LIN · Q2 FY2026
LINDE PLC Q2 FY2026 earnings analysis
By SageNoodle ResearchNeutral
| Metric | Actual | Estimate | Result |
|---|---|---|---|
| Revenue | $9.29B | $8.49B (yr ago) | Beat |
| EPS | $4.15 | $3.73 (yr ago) | Beat |
| Free Cash Flow | $0.83B | $0.95B (yr ago) | Miss |
| Gross Margin | Not disclosed | Not disclosed (yr ago) | Miss |
| Operating Margin | 27.5% pre-tax margin | 27.7% pre-tax margin (yr ago) | Miss |
What changed
Revenue rose 9.4% year over year to $9.29 billion and GAAP EPS increased 11.3% to $4.15, supported by pricing, volume growth and favorable currency. The mix was less convincing below the headline: pre-tax margin slipped to 27.5% and free cash flow declined 12.3% to $833 million as capital expenditures reached $1.44 billion.
Impact on the investment thesis
With no prior SageNoodle valuation, we establish fair value at $445 per share rather than record a change. The quarter supports the earnings outlook and backlog thesis, but weaker free cash flow and a 29.8x trailing P/E prevent a higher base-case multiple.