Linde Reports First-Quarter 2026 Results First-Quarter Highlights
- Sales $8.8 billion, up 8% YoY, underlying sales up 3%
- Operating profit $2.4 billion, adjusted operating profit $2.6 billion, up 8%
- Operating profit margin 27.8%; adjusted operating profit margin 30.0%, down 10 basis points YoY
- EPS $3.98, up 13%; adjusted EPS $4.33, up 10% YoY
- First-quarter operating cash flow of $2.2 billion, up 4% YoY
- Full-year 2026 adjusted EPS guidance of $17.60 – $17.90 representing 7% to 9% growth
Woking, UK, May 1, 2026 – Linde plc (Nasdaq: LIN) today reported first-quarter 2026 net income of $1,857 million and diluted earnings per share of $3.98, up 11% and up 13%, respectively. Excluding Linde AG purchase accounting impacts and cost reduction program and other charges, adjusted net income was $2,019 million, up 7% versus prior year. Adjusted earnings per share was $4.33, 10% above prior year.
Linde’s sales for the first quarter were $8,781 million, up 8% versus prior year including 5% favorable currency impact. Compared to prior year, underlying sales increased 3% from 2% price attainment and 1% volumes, primarily from project start-ups. Acquisitions increased sales by 1%.
First-quarter operating profit was $2,439 million. Adjusted operating profit of $2,630 million was up 8% versus prior year led by higher price and continued productivity initiatives across all segments. Adjusted operating profit margin was 30.0%.
First-quarter operating cash flow of $2,240 million increased 4% versus prior year. After capital expenditures of $1,342 million, free cash flow was $898 million. During the quarter, the company returned $1,545 million to shareholders through dividends and stock repurchases, net of issuances.
Commenting on the financial results and business outlook, Chief Executive Officer Sanjiv Lamba said, “Linde employees delivered another solid quarter with 10% EPS growth, 30% operating margin and 24% return on capital under increasingly challenging global conditions. These results underscore the resiliency of our operating model, discipline of capital allocation and perseverance of management actions.”
Lamba continued, “Looking ahead, I’m confident the Linde team will continue to create shareholder value in any environment.”
For the second quarter of 2026, Linde expects adjusted diluted earnings per share in the range of $4.40 to $4.50, up 8% to 10% versus prior-year quarter or 7% to 9% when excluding estimated favorable currency of 1%.
For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.60 to $17.90, up 7% to 9%, assuming favorable currency of 1%. Full-year capital expenditures are expected to be in the range of $5.0 billion to $5.5 billion to support growth and maintenance requirements including the $7.1 billion contractual sale of gas project backlog.
First-Quarter 2026 Results by Segment
Americas sales of $4,025 million were up 10% versus prior year. Compared with first quarter 2025, underlying sales increased 6%, driven by 4% higher pricing and 2% higher volumes, primarily in the electronics, manufacturing and metals and mining end markets. Operating profit of $1,272 million was 31.6% of sales, 60 basis points above prior year.
APAC (Asia Pacific) sales of $1,701 million were up 11% versus prior year. Compared with first quarter 2025, underlying sales increased 6%, driven by 6% volumes primarily in the electronics, and chemicals and energy end markets and project startups. Operating profit of
$477 million was 28.0% of sales, 130 basis points below prior year.
EMEA (Europe, Middle East & Africa) sales of $2,171 million were up 7% versus prior year. Compared with first quarter 2025, underlying sales decreased 2%, driven by 1% higher pricing and 3% lower volumes, primarily in the chemicals and energy and manufacturing end markets. Operating profit of $784 million was 36.1% of sales, 60 basis points above prior year.
Linde Engineering sales were $517 million, down 8% versus prior year, and operating profit was $101 million or 19.5% of sales. Order intake for the quarter was $640 million and third-party sale of equipment backlog was $2.8 billion.
Earnings Call
A teleconference on Linde’s first-quarter 2026 results is being held today at 9:00 am EDT.
| Live conference call | US Toll-Free Dial-In Number: 1 888 770 7292 UK Toll-Free Dial-In Number: 0800 358 0970 Access code: 6877110 |
| Live webcast (listen-only) | https://www.linde.com/investors/financial-reports |
Materials to be used in the teleconference are also available on the website.