Lincoln Electric raises dividend 10.1% to $0.87

The board raised the quarterly dividend 10.1% to $0.87 per share, payable January 15, 2027.

Rhea-AI Filing Summary

Lincoln Electric Holdings, Inc. (LECO) reported third-quarter 2026 net sales of $1,221.3 million, up 15.1% from a year earlier; organic sales increased 14.5%. Net income rose 17.7% to $144.3 million, and diluted EPS increased 19.0% to $2.63. Excluding special items, adjusted EPS was $2.98, compared with $2.47. Operating income was $211.4 million, or 17.3% of sales, versus 16.6% a year earlier; adjusted operating income margin was 18.0%, compared with 17.4%.

For the first nine months of 2026, sales rose 12.9% to $3,562.4 million, net income rose 14.2% to $439.2 million, and diluted EPS was $7.97. Third-quarter operating cash flow was $215.8 million, and cash conversion was 107%. Lincoln Electric returned $143 million through dividends and share repurchases. The board declared a quarterly dividend of $0.87 per share, a 10.1% increase from the prior quarterly dividend, payable January 15, 2027, to shareholders of record December 31, 2026.

3 points · 0 major

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 1 point

How the balance works

Positive

• Moderate pointThird-quarter sales rose 15.1% to $1,221.3 million.
• Moderate pointThird-quarter net income rose 17.7% to $144.3 million.
• Minor pointQuarterly dividend increased 10.1% to $0.87 per share.

Negative

• Moderate pointThird-quarter operating cash flow was $215.8 million, versus $236.7 million in 2025.

Filing Explained

At September 30, 2026, Lincoln Electric reported no short-term debt, compared with $143,780 thousand at December 31, 2025, and reported $1,149,969 thousand in long-term debt.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Net sales: $1,221.3 million Net income: $144.3 million Diluted EPS: $2.63 per share +5 more

8 metrics

Net sales $1,221.3 million Third quarter 2026; up 15.1% from the prior-year period

Net income $144.3 million Third quarter 2026; up 17.7% from the prior-year period

Diluted EPS $2.63 per share Third quarter 2026; up 19.0% from $2.21 in 2025

Adjusted diluted EPS $2.98 per share Third quarter 2026; up 21% from $2.47 in 2025

Operating cash flow $215.8 million Three months ended September 30, 2026; $236.7 million in 2025

Operating income margin 17.3% Third quarter 2026; 16.6% in 2025

Quarterly cash dividend $0.87 per share Declared for payment January 15, 2027; a 10.1% increase from the prior quarterly dividend

Nine-month net sales $3,562.4 million Nine months ended September 30, 2026; up 12.9% from 2025

Key Terms

Organic sales, Adjusted operating income, Cash conversion, Special items

4 terms

Organic sales financial

"14.5% increase in organic sales"

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

Adjusted operating income financial

"adjusted operating income was $220.0 million"

Adjusted operating income is a company's profit from its main activities, excluding certain one-time or unusual costs and gains. It helps investors see how well the business is performing in its normal operations, without distractions from rare events or expenses. This way, they get a clearer picture of the company’s true profitability.

Cash conversion financial

"Cash conversion (1)"

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

Special items financial

"Special items (pre-tax)"

Special items are unusual or infrequent gains or losses that a company reports separately from its regular operating profit, such as restructuring costs, asset write-downs, legal settlements, or one-time gains from selling a business. Investors pay attention because these items can make reported profits look better or worse than the company’s ongoing performance—like a homeowner’s one-off roof repair affecting a single month’s budget but not the household’s regular income and expenses.

Earnings Snapshot

Net sales: $1,221.3 million

Third quarter 2026

Net sales $1,221.3 million Up 15.1% from the prior-year period

Net income $144.3 million Up 17.7% from the prior-year period

Diluted EPS $2.63 per share Up 19.0% from $2.21 in 2025

Adjusted diluted EPS $2.98 per share Up 21% from $2.47 in 2025

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

How much did LECO sales grow in Q3 2026?

Lincoln Electric reported third-quarter 2026 net sales of $1,221.3 million, up 15.1% from the prior-year period.

What drove LECO's third-quarter sales growth?

Sales increased 15.1%, reflecting a 14.5% increase in organic sales, a 0.5% benefit from acquisitions and a 0.1% favorable foreign-exchange impact. The company said higher volume led organic sales growth.

