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AI核心结论
Linde (LIN) delivered strong Q1 2026 results with revenue of $8.78B (+8.2% YoY) and net income of $1.86B (+11.0% YoY), driven by improved operating margins and solid cash generation, though rising SG&A costs and long-term debt warrant monitoring.
营业收入
$8.78B
同比 ++8.25%
每股收益（基本）
$4.00
同比 ++13.31%
营业利润
$2.44B
同比 ++11.68%
提交于 · 来源: SEC EDGAR 10-Q 原文
Linde (LIN) Q1 FY2026 营收 $8.78B，同比增长 8.2%。 净利润 $1.86B，同比增长 11.0%，稀释每股收益 $3.98。
Revenue grew 8.2% YoY to $8.78B in Q1 2026 from $8.11B in Q1 2025, reflecting broad-based demand strength across Linde's industrial gas and engineering segments. This top-line expansion outpaced prior-period growth rates and signals continued pricing power and volume gains.
来源: Source: 10-Q Income Statement
Operating income rose 11.7% YoY to $2.44B, pushing the operating margin to 27.8% from 26.9% in the prior year period — a meaningful 85 basis point improvement. This margin expansion demonstrates effective cost discipline even as SG&A expenses increased.
来源: Source: 10-Q Income Statement
Selling, general and administrative expenses increased 13.6% YoY to $893M from $786M, growing faster than revenue. This represents a notable cost headwind that management will need to manage carefully to sustain margin improvement trajectories.
来源: Source: 10-Q Income Statement
Operating cash flow increased 3.7% YoY to $2.24B, demonstrating the business's ability to convert earnings into cash. Free cash flow (operating cash flow minus investing outflows) was approximately $856M, supporting ongoing capital returns to shareholders.
来源: Source: 10-Q Cash Flow Statement
Financing cash outflows surged to -$1.97B from -$388M in Q1 2025 (-407.2% YoY), reflecting increased debt repayments and shareholder returns. Long-term debt rose 10.6% YoY to $21.50B while cash declined 25.2% to $3.96B, indicating a more leveraged balance sheet profile entering the remainder of 2026.
来源: Source: 10-Q Balance Sheet and Cash Flow Statement
Long-term debt increased 10.6% YoY to $21.50B, while the debt-to-equity ratio stands at approximately 1.20x. Simultaneously, cash and equivalents declined 25.2% to $3.96B, reducing financial flexibility. Higher interest expenses in a sustained elevated rate environment could pressure future net income.
来源: Source: 10-Q Balance Sheet
Linde's current ratio stands at 0.83x, meaning current liabilities of $15.39B exceed current assets of $12.75B. This negative working capital position could create short-term liquidity pressure if operating cash flows were to deteriorate unexpectedly. While common for large investment-grade industrials with strong credit access, it remains a metric to watch.
来源: Source: 10-Q Balance Sheet
SG&A expenses grew 13.6% YoY versus revenue growth of 8.2%, indicating cost inflation in the company's overhead structure. If this trend persists, it could erode the operating margin gains achieved through pricing and volume improvements. Management's ability to control administrative costs will be critical to sustaining profitability.
来源: Source: 10-Q Income Statement
Financing cash flow swung dramatically to -$1.97B from -$388M in Q1 2025, a 407% increase in outflows. While partly attributable to shareholder returns ($807M in buybacks), this sharp change in capital structure activity warrants scrutiny regarding debt refinancing terms and sustainability of capital return programs.
来源: Source: 10-Q Cash Flow Statement
R&D spending remained flat at $38M YoY, representing less than 0.5% of revenue for a company with $8.78B in quarterly sales. In a capital-intensive industrial gas industry where technology differentiation (e.g., clean hydrogen, carbon capture) is increasingly important, stagnant R&D investment could limit long-term competitive positioning.
来源: Source: 10-Q Income Statement
Q1 FY2026 实际 EPS $4.33，分析师一致预期 $4.31，超预期 +0.5%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $8.78B | $8.11B | +8.25% |
营业利润 | $2.44B | $2.18B | +11.68% |
净利润 | $1.86B | $1.67B | +11.00% |
每股收益（基本） | $4.00 | $3.53 | +13.31% |
每股收益（稀释） | $3.98 | $3.51 | +13.39% |
研发费用 | $38M | $38M | 0.00% |
销售及管理费用 | $893M | $786M | +13.61% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $86.31B | $82.7B | +4.37% |
流动资产 | $12.75B | $13.6B | -6.22% |
总负债 | $46.22B | $43.24B | +6.90% |
流动负债 | $15.39B | $14.48B | +6.25% |
股东权益 | $38.57B | $38.03B | +1.40% |
现金及等价物 | $3.96B | $5.29B | -25.22% |
长期债务 | $21.5B | $19.43B | +10.62% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $2.24B | $2.16B | +3.66% |
投资活动现金流 | $-1.38B | $-1.37B | -1.10% |
筹资活动现金流 | $-1.97B | $-388M | -407.22% |
股票回购 | $807M | $1.11B | -27.36% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 27.8% | 26.9% | +0.85% |
净利率 | 21.1% | — | — |
净资产收益率 | 4.8% | — | — |
总资产收益率 | 2.2% | — | — |
流动比率 | $0.828 | — | — |
资产负债率 | $1.199 | — | — |
Linde delivered a strong Q1 2026 with revenue of $8.78B (+8.2% YoY), net income of $1.86B (+11.0% YoY), and diluted EPS of $3.98 (+13.4% YoY). Operating margin expanded to 27.8% from 26.9% in the prior year, reflecting improved operational efficiency.
The key takeaways are: (1) broad revenue growth of 8.2% to $8.78B, (2) operating margin expansion to 27.8%, and (3) EPS growth of 13.4% to $3.98 driven partly by share buybacks. The main concern is rising SG&A costs (+13.6% YoY) and a 10.6% increase in long-term debt to $21.50B.
Yes, Linde's diluted EPS grew 13.4% YoY to $3.98 in Q1 2026, compared to $3.51 in Q1 2025. EPS growth outpaced net income growth of 11.0%, partly because the company repurchased $807M of its own shares during the quarter, reducing the share count.
Based on the financial data, key risks include rising long-term debt (up 10.6% YoY to $21.50B), a current ratio below 1.0x at 0.83x indicating tight short-term liquidity, and SG&A expenses growing faster than revenue at 13.6% vs. 8.2%. No filing text was available to confirm management's own risk disclosures.
Linde's financial health is broadly solid, with $2.24B in quarterly operating cash flow, a 27.8% operating margin, and $86.3B in total assets. However, the current ratio of 0.83x and debt-to-equity of 1.20x with $21.50B in long-term debt indicate the balance sheet carries meaningful leverage that investors should monitor.