Lincoln Electric Holdings (NASDAQ: LECO) grows Q2 2026 sales and cash flow

Q: How did Lincoln Electric (LECO) perform financially in Q2 2026?

Lincoln Electric’s Q2 2026 net sales were $1,219,663 , up 12.0% year over year, with net income of $158,519 and diluted EPS of $2.88 , compared with $2.56 in Q2 2025.

Q: How strong is Lincoln Electric’s (LECO) balance sheet and liquidity?

As of June 30, 2026, Lincoln Electric held $242,443 in cash and cash equivalents and $1,150,054 of total debt, with no borrowings under $1,047,482 of revolving credit facilities, providing substantial available liquidity.

Q: How much cash did Lincoln Electric (LECO) generate from operations in the first half of 2026?

Lincoln Electric produced net cash from operating activities of $355,934 for the six months ended June 30, 2026, compared with $329,521 a year earlier, while funding $70,600 of capital expenditures and maintaining dividend and share repurchase programs.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

10-Q

Rhea-AI Filing Summary

Lincoln Electric Holdings reported higher results for the quarter ended June 30, 2026. Net sales rose 12.0% to $1,219,663, driven primarily by higher pricing and, to a lesser extent, increased volume, plus contributions from acquisitions and favorable foreign exchange.

Operating income increased to $220,644 (18.1% margin) and net income to $158,519, with diluted EPS up to $2.88 from $2.56. Gross margin eased to 36.8% due to product mix and higher input costs, including LIFO charges. Six‑month operating cash flow was strong at $355,934, cash and cash equivalents were $242,443, and total debt stood at $1,150,054 with no borrowings under the $1,047,482 of available revolving credit facilities. Reported return on invested capital was 21.9%, and the company continued dividends of $0.79 per share and share repurchases.

Filing Explained

About 701 asbestos plaintiffs remain in disclosed cases, while repurchase capacity remains available without a commitment to use it.

Lincoln Electric’s Form 10-Q is an unaudited interim update through June 30, 2026; it records second-quarter repurchases of 287,132 shares and leaves shares under the existing authorization.

The authorization is capacity rather than a commitment: the company states that it is not obligated to make additional repurchases. At June 30, 2026, 54,505,757 common shares were outstanding.

Rationalization plans had $3,533 thousand of liabilities remaining, and the company did not anticipate significant additional charges to complete those plans; it also said the actions would not materially affect liquidity.

The filing identifies a legal uncertainty involving approximately 701 asbestos-related plaintiffs as of June 30, 2026; the claims seek compensatory and punitive damages, generally for unspecified amounts.

Key Figures

Q2 2026 Net Sales: $1,219,663 Q2 2026 Net Income: $158,519 Q2 2026 Diluted EPS: $2.88 +5 more

8 metrics

Q2 2026 Net Sales $1,219,663 Three months ended June 30, 2026 consolidated net sales

Q2 2026 Net Income $158,519 Three months ended June 30, 2026 consolidated net income

Q2 2026 Diluted EPS $2.88 Three months ended June 30, 2026 diluted earnings per share

Six-Month Net Sales 2026 $2,341,097 Six months ended June 30, 2026 consolidated net sales

Operating Cash Flow H1 2026 $355,934 Net cash provided by operating activities for six months ended June 30, 2026

Cash and Cash Equivalents $242,443 Balance as of June 30, 2026

Total Debt $1,150,054 Long-term debt including adjustments as of June 30, 2026

Reported ROIC 21.9% Return on invested capital, twelve months ended June 30, 2026

Key Terms

Adjusted EBIT, last-in, first-out ("LIFO") method, cash flow hedges, net investment hedges, +2 more

6 terms

Adjusted EBIT financial

"Segment performance is measured and resources are allocated based on the Adjusted EBIT profit measure."

Adjusted EBIT is a company’s operating profit before interest and taxes, but cleaned up by removing one-time or unusual items that can obscure ongoing performance. Investors use it like a tidied-up report card — it aims to show the underlying profitability of the business by excluding irregular gains, losses, or costs so comparisons across periods or companies are clearer and more meaningful for valuing operational strength.

last-in, first-out ("LIFO") method financial

"At both June 30, 2026 and December 31, 2025, approximately 38% of total inventories were valued using the last-in, first-out ("LIFO") method."

cash flow hedges financial

"Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges"

A cash flow hedge is an accounting label companies use when they enter financial contracts—like currency or interest-rate agreements—to protect expected future cash payments or receipts from unpredictable moves. For investors, it signals that the company is trying to smooth out future cash variability (think of locking in a price to avoid surprises), which can reduce reported profit swings but also means the company has exposure to derivative instruments and their associated risks.

net investment hedges financial

"The Company has foreign currency forward contracts and zero-cost collar contracts that qualify and are designated as net investment hedges."

A net investment hedge is a financial step a company takes to protect the reported value of its ownership in foreign subsidiaries from swings in exchange rates. By using derivatives or foreign‑currency borrowings to offset translation gains or losses, the company reduces how much its balance sheet and reported equity jump around when currencies move — like locking a price tag on a foreign store so its value in the home currency stays steadier for investors.

supplier financing program financial

"Trade accounts payable included $32,229 payable to suppliers that have elected to participate in the supplier financing program."

return on invested capital financial

"Adjusted return on invested capital | 23.0 % | 21.7 %"

A percentage that shows how effectively a company turns the money invested in its business—both borrowed funds and shareholders’ equity—into operating profit after taxes. It tells investors whether a company earns more from its core operations than it costs to fund those operations; think of it like the annual return you’d expect from renovating a rental property—higher percentages mean the company uses capital more efficiently and is more likely to create value for shareholders.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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10-Q Quarterly Reports: What Changes Quarter to Quarter →

Available on EDGAR 07/30/2026 - 11:42 AM Accepted by SEC EDGAR 07/30/2026 - 11:41 AM

FAQ

How did Lincoln Electric (LECO) perform financially in Q2 2026?

Lincoln Electric’s Q2 2026 net sales were $1,219,663, up 12.0% year over year, with net income of $158,519 and diluted EPS of $2.88, compared with $2.56 in Q2 2025.

What were Lincoln Electric’s (LECO) results for the first half of 2026?

For the six months ended June 30, 2026, Lincoln Electric generated net sales of $2,341,097 and net income of $294,901, with diluted EPS of $5.34, compared with $4.66 in the first half of 2025.

How strong is Lincoln Electric’s (LECO) balance sheet and liquidity?

As of June 30, 2026, Lincoln Electric held $242,443 in cash and cash equivalents and $1,150,054 of total debt, with no borrowings under $1,047,482 of revolving credit facilities, providing substantial available liquidity.

What was Lincoln Electric’s (LECO) profitability and ROIC in 2026?

In the twelve months ended June 30, 2026, Lincoln Electric reported net income of $553,551 and a return on invested capital of 21.9%. Adjusted ROIC, which excludes specified special items, was 23.0% over the same period.

How much cash did Lincoln Electric (LECO) generate from operations in the first half of 2026?

Lincoln Electric produced net cash from operating activities of $355,934 for the six months ended June 30, 2026, compared with $329,521 a year earlier, while funding $70,600 of capital expenditures and maintaining dividend and share repurchase programs.

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Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____________ to _____________

Commission File Number: 0-1402

LINCOLN ELECTRIC HOLDINGS, INC.

(Exact name of registrant as specified in its charter)


Ohio		34-1860551
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

22801 St. Clair Avenue, Cleveland, Ohio		44117
(Address of principal executive offices)		(Zip Code)

(216) 481-8100

(Registrant’s telephone number, including area code)

Not applicable

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol	Name of exchange on which registered
Common Shares, without par value	LECO	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ⌧ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ⌧ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “small reporting company”, and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ⌧

The number of shares outstanding of the registrant’s common shares as of June 30, 2026 was 54,505,757.

Table of Contents

TABLE OF CONTENTS

PART I. FINANCIAL INFORMATION		3
Item 1. Financial Statements		3
CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED)		3
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)		4
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)		5
CONSOLIDATED STATEMENTS OF EQUITY (UNAUDITED)		6
CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)		8
NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS		9
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations		24
Item 3. Quantitative and Qualitative Disclosures About Market Risk		35
Item 4. Controls and Procedures		35

PART II. OTHER INFORMATION		35
Item 1. Legal Proceedings		35
Item 1A. Risk Factors		35
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds		36
Item 4. Mine Safety Disclosures		36
Item 5. Other Information		36
Item 6. Exhibits		37
Signatures		38

Table of Contents

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

LINCOLN ELECTRIC HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF INCOME

(UNAUDITED)

(In thousands, except per share amounts)


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2026		2025		2026		2025
Net sales (Note 2)	$	1,219,663	$	1,088,673	$	2,341,097	$	2,093,061
Cost of goods sold		770,667		683,126		1,492,969		1,322,066
Gross profit		448,996		405,547		848,128		770,995
Selling, general & administrative expenses		224,871		210,861		435,682		407,526
Rationalization and asset impairment net charges (Note 6)		3,481		2,542		5,644		6,407
Operating income		220,644		192,144		406,802		357,062
Interest expense, net		12,521		12,619		25,895		24,746
Other (expense) income		(241)		4,034		329		4,478
Income before income taxes		207,882		183,559		381,236		336,794
Income taxes (Note 11)		49,363		40,163		86,335		74,911
Net income	$	158,519	$	143,396	$	294,901	$	261,883

Basic earnings per share (Note 3)	$	2.90	$	2.58	$	5.39	$	4.69
Diluted earnings per share (Note 3)	$	2.88	$	2.56	$	5.34	$	4.66
Cash dividends declared per share	$	0.79	$	0.75	$	1.58	$	1.50

See notes to these consolidated financial statements.