What dividend did LECO declare, and when is it payable?

Lincoln Electric declared a quarterly cash dividend of $0.87 per share, a 10.1% increase from its prior quarterly dividend. It is payable January 15, 2027, to shareholders of record December 31, 2026.

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

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Available on EDGAR 10/27/2026 - 09:03 AM EDT Accepted by SEC EDGAR 10/27/2026 - 09:03 AM EDT Learn about SEC filing dates

0000059527false00000595272026-10-272026-10-27

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): October 27, 2026

LINCOLN ELECTRIC HOLDINGS, INC.

(Exact name of registrant as specified in its charter)

0-1402

(Commission File Number)

​

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

​

22801 St. Clair Avenue, Cleveland, Ohio 44117

(Address of principal executive offices, with zip code)

(216) 481-8100

(Registrant’s telephone number, including area code)

Not applicable

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

​

​	​
☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
​	​
☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
​	​
☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
​	​
☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

​

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 is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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. ☐

​

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​	​	​
Item 2.02	Results of Operations and Financial Condition.
​	​
​	On October 27, 2026, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended September 30, 2026.  A copy of the Company’s press release issued on October 27, 2026 is attached hereto as Exhibit 99.1 and incorporated herein by reference. The press release is also available through the Company’s website at www.lincolnelectric.com. The information in this Current Report on Form 8-K, including the Exhibit, is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act.
​	​
Item 9.01	Financial Statements and Exhibits.
​	​
​	​	(d) Exhibits
​	​	​
​	​	99.1 The Company’s press release dated October 27, 2026.
​	​	104 Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)

​

​

​

​

LINCOLN ELECTRIC HOLDINGS, INC.

INDEX TO EXHIBITS

​	​	​
Exhibit No.	​ ​	Exhibit
​	​	​
99.1	​	The Company’s press release dated October 27, 2026.
104	​	Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)

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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 hereunto duly authorized.

​

​	​
​	LINCOLN ELECTRIC HOLDINGS, INC.
​	​
​	/s/ Gabriel Bruno
​	Gabriel Bruno
​	Executive Vice President, Chief Financial Officer and Treasurer
​	(Principal Financial and Accounting Officer)
​	October 27, 2026

​

Exhibit 99.1

​

Investor Relations: Amanda Butler (216) 383-2534

Amanda_Butler@lincolnelectric.com

​

LINCOLN ELECTRIC REPORTS THIRD QUARTER 2026 RESULTS

​

​

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Third Quarter 2026 Highlights

​

◾

Net sales increase 15.1% to $1,221 million; organic sales increase 14.5% led by volume growth

◾

Operating income margin increases to 17.3% and adjusted operating income margin increases to 18.0%

◾

EPS increases 19% to $2.63 and adjusted EPS increases 21% to $2.98

◾

Cash flows from operations of $216 million; 107% cash conversion

◾

Returned $143 million to shareholders through dividends and share repurchases

​

​

CLEVELAND, Tuesday, October 27, 2026 - Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported third quarter 2026 net income of $144.3 million, or diluted earnings per share (EPS) of $2.63, which includes special item after-tax net charges of $19.3 million, or $0.35 EPS. This compares with prior year period net income of $122.6 million, or $2.21 EPS, which included special item after-tax net charges of $14.6 million, or $0.26 EPS. Excluding special items, third quarter 2026 adjusted net income was $163.6 million, or $2.98 adjusted EPS. This compares with adjusted net income of $137.2 million, or $2.47 adjusted EPS, in the prior year period.

​

Third quarter 2026 sales increased 15.1% to $1,221.3 million reflecting a 14.5% increase in organic sales, a 0.5% benefit from acquisitions and a 0.1% favorable foreign exchange. Operating income for the third quarter 2026 was $211.4 million, or 17.3% of sales. This compares with operating income of $176.7 million, or 16.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $220.0 million, or 18.0% of sales, as compared with $184.6 million, or 17.4% of sales, in the prior year period.

​

“We achieved strong third quarter results led by higher volumes, an increase in our adjusted operating income margin, and record adjusted earnings per share,” said Steven B. Hedlund, Chairman and Chief Executive Officer. “Our performance underscores the agility of our global team who are focused on supporting customers, diligently managing inflationary headwinds, and accelerating RISE strategy initiatives and investments to optimize long-term value for all our stakeholders.”

