Lincoln Electric Reports Second Quarter 2026 Results

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Key Terms

organic sales financial

Organic sales are the change in a company’s revenue that comes from its existing business operations, excluding effects of acquisitions, divestitures, and currency swings. Think of it like measuring how much a garden grows from the plants you already tended, rather than adding new pots; investors use organic sales to judge whether demand and core business performance are genuinely improving or if growth is driven by one‑time deals or accounting shifts.

cash conversion financial

Cash conversion describes how quickly and efficiently a business turns its sales or accounting profits into actual, usable cash on hand. Think of it like how fast a farmer can harvest crops and sell them for cash — faster conversion means the company can pay bills, invest, or reduce debt sooner, while slower conversion can signal tight liquidity and greater financial risk for investors.

adjusted eps financial

Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.

non-gaap financial measures financial

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

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07/30/2026 - 07:30 AM

Second Quarter 2026 Highlights

Net sales increase 12.0% to a record $1,220 million; organic sales increase 10.1%
Operating income margin of 18.1%; adjusted operating income margin of 18.4%
EPS of $2.88; adjusted EPS of $2.93
Cash flows from operations of $254 million; 138% cash conversion
Returned $120 million to shareholders through dividends and share repurchases

CLEVELAND--(BUSINESS WIRE)-- Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2026 net income of $158.5 million, or diluted earnings per share (EPS) of $2.88, which includes special item after-tax net charges of $2.7 million, or $0.05 EPS. This compares with prior year period net income of $143.4 million, or $2.56 EPS, which included special item after-tax net charges of $2.2 million, or $0.04 EPS. Excluding special items, second quarter 2026 adjusted net income was $161.2 million, or $2.93 adjusted EPS. This compares with adjusted net income of $145.6 million, or $2.60 adjusted EPS, in the prior year period.

Second quarter 2026 sales increased 12.0% to $1,219.7 million reflecting a 10.1% increase in organic sales, a 1.5% benefit from acquisitions and a 0.4% favorable foreign exchange. Operating income for the second quarter 2026 was $220.6 million, or 18.1% of sales. This compares with operating income of $192.1 million, or 17.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $224.1 million, or 18.4% of sales, as compared with $195.1 million, or 17.9% of sales, in the prior year period.

“We achieved record second quarter results across key metrics including sales, operating income profitability, earnings, and cash generation,” stated Steven B. Hedlund, Chairman and Chief Executive Officer. “We are encouraged by improved demand and capital spending in the Americas and Asia Pacific, and strong execution of our RISE Strategy initiatives positions us well to generate superior returns for our shareholders.”

Six Month 2026 Summary

Net income for the six months ended June 30, 2026 was $294.9 million, or $5.34 EPS, which includes special item after-tax net charges of $4.8 million, or $0.09 EPS. This compares with prior year period net income of $261.9 million, or $4.66 EPS, which included special item after-tax net charges of $5.6 million, or $0.10 EPS. Excluding special items, adjusted net income for the six months ended June 30, 2026 was $299.7 million, or $5.43 EPS. This compares with adjusted net income of $267.5 million, or $4.76 adjusted EPS, in the prior year period.

Sales increased 11.9% to $2,341.1 million in the six months ended June 30, 2026 primarily reflecting a 9.0% increase in organic sales, a 1.5% benefit from acquisitions, and 1.4% favorable foreign exchange. Operating income for the six months ended June 30, 2026 was $406.8 million, or 17.4% of sales. This compares with operating income of $357.1 million, or 17.1% of sales, in the prior year period. Excluding special items, adjusted operating income was $413.1 million, or 17.6% of sales, as compared with $364.6 million, or 17.4% of sales, in the prior year period.

Webcast Information

This earnings release and supplemental information is available under the Investor Relations section of our website. A call to discuss second quarter 2026 financial results will be webcast live today, July 30, 2026, at 10:00 a.m., Eastern Time. Participants can access the call in listen-only mode here and at https://ir.lincolnelectric.com. To participate via telephone, please dial (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. A replay of the earnings call will be available on the Company's website later today.