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LINCOLN ELECTRIC HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(UNAUDITED)

(In thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Net income	$	158,519	$	143,396	$	294,901	$	261,883
Other comprehensive (loss) income, net of tax:
Unrealized (loss) gain on derivatives designated and qualifying as cash flow hedges		(176)		173		(1,499)		1,002
Defined benefit pension plan activity		13		(37)		(43)		(1,322)
Currency translation adjustment		436		60,119		(6,023)		89,798
Other comprehensive income (loss):		273		60,255		(7,565)		89,478
Comprehensive income	$	158,792	$	203,651	$	287,336	$	351,361

See notes to these consolidated financial statements.

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LINCOLN ELECTRIC HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)


	June 30, 2026		December 31, 2025
	(UNAUDITED)		(NOTE 1)
ASSETS
Current Assets
Cash and cash equivalents	$	242,443	$	308,789
Accounts receivable (less allowance for doubtful accounts of $10,510 in 2026; $11,326 in 2025)		586,348		538,791
Inventories (Note 8)		690,543		633,364
Other current assets		241,216		258,568
Total Current Assets		1,760,550		1,739,512
Property, plant and equipment (less accumulated depreciation of $965,937 in 2026; $942,806 in 2025)		731,762		702,762
Goodwill		885,232		886,686
Other assets		435,766		448,617
TOTAL ASSETS	$	3,813,310	$	3,777,577
LIABILITIES AND EQUITY
Current Liabilities
Short-term debt (Note 10)	$	—	$	143,780
Trade accounts payable		447,437		364,934
Accrued employee compensation and benefits		156,479		116,158
Other current liabilities		284,167		331,819
Total Current Liabilities		888,083		956,691
Long-term debt, less current portion (Note 10)		1,150,054		1,150,228
Other liabilities		220,993		200,864
Total Liabilities		2,259,130		2,307,783
Shareholders' Equity
Common shares, without par value - at stated capital amount; authorized 240,000,000 shares; issued 98,581,434 shares in 2026 and 2025; outstanding 54,505,757 shares in 2026 and 54,845,950 in 2025		9,858		9,858
Additional paid-in capital		617,879		601,566
Retained earnings		4,548,978		4,342,080
Accumulated other comprehensive loss		(213,496)		(205,931)
Treasury shares, at cost - 44,075,677 shares in 2026 and 43,735,484 shares in 2025		(3,409,039)		(3,277,779)
Total Equity		1,554,180		1,469,794
TOTAL LIABILITIES AND TOTAL EQUITY	$	3,813,310	$	3,777,577

See notes to these consolidated financial statements.

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LINCOLN ELECTRIC HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)

(In thousands, except per share amounts)


													Accumulated
		Common					Additional						Other
		Shares		Common			Paid-In			Retained			Comprehensive			Treasury
		Outstanding		Shares			Capital			Earnings			Income (Loss)			Shares			Total
Balance at December 31, 2025		54,846		$	9,858		$	601,566		$	4,342,080		$	(205,931)		$	(3,277,779)		$	1,469,794
Net income											136,382									136,382
Defined benefit pension plan activity, net of tax														(56)						(56)
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax														(1,323)						(1,323)
Currency translation adjustment, net of tax														(6,459)						(6,459)
Cash dividends declared – $0.79 per share											(43,408)									(43,408)
Stock-based compensation activity		151						16,670									1,469			18,139
Purchase of shares for treasury		(210)															(56,670)			(56,670)
Other								(5,845)			706									(5,139)
Balance at March 31, 2026		54,787		$	9,858		$	612,391		$	4,435,760		$	(213,769)		$	(3,332,980)		$	1,511,260
Net income											158,519									158,519
Defined benefit pension plan activity, net of tax														13						13
Unrealized loss on derivatives designated and qualifying as cash flow hedges, net of tax														(176)						(176)
Currency translation adjustment, net of tax														436						436
Cash dividends declared – $0.79 per share											(43,591)									(43,591)
Stock-based compensation activity		6						4,812									62			4,874
Purchase of shares for treasury		(287)															(76,121)			(76,121)
Other								676			(1,710)									(1,034)
Balance at June 30, 2026		54,506		$	9,858		$	617,879		$	4,548,978		$	(213,496)		$	(3,409,039)		$	1,554,180

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LINCOLN ELECTRIC HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(UNAUDITED)

(In thousands, except per share amounts)


													Accumulated
		Common					Additional						Other
		Shares		Common			Paid-In			Retained			Comprehensive			Treasury
		Outstanding		Shares			Capital			Earnings			Income (Loss)			Shares			Total
Balance at December 31, 2024		56,211		$	9,858		$	566,740		$	3,993,016		$	(300,135)		$	(2,942,046)		$	1,327,433
Net income											118,487									118,487
Defined benefit pension plan activity, net of tax														(1,285)						(1,285)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax														829						829
Currency translation adjustment, net of tax														29,679						29,679
Cash dividends declared – $0.75 per share											(42,073)									(42,073)
Stock-based compensation activity		157						13,105									1,501			14,606
Purchase of shares for treasury		(542)															(106,694)			(106,694)
Other								1,405			(2,217)									(812)
Balance at March 31, 2025		55,826		$	9,858		$	581,250		$	4,067,213		$	(270,912)		$	(3,047,239)		$	1,340,170
Net income											143,396									143,396
Defined benefit pension plan activity, net of tax														(37)						(37)
Unrealized gain on derivatives designated and qualifying as cash flow hedges, net of tax														173						173
Currency translation adjustment, net of tax														60,119						60,119
Cash dividends declared – $0.75 per share											(41,080)									(41,080)
Stock-based compensation activity		8						3,985									80			4,065
Purchase of shares for treasury		(648)															(127,130)			(127,130)
Other								999			(1,062)									(63)
Balance at June 30, 2025		55,186		$	9,858		$	586,234		$	4,168,467		$	(210,657)		$	(3,174,289)		$	1,379,613

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LINCOLN ELECTRIC HOLDINGS, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(In thousands)


	Six Months Ended June 30,
	2026		2025
CASH FLOWS FROM 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)
Stock-based compensation		14,455		12,277
Other, net		(1,736)		(179)
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
CASH FLOWS FROM 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)
CASH FLOWS FROM 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

See notes to these consolidated financial statements.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS

Dollars in thousands, except per share amounts

NOTE 1 — SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The consolidated financial statements include the accounts of Lincoln Electric Holdings, Inc. and its wholly-owned and majority-owned subsidiaries for which it has a controlling interest (the “Company”) after elimination of all inter-company accounts, transactions and profits.

The accompanying unaudited consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, these unaudited consolidated financial statements do not include all of the information and notes required by GAAP for complete financial statements. However, in the opinion of management, these unaudited consolidated financial statements contain all the adjustments (consisting of normal recurring accruals) considered necessary to present fairly the financial position, results of operations and cash flows for the interim periods. Operating results for the six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

The accompanying Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the audited financial statements at that date, but does not include all of the information and notes required by GAAP for complete financial statements. For further information, refer to the consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

Certain reclassifications have been made to the prior period amounts to conform to the current period presentation, none of which are material.

New Accounting Pronouncements:

This section provides a description of new accounting pronouncements (“Accounting Standards Updates” or “ASUs”) issued by the Financial Accounting Standards Board (“FASB”) that are applicable to the Company.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The Company is currently evaluating the impact on its financial statements of the following ASUs:

Standard	Description
ASU No. 2025-09, Derivatives and Hedging, issued November 2025	Updates hedge accounting guidance to better align financial reporting with risk management activities. The amendments are effective for annual periods beginning after December 15, 2026 and interim periods within those annual reporting periods. Early adoption is permitted.
ASU No. 2025-06, Goodwill and Other – Internal-Use Software, issued September 2025	Updates requirements for capitalization of internal-use software costs. The amendments are effective for annual periods beginning after December 15, 2027 and interim periods within those annual reporting periods. Early adoption is permitted.
ASU No. 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures, issued November 2024	Requires enhanced disclosures of specified information about certain costs and expenses. The amendments are effective for annual periods beginning January 1, 2027, and interim periods beginning January 1, 2028. Early adoption is prohibited.

