LINDE PLCLIN
LINDE PLC Debt Disclosure
DEBT
The following is a summary of Linde’s outstanding debt at December 31, 2025 and 2024:
| (Millions of dollars) | |||||||||||
| December 31, | 2025 | 2024 | |||||||||
| SHORT-TERM | |||||||||||
| Commercial paper | $ | 4,226 | $ | 3,964 | |||||||
| Other bank borrowings (primarily non U.S.) | 284 | 259 | |||||||||
| Total short-term debt | 4,510 | 4,223 | |||||||||
| LONG-TERM (a) | |||||||||||
| (U.S. dollar denominated unless otherwise noted) | |||||||||||
4.700% Notes due 2025 (d) | — | 599 | |||||||||
2.65% Notes due 2025 (d) | — | 400 | |||||||||
3.625% Euro denominated notes due 2025 (f) | — | 517 | |||||||||
1.625% Euro denominated notes due 2025 (h) | — | 517 | |||||||||
0.00% Euro denominated notes due 2026 | 822 | 726 | |||||||||
3.20% Notes due 2026 | 725 | 725 | |||||||||
3.434% Notes due 2026 | 200 | 199 | |||||||||
1.652% Euro denominated notes due 2027 | 95 | 84 | |||||||||
0.250% Euro denominated notes due 2027 | 880 | 776 | |||||||||
1.00% Euro denominated notes due 2027 | 589 | 519 | |||||||||
2.271% Euro denominated notes due 2027 (g) | 705 | — | |||||||||
1.00% Euro denominated notes due 2028 (b) | 854 | 742 | |||||||||
3.00% Euro denominated notes due 2028 | 820 | 722 | |||||||||
3.375% Euro denominated notes due 2029 | 878 | 773 | |||||||||
2.625% Euro denominated notes due 2029 (c) | 994 | — | |||||||||
0.6150% Swiss franc denominated notes due 2029 (e) | 283 | — | |||||||||
1.10% Notes due 2030 | 698 | 697 | |||||||||
1.90% Euro denominated notes due 2030 | 120 | 106 | |||||||||
3.375% Euro denominated notes due 2030 | 877 | 772 | |||||||||
1.375% Euro denominated notes due 2031 | 884 | 779 | |||||||||
3.20% Euro denominated notes due 2031 | 997 | 878 | |||||||||
0.550% Euro denominated notes due 2032 | 877 | 772 | |||||||||
3.125% Euro denominated notes due 2032 (g) | 759 | — | |||||||||
0.375% Euro denominated notes due 2033 | 582 | 512 | |||||||||
3.00% Euro denominated notes due 2033 (c) | 877 | — | |||||||||
1.0629% Swiss franc denominated notes due 2033 (e) | 346 | — | |||||||||
3.625% Euro denominated notes due 2034 | 760 | 670 | |||||||||
3.50% Euro denominated notes due 2034 | 874 | 769 | |||||||||
1.625% Euro denominated notes due 2035 | 934 | 822 | |||||||||
3.40% Euro denominated notes due 2036 | 816 | 718 | |||||||||
3.250% Euro denominated notes due 2037 (c) | 756 | — | |||||||||
3.750% Euro denominated notes due 2038 (g) | 582 | — | |||||||||
3.55% Notes due 2042 | 666 | 666 | |||||||||
3.75% Euro denominated notes due 2044 | 810 | 712 | |||||||||
2.00% Notes due 2050 | 297 | 297 | |||||||||
1.00% Euro denominated notes due 2051 | 805 | 707 | |||||||||
| Non U.S. borrowings | 307 | 214 | |||||||||
| Other | 10 | 10 | |||||||||
| 22,479 | 17,400 | ||||||||||
| Less: current portion of long-term debt | (1,796) | (2,057) | |||||||||
| Total long-term debt | 20,683 | 15,343 | |||||||||
| Total debt | $ | 26,989 | $ | 21,623 | |||||||
(a)Amounts are net of unamortized discounts, premiums and/or debt issuance costs as applicable.
(b)December 31, 2025 and December 31, 2024 included a cumulative $25 million and $32 million adjustment to carrying value, respectively, related to hedge accounting of interest rate swaps, including related terminations. Refer to Note 12.
(c)In February 2025, Linde issued €850 million of 2.625% notes due in 2029, €750 million of 3.00% notes due in 2033, and €650 million of 3.25% notes due in 2037.
(d)In February 2025, Linde redeemed $600 million of 4.700% notes that were due in 2025 and repaid $400 million of 2.65% notes that became due.
(e)In June 2025, Linde issued CHF225 million of 0.6150% notes due in 2029 and CHF275 million of 1.0629% notes due in 2033.
(f)In June 2025, Linde repaid €500 million of 3.625% notes that became due.
(g)In November 2025, Linde issued three tranches of euro-denominated notes, €600 million of floating-rate notes due in 2027, at three-month EURIBOR plus a fixed spread and resetting quarterly (2.271% as of December 31, 2025); €650 million of 3.125% fixed-rate notes due in 2032, and €500 million of 3.750% fixed-rate notes due in 2038.
(h)In December 2025, Linde repaid €500 million of notes that became due.
Credit Facilities
On December 7, 2022, the company and certain of its subsidiaries entered into an amended and restated unsecured revolving credit agreement (the “Five Year Credit Agreement”) with a syndicate of banking institutions. The Five Year Credit Agreement provides for total commitments of $5.0 billion, which may be increased up to $6.5 billion, subject to receipt of additional commitments and satisfaction of customary conditions. There are no financial maintenance covenants contained within the credit agreement. The revolving credit facility expires on December 7, 2027 with the option to request two one-year extensions of the expiration date.
In addition, on December 3, 2025, the company and certain of its subsidiaries entered into an unsecured 364-day revolving credit agreement (the “364-Day Credit Agreement” and, together with the Five Year Credit Agreement, the “Credit Agreements”) with a syndicate of banking institutions. The 364-Day Credit Agreement provides for total commitments of $1.5 billion. There are no financial maintenance covenants contained within the credit agreement. The 364-Day Credit Agreement expires on December 2, 2026 with the option to elect to have the entire principal balances outstanding under the Credit Agreement converted into non-revolving term loans, which will be due and payable one year after the commitment termination date.
No borrowings were outstanding under the Credit Agreements as of December 31, 2025.
Other Debt Information
The weighted-average interest rates of short-term borrowings outstanding were 3.0% and 3.8% as of December 31, 2025 and 2024, respectively.
Expected maturities of long-term debt are as follows:
| (Millions of dollars) | |||||
| 2026 | $ | 1,796 | |||
| 2027 | 2,311 | ||||
| 2028 | 1,730 | ||||
| 2029 | 2,168 | ||||
| 2030 | 1,708 | ||||
| Thereafter | 12,766 | ||||
| $ | 22,479 | ||||
As of December 31, 2025, the amount of Linde's assets pledged as collateral was immaterial.
See Note 13 for the fair value information related to debt.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 28, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Feb 28, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Mar 2, 2020 | |
| 2018 | Mar 18, 2019 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.