About Lincoln Electric

Lincoln Electric is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. Lincoln Electric’s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair. The Company leverages proprietary technologies and expertise in materials science, power electronics, automation, and intelligent software to help customers build better and achieve resilience in their operations. Headquartered in Cleveland, Ohio, Lincoln Electric is the essential ‘Linc’ that keeps the economy running. The Company operates 71 manufacturing and automation facilities across 20 countries and serves customers in over 160 countries. For more information about Lincoln Electric and its products and services, visit the Company’s website at https://www.lincolnelectric.com.

Non-GAAP Information

Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate, adjusted diluted earnings per share (“adjusted EPS”), Organic sales, Free cash flow, Cash conversion, adjusted net operating profit after taxes and adjusted return on invested capital (“adjusted ROIC”) are non-GAAP financial measures. Management uses non-GAAP measures to assess the Company's operating performance by excluding certain disclosed special items that management believes are not representative of the Company's core business. Management believes that excluding these special items enables them to make better period-over-period comparisons and benchmark the Company's operational performance against other companies in its industry more meaningfully. Furthermore, management believes that non-GAAP financial measures provide investors with meaningful information that provides a more complete understanding of Company operating results and enables investors to analyze financial and business trends more thoroughly. Non-GAAP financial measures should not be viewed in isolation, are not a substitute for GAAP measures and have limitations including, but not limited to, their usefulness as comparative measures as other companies may define their non-GAAP measures differently.

Forward-Looking Statements

The Company’s expectations and beliefs concerning the future contained in this news release are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements reflect management’s current expectations and involve a number of risks and uncertainties. Forward-looking statements generally can be identified by the use of words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “forecast,” “guidance” or words of similar meaning. Actual results may differ materially from such statements due to a variety of factors that could adversely affect the Company’s operating results. The factors include, but are not limited to: general economic, financial and market conditions; the effectiveness of commercial and operating initiatives; the effectiveness of information systems and cybersecurity programs; presence of artificial intelligence technologies; completion of planned divestitures; interest rates; disruptions, uncertainty or volatility in the credit markets that may limit our access to capital; currency exchange rates and devaluations; adverse outcome of pending or potential litigation; actual costs of the Company’s rationalization plans; the Company’s ability to complete acquisitions, including the Company’s ability to successfully integrate acquisitions; market risks and price fluctuations related to the purchase of commodities and energy; global regulatory complexity; the effects of changes in tax law; tariff rates in the countries where the Company conducts business; and the possible effects of events beyond our control, including but not limited to, geopolitical conflicts, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in general. For additional discussion, see “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Consolidated Statements of Income
											Fav (Unfav) to
	Three Months Ended June 30,										Prior Year
		2026		% of Sales			2025		% of Sales		$			%
Net sales	$	1,219,663		100.0	%	$	1,088,673		100.0	%	$	130,990		12.0	%
Cost of goods sold		770,667		63.2	%		683,126		62.7	%		(87,541	)	(12.8	)%
Gross profit		448,996		36.8	%		405,547		37.3	%		43,449		10.7	%
Selling, general & administrative expenses		224,871		18.4	%		210,861		19.4	%		(14,010	)	(6.6	)%
Rationalization and asset impairment net charges		3,481		0.3	%		2,542		0.2	%		(939	)	(36.9	)%
Operating income		220,644		18.1	%		192,144		17.6	%		28,500		14.8	%
Interest expense, net		12,521		1.0	%		12,619		1.2	%		98		0.8	%
Other (expense) income		(241	)	—			4,034		0.4	%		(4,275	)	(106.0	)%
Income before income taxes		207,882		17.0	%		183,559		16.9	%		24,323		13.3	%
Income taxes		49,363		4.0	%		40,163		3.7	%		(9,200	)	(22.9	)%
Effective tax rate		23.7	%				21.9	%				(1.8	)%
Net income	$	158,519		13.0	%	$	143,396		13.2	%	$	15,123		10.5	%

Basic earnings per share	$	2.90				$	2.58				$	0.32		12.4	%
Diluted earnings per share	$	2.88				$	2.56				$	0.32		12.5	%
Weighted average shares (basic)		54,662					55,545
Weighted average shares (diluted)		55,102					55,968