NOTE 2 — REVENUE RECOGNITION

The following table presents the Company’s Net sales disaggregated by product line:


		Three Months Ended June 30,						Six Months Ended June 30,
		2026			2025			2026			2025
Consumables		$	688,009		$	594,646		$	1,324,018		$	1,115,249
Equipment			302,581			277,611			577,738			546,118
Automation			229,073			216,416			439,341			431,694
Net sales		$	1,219,663		$	1,088,673		$	2,341,097		$	2,093,061

Consumable sales consist of welding, brazing and soldering filler metals. Equipment sales consist of arc welding equipment, laser, plasma and oxyfuel cutting systems, wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software and education solutions. Automation sales consist of a comprehensive portfolio of solutions for joining, cutting, material handling, module assembly, and end of line testing. Consumable and Equipment products are sold within each of the Company’s operating segments. Automation products are sold within the Company’s Americas Welding and International Welding operating segments.

Within the Automation product line, there are certain customer contracts related to automation products that may include multiple performance obligations. For such arrangements, the Company allocates revenue to each performance obligation based on its relative standalone selling price. The Company generally determines the standalone selling price based on the prices charged to customers or using expected cost plus margin. Approximately 10% of the Company’s consolidated Net sales are recognized over time.

At June 30, 2026, the Company recorded $41,105 related to advance customer payments and $41,855 related to billings in excess of revenue recognized. These contract liabilities are included in Other current liabilities in the Condensed Consolidated Balance Sheets. At December 31, 2025, the balances related to advance customer payments and billings in excess of revenue recognized were $49,451 and $62,778, respectively. Substantially all of the Company’s contract liabilities are recognized within twelve months based on contract duration. The Company records an asset for contracts where it has recognized revenue, but has not yet invoiced the customer for goods or services.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

At June 30, 2026 and December 31, 2025, the Company recorded $77,035 and $78,211, respectively, related to these contract assets which are included in Other current assets in the Condensed Consolidated Balance Sheets. Contract asset amounts are expected to be billed within the next twelve months.

NOTE 3 — EARNINGS PER SHARE

The following table sets forth the computation of basic and diluted earnings per share:


		Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Numerator:
Net income		$	158,519	$	143,396	$	294,901	$	261,883
Denominator (shares in 000's):
Basic weighted average shares outstanding			54,662		55,545		54,742		55,801
Effect of dilutive securities - Stock options and awards			440		423		464		441
Diluted weighted average shares outstanding			55,102		55,968		55,206		56,242
Basic earnings per share		$	2.90	$	2.58	$	5.39	$	4.69
Diluted earnings per share		$	2.88	$	2.56	$	5.34	$	4.66

For the three months ended June 30, 2026 and 2025, common shares subject to equity-based awards of 37,641 and 27,376, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive. For the six months ended June 30, 2026 and 2025, common shares subject to equity-based awards of 50,156 and 33,692, respectively, were excluded from the computation of diluted earnings per share because the effect of their exercise would be anti-dilutive.

NOTE 4 — ACQUISITIONS

The acquired company discussed below is accounted for as a business combination and is included in the consolidated financial statements as of the date of acquisition. The acquired company is not material to the actual or pro forma Consolidated Statements of Income or Consolidated Statements of Cash Flows; as such, pro forma information related to this acquisition has not been presented.

On April 1, 2025, the Company acquired a 35% ownership interest in Alloy Steel Australia (Int) Pty Ltd. (“Alloy Steel”), a privately held manufacturer of maintenance and repair solutions headquartered in Perth, Australia. On August 1, 2025, the Company acquired the remaining 65% ownership interest in Alloy Steel. In total, the Company acquired 100% ownership of Alloy Steel for a total purchase price of $131,154, net of cash acquired and certain debt-like items. Alloy Steel supplies proprietary technology, engineering services and digital monitoring to the mining sector.

The Company recognized acquisition costs of $356 during the six months ended June 30, 2026, and $429 and $1,231 during the three and six months ended June 30, 2025, respectively. Acquisition costs are included in Selling, general & administrative expenses on the Consolidated Statements of Income and are expensed as incurred.

NOTE 5 — SEGMENT INFORMATION

The Company is a high-performance industrial machinery and technology leader who helps customers manufacture and maintain vital equipment and infrastructure. The Company’s innovative solutions enable higher quality and productivity across a variety of processes including welding, cutting, brazing, machining, process automation, and field repair.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

specialty gas regulators, mobile power equipment, wear solutions, software, and education solutions; as well as a comprehensive portfolio of automated solutions and system integration services for joining, cutting, material handling, module assembly, and end of line testing. Services include additive manufacturing, precision fabrication, wear services, upfitting, and training.

The Company has aligned its organizational and leadership structure into three operating segments to support growth strategies and enhance the utilization of the Company’s worldwide resources and global sourcing initiatives. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses, specialty gas equipment, as well as its retail business in the United States.

Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the adjusted earnings before interest and income taxes ("Adjusted EBIT") profit measure. Adjusted EBIT is defined as Operating income plus Other income (expense), adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.

The Company’s chief operating decision maker (“CODM”) is the Chief Executive Officer. The CODM uses segment Adjusted EBIT to allocate resources for each segment predominantly in establishing the Company’s long-term strategy and in developing the annual budget. The CODM considers actual performance using Adjusted EBIT when making decisions about allocating capital and resources to the segments.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The following tables present Adjusted EBIT by segment and other segment information:


								The Harris
		Americas			International			Products
		Welding			Welding			Group			Total
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
			803,342			250,856			206,905			1,261,103
Reconciliation to Consolidated Net sales
Elimination of inter-segment sales												(41,440)
Net sales											$	1,219,663
Cost of goods sold			486,477			175,789			148,938
Other segment expenses^{(1) (3)}			159,782			50,754			15,901
Addback: Special items charge ⁽¹⁾			(1,012)			(2,282)			(187)
Segment Adjusted EBIT		$	158,095		$	26,595		$	42,253		$	226,943

Other Segment Information
Capital expenditures		$	(21,958)		$	(6,370)		$	(3,109)		$	(31,437)
Depreciation and amortization			17,868			6,671			2,590			27,129

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
			740,121			240,465			164,229			1,144,815
Reconciliation to Consolidated Net sales
Elimination of inter-segment sales												(56,142)
Net sales											$	1,088,673
Cost of goods sold			449,197			170,287			117,975
Other segment expenses^{(2) (3)}			153,914			41,179			14,456
Addback: Special items charge ⁽²⁾			(905)			(1,551)			(86)
Segment Adjusted EBIT		$	137,915		$	30,550		$	31,884		$	200,349

Other Segment Information
Capital expenditures		$	(19,972)		$	(4,609)		$	(862)		$	(25,443)
Depreciation and amortization			17,139			5,485			2,598			25,222

(1)

In the three months ended June 30, 2026, special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $1,012, $2,282, and $187 in Americas Welding, International Welding, and The Harris Products Group, respectively, as discussed in Note 6.

(2)

In the three months ended June 30, 2025, special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $905, $1,551, and $86 in Americas Welding, International Welding, and The Harris Products Group, respectively, as discussed in Note 6.

(3)

Other segment expenses primarily include:

Selling, general & administrative expenses – including bonus and research and development expenses.

Rationalization and asset impairment net charges – refer to Note 6 for further discussion.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts


								The Harris
		Americas			International			Products
		Welding			Welding			Group			Total
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
			1,546,276			483,698			399,743			2,429,717
Reconciliation to Consolidated Net sales
Elimination of inter-segment sales												(88,620)
Net sales											$	2,341,097
Cost of goods sold			951,367			342,873			286,538
Other segment expenses^{(1) (3)}			310,931			95,622			30,148
Addback: Special items charge ⁽¹⁾			(1,585)			(4,054)			(5)
Segment Adjusted EBIT		$	285,563		$	49,257		$	83,062		$	417,882

Other Segment Information
Capital expenditures		$	(48,941)		$	(15,685)		$	(5,974)		$	(70,600)
Depreciation and amortization			35,642			13,353			5,239			54,234

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
			1,423,600			466,358			300,433			2,190,391
Reconciliation to Consolidated Net sales
Elimination of inter-segment sales												(97,330)
Net sales											$	2,093,061
Cost of goods sold			866,897			333,729			215,948
Other segment expenses^{(2) (3)}			297,630			82,030			28,536
Addback: Special items charge ⁽²⁾			(3,040)			(2,963)			(264)
Segment Adjusted EBIT		$	262,113		$	53,562		$	56,213		$	371,888

Other Segment Information
Capital expenditures		$	(41,738)		$	(8,216)		$	(2,438)		$	(52,392)
Depreciation and amortization			33,253			10,863			5,261			49,377

(1)

In the six months ended June 30, 2026, special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $1,585, $4,054, and $5 in Americas Welding, International Welding, and The Harris Products Group, respectively, as discussed in Note 6.

(2)

In the six months ended June 30, 2025, special items within Other segment expenses primarily include Rationalization and asset impairment net charges of $3,040, $3,103, and $264 in Americas Welding, International Welding, and The Harris Products Group, respectively, as discussed in Note 6.

(3)

Other segment expenses primarily include:

Selling, general & administrative expenses – including bonus and research and development expenses.

