Linde

Linde is the largest industrial gas company in the world, with sales of $34.0 billion in 2025. It produces oxygen, nitrogen and argon from air, and it also sells hydrogen, helium, carbon dioxide and specialty gases. Large customers, such as chemical plants, refineries, steel mills and chip factories, get gas by pipeline from plants that Linde builds on or next to their sites, under contracts of 10 to 20 years with minimum purchase amounts and price escalation. Smaller customers buy liquid gas by truck or gas in cylinders.

Linde Engineering designs and builds gas plants for Linde and for other companies. Linde also owns Lincare, a US home care business that supplies oxygen and respiratory equipment to patients. About 64% of 2025 sales came from outside the US. Linde makes money from long contracts and price increases, with an adjusted operating margin of 29.4% in Q3 2026.

Linde trades at a discount because investors doubt that it can keep its margin and its earnings growth while industrial demand stays weak. The adjusted operating margin was 29.4% in Q3 2026, 30 basis points lower than a year earlier and about the same as the 29.5% of Q2. Lincare, its US home care business, is the main drag, because its prices do not keep pace with cost inflation. Linde moved Lincare into a separate segment and studies options that include a sale, but it says that a sale is not certain.

Helium costs also rose because of the conflict in the Middle East. In Q3 2026, Linde took a charge of $425 million for severance and for actions at Lincare. Management expects the savings to reach their full rate in the second half of 2027. Linde plans $5.5 billion to $6.0 billion of capital spending in 2026, so investors see more cash going into new plants before the profit comes.

The long contracts and the $7.9 billion sale of gas backlog, mostly for electronics customers, support future growth. For the gap to close, Linde must reach its Q4 2026 adjusted EPS guidance of $4.40 to $4.50, show a higher margin in 2027 as the cost savings arrive, decide what to do with Lincare, and grow the sale of gas backlog again. The Q4 report and the 2027 outlook, expected in early 2027, give the next test. If the margin recovers and Linde stays within its long-term target of 8% to 12% EPS growth, the gap can close over the next two to four quarters.

The main risk is a longer slowdown in industrial production in Europe and Asia.

1. Oct 29, 2026Failed

   Q3 2026 results: margin and EPS guidanceAdjusted EPS of $4.45 to $4.55 or more and a higher adjusted operating margin than in Q2 2026 pass; a lower margin or a cut to the 2026 guidance fails.Outcome: Adjusted EPS of $4.59 beat the guidance and Linde raised its 2026 guidance, but the adjusted operating margin of 29.4% was slightly lower than the 29.5% of Q2 2026.
2. Jan 29, 2027 · est.Pending

   Q4 2026 results and 2027 outlook2027 EPS guidance within the long-term growth target of 8% to 12%, a higher margin from the cost savings and a sale of gas backlog above $8 billion pass; guidance below 8% growth fails.
3. 2027 · est.Pending

   Decision on LincareA sale or a clear plan that removes the margin drag of Lincare passes; no decision and a further fall in its margin fail.

Every passed and failed checkpoint across all picks

• October 29, 2026Linde reported Q3 2026 results. Sales were $9.40 billion, up 9%, with underlying sales up 5% from 3% higher prices and 2% higher volumes. Adjusted EPS was $4.59, up 9%, and the adjusted operating margin was 29.4%, 30 basis points lower than a year earlier. Reported EPS was $3.66, down 11%, because of a charge of $425 million. Operating cash flow was $3.17 billion. Linde raised its 2026 adjusted EPS guidance to $17.82 to $17.92 and guided Q4 2026 adjusted EPS at $4.40 to $4.50. The sale of gas backlog fell to $7.9 billion, from $8.1 billion at the end of Q2.
• October 29, 2026The Q3 2026 charge of $425 million includes $200 million of global severance, $42 million of other cost reduction charges and $183 million of non-cash charges, mostly for Lincare. Press reports of the call said that management expects the cost savings to pay back the charge in 1.5 to 2 years, with the full savings rate in the second half of 2027. Lincare now reports to the CFO in a separate segment while Linde studies options, and management said that a sale is not certain.
• October 5, 2026Linde said that it will report Q3 2026 results by 6:00 a.m. EDT on October 29, 2026, with a conference call at 9:00 a.m. EDT.

Last earnings

October 29, 2026 (8-K on sec.gov)

Next earnings

Expected about January 29, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · lin-20260930
• 8-KEarnings releaseFiled October 29, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · lin-20260630
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled July 30, 2026 · lin-20260728
• 8-KOther company newsFiled May 13, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · lin-20260331
• 8-KEarnings releaseFiled May 1, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 25, 2026 · lin-20251231
• 8-KEarnings releaseFiled February 5, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1707925)

• Volumes depend on industrial production. In Q3 2026, EMEA volumes grew only 1%, and press reports of the call said that management sees no near-term recovery in Europe. Linde's guidance assumes no economic improvement.
• Lincare, the US home care business, lowers the margin because its prices do not keep pace with cost inflation. In Q3 2026, Linde took $183 million of non-cash charges, mostly for Lincare. Management studies options that include a sale, but it gave no date for a decision and said that a sale is not certain.
• Linde plans $5.5 billion to $6.0 billion of capital spending in 2026, mostly for its $7.9 billion sale of gas backlog. Delays at customers, such as chip factories, can postpone the return on these plants.
• The conflict in the Middle East raised helium supply costs. Management expects normal conditions only in early 2027, if supply from Qatar restarts.
• About 64% of sales come from outside the US, so a stronger US dollar lowers reported sales and EPS.

Linde has strong credit ratings and long-dated debt. At September 30, 2026, short-term debt was $4.6 billion, mostly $4.3 billion of commercial paper, and $1.5 billion of long-term debt was due within one year. Read more

Yield at the current rate

1.2% (current annual rate, at today’s price)

Dividend yield

1.2% (last 12 months, at today’s price of $526.55)

Paid per share

$6.30 in the last 12 months (4 payments)

Current annual rate

$6.40 ($1.60 × 4 a year)

Payout ratio

41% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

September 3, 2026, $1.60 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 9.3% a year. From 2015 to 2025, the dividend grew by about 7.7% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.