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Linde cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.8B in Q3 2026 · $5.1B over twelve months

Operating cash flow$3.2B
Capital spending−$1.4B
Free cash flow+$1.8B
Cash / net income1.8×
Cash conversion cycle42 days

Analysis

In Q3 2026, Linde generated $3.2B of operating cash flow and spent $1.4B on capital projects, leaving free cash flow of $1.8B. That is $105M more than in Q3 2025 ($1.7B).

Over the twelve months to Sep 30, 2026, operating cash flow was $10.7B; the largest uses were capital spending ($5.6B), buybacks ($4.0B), dividends ($2.9B); besides operations, cash came from net borrowing (+) / repaid (−) ($1.5B), asset & business sales ($189M); the cash balance fell by $562M.

Operating cash flow was $3.2B against net income of $1.7B — 1.8× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$965M, other non-cash +$389M, payables +$386M.

Its cash conversion cycle was 42 days (receivables 55 + inventory 39 − payables 53).

Free cash flow

Linde: free cash flow by quarterLinde: free cash flow by quarter$1.6BQ4 2024$891MQ1 2025$954MQ2 2025$1.7BQ3 2025$1.6BQ4 2025$898MQ1 2026$833MQ2 2026$1.8BQ3 2026
Operating cash flow less capital spending.
Linde: operating cash flow against capital spendingLinde: operating cash flow against capital spendingOperating cash flowCapital spending$2.8B$1.2BQ4 2024$2.2B$1.3BQ1 2025$2.2B$1.3BQ2 2025$2.9B$1.3BQ3 2025$3.0B$1.5BQ4 2025$2.2B$1.3BQ1 2026$2.3B$1.4BQ2 2026$3.2B$1.4BQ3 2026
Latest (Q3 2026): Operating cash flow $3.2B, Capital spending $1.4B.

Capital allocation, year by year

Linde: where the cash came from (up) and went (down), by fiscal yearLinde: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $9.7BFY2021: Net borrowing −$514MFY2021: Shares issued $50.0MFY2021: Asset sales $167MFY2021: Capital spending −$3.1BFY2021: Acquisitions −$88.0MFY2021: Buybacks −$4.6BFY2021: Dividends −$2.2B$9.9BFY2021FY2022: Operating cash flow $8.9BFY2022: Net borrowing $4.5BFY2022: Shares issued $36.0MFY2022: Asset sales $195MFY2022: Capital spending −$3.2BFY2022: Acquisitions −$110MFY2022: Buybacks −$5.2BFY2022: Dividends −$2.3B$13.6BFY2022FY2023: Operating cash flow $9.3BFY2023: Net borrowing $1.1BFY2023: Shares issued $33.0MFY2023: Asset sales $70.0MFY2023: Capital spending −$3.8BFY2023: Acquisitions −$953MFY2023: Buybacks −$4.0BFY2023: Dividends −$2.5B$10.5BFY2023FY2024: Operating cash flow $9.4BFY2024: Net borrowing $3.2BFY2024: Shares issued $31.0MFY2024: Asset sales $170MFY2024: Capital spending −$4.5BFY2024: Acquisitions −$317MFY2024: Buybacks −$4.5BFY2024: Dividends −$2.7B$12.8BFY2024FY2025: Operating cash flow $10.3BFY2025: Net borrowing $2.9BFY2025: Shares issued $23.0MFY2025: Asset sales $42.0MFY2025: Capital spending −$5.3BFY2025: Acquisitions −$412MFY2025: Buybacks −$4.6BFY2025: Dividends −$2.8B$13.3BFY2025
Over these 5 years operating cash flow totalled $47.7B; the largest uses were buybacks ($22.8B) and capital spending ($19.8B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$3.9B
Debt$26.7B
Net debt$22.8B
Due within a year$1.8B

Linde funds itself: free cash flow was $5.1B over the last twelve months, and $3.9B of cash and investments stands against $26.7B of debt ($1.8B due within a year, 2.2× covered by cash).

Linde: debt maturities by year (FY2025)Linde: debt maturities by year (FY2025)$1.8BYear 1$2.3BYear 2$1.7BYear 3$2.2BYear 4$1.7BYear 5$12.8BAfter year 5
Principal due in each year as disclosed in the annual report, against $3.9B of cash and investments now.

Where the cash came from and went

Linde: sources (+) and uses (−) of cash, Q3 2026Linde: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$3.2BCapital spending−$1.4BNet borrowing (+) / repaid (−)−$1.1BBuybacks−$954MCash drawn (+) / kept (−)$951MDividends−$735MAsset & business sales$55.0MOther investing$37.0MOther financing$28.0MAcquisitions−$26.0MShares issued$4.0MExchange rates$4.0M
Linde: sources (+) and uses (−) of cash, TTM to Q3 2026Linde: sources (+) and uses (−) of cash, 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 profit to cash

Linde: net income to operating cash flow, Q3 2026Linde: net income to operating cash flow, Q3 2026Net income$1.7BDepreciation & amortization$965MStock-based pay$44.0MOther non-cash$389MReceivables−$45.0MInventory−$11.0MPayables$386MPrepaid and other assets−$142MOther operating capital−$24.0MOperating cash flow$3.2B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202655395342
Q2 202654395142
Q1 202653415439
Q4 202554425541
Q3 202556455546
Q2 202555435345
Q1 202553435442
Q4 202453435739

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$3.2B−$1.4B−$26.0M−$954M−$735M−$1.1B$4.0M$951M$1.8B
Q2 2026$2.3B−$1.4B−$232M−$871M−$738M$2.0B$19.0M−$939M$833M
Q1 2026$2.2B−$1.3B−$153M−$807M−$741M−$336M$3.0M$1.1B$898M
Q4 2025$3.0B−$1.5B−$19.0M−$1.4B−$698M$994M$3.0M−$547M$1.6B
Q3 2025$2.9B−$1.3B−$123M−$989M−$701M$78.0M$5.0M$277M$1.7B
Q2 2025$2.2B−$1.3B−$158M−$1.1B−$704M$346M$4.0M$508M$954M
Q1 2025$2.2B−$1.3B−$112M−$1.1B−$708M$1.5B$11.0M−$444M$891M
Q4 2024$2.8B−$1.2B−$142M−$1.3B−$659M$539M$3.0M$337M$1.6B

Linde: income statement and cash flow

Linde, Q3 2026: revenue $9.4B (+9% year over year), operating margin 22.9%. The chart follows the revenue to costs, profit and cash.

Linde: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.