sankey diagram of revenue (Americas, EMEA, APAC, Other), costs, profit and cash flow
Linde Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.4B in Q3 2026, up 9% year over year and up 1% from the previous quarter. Americas was the largest line at 38% of revenue. Americas added $0.35B year over year (up 11%), 44% of the total change.

Operating profit was $2.1B, a 22.9% margin (down 4.6 points year over year). Operating profit fell $0.22B even though revenue rose $0.79B versus Q3 2025, so costs grew faster than sales. Total costs grew 16% against revenue growth of 9%. The fastest-growing cost line was Other operating costs (+46%). Net earnings were $1.7B, down 12% year over year. The effective tax rate was 20.5%.

Operating cash flow was $3.2B (up 7% year over year), 182% of net income including minority interests. Non-cash charges added back $1.0B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.42B. Capital expenditures of $1.4B left free cash flow of $1.8B.

Quarterly history

Linde revenue by quarterLinde revenue by quarter$8.1BQ1 2025$8.5BQ2 2025$8.6BQ3 2025$8.8BQ4 2025$8.8BQ1 2026$9.3BQ2 2026$9.4BQ3 2026
Linde net earnings by quarterLinde net earnings by quarter$1.7BQ1 2025$1.8BQ2 2025$1.9BQ3 2025$1.5BQ4 2025$1.9BQ1 2026$1.9BQ2 2026$1.7BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$9.4B+9%22.9%$1.7B$3.2B
Q2 202610-QJul 31, 2026$9.3B+9%27.5%$1.9B$2.3B
Q1 202610-QMay 1, 2026$8.8B+8%27.8%$1.9B$2.2B
Q4 202510-KFeb 25, 2026$8.8B+6%23.0%$1.5B$3.0B
Q3 202510-QOct 31, 2025$8.6B+3%27.5%$1.9B$2.9B
Q2 202510-QAug 1, 2025$8.5B+3%27.7%$1.8B$2.2B
Q1 202510-QMay 1, 2025$8.1B+0.1%26.9%$1.7B$2.2B

Charts

Linde: revenue growth, year over year and quarter over quarterLinde: revenue growth, year over year and quarter over quarterY/YQ/Q+0%Q1 2025+3%+5%Q2 2025+3%+1%Q3 2025+6%+2%Q4 2025+8%+0%Q1 2026+9%+6%Q2 2026+9%+1%Q3 2026
Latest (Q3 2026): Y/Y +9%, Q/Q +1%.
Linde: where the cash came from (+) and went (−), TTM to Q3 2026Linde: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$10.7BCapital spending−$5.6BBuybacks−$4.0BDividends−$2.9BNet borrowing (+) / repaid (−)$1.5BCash drawn (+) / kept (−)$562MAcquisitions−$430MAsset & business sales$189MOther financing−$56.0MOther investing$42.0MShares issued$29.0MExchange rates$20.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Linde: profit against cash, quarter by quarterLinde: profit against cash, quarter by quarterNet incomeOperating cash flow$1.8B$2.8BQ4 2024$1.7B$2.2BQ1 2025$1.8B$2.2BQ2 2025$2.0B$2.9BQ3 2025$1.6B$3.0BQ4 2025$1.9B$2.2BQ1 2026$2.0B$2.3BQ2 2026$1.7B$3.2BQ3 2026
Latest (Q3 2026): Net income $1.7B, Operating cash flow $3.2B.
Linde: diluted shares by fiscal yearLinde: diluted shares by fiscal year531MFY2020522MFY2021504MFY2022492MFY2023482MFY2024472MFY2025
-11.1% since FY2020: buybacks shrank the count.
Linde: long-term debt falling due (FY2025)Linde: long-term debt falling due (FY2025)$1.8B2026$2.3B2027$1.7B2028$2.2B2029$1.7B2030$12.8BLater
Cash $5.1B, short-term investments —, long-term debt $22.5B at 2025-12-31.
Linde in its industry: growth against margin (10 companies, SIC 2810)Linde in its industry: growth against margin (10 companies, SIC 2810)revenue growth, year over year →↑ operating marginmedian +12%median 11%APDTROXVHIMTXKROLXULXFRNLSTDNLIN (+9%, 23%)
Industrial Inorganic Chemicals; dot size is quarterly revenue; dashed lines are the industry's medians.

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🔄Rotation against the market and its industry (RRG)interactive

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⚖️Fair value by methodinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Linde

Linde plc is a public limited company formed under the laws of Ireland with its principal offices in the United Kingdom and United States. Linde is the largest industrial gas company worldwide and is a major technological innovator in the industrial gases industry. Its primary products in its industrial gases business are atmospheric gases (oxygen, nitrogen, argon, and rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, and acetylene). The company also designs and builds equipment that produces industrial gases and offers customers a wide range of gas production and processing services such as olefin plants, natural gas plants, air separation plants, hydrogen and synthesis gas plants, and other types of plants.

In its own words, from its 10-K, filed Feb 25, 2026.

Linde against its Industrial Inorganic Chemicals peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +9% against the peers' median +10%. Operating margin: 22.9% against the peers' median 11.4%.

CompanyQuarterRevenueY/YOp. margin
LIN LindeQ3 2026$9.4B+9%22.9%
APD Air Products & ChemicalsQ4 FY26$3.6B+12%17.8%
TROX Tronox HoldingsQ3 2026$827M+18%1.5%
VHI ValhiQ3 2026$589M+17%11.4%
MTX Minerals TechnologiesQ3 2026$555M+4%11.7%
KRO Kronos WorldwideQ3 2026$541M+18%10.7%
LXU LSB IndustriesQ3 2026$159M+2%16.9%
LXFR Luxfer HoldingsQ3 2026$91.7M-4%3.1%
NL NLI HoldingsQ3 2026$44.0M+10%7.1%

Source: Linde 10-Q on SEC EDGAR · CIK 1707925 · Industrial Inorganic Chemicals

Guidance and outlook

Linde: what its forward-looking statements are about (10-Q filed 2026-10-29)Linde: what its forward-looking statements are about (10-Q filed 2026-10-29)Other2Financing2
4 statements; tone +0.25 (−1 all cautious, +1 all confident); 0 hedged.
Linde: outlook statements against the filing beforeLinde: outlook statements against the filing beforeConfident1

More on LIN

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：林德（LIN）财报

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