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Call sheet · Q2'26

Linde (LIN)

Q2'26 earnings call · held July 31, 2026 · compared with the Q1'26 call · management-credibility review
4/12
Disclosure score
1 high, 3 medium, 2 low flags
Financial quality
Bottom line
The sleeper story is that $800M of Taiwan JV investments represent shadow growth that won't show up in reported numbers, while everyone focuses on the headline backlog. Yes, the $8.1B backlog is a record, but it's a poisoned chalice given margins are collapsing despite record sales. The binding constraint is Lincare bleeding cash faster than they can fix it, with Lamba admitting they're evaluating 'strategic fit both in part and as a whole' which is CEO-speak for 'we're shopping it.' Most revealing quote: 'We would like a few more quarters under our belt before incorporating this trend' translation: the recovery isn't real yet. My view changes if they announce a Lincare sale or restructuring with specific cost targets.

The 30-second version

  • Taiwan JV's $800M electronics wins are the real prize, not in the backlog
  • Record $8.1B backlog looks great until you realize margins are deteriorating
  • US homecare is bleeding cash and management just admitted they're considering divestiture

What changed this quarter

MetricQ1'26Q2'26Change
Revenue$8.8B (+8% YoY)$9.3B (+9% YoY)+100bps acceleration
EPS$4.33 (+10% YoY)$4.50 (+10% YoY)Flat growth rate
Operating Margin30.0%29.5%-50bps deterioration
Operating Margin ex-passthroughFlat YoY-30bps YoYMargin compression accelerating
Sale-of-Gas Backlog$7.1B$8.1B+$1B record addition
Electronics Growth+10% YoY+18% YoY+800bps acceleration
Americas Volume+2% YoY+3% YoY (implied)Modest acceleration
APAC Margins29%Lower (not specified)Margin erosion
US Hardgoods SalesDouble-digit growthDouble-digit growthSustained strength
Operating Cash Flow$2.2B (+4% YoY)Not disclosedMetric disappeared

Accountability tracked

6 new promises made4 narrative shifts flagged6 prior promises scored
Inside the full report
The complete write-up covers the full promise ledger with kept/missed calls, disclosure-quality scoring, the metrics-vanished check, verification items, and the questions to ask next quarter.
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Scores, kept-promise rates, and flags on this site reflect the author's opinion, applying a stated methodology to statements management made on public earnings calls. Informational and educational purposes only - not investment advice, a recommendation, or an offer to buy or sell any security. Sources believed reliable but not guaranteed; the author may hold positions in the securities discussed.

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