Linde
Supplies industrial gases through pipelines, tankers and cylinders, and engineers gas-processing plants.
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Profile
Produces atmospheric, process, specialty, and medical gases for industrial and healthcare customers through on-site pipelines, bulk tankers, and cylinders. On-site supply uses long-duration contracts with minimum purchases, while Linde Engineering designs and builds gas-production and processing plants.
Produces oxygen, nitrogen, argon, hydrogen, helium, carbon dioxide, and specialty gases for manufacturing, chemicals and energy, healthcare, food and beverage, metals and mining, and electronics. Supply runs through on-site plants and pipelines for large users, bulk-liquid tanker deliveries, and packaged cylinders for smaller volumes across the Americas, EMEA, and Asia-Pacific.
Combines gas operations with Linde Engineering, which designs and builds air-separation, hydrogen, synthesis-gas, olefin, and natural-gas plants for customers and the group’s own supply network. Proprietary separation technology, integrated production and distribution, and customer-specific applications support supply across diverse end markets.
On-site plants require substantial capital near customer facilities and are typically backed by long-duration contracts with minimum purchases and energy-cost pass-throughs. Global operations also depend on trade, tax, environmental, and healthcare rules, while electricity, natural gas, and distribution fuel remain core inputs.
Company facts
Categories
Key statistics
Year to date +14.1% · Average volume (30d) 2.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Rating | Prior target | Target |
|---|---|---|---|---|---|
| Aug 10, 2026 | Goldman Sachs | Target | $375 | $580 | |
| Aug 10, 2026 | BMO Capital | Reiterate | Outperform | $560 | $546 |
| Aug 3, 2026 | Bernstein | Reiterate | Outperform | $559 | $564 |
| Aug 3, 2026 | RBC Capital | Reiterate | Outperform | $570 | $553 |
| Aug 3, 2026 | UBS | Target | $600 | $612 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Jul 31, 2026Q2 FY26 | $4.49 | $4.50 | +0.2% | $9.02B | $9.29B | +3.0% | −5.95% |
| May 1, 2026Q1 FY26 | $4.27 | $4.33 | +1.4% | $8.60B | $8.78B | +2.1% | −2.83% |
| Feb 5, 2026Q4 FY25 | $4.18 | $4.20 | +0.5% | $8.64B | $8.76B | +1.4% | −2.49% |
| Oct 31, 2025Q3 FY25 | $4.18 | $4.21 | +0.7% | $8.62B | $8.62B | −0.1% | −1.46% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $8.11B | $8.50B | $8.62B | $8.76B | $8.78B | $9.29B | |
| Gross profit | $3.05B | $4.19B | $3.28B | $4.22B | $4.26B | $4.43B | |
| Operating income | $2.22B | $2.35B | $2.34B | $2.02B | $3.26B | $2.54B | |
| Net income | $1.67B | $1.77B | $1.93B | $1.57B | $1.86B | $1.93B | |
| Diluted EPS | $3.51 | $3.73 | $4.09 | $3.26 | $3.98 | $4.15 | |
| Gross margin | 37.5% | 49.3% | 38.0% | 48.1% | 48.5% | 47.7% | |
| Operating margin | 27.4% | 27.7% | 27.2% | 23.0% | 37.2% | 27.3% |
Fiscal years (4-quarter sums)FY21 $30.79B · FY22 $33.36B · FY23 $32.85B · FY24 $33.01B · FY25 $33.99B
Revenue by product · Q2 FY26
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $4.90B · Total debt $28.01B · Total assets $88.35B · Shareholders' equity $39.08B
Dividends
Raised for 32 straight years — most recently to $1.60 from $1.50 in Mar 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Jun 4, 2026 | Jun 4 | Jun 18 | $1.60 | |
| Mar 11, 2026 | Mar 11 | Mar 26 | $1.60 | raised from $1.50 |
| Dec 3, 2025 | Dec 3 | Dec 17 | $1.50 | |
| Sep 4, 2025 | Sep 4 | Sep 18 | $1.50 | |
| Jun 4, 2025 | Jun 4 | Jun 18 | $1.50 | |
| Mar 13, 2025 | Mar 13 | Mar 27 | $1.50 | raised from $1.39 |
| Dec 3, 2024 | Dec 3 | Dec 17 | $1.39 | |
| Sep 4, 2024 | Sep 4 | Sep 18 | $1.39 |
Ownership
A 13F quarter can total more than the shares outstanding — sub-advisers file the same block twice, and a filer's own share count can be a quarter stale. No split is drawn from it.
Shares outstanding 462.60M · Float 460.18M · 99.5% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| BlackRock, Inc. | 37.30M | 8.06% | 13F | Aug 7, 2026 |
| Vanguard Capital Management LLC | 30.21M | 6.53% | 13F | Aug 13, 2026 |
| State Street Corp | 20.34M | 4.40% | 13F | Aug 7, 2026 |
| Capital Research Global Investors | 17.43M | 3.77% | 13F | Aug 12, 2026 |
| Invesco Ltd. | 15.32M | 3.31% | 13F | Aug 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Paula Rosput Reynolds | director | +100 | $479.12 |
| May 15, 2026 | Robert L. Wood | director | −4,335 | $506.39 |
| May 14, 2026 | Robert L. Wood | director | −880 | $508.76 |
| Mar 10, 2026 | Guillermo Bichara | officer: Exec VP & Chief Legal Officer | −4,357 | $480.79 |
| Mar 10, 2026 | Sean Durbin | officer: EVP, Chief Operating Officer | −6,520 | $477.27 |
Peers
- Air Products
Top US industrial-gas rival and the world's leading hydrogen supplier.
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Linde | $489.36 | −0.03% | $226.45B | 31.6 | 26.2 | 6.4 | +9.4% |
| Air Products | $308.09 | +0.03% | $68.61B | — | 21.6 | 5.4 | +4.6% |
| Median | — | 21.6 | 5.4 | +4.6% |