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Linde (LIN) Q3 FY2026 earnings: revenue $9.4 billion, up 9.2% on the year

Linde plc (LIN) reported revenue of $9.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 9.2% on the same quarter a year earlier. Net income was $1.7 billion, down 12.3% on the year, and diluted earnings per share $3.66. The figures are the company's own, from the 10-Q it filed with the SEC on 29 October 2026.

Revenue$9.4 billionup 9.2%
Net income$1.7 billiondown 12.3%
Diluted EPS$3.66
QuarterQ3 FY2026ended 30 September 2026

What management said

Guidance figures: 1 raised, 1 new, 1 kept.

  • Record sales and adjusted EPS reported: Sales were $9,404 million, up 9% including 1% favorable currency, with underlying sales up 5%. Adjusted EPS of $4.59 rose 9%. GAAP diluted EPS was $3.66, down 11%.
  • Adjusted profit rose while GAAP fell: GAAP net income was $1,692 million, down 12%. Excluding Linde AG purchase accounting impacts and cost reduction program and other charges, adjusted net income was $2,122 million, up 7%.
  • Americas sales up 11%: Underlying sales rose 9%, from 6% higher pricing and 3% higher volumes, in electronics, chemicals and energy, and metals and mining. Operating margin was 35.1%, 50 basis points above prior year.
Read the earnings call summary

The quarter, against the one before and a year earlier

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Revenue9,4049,2898,615+9.2%
Cost of revenue4,9624,8614,379+13.3%
Gross profit4,4424,4284,236+4.9%
Gross margin47.2%47.7%49.2%
Research and development37.037.036.0+2.8%
Selling, general and administrative892891897-0.6%
Operating income2,1502,5542,367-9.2%
Operating margin22.9%27.5%27.5%
Interest expense71.061.064.0+10.9%
Pre-tax income2,1282,5462,360-9.8%
Income tax449610424+5.9%
Effective tax rate21.1%24.0%18.0%
Net income1,6921,9281,929-12.3%
Net margin18.0%20.8%22.4%
Diluted EPS$3.66$4.15$4.09-10.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Operating cash flow3,1692,2712,948+7.5%
Capital expenditure1,3921,4381,276+9.1%
Free cash flow1,7778331,672+6.3%
Free cash flow margin18.9%9.0%19.4%
Cash from investing-1,326-1,658-1,434n/a
Cash from financing-2,798321-1,782n/a
Depreciation and amortisation965963961+0.4%
Share-based compensation44.019.045.0-2.2%
Buybacks954871989-3.5%
Dividends paid735738701+4.9%
Dividend per share$1.60$1.60$1.50+6.7%
Diluted shares, weighted463m465m472m-1.9%
Shares outstanding at period end459m461m467m-1.7%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ3 FY2026Q2 FY2026Q3 FY2025Change on the year
Shareholders' equity39,42239,08138,616+2.1%
Non-controlling interest1,5631,5361,457+7.3%
Redeemable equity10.013.013.0-23.1%
Debt26,70228,01325,925+3.0%
Other liabilities20,37819,70619,982+2.0%
Total liabilities and equity88,07588,34985,993+2.4%
Goodwill27,90027,92727,828+0.3%
Intangible assets11,42611,56411,931-4.2%
Cash and equivalents3,9474,8984,509-12.5%
Receivables5,5955,6325,331+5.0%
Inventory2,1292,1222,128+0.0%
Other assets37,07836,20634,266+8.2%
Total assets88,07588,34985,993+2.4%

Questions

What was Linde's revenue in Q3 FY2026?

Linde (LIN) reported revenue of $9.4 billion for Q3 FY2026, the quarter ended 30 September 2026, up 9.2% on the same quarter a year earlier.

How much did Linde earn in Q3 FY2026?

Net income for Q3 FY2026 was $1.7 billion, down 12.3% on the year, and diluted earnings per share $3.66.

When did Linde report Q3 FY2026 results?

Linde filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 29 October 2026.

Quarterly results, the last 20 quarters

Q4 FY2021 *Q1 FY2022Q2 FY2022Q3 FY2022Q4 FY2022 *Q1 FY2023Q2 FY2023Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026Q3 FY2026
Revenue8,2988,2118,4578,7977,8998,1938,2048,1558,3028,1008,2678,3568,2828,1128,4958,6158,7648,7819,2899,404
Cost of revenue4,9274,7984,9405,2854,4274,4314,3164,3144,4314,2164,2514,3564,3204,1574,3064,3794,5474,5234,8614,962
Gross profit3,3713,4133,5173,5123,4723,7623,8883,8413,8713,8844,0164,0003,9623,9554,1894,2364,2174,2584,4284,442
Gross margin41%42%42%40%44%46%47%47%47%48%49%48%48%49%49%49%48%48%48%47%
R&D38.035.037.035.036.036.035.036.039.038.036.037.039.038.038.036.035.038.037.037.0
SG&A787802771770764822833808832860840823814786870897880893891892
Operating income1,3371,4805891,6131,6871,9332,0112,0522,0282,0952,1842,0862,2702,1842,3542,3672,0182,4392,5542,150
Operating margin16%18%7%18%21%24%25%25%24%26%26%25%27%27%28%27%23%28%27%23%
Interest expensen/an/an/an/an/an/a52.040.0n/a65.070.068.053.060.067.064.064.062.061.071.0
Pre-tax income1,3551,5356461,6481,7141,9412,0042,0471,9962,0802,1632,0632,2632,1802,3462,3602,0112,4312,5462,128
Tax rate25%24%44%24%23%22%22%24%23%22%23%24%24%23%24%18%24%23%24%21%
Net income1,0261,1743721,2731,3281,5161,5751,5651,5431,6271,6631,5501,7251,6731,7661,9291,5301,8571,9281,692
Net margin12%14%4%14%17%19%19%19%19%20%20%19%21%21%21%22%17%21%21%18%
Diluted EPS$1.99$2.30$0.74$2.54$2.65$3.06$3.19$3.19$3.16$3.35$3.44$3.22$3.61$3.51$3.73$4.09$3.28$3.98$4.15$3.66
Operating cash flow3,2332,0002,1332,6362,0951,9082,1502,5202,7271,9541,9292,7312,8092,1612,2112,9483,0302,2402,2713,169
Capital expenditure8396498267629368298599481,1511,0481,1331,0661,2501,2701,2571,2761,4581,3421,4381,392
Free cash flow2,3941,3511,3071,8741,1591,0791,2911,5721,5769067961,6651,5598919541,6721,5728988331,777
Buybacks1,3611,7191,6101,1496908599081,1581,0331,0411,4406671,3341,1111,1119891,390807871954
Dividends paid541592585581586623623620616669665662659708704701698741738735
Shares outstanding509m503m498m494m492m490m488m485m482m481m478m476m473m471m469m467m463m463m461m459m
Filing10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 29 October 2026: the filing.