# Linde (LIN) Q2 2026 earnings

Results filed 2026-07-31 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/lin/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1707925/000165495426007052/0001654954-26-007052-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Sales | $9,289 million | up 9% versus prior year including 2% favorable currency impact | GAAP |
| Net income | $1,928 million | up 9% | GAAP |
| Diluted EPS | $4.15 | up 11% | GAAP |
| Adjusted diluted EPS | $4.50 | 10% above prior year | non-GAAP |
| Operating profit | $2,554 million |  | GAAP |
| Adjusted operating profit | $2,744 million | up 7% versus prior year | non-GAAP |
| Operating profit margin | 27.5% |  | GAAP |
| Adjusted operating profit margin | 29.5% |  | non-GAAP |
| Operating cash flow | $2,271 million | increased 3% versus prior year | GAAP |
| Free cash flow | $833 million |  | non-GAAP |

## Segments and operating metrics

| Name | 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 |

## 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

1. **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.
2. **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%.
3. **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.
4. **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.
5. **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.

## 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.