LIN US S&P 500NASDAQ-100Russell 1000 Earnings call
Linde plc (LIN) · Q2 2026 results and valuation
Share price: $526.55 · 2026-11-11
Results Q2 2026 vs Q1 2026 · previous quarter · published 31 Jul 2026 and 1 May 2026
Net income up 3.8% on the previous quarter. Management sounded upbeat, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
+3.8%
Net income vs Q1 2026
Outlook given
Net income 1.93B vs 1.86B
Revenue +5.8%
2 · How management spoke
Upbeat
More upbeat than 66% of company calls
Answers to analysts: restrained, in line with the script.
Similar to last call.
3 · What stood out
Figure
The company increased its backlog by $1 billion to a record $8.1 billion.
Valuation
Is Linde plc undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-12-31), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 0.6% growth a year (3-year revenue growth), the model's fair value is $86.48 a share — the stock trades 509% above it. Today's price assumes 21.4% growth a year.
Current price
$526.55
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+21.4% for 10 yrs
Fair value / share
$86.48
Buy below
$64.86
Price vs fair value
Overvalued >200%
Price vs buy-below price
Overvalued >200%
Read between the lines
-
Guidance
Lin expects to increase base CAPEX investments to support commercial space customers following a record project backlog from large scale electronics wins.
Source quote
“Furthermore, the project backlog reached a new record from the large scale electronics wins and we anticipate some further base CAPEX investments to support our commercial space customers.”
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Guidance
The company expects many of these margin headwinds to be temporary and to recover in the coming quarter.
Source quote
“Overall, we expect many of these margin headwinds to be temporary and thus recover in the coming quarter.”
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Dropped
Gulf Coast refining and Latin American upstream energy grew due to higher activity for hydrogen and nitrogen and U.S. while APAC grew from recent investments in the Jurong Island complex.
Source quote
“Gulf Coast refining and Latin American upstream energy Americas was driven by higher activity for hydrogen and nitrogen and U.S. While APAC increases primarily came from our recent investments in the Jurong Island integrated complex.”
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Dropped
The company no longer emphasized Gulf coast refining in its Q2 2026 report compared to Q1 2026.
Source quote
“Gulf coast refining”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q2 2026. Ring: Q1 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“And you do tend to see those grow stronger in certain recoveries and as markets start to expand.”
“As I mentioned earlier, we added $1 billion of new electronic wins to the backlog to support the expansion of advanced node fabs in the Western US.”
“During the second quarter, we achieved record sales and EPS levels.”
Full figures
USD · SEC EDGAR XBRL (10-Q, period end 2026-06-30)
| Metric | Q2 2026period end 2026-06-30 | Q1 2026period end 2026-03-31 | Change | Q2 2025 | YoY |
|---|---|---|---|---|---|
| Revenue | 9.29B | 8.78B | +5.8% | 8.49B | +9.3% |
| Operating income | 2.55B | 2.44B | +4.7% | 2.35B | +8.5% |
| Net income | 1.93B | 1.86B | +3.8% | 1.77B | +9.2% |
| EPS | 4.15 | 3.98 | +4.3% | 3.73 | +11.3% |
| P/E today 31.1 | 33.5 | 32.9 | +0.6 | 33.3 | +0.2 |
Topics
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Latest announcements
Official filings, newest first.
- Results of operations · SEC 8-K
- Shareholder vote results · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K
- Results of operations · SEC 8-K
- Material agreement; New financial obligation · SEC 8-K
- Other events · SEC 8-K
- Results of operations · SEC 8-K