LIN

Wall Street expects a year-over-year increase in earnings on higher revenues when Linde (LIN) reports results for the quarter ended September 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on October 29, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This gas supplier is expected to post quarterly earnings of $4.52 per share in its upcoming report, which represents a year-over-year change of +7.4%. Revenues are expected to be $9.18 billion, up 6.6% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.19% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Linde, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.19%. On the other hand, the stock currently carries a Zacks Rank of #4. So, this combination makes it difficult to conclusively predict that Linde will beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Linde would post earnings of $4.49 per share when it actually produced earnings of $4.50, delivering a surprise of +0.22%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Linde doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Chemical - Specialty industry, Sherwin-Williams (SHW), is soon expected to post earnings of $3.65 per share for the quarter ended September 2026. This estimate indicates a year-over-year change of +1.7%. This quarter's revenue is expected to be $6.78 billion, up 6.7% from the year-ago quarter. The consensus EPS estimate for Sherwin-Williams has remained unchanged over the last 30 days. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -4.63%. This Earnings ESP, combined with its Zacks Rank #4 (Sell), makes it difficult to conclusively predict that Sherwin-Williams will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Linde PLC (LIN) : Free Stock Analysis Report The Sherwin-Williams Company (SHW) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Linde plc (LIN), headquartered in Woking, United Kingdom, is a leading global industrial gases and engineering company with a market capitalization of $226.9 billion. It supplies atmospheric and process gases, including oxygen, nitrogen, argon, and carbon dioxide, alongside technologies and engineering solutions that help customers improve productivity, efficiency, and sustainability. Operating across the Americas, Europe, Asia-Pacific, and Africa, Linde serves diverse industries, including healthcare, electronics, chemicals and energy, food and beverage, manufacturing, and metals and mining. Its gases support applications ranging from medical oxygen and semiconductor manufacturing to space exploration, clean hydrogen production, and carbon capture. Linde's global production and distribution network, on-site infrastructure, and long-term customer contracts provide a competitive advantage, supporting reliable supply, strong customer relationships, and recurring revenue across varied end markets. - Dear Intel Fans, Mark Your Calendars for October 29 - Stocks and Bonds Fall on a Strong CPI Report - Michael Burry Just Dumped His Biggest Stock Holding — But His Next Move May Surprise Investors - Stop Missing Market Moves: Get the FREE Barchart Brief – your midday dose of stock movers, trending sectors, and actionable trade ideas, delivered right to your inbox. Sign Up Now! Linde is scheduled to report its third-quarter 2026 results before the market opens on Thursday, Oct. 29, 2026. Wall Street expects earnings of $4.52 per share, up 7.4% from $4.21 per share in the year-ago quarter. The company has beaten analysts' EPS estimates in each of the past four quarters. In Q2 2026, earnings rose 10% year over year (YOY) to $4.50 per share, modestly exceeding consensus expectations. Looking further ahead, analysts project fiscal 2026 EPS of $17.86, an 8.5% increase from $16.46 in fiscal 2025. For fiscal 2027, earnings are expected to reach $19.60 per share, representing approximately 9.7% annual growth. Investors will be watching for updates on demand across Linde's end markets, pricing, productivity initiatives, and management's full-year outlook. LIN stock has surged 7.3% over the past 52 weeks, underperforming the S&P 500 Index's ($SPX) 17% gains. However, LIN stock is trailing behind the S&P 500 Materials Sector SPDR's (XLB) 10.8% returns during the same time frame. Linde's shares remain in positive territory for the year but have underperformed the broader market, with investor concerns over margins and a modest earnings outlook upgrade weighing on sentiment. The stock fell 6% on July 31 after the industrial gas giant reported its second-quarter results. Revenue rose 9.3% YOY to $9.3 billion, while adjusted EPS climbed 10%, supported by strong electronics demand. However, adjusted operating margin slipped 60 basis points to 29.5%, as inflationary costs offset pricing and productivity gains. Linde raised the lower end of its fiscal 2026 adjusted EPS guidance to $17.70 from $17.60, while keeping the upper end at $17.90, offering investors little reason to raise their expectations significantly. Still, the company's diversified exposure to healthcare, food and beverages, and electronics provides some insulation from industrial slowdowns. Its roughly $10 billion project backlog and long record of dividend growth also support its defensive appeal, although weakness in healthcare remains an area to watch. The consensus opinion on LIN stock is bullish, with a "Strong Buy" rating overall. Out of the 25 analysts covering the stock, 18 recommend a "Strong Buy," two advise a "Moderate Buy," and the remaining five suggest a "Hold" rating. The average target price for Linde stock is $547.39, indicating a potential upside of 11.1% from the current price levels. On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Barchart.com

