Jun 2026 (Q2 FY26) — Jul 31, 2026
Linde Q2 FY26 — Record Sales & EPS Driven by Electronics and Backlog Growth
Read the full callLinde (LIN) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
Linde earnings: last reported Fri, 31 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 9,289 | +9.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 27.5 | −0.2 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,928 | +9.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
15 of 18 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New signature electronics fab wins added to backlog | Announce new signature fab wins in the coming months | Dec 2025 | increasing the backlog by $1 billion to a record $8.1 billion, after securing a new electronic[s] win in the U.S. | Achieved |
| Full-year adjusted diluted EPS | $17.40 to $17.90 (6% to 9% growth, assuming a 1% FX tailwind and 0% base volume change at the midpoint) | Dec 2025 | The updated full year range is $17.70 to $17.90 or 8% to 9% growth, excluding a 1% FX tailwind assumption. This range raises the prior bottom end by $0.10 but leaves the top unchanged. | Revised Up |
| Acquisition contribution to sales | About 1% of sales from tuck-in acquisitions | Dec 2025 | Versus prior year, FX was a 2% tailwind while acquisitions and engineering each contributed 1%. | On Track |
3 of LINDE PLC's 44 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 41 more targets are in the full ledger.
Claimed
- Achieved record sales and EPS levels, with both growing at near double-digit percent.
- Increased backlog by $1 billion to a record $8.1 billion, driven by new electronics wins.
- Electronics is the fastest-growing end market, with 18% YoY growth in Q2 FY26.
- Manufacturing showed robust recovery, particularly in the U.S., with aerospace accounting for over 1/3 of growth.
- Deployed $6 billion of capital year-to-date, split evenly between business investments and shareholder returns.
Qualified
- Operating margins, excluding cost pass-through, declined approximately 30 basis points year-over-year.
- U.S. home care business negatively impacted Americas margins, with a headwind estimated to be over $100 million in Q2 FY26.
- APAC margin erosion mostly due to lower margin equipment sales for electronic customers.
- Helium supply chain dislocation leading to higher costs, making its contribution positive on a dollar basis but dilutive on a margin basis.
Price
$503.44 +1.01% · +$5.01
Performance +11.7% 1Y
1Y: $450.89 on 17 Oct 2025 → $503.44. High $546.64 (2 Jul 2026), low $389.38 (8 Dec 2025).
- Previous close
- $498.43
- 52-week range
- $389.38 – $546.64
- One year
- +11.49%
Overview
- Symbol
- LIN
- Sector
- Materials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
15 of 18 judged targets kept · 26 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| New signature electronics fab wins added to backlog | Announce new signature fab wins in the coming months | Dec 2025 | increasing the backlog by $1 billion to a record $8.1 billion, after securing a new electronic[s] win in the U.S. | Achieved |
| Full-year adjusted diluted EPS | $17.40 to $17.90 (6% to 9% growth, assuming a 1% FX tailwind and 0% base volume change at the midpoint) | Dec 2025 | The updated full year range is $17.70 to $17.90 or 8% to 9% growth, excluding a 1% FX tailwind assumption. This range raises the prior bottom end by $0.10 but leaves the top unchanged. | Revised Up |
| Acquisition contribution to sales | About 1% of sales from tuck-in acquisitions | Dec 2025 | Versus prior year, FX was a 2% tailwind while acquisitions and engineering each contributed 1%. | On Track |
Claimed
- Achieved record sales and EPS levels, with both growing at near double-digit percent.
- Increased backlog by $1 billion to a record $8.1 billion, driven by new electronics wins.
- Electronics is the fastest-growing end market, with 18% YoY growth in Q2 FY26.
- Manufacturing showed robust recovery, particularly in the U.S., with aerospace accounting for over 1/3 of growth.
- Deployed $6 billion of capital year-to-date, split evenly between business investments and shareholder returns.
Qualified
- Operating margins, excluding cost pass-through, declined approximately 30 basis points year-over-year.
- U.S. home care business negatively impacted Americas margins, with a headwind estimated to be over $100 million in Q2 FY26.
- APAC margin erosion mostly due to lower margin equipment sales for electronic customers.
- Helium supply chain dislocation leading to higher costs, making its contribution positive on a dollar basis but dilutive on a margin basis.
