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LIN · Q2 2026
Archived report (Q2 2026). Latest deep dive →
The quarter in brief
A solid, broad-based quarter with sales up 9% and operating profit up 8% driven by higher pricing, currency tailwinds and productivity gains across all geographic segments, while cost inflation and rising SG&A/D&A remain a modest drag on margins.
Net Income (Linde plc)
$1,928M
up 9.2% y/y
Revenue
$9,289M
up 9.3% y/y
Operating Profit
$2,554M
up 8.5% y/y
Gross Profit
$4,428M
up 5.8% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Americas | $4,083 · +7% |
| EMEA | $2,303 · +7% |
| APAC | $1,870 · +13% |
| Engineering | $625 · +13% |
| Other | $408 · +30% |
| Revenue | $9,289 · +9.3% |
| Cost of Sales | $4,861 · +13% |
| Gross Profit | $4,428 · +5.8% · 47.7% margin |
| SG&A | $891 · +2% |
| R&D | $37 · -3% |
| D&A + Other Costs | $946 · ≈flat |
| Operating Profit | $2,554 · +8.5% · 27.5% margin |
| Net Financial Items | $8 · net cost · Interest exp $61 less pension benefit $53 |
| Pretax Income | $2,546 · +8.5% |
| Income Taxes | $618 · +7.5% · ≈24.3% rate incl. equity inv. |
| Net Income (Linde plc) | $1,928 · +9.2% · Diluted EPS $4.15 · +11% |
Verdict: a solid, broad-based quarter with sales up 9% and operating profit up 8% driven by higher pricing, currency tailwinds and productivity gains across all geographic segments, while cost inflation and rising SG&A/D&A remain a modest drag on margins.
OCF (6M) $4,511M · buybacks $873M in Q2 ($1.7B repurchased at avg $504/sh) · dividends $738M in Q2 ($1.60/sh, +7% y/y) · $5.6B remaining under 2023 buyback program.
Source and notation
* marks non-cash / ≈ estimated. Source: Linde plc press release / 10-Q (SEC EDGAR).
Open as an image: LIN, Q2 2026 (PNG) ↗ · for sharing and presentations · free to reuse, CC BY 4.0
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Chart: “LIN Q2 2026: where the revenue went” by Who Reports Today, https://whoreportstoday.com/t/lin/q2-2026. Licensed under CC BY 4.0.
<figure> <a href="https://whoreportstoday.com/t/lin/q2-2026"><img src="https://whoreportstoday.com/t/lin/q2-2026/sankey.png" alt="LIN Q2 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/lin/q2-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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<a href="https://whoreportstoday.com/t/lin/q2-2026">LIN Q2 2026 earnings chart (Who Reports Today)</a>
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- Sales growth of 9% was driven by 2% price, 2% volume, 2% currency, 1% acquisitions, 1% cost pass-through, and 1% from Engineering.
- Adjusted (non-GAAP) operating profit of $2,744M excludes $190M of Linde AG merger purchase-accounting impacts (mostly D&A step-up); reported operating profit was $2,554M.
- Adjusted net income of $2,089M (+8% y/y) and adjusted diluted EPS of $4.50 (+10%) are meaningfully above GAAP figures of $1,928M and $4.15 due to the same purchase-accounting add-back.
- APAC posted the strongest segment growth (+13% sales, +8% op. profit) on volumes from new project start-ups and equipment sales; EMEA volumes were down 1% on softer manufacturing demand.
- Contingent liabilities of $1.8B remain accrued for Russia-related RCA/Amur GPP engineering disputes; no material earnings impact expected per management.
- Diluted EPS growth (+11%) outpaced net income growth (+9%) due to a 2% reduction in diluted share count from ongoing buybacks.
What distorts the picture in this report and what to watch beyond the headlines.
LIN — Linde plc is a global industrial gases and engineering company serving healthcare, manufacturing, and energy sectors.
It is headquartered in Ireland and operates worldwide.
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