Linde Tops Revenue and Adjusted EPS Estimates as Sales Reach $9.4 Billion

Linde (Nasdaq: LIN) reported third-quarter revenue of $9.4 billion, above the $9.16 billion analysts expected, and adjusted earnings of $4.59 per share against the $4.52 consensus estimate, in an 8-K filed Thursday, Oct. 29, 2026. Sales rose 9% from a year earlier, including a 1% favorable currency effect, while underlying sales grew 5%.

GAAP diluted EPS was $3.66, down 11% from a year earlier, and net income was $1,692 million, down 12%. The company said its adjusted figures exclude Linde AG purchase accounting impacts and cost reduction program and other charges. Adjusted net income was $2,122 million, up 7%.

Segment results

Americas sales were $3,601 million, up 11%, with operating profit of $1,263 million, or 35.1% of sales. APAC sales rose 12% to $1,950 million, and EMEA sales increased 7% to $2,327 million. Linde Engineering sales were $582 million, up 12%, with order intake of $499 million.

Cash flow and shareholder returns

Operating cash flow was $3,169 million, up 8%. 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 stood at $11 billion.

Outlook

For the fourth quarter, Linde expects adjusted diluted EPS of $4.40 to $4.50, up 5% to 7% from the prior-year quarter. Analysts expected $4.23 for the quarter ending Dec. 31. For full-year 2026, the company guided adjusted EPS to $17.82 to $17.92, up 8% to 9%, compared with the $17.88 consensus estimate for the year. Full-year capital expenditures are expected to be $5.5 billion to $6.0 billion.

Chief Executive Sanjiv Lamba said customer proposal activity remains robust, particularly in electronics, supporting the company's confidence in continued backlog growth.

The last close before the filing was $508.16 on Wednesday, Oct. 28, giving Linde a market value of about $234.25 billion.