Linde has delivered solid returns in recent years, and the current share price now raises a clear question about how much of its earnings story is already reflected in the valuation. With the stock often discussed in the context of advanced manufacturing and chips, the issue for you is whether today's price is still in step with what the business earns. - The stock has returned 69.5% over the past 5 years, which puts real pressure on the idea that its current earnings power alone can support the latest valuation. - New multiyear gas supply contracts tied to advanced semiconductor fabrication can shape expectations for future profitability, since they speak directly to the visibility and stability of Linde's earnings stream. - The analysts covering Linde have run their own numbers. See what analysts think Linde's shares could be worth. The issue now is whether Linde's current share price is adequately backed by its earnings when judged against the Fair Ratio benchmark. If you want to test this same earnings question beyond Linde, compare it against a wider field of 92 AI infrastructure stocks. Linde is often judged on its earnings, so the P/E ratio is a natural place to look first. The stock currently trades on a P/E of 31.4x, which is higher than the wider Chemicals sector average of 21.3x and slightly below the 32.8x level seen across direct peers. Because the price sits above what a typical industry player commands, you are paying a richer sticker price for each dollar of current profit. The Fair Ratio framework, which blends factors like growth profile, profitability, scale and risk, points to a lower P/E than where Linde trades today, so the shares screen as overvalued on this yardstick. Recent headlines about long term gas supply contracts into AI oriented semiconductor capacity may help explain why investors are willing to stretch the multiple. However, the current valuation still requires confidence that these earnings will justify such a premium over a more neutral benchmark. Explore the numbers behind Linde's P/E valuation. Linde's valuation puzzle leads straight into Simply Wall St Narratives, which spell out in plain terms what would need to happen to future growth, margins and earnings for the current share price to look much higher or lower than today. Instead of a single multiple or model output, each one lays out the assumptions behind its view of fair value so you can track those against Linde's reported numbers over time. One of the top community narratives on Linde: 9% undervalued "The main thing that has to go right is that Linde converts its electronics, commercial space, helium and energy transition opportunities into higher quality earnings..." Discover why this Narrative puts Linde at 9% undervalued. Before making any judgment on Linde, it is worth asking who is steering the enterprise, how their rewards are set, and whether those incentives truly line up with your interests. See who runs Linde and how they are paid. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LIN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Bloom Energy (BE) earned nearly 90% of its latest quarterly revenue from selling its power equipment. In fiscal Q2 2026, a record quarter for the company, those equipment sales reached $935 million. Over the past year, the stock returned 314%, against 16.8% for the S&P 500. A stock that has run this far would be exposed if those sales slowed. Should investors in Bloom Energy worry that its record quarter came mostly from one kind of sale? Some worry is fair, because that surge in equipment sales was driven largely by a single end market: data centers. On the fiscal Q2 2026 call, management said the quarter reflected accelerating data center deliveries. Equipment sales rose 215% from a year earlier. Total revenue rose 166%, so equipment now makes up a larger share of Bloom's revenue than it did a year ago. Growth this fast is new for Bloom. Two quarters earlier, revenue grew 35.9% from a year before. Bloom's growth rate jumped within half a year, and the latest jump came with accelerating data center deliveries. Management was open about the limits of its view. It said it did not know for sure whether the current pace of AI investment would hold. It said it would focus on what it controls, such as cutting product costs every year. The stock trades at 341.6 times its earnings of the past year, against 21.9 for the S&P 500. The price likely assumes that data center deliveries keep climbing. Management expects 2026 revenue of $3.9 billion to $4.2 billion. At the midpoint, that would double 2025 revenue. Management also raised its 2026 non-GAAP operating income outlook to $800 million to $900 million. At the start of the year, that outlook was $425 million to $475 million. Bloom also makes a higher margin on equipment than on service work. It kept 37.2% of equipment sales as gross profit in fiscal Q2 2026, against 22% on services. Equipment sales are therefore central to Bloom's profit. Bloom has some protection against project delays. Management said its 2026 revenue guidance does not depend on any single project. When a financier buys the equipment, management said, the financier is on the hook to take delivery. Management also said backlog is growing faster than revenue. Bloom's holders have less protection against a fall in the share price. The stock has fallen much harder than the market in past shocks. In the 2025 US tariff shock, it dropped 38%, against 19% for the S&P 500. Bloom's reliance on equipment sales is a real risk for holders, but the latest results show no sign of a slowdown. The fiscal Q3 2026 results will show whether equipment sales keep growing as fast as they did in fiscal Q2 2026. If they slow sharply, the worry becomes much larger at this price. Before you decide on BE, consider a better choice. Since its inception, the Trefis High Quality (HQ) Portfolio has returned 105%, beating the benchmark that combines the three major indices - the S&P 500, S&P Mid-cap, and Russell 2000. And it did so without taking the concentrated risk that comes with do-it-yourself stock picking.