Rationalization and asset impairment net charges – refer to Note 6 for further discussion.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The following table presents reconciliations of segment information to the Company’s consolidated totals:


	Three Months Ended June 30,				Six Months Ended June 30,
		2026		2025		2026		2025
Reconciliation of Segment Adjusted EBIT to Consolidated Income before income taxes
Segment Adjusted EBIT	$	226,943	$	200,349	$	417,882	$	371,888
Addback: Segment special items charge		(3,481)		(2,542)		(5,644)		(6,267)
Corporate special items charge ⁽¹⁾		(15)		(429)		(668)		(1,231)
Elimination of inter-segment profit		(903)		(1,809)		(811)		(2,822)
Unallocated corporate expenses, net		(2,141)		609		(3,628)		(28)
Interest income		1,802		1,662		3,187		3,917
Interest expense		(14,323)		(14,281)		(29,082)		(28,663)
Consolidated Income before income taxes	$	207,882	$	183,559	$	381,236	$	336,794

Reconciliation of Other Segment Information to Consolidated Information
Capital expenditures
Segment totals	$	(31,437)	$	(25,443)	$	(70,600)	$	(52,392)
Adjustments		—		—		—		—
Consolidated totals	$	(31,437)	$	(25,443)	$	(70,600)	$	(52,392)

Depreciation and amortization
Segment totals	$	27,129	$	25,222	$	54,234	$	49,377
Adjustments		(1,160)		(760)		(2,256)		(1,131)
Consolidated totals	$	25,969	$	24,462	$	51,978	$	48,246

⁽¹⁾Corporate special items primarily include transaction costs.
					June 30, 2026		December 31, 2025
Reconciliation of Segment Assets to Consolidated Assets
Americas Welding					$	2,536,957	$	2,464,376
International Welding						1,165,674		1,244,117
The Harris Products Group						475,648		431,259
Total Segment Assets						4,178,279		4,139,752
Corporate Assets						41,871		41,033
LIFO reserve not allocated to segments						(143,613)		(138,589)
Eliminations						(263,227)		(264,619)
Total Consolidated Assets					$	3,813,310	$	3,777,577

NOTE 6 — RATIONALIZATION AND ASSET IMPAIRMENTS

The Company has rationalization plans within all three of its reportable segments. The plans impacted headcount and included the consolidation of manufacturing facilities to better align with the cost structure, economic conditions and operating needs of the business.

The following table presents Rationalization and asset impairment net charges by segment:


		Six Months Ended June 30,
		2026		2025
Americas Welding		$	1,585	$	3,040
International Welding			4,054		3,103
The Harris Products Group			5		264
Total		$	5,644	$	6,407

At June 30, 2026 and December 31, 2025, rationalization liabilities of $3,533 and $7,085, respectively, were recognized in Other current liabilities in the Company’s Condensed Consolidated Balance Sheet. The Company does not anticipate significant additional charges related to the completion of these plans.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital. The Company continues to evaluate its cost structure and additional rationalization actions may result in charges in future periods.

The following table summarizes the activity related to rationalization liabilities for the six months ended June 30, 2026:


		Americas		International			The Harris Products
		Welding		Welding			Group			Consolidated
Balance at December 31, 2025		$	944	$	5,713		$	428		$	7,085
Payments and other adjustments			(1,842)		(6,932)			(422)			(9,196)
Charged to expense			1,585		4,054			5			5,644
Balance at June 30, 2026		$	687	$	2,835		$	11		$	3,533

NOTE 7 – ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) ("AOCI")

The following tables set forth the total changes in AOCI by component, net of taxes:


	Three Months Ended June 30, 2026
	Unrealized gain
	(loss) on derivatives
	designated and		Defined benefit		Currency
	qualifying as cash		pension plan		translation
	flow hedges		activity		adjustment		Total
Balance at March 31, 2026	$	16,364	$	(1,118)	$	(229,015)	$	(213,769)
Other comprehensive income before reclassification		1,309		—		436		1,745
Amounts reclassified from AOCI		(1,485)		13		—		(1,472)
Net current-period other comprehensive (loss) income		(176)		13		436		273
Balance at June 30, 2026	$	16,188	$	(1,105)	$	(228,579)	$	(213,496)


	Three Months Ended June 30, 2025
	Unrealized gain
	(loss) on derivatives
	designated and		Defined benefit		Currency
	qualifying as cash		pension plan		translation
	flow hedges		activity		adjustment		Total
Balance at March 31, 2025	$	18,084	$	(2,333)	$	(286,663)	$	(270,912)
Other comprehensive income before reclassification		957		—		60,119		61,076
Amounts reclassified from AOCI		(784)		(37)		—		(821)
Net current-period other comprehensive income (loss)		173		(37)		60,119		60,255
Balance at June 30, 2025	$	18,257	$	(2,370)	$	(226,544)	$	(210,657)

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts


	Six Months Ended June 30, 2026
	Unrealized gain
	(loss) on derivatives
	designated and		Defined benefit		Currency
	qualifying as cash		pension plan		translation
	flow hedges		activity		adjustment		Total
Balance at December 31, 2025	$	17,687	$	(1,062)	$	(222,556)	$	(205,931)
Other comprehensive income (loss) before reclassification		2,388		—		(6,023)		(3,635)
Amounts reclassified from AOCI		(3,887)		(43)		—		(3,930)
Net current-period other comprehensive loss		(1,499)		(43)		(6,023)		(7,565)
Balance at June 30, 2026	$	16,188	$	(1,105)	$	(228,579)	$	(213,496)


	Six Months Ended June 30, 2025
	Unrealized gain
	(loss) on derivatives
	designated and		Defined benefit		Currency
	qualifying as cash		pension plan		translation
	flow hedges		activity		adjustment		Total
Balance at December 31, 2024	$	17,255	$	(1,048)	$	(316,342)	$	(300,135)
Other comprehensive income before reclassification		2,105		—		89,798		91,903
Amounts reclassified from AOCI		(1,103)		(1,322)		—		(2,425)
Net current-period other comprehensive income (loss)		1,002		(1,322)		89,798		89,478
Balance at June 30, 2025	$	18,257	$	(2,370)	$	(226,544)	$	(210,657)

NOTE 8 — INVENTORIES

Inventories in the Condensed Consolidated Balance Sheets are comprised of the following components:



		June 30, 2026			December 31, 2025
Raw materials		$	145,890		$	164,440
Work-in-process			163,380			124,351
Finished goods			381,273			344,573
Total		$	690,543		$	633,364

At both June 30, 2026 and December 31, 2025, approximately 38% of total inventories were valued using the last-in, first-out ("LIFO") method. The excess of current cost over LIFO cost was $143,613 and $138,589 at June 30, 2026 and December 31, 2025, respectively.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

NOTE 9 — LEASES

The table below summarizes the right-of-use assets and lease liabilities in the Company’s Condensed Consolidated Balance Sheets:


Operating Leases		Balance Sheet Classification		June 30, 2026			December 31, 2025
Right-of-use assets		Other assets		$	51,719		$	52,989

Current liabilities		Other current liabilities		$	14,212		$	13,460
Noncurrent liabilities		Other liabilities			37,852			40,061
Total lease liabilities				$	52,064		$	53,521

The total future minimum lease payments for noncancelable operating leases were as follows:


		June 30, 2026
2026		$	9,544
2027			14,273
2028			12,229
2029			8,134
2030			4,063
After 2030			10,697
Total lease payments		$	58,940
Less: Imputed interest			6,876
Operating lease liabilities		$	52,064

As of June 30, 2026 the weighted average remaining lease term is 5.7 years and the weighted average discount rate used to determine the operating lease liability is 3.8%.

Other information related to leases was as follows:


		Three Months Ended				Six Months Ended
		June 30,				June 30,
		2026		2025		2026		2025
Lease expense ⁽¹⁾		$	8,117	$	6,444	$	14,741	$	12,334
Cash paid for amounts included in the measurement of lease liabilities ⁽²⁾			4,308		3,990		8,979		6,542
Right-of-use assets obtained in exchange for operating lease liabilities			4,554		4,399		6,070		4,653

(1)

Amounts are included in Costs of goods sold and Selling, general and administrative expenses in the Company’s Consolidated Statement of Income.

(2)

Amounts are included in Net Cash Provided by Operating Activities in the Company’s Consolidated Statement of Cash Flows.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

NOTE 10 — DEBT

At June 30, 2026 and December 31, 2025, debt consisted of the following:



					June 30, 2026		December 31, 2025
Long-term debt		Interest Rate
Senior Unsecured Notes
2015 Notes - Series B due August 20, 2030		3.35	%		$	100,000	$	100,000
2015 Notes - Series C due April 1, 2035		3.61	%			50,000		50,000
2015 Notes - Series D due April 1, 2045		4.02	%			100,000		100,000
2016 Notes - Series A due October 20, 2028		2.75	%			100,000		100,000
2016 Notes - Series B due October 20, 2033		3.03	%			100,000		100,000
2016 Notes - Series C due October 20, 2037		3.27	%			100,000		100,000
2016 Notes - Series D due October 20, 2041		3.52	%			50,000		50,000
2024 Notes - Series A due August 22, 2029		5.55	%			75,000		75,000
2024 Notes - Series B due August 22, 2031		5.62	%			75,000		75,000
2024 Notes - Series C due June 20, 2034		5.74	%			400,000		400,000
Other borrowings due through 2030		Variable⁽¹⁾				—		10
						1,150,000		1,150,010
Plus interest rate swap adjustment						2,339		2,678
Less current portion						—		—
Less debt issuance costs						2,285		2,460
Long-term debt, less current portion						1,150,054		1,150,228
Short-term debt
Amounts due to banks		Variable⁽²⁾				—		143,780
Current portion long-term debt						—		—
Total short-term debt						—		143,780
Total debt					$	1,150,054	$	1,294,008

(1)

Interest rate was 7.97% at December 31, 2025.

