# Linde Stock Q3 2026: Electronics Lift Sales as Lincare Charges Weigh
> Linde stock Q3 2026: sales up 9% to $9.4bn, adjusted EPS $4.59, $425m of charges at Lincare and raised guidance. Segments, backlog, cash and valuation.

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## Facts
- Ticker: LIN
- Price: $519.72 (as of 2026-11-02)
- As of: Q3 2026 results (quarter ended 2026-09-30, reported 2026-10-29 on Form 8-K and Form 10-Q); price as of 2026-11-02 close
- Fiscal period: Q3 2026 (calendar)
- Published: 2026-11-02
- Updated: 2026-11-02
- Author: QSI Labs Research
- Canonical: https://www.quantitativesuperintelligencelabs.com/research/linde-stock-q3-2026-earnings-electronics-lincare/

## Short answer
Linde stock Q3 2026 results, for the July to September quarter, showed steady growth in the industrial gases business and a clean-up at its US home healthcare arm. Sales rose 9% to $9,404m, 5% on an underlying basis, adjusted earnings per share rose 9% to $4.59 and the adjusted operating margin was 29.4%. GAAP EPS fell 11% to $3.66 because of $425m of cost reduction and other charges, much of them at Lincare, the US homecare business Linde has moved out of its Americas segment and is reviewing. Linde nudged its 2026 adjusted EPS guidance up to $17.82-17.92. Our discounted cash flow model puts Linde at $182.52 per share, about 65% below the $519.72 close on 2 November 2026. The business is high quality and its cash flows are dependable; the gap comes from how much growth and how low a cost of capital the share price already assumes.

## Key takeaways
- Valuation: QSILabs values Linde plc (NASDAQ: LIN) at $182.52 per share as of results for the quarter ended 30 September 2026, against a $519.72 close on 2 November 2026, about 65% below the market price. Our sensitivity range is about $150-234 a share.
- Q3 2026 results: sales were $9,404m in the quarter ended 30 September 2026, up 9% from $8,615m and 5% on an underlying basis (3% price, 2% volume); adjusted operating profit was $2,763m, up 8%, a 29.4% margin against 29.7%; adjusted EPS was $4.59, up 9%, and GAAP EPS $3.66, down 11%.
- Charges and Lincare: Linde booked $425m of cost reduction and other charges in the quarter, $200m of it severance and $183m of non-cash charges mainly in its US homecare business, Lincare. Lincare, with about $2.3bn of annualised sales, now sits in the Other segment while Linde evaluates strategic options.
- Electronics: sales to electronics customers grew 15%, and Linde has about $2bn of electronics projects under construction in the US, South Korea and China.
- Guidance: for 2026 Linde now expects adjusted EPS of $17.82-17.92, up 8-9%, from $17.70-17.90 in July, and $4.40-4.50 for the fourth quarter, up 5-7%. Capital spending is guided at $5.5-6.0bn.
- Backlog and cash: the project backlog was $11bn at 30 September 2026, including $7.9bn of sale-of-gas projects. Operating cash flow was $7,680m in the first nine months, up 5%, and Linde returned $4.8bn through dividends and buybacks.

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