											Fav (Unfav) to
	Six Months Ended June 30,										Prior Year
		2026		% of Sales			2025		% of Sales		$			%
Net sales	$	2,341,097		100.0	%	$	2,093,061		100.0	%	$	248,036		11.9	%
Cost of goods sold		1,492,969		63.8	%		1,322,066		63.2	%		(170,903	)	(12.9	)%
Gross profit		848,128		36.2	%		770,995		36.8	%		77,133		10.0	%
Selling, general & administrative expenses		435,682		18.6	%		407,526		19.5	%		(28,156	)	(6.9	)%
Rationalization and asset impairment net charges		5,644		0.2	%		6,407		0.3	%		763		11.9	%
Operating income		406,802		17.4	%		357,062		17.1	%		49,740		13.9	%
Interest expense, net		25,895		1.1	%		24,746		1.2	%		(1,149	)	(4.6	)%
Other income		329		—			4,478		0.2	%		(4,149	)	(92.7	)%
Income before income taxes		381,236		16.3	%		336,794		16.1	%		44,442		13.2	%
Income taxes		86,335		3.7	%		74,911		3.6	%		(11,424	)	(15.3	)%
Effective tax rate		22.6	%				22.2	%				(0.4	)%
Net income	$	294,901		12.6	%	$	261,883		12.5	%	$	33,018		12.6	%

Basic earnings per share	$	5.39				$	4.69				$	0.70		14.9	%
Diluted earnings per share	$	5.34				$	4.66				$	0.68		14.6	%
Weighted average shares (basic)		54,742					55,801
Weighted average shares (diluted)		55,206					56,242

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands) (Unaudited) Balance Sheet Highlights

Selected Consolidated Balance Sheet Data	June 30, 2026			December 31, 2025
Cash and cash equivalents	$	242,443		$	308,789
Accounts receivable, net		586,348			538,791
Inventories		690,543			633,364
Total current assets		1,760,550			1,739,512
Property, plant and equipment, net		731,762			702,762
Total assets		3,813,310			3,777,577
Trade accounts payable		447,437			364,934
Total current liabilities ⁽¹⁾		888,083			956,691
Long-term debt, less current portion		1,150,054			1,150,228
Total equity		1,554,180			1,469,794

Operating Working Capital	June 30, 2026			December 31, 2025
Average operating working capital to Net sales ⁽²⁾		16.9	%		17.9	%

Invested Capital	June 30, 2026			December 31, 2025
Short-term debt ⁽¹⁾	$	—		$	143,780
Long-term debt, less current portion		1,150,054			1,150,228
Total debt		1,150,054			1,294,008
Total equity		1,554,180			1,469,794
Invested capital	$	2,704,234		$	2,763,802

Total debt / invested capital		42.5	%		46.8	%

(1)	Includes current portion of long-term debt.
(2)	Average operating working capital to Net sales is defined as the sum of Accounts receivable, Inventories and contract assets less Trade accounts payable and contract liabilities as of period end divided by annualized rolling three months of Net sales.

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Non-GAAP Financial Measures

	Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Operating income as reported	$	220,644		$	192,144		$	406,802		$	357,062
Special items (pre-tax):
Rationalization and asset impairment net charges ⁽²⁾		3,481			2,542			5,644			6,407
Transaction costs ⁽³⁾		15			429			668			1,231
Amortization of step up in value of acquired inventories ⁽⁴⁾		—			—			—			(140	)
Adjusted operating income⁽¹⁾	$	224,140		$	195,115		$	413,114		$	364,560
As a percent of net sales		18.4	%		17.9	%		17.6	%		17.4	%

Net income as reported	$	158,519		$	143,396		$	294,901		$	261,883
Special items:
Rationalization and asset impairment net charges ⁽²⁾		3,481			2,542			5,644			6,407
Transaction costs ⁽³⁾		15			429			668			1,231
Amortization of step up in value of acquired inventories ⁽⁴⁾		—			—			—			(140	)
Tax effect of Special items ⁽⁵⁾		(795	)		(755	)		(1,535	)		(1,913	)
Adjusted net income⁽¹⁾		161,220			145,612			299,678			267,468
Interest expense, net		12,521			12,619			25,895			24,746
Income taxes as reported		49,363			40,163			86,335			74,911
Tax effect of Special items ⁽⁵⁾		795			755			1,535			1,913
Adjusted EBIT⁽¹⁾	$	223,899		$	199,149		$	413,443		$	369,038

Effective tax rate as reported		23.7	%		21.9	%		22.6	%		22.2	%
Net special item tax impact		—			—			0.1	%		0.1	%
Adjusted effective tax rate ⁽¹⁾		23.7	%		21.9	%		22.7	%		22.3	%