(2)

Weighted average interest rate on the revolving credit facility was 4.7% as of December 31, 2025. Weighted average interest rate of other lines of credit related to liquidity needs in a hyperinflationary country was 41.6% as of December 31, 2025.

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

Senior Unsecured Notes

As of June 30, 2026, the Company’s total weighted average effective interest rate and remaining weighted average tenure of the senior unsecured notes was 4.16%, including the impact from terminated swap agreements, and 8.2 years, respectively. The senior unsecured notes contain certain affirmative and negative covenants. As of June 30, 2026, the Company was in compliance with all of its debt covenants relating to the senior unsecured notes.

Revolving Credit Agreements

On June 20, 2024, the Company entered into a $1 billion revolving credit facility, which may be increased, subject to certain conditions including the consent of its lenders, by an additional amount up to $300,000. The revolving credit facility matures on June 20, 2029. The revolving credit facility will initially bear interest on outstanding borrowings at a per annum rate equal to secured overnight finance rate (“SOFR”) plus 1.10% and could fluctuate based on the Company’s total net leverage ratio at a spread ranging from SOFR plus 1.10% to SOFR plus 1.60%. The financial covenants consist of a maximum net leverage ratio of 3.5x EBITDA and a minimum interest coverage ratio of 2.5x EBITDA. The revolving credit facility contains customary representations and warranties, as well as customary affirmative, negative and financial covenants for credit facilities of this type (subject to negotiated baskets and exceptions), including limitations on the Company and its subsidiaries with respect to liens, investments, distributions, mergers and acquisitions, dispositions of assets and transactions with affiliates. As of June 30, 2026 the Company was in compliance with all of its covenants and had no outstanding borrowings under the revolving credit facility.

The Company has other lines of credit and debt agreements totaling $47,482. As of June 30, 2026, the Company was in compliance with all of its covenants and had no outstanding debt under short-term lines of credit.

Fair Value of Debt

At June 30, 2026 and December 31, 2025, the fair value of long-term debt, including the current portion, was approximately $1,074,811 and $1,125,338, respectively. The approximate fair value of the Company’s long-term debt, including current maturities, was based on a valuation model using Level 2 observable inputs using available market information and methodologies requiring judgment. The carrying value of this debt at such dates was $1,150,054 and $1,150,232, respectively. Since judgment is required in interpreting market information, the fair value of the debt is not necessarily the amount which could be realized in a current market exchange.

NOTE 11 — INCOME TAXES

The Company recognized $86,335 of tax expense on pre-tax income of $381,236, resulting in an effective income tax rate of 22.6% for the six months ended June 30, 2026. The effective income tax rate was 22.2% for the six months ended June 30, 2025. The effective tax rate was higher for the six months ended June 30, 2026, as compared with the same period in 2025, primarily due to the mix of earnings and timing of discrete tax items.

NOTE 12 — DERIVATIVES

The Company uses derivative instruments to manage exposures to currency exchange rates, interest rates and commodity prices arising in the normal course of business. Both at inception and on an ongoing basis, the derivative instruments that qualify for hedge accounting are assessed as to their effectiveness, when applicable. Hedge ineffectiveness was immaterial in the three and six months ended June 30, 2026 and 2025.

The Company is subject to the credit risk of the counterparties to derivative instruments. Counterparties include a number of major banks and financial institutions. None of the concentrations of risk with any individual counterparty

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

was considered significant at June 30, 2026. The Company does not expect any counterparties to fail to meet their obligations.

Cash Flow Hedges

Certain foreign currency forward contracts are qualified and designated as cash flow hedges. The dollar equivalent gross notional amount of these short-term contracts was $75,802 and $88,555 at June 30, 2026 and December 31, 2025, respectively.

Net Investment Hedges

The Company has foreign currency forward contracts and zero-cost collar contracts that qualify and are designated as net investment hedges. The dollar equivalent gross notional amount of the foreign currency forward contracts and zero-cost collar contracts were $307,871 and $337,659 at June 30, 2026 and December 31, 2025, respectively.

Derivatives Not Designated as Hedging Instruments

The Company has certain foreign exchange forward contracts that are not designated as hedges. These derivatives are held as economic hedges of certain balance sheet exposures. The dollar equivalent gross notional amount of these contracts was $577,777 and $370,668 at June 30, 2026 and December 31, 2025, respectively.

Fair values of derivative instruments in the Company’s Condensed Consolidated Balance Sheets consisted of the following:


	June 30, 2026								December 31, 2025
	Other		Other						Other		Other
	Current		Current		Other		Other		Current		Current		Other		Other
Derivatives by hedge designation	Assets		Liabilities		Assets		Liabilities		Assets		Liabilities		Assets		Liabilities
Designated as hedging instruments:
Foreign exchange contracts	$	1,693	$	187	$	—	$	—	$	2,149	$	289	$	—	$	—
Net investment contracts		7,254		528		—		—		102		12,529		—		—
Not designated as hedging instruments:
Foreign exchange contracts		1,127		1,323		—		—		582		470		—		—
Total derivatives	$	10,074	$	2,038	$	—	$	—	$	2,833	$	13,288	$	—	$	—

The effects of undesignated derivative instruments on the Company’s Consolidated Statements of Income consisted of the following:

Three Months Ended June 30,

Six Months Ended June 30,

Derivatives by hedge designation

 

Classification of gain (loss)

 

2026

2025

 

2026

2025

Not designated as hedges:

Foreign exchange contracts

Selling, general & administrative expenses

1,640

13,625

(1,714)

21,958

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The effects of designated hedges on AOCI consisted of the following:



Total gain (loss) recognized in AOCI, net of tax		June 30, 2026			December 31, 2025
Foreign exchange contracts		$	993		$	1,396
Forward starting swap agreements			15,195			16,291
Net investment contracts			(1,079)			(5,721)

The Company expects a gain of $993 related to existing contracts to be reclassified from AOCI, net of tax, to earnings over the next 12 months as the hedged transactions are realized.

The effects of designated hedges on the Company’s Consolidated Statements of Income consisted of the following:


		Gain (loss) recognized in the		Three Months Ended June 30,						Six Months Ended June 30,
Derivative type		Consolidated Statements of Income:		2026			2025			2026			2025
Foreign exchange contracts		Sales		$	1,041		$	378		$	2,513		$	(335)
		Cost of goods sold			132			182			1,691			543
Forward starting swap agreements		Interest expense, net			689			689			1,378			1,378

NOTE 13 — FAIR VALUE

The following table provides a summary of assets and liabilities as of June 30, 2026, measured at fair value on a recurring basis:


					Quoted Prices in
					Active Markets for
					Identical Assets or			Significant Other			Significant
		Balance as of			Liabilities			Observable Inputs			Unobservable
Description		June 30, 2026			(Level 1)			(Level 2)			Inputs (Level 3)
Assets:
Foreign exchange contracts		$	2,820		$	—		$	2,820		$	—
Net investment contracts			7,254			—			7,254			—
Pension surplus			5,966			5,966			—			—
Total assets		$	16,040		$	5,966		$	10,074		$	—
Liabilities:
Foreign exchange contracts		$	1,510		$	—		$	1,510		$	—
Net investment contracts			528			—			528			—
Deferred compensation			28,052			—			28,052			—
Total liabilities		$	30,090		$	—		$	30,090		$	—

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LINCOLN ELECTRIC HOLDINGS, INC.

NOTES TO UNAUDITED CONSOLIDATED FINANCIAL STATEMENTS (Continued)

Dollars in thousands, except per share amounts

The following table provides a summary of assets and liabilities as of December 31, 2025, measured at fair value on a recurring basis:


					Quoted Prices in
					Active Markets for
					Identical Assets or			Significant Other			Significant
		Balance as of			Liabilities			Observable Inputs			Unobservable
Description		December 31, 2025			(Level 1)			(Level 2)			Inputs (Level 3)
Assets:
Foreign exchange contracts		$	2,731		$	—		$	2,731		$	—
Net investment contracts			102			—			102			—
Pension surplus			12,082			12,082			—			—
Total assets		$	14,915		$	12,082		$	2,833		$	—
Liabilities:
Foreign exchange contracts		$	759		$	—		$	759		$	—
Net investment contracts			12,529			—			12,529			—
Deferred compensation			24,456			—			24,456			—
Total liabilities		$	37,744		$	—		$	37,744		$	—

The fair value of the Company’s pension surplus assets are based on quoted market prices in active markets and are included in the Level 1 fair value hierarchy. The pension surplus assets were invested in money market and short-term duration bond funds at both June 30, 2026 and December 31, 2025.

