Linde plc Ordinary Shares (LIN) Earnings

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Dec 2026upcoming

Next quarter

Expected to report Feb 4, 2027 — estimated from last year’s reporting date.

Consensus is $4.50 EPS for Dec 2026 across 5 estimates, ranging $4.45 to $4.59.

LIN Sep 2026

Reported Oct 29, 2026 · before the open

: 1.55%

: $4.52
: $4.59
: —
: $9.40B

Reported results

: $9.40B; from $8.62B
: $2.15B; from $2.37B
: 22.86%; from 27.48%
: $1.69B; from $1.93B
: $3.66; from $4.09

Highlights

Adjusted EPS: $4.59, up 9% year over year and 1.55% above the $4.52 consensus; reported diluted EPS was $3.66, down 11%.
Sales growth: Revenue was $9.404 billion, up 9% year over year, including a 1% favorable currency impact; underlying sales rose 5% on 3% pricing and 2% volume growth.
Adjusted profitability: Adjusted operating profit increased 8% to $2.763 billion, with a 29.4% adjusted margin. Reported operating profit was $2.150 billion, down from $2.37 billion a year earlier.
Regional drivers: Americas underlying sales rose 9%, APAC 8% and EMEA 3%; electronics was a key growth market in the Americas and APAC.
Cash and returns: Operating cash flow rose 8% to $3.169 billion; free cash flow after $1.392 billion of capital expenditures was $1.777 billion. Linde returned $1.685 billion to shareholders.
2026 outlook: Adjusted EPS guidance is $17.82–$17.92, implying 8%–9% growth with an assumed 2% favorable currency impact; Q4 guidance is $4.40–$4.50.
Projects: The project backlog was $11 billion, including $7.9 billion of contractual sale-of-gas projects; customer proposal activity was described as robust, particularly in electronics.

Analysis

Linde delivered $4.59 of adjusted EPS, 1.55% above the $4.52 consensus and 9% above the year-ago quarter. Revenue reached $9.404 billion, up 9% year over year and about 1% from Q2; underlying growth was 5%, split between pricing and volume. The contrast between adjusted and reported results defined the print: reported diluted EPS fell 11% to $3.66 and operating income declined to $2.150 billion from $2.37 billion a year ago, while adjusted operating profit rose 8% to $2.763 billion. Linde attributed the reported-versus-adjusted difference to purchase accounting impacts and cost-reduction-program and other charges.

Demand and pricing supported growth across the regions, with Americas and APAC leading underlying sales gains and electronics among the principal drivers. Cash generation remained strong, with $3.169 billion of operating cash flow and $1.777 billion of free cash flow after capital expenditure. Linde reaffirmed a full-year adjusted EPS range of $17.82–$17.92, representing 8%–9% growth under its assumed 2% currency benefit, and expects Q4 adjusted EPS of $4.40–$4.50. It also reported an $11 billion project backlog and robust proposal activity, particularly in electronics.

Adjusted earnings and margins

Adjusted diluted EPS of $4.59 was up 9% year over year and modestly ahead of the $4.52 consensus. Adjusted net income rose 7% to $2.122 billion, and adjusted operating profit grew 8% to $2.763 billion. The adjusted operating margin was 29.4%. By contrast, reported operating profit was $2.150 billion and reported net income was $1.692 billion; reported diluted EPS of $3.66 was down 11% from $4.09 in Q3 FY2025. Linde said adjusted figures exclude purchase accounting impacts from Linde AG and cost-reduction-program and other charges. Reported operating margin was 22.9%, 30 basis points below the prior year, but flat excluding cost pass-through effects.

Underlying sales growth

Sales of $9.404 billion were up 9% year over year, including 1% favorable currency. Underlying sales growth of 5% reflected 3% price attainment and 2% higher volume. Linde cited electronics, chemicals and energy, and manufacturing among the principal end markets supporting volume growth. Sequentially, revenue increased from $9.29 billion in Q2.

Regional performance

Americas: Sales of $3.601 billion rose 11%; underlying sales increased 9% on 6% pricing and 3% volume growth. Operating margin was 35.1%, 50 basis points above the prior year.
APAC: Sales of $1.950 billion rose 12%; underlying sales increased 8% on 3% pricing and 5% volume, with electronics, chemicals and energy, and project start-ups contributing. Operating margin was 27.4%, down 70 basis points year over year, or 40 basis points excluding cost pass-through effects.
EMEA: Sales of $2.327 billion rose 7%; underlying sales increased 3% on 2% pricing and 1% volume growth, led by healthcare and food and beverage. Operating margin was 35.1%, down 80 basis points year over year but flat excluding cost pass-through effects.
Linde Engineering: Sales increased 12% to $582 million, with operating profit of $107 million, or 18.4% of sales. Quarterly order intake was $499 million and third-party equipment backlog was $2.9 billion.

Cash and capital returns

Operating cash flow increased 8% year over year to $3.169 billion. After $1.392 billion of capital expenditures, free cash flow was $1.777 billion. Linde returned $1.685 billion to shareholders through dividends and share repurchases, net of issuances. Full-year 2026 capital expenditures are expected to be $5.5–$6.0 billion to fund growth and maintenance, including the sale-of-gas project backlog.

Guidance and project pipeline

Linde expects Q4 adjusted diluted EPS of $4.40–$4.50, up 5%–7% year over year, with no expected foreign-currency translation impact. Full-year adjusted EPS guidance is $17.82–$17.92, up 8%–9% assuming a 2% favorable currency contribution. The project backlog stands at $11 billion, including $7.9 billion of contractual sale-of-gas projects. Management cited robust customer proposal activity, particularly in electronics, and expects continued backlog growth.

Linde plc Ordinary Shares

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