LINDE PLC Earnings Summary — Q1 2026

• Revenue reached $8.78 billion in Q1 2026, marking a notable 8.25% Year-over-Year growth acceleration compared to previous quarters.
• Operating Income hit a quarterly record of $2,439 million, driven by management's 'Linde 2.0' strategy focusing on pricing and structural efficiency.
• Net Income to Common jumped 11% YoY to $1,857 million, significantly rebounding from a seasonally lower Q4 2025.
• Gross Profit margins remain robust at 48.5%, supported by the company's long-term take-or-pay industrial gas contracts.
• The aggressive share buyback program continues to reduce share count, with basic shares outstanding falling to 464 million from 482 million a year prior.
• Operating expenses were well-contained at $1,819 million, a sharp decrease from the $2,199 million reported in the previous sequential quarter.
• The company maintains a high-barrier oligopoly position, effectively passing through energy and commodity costs to customers.

Management remains focused on the Linde 2.0 strategy, prioritizing margin expansion over raw volume and positioning for leadership in green hydrogen and the energy transition.

Improving

Revenue growth is accelerating from the low single-digits seen throughout 2025 to over 8% in Q1 2026, coupled with expanding operating margins.

Linde is positioned as a premier quality compounder with high revenue visibility. Future growth is expected to be driven by a robust project backlog in decarbonization and hydrogen infrastructure.