The raised guidance and record backlog signal strong operational momentum, particularly in electronics end markets. Monitor the Q3 earnings call for updates on project backlog conversion and margin trajectory, as operating margin compression remains a watchpoint.
Price Chart
Executive Summary
Linde reported Q2 2026 adjusted EPS of $4.50, a 10% YoY increase and a 0.3% beat vs. the $4.49 consensus. Revenue of $9.289B grew 9% YoY, exceeding the $9.01B estimate, driven by 4% underlying sales growth from 2% price and 2% volume. The company raised its full-year 2026 adjusted EPS guidance to $17.70-$17.90 (8-9% growth), up from the prior $17.40-$17.90 range, signaling continued confidence in operational momentum despite a 60bps operating margin contraction.
Key Financial Metrics
Key Facts
- Adjusted EPS of $4.50 beat consensus of $4.49 by 0.3%, up 10% YoY.
- Revenue of $9.289B grew 9% YoY, beating the $9.01B consensus estimate.
- Full-year 2026 adjusted EPS guidance raised to $17.70-$17.90 (8-9% growth), up from prior $17.40-$17.90.
- Record sales and EPS driven by 2% price attainment and 2% volume growth across electronics, manufacturing, and chemicals & energy.
- Adjusted operating profit margin was 29.5%, down 60bps YoY due to cost inflation offsetting price and productivity gains.
- Operating cash flow of $2.271B was up 3% YoY; free cash flow was $833M after $1.438B in capex.
- Project backlog reached $11B, with a record $8.1B contractual sale of gas backlog.
- Q3 2026 adjusted EPS guidance of $4.45-$4.55 (6-8% YoY growth) with no expected FX impact.
Financial Impact
Raised FY2026 adjusted EPS guidance by $0.30 at the midpoint, implying ~$700M incremental net income at current share count.
Risk Factors
- Operating margin contraction of 60bps YoY due to cost inflation could persist if pricing power wanes.
- Macroeconomic uncertainty and trade conflicts could impact industrial gas demand, particularly in EMEA where volumes declined.
- Capital expenditure guidance raised to $5.5-$6.0B from $5.0-$5.5B, potentially pressuring free cash flow conversion.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001654954-26-007052 |
| Document: lin_ex991.htm | 0001654954-26-007052 |
| Document: 0001654954-26-007052-index-headers.html | 0001654954-26-007052 |
| Document: 0001654954-26-007052-index.html | 0001654954-26-007052 |
| Document: 0001654954-26-007052.txt | 0001654954-26-007052 |
| 8-K Data (Synthetic) | 0001654954-26-007052 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jul 31, 2026 9w ago | 8-K | $478.38 $489.51 | ▲ +2.33% | ▼ −0.66% | $482.27 (+0.81%) |
May 14, 2026 20w ago | 144 | $511.65 $523.57 | ▲ +2.33% | ▲ +3.19% | $482.27 (−5.74%) |
Apr 29, 2026 22w ago | DEFA14A | $501.14 $501.98 | ▲ +0.17% | ▼ −4.80% | $482.27 (−3.77%) |
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Mar 10, 2026 29w ago | Insider Cluster | $476.34 $500.48 | ▲ +5.07% | ▲ +5.22% | $482.27 (+1.24%) |
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