Linde sells industrial gases under long contracts, and in the third quarter of 2026 its sales rose 9%. But costs grew faster than prices, and shareholder payouts are partly funded with debt.
The air you breathe is mostly nitrogen and oxygen. Linde pulls those gases out of the air, mainly by chilling it until they separate, and sells them to chemical plants, factories and electronics makers around the world. The chip in your phone may have been made with the help of such gases. Linde earns money by supplying a steady flow of gas, often under contracts that last many years. A smaller Engineering business builds gas plants for customers and for Linde itself.
The Americas is the largest of Linde's three regional gas businesses, ahead of Europe, the Middle East and Africa, and Asia-Pacific. The biggest customers pay for gas from a plant built just for them, under long contracts that set a minimum amount they must buy. That puts a floor under sales, and anything above it is extra. What Linde keeps depends on the gap between its price and the cost of making and delivering each unit, such as the natural gas behind most of its hydrogen. A plant ties up money for years, so contract length and how fully the plant runs decide the return.
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