Segment Information

9 Months Ended

Sep. 30, 2025

Segment Reporting [Abstract]

Segment Information

Segment Information

For a description of Linde plc's operating segments and information on how the Chief Operating Decision Maker assesses performance and allocates resources, refer to Note 18 to the consolidated financial statements on Linde plc's 2024 Annual

Report on Form 10-K. 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 table below presents sales and operating profit information about reportable segments and Other for the quarter and nine months ended September 30, 2025 and 2024.

Quarter Ended September 30,
(Millions of dollars)	Americas		EMEA		APAC		Engineering		Other		Total
2025
Sales (a)	$	3,846	$	2,178	$	1,741	$	519	$	331	$	8,615
Variable Costs (b)	1,454		734		867		175		117		3,347
Fixed Costs and other (c)	813		487		213		235		203		1,951
Depreciation and amortization (d)	380		176		171		8		24		759
Operating Profit (e)	$	1,199	$	781	$	490	$	101	$	(13)	$	2,558
2024
Sales (a)	$	3,618	$	2,111	$	1,716	$	611	$	300	$	8,356
Variable Costs (b)	1,363		783		860		256		89		3,351
Fixed Costs and other (c)	741		462		194		239		172		1,808
Depreciation and amortization (d)	361		163		165		8		23		720
Operating Profit (e)	$	1,153	$	703	$	497	$	108	$	16	$	2,477
Nine Months Ended September 30,
(Millions of dollars)	Americas		EMEA		APAC		Engineering		Other		Total
2025
Sales (a)	$	11,324	$	6,371	$	4,935	$	1,635	$	957	$	25,222
Variable Costs (b)	4,273		2,188		2,418		596		343		9,818
Fixed Costs and other (c)	2,385		1,396		585		710		554		5,630
Depreciation and amortization (d)	1,121		504		501		24		72		2,222
Operating Profit (e)	$	3,545	$	2,283	$	1,431	$	305	$	(12)	$	7,552
2024
Sales (a)	$	10,833	$	6,293	$	4,964	$	1,694	$	939	$	24,723
Variable Costs (b)	4,024		2,358		2,476		644		310		9,812
Fixed Costs and other (c)	2,318		1,362		583		722		536		5,521
Depreciation and amortization (d)	1,091		479		487		24		69		2,150
Operating Profit (e)	$	3,400	$	2,094	$	1,418	$	304	$	24	$	7,240

(a)Sales reflect external sales only. Intersegment sales from Engineering to the industrial gases segments were $728 million and $504 million for the third quarter 2025 and 2024, respectively, and $1,948 million and $1,380 million for the nine months ended 2025 and 2024, respectively. Intersegment sales from Helium were $104 million and $119 million for the third quarter 2025 and 2024, respectively, and $323 million and $353 million for the nine months ended September 30, 2025 and 2024, 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 statement of income:

	Quarter Ended September 30,				Nine Months Ended September 30,
(Millions of dollars)	2025		2024		2025		2024
Total segment depreciation and amortization	$	759	$	720	$	2,222	$	2,150
Purchase accounting impacts - Linde AG (a)	202		240		591		717
Total depreciation and amortization	$	961	$	960	$	2,813	$	2,867

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 statement of income:

	Quarter Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Total segment operating profit	$	2,558	$	2,477	$	7,552	$	7,240
Cost reduction program and other charges	(11)		145		44		145
Purchase accounting impacts - Linde AG (a)	202		246		603		730
Total operating profit	2,367		2,086		6,905		6,365
Interest expense - net	64		68		191		203
Net pension and OPEB cost (benefit), excluding service cost	(57)		(45)		(172)		(144)
Total consolidated income before income taxes and equity investments	$	2,360	$	2,063	$	6,886	$	6,306

(a)To adjust for purchase accounting impacts related to the merger.