Linde profit hits $1.86B as project start-ups and pricing drive growth

Linde (NASDAQ:LIN) reported a strong start to 2026, with first-quarter net income rising 11% to $1.86 billion.

Diluted earnings per share reached $3.98, a 13% increase over the previous year, as the company benefited from disciplined pricing and the successful integration of new project start-ups.

On an adjusted basis, which excludes purchase accounting impacts and cost reduction charges, earnings per share hit $4.33, surpassing analyst estimates.

Total sales for the quarter climbed 8% to $8.78 billion.

While a 5% favorable currency tailwind significantly bolstered the top line, underlying sales grew by 3%, driven by a 2% increase in pricing and a 1% rise in volumes.

Profitability remained a highlight of the report, with adjusted operating profit rising 8% to $2.63 billion.

Linde also achieved an adjusted operating profit margin of 30%, reflecting the company’s ongoing focus on productivity initiatives and high-quality growth projects.

Operating cash flow for the period was $2.24 billion, and after accounting for $1.34 billion in capital expenditures, the company generated $898 million in free cash flow.

Looking ahead, management expects to invest between $5 billion and $5.5 billion in capital expenditures for the full year to support its $7.1 billion contractual sale-of-gas project backlog, which underpins the company’s long-term growth trajectory.

For the second quarter of 2026, Linde forecasts adjusted diluted EPS in the range of $4.40 to $4.50.

The company also reaffirmed its full-year 2026 outlook, expecting adjusted EPS between $17.60 and $17.90, representing a growth rate of 7% to 9%.