Linde earnings: third quarter 2026

Linde, which makes and sells industrial gases such as oxygen, nitrogen and hydrogen, grew sales 9% to $9.4 billion in the third quarter of 2026. Its own adjusted earnings per share, which leave out purchase-accounting effects and cost-cutting charges, rose 9% to $4.59. With those items included, reported earnings per share fell 11% to $3.66. Cash came in strongly, and its order pipeline of new projects stands at $11 billion. ¹

Against what analysts expected

Linde's adjusted earnings per share of $4.59 came in above the $4.52 average of 8 analysts' estimates collected on Nasdaq's earnings calendar, while its reported figure of $3.66 came in below it, so whether the quarter topped expectations depends on the items the company leaves out. ¹²

The strong points

• Sales rose 9% on a year ago, and even after stripping out currency the business grew 5%, from both higher prices and more gas sold. ¹
• After paying for running the business and investing $1.4 billion in new plants, Linde was left with $1,777 million of free cash flow. ¹
• Linde says customers are asking for many new projects, especially in electronics, and it expects its $11 billion project pipeline to keep growing. ¹

The weak points

• Of the 5% growth after currency, higher prices did most of the work and the amount of gas sold rose only about 2%. ¹
• The items the company leaves out of its adjusted figures are large: reported operating profit was $2.2 billion against an adjusted $2.8 billion. ¹
• Linde paid out $1,685 million in dividends and share buybacks, almost all of the cash left after investment. ¹

What the company expects

• For the fourth quarter Linde expects adjusted earnings per share of $4.40 to $4.50, which it puts at 5% to 7% above a year ago; the release does not say whether this changed from an earlier forecast. ¹
• For the full year Linde expects adjusted earnings per share of $17.82 to $17.92, up 8% to 9%, with about 2 points of that coming from currency; the release does not say whether the range was raised, cut or kept. ¹

Our verdict on the quarter

A strong report. Sales and the company's adjusted earnings both grew 9%, cash came in well and demand for new projects looks healthy, though growth leaned on prices and Linde's own forecast for the next quarter points to slower growth.

The results as published

• The results release itself
• The filing it came with (SEC)

Notes

1. Linde's results release, 29 October 2026: sec.gov. ↩
2. Nasdaq's earnings calendar, 29 October 2026. ↩