Linde's biggest risks in the FY2024 10-K
- Linde faces heavy exposure to energy cost volatility and supply disruptions since energy is its largest production expense.
- International operations across 80 countries expose Linde to severe currency, geopolitical, and trade regulatory risks.
- Goodwill and intangible assets totaling $28 billion create significant impairment vulnerability if market conditions deteriorate.
The risks most specific to Linde
Increases in the cost of energy and raw materials and/or disruption in the supply of these materials could result in lost sales or reduced profitability
Energy is Linde's single largest cost item, meaning price spikes or supply disruptions in electricity, natural gas, or diesel can reduce profitability.
An impairment of goodwill or intangible assets could negatively impact the company's financial results
Goodwill and other indefinite-lived intangible assets stand at approximately $26 billion and $2 billion respectively from the 2018 merger, risking impairment.
If Linde fails to keep pace with technological advances in the industry or if new technology initiatives do not become commercially accepted, customers may not continue to buy Linde’s products and results of operations could be adversely affected
Failure to keep pace with technological advances in industrial gas production and plant design could cause customers to abandon Linde products.
- Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
Linde may be subject to information technology system failures, network disruptions and breaches in data security
IT system failures, network outages, or data security breaches could disrupt Linde's core business operations and compromise proprietary information.
- Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
The inability to effectively integrate acquisitions or collaborate with joint venture partners could adversely impact Linde’s financial position and results of operations
Unforeseen operating difficulties and integration expenditures may arise from Linde's ongoing strategic acquisitions and joint ventures.
- Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
Risks associated with products and services may result in potential liability claims, the loss of customers or damage to Linde’s reputation. Principal possible causes of risks associated with products and services are product defects or an inadequate level of customer care when Linde is providing services
Product defects or inadequate customer care expose Linde to product liability claims, particularly through U.S. class actions.
- Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
U.S. civil liabilities may not be enforceable against Linde
Linde is organized under the laws of Ireland with substantial assets outside the U.S., which may make U.S. civil liabilities unenforceable.
All 18 risk factors
Headings as the filing states them, in filing order.
Other
- 01Weakening economic conditions in markets in which Linde does business may adversely impact its financial results and/or cash flows
- 02Increases in the cost of energy and raw materials and/or disruption in the supply of these materials could result in lost sales or reduced profitability
- 03Linde’s international operations are subject to the risks of doing business abroad and international events and circumstances may adversely impact its business, financial condition or results of operations
- 04Currency exchange rate fluctuations and other related risks may adversely affect Linde's results
- 05Macroeconomic factors may impact Linde’s ability to obtain financing or increase the cost of obtaining financing which may adversely impact Linde’s financial results and/or cash flows
- 06An impairment of goodwill or intangible assets could negatively impact the company's financial results
- 07Catastrophic events could disrupt the operations of Linde and/or its customers and suppliers and may have a significant adverse impact on the results of operations
- 08The inability to attract and retain qualified personnel may adversely impact Linde’s business
- 09If Linde fails to keep pace with technological advances in the industry or if new technology initiatives do not become commercially accepted, customers may not continue to buy Linde’s products and results of operations could be adversely affected
Risks related to pension benefit plans may adversely impact Linde’s results of operations and cash flows
- 10Operational risks may adversely impact Linde’s business or results of operations
- 11Linde may be subject to information technology system failures, network disruptions and breaches in data security
- 12The inability to effectively integrate acquisitions or collaborate with joint venture partners could adversely impact Linde’s financial position and results of operations
- 13Linde is subject to a variety of international laws and government regulations and changes in, or failure to comply with, these laws or regulations could have an adverse impact on the company’s business, financial position and results of operations
- 14The outcome of litigation or governmental investigations may adversely impact the company’s business or results of operations
- 15Risks associated with products and services may result in potential liability claims, the loss of customers or damage to Linde’s reputation. Principal possible causes of risks associated with products and services are product defects or an inadequate level of customer care when Linde is providing services
- 16U.S. civil liabilities may not be enforceable against Linde
- 17An Irish court will also exercise its right to refuse judgment if the foreign judgment (i) was obtained by fraud; (ii) violated Irish public policy; (iii) is in breach of natural justice; or (iv) if the judgment is irreconcilable with an earlier foreign judgment
- 18Changes in tax laws or policy could adversely impact the company’s financial position or results of operations
Other Linde 10-Ks
- FY2025 10-K risk factors19 risks1 new2 reworded
New risk 12 expands acquisition and joint-venture exposure to country-specific political, regulatory, currency and integration risks.
Filed Feb 25, 2026
About this page
The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.