Linde stock: Q3 adjusted EPS reaches $4.59

Linde reported record adjusted earnings for the third quarter on Thursday, October 29, 2026, as electronics demand supported growth across its industrial-gases business. The company's earnings release, published through Deutsche Boerse, showed adjusted diluted earnings per share of $4.59, up 9 percent from the prior-year quarter.

Sales increased 9 percent to $9.404 billion, including a 1 percent favorable currency effect. Underlying sales growth was 5 percent, composed of 3 percent price attainment and 2 percent volume growth. Linde said the main contributors were electronics, chemicals and energy, and manufacturing.

Electronics remains the key growth driver

The Americas generated sales of $3.601 billion, up 11 percent year over year, while Asia Pacific sales rose 12 percent to $1.950 billion. In Europe, the Middle East and Africa, sales increased 7 percent to $2.327 billion. Linde Engineering sales climbed 12 percent to $582 million.

Chief Executive Officer Sanjiv Lamba said customer proposal activity remained robust, particularly in electronics. The company reported an $11 billion project backlog, including $7.9 billion of contractual sale-of-gas projects. Management said the backlog supports continued investment and future growth despite an uncertain economic environment.

Adjusted operating profit rose 8 percent to $2.763 billion, producing an adjusted operating margin of 29.4 percent. Reported operating profit was $2.150 billion, while reported diluted earnings per share fell 11 percent to $3.66. Linde attributed the difference between reported and adjusted results partly to Linde AG purchase accounting impacts, cost-reduction charges and other items.

Guidance points to continued earnings growth

For the fourth quarter, Linde expects adjusted diluted earnings per share of $4.40 to $4.50, representing growth of 5 to 7 percent from the prior-year quarter. The company expects full-year 2026 adjusted diluted earnings per share of $17.82 to $17.92, equivalent to 8 to 9 percent growth assuming a 2 percent favorable currency effect.

Operating cash flow reached $3.169 billion, up 8 percent year over year. After capital spending of $1.392 billion, free cash flow was $1.777 billion. Linde returned $1.685 billion to shareholders through dividends and share repurchases during the quarter.

Linde stock traded at 459.50 euros on Lang & Schwarz at 9:44:35 a.m. CET on Friday, October 30, 2026. Investors can follow the real-time quote of Linde stock.

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