Linde Reports Q3 2026 Results: Record Sales of $9.4B and Adjusted EPS of $4.59

Executive Overview

On October 29, 2026, Linde plc filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition), furnishing its financial results for the third quarter ended September 30, 2026 via Exhibit 99.1.

Key Financial Highlights (Q3 2026)

• Revenue: Reported sales of $9,404 million, up 9% year-over-year (+1% currency effect). Underlying sales rose 5%, supported by 3% price attainment and 2% volume growth primarily driven by the electronics, chemicals & energy, and manufacturing end markets.
• Operating Profit:
  • GAAP Operating Profit was $2,150 million (margin of 22.9%).
  • Adjusted Operating Profit reached $2,763 million, an 8% increase YoY, resulting in an adjusted operating margin of 29.4%.
• Net Income & Earnings Per Share:
  • GAAP Net Income was $1,692 million with diluted EPS of $3.66 (-11% YoY).
  • Adjusted Net Income was $2,122 million (+7% YoY) with Adjusted Diluted EPS of $4.59 (+9% YoY).
• Cash Flow & Capital Allocation:
  • Operating cash flow totaled $3,169 million (+8% YoY).
  • Capital expenditures were $1,392 million, yielding Free Cash Flow of $1,777 million.
  • Returned $1,685 million to shareholders during the quarter through dividends and net stock repurchases.

Segment Performance

• Americas: Sales of $3,601 million (+11% YoY, underlying +9%). Operating profit of $1,263 million (35.1% margin, +50 bps).
• APAC: Sales of $1,950 million (+12% YoY, underlying +8%). Operating profit of $534 million (27.4% margin).
• EMEA: Sales of $2,327 million (+7% YoY, underlying +3%). Operating profit of $817 million (35.1% margin).
• Linde Engineering: Sales of $582 million (+12% YoY), with operating profit of $107 million (18.4% margin), order intake of $499 million, and third-party equipment backlog of $2.9 billion.

Forward Guidance

• Q4 2026: Adjusted diluted EPS projected between $4.40 and $4.50 (+5% to +7% YoY).
• Full-Year 2026: Adjusted diluted EPS raised to $17.82 to $17.92 (+8% to +9% growth YoY, assuming a 2% favorable currency tailwind).
• Capital Expenditures: Full-year CapEx expected to be $5.5 billion to $6.0 billion, supporting ongoing operations and its $7.9 billion contractual sale-of-gas project backlog.