The Company’s derivative contracts are valued at fair value using the market approach. The Company measures the fair value of foreign exchange contracts and net investment contracts using Level 2 inputs based on observable spot and forward rates in active markets.

The deferred compensation liability is the Company’s obligation under its executive deferred compensation plan. The Company measures the fair value of the liability using the market values of the participants’ underlying investment fund elections.

The fair value of Cash and cash equivalents, Accounts receivable, Short-term debt excluding the current portion of Long-term debt and Trade accounts payable approximated book value due to the short-term nature of these instruments at both June 30, 2026 and December 31, 2025.

The Company has various financial instruments, including cash and cash equivalents, short and long-term debt and forward contracts. While these financial instruments are subject to concentrations of credit risk, the Company has minimized this risk by entering into arrangements with a number of major banks and financial institutions and investing in several high-quality instruments. The Company does not expect any counterparties to fail to meet their obligations.

NOTE 14 — SUPPLIER FINANCING PROGRAM

The Company’s suppliers, at the supplier’s sole discretion, are able to factor receivables due from the Company to a financial institution on terms directly negotiated with the financial institution without affecting the Company’s balance sheet classification of the corresponding payable. The Company pays the financial institution the stated amount of the confirmed invoices from its designated suppliers on the original maturity dates of the invoices. At June 30, 2026 and December 31, 2025, Trade accounts payable included $32,229 and $25,709, respectively, payable to suppliers that have elected to participate in the supplier financing program.

(1)

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (Dollars in thousands, except per share amounts)

This Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read together with the Company’s unaudited consolidated financial statements and other financial information included elsewhere in this Quarterly Report on Form 10-Q.

General

The Company’s products include arc welding equipment, filler metals (welding, brazing and soldering consumables), cutting systems (laser, plasma and oxyfuel), wire feeding systems, fume control equipment, welding accessories, specialty gas regulators, mobile power equipment, wear solutions, software, and education solutions; as well as a comprehensive portfolio of automated solutions and system integration services for joining, cutting, material handling, module assembly, and end of line testing. Services include additive manufacturing, precision fabrication, wear services, upfitting, and training.

Solutions range in technology and features from basic units used for personal, maintenance and light manufacturing use to highly sophisticated robotic solutions for complex fabrication and production activities.

The Company’s business units are aligned into three operating segments. The operating segments consist of Americas Welding, International Welding and The Harris Products Group. The Americas Welding segment includes welding operations in North and South America. The International Welding segment includes welding operations in Europe, Africa, Asia and Australia. The Harris Products Group includes the Company’s global cutting, soldering and brazing businesses, specialty gas equipment, as well as the retail business which is primarily in the United States.

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Results of Operations

The following tables show the Company’s results of operations:


	Three Months Ended June 30,
											Favorable (Unfavorable)
	2026					2025					2026 vs. 2025
	Amount			% of Sales		Amount			% of Sales		$			%
Net sales	$	1,219,663				$	1,088,673				$	130,990		12.0	%
Cost of goods sold		770,667					683,126					(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					12,619					98		0.8	%
Other (expense) income		(241)					4,034					(4,275)		(106.0)	%
Income before income taxes		207,882		17.0	%		183,559		16.9	%		24,323		13.3	%
Income taxes		49,363					40,163					(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	%
Diluted earnings per share	$	2.88				$	2.56				$	0.32		12.5	%


	Six Months Ended June 30,
											Favorable (Unfavorable)
	2026					2025					2026 vs. 2025
	Amount			% of Sales		Amount			% of Sales		$			%
Net sales	$	2,341,097				$	2,093,061				$	248,036		11.9	%
Cost of goods sold		1,492,969					1,322,066					(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					24,746					(1,149)		(4.6)	%
Other income		329					4,478					(4,149)		(92.7)	%
Income before income taxes		381,236		16.3	%		336,794		16.1	%		44,442		13.2	%
Income taxes		86,335					74,911					(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	%
Diluted earnings per share	$	5.34				$	4.66				$	0.68		14.6	%

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Net Sales:

The following tables summarize the impact of volume, acquisitions, price and foreign currency exchange rates on Net sales on a consolidated basis:


Three Months Ended June 30,			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
	2025		Volume			Price			Acquisitions			Exchange			2026
Lincoln Electric Holdings, Inc.	$	1,088,673	$	25,790		$	83,911		$	16,193		$	5,096		$	1,219,663
% Change
Lincoln Electric Holdings, Inc.				2.4	%		7.7	%		1.5	%		0.4	%		12.0	%


Six Months Ended June 30,			Change in Net Sales due to:
	Net Sales										Foreign			Net Sales
	2025		Volume		Price			Acquisitions			Exchange			2026
Lincoln Electric Holdings, Inc.	$	2,093,061	$	149	$	188,469		$	31,987		$	27,431		$	2,341,097
% Change
Lincoln Electric Holdings, Inc.				—		9.0	%		1.5	%		1.4	%		11.9	%

Net sales increased for the three and six months ended June 30, 2026 due to an increase in organic sales and a benefit from acquisitions and foreign exchange. The increase in organic sales for the three months ended June 30, 2026 is driven by an increase in pricing, primarily due to higher input costs, as well as higher volumes. The increase in organic sales for the six months ended June 30, 2026 is driven by an increase in pricing, primarily due to higher input costs.

Gross Profit:

Gross profit as a percentage of sales decreased 0.5% and 0.6% for the three and six months ended June 30, 2026, respectively, as compared to the same 2025 periods, driven by unfavorable impacts from product mix and higher input costs. This includes last-in, first-out (“LIFO”) charges of $4,186 and $5,024 for the three and six months ended June 30, 2026 and LIFO charges of $8,523 and $10,284 for the three and six months ended June 30, 2025, respectively, which are primarily due to rising input costs.

Selling, General & Administrative Expenses:

Selling, general & administrative expenses increased in the three and six months ended June 30, 2026 as compared to the same 2025 periods, primarily due to increases in spend related to the Company’s RISE strategic initiatives, acquisitions and the unfavorable impact of foreign currency translation. Selling, general & administrative expenses as a percentage of sales decreased primarily due to higher organic sales.

Operating Income:

Operating income as a percentage of sales was 18.1% for the three months ended June 30, 2026 as compared to 17.6% in the prior year period. Excluding special items, Operating income as a percentage of sales was 18.4% for the three months ended June 30, 2026 as compared with 17.9% in the prior year period. Operating income as a percentage of sales was 17.4% for the six months ended June 30, 2026 as compared to 17.1% in the prior year period. Excluding special items, Operating income as a percentage of sales was 17.6% in the six months ended June 30, 2026 as compared with 17.4% in the prior year period. Refer to explanations above for additional details. Also refer to Non-GAAP Financial Measures for a reconciliation of Adjusted operating income.

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Income Taxes:

The effective tax rate was higher for the three and six months ended June 30, 2026 as compared to the same 2025 periods, primarily due to the mix of earnings and timing of discrete tax items.

Segment Results

The following tables present components of Net sales by segment:


Three Months Ended June 30,			Change in Net Sales due to:
	Net Sales											Foreign			Net Sales
	2025		Volume ⁽¹⁾			Price ⁽²⁾			Acquisitions ⁽³⁾			Exchange ⁽⁴⁾			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

% 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	%


Six Months Ended June 30,
					Change in Net Sales due to:
	Net Sales												Foreign			Net Sales
	2025			Volume ⁽¹⁾			Price ⁽²⁾			Acquisitions ⁽³⁾			Exchange ⁽⁴⁾			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

% 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	%

(1)

Increase for the three and six months ended June 30, 2026 in Americas Welding is primarily due to improved industrial demand and higher project volumes within the automation product line. Decrease for the three months ended June 30, 2026 in International Welding is primarily due to slowing industrial activity in Europe and the Middle East conflict. Decrease for the six months ended June 30, 2026 in International Welding is primarily due to slowing industrial activity in Europe, the Middle East conflict and lower project volumes within the automation product line. Decrease for the three and six months ended June 30, 2026 in The Harris Products Group is primarily due to a challenging prior year comparison resulting from expanded market presence in retail.

(2)

Increase in all segments due to price actions taken in response to higher input costs.

(3)

Increase in International Welding due to the acquisition discussed in Note 4 to the consolidated financial statements.

(4)

Increase for the three and six months ended June 30, 2026 for all three segments was primarily attributable to the favorable impact of a stronger U.S. dollar.

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Segment performance is measured and resources are allocated based on a number of factors, the primary measure being the Adjusted EBIT profit measure. Adjusted EBIT is defined as Operating income plus Other income, adjusted for special items as determined by management such as the impact of rationalization activities, certain asset impairment charges and gains or losses on disposals of assets.

