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Earnings analysis · 10-Q

LECO earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Lincoln Electric Holdings, Inc. reported Q1 2026 results with revenues of $1.121 billion and an EPS of $2.47, surpassing both consensus estimates and demonstrating an 11.7% growth in revenue year-over-year. The…

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Lincoln Electric Holdings, Inc. reported Q1 2026 results with revenues of $1.121 billion and an EPS of $2.47, surpassing both consensus estimates and demonstrating an 11.7% growth in revenue year-over-year. The operating income margin improved slightly to 16.6%, driven by price increases despite lower volumes in certain segments, while cash flow from operations saw a significant decline compared to the previous year.

Read the original on SEC.gov

From revenue to operating profit

Where each $100 of revenue went in this report.

Of every $100 of revenue Cost of sales $64 Operating expenses $19 Left as operating profit $17

Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.

Reported figures

Earnings per share
$2.47
Segment
Americas Welding
Segment
International Welding
Segment
The Harris Products Group

What stood out

  • Revenue Growth Exceeds Expectations

    Revenue reached $1.121 billion, exceeding estimates of $1.073 billion.

  • EPS Beat Consensus

    Earnings per share were reported at $2.47, beating the estimate of $2.43.

  • Improved Operating Margin

    Operating income margin improved to 16.6%, up from 16.4% in Q1 2025.

  • Strong Performance in The Harris Products Group

    Net sales in The Harris Products Group surged 42.3% to $188.2 million.

  • Effective Tax Rate Improved

    The effective tax rate decreased to 21.3% from 22.7% a year earlier.

  • Notable Cash Balance

    The company held $298.9 million in cash and cash equivalents.

What to watch

  • Decline in Cash Flow from Operations

    Cash from operating activities dropped to $102.2 million from $185.7 million, signaling potential liquidity issues.

  • Lower Sales Volumes in International Segment

    International Welding segment reported a 9.9% decline in sales volume, affected by geopolitical tensions.

  • Increased Interest Expense

    Interest expense rose to $13.4 million from $12.1 million, indicating higher borrowing costs.

Management's outlook

Management anticipates capital expenditures to be between $110,000 and $130,000 for 2026.

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.