The full ledger
Open LINDE PLC’s full ledger
A free account opens 5 company ledgers a month. All 44 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q1 FY26) — May 1, 2026
Linde Q1 FY26 — Strong EPS Growth and Margin Expansion Amidst Geopolitical Volatility
Read the full callDec 2025 (Q4 FY25) — Feb 5, 2026
Linde Q4 FY25 — Record Backlog and Strong Cash Flow Despite Industrial Headwinds
Read the full callEvery analysed call
Linde earnings calls (LIN)
Financials
What the filings say
Net profit, year on year: +9% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,356 | 8,282 | 8,112 | 8,495 | 8,615 | 8,764 | 8,781 | 9,289 |
| Operating profit | 2,086 | 2,270 | 2,184 | 2,354 | 2,367 | 2,018 | 2,439 | 2,554 |
| Operating margin | 25.0% | 27.4% | 26.9% | 27.7% | 27.5% | 23.0% | 27.8% | 27.5% |
| Interest | 68 | 53 | 60 | 67 | 64 | 64 | 62 | 61 |
| Profit before tax | 2,063 | 2,263 | 2,180 | 2,346 | 2,360 | 2,011 | 2,431 | 2,546 |
| Tax rate | 24.1% | 23.6% | 23.4% | 24.4% | 18.0% | 23.9% | 23.5% | 24.0% |
| Net profit | 1,550 | 1,725 | 1,673 | 1,766 | 1,929 | 1,530 | 1,857 | 1,928 |
| EPS ($ per share) | 3.24 | — | 3.53 | 3.75 | 4.11 | — | 4 | 4.17 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 1 | 1 | 1 | 1 | 1 | 1 | 1 | 1 |
| Reserves | 16,529 | 16,842 | 17,178 | 18,710 | 20,541 | 8,845 | 12,634 | 16,608 |
| Total liabilities | 36,290 | 34,977 | 38,647 | 36,164 | 38,271 | 39,716 | 40,659 | 47,076 |
| Fixed assets | 29,717 | 29,064 | 28,711 | 26,003 | 23,548 | 24,552 | 24,775 | 28,260 |
| Total assets | 93,386 | 86,612 | 88,229 | 81,605 | 79,658 | 80,811 | 80,147 | 86,817 |
| Line item | Dec 2018 | Dec 2019 | Dec 2020 | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 3,654 | 6,119 | 7,429 | 9,725 | 8,864 | 9,305 | 9,423 | 10,350 |
| Cash from investing | 5,363 | — | -2,986 | -3,007 | -3,088 | -4,670 | -4,644 | -5,721 |
| Cash from financing | -4,998 | — | -3,345 | -7,588 | -3,089 | -5,400 | -4,359 | -4,554 |
| Net cash flow | 3,986 | -1,752 | 1,054 | -931 | 2,613 | -772 | 186 | 206 |
| Capital expenditure | -1,883 | -3,682 | -3,400 | -3,086 | -3,173 | -3,787 | -4,497 | -5,261 |
| Free cash flow | 1,771 | 2,437 | 4,029 | 6,639 | 5,691 | 5,518 | 4,926 | 5,089 |
LIN revenue by segment
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Americas | 43% | 44% | 45% | 45% | 45% | 44% | 46% | 44% | +7.1% |
| EMEA | 25% | 25% | 25% | 25% | 25% | 25% | 25% | 25% | +6.5% |
| APAC | 21% | 20% | 19% | 19% | 20% | 20% | 19% | 20% | +13.0% |
| Engineering | 7% | 8% | 7% | 6% | 6% | 7% | 6% | 7% | +13.4% |
| Corporate and Other | 4% | 4% | 4% | 4% | 4% | 4% | 4% | 4% | +29.5% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
LIN operating KPIs by quarter
| KPI | Dec 2024 Q4 FY24 | Mar 2025 Q1 FY25 | Sep 2025 Q3 FY25 | Mar 2026 Q1 FY26 | Jun 2026 Q2 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|
| Backlog | $10B+The year ended with more than $10 billion in backlog, including a record sale of gas backlog of $7 billion.Source: earnings call transcript | $10BThe quarter ended with a strong backlog of $10 billion of which more than $7 billion is sale of gas projects, all underpinned by long-term contracts with secured returns driving future growth.Source: earnings call transcript | $10BThe backlog remains at $10 billion, contractually securing long-term EPS growth while increasing our network density.Source: earnings call transcript | — | $8.1BDuring the second quarter, we achieved record sales and EPS levels with both growing at near double-digit percent, while increasing the backlog by $1 billion to a record $8.1 billion, after securing a new electronic spin in the US In addition, the backlog project pipeline remains healthy, but still new project opportunities under development.Source: earnings call transcript | — |
| Backlog Sale of gas | $7BThe year ended with more than $10 billion in backlog, including a record sale of gas backlog of $7 billion.Source: earnings call transcript | $7B+The quarter ended with a strong backlog of $10 billion of which more than $7 billion is sale of gas projects, all underpinned by long-term contracts with secured returns driving future growth.Source: earnings call transcript | — | $7.1BFurthermore, we signed 5 new projects that added $100 million to the sale of gas backlog, which ended the quarter at $7.1 billion.Source: earnings call transcript | $8.1BWhen considering the record $8.1 billion sale of gas backlog continued roll-up acquisition targets and project pipeline opportunities, we expect this number to remain a significant use of capital for the foreseeable future.Source: earnings call transcript | +14.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Insider filings
80 filings between Dec 8, 2025 and Aug 18, 2026.
