LINMEDIUM SIGNALFINANCIAL10-K

Linde's total debt surged 29.2% to $22.5B while the company reduced its share count by 2% and maintained modest sales growth of 3%.

The substantial debt increase of $5.1B suggests either major capital investments, acquisitions, or significant share repurchases given the reduced outstanding share count. While sales growth of 3% to $33.986B indicates steady operational performance, the leverage increase warrants monitoring of debt servicing capacity and return on invested capital.

Comparing 2026-02-25 vs 2025-02-26View on EDGAR →
FINANCIAL ANALYSIS

Total debt jumped dramatically by 29.2% to $22.5B, driving total liabilities up 15.8% to $47.1B, representing a significant increase in financial leverage. The company simultaneously reduced its outstanding shares by approximately 2% from 472.9M to 463.4M shares, suggesting debt-funded share repurchases or acquisitions. While sales grew a modest 3% year-over-year, the substantial debt increase creates a more leveraged capital structure that investors should monitor for debt service coverage and returns on the additional capital deployed.

FINANCIAL STATEMENT CHANGES
Total Debt
Balance Sheet
+29.2%
$17.4B→$22.5B

Debt rose 29.2% — additional borrowing for investment or operations; monitor coverage ratios.

Total Liabilities
Balance Sheet
+15.8%
$40.7B→$47.1B

Liabilities increased 15.8% — monitor debt-to-equity ratio and interest coverage.

LANGUAGE CHANGES
NEW — 2026-02-25
PRIOR — 2025-02-26
ADDED
At January 31, 2026, 463,394,156 ordinary shares of 0.001 nominal value per share of the Registrant were outstanding.
Linde s sales were $33,986 million, $33,005 million, and $32,854 million for 2025, 2024, and 2023, respectively.
Hydrogen is produced from several different feedstocks using a range of technologies.
Carbon monoxide can be produced by either SMR or ATR of natural gas or other feedstock such as naphtha, a by-product in the petrochemical industry.
Engineering uses sustainable technologies to help customers avoid, capture and utilize carbon dioxide emissions.
International Linde is a global enterprise with approximately 64% of its 2025 sales outside of the United States.
Research and development is primarily conducted in Pullach, Germany, Tonawanda, New York, Burr Ridge, Illinois and Shanghai, China.
The Human Capital Committee also annually reviews the company s management development and succession programs and the associated programs to achieve those objectives.
As of December 31, 2025, Linde had 65,177 employees worldwide comprised of approximately 28 percent women and 72 percent men.
Sanjiv Lamba, 61, was appointed Chief Executive Officer of Linde effective March 1, 2022 and Chairman of the Board effective January 31, 2026.
REMOVED
At January 31, 2025, 472,911,618 ordinary shares of 0.001 nominal value per share of the Registrant were outstanding.
Linde s sales were $33,005 million, $32,854 million, and $33,364 million for 2024, 2023, and 2022, respectively.
Hydrogen is produced from a range of different feedstocks using a wide portfolio of technologies.
Carbon monoxide can be produced by either steam methane reforming (SMR) or auto-thermal reforming (ATR) of natural gas or other feedstock such as naphtha, a by-product in the petrochemical industry.
With its state-of-the-art sustainable technologies Engineering also helps customers avoid, capture and utilize carbon dioxide emissions.
International Linde is a global enterprise with approximately 65% of its 2024 sales outside of the United States.
Patents and Trademarks Linde owns or licenses a large number of patents that relate to a wide variety of products and processes.
The Human Capital Committee also annually reviews the company s management development and succession programs, diversity policies and objectives, and the associated programs to achieve those objectives.
As of December 31, 2024, Linde had 65,289 employees worldwide comprised of approximately 28 percent women and 72 percent men.
The total professional workforce is comprised of approximately 29 percent women and 71 percent men.
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