LIN · Earnings call · 2026Q3T · Full report
Operating Cash Flow Trends
LINDE PLC · 2026-10-29 · Importance 42 · Surprise 14 · No source text
Third-quarter operating cash flow was $3.2 billion, up 8% year over year and in line with EBITDA growth. Management said second-half operating cash flow is seasonally higher because of the timing of taxes, interest, and incentive payments. Base CapEx, including growth investment, maintenance, and repair, was flat year over year, or lower excluding currency. Linde had deployed more than $9 billion of capital year to date, with roughly half invested in the business and the remainder returned to shareholders.
Key facts
- LINDE PLC deployed over $9 billion of capital year to date, with roughly half invested in the business and the remainder distributed to shareholders.
- LINDE PLC’s operating cash flow was $3.2 billion, up 8% year over year and in line with EBITDA growth.
- LINDE PLC said Lincare’s free cash flow was positive throughout, with depreciation add-back and CapEx mostly offsetting so EBIT was a rough proxy for free cash flow, subject to working-capital management and seasonal noise.
- LINDE PLC’s base CapEx, including growth investments, maintenance and repair, was flat year over year, or down excluding currency impact.
- LINDE PLC’s second-half operating cash flow is higher because of seasonal timing of taxes, interest and incentives.
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +0.3% | LINDE PLC’s operating cash flow was $3.2 billion, up 8% year over year and in line with EBITDA growth. |
| cash | negative | realized | — | LINDE PLC deployed over $9 billion of capital year to date, with roughly half invested in the business and the remainder distributed to… |