The fuel cell maker's earnings multiple is measured on a trailing year, while the guidance management has raised describes a far bigger business. That mismatch moves the buy decision onto delivery rather than demand. Bloom Energy (BE) has returned about 530% over the trailing twelve months and still trades roughly 31% below its 52-week high. At about $237 a share it changes hands at 278 times trailing earnings, against 23.8 for the S&P 500. Whether that gap is a warning or a lag depends on what the trailing figures measure. The Business Changed Faster Than The Trailing Window Bloom sells solid oxide fuel cell systems for on-site power generation. By its own account it took nearly a decade to become the standard supplier to hospitals, factories and university campuses, and less than a year to become one for AI data centers, where every major U.S. hyperscaler and more than a dozen neoclouds, AI labs, and colocation operators have validated its power solutions. Revenue over the trailing twelve months was $3.1 billion, up from $1.6 billion a year earlier, while the second quarter of 2026 alone brought $1.065 billion, up 166% year over year. A multiple measured across that window is priced against quarters that predate the ramp, which is why the raised full-year 2026 outlook matters more: revenue of $3.9 billion to $4.2 billion, and non-GAAP diluted earnings of $2.55 to $2.85 a share. Where The Twenty-Five Billion Actually Sits Most customers never buy the equipment outright. A financier purchases the energy servers and serves the end customer under the contract Bloom originated. Brookfield anchors that financing shelf: the partnership was formed last fall at $5 billion and expanded fivefold in June to $25 billion. That commitment is available project capital rather than an order book. What the trailing year shows is mixed: the business turns 23.7% of revenue into operating cash flow against 21.8% for the market, while its operating margin of 11.2% still trails the market's 18.4%. Holdings in the Trefis High Quality Portfolio tend to be businesses where growth, strong margins and cash generation already sit together. Lumpy Deliveries And A Withdrawn Cash Flow Guide The company flags the fragile part of its model: large campus deliveries are lumpy, and revenue can look concentrated in one or two customers in any single quarter, a concentration management attributes to delivery timing rather than backlog composition. Alongside the raised revenue and operating income outlooks, free cash flow guidance is no longer part of the presentation, a change the CFO described as aligning it with what the company truly guides, while saying conversion from operating income into cash remains strong. Separately, a securities class action covering stock purchases from February 2025 through July 2026 alleges false or misleading statements by the company and certain of its top executives. And when markets have broken this stock has fallen harder: down 78% in the 2020 pandemic crash against 34% for the S&P 500. The options market prices implied volatility at 98, the 15th percentile of its own trailing one-year range: high by most standards, low by this stock's own. At 278 times trailing earnings the price already pays for deliveries landing on schedule and the cash arriving behind them, making this a delivery question rather than a demand one. A slipped campus quarter with no conversion is where the multiple turns from a lag into a warning, and the same five factors on every stock are where both would show. Buy It Or Fear It, How Much Of It Should You Own? Whichever way the call lands, the bigger question is how much of any single stock belongs in a portfolio at all. A position that has grown large enough to matter is worth sizing deliberately rather than by accident. What a position that size would do to your net worth is exactly what the Trefis Wealth team computes, with the same rules-based systematic discipline that runs our High Quality Portfolio. Request a free vulnerability audit of your biggest positions.