​

Nine Month 2026 Summary

​

Net income for the nine months ended September 30, 2026 was $439.2 million, or $7.97 EPS, which includes special item after-tax net charges of $24.1 million, or $0.44 EPS. This compares with prior year period net income of $384.5 million, or $6.86 EPS, which included special item after-tax net charges of $20.2 million, or $0.36 EPS. Excluding special items, adjusted net income for the nine months ended September 30, 2026 was $463.3 million, or $8.41 EPS. This compares with adjusted net income of $404.7 million, or $7.22 adjusted EPS, in the prior year period.

​

Sales increased 12.9% to $3,562.4 million in the nine months ended September 30, 2026 primarily reflecting a 10.9% increase in organic sales, a 1.2% benefit from acquisitions, and 0.8% favorable foreign exchange. Operating income for the nine months ended September 30, 2026 was $618.2 million, or 17.4% of sales. This compares with operating income of $533.7 million, or 16.9% of sales, in the prior year period. Excluding special items, adjusted operating income was $633.1 million, or 17.8% of sales, as compared with $549.1 million, or 17.4% of sales, in the prior year period.

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Dividend

​

The Company’s Board of Directors declared a quarterly cash dividend of $0.87 per share, or $3.48 per share on an annualized basis, a 10.1% increase from the prior quarterly cash dividend. The declared quarterly cash dividend of $0.87 per share is payable January 15, 2027 to shareholders of record as of December 31, 2026.

​

​

Webcast Information

​

This earnings release and supplemental information is available under the Investor Relations section of our website. A call to discuss third quarter 2026 financial results will be webcast live today, October 27, 2026, at 10:00 a.m., Eastern Time. Participants can access the call in listen-only mode here and at https://ir.lincolnelectric.com. To participate

LINCOLN ELECTRIC REPORTS THIRD QUARTER 2026 RESULTS

via telephone, please dial (833) 461-5787 (domestic) or (626) 884-3620 (international) and use confirmation code 984927045. A replay of the earnings call will be available on the Company's website later today.

​

About Lincoln Electric

​

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

​

Non-GAAP Information

​

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

​

Forward-Looking Statements

​

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

​

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Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Consolidated Statements of Income

​

​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​	​	​	​	​	​	​	​	​ ​ ​	Fav (Unfav) to
​	​	Three Months Ended September 30,									​	Prior Year
​	​	2026		​	% of Sales	​ ​ ​	2025		​ ​ ​	% of Sales	​	$		​	%
Net sales	​	$	1,221,281		100.0	%	$	1,061,227		100.0	%	$	160,054	​	15.1	%
Cost of goods sold	​	​	796,250		65.2	%	​	671,916		63.3	%		(124,334)	​	(18.5)	%
Gross profit	​		425,031		34.8	%		389,311		36.7	%		35,720	​	9.2	%
Selling, general & administrative expenses	​		205,802		16.9	%		206,823		19.5	%		1,021	​	0.5	%
Rationalization and asset impairment net charges	​		7,853		0.6	%		5,831		0.5	%		(2,022)	​	(34.7)	%
Operating income	​		211,376		17.3	%		176,657		16.6	%		34,719	​	19.7	%
Interest expense, net	​		11,346		0.9	%		13,648		1.3	%		2,302	​	16.9	%
Other income	​		3		—	​		2,986		0.3	%		(2,983)	​	(99.9)	%
Income before income taxes	​		200,033		16.4	%		165,995		15.6	%		34,038	​	20.5	%
Income taxes	​		55,687		4.6	%		43,367		4.1	%		(12,320)	​	(28.4)	%
Effective tax rate	​		27.8	%	​	​		26.1	%	​	​		(1.7)	%	​	​
Net income	​	$	144,346		11.8	%	$	122,628		11.6	%	$	21,718	​	17.7	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share	​	$	2.65	​	​	​	$	2.23		​	​	$	0.42	​	18.8	%
Diluted earnings per share	​	$	2.63	​	​	​	$	2.21		​	​	$	0.42	​	19.0	%
Weighted average shares (basic)	​		54,408	​	​	​		55,097		​	​		​	​	​	​
Weighted average shares (diluted)	​		54,873	​	​	​		55,574		​	​		​	​	​	​

