Linde is the world's largest industrial gas company, producing and distributing gases — primarily oxygen, nitrogen, argon, hydrogen, helium, and carbon dioxide — to customers across healthcare, electronics, metals, chemicals, food and beverage, and energy. Linde also supplies gases for commercial space applications, including rocket propellants, which management expects to become a ~$1B revenue business. Linde delivers gas through three modes: on-site (plants built at the customer's facility under 10–20 year contracts with minimum purchase requirements), merchant (bulk liquid delivered by truck under 3–7 year contracts), and packaged (cylinders under 1–3 year contracts). The on-site model is the most capital-intensive but also the most defensible, with fixed facility fees that Linde collects regardless of customer offtake volumes. Roughly two-thirds of gas revenues are considered defensive, coming from fixed fees, asset rentals, and sales to resilient end markets. Linde grows EPS through three levers: capital allocation (new project startups, tuck-in acquisitions, and buybacks), management actions (pricing above inflation and cost productivity), and macro volume growth. Linde maintains a ~$7B sale-of-gas backlog, more than double four years ago, with roughly three-quarters in the Americas serving electronics and clean energy customers including TSMC and Samsung semiconductor fabs. Linde operates in approximately 80 countries, organized into Americas, EMEA, APAC, and Engineering segments, with energy as its largest cost item, mitigated through contractual pass-through provisions.