Find your next quality investment with Simply Wall St's easy and powerful screener, trusted by over 7 million individual investors worldwide. Linde (LIN) stock is in focus after the company released second quarter 2026 results, reporting sales of US$9.289b and net income of US$1.928b, along with higher earnings per share compared with a year earlier. See our latest analysis for Linde. Despite record quarterly figures and new long-term contracts in semiconductors and renewable power, Linde’s recent share price has pulled back, with the 30 day share price return down 10.34% while the 5 year total shareholder return is 67.37%. This suggests longer term holders have still seen substantial gains even as near term momentum has faded. If earnings news has you rethinking where growth could come from next, this is a good moment to broaden your search and review 35 power grid technology and infrastructure stocks Linde now trades only slightly below one intrinsic estimate, yet sits at a double digit discount to analyst targets after a 10% pullback. Is the market showing healthy caution or mispricing a quality industrial gas giant? Linde closed at $478.38, while the most followed narrative places fair value around $545.44, which implies meaningful upside in that framework. Read the complete narrative. Read the complete narrative. Want to see what sits behind that backlog story? Analysts are baking in steady revenue expansion, rising margins and a premium future earnings multiple. Curious which assumptions really carry that valuation. The narrative applies a 7.87% discount rate and leans on projected revenue growth, fatter profit margins and a higher future P/E to bridge today’s price to a fair value of about $545.44. It ties those inputs to Linde’s role in gases for clean energy, electronics and commercial space, where long term contracts and capital projects shape the earnings path more than short term volume swings. Result: Fair Value of $545.44 (UNDERVALUED) Have a read of the narrative in full and understand what's behind the forecasts. However, Linde’s story could look very different if industrial demand in Europe stays weak, or if clean energy projects and hydrogen adoption progress more slowly than analysts expect. Find out about the key risks to this Linde narrative. The earlier narrative leans on discounted cash flows to argue Linde looks modestly undervalued. A simpler lens tells a tighter story. At a P/E of 31.2x, Linde trades above the US Chemicals industry on 24.8x and above an estimated fair ratio of 25.5x. That points to less of a safety cushion if expectations slip. For a closer look at how this earnings multiple stacks up by sector and versus that fair ratio the market could move toward over time, See what the numbers say about this price — find out in our valuation breakdown. This mix of optimism and caution around Linde makes the next move an open question, so it is worth checking the underlying data yourself and deciding where you stand. To balance the concerns and potential upside in one place, review the full breakdown of 3 key rewards and 3 important warning signs If Linde has you thinking more carefully about where to put your capital next, do not stop here. The companies that best fit your goals might be elsewhere. Target stability and income by reviewing companies that appear to be consistent payers and potential compounders through the 9 dividend fortresses Hunt for potential value opportunities by scanning stocks that combine quality fundamentals with appealing prices in the 55 high quality undervalued stocks Prioritise capital protection by checking companies that score well on resilience and risk in the 81 resilient stocks with low risk scores This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Companies discussed in this article include LIN. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email [email protected]

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved record sales and EPS growth of near double-digits, supported by a record project backlog of $8.1 billion following significant electronics wins in the Western U.S. Operating margins excluding cost pass-through declined 30 basis points, primarily due to persistent headwinds in the U.S. homecare business (Lincare) and a mix shift toward lower-margin equipment sales. Management is actively evaluating the strategic fit of the U.S. homecare business within the portfolio while implementing aggressive productivity and operational improvement actions. Electronics remains the fastest-growing end market, fueled by AI-related hardware demand and advanced node fab expansions in the U.S., Taiwan, and Korea. Manufacturing growth is being led by the U.S. market, specifically driven by aerospace activity and data center construction, which management views as a signal of a broader manufacturing recovery. Helium supply chains remain complex due to Middle East geopolitical tensions, but Linde has successfully leveraged its diverse sourcing to secure new long-term contracts and maintain reliability. Full-year EPS guidance was raised at the bottom end to a range of $17.70 to $17.90, assuming no economic improvement at the midpoint and a neutral stance on macro volatility. Expect to start up more than 20 projects in the remainder of the year, representing approximately $1.3 billion in investments, while maintaining a backlog with an '8 handle'. Sequential margin improvement is expected in the third quarter as management actions to address U.S. homecare