Linde earnings: guidance and what to watch
Linde reports its next results on October 29, 2026. Watch project startups and cash conversion, especially Lincare's margin pressure.
What has Linde guided for the year?
Capital expenditure, or capex, buys long-lived assets such as gas-production machinery, pipes and infrastructure. Management raised the planned spending range while slightly lifting the earnings floor. That means Linde is committing more cash before the related plants produce their full returns.
| The period guided | Low | High | The date it was given | |
|---|---|---|---|---|
| Adjusted diluted earnings per share | Full year 2026 | 17.70 | 17.90 | 2026-07-31 |
| Adjusted diluted earnings per share growth (%) | Full year 2026 | 8.0% | 9.0% | 2026-07-31 |
| Favorable currency (%) | Full year 2026 | 1.0% | 1.0% | 2026-07-31 |
| Full-year capital expenditures | Full year 2026 | 5,500 | 6,000 | 2026-07-31 |
| Adjusted diluted earnings per share | Third quarter 2026 | 4.45 | 4.55 | 2026-07-31 |
| Adjusted diluted earnings per share growth (%) | Third quarter 2026 | 6.0% | 8.0% | 2026-07-31 |
Did Linde keep its past promises?
The practical test is the resulting share count and per-share earnings, not the announcement of a buyback. Management also met its 2025 adjusted earnings-per-share forecast, although adjusted figures exclude selected items. More recently, after-tax return on capital was 23.5% in the second quarter of 2026, down from 25.1% a year earlier.
What do Linde's last eight quarters show?
Revenue was $9,289 million, up 9.3% from a year earlier. The underlying increase was 4.0%, divided between price and volume. Almost half of the volume increase came from new project startups, so the quarter was only partly a recovery in existing customer demand.
| Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | 9,289 | 8,781 | 8,764 | 8,615 | 8,495 | 8,112 | 8,282 | 8,356 |
| Gross margin | 47.7% | 48.5% | 48.1% | 49.2% | 49.3% | 48.8% | 47.8% | 47.9% |
| Operating income | 2,554 | 2,439 | 2,018 | 2,367 | 2,354 | 2,184 | 2,270 | 2,086 |
| Net income | 1,928 | 1,857 | 1,530 | 1,929 | 1,766 | 1,673 | 1,725 | 1,550 |
| EPS, diluted | 4.15 | 3.98 | 3.26 | 4.09 | 3.73 | 3.51 | 3.60 | 3.22 |
What should I watch in Linde's next results?
Linde reports Q3 results on October 29, 2026, with the call at 9 a.m. Eastern time. Investors should look for project startups and cash conversion, but also for Lincare, the U.S. homecare business that management identified as the main source of Americas margin pressure. Management is examining its strategic fit, though an evaluation is not a promise to sell.