LINDE PLCLIN
LINDE PLC Segments Disclosure
SEGMENT INFORMATION
(a)Long-lived assets include property, plant and equipment - net.
Linde’s operations consist of two major product lines: industrial gases and engineering. As further described in the following paragraph, Linde’s industrial gases operations are managed on a geographic basis, which represent three of the company's reportable segments - Americas, EMEA (Europe/Middle East/Africa), and APAC (Asia/South Pacific); a fourth reportable segment, which represents the company's Engineering business, designs and manufactures equipment for air separation and other industrial gas applications specifically for end customers and is managed on a worldwide basis operating in all three geographic segments. Other consists of corporate costs and a few smaller businesses, which individually do not meet the quantitative thresholds for separate presentation.
The industrial gases product line centers on the manufacturing and distribution of atmospheric gases (oxygen, nitrogen, argon, rare gases) and process gases (hydrogen, helium, carbon dioxide, carbon monoxide, electronic gases, specialty gases, acetylene). Many of these products are co-products of the same manufacturing process. Linde manufactures and distributes nearly all of its products and manages its customer relationships on a regional basis. Linde’s industrial gases are distributed to various end-markets within a regional segment through one of three basic distribution methods: on-site or tonnage; merchant or bulk; and packaged or cylinder gases. The distribution methods are generally integrated in order to best meet the customer’s needs and very few of its products can be economically transported outside of a region. Therefore,
the distribution economics are specific to the various geographies in which the company operates and are consistent with how management assesses performance.
The CODM consists of the CEO, COO, CFO and senior or executive vice president of each respective segment. The company’s measure of profit/loss for segment reporting is segment operating profit. Segment operating profit is defined as operating profit excluding purchase accounting impacts of the Linde AG merger, cost reduction and other charges, and items not indicative of ongoing business trends. The CODM uses operating profit to assess overall segment performance, which includes monitoring opportunities for growth and to make capital decisions across the respective segments, while assessing both industry and macroeconomic conditions. Total assets have not been included as this is not provided to the CODM for their assessment.
The table below presents information about reportable segments for the years ended December 31, 2025, 2024 and 2023.
| (Millions of dollars) | Americas | EMEA | APAC | Engineering | Other | Total | ||||||||||||||||||||||||||||||||
| 2025 | ||||||||||||||||||||||||||||||||||||||
| Sales (a) | $ | 15,208 | $ | 8,549 | $ | 6,661 | $ | 2,250 | $ | 1,318 | $ | 33,986 | ||||||||||||||||||||||||||
| Variable Costs (b) | 5,763 | 2,943 | 3,270 | 853 | 484 | 13,313 | ||||||||||||||||||||||||||||||||
| Fixed Costs and other (c) | 3,194 | 1,870 | 784 | 957 | 745 | 7,550 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization (d) | 1,504 | 681 | 674 | 32 | 95 | 2,986 | ||||||||||||||||||||||||||||||||
| Operating Profit (e) | 4,747 | 3,055 | 1,933 | 408 | (6) | 10,137 | ||||||||||||||||||||||||||||||||
| Expenditures for long-lived assets | $ | 3,428 | $ | 729 | $ | 1,177 | $ | 35 | $ | 304 | $ | 5,673 | ||||||||||||||||||||||||||
| 2024 | ||||||||||||||||||||||||||||||||||||||
| Sales (a) | $ | 14,442 | $ | 8,352 | $ | 6,632 | $ | 2,322 | $ | 1,257 | $ | 33,005 | ||||||||||||||||||||||||||
| Variable Costs (b) | 5,375 | 3,129 | 3,304 | 920 | 408 | 13,136 | ||||||||||||||||||||||||||||||||
| Fixed Costs and other (c) | 3,067 | 1,803 | 769 | 959 | 694 | 7,292 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization (d) | 1,450 | 640 | 641 | 33 | 93 | 2,857 | ||||||||||||||||||||||||||||||||
| Operating Profit (e) | 4,550 | 2,780 | 1,918 | 410 | 62 | 9,720 | ||||||||||||||||||||||||||||||||
| Expenditures for long-lived assets | $ | 2,805 | $ | 702 | $ | 1,059 | $ | 25 | $ | 223 | $ | 4,814 | ||||||||||||||||||||||||||
| 2023 | ||||||||||||||||||||||||||||||||||||||
| Sales (a) | $ | 14,304 | $ | 8,542 | $ | 6,559 | $ | 2,160 | $ | 1,289 | $ | 32,854 | ||||||||||||||||||||||||||
| Variable Costs (b) | 5,524 | 3,614 | 3,317 | 676 | 433 | 13,564 | ||||||||||||||||||||||||||||||||
| Fixed Costs and other (c) | 3,113 | 1,802 | 803 | 960 | 717 | 7,395 | ||||||||||||||||||||||||||||||||
| Depreciation and amortization (d) | 1,423 | 640 | 633 | 33 | 96 | 2,825 | ||||||||||||||||||||||||||||||||
| Operating Profit (e) | 4,244 | 2,486 | 1,806 | 491 | 43 | 9,070 | ||||||||||||||||||||||||||||||||
| Expenditures for long-lived assets | $ | 2,999 | $ | 635 | $ | 975 | $ | 24 | $ | 107 | $ | 4,740 | ||||||||||||||||||||||||||
(a)Sales reflect external sales only. Intersegment sales from Engineering to the industrial gases segments, were $2,702 million, $1,958 million and $1,479 million for the year ended December 31, 2025, 2024 and 2023, respectively. Intersegment sales from Helium, were $436 million, $477 million, $509 million for the year ended December 31, 2025, 2024 and 2023, respectively.
