Linde stock raises 2026 outlook after record third quarter

Linde reported record third-quarter sales and adjusted earnings on Thursday, October 29, while raising its full-year 2026 adjusted earnings outlook. The industrial gases company said demand in electronics, chemicals and energy, and manufacturing supported the quarter. Its release was carried by Morningstar via Business Wire.

Record Sales Support Higher Outlook

Sales reached 9.404 billion US dollars, an increase of 9 percent from the prior-year quarter. Underlying sales rose 5 percent, with price attainment contributing 3 percent and volumes 2 percent. Adjusted operating profit increased 8 percent to 2.763 billion US dollars, producing an adjusted operating margin of 29.4 percent.

Reported diluted EPS fell 11 percent to 3.66 US dollars because of purchase-accounting effects and cost-reduction and other charges. On an adjusted basis, EPS rose 9 percent to 4.59 US dollars, while adjusted net income increased 7 percent to 2.122 billion US dollars. Operating cash flow gained 8 percent to 3.169 billion US dollars, and free cash flow totaled 1.777 billion US dollars after capital spending.

Management raised the full-year adjusted EPS range to 17.82 to 17.92 US dollars from 17.70 to 17.90 US dollars, assuming a 2 percent favorable currency effect. The company expects fourth-quarter adjusted EPS of 4.40 to 4.50 US dollars, representing growth of 5 to 7 percent from the year-earlier quarter. Planned 2026 capital spending remains between 5.5 billion and 6.0 billion US dollars.

Electronics Demand Leads Growth

Electronics sales grew 15 percent year over year, according to Reuters, published by Fidelity. The report linked the strongest end-market performance to demand for gases used in semiconductor manufacturing as producers expand capacity for artificial intelligence and high-performance computing chips.

Chief Executive Officer Sanjiv Lamba said proposal activity remained robust, particularly in electronics, and that Linde expected continued backlog growth. The company reported a project backlog of 11 billion US dollars and said it was focusing on productivity, operational execution, and disciplined capital deployment.

The real-time quote of Linde stock was 459.20 euros on Lang & Schwarz at 11:46 CET on Friday, November 6, 2026, 1.88 percent below the Xetra close of Thursday, November 5.

The S&P 500 provides the broader market backdrop for Linde's US-listed shares.

More news and analyses on Linde stock will remain focused on the conversion of electronics demand, backlog growth, and the company's ability to sustain adjusted earnings growth while executing its productivity program.