inefficiencies and cost inflation take effect. The commercial space market is projected to be a $1 billion-plus opportunity by 2030, with increased base CAPEX allocated to support this growth. Helium markets are expected to begin normalizing in early 2027, though the pace of recovery depends on the resolution of logistical challenges in the Strait of Hormuz. The U.S. homecare business (Lincare) continues to face structural challenges from labor cost inflation and unfavorable policy changes in the reimbursement environment. Higher equipment and hardgoods sales in the Americas and APAC are currently dilutive to margins but are viewed as strategic 'pull-through' mechanisms for future high-margin gas sales. Geopolitical instability in the Middle East has forced some industrial scaling back in Asian markets like India and China due to hydrocarbon dependency. Linde's Taiwan JV secured approximately $800 million in electronics wins not currently included in the primary sale-of-gas backlog. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management confirmed that excluding the Lincare business, Americas margins would have increased by 20 basis points. The company is evaluating the strategic fit and options for the U.S. homecare business while focusing on improving its operational performance., while a new management team focuses on pruning the portfolio and improving quality. The electronics pipeline is robust globally, with significant opportunities in the U.S., Taiwan, Korea, and China. While equipment sales for electronics have lower margins, they are critical for locking in long-term gas supply contracts for advanced semiconductor fabs. Linde is seeing a trend where some large space customers desire vertical integration for atmospheric gases, similar to traditional on-site industrial customers. The company is flexible in offering both 'sale of gas' and 'sale of plant' models, often including operate-and-maintain agreements to manage customer-owned infrastructure. Current helium contributions are positive on a dollar basis but dilutive on a margin basis due to high dislocation and logistics costs. Full market normalization is unlikely within this calendar year and will likely stretch into early 2027 depending on the restart of production in Qatar.

Interested in Linde PLC? Here are five stocks we like better. Linde reported record second-quarter sales of $9.3 billion and adjusted EPS of $4.50, up 9% and 10% year over year, respectively. However, operating margin declined to 29.5% due mainly to pressure in its U.S. home-care business and a mix shift toward lower-margin products. The company raised the low end of its full-year EPS outlook to $17.70–$17.90 and expects third-quarter EPS of $4.45–$4.55. Linde is implementing operational improvements at Lincare while evaluating the business’s strategic fit. Strong electronics demand, particularly from semiconductor and AI-related projects, lifted Linde’s sale-of-gas backlog to a record $8.1 billion. The company plans to start more than 20 projects involving roughly $1.3 billion of investment during the rest of 2026, while also pursuing growth in commercial space and maintaining helium supplies amid geopolitical disruptions. Buy, Hold, or Wait: 3 Small-Cap Stocks Telling Different Stories Linde (NASDAQ:LIN) reported record second-quarter sales and earnings per share, while expanding its sale-of-gas project backlog to a record $8.1 billion following a new U.S. electronics contract. The industrial-gases company also said it expects to start more than 20 projects during the remainder of 2026, representing approximately $1.3 billion of investment. Chief Executive Officer Sanjiv Lamba said sales and EPS both increased at near-double-digit rates during the quarter. However, he said the company was not satisfied with its margin performance, citing pressure in its U.S. home care business and a sales mix that included higher volumes of lower-margin equipment and hard goods. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now China's Helium Ban Could Reshape the AI Supply Chain Second-quarter sales totaled $9.3 billion, up 9% from a year earlier and 6% sequentially, Chief Financial Officer Matt White said. Foreign exchange added 2 percentage points to year-over-year sales growth, while acquisitions and engineering each contributed 1 percentage point. Higher cost pass-through added another 1 percentage point. Excluding those items, underlying sales increased 4%, split between higher volume and pricing. Nearly half of the volume increase came from project startups in Asia-Pacific and the Americas, while the balance reflected organic growth in the U.S., China, Korea, India and the company’s advanced materials business. Pricing rose 2% from a year earlier, broadly tracking local inflation, White said. → Microsoft Just Flipped the AI Spending Narrative Overnight Helium Stocks Soar on Conflict and Chip Demand: 5 Names to Know Operating margin was 29.5%, down 60 basis points from the prior-year period, or down 30 basis points excluding cost pass-through. Adjusted EPS was $4.50, up 10% from a year earlier, aided by higher net income and a lower share count. Linde guided for third-quarter EPS of $4.45 to $4.55, representing growth of 6% to 8% from a year earlier. The outlook assumes no year-over-year currency impact but includes a 1% sequential foreign-exchange headwind. The company raised the lower end of its full-year EPS outlook by $0.10, projecting $17.70 to $17.90, or growth of 8% to 