Open market
decisions to buy or sellPurchases
$1.05M
2 purchases by 2 insiders
Sales
$12.89M
7 sales by 4 insiders
14% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 37
- Option exercise — converted options into shares
- 34
- Tax withheld — shares kept back by the company to cover tax
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Bichara Guillermo | — | $6.64M | Mar 10, 2026 |
| Durbin Sean | — | $3.11M | Mar 10, 2026 |
| WOOD ROBERT L | — | $2.64M | May 15, 2026 |
| Lamba Sanjiv | $999.6K | — | Dec 8, 2025 |
| Patwari Binod | — | $502.3K | Feb 24, 2026 |
| Reynolds Paula Rosput | $47.9K | — | Aug 18, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Aug 18, 2026 | Reynolds Paula Rosput Director | Purchase | 100 | $47.9K |
| Jun 8, 2026 | Innocenzi Stefanos SVP, Linde Engineering | Option exercise | 4,035 | $0 |
| Jun 8, 2026 | Innocenzi Stefanos SVP, Linde Engineering | Tax withheld | 2,062 | $1.05M |
| May 15, 2026 | WOOD ROBERT L Director | Sale | 4,335 | $2.20M |
| May 14, 2026 | WOOD ROBERT L Director | Sale | 880 | $447.7K |
| Mar 10, 2026 | Durbin Sean EVP, Chief Operating Officer | Sale | 4,114 | $1.97M |
| Mar 10, 2026 | Durbin Sean EVP, Chief Operating Officer | Option exercise | 7,045 | $1.22M |
| Mar 10, 2026 | Durbin Sean EVP, Chief Operating Officer | Tax withheld | 4,639 | $2.21M |
| Mar 10, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Sale 10b5-1 plan | 4,357 | $2.09M |
| Mar 10, 2026 | Durbin Sean EVP, Chief Operating Officer | Sale | 2,406 | $1.15M |
| Mar 9, 2026 | Patwari Binod Senior Vice President - APAC | Option exercise | 548 | $0 |
| Mar 9, 2026 | Patwari Binod Senior Vice President - APAC | Option exercise | 195 | $0 |
| Mar 9, 2026 | Patwari Binod Senior Vice President - APAC | Option exercise | 195 | $0 |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Option exercise | 320 | $0 |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Tax withheld | 101 | $49.0K |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Option exercise | 320 | $0 |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Option exercise | 907 | $0 |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Tax withheld | 779 | $377.6K |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Option exercise | 1,680 | $0 |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Option exercise | 2,870 | $0 |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Tax withheld | 779 | $377.6K |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Option exercise | 642 | $0 |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Option exercise | 230 | $0 |
| Mar 9, 2026 | Bacher Desiree SVP, Chief HR Officer | Option exercise | 727 | $0 |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Option exercise | 1,680 | $0 |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Tax withheld | 285 | $138.2K |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Option exercise | 1,595 | $0 |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Option exercise | 1,595 | $0 |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Tax withheld | 2,207 | $1.07M |
| Mar 9, 2026 | Hoyt Kelcey E Principal Accounting Officer | Tax withheld | 141 | $68.3K |
| Mar 9, 2026 | Bichara Guillermo Exec VP & Chief Legal Officer | Option exercise | 4,762 | $0 |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Tax withheld | 1,330 | $644.7K |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Tax withheld | 3,086 | $1.50M |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Option exercise | 7,015 | $0 |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Option exercise | 2,870 | $0 |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Tax withheld | 3,251 | $1.58M |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Option exercise | 4,526 | $0 |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Tax withheld | 2,112 | $1.02M |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Option exercise | 7,015 | $0 |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Tax withheld | 745 | $361.1K |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Tax withheld | 9,218 | $4.47M |
| Mar 9, 2026 | Durbin Sean EVP, Chief Operating Officer | Tax withheld | 745 | $361.1K |
| Mar 9, 2026 | Lamba Sanjiv Chairman & CEO | Option exercise | 19,892 | $0 |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Tax withheld | 328 | $159.0K |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Option exercise | 230 | $0 |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Tax withheld | 118 | $57.2K |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Tax withheld | 3,771 | $1.83M |
| Mar 9, 2026 | Pfann Oliver Senior Vice President, EMEA | Tax withheld | 118 | $57.2K |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Option exercise | 8,136 | $0 |
| Mar 9, 2026 | White Matthew J Chief Financial Officer | Tax withheld | 1,330 | $644.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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