Linde (LIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales reached $8.78 billion, up 8% year-over-year, driven by pricing, volume, FX, and new project start-ups.

• Adjusted EPS increased 10% to $4.33, with net income up 11% to $1.86 billion.

• Operating profit rose 8% to $2.63 billion, with a 30.0% margin.

• Nine bolt-on acquisitions signed globally in Q1, and $10 billion project backlog maintained.

• Dividend raised 7%, marking 33 consecutive years of increases.

Financial highlights

• Adjusted EBITDA reached $3.45 billion, representing 39.3% of sales.

• Operating cash flow was $2.24 billion, up 4% year-over-year; free cash flow was $898 million.

• CapEx for Q1 was $1.34 billion, with full-year guidance at $5.0–$5.5 billion.

• Net debt at quarter-end was $22.36 billion.

• Adjusted after-tax return on capital was 23.8%.

Outlook and guidance

• Full-year 2026 adjusted EPS guidance is $17.60–$17.90, representing 7–9% growth.

• Q2 2026 adjusted EPS expected at $4.40–$4.50, up 8–10% year-over-year.

• Full-year capital expenditures projected at $5.0–$5.5 billion.

• Guidance assumes no economic or helium market improvement.

• Guidance does not include potential upside from helium business improvements.