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Linde LIN EMEA — Variable costs

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Other financials

Income statement

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Revenue$9.3B+9.3%
Gross profit$4.3B+7.7%
Operating income$2.4B+11.7%
Net income$1.9B+9.2%
EPS (diluted)$4.15+11.3%

Balance sheet

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Cash & equivalents$4.0B-25.2%
Total debt$31.1B+9.8%
Total equity$38.6B+1.4%
Total assets$86.3B+4.4%

Cash flow

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Operating cash flow$2.2B+3.7%
CapEx$1.3B+5.7%
Free cash flow$898.0M+0.8%

Valuation

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Market cap$226.36B+2.4%
Enterprise value$253.54B+5.6%
P/E31.3×-1.7×
P/S6.4×-0.3×

Profitability

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Gross margin48.8%+0.5pp
Operating margin26.5%+0.1pp
Net margin20.4%+0.2pp
FCF margin14.7%-0.2pp

Returns & leverage

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Return on equity18.5%+1.3pp
Debt / equity0.8×+0.1×
Current ratio0.8×-0.1×

Where this comes from

Reported directly by Linde in its filing.

Tagged under the XBRL concept lin:VariableCosts.

The source filing: Linde’s 10-Q, filed May 1, 2026.

Filed
May 1, 2026, 10:38 AM EDT
Fiscal quarter
Q1 FY2026
Calendar quarter
Q1 2026
Accession
0001628280-26-029165
(Millions of dollars)AmericasEMEAAPACEngineeringOtherTotal
2026
Sales (a)$4,025$2,171$1,701$517$367$8,781
Variable Costs (b)1,5767228411681573,464
Fixed Costs and other (c)7984902092411891,927
Depreciation and amortization (d)379175174725760
Operating Profit (e)$1,272$784$477$101$(4)$2,630
2025
Sales (a)$3,666$2,031$1,539$565$311$8,112

Item 1. Financial Statement

FAQ

What is Linde's EMEA — variable costs?
Linde (LIN) reported EMEA — variable costs of $722M in Q1 2026.
How has Linde's EMEA — variable costs changed year-over-year?
Linde's EMEA — variable costs increased by 0.1% year-over-year, from $721M to $722M.
What is the long-term trend for Linde's EMEA — variable costs?
Over 3 years (2022 to 2025), Linde's EMEA — variable costs has grown at a -10.0% compound annual growth rate (CAGR), from $4.03B to $2.94B.
What does EMEA — variable costs mean?
These are the costs directly associated with the production and delivery of industrial gases in the EMEA region that fluctuate in direct proportion to sales volume. This includes items such as raw materials, energy, and logistics costs.

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