One of the world's largest industrial gas companies, Linde supplies oxygen, nitrogen, argon, hydrogen, and other gases used in healthcare, electronics, food, and steelmaking. It traces to German engineer Carl von Linde, whose first job was building a refrigerator for a Munich brewery in 1873 so lager could be brewed year-round; he founded the company in 1879. The modern Linde plc formed in 2018 when Linde AG merged with Praxair, a US offshoot rooted in a business Carl von Linde started in 1907.
Linde Q2 2026 revenue rose 9.3% to $9.289B with diluted EPS up 11.3% to $4.15
Linde's project reached $8.1B, up from $7.1B at last report. rose 9.3% to $9,289M and rose 11.3% to $4.15 as pricing, volume, and currency offset cost inflation, with at 47.7%. The company is converting a growing project pipeline into revenue while declines.
Key takeaways
The for large projects under construction rose to approximately $8.1B from $7.1B at the FY2025 report, and rose to $2,780M in H1 to support it.
rose 9.3% to $9,289M, driven by 2% each from higher price attainment, volume growth, and favorable currency translation; APAC led growth at 13% on new project start-ups.
Reported increased 8.5% to $2,554M and rose 7% to $2,744M, while rose 11.3% to $4.15 and adjusted diluted EPS grew 10% to $4.50.
Section summaries
Management's Discussion and Analysis
Linde's Q2 2026 sales rose 9% to $9.3B on higher pricing, volume, and currency, driving an 8% reported operating profit increase.
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Consolidated sales grew 9% to $9,289 million, with 2% contributions each from higher price attainment, volume growth, and favorable currency translation.
declined 1.6 points to 47.7% as cost of sales rose to 52.3% of sales from 50.7%, partially offset by productivity gains.
fell 12.7% to $833M as rose, while rose 2.7% to $2,271M in the quarter and 3% to $4,511M for H1.
rose 5.0% to $20.7B, unchanged from the FY2025 year-end level, after ending Q1 at $19.9B.
What changed
The was flagged to watch next update; it rose to $8.1B from $7.1B at FY2025, confirming the pipeline more than doubled from the $3.5B FY2021 base.
Q2 2026 was flagged to see if 48.5% held or retreated; it declined to 47.7%, down 0.8 point sequentially and 1.6 points , the first sub-48% quarter since Q4 2025.
was flagged after Q1 fell to $19.9B; it rose 4.1% sequentially to $20.7B, matching the FY2025 year-end figure of $20.7B.
was flagged after Q1 fell 42.9% sequentially to $898M; it fell further to $833M in Q2, down 12.7% , confirming the decline was not a one-quarter timing effect.
Q2 2026 growth of 9.3% accelerated from Q1's 8.2% and Q2 2025's 2.8%, with currency contributing 2% this quarter versus 5% in Q1.
What to watch
Next update after it reached $8.1B to track conversion of projects to .
Q3 2026 to see if 47.7% stabilizes or continues the decline from 48.5% in Q1.
trajectory after it fell to $833M, to see if on the $8.1B continues to suppress it.
movement after it held at $20.7B and remaining capacity after $804M used in Q1.
Reported increased 8% to $2,554 million, while rose 7% to $2,744 million, both driven by pricing, productivity, and currency that offset cost inflation.
The APAC led sales growth at 13%, fueled by a 6% volume increase from new project start-ups and equipment sales, while Americas and EMEA each grew 7%.
Cost of sales as a percent of sales rose to 52.3% from 50.7%, primarily due to higher costs and , partially offset by productivity gains.
reached $4,511 million for the first half, up 3% , while rose to $2,780 million to support a of approximately $8.1 billion.
Adjusted grew 10% to $4.50, benefiting from higher adjusted and a 2% reduction in diluted .
Through the quarterly period covered by this report, there have been no material changes to the risk factors disclosed in Item 1A to Part I of Linde's Annual Report on Form 10-K for the year ended December 31, 2025.
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Through the quarterly period covered by this report, there have been no material changes to the risk factors disclosed in Item 1A to Part I of Linde's Annual Report on Form 10-K for the year ended December 31, 2025.