Linde Group 8-K

Summary

Q3 2026 results with Q4 and FY2026 guidance. Sales grew on higher pricing and volumes, with electronics among the key drivers. Linde cited robust customer proposal activity, particularly in electronics, and focused on productivity, disciplined capital deployment and securing high-quality projects.

Key Figures

• Underlying sales rose 5%, from 3% higher pricing and 2% higher volumes; reported sales also included a 1% favorable currency impact. Growth was led by electronics, chemicals and energy, and manufacturing.
• Americas sales were $3.60B, +11% Y/Y (underlying +9%); Asia Pacific sales were $1.95B, +12% (underlying +8%); and Europe, Middle East and Africa sales were $2.33B, +7% (underlying +3%). Linde Engineering sales were $582M, +12%, with $499M of quarterly order intake and a $2.9B third-party equipment backlog.
• Operating profit margin was 22.9%, down 30 bp Y/Y but flat excluding cost pass-through; adjusted operating profit margin was 29.4%. Capital expenditures were $1.39B, and Linde returned $1.69B to shareholders through dividends and stock repurchases, net of issuances.

Against earlier guidance (derived from earlier filings)

Guidance

Guidance changes, derived from earlier filings

Metric	Period	Earlier guidance	Guidance now	Change
Adjusted diluted EPS (non-GAAP)	FY2026	$17.70-$17.90; 8%-9% growth Y/Y, assuming favorable currency of 1%	$17.82-$17.92; +8%-9% Y/Y, assuming favorable currency of 2% vs prior year	raised
Capital expenditures	FY2026	$5.5B-$6.0B	$5.5B-$6.0B	reaffirmed

Investor Takeaways

• Watch customer proposal activity, especially in electronics, and subsequent project backlog growth; continued growth would support Linde’s stated confidence in the pipeline.
• Compare Q4 adjusted diluted EPS with the $4.40-$4.50 outlook and FY2026 adjusted diluted EPS with the $17.82-$17.92 range.