Air Liquide (XSWX:AI1) Operating Income: CHF4,897 Mil (TTM As of Dec. 2025)


XSWX:AI1 Air Liquide SA XSWX:AI1
98 GF Score
Price CHF157.66
GF Value CHF138.15
! 6 Warning Signs
View Full Analysis

What is Air Liquide Operating Income?

Air Liquide XSWX:AI1 98 Operating Income is CHF4,897 Mil as of Dec. 2025. GuruFocus rates XSWX:AI1 with a GF Score™ of 98/100 and a GF Value™ of CHF138.15. The stock has 6 warning signs investors should review.

Air Liquide's Operating Income for the six months ended in Dec. 2025 was CHF2,330 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 was CHF4,897 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Air Liquide's Operating Income for the six months ended in Dec. 2025 was CHF2,330 Mil. Air Liquide's Revenue for the six months ended in Dec. 2025 was CHF12,334 Mil. Therefore, Air Liquide's Operating Margin % for the quarter that ended in Dec. 2025 was 18.89%.

Good Sign:

Air Liquide SA operating margin is expanding. Margin expansion is usually a good sign.

Air Liquide's 5-Year average Growth Rate for Operating Margin % was 1.60% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Air Liquide's annualized ROC % for the quarter that ended in Dec. 2025 was 8.01%. Air Liquide's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 was 18.71%.

Air Liquide  (XSWX:AI1) Operating Income Explanation

1. Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Air Liquide's annualized ROC % for the quarter that ended in Dec. 2025 is calculated as:

ROC % (Q: Dec. 2025 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Jun. 2025 ) + Invested Capital (Q: Dec. 2025 ))/ count )
=4660.652 * ( 1 - 25.26% )/( (44298.671 + 42644.32)/ 2 )
=3483.3713048/43471.4955
=8.01 %

where

Invested Capital(Q: Jun. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=46274.55 - 3378.86 - ( 1540.672 - max(0, 8944.356 - 7541.375+1540.672))
=44298.671

Invested Capital(Q: Dec. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=48442.375 - 4367.74 - ( 3389.158 - max(0, 8245.955 - 9676.27+3389.158))
=42644.32

Note: The Operating Income data used here is two times the semi-annual (Dec. 2025) data.

2. Joel Greenblatt's definition of Return on Capital:

Air Liquide's annualized ROC (Joel Greenblatt) % for the quarter that ended in Dec. 2025 is calculated as:

ROC (Joel Greenblatt) %(Q: Dec. 2025 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Jun. 2025  Q: Dec. 2025
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=4374.738/( ( (23084.469 + max(-121.84, 0)) + (23244.192 + max(441.748, 0)) )/ 2 )
=4374.738/( ( 23084.469 + 23685.94 )/ 2 )
=4374.738/23385.2045
=18.71 %

where Working Capital is:

Working Capital(Q: Jun. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2923.393 + 2046.6 + 1030.71) - (3378.86 + 0 + 2743.683)
=-121.84

Working Capital(Q: Dec. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(2674.841 + 1985.998 + 1626.273) - (4367.74 + 0 + 1477.624)
=441.748

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Dec. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Air Liquide's Operating Margin % for the quarter that ended in Dec. 2025 is calculated as:

Operating Margin %=Operating Income (Q: Dec. 2025 )/Revenue (Q: Dec. 2025 )
=2330.326/12334.22
=18.89 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Air Liquide Operating Income Related Terms

Air Liquide Operating Income Historical Data

* Premium members only.

The historical data trend for Air Liquide's Operating Income can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Air Liquide Operating Income Chart

Air Liquide Annual Data
Trend Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23 Dec24 Dec25
Operating Income
Get a 7-Day Free Trial Premium Member Only Premium Member Only 4,329.53 4,797.94 4,779.51 4,815.01 4,884.33

Air Liquide Semi-Annual Data
Jun16 Dec16 Jun17 Dec17 Jun18 Dec18 Jun19 Dec19 Jun20 Dec20 Jun21 Dec21 Jun22 Dec22 Jun23 Dec23 Jun24 Dec24 Jun25 Dec25
Operating Income Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 2,440.02 2,502.54 2,386.59 2,567.16 2,330.33
XSWX:AI1
98GF Score
Air Liquide SA XSWX:AI1
Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Air Liquide Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Dec. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was CHF4,897 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about Operating Income →
What does a Operating Income of CHF4,897 Mil mean?
Air Liquide (XSWX:AI1) has a Operating Income of CHF4,897 Mil as of Dec. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Air Liquide and its competitors.
Is Air Liquide's Operating Income too high?
Air Liquide's current Operating Income is CHF4,897 Mil. Overall, Air Liquide has a GF Score™ of 98/100, reflecting its overall financial health beyond just this single metric.
How does Air Liquide's Operating Income compare to LIN and SHW?
Air Liquide's Operating Income of CHF4,897 Mil can be compared against companies in the Chemicals industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Operating Income for a Chemicals company?
A good Operating Income depends on the Chemicals industry context. However, Operating Income should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Operating Income mean?
A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Air Liquide and its competitors. Air Liquide's current Operating Income is CHF4,897 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Air Liquide stock overvalued right now?
Air Liquide (XSWX:AI1) has a current Operating Income of CHF4,897 Mil. The stock's GF Value™ is CHF138.15, compared to a current price of CHF157.66 — trading 14.1% above its estimated fair value. The current Operating Income is CHF4,897 Mil. Air Liquide's overall GF Score™ is 98/100 with 6 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Operating Income calculated?
Operating Income is calculated from a company's financial statements. For Air Liquide (XSWX:AI1), the current Operating Income is CHF4,897 Mil as of Dec. 2025. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Air Liquide (XSWX:AI1) Overvalued in 2026?

Based on GuruFocus' analysis, Air Liquide stock appears to be overvalued. The current stock price of CHF157.66 is trading 14.1% above its estimated GF Value™ of CHF138.15.

Key valuation signals for XSWX:AI1:

  • Operating Income: CHF4,897 Mil
  • GF Value™: CHF138.15 vs. price of CHF157.66 (14.1% above fair value)
  • GF Score™: 98/100 with 6 warning signs

No single metric tells the full story. See the XSWX:AI1 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.

Air Liquide Business Description

Address 1, Paris, FRA, 75007
Founded in 1902, Air Liquide is one of the leading industrial gas companies in the world, serving over 3.8 million customers in 78 countries. The company generated approximately EUR 27.9 billion of revenue in 2025, serving a wide range of industries, including chemicals, energy, healthcare, food and beverage, and electronics. Air Liquide employs approximately 65,000 people.
98GF Score

Get the complete analysis for XSWX:AI1

Operating Income is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

CHF157.66
Price
CHF138.15
GF Value