Earnings analysis · 10-Q
LIN earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
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…
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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.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
Reported figures
- Earnings per share
- $3.98
- Operating margin
- 27.8%
What stood out
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Solid Revenue Growth
Revenue reached $8.78 billion, up 8% YoY, exceeding estimates of $8.58 billion.
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Improved Operating Margin
Operating margin improved to 27.8%, up from 26.9% a year ago.
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Strong EPS Growth
Diluted EPS increased by 13% YoY to $3.98, though missed expectations.
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Strong Cash Flow
Operating cash flow was $2.24 billion, an increase of 4% YoY.
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Segment Growth in Americas
Americas segment sales rose 10% YoY to $4.03 billion.
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Increased Capex
Capex intensity was high at $1.34 billion, reflecting investments in growth.
What to watch
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Debt Levels
Debt increased by $336 million in Q1 2026 compared to a net increase of $1.49 billion in Q1 2025.
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Currency Fluctuations
Currency translation contributed 5% to revenue, exposing Linde to currency risk.
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Decline in Engineering Segment
The engineering segment revenue dropped by 8% YoY to $517 million.
Management's outlook
Full-year adjusted EPS guidance raised to $17.60 - $17.90, indicating 7% to 9% growth.
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.