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​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
​	​ ​ ​	​	​	​	​	​	​	​	​	​	​ ​ ​	Fav (Unfav) to
​	​	Nine Months Ended September 30,									​	Prior Year
​		2026		​	% of Sales	​ ​ ​	2025		​	% of Sales	​ ​ ​	$		​	%
Net sales	​	$	3,562,378		100.0	%	$	3,154,288		100.0	%	$	408,090	​	12.9	%
Cost of goods sold	​		2,289,219		64.3	%	​	1,993,982		63.2	%		(295,237)	​	(14.8)	%
Gross profit	​		1,273,159		35.7	%	​	1,160,306		36.8	%		112,853	​	9.7	%
Selling, general & administrative expenses	​		641,484		18.0	%	​	614,349		19.5	%		(27,135)	​	(4.4)	%
Rationalization and asset impairment net charges	​		13,497		0.4	%	​	12,238		0.4	%		(1,259)	​	(10.3)	%
Operating income	​		618,178		17.4	%	​	533,719		16.9	%		84,459	​	15.8	%
Interest expense, net	​		37,241		1.0	%	​	38,394		1.2	%		1,153	​	3.0	%
Other income	​		332		—	​	​	7,464		0.2	%		(7,132)	​	(95.6)	%
Income before income taxes	​		581,269		16.3	%	​	502,789		15.9	%		78,480	​	15.6	%
Income taxes	​		142,022		4.0	%	​	118,278		3.7	%		(23,744)	​	(20.1)	%
Effective tax rate	​		24.4	%	​	​	​	23.5	%	​	​		(0.9)	%	​	​
Net income	​	$	439,247		12.3	%	$	384,511		12.2	%	$	54,736	​	14.2	%
​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​	​
Basic earnings per share	​	$	8.04	​	​		$	6.92		​	​	$	1.12	​	16.2	%
Diluted earnings per share	​	$	7.97	​	​		$	6.86		​	​	$	1.11	​	16.2	%
Weighted average shares (basic)	​		54,630	​	​		​	55,567		​	​		​	​	​	​
Weighted average shares (diluted)	​		55,098	​	​		​	56,020		​	​		​	​	​	​

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Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands)

(Unaudited)

​

Balance Sheet Highlights

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​	​	​	​	​	​	​	​
Selected Consolidated Balance Sheet Data	​ ​ ​	September 30, 2026		​ ​ ​	December 31, 2025
Cash and cash equivalents	​	$	283,237	​	$	308,789	​
Accounts receivable, net	​	​	603,307	​	​	538,791	​
Inventories	​		699,380	​		633,364	​
Total current assets	​		1,826,187	​		1,739,512	​
Property, plant and equipment, net	​		747,619	​		702,762	​
Total assets	​		3,893,630	​		3,777,577	​
Trade accounts payable	​		463,738	​		364,934	​
Total current liabilities (1)	​		955,713	​		956,691	​
Long-term debt, less current portion	​		1,149,969	​		1,150,228	​
Total equity	​		1,554,721	​		1,469,794	​
​	​	​	​	​	​	​	​
Operating Working Capital	​	September 30, 2026		​	December 31, 2025		​
Average operating working capital to Net sales (2)	​		16.6	%		17.9	%
​	​	​	​	​	​	​	​
Invested Capital	​	September 30, 2026		​	December 31, 2025		​
Short-term debt (1)	​	$	—	​	$	143,780	​
Long-term debt, less current portion	​		1,149,969	​		1,150,228	​
Total debt	​		1,149,969	​		1,294,008	​
Total equity	​		1,554,721	​		1,469,794	​
Invested capital	​	$	2,704,690	​	$	2,763,802	​
​	​	​	​	​	​	​	​
Total debt / invested capital	​		42.5	%		46.8	%

​

(1) Includes current portion of long-term debt.

