Linde (LIN) · Industrials
Linde Q2 2026 earnings: summary, key numbers & outlook
Results filed 31 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Linde reported second-quarter 2026 sales of $9.3 billion, up 9% YoY, with diluted EPS of $4.15, up 11%, and adjusted EPS of $4.50, up 10% YoY.
Linde had a solid second quarter. Sales were $9,289 million, up 9% from a year ago. Underlying sales rose 4%, with 2% from price and 2% from volume, mainly in electronics, manufacturing and chemicals & energy. Currency added 2% and acquisitions 1%. Adjusted operating profit was $2,744 million, up 7%, with a 29.5% margin. Adjusted EPS was $4.50, up 10%. Operating cash flow was $2,271 million, and free cash flow was $833 million after $1,438 million of capital spending.
For the third quarter, Linde expects adjusted EPS of $4.45 to $4.55, up 6% to 8%. For the full year it expects $17.70 to $17.90, up 8% to 9%, and capital spending of $5.5 billion to $6.0 billion. The main tension is cost: the operating margin was 60 basis points lower than a year ago because cost inflation offset higher price and productivity. European volumes also fell, while the sale of gas backlog reached a record $8.1 billion.
Key numbers
- Sales · GAAP
- $9,289 million
- Net income · GAAP
- $1,928 million
- Diluted EPS · GAAP
- $4.15
- Adjusted diluted EPS · non-GAAP
- $4.50
- Operating profit · GAAP
- $2,554 million
- Adjusted operating profit · non-GAAP
- $2,744 million
- Operating profit margin · GAAP
- 27.5%
- Adjusted operating profit margin · non-GAAP
- 29.5%
up 9% versus prior year including 2% favorable currency impact
up 9%
up 11%
10% above prior year
up 7% versus prior year
| Segment or metric | Value | Change |
|---|---|---|
| Americas sales | $4,083 million | up 7% versus prior year |
| APAC sales | $1,870 million | up 13% versus prior year |
| EMEA sales | $2,303 million | up 7% versus prior year |
| Linde Engineering sales | $625 million | up 13% versus prior year |
| Sale of gas backlog | $8.1 billion | record |
Where each number comes from
- Sales: “Linde’s sales for the second quarter were $9,289 million, up 9% versus prior year including 2% favorable currency impact.”
- Net income: “today reported second-quarter 2026 net income of $1,928 million and diluted earnings per share of $4.15, up 9% and up 11%, respectively.”
- Diluted EPS: “today reported second-quarter 2026 net income of $1,928 million and diluted earnings per share of $4.15, up 9% and up 11%, respectively.”
- Adjusted diluted EPS: “Adjusted diluted earnings per share was $4.50, 10% above prior year.”
- Operating profit: “Second-quarter operating profit was $2,554 million. Adjusted operating profit of $2,744 million was up 7% versus prior year resulting in an adjusted operating profit margin of 29.5%.”
- Adjusted operating profit: “Second-quarter operating profit was $2,554 million. Adjusted operating profit of $2,744 million was up 7% versus prior year resulting in an adjusted operating profit margin of 29.5%.”
- Operating profit margin: “Operating profit margin 27.5%; adjusted operating profit margin 29.5%”
- Adjusted operating profit margin: “Operating profit margin 27.5%; adjusted operating profit margin 29.5%”
- Americas sales: “Americas sales of $4,083 million were up 7% versus prior year.”
- APAC sales: “APAC (Asia Pacific) sales of $1,870 million were up 13% versus prior year.”
- EMEA sales: “EMEA (Europe, Middle East & Africa) sales of $2,303 million were up 7% versus prior year.”
- Linde Engineering sales: “Linde Engineering sales were $625 million, up 13% versus prior year, and operating profit was $100 million or 16.0% of sales.”