The following tables presents Adjusted EBIT by segment:


								Favorable (Unfavorable)
		Three Months Ended June 30,						2026 vs. 2025
		2026			2025			$		%
Americas Welding:
Net sales		$	774,438		$	696,730		$	77,708	11.2	%
Inter-segment sales			28,904			43,391			(14,487)	(33.4)	%
Total Sales		$	803,342		$	740,121			63,221	8.5	%
Adjusted EBIT ^{(1) (4)}		$	158,095		$	137,915			20,180	14.6	%
As a percent of total sales ⁽¹⁾			19.7	%		18.6	%			1.1	%
International Welding:
Net sales		$	243,292		$	232,824			10,468	4.5	%
Inter-segment sales			7,564			7,641			(77)	(1.0)	%
Total Sales		$	250,856		$	240,465			10,391	4.3	%
Adjusted EBIT ^{(2) (5)}		$	26,595		$	30,550			(3,955)	(12.9)	%
As a percent of total sales ⁽²⁾			10.6	%		12.7	%			(2.1)	%
The Harris Products Group:
Net sales		$	201,933		$	159,119			42,814	26.9	%
Inter-segment sales			4,972			5,110			(138)	(2.7)	%
Total Sales		$	206,905		$	164,229			42,676	26.0	%
Adjusted EBIT ^{(3) (6)}		$	42,253		$	31,884			10,369	32.5	%
As a percent of total sales⁽³⁾			20.4	%		19.4	%			1.0	%
Corporate / Eliminations:
Inter-segment sales		$	(41,440)		$	(56,142)			14,702	26.2	%
Adjusted EBIT ⁽⁷⁾			(3,044)			(1,200)			(1,844)	(153.7)	%
Consolidated:
Net sales		$	1,219,663		$	1,088,673			130,990	12.0	%
Net income		$	158,519		$	143,396			15,123	10.5	%
As a percent of total sales			13.0	%		13.2	%			(0.2)	%
Adjusted EBIT ⁽⁸⁾		$	223,899		$	199,149			24,750	12.4	%
As a percent of sales			18.4	%		18.3	%			0.1	%

(1)

Adjusted EBIT and Adjusted EBIT as a percent of sales increased for the three months ended June 30, 2026 as compared to June 30, 2025 primarily driven by the favorable net impact of organic sales partially offset by rising input costs.

(2)

Adjusted EBIT and Adjusted EBIT as a percent of sales decreased for the three months ended June 30, 2026 as compared to June 30, 2025 primarily driven by unfavorable impact of lower volumes and higher input costs, partially offset by the benefit of acquisitions.

(3)

Adjusted EBIT and Adjusted EBIT as a percent of sales increased for the three months ended June 30, 2026 as compared to June 30, 2025 primarily driven by operating leverage from higher organic sales.

(4)

The three months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $1,012 and $905, respectively, as discussed in Note 6 to the consolidated financial statements.

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(5)

The three months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $2,282 and $1,551, respectively, as discussed in Note 6 to the consolidated financial statements.

(6)

The three months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $187 and $86, respectively, as discussed in Note 6 to the consolidated financial statements.

(7)

The three months ended June 30, 2026 and 2025 exclude transaction costs of $15 and $429, respectively, as discussed in Note 4 to the consolidated financial statements.

(8)

See non-GAAP Financial Measures for a reconciliation of Net income as reported and Adjusted EBIT.


							Favorable (Unfavorable)
	Six Months Ended June 30,						2026 vs. 2025
	2026			2025			$		%
Americas Welding:
Net sales	$	1,480,663		$	1,349,837		$	130,826	9.7	%
Inter-segment sales		65,613			73,763			(8,150)	(11.0)	%
Total Sales	$	1,546,276		$	1,423,600		$	122,676	8.6	%
Adjusted EBIT ^{(1) (4)}	$	285,563		$	262,113		$	23,450	8.9	%
As a percent of total sales ⁽¹⁾		18.5	%		18.4	%			0.1	%
International Welding:
Net sales	$	470,327		$	451,885		$	18,442	4.1	%
Inter-segment sales		13,371			14,473			(1,102)	(7.6)	%
Total Sales	$	483,698		$	466,358		$	17,340	3.7	%
Adjusted EBIT ^{(2) (5)}	$	49,257		$	53,562		$	(4,305)	(8.0)	%
As a percent of total sales ⁽²⁾		10.2	%		11.5	%			(1.3)	%
The Harris Products Group:
Net sales	$	390,107		$	291,339		$	98,768	33.9	%
Inter-segment sales		9,636			9,094			542	6.0	%
Total Sales	$	399,743		$	300,433		$	99,310	33.1	%
Adjusted EBIT ^{(3) (6)}	$	83,062		$	56,213		$	26,849	47.8	%
As a percent of total sales⁽³⁾		20.8	%		18.7	%			2.1	%
Corporate / Eliminations:
Inter-segment sales	$	(88,620)		$	(97,330)		$	8,710	8.9	%
Adjusted EBIT ⁽⁷⁾		(4,439)			(2,850)			(1,589)	(55.8)	%
Consolidated:
Net sales	$	2,341,097		$	2,093,061		$	248,036	11.9	%
Net income	$	294,901		$	261,883		$	33,018	12.6	%
As a percent of total sales		12.6	%		12.5	%			0.1	%
Adjusted EBIT ⁽⁸⁾	$	413,443		$	369,038		$	44,405	12.0	%
As a percent of sales		17.7	%		17.6	%			0.1	%

(1)

Adjusted EBIT and Adjusted EBIT as a percent of sales increased for the six months ended June 30, 2026 as compared to June 30, 2025 driven by a favorable net impact of organic sales, partially offset by rising input costs.

(2)

Adjusted EBIT and Adjusted EBIT as a percent of sales decreased for the six months ended June 30, 2026 as compared to June 30, 2025 primarily driven by the unfavorable impact of lower volumes and higher input costs, partially offset by the benefit of acquisitions.

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(3)

Adjusted EBIT and Adjusted EBIT as a percentage of sales increased for the six months ended June 30, 2026 as compared to June 30, 2025 primarily driven by operating leverage from higher organic sales.

(4)

The six months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $1,585 and $3,040, respectively, as discussed in Note 6 to the consolidated financial statements.

(5)

The six months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $4,054 and $3,103, respectively, as discussed in Note 6 to the consolidated financial statements.

(6)

The six months ended June 30, 2026 and 2025 exclude Rationalization and asset impairment net charges of $5 and $264, respectively, as discussed in Note 6 to the consolidated financial statements.

(7)

The six months ended June 30, 2026 and 2025 exclude transaction costs of $668 and $1,231, respectively, as discussed in Note 4 to the consolidated financial statements.

(8)

See non-GAAP Financial Measures for a reconciliation of Net income as reported and Adjusted EBIT.

Non-GAAP Financial Measures

The Company reviews Adjusted operating income, Adjusted net income, Adjusted EBIT, Adjusted effective tax rate, Adjusted diluted earnings per share, Adjusted return on invested capital (“Adjusted ROIC”), Adjusted net operating profit after taxes, Free cash flow, Cash conversion and Organic sales, all non-GAAP financial measures, in assessing and evaluating the Company’s underlying operating performance. These non-GAAP financial measures exclude the impact of special items on the Company’s reported financial results. Non-GAAP financial measures should be read in conjunction with the generally accepted accounting principles in the United States ("GAAP") financial measures, as non-GAAP measures are a supplement to, and not a replacement for, GAAP financial measures.

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The following table presents the reconciliations of Operating income as reported to Adjusted operating income, Net income as reported to Adjusted net income and Adjusted EBIT, Effective tax rate as reported to Adjusted effective tax rate and Diluted earnings per share as reported to Adjusted diluted earnings per share:


		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 ⁽¹⁾			3,481			2,542					5,644			6,407
Transaction costs ⁽²⁾			15			429					668			1,231
Amortization of step up in value of acquired inventories ⁽³⁾			—			—					—			(140)
Adjusted operating income		$	224,140		$	195,115			$		413,114		$	364,560
As a percentage 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 ⁽¹⁾			3,481			2,542					5,644			6,407
Transaction costs ⁽²⁾			15			429					668			1,231
Amortization of step up in value of acquired inventories ⁽³⁾			—			—					—			(140)
Tax effect of Special items ⁽⁴⁾			(795)			(755)					(1,535)			(1,913)
Adjusted net income			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⁽⁴⁾			795			755					1,535			1,913
Adjusted EBIT		$	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			—	%		0.0	%				0.1	%		0.1	%
Adjusted effective tax rate			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		$	2.93		$	2.60			$		5.43		$	4.76

(1)

Primarily related to restructuring activities as discussed in Note 6 to the consolidated financial statements.

(2)

Transaction costs primarily relate to acquisitions and are included in Selling, general & administrative expenses.

(3)

Costs relate to acquisitions and are included in Cost of goods sold.

(4)

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.

Liquidity and Capital Resources

Overview

The Company’s primary sources of liquidity are operating cash flows and revolving credit facilities. As of June 30, 2026, the Company had $242,443 of cash and cash equivalents on hand and no outstanding borrowings under its $1,047,482 revolving credit facilities.

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The Company’s capital allocation priorities include internal investment to support existing operations and organic growth, investment in acquisitions to grow the business and then returning capital to shareholders through dividends and share repurchases.

The Company’s cash flow from operations can be cyclical. In assessing liquidity, the Company reviews working capital measurements to define areas for improvement. Management anticipates the Company will be able to satisfy cash requirements for its ongoing businesses for the foreseeable future primarily with cash generated by operations, existing cash balances, borrowings under its existing credit facilities and raising debt in capital markets.

