$LIN · LINDE PLC
Linde filed its Q3 FY2026 10-Q, reporting sales of $9.404B (+9.2% YoY) and GAAP diluted EPS of $3.66, down 11% from $4.09 a year ago. The GAAP decline reflects a $425M cost reduction program charge. Adjusted diluted EPS rose 9% to $4.59. Operating cash flow for the nine months ended September 30, 2026 was $7.68B versus $7.32B in the prior year.
- Revenue of $9.404B, up 9.2% YoY from $8.615B in Q3 FY2025.
- GAAP diluted EPS fell 11% to $3.66 vs. $4.09 a year ago, driven by a $425M cost reduction program charge.
- Adjusted diluted EPS rose 9% to $4.59, excluding cost-reduction charges and purchase-accounting impacts.
- Operating cash flow for nine months reached $7.68B, up from $7.32B in the prior-year period.
- Share buybacks totaled $2.632B in the first nine months, reducing basic shares outstanding to 460.6M from 468.8M.
LIN shares down 1.03% to $502.92 in regular trading. The GAAP EPS miss driven by the $425M cost-reduction charge likely weighs on sentiment despite strong adjusted results and 9% adjusted EPS growth.
A $425M restructuring charge at a $232B industrial-gas giant signals portfolio reshaping that investors must reconcile against 9% adjusted EPS growth and aggressive buybacks.
Linde's 9.2% revenue growth and 38.5% adjusted EBITDA margin reinforce its position as the industrial-gas sector leader. The segment restructuring moving U.S. homecare out of Americas into Other suggests portfolio optimization.
The $425M cost reduction program charge signals ongoing restructuring that could pressure near-term GAAP earnings. Currency translation remains a material variable with 16% of YTD sales in euros and 8% in Chinese yuan, exposing results to FX swings.