Diluted earnings per share as reported	$	2.88		$	2.56		$	5.34		$	4.66
Special items per share		0.05			0.04			0.09			0.10
Adjusted diluted earnings per share ⁽¹⁾	$	2.93		$	2.60		$	5.43		$	4.76

Weighted average shares (diluted)		55,102			55,968			55,206			56,242

(1)	Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section.
(2)	2026 and 2025 net charges primarily relate to rationalization plans within Americas Welding and International Welding.
(3)	Transaction costs primarily relate to acquisitions and are included in Selling, general & administrative expenses.
(4)	Costs relate to acquisitions and are included in Cost of goods sold.
(5)	Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Non-GAAP Financial Measures

	Twelve Months Ended June 30,
Return on Invested Capital		2026			2025
Net income as reported	$	553,551		$	502,868
Plus: Interest expense (after-tax)		44,075			42,688
Less: Interest income (after-tax)		4,564			6,636
Net operating profit after taxes	$	593,062		$	538,920
Special Items:
Rationalization and asset impairment net charges		17,436			31,172
Transaction costs		2,176			4,332
Pension settlement net charges		719			3,792
Amortization of step up in value of acquired inventories		4,104			4,771
Tax effect of Special items ⁽²⁾		5,555			(11,118	)
Adjusted net operating profit after taxes ⁽¹⁾	$	623,052		$	571,869

Invested Capital	June 30, 2026			June 30, 2025
Short-term debt	$	—		$	105,323
Long-term debt, less current portion		1,150,054			1,150,395
Total debt		1,150,054			1,255,718
Total equity		1,554,180			1,379,613
Invested capital	$	2,704,234		$	2,635,331

Return on invested capital as reported		21.9	%		20.4	%
Adjusted return on invested capital ⁽¹⁾		23.0	%		21.7	%

(1)	Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section.
(2)	Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.


	Three Months Ended June 30,						Six Months Ended June 30,
Cash Conversion		2026			2025			2026			2025
Net cash provided by operating activities	$	253,764		$	143,828		$	355,934		$	329,521
Capital expenditures		(31,437	)		(25,443	)		(70,600	)		(52,392	)
Free cash flow ⁽¹⁾	$	222,327		$	118,385		$	285,334		$	277,129

Adjusted net income	$	161,220		$	145,612		$	299,678		$	267,468

Cash conversion ⁽¹⁾		138	%		81	%		95	%		104	%

(1)	Free cash flow and cash conversion are non-GAAP financial measures. Refer to Non-GAAP Information section.

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Condensed Consolidated Statements of Cash Flows

	Three Months Ended June 30,
		2026			2025
OPERATING ACTIVITIES:
Net income	$	158,519		$	143,396
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization		25,969			24,462
Deferred income taxes		(4,041	)		(20,504	)
Other non-cash items, net		4,655			3,464
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable		11,603			(18,100	)
Decrease (increase) in inventories		1,723			(27,481	)
Decrease (increase) in other current assets		31,620			(5,465	)
(Decrease) increase in trade accounts payable		(568	)		3,208
Increase in other current liabilities		31,850			47,373
Net change in other long-term assets and liabilities		(7,566	)		(6,525	)
NET CASH PROVIDED BY OPERATING ACTIVITIES		253,764			143,828

INVESTING ACTIVITIES:
Capital expenditures		(31,437	)		(25,443	)
Acquisition of businesses, net of cash acquired		—			(32,309	)
Proceeds from sale of property, plant and equipment		948			585
NET CASH USED BY INVESTING ACTIVITIES		(30,489	)		(57,167	)

FINANCING ACTIVITIES:
Payments on short-term borrowings, net		(163,502	)		(4,302	)
Proceeds from exercise of stock options		—			140
Purchase of shares for treasury		(76,122	)		(127,130	)
Cash dividends paid to shareholders		(43,395	)		(41,929	)
NET CASH USED BY FINANCING ACTIVITIES		(283,019	)		(173,221	)

Effect of exchange rate changes on Cash and cash equivalents		3,284			(8,664	)
DECREASE IN CASH AND CASH EQUIVALENTS		(56,460	)		(95,224	)
Cash and cash equivalents at beginning of period		298,903			394,705
Cash and cash equivalents at end of period	$	242,443		$	299,481