(b)Variable costs represents the variable portion of cost of sales, exclusive of depreciation and amortization.
(c)Fixed costs and other represent the fixed portion of cost of sales (exclusive of depreciation and amortization), selling, general and administrative, research and development and other income (expenses) - net.
(d)Refer to the reconciliation of depreciation and amortization to consolidated results below.
(e)Refer to the reconciliation of operating profit to consolidated results below.
Reconciliations to Consolidated Results
Depreciation and Amortization
The table below reconciles total depreciation and amortization disclosed in the table above to consolidated depreciation and amortization as reflected on our consolidated statements of income:
| (Millions of dollars) | 2025 | 2024 | 2023 | |||||||||||||||||
| Total segment depreciation and amortization | $ | 2,986 | $ | 2,857 | $ | 2,825 | ||||||||||||||
| Purchase accounting impacts - Linde AG (a) | 777 | 923 | 991 | |||||||||||||||||
| Total depreciation and amortization | $ | 3,763 | $ | 3,780 | $ | 3,816 | ||||||||||||||
(a)To adjust for purchase accounting impacts related to the merger.
Income Before Income Taxes and Equity Investments
The table below reconciles total operating profit disclosed in the table above to consolidated income before income taxes and equity investments as reflected on our consolidated statements of income:
| (Millions of dollars) | 2025 | 2024 | 2023 | |||||||||||||||||
| Total segment operating profit | $ | 10,137 | $ | 9,720 | $ | 9,070 | ||||||||||||||
| Cost reduction program and other charges | 273 | 145 | 40 | |||||||||||||||||
| Purchase accounting impacts - Linde AG (a) | 941 | 940 | 1,006 | |||||||||||||||||
| Interest expense - net | 255 | 256 | 200 | |||||||||||||||||
| Net pension and OPEB cost (benefit), excluding service cost | (229) | (190) | (164) | |||||||||||||||||
| Total consolidated income before income taxes and equity investments | $ | 8,897 | $ | 8,569 | $ | 7,988 | ||||||||||||||
(a)To adjust for purchase accounting impacts related to the merger.
Geographic Information
The geographic information presented below is based on country of origin.
Sales by Major Country
| (Millions of dollars) | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 12,182 | $ | 11,497 | $ | 10,566 | ||||||||||||||
| China | 2,600 | 2,649 | 2,585 | |||||||||||||||||
| Germany (a) | 2,432 | 2,509 | 2,827 | |||||||||||||||||
| United Kingdom | 1,510 | 1,540 | 1,507 | |||||||||||||||||
| Australia | 1,287 | 1,354 | 1,303 | |||||||||||||||||
| Mexico | 1,391 | 1,346 | 1,292 | |||||||||||||||||
| Brazil | 1,325 | 1,263 | 1,302 | |||||||||||||||||
| Other – non-U.S. | 11,259 | 10,847 | 11,472 | |||||||||||||||||
| Total Sales | $ | 33,986 | $ | 33,005 | $ | 32,854 | ||||||||||||||
(a)Sales in Germany include Engineering sales to third parties, locally and internationally, which represent 25%, 28% and 35% of Germany sales in 2025, 2024 and 2023, respectively.
Long-lived Assets
| (Millions of dollars) | 2025 | 2024 | 2023 | |||||||||||||||||
| United States | $ | 11,229 | $ | 9,663 | $ | 8,490 | ||||||||||||||
| China | 2,129 | 2,022 | 2,063 | |||||||||||||||||
| Germany | 1,550 | 1,386 | 1,584 | |||||||||||||||||
| Brazil | 896 | 738 | 836 | |||||||||||||||||
| Mexico | 852 | 704 | 768 | |||||||||||||||||
| United Kingdom | 718 | 668 | 684 | |||||||||||||||||
| Australia | 621 | 573 | 654 | |||||||||||||||||
| Other – non-U.S. | 10,265 | 9,021 | 9,473 | |||||||||||||||||
| Total long-lived assets (a) | $ | 28,260 | $ | 24,775 | $ | 24,552 | ||||||||||||||
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 Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.