LIN earnings analysis
What we found in LIN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Linde plc reported Q1 2026 results with revenue of $8.78 billion, an 8% increase from Q1 2025, beating estimates of $8.58 billion. However, diluted EPS came in at $3.98, falling short of the expected $4.27. The Americas and APAC segments saw robust growth, while the engineering segment faced a decline.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Solid Revenue Growth
- Revenue reached $8.78 billion, up 8% YoY, exceeding estimates of $8.58 billion.
- Improved Operating Margin
- Operating margin improved to 27.8%, up from 26.9% a year ago.
- Strong EPS Growth
- Diluted EPS increased by 13% YoY to $3.98, though missed expectations.
- Strong Cash Flow
- Operating cash flow was $2.24 billion, an increase of 4% YoY.
- Segment Growth in Americas
- Americas segment sales rose 10% YoY to $4.03 billion.
- Increased Capex
- Capex intensity was high at $1.34 billion, reflecting investments in growth.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Debt Levels
- Debt increased by $336 million in Q1 2026 compared to a net increase of $1.49 billion in Q1 2025.
- Currency Fluctuations
- Currency translation contributed 5% to revenue, exposing Linde to currency risk.
- Decline in Engineering Segment
- The engineering segment revenue dropped by 8% YoY to $517 million.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $3.98
- Operating margin
- 27.8%
- Segment
- Americas: $4,025M
- Segment
- EMEA: $2,171M
- Segment
- APAC: $1,701M
- Segment
- Engineering: $517M
- Segment
- Other: $367M
What they said about what is next.
Full-year adjusted EPS guidance raised to $17.60 - $17.90, indicating 7% to 9% growth.
The filing reads about the same as the one before it.
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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