Cash dividends paid per share	$	0.79		$	0.75

Lincoln Electric Holdings, Inc. Financial Highlights (In thousands, except per share amounts) (Unaudited) Condensed Consolidated Statements of Cash Flows

	Six Months Ended June 30,
		2026			2025
OPERATING ACTIVITIES:
Net income	$	294,901		$	261,883
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization		51,978			48,246
Deferred income taxes		18,492			(26,342	)
Other non-cash items, net		12,719			12,098
Changes in operating assets and liabilities, net of effects from acquisitions:
Increase in accounts receivable		(48,609	)		(52,208	)
Increase in inventories		(60,153	)		(47,648	)
Decrease (increase) in other current assets		18,149			(3,408	)
Increase in trade accounts payable		83,216			68,092
(Decrease) increase in other current liabilities		(11,288	)		68,579
Net change in other assets and liabilities		(3,471	)		229
NET CASH PROVIDED BY OPERATING ACTIVITIES		355,934			329,521

INVESTING ACTIVITIES:
Capital expenditures		(70,600	)		(52,392	)
Acquisition of businesses, net of cash acquired		140			(32,309	)
Proceeds from sale of property, plant and equipment		1,256			5,231
NET CASH USED BY INVESTING ACTIVITIES		(69,204	)		(79,470	)

FINANCING ACTIVITIES:
Payments on short-term borrowings, net		(143,889	)		(5,206	)
Payments on long-term borrowings		—			(169	)
Proceeds from exercise of stock options		8,559			6,394
Purchase of shares for treasury		(132,792	)		(233,824	)
Cash dividends paid to shareholders		(87,466	)		(84,904	)
NET CASH USED BY FINANCING ACTIVITIES		(355,588	)		(317,709	)

Effect of exchange rate changes on Cash and cash equivalents		2,512			(10,123	)
DECREASE IN CASH AND CASH EQUIVALENTS		(66,346	)		(77,781	)
Cash and cash equivalents at beginning of period		308,789			377,262
Cash and cash equivalents at end of period	$	242,443		$	299,481

Cash dividends paid per share	$	1.58		$	1.50

Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited)

	Americas			International			The Harris			Corporate /
	Welding			Welding			Products Group			Eliminations			Consolidated
Three months ended June 30, 2026
Net sales	$	774,438		$	243,292		$	201,933		$	—		$	1,219,663
Inter-segment sales		28,904			7,564			4,972			(41,440	)		—
Total sales	$	803,342		$	250,856		$	206,905		$	(41,440	)	$	1,219,663

Net income													$	158,519
As a percent of total sales														13.0	%

EBIT⁽¹⁾	$	157,083		$	24,313		$	42,066		$	(3,059	)	$	220,403
As a percent of total sales		19.6	%		9.7	%		20.3	%					18.1	%
Special items charges ⁽³⁾		1,012			2,282			187			15			3,496
Adjusted EBIT ⁽²⁾	$	158,095		$	26,595		$	42,253		$	(3,044	)	$	223,899
As a percent of total sales		19.7	%		10.6	%		20.4	%					18.4	%

Three months ended June 30, 2025
Net sales	$	696,730		$	232,824		$	159,119		$	—		$	1,088,673
Inter-segment sales		43,391			7,641			5,110			(56,142	)		—
Total sales	$	740,121		$	240,465		$	164,229		$	(56,142	)	$	1,088,673

Net income													$	143,396
As a percent of total sales														13.2	%

EBIT ⁽¹⁾	$	137,010		$	28,999		$	31,798		$	(1,629	)	$	196,178
As a percent of total sales		18.5	%		12.1	%		19.4	%					18.0	%
Special items charges ⁽⁴⁾		905			1,551			86			429			2,971
Adjusted EBIT ⁽²⁾	$	137,915		$	30,550		$	31,884		$	(1,200	)	$	199,149
As a percent of total sales		18.6	%		12.7	%		19.4	%					18.3	%

(1)	EBIT is defined as Operating income plus Other income.
(2)	The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.
(3)	Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,012 in Americas Welding, $2,282 in International Welding and $187 in The Harris Products Group.
(4)	Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in The Harris Products Group, as well as transaction costs of $429 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc. Segment Highlights (In thousands) (Unaudited)

