Linde Group 8-K

PositiveEarningsNew guidance

Long-term U.S. electronics supply deal lifts sale-of-gas backlog to a record; cost inflation offsets pricing and productivity gains.

Filed 2026-07-31 07:24 ET

Summary

Q2 2026 results with Q3 and FY2026 guidance. Sales rose 9% Y/Y, including 4% underlying growth from pricing and volume; higher price and productivity were offset by cost inflation, and operating margin was 60 bp lower Y/Y. Linde signed a long-term U.S. electronics supply contract, bringing contractual sale-of-gas project backlog to a record $8.1B.

Key Figures

Metric Q2 2026 Q2 2025 Y/Y
Sales $9.29B — +9%
Operating profit (GAAP) $2.55B — —
Adjusted operating profit (non-GAAP) $2.74B — +7%
Net income (GAAP) $1.93B — +9%
Adjusted net income (non-GAAP) $2.09B — +8%
Diluted EPS (GAAP) $4.15 — +11%
Adjusted diluted EPS (non-GAAP) $4.50 — +10%
Operating cash flow $2.27B — +3%
Free cash flow $833M — —
  • Operating profit margin was 27.5%; adjusted operating profit margin was 29.5%. Cost inflation offset higher pricing and productivity.
  • Free cash flow followed $1.44B of capital expenditures. Linde returned $1.59B to shareholders through dividends and stock repurchases, net of issuances.
  • Project backlog was $11B, including record contractual sale-of-gas project backlog of $8.1B.

Guidance

Metric Period Guidance Prior Direction
Adjusted diluted EPS (non-GAAP) Q3 2026 $4.45-$4.55; 6%-8% growth Y/Y, with no expected foreign currency translation impact — —
Adjusted diluted EPS (non-GAAP) FY2026 $17.70-$17.90; 8%-9% growth Y/Y, assuming favorable currency of 1% — —
Capital expenditures FY2026 $5.5B-$6.0B — —

Investor Takeaways

  • Track Q3 adjusted diluted EPS against the $4.45-$4.55 outlook.
  • Watch whether robust customer proposal activity converts into additional backlog and projects, particularly in electronics.

The summary is written by an AI model reading the filing.

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