eps diluted
4.45–4.55 $per share
Q3 2026
official guidance
LINDE PLC
Last · —$494.36+0.592 (+0.12%)live · yahoo · 2h ago
Market cap$228.71B—
P/E · TTM32.0fwd — · eps —
Beta—vs S&P 500
Div yield—annual · TTM
52w range
——
Volume—session
| Revenue | $35.4B |
|---|---|
| Operating income | $9.4B |
| Net income | $7.2B |
| Free cash flow | $5.0B |
| Operating margin | 26.5% |
| Net margin | 20.4% |
| Return on equity | 18.5% |
| Period | TTM 2026-06-30 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Strong backlog and electronics momentum are offset by unresolved Lincare losses and margin pressure.
Hold: Linde delivered strong 2Q26 growth, with sales of $9.3 billion up 9% year over year and EPS of $4.50 up 10%, while backlog rose to a record $8.1 billion.
However, operating margin fell 60 bps to 29.5%, Lincare remains an unresolved drag of roughly $39 million this quarter, and the full-year EPS outlook was only modestly improved to $17.70-$17.90; the growth pipeline is compelling, but the margin recovery still needs proof.
Themes
- Electronics Backlog
- Semiconductor Capex
- Lincare Margin Drag
- Helium Supply Chain
- Commercial Space
- Apac Growth
Near term
3Q EPS guidance of $4.45-$4.55 implies only a $0.05 midpoint sequential increase excluding FX, making execution on cost actions and Lincare improvement the key near-term test.
Electronics growth, which reached 18% year over year in 2Q, and more than 20 project startups representing approximately $1.3 billion of investment should support second-half volumes.
Helium pricing is improving, but supply-chain dislocation costs remain margin-dilutive; normalization is not expected until early 2027 at the earliest.
October's update should provide the first meaningful evidence on incremental cost actions, Lincare productivity, and whether margins are recovering sequentially.
Longer term
The $8.1 billion sale-of-gas backlog and expected year-end backlog with an '8 handle' support durable growth, particularly from US, Taiwan, and Korean semiconductor projects.
Electronics and commercial space are becoming important structural growth engines; management remains on track for a $1 billion-plus space opportunity by 2030.
Backlog projects target post-tax double-digit IRRs, but typically require two to three years to execute and ramp, so the earnings benefit is delayed and initially below full margin potential.
Linde's stated 8%-12% EPS algorithm from management actions and capital allocation provides a reasonable long-term framework, but does not yet establish that double-digit growth is achievable without macro support.
Red flags
Operating margin declined despite 9% sales growth, and management attributed the weakness primarily to Lincare, higher inflation, and lower-margin equipment sales; the promised recovery remains largely unquantified.
Lincare has faced persistent labor-cost and reimbursement headwinds for several years. Management is evaluating strategic options but gave no timeline or valuation framework for a potential divestiture.
The new electronics wins require substantial capital, while management disclosed revenue-to-CapEx conversion ranging broadly from 20% to 50%; electronics returns were described as consistent rather than superior to other end markets.
APAC volume growth includes significant equipment sales and project ramp-ups, so the reported 6% volume increase may overstate underlying baseline demand.
Commercial-space customers may vertically integrate atmospheric-gas production, creating a potential sale-of-gas opportunity loss even though Linde expects to participate through plant sales and operating contracts.
Forward outlook
eps diluted
17.7–17.9 $per share
FY 2026
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
From latest 10-K · 2026-02-25
- Pricing Power
- Long Term Contracts
- Flat Volumes
- Capital Intensity
- Hydrogen Growth
- Debt Increase
- Goodwill Impairment
- Russia Litigation
Red flags
- Total debt rose to $26.99 billion from $21.62 billion in 2024, including $4.51 billion of short-term debt; 2025 net debt-funded activity contributed to elevated balance-sheet leverage despite $10.35 billion of operating cash flow.
- Goodwill of approximately $28 billion and other indefinite-lived intangible assets of approximately $2 billion create material impairment exposure if market capitalization, industry conditions, or asset utilization deteriorate.
- Engineering recorded $308 million of global severance charges in 2025, largely related to Engineering, signaling restructuring and execution pressure in that segment.
- Trade and other receivables increased to $5.55 billion from $5.04 billion, while the allowance for expected credit losses increased to $581 million from $421 million.
- Linde suspended performance of all Russia Engineering agreements in 2022 under sanctions, while related litigation and asset restrictions remain unresolved; the filing states timing cannot be estimated.
Upcoming earnings
1:30 PM UTC+1
Period
Sep 2026
Est. EPS
$2.63
Est. revenue
9.2B
Earnings transcripts
- Motley Fool
Linde (LIN) Q2 2026 Earnings Call Transcript
LINDE PLC
- Issuer IR
investor call transcript 2q26
LINDE PLC
- Issuer webcast
Play Webcast
LINDIAN RESOURCES LIMITED
- Issuer IR
investor call transcript 2q22
LINDE PLC
- Issuer IR
investor call transcript 02 06 2024
LINDE PLC
- Issuer IR
investor call transcript 1q22
LINDE PLC