Linde Reports Second-Quarter 2026 Results Second-Quarter Highlights
- Sales $9.3 billion, up 9% YoY, underlying sales up 4%
- Operating profit $2.6 billion, adjusted operating profit $2.7 billion, up 7%
- Operating profit margin 27.5%; adjusted operating profit margin 29.5%
- EPS $4.15, up 11%; adjusted EPS $4.50, up 10% YoY
- Second-quarter operating cash flow of $2.3 billion, up 3% YoY
- Full-year 2026 adjusted EPS guidance of $17.70 – $17.90 representing 8% to 9% growth
- Project backlog $11 billion
Woking, UK, July 31, 2026 – Linde plc (Nasdaq: LIN) 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. Excluding Linde AG purchase accounting impacts, adjusted net income was $2,089 million, up 8% versus prior year. Adjusted diluted earnings per share was $4.50, 10% above prior year.
Linde’s sales for the second quarter were $9,289 million, up 9% versus prior year including 2% favorable currency impact. Compared to prior year, underlying sales increased 4% from 2% price attainment and 2% volumes, primarily in the electronics, manufacturing and chemicals & energy end markets. Acquisitions increased sales by 1%.
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 margin was 60 basis points lower than the previous year as higher price and productivity initiatives were offset by cost inflation.
Second-quarter operating cash flow of $2,271 million increased 3% versus prior year. After capital expenditures of $1,438 million, free cash flow was $833 million. During the quarter, the company returned $1,590 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, generating record sales and EPS while maintaining industry-leading profitability with 29.5% operating margin and 23.5% return on capital. During the quarter, we also signed another long-term electronics supply contract in the U.S., increasing the sale of gas backlog to a record $8.1 billion.”
Lamba continued, “Customer proposal activity remains robust, primarily across the electronics end market, giving us confidence to further grow the backlog. Regardless of the economic climate, I’m confident the Linde team will continue to secure high-quality future growth projects while delivering long-term shareholder value.”
For the third quarter of 2026, Linde expects adjusted diluted earnings per share in the range of $4.45 to $4.55, up 6% to 8% versus prior-year quarter, with no expected impact from foreign currency translation.
For the full year 2026, the company expects adjusted diluted earnings per share to be in the range of $17.70 to $17.90, up 8% to 9% when assuming favorable currency of 1% versus prior year. Full-year capital expenditures are expected to be in the range of $5.5 billion to $6.0 billion to support growth and maintenance requirements including the $8.1 billion contractual sale of gas project backlog.
Second-Quarter 2026 Results by Segment
Americas sales of $4,083 million were up 7% versus prior year. Compared with second quarter 2025, underlying sales increased 4%, driven by 2% higher pricing and 2% higher volumes, primarily in the electronics and manufacturing end markets. Operating profit of
$1,272 million was 31.2% of sales, 50 basis points below prior year.
APAC (Asia Pacific) sales of $1,870 million were up 13% versus prior year. Compared with second quarter 2025, underlying sales increased 8%, driven by 6% volumes primarily in the electronics and chemicals & energy end markets and project start-ups and 2% higher pricing. Operating profit of $531 million was 28.4% of sales, 120 basis points below prior year or 70 basis points when excluding the effects of cost pass-through.
EMEA (Europe, Middle East & Africa) sales of $2,303 million were up 7% versus prior year. Compared with second quarter 2025, underlying sales increased 1%, driven by 2% higher pricing and lower volumes, primarily in the manufacturing end market. Operating profit of $823 million was 35.7% of sales, 40 basis points below prior year or 10 basis points higher when excluding the effects of cost pass-through.
Linde Engineering sales were $625 million, up 13% versus prior year, and operating profit was $100 million or 16.0% of sales. Order intake for the quarter was $871 million and third-party sale of equipment backlog was $3.0 billion.
Earnings Call
A teleconference on Linde’s second-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.