EARNINGS RESULTS · Q2 2026

Linde Q2 2026: Revenue Up 9.35%, Operating Margin 27.49%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. Quarterly free cash flow was $0.83 bn. The dated assessment on 2026-10-08 was wait at a reference price of $483.98.

Linde · LINPublished October 8, 2026Quarter ended June 30, 2026

Q2 2026: What the Quarter Delivered

Revenue: $9.29 bn
Revenue growth YoY: 9.3%
Operating income: $2.55 bn
Operating margin: 27.5%
Diluted EPS, GAAP: $4.15

Linde reported $9.29 bn of revenue in Q2 2026. Revenue rose 9.35% from the comparable prior-year quarter. Operating profit was $2.55 bn, with an operating margin of 27.49%. Reported diluted EPS was $4.15.

Linde’s latest reported quarter showed stronger sales and operating profit than the comparable fiscal period.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of 27.49%: $27.49 of operating profit for every $100 of revenue, before interest and tax.

Revenue grew faster than operating profit in the latest comparable quarter, so stronger sales did not translate into margin expansion. The filing’s segment operating-profit measure is distinct from consolidated operating income; it should not replace the consolidated measure used in our valuation.

What the Reported Earnings Include

Other non-operating income: $0.09 bn
GAAP net income: $1.97 bn
Diluted weighted-average shares: 0.46 bn shares

Q2 2026 GAAP net income was $1.97 bn. Other non-operating income was $0.09 bn.

Reported diluted earnings per share improved alongside operating profit, with a lower diluted share count providing additional support.

Share-count reduction can increase each remaining share’s claim on earnings, but it cannot substitute for stronger underlying operations.

Cash Left After Investment

Operating cash flow: $10.49 bn
OCF less cash PPE purchases, plus PPE sales: $4.98 bn
Quarterly operating cash flow: $2.27 bn
Quarterly cash CapEx: $1.44 bn
Quarterly OCF less cash PPE purchases: $0.83 bn

In Q2 2026, operating cash flow of $2.27 bn less cash capital expenditure of $1.44 bn left $0.83 bn of free cash flow. Operations funded cash investment and left cash after that spending.

The trailing-period measure includes proceeds from property, plant and equipment sales as well.

The Verdict Recorded on 2026-10-08

Verdict Invest recorded wait on 2026-10-08, using a reference price of $483.98 dated 2026-10-07. This assessment relates to the Q2 2026 results, with a 12-month horizon and stated validity through 2026-11-07.

Confirmation to watch: Continued comparable-period revenue growth with stable consolidated operating margins.
Confirmation to watch: Improved cash generation after reported purchases of property, plant and equipment.
Confirmation to watch: A share-price decline that creates the entry cushion required by our model.
Risk to this assessment: Sustained margin erosion as industrial demand weakens or costs outrun contractual price escalation.
Risk to this assessment: Persistent deterioration in cash generation after capital spending that weakens reinvestment and shareholder-return capacity.
Risk to this assessment: Russian litigation or refinancing pressure causing material cash or earnings damage beyond the current assessment.