Linde raises 2026 profit forecast as Q3 sales rise 9%

Linde plc (LIN) said on Oct. 29 that third-quarter adjusted earnings per share rose 9% to $4.59, in line with the $4.56 consensus estimate compiled by Finnhub.

Sales rose 9% to $9.40 billion, above the $9.23 billion estimate, according to a press release furnished with its 8-K.

Linde raised its full-year 2026 adjusted EPS forecast to $17.82 to $17.92 per share, from the $17.70 to $17.90 range it gave on July 31.

Here's how the company did:

• Adjusted EPS: $4.59, up 9% from a year earlier, vs. $4.56 expected, according to Finnhub
• Revenue: $9.40 billion, up 9% from a year earlier, vs. $9.23 billion expected, according to Finnhub

On a GAAP basis, net income was $1,692 million, down 12%, and diluted EPS was $3.66, down 11%. Excluding Linde AG purchase accounting impacts and cost reduction program and other charges, adjusted net income was $2,122 million, up 7%.

Revenue has risen in each of the last three quarters, from $8.62 billion to $9.29 billion, according to its SEC filings.

2026 guidance

For the fourth quarter, Linde expects adjusted diluted EPS of $4.40 to $4.50, up 5% to 7% from the prior-year quarter, with no expected impact from foreign currency translation.

For the full year, it expects adjusted diluted EPS of $17.82 to $17.92, up 8% to 9%, assuming favorable currency of 2% versus the prior year. Full-year capital expenditures are expected to be $5.5 billion to $6.0 billion.

Chief Executive Officer Sanjiv Lamba said, “Linde’s financial performance continued to improve in the third quarter, with record sales of $9.4 billion and record EPS of $4.59, alongside strong operating cash flow of $3.2 billion. During the quarter we took further actions to improve productivity and strengthen performance across our businesses, while maintaining our goal to deliver industry-leading results.”

Lamba continued, “Customer proposal activity remains robust, particularly across electronics, supporting our confidence in continued backlog growth.”

Segment results

Americas sales were $3,601 million, up 11%, with operating profit of $1,263 million, or 35.1% of sales.

APAC sales were $1,950 million, up 12%, with operating profit of $534 million, or 27.4% of sales.

EMEA sales were $2,327 million, up 7%, with operating profit of $817 million, or 35.1% of sales.

Linde Engineering sales were $582 million, up 12%, with operating profit of $107 million, or 18.4% of sales. Order intake for the quarter was $499 million, and third-party sale of equipment backlog was $2.9 billion.

Cash and capital returns

Operating cash flow was $3,169 million, up 8% from a year earlier. After capital expenditures of $1,392 million, free cash flow was $1,777 million.

The company returned $1,685 million to shareholders through dividends and stock repurchases, net of issuances. Project backlog was $11 billion.