	Americas			International			The Harris			Corporate /
	Welding			Welding			Products Group			Eliminations			Consolidated
Six months ended June 30, 2026
Net sales	$	1,480,663		$	470,327		$	390,107		$	—		$	2,341,097
Inter-segment sales		65,613			13,371			9,636			(88,620	)		—
Total sales	$	1,546,276		$	483,698		$	399,743		$	(88,620	)	$	2,341,097

Net income													$	294,901
As a percent of total sales														12.6	%

EBIT ⁽¹⁾	$	283,978		$	45,203		$	83,057		$	(5,107	)	$	407,131
As a percent of total sales		18.4	%		9.3	%		20.8	%					17.4	%
Special items charges ⁽³⁾		1,585			4,054			5			668			6,312
Adjusted EBIT ⁽²⁾	$	285,563		$	49,257		$	83,062		$	(4,439	)	$	413,443
As a percent of total sales		18.5	%		10.2	%		20.8	%					17.7	%

Six months ended June 30, 2025
Net sales	$	1,349,837		$	451,885		$	291,339		$	—		$	2,093,061
Inter-segment sales		73,763			14,473			9,094			(97,330	)		—
Total sales	$	1,423,600		$	466,358		$	300,433		$	(97,330	)	$	2,093,061

Net income													$	261,883
As a percent of total sales														12.5	%

EBIT ⁽¹⁾	$	259,073		$	50,599		$	55,949		$	(4,081	)	$	361,540
As a percent of total sales		18.2	%		10.8	%		18.6	%					17.3	%
Special items charges ⁽⁴⁾		3,040			2,963			264			1,231			7,498
Adjusted EBIT ⁽²⁾	$	262,113		$	53,562		$	56,213		$	(2,850	)	$	369,038
As a percent of total sales		18.4	%		11.5	%		18.7	%					17.6	%

(1)	EBIT is defined as Operating income plus Other income.
(2)	The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.
(3)	Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,585 in Americas Welding, $4,054 in International Welding and $5 in The Harris Products Group. In addition, there were transaction costs of $668 in Corporate/Eliminations.
(4)	Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in The Harris Products Group, as well as transaction costs of $1,231 in Corporate/Eliminations.

Lincoln Electric Holdings, Inc. Change in Net Sales by Segment (In thousands) (Unaudited) Three Months Ended June 30^th Change in Net Sales by Segment

			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
		2025	Volume			Price			Acquisitions			Exchange				2026
Operating Segments
Americas Welding	$	696,730	$	49,704		$	25,681		$	—		$	2,323		$	774,438
International Welding		232,824		(10,931	)		3,776			16,193			1,430			243,292
The Harris Products Group		159,119		(12,983	)		54,454			—			1,343			201,933
Consolidated	$	1,088,673	$	25,790		$	83,911		$	16,193		$	5,096		$	1,219,663

% Change
Americas Welding				7.1	%		3.7	%		—			0.4	%		11.2	%
International Welding				(4.7	)%		1.6	%		7.0	%		0.6	%		4.5	%
The Harris Products Group				(8.2	)%		34.2	%		—			0.9	%		26.9	%
Consolidated				2.4	%		7.7	%		1.5	%		0.4	%		12.0	%

Six Months Ended June 30^th Change in Net Sales by Segment

			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
		2025	Volume			Price			Acquisitions			Exchange				2026
Operating Segments
Americas Welding	$	1,349,837	$	47,069		$	75,160		$	—		$	8,597		$	1,480,663
International Welding		451,885		(32,562	)		4,073			31,987			14,944			470,327
The Harris Products Group		291,339		(14,358	)		109,236			—			3,890			390,107
Consolidated	$	2,093,061	$	149		$	188,469		$	31,987		$	27,431		$	2,341,097

% Change
Americas Welding				3.5	%		5.6	%		—			0.6	%		9.7	%
International Welding				(7.2	)%		0.9	%		7.1	%		3.3	%		4.1	%
The Harris Products Group				(4.9	)%		37.5	%		—			1.3	%		33.9	%
Consolidated				—			9.0	%		1.5	%		1.4	%		11.9	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20260730129917/en/

Amanda Butler
Vice President, Investor Relations & Communications
Tel: 216.383.2534
Email: Amanda_Butler@lincolnelectric.com

Source: Lincoln Electric Holdings, Inc.

Lincoln Electric Reports Second Quarter 2026 Results

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