9%, excluding an assumed 1% foreign-exchange tailwind. → Carrier Earnings Could Send the Stock to a New All-Time High White said the company is not yet incorporating the second quarter’s improvement in base volumes into its forward outlook. At the midpoint, third-quarter EPS is expected to rise $0.05 sequentially excluding foreign exchange, reflecting actions underway to improve performance. Lamba said the Americas segment was the primary source of margin pressure, particularly the U.S. home care business, known as Lincare. He said continued cost inflation and policy changes have outweighed the benefits of portfolio pruning efforts. According to Lamba, Americas margins excluding the home care business would have risen 20 basis points, excluding cost pass-through. White said the home care profit headwind was higher than an analyst’s estimate of $30 million for the quarter, without providing a specific figure. The company has installed a new management team at Lincare and is pursuing operational improvements, productivity initiatives and additional portfolio actions. Lamba said Linde is also evaluating the strategic fit of the business, “both in part and as a whole,” while seeking to improve its performance. Higher sales of hard goods in the U.S. packaged-gases business also reduced margins, though management characterized the trend as a positive sign for manufacturing activity. U.S. hard-goods sales increased by a double-digit percentage from a year earlier. In Asia-Pacific, margins were affected by lower-margin equipment sales to electronics customers, which Linde said can support future gas-sales opportunities. Electronics remained Linde’s fastest-growing end market, supported by project startups and demand tied to artificial-intelligence-related hardware. The company added $1 billion of new U.S. electronics wins to its backlog to support advanced-node semiconductor fabrication investments. Linde has begun building plants under reimbursable letters of intent while final supply contracts are completed. Lamba said Linde expects electronics to remain its largest backlog contributor and one of its fastest-growing markets. The company is pursuing additional opportunities in the U.S., Taiwan, Korea and China. Separately, Linde’s Taiwan joint venture won projects requiring approximately $800 million of investment in air separation and hydrogen production units for new semiconductor fabrication and advanced-packaging facilities. The company expects its sale-of-gas backlog to still end 2026 with “an eight handle,” even after approximately $1.3 billion of project startups reduce the current $8.1 billion balance. Management said manufacturing was the fastest-growing industrial market, particularly in the U.S., where aerospace and data-center-related construction supported activity. Aerospace represented more than one-third of manufacturing growth during the quarter. Manufacturing volumes also increased in Asia-Pacific and the Americas. Metals and mining and chemicals and energy each grew at low-single-digit rates. Metals and mining was solid in the U.S. and Brazil, while chemicals growth was primarily driven by backlog contributions in Asia-Pacific. Lamba said these markets were otherwise broadly flat across other regions. Linde deployed $6 billion of capital year to date, split evenly between business investments and shareholder returns. Of that amount, $1.9 billion was directed to secured growth through acquisitions and project-backlog investments. White said the company expects secured growth to remain a significant use of capital given the record backlog, acquisition opportunities and project pipeline. The company increased its expected capital spending, with the additional investment tied to backlog wins and base capital expenditures supporting commercial-space customers. White said commercial-space customers may use a combination of sale-of-gas arrangements and customer-owned plants operated and maintained by Linde, particularly for atmospheric gases. He said Linde is not seeing the same dynamic in hydrogen supply. Lamba said the company remains on track to pursue a billion-dollar-plus space-market opportunity by 2030. On helium, Lamba said Linde has maintained supply to contracted customers amid disruption related to the Middle East and has signed new long-term customer contracts. He said improved pricing has been partly offset by dislocation costs, which have limited the immediate margin benefit. Linde expects a more normalized helium market next year, though the pace will depend on resolution of issues affecting the Strait of Hormuz and the resumption of production and logistics flows from Qatar. Linde (NASDAQ: LIN) is a multinational industrial gases and engineering company that supplies gases, related technologies and services to a wide range of industries. The company traces its current form to the 2018 combination of Germany's Linde AG and U.S.-based Praxair, creating one of the largest global providers of industrial, specialty and medical gases. Linde's business model centers on production, processing and distribution of gases as well as the design and construction of the plants and equipment needed to produce them. Core products and services include atmospheric and process gases such as oxygen, nitrogen and argon; hydrogen and helium; carbon dioxide; and a portfolio of higher‑value specialty and electronic gases. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Linde Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.