Lincoln Electric Holdings Inc reports results on Tuesday 27 October, before the market opens. Growth is coming with wider margins, so profit is rising faster than sales. Revenue over the twelve months to Q2 2026 was $4.5 billion, which rose 9.3% on the year before.
Source: reported quarterly EPS and aggregated third-party estimates. Historical surprises are context, not a forecast.
View chart data
| Period | Reported EPS | Analysts' estimate |
|---|---|---|
| Sep '25 | $2.47 | $2.42 |
| Dec '25 | $2.65 | $2.54 |
| Mar '26 | $2.50 | $2.43 |
| Jun '26 | $2.93 | $2.81 |
What analysts expect
Analysts have been raising their forecasts going into the report. For the quarter, the average EPS estimate is $2.81, in a range from $2.76 to $2.89, while the average revenue estimate stands at $1.2 billion. The full-year EPS estimate averages $11.19, up 13.4% on last year based on 11 analysts. That figure has risen 2.4% over the past 90 days. Of the recommendations, 7 are positive, 4 neutral and 1 negative.
Earnings surprise model
The model estimates EPS could land above the average estimate by 1.8%. Its estimated chance of an EPS beat is 75.0%, based on the last 4 quarters. The model shrinks the median recent surprise toward zero and uses a neutral prior for beat frequency; this small sample is a reference estimate, not company guidance.
Track record against estimates
The company reported EPS above the average estimate in 4 of the last 4 quarters. Last quarter, EPS of $2.93 compared with an estimate of $2.81, exceeding it by 4.3%.
The trends going in
That growth rate was up 1.4 percentage points on the rate a quarter earlier. The trailing gross margin was 36.0%, while the operating margin stood at 17.1%, up 0.6 percentage points from a year earlier. The net margin was 12.4%. Net income over the twelve months was $553.6 million, which rose 10.1% on the year before.
Where the cash went
Operating cash flow over the twelve months was $687.6 million, up 10.1% on the year before. Capital spending was $145.2 million, or 3.2% of revenue. Free cash flow, operating cash flow less capital spending, was $542.4 million, up 7.4% on the year before. The free-cash-flow margin was 12.1%, down 0.2 percentage points from a year earlier. The average diluted share count fell 2.1% over the year.
How today compares
In the context of past results: today’s free-cash-flow margin of 12.1% is higher than 74% of the company’s own past quarterly readings, which have ranged from 6.1% to 14.1%. Today’s operating margin of 17.1% is higher than 98% of past readings (5.0% to 17.4%). Today’s twelve-month revenue growth rate of 9.3% is higher than 70% of past readings (−14.1% to 26.7%).
Questions this report will answer
Whether the pick-up in revenue growth continues. Whether results land above or below the analysts’ expectations set out above. At the same time, whether margins hold at the trailing levels above. The next filing will show whether the trends above continue, slow or reverse.
What it means for value
For valuation, the figures matter through our model. In our model, growth 5 percentage points lower would lower the value by 26.3%, and 5 percentage points higher would raise it by 34.2%. A free-cash-flow margin 1 percentage point lower would lower it by 8.1%.