- Sale of gas backlog: “increasing the sale of gas backlog to a record $8.1 billion.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $9.3B | +9.3% | +5.8% |
| Operating income | $2.6B | +8.5% | +4.7% |
| Net income | $1.9B | +9.2% | +3.8% |
| Diluted EPS | $4.15 | +11.3% | +4.3% |
| Free cash flow | $833.0M | −12.7% | −7.2% |
| Operating margin | 27.5% | −0.2 pts | −0.3 pts |
Calculated by code from XBRL, not by the model.
Outlook
| Metric | Period | Outlook |
|---|---|---|
| Adjusted diluted EPS | third quarter of 2026 | $4.45 to $4.55 |
| Adjusted diluted EPS | full year 2026 | $17.70 to $17.90 |
| Capital expenditures | full year 2026 | $5.5 billion to $6.0 billion |
Key takeaways
Record sales and EPS with 4% underlying growth
Sales were $9,289 million, up 9%, and underlying sales rose 4% from 2% price attainment and 2% volumes. Adjusted EPS was $4.50, 10% above prior year.
Operating margin slipped despite price gains
Operating margin was 60 basis points lower than the previous year as higher price and productivity initiatives were offset by cost inflation. Adjusted operating profit margin was 29.5%.
APAC led growth; EMEA volumes declined
APAC underlying sales increased 8% with 6% volumes, while EMEA underlying sales rose 1% on 2% higher pricing and lower volumes.
Electronics drives record gas backlog
Linde signed another long-term electronics supply contract in the U.S., lifting the sale of gas backlog to a record $8.1 billion. Project backlog was $11 billion.
Full-year EPS guidance of $17.70 - $17.90
Full-year adjusted EPS is expected up 8% to 9%, and third-quarter adjusted EPS $4.45 to $4.55. Capital expenditures are expected at $5.5 billion to $6.0 billion.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $8.3B * |
| Q1 2025 | $8.1B |
| Q2 2025 | $8.5B |
| Q3 2025 | $8.6B |
| Q4 2025 | $8.8B * |
| Q1 2026 | $8.8B |
| Q2 2026 | $9.3B |
| Q3 2026 | $9.4B |
Data
| Q1 2025 | $3.51 |
| Q2 2025 | $3.73 |
| Q3 2025 | $4.09 |
| Q1 2026 | $3.98 |
| Q2 2026 | $4.15 |
| Q3 2026 | $3.66 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 27.4% |
| Q1 2025 | 26.9% |
| Q2 2025 | 27.7% |
| Q3 2025 | 27.5% |
| Q4 2025 | 23.0% |
| Q1 2026 | 27.8% |
| Q2 2026 | 27.5% |
| Q3 2026 | 22.9% |
Data
| Q4 2024 | $1.6B |
| Q1 2025 | $891.0M |
| Q2 2025 | $954.0M |
| Q3 2025 | $1.7B |
| Q4 2025 | $1.6B |
| Q1 2026 | $898.0M |
| Q2 2026 | $833.0M |
| Q3 2026 | $1.8B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Linde's second-quarter 2026 results?
Sales were $9,289 million, up 9%, with diluted EPS of $4.15, up 11%, and adjusted EPS of $4.50, up 10%. Adjusted operating profit was $2,744 million with a 29.5% margin.
What is Linde's full-year 2026 guidance?
Linde expects full-year adjusted diluted EPS of $17.70 to $17.90, up 8% to 9% assuming favorable currency of 1%. Capital expenditures are expected at $5.5 billion to $6.0 billion.
What is Linde's third-quarter 2026 outlook?
Linde expects third-quarter adjusted diluted EPS of $4.45 to $4.55, up 6% to 8% versus the prior-year quarter, with no expected impact from foreign currency translation.
How much cash did Linde generate in the quarter?
Operating cash flow was $2,271 million, up 3%, and free cash flow was $833 million after $1,438 million of capital expenditures. Linde returned $1,590 million to shareholders through dividends and repurchases, net of issuances.
How did Linde's regions and backlog perform?
APAC sales rose 13% (underlying up 8%), Americas rose 7% and EMEA rose 7% (underlying up 1%). The sale of gas backlog reached a record $8.1 billion and the project backlog was $11 billion.
Documents
SEC filing