The Company continues to expand globally and periodically consider acquisitions that would involve significant investments. The Company can fund its global expansion plans with operational cash flow, but a significant acquisition may require access to capital markets, in particular, the long-term debt market, as well as the syndicated bank loan market. The Company’s financing strategy is to fund itself at the lowest after-tax cost of funding. Where possible, the Company utilizes operational cash flows and raises capital in the most efficient market, usually the United States, and then lends funds to the specific subsidiary needing or requiring funding. If additional acquisitions providing appropriate financial benefits become available, additional expenditures may be made.

Cash Flow

The following table reflects changes in key cash flow measures:


		Six Months Ended June 30,
		2026			2025			$ Change
Cash provided by operating activities⁽¹⁾		$	355,934		$	329,521		$	26,413
Cash used by investing activities			(69,204)			(79,470)			10,266
Capital expenditures			(70,600)			(52,392)			(18,208)
Acquisition of businesses, net of cash acquired			140			(32,309)			32,449
Cash used by financing activities			(355,588)			(317,709)			(37,879)
Payments on short-term borrowings, net			(143,889)			(5,206)			(138,683)
Purchase of shares for treasury			(132,792)			(233,824)			101,032
Cash dividends paid to shareholders			(87,466)			(84,904)			(2,562)
Decrease in Cash and cash equivalents			(66,346)			(77,781)			11,435

(1)

Cash provided by operating activities increased for the six months ended June 30, 2026, compared with the six months ended June 30, 2025 primarily due to favorable working capital.

As of June 30, 2026, the Company had cash of $242,443, of which $181,012 was held by international subsidiaries.

In July 2026, the Company paid a cash dividend of $0.79 per share, or $43,060, to shareholders of record on June 30, 2026.

The Company currently anticipates capital expenditures of $110,000 to $130,000 in 2026. Anticipated capital expenditures include investments to increase capacity, improve operational effectiveness and for general maintenance. Management critically evaluates all proposed capital expenditures and expects each project to increase efficiency, reduce costs, support sales growth or improve the overall safety and environmental conditions of the Company’s facilities.

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Revolving Credit Agreements

On June 20, 2024, the Company entered into a $1 billion revolving credit facility. The revolving credit facility matures on June 20, 2029. Additionally, the Company has other lines of credit with total availability of $47,482. As of June 30, 2026, the Company had total availability of $1,047,482 under its revolving credit facilities. Refer to Note 10 to the consolidated financial statements for further information on our revolving lines of credit.

Working Capital Ratios


	June 30, 2026		December 31, 2025		June 30, 2025
Average operating working capital to Net sales ⁽¹⁾	16.9	%	17.9	%	18.4	%
Days sales in Inventories	113.6		116.4		117.3
Days sales in Accounts receivable	46.9		49.4		49.4
Average days in Trade accounts payable	59.2		53.4		56.6

(1)

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.

Stock Repurchase Program

On February 12, 2020, the Company’s Board authorized a share repurchase program for up to 10 million shares of the Company’s common stock. As of June 30, 2026, there were 4.6 million shares available under the authorization. The Company is not obligated to make any repurchases.

Rationalization and Asset Impairments

Refer to Note 6 to the consolidated financial statements for a discussion of the Company’s rationalization plans. The Company believes the rationalization actions will positively impact future results of operations and will not have a material effect on liquidity and sources and uses of capital.

Acquisitions

Refer to Note 4 to the consolidated financial statements for a discussion of the Company’s recent acquisitions.

Return on Invested Capital

The Company reviews ROIC in assessing and evaluating the Company’s underlying operating performance. As discussed in the Non-GAAP Financial Measures section above, Adjusted ROIC is a non-GAAP financial measure that the Company believes is a meaningful metric to investors in evaluating the Company’s financial performance. The calculation may be different than the method used by other companies to calculate ROIC. Adjusted ROIC is defined as rolling 12 months of Adjusted net income excluding tax-effected interest income and expense divided by invested capital. Invested capital is defined as total debt, which includes Short-term debt and Long-term debt, less current portions, plus Total equity.

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The following table presents the reconciliations of ROIC and Adjusted ROIC to net income:


		Twelve Months Ended June 30,
		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 ⁽¹⁾			5,555			(11,118)
Adjusted net operating profit after taxes		$	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			23.0	%		21.7	%

(1)

New Accounting Pronouncements

Refer to Note 1 to the consolidated financial statements for a discussion of new accounting pronouncements.

Forward-looking Statements

The Company’s expectations and beliefs concerning the future contained in this report 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 systems; 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; possible 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, the ongoing geopolitical conflicts, political unrest, acts of terror, natural disasters and pandemics on the Company or its customers, suppliers and the economy in

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general. For additional discussion, see “Item 1A. Risk Factors” presented herein, as well as in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in the Company’s exposure to market risk since December 31, 2025. See “Item 7A. Quantitative and Qualitative Disclosures About Market Risk” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

ITEM 4. CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

The Company carried out an evaluation under the supervision and with the participation of the Company’s management, including the Company’s Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on that evaluation, the Company’s management, including the Chief Executive Officer and Chief Financial Officer, concluded that the Company’s disclosure controls and procedures were effective as of June 30, 2026.

Changes in Internal Control Over Financial Reporting

There have been no changes in the Company’s internal control over financial reporting that occurred during the quarter ended June 30, 2026 that materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

PART II. OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is subject, from time to time, to a variety of civil and administrative proceedings arising out of its normal operations, including, without limitation, product liability claims, regulatory claims and health, safety and environmental claims. Among such proceedings are the cases described below.

As of June 30, 2026, the Company was a co-defendant in cases alleging asbestos induced illness involving claims by approximately 701 plaintiffs, which is a net decrease of 351 claims from those previously reported. In each instance, the Company is one of a large number of defendants. The asbestos claimants seek compensatory and punitive damages, in most cases for unspecified sums. Since January 1, 1995, the Company has been a co-defendant in asbestos cases that have been resolved as follows: 57,695 of those claims were dismissed, 23 were tried to defense verdicts, 7 were tried to plaintiff verdicts (which were reversed or resolved after appeal), 2 were resolved by agreement for an immaterial amount and 1,026 were decided in favor of the Company following summary judgment motions.

ITEM 1A. RISK FACTORS

In addition to the other information set forth in this Quarterly Report on Form 10-Q, the reader should carefully consider the factors discussed in “Item 1A. Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

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ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS

Issuer purchases of its common shares during the second quarter of 2026 were as follows:


							Total Number of
							Shares		Maximum Number
							Repurchased		of Shares that May
		Total Number of					as Part of Publicly		Yet be Purchased
		Shares		Average Price			Announced Plans or		Under the Plans or
Period		Repurchased		Paid Per Share			Programs		Programs ⁽²⁾
April 1 - 30, 2026		68,319	⁽¹⁾	$	254.41		67,462		4,841,522
May 1 - 31, 2026		102,396	⁽¹⁾		264.77		102,352		4,739,170
June 1 - 30, 2026		116,417	⁽¹⁾		271.69		115,556		4,623,614
Total		287,132	111	$	265.11		285,370

(1)

The above share repurchases include the surrender of the Company’s common shares in connection with the vesting of restricted awards.

(2)

On February 12, 2020, the Company’s Board of Directors authorized a new share repurchase program for up to an additional 10 million shares of the Company’s common stock. Total shares purchased through the share repurchase programs were 5.4 million shares at a total cost of $1,038 million for a weighted average cost of $193.05 per share through June 30, 2026.

ITEM 4. MINE SAFETY DISCLOSURES

Not applicable.

ITEM 5. OTHER INFORMATION

During the quarter ended June 30, 2026, none of the Company’s directors or officers adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” as those terms are defined in Item 408(a) of Regulation S-K.

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ITEM 6. EXHIBITS

(a)

Exhibits



10.1*	Form of Restricted Stock Unit Agreement for Non-Employee Directors under 2023 Stock Plan for Non-Employee Directors (filed herewith).
31.1	Certification of the Chairman and Chief Executive Officer (Principal Executive Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).
31.2	Certification of the Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) pursuant to Rule 13a-14(a) of the Securities Exchange Act of 1934 (filed herewith).
32.1	Certification of the Chairman and Chief Executive Officer (Principal Executive Officer) and Executive Vice President, Chief Financial Officer and Treasurer (Principal Financial and Accounting Officer) pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (filed herewith).

101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
104	Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)
	Inline XBRL Taxonomy Extension Label Linkbase Document

* Reflects management contract or other compensatory arrangement required to be filed as an exhibit pursuant to Item 15(b) of this report

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.


		LINCOLN ELECTRIC HOLDINGS, INC.

		/s/ Gabriel Bruno
		Gabriel Bruno
		Executive Vice President, Chief Financial Officer and Treasurer
		(Principal Financial and Accounting Officer)
		July 30, 2026

Source: View Original Filing on SEC EDGAR

Lincoln Electric Holdings (NASDAQ: LECO) grows Q2 2026 sales and cash flow

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