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

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Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

​

 Non-GAAP Financial Measures

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Three Months Ended

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Nine Months Ended

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September 30,

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September 30,

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​

2026

​

2025

​

​

2026

​

2025

Operating income as reported

​

$

211,376

​

$

176,657

​

$

618,178

​

$

533,719

​

Special items (pre-tax):

​

​

​

​

​

​

​

​

​

​

Rationalization and asset impairment net charges (2)

​

7,853

​

5,831

​

​

13,497

​

12,238

​

Transaction costs (3)

​

765

​

452

​

​

1,433

​

1,683

​

Amortization of step up in value of acquired inventories (4)

​

—

​

1,622

​

​

—

​

1,482

​

Adjusted operating income (1)

​

$

219,994

​

$

184,562

​

$

633,108

​

$

549,122

​

As a percent of net sales

​

18.0

%

17.4

%

​

​

17.8

%

17.4

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income as reported

​

$

144,346

​

$

122,628

​

$

439,247

​

$

384,511

​

Special items:

​

​

​

​

​

​

​

​

​

​

Rationalization and asset impairment net charges (2)

​

7,853

​

5,831

​

​

13,497

​

12,238

​

Transaction costs (3)

​

765

​

452

​

​

1,433

​

1,683

​

Amortization of step up in value of acquired inventories (4)

​

—

​

1,622

​

​

—

​

1,482

​

Tax effect of Special items (5) (6)

​

10,669

​

6,685

​

​

9,134

​

4,772

​

Adjusted net income (1)

​

163,633

​

137,218

​

​

463,311

​

404,686

​

Interest expense, net

​

11,346

​

13,648

​

​

37,241

​

38,394

​

Income taxes as reported

​

55,687

​

43,367

​

​

142,022

​

118,278

​

Tax effect of Special items (5) (6)

​

(10,669)

​

(6,685)

​

​

(9,134)

​

(4,772)

​

Adjusted EBIT (1)

​

$

219,997

​

$

187,548

​

$

633,440

​

$

556,586

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Effective tax rate as reported

​

27.8

%

26.1

%

​

​

24.4

%

23.5

%

Net special item tax impact

​

(6.2)

%

(5.0)

%

​

​

(2.1)

%

(1.6)

%

Adjusted effective tax rate (1)

​

21.6

%

21.1

%

​

​

22.3

%

21.9

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Diluted earnings per share as reported

​

$

2.63

​

$

2.21

​

$

7.97

​

$

6.86

​

Special items per share

​

0.35

​

0.26

​

​

0.44

​

0.36

​

Adjusted diluted earnings per share (1)

​

$

2.98

​

$

2.47

​

$

8.41

​

$

7.22

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Weighted average shares (diluted)

​

54,873

​

55,574

​

​

55,098

​

56,020

​

​

(1) Adjusted operating income, adjusted net income, adjusted EBIT, adjusted effective tax rate and adjusted diluted EPS are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2) 2026 and 2025 net charges primarily relate to rationalization plans within Americas Welding and International Welding.

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

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

(5) During the third quarter of 2026, the Company determined that certain foreign earnings may be repatriated and recognized approximately $12,977 of related income tax expense. During the third quarter of 2025, the Company recognized tax expense of approximately $8,800, reflecting the cumulative impact of the OBBBA provisions.

(6) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

​

​

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

Non-GAAP Financial Measures

​

​	​	​	​	​	​	​
​	Twelve Months Ended September 30,
Return on Invested Capital	2026		​ ​ ​	2025		​
Net income as reported	$	575,269	​	$	524,740	​
Plus: Interest expense (after-tax)	​	42,191	​	​	43,488	​
Less: Interest income (after-tax)	​	4,405	​	​	6,181	​
Net operating profit after taxes	$	613,055	​	$	562,047	​
Special Items:	​	​	​	​	​	​
Rationalization and asset impairment net charges	​	19,458	​		16,776	​
Transaction costs		2,489	​		4,174	​
Pension settlement net charges (gains)		719	​		(174)	​
Amortization of step up in value of acquired inventories		2,482	​		3,034	​
Tax effect of Special items (2)		9,539	​		2,117	​
Adjusted net operating profit after taxes (1)	$	647,742	​	$	587,974	​
​	​	​	​	​	​	​
Invested Capital	September 30, 2026		​	September 30, 2025		​
Short-term debt	$	—	​	$	88,203	​
Long-term debt, less current portion		1,149,969	​		1,150,315	​
Total debt		1,149,969	​		1,238,518	​
Total equity		1,554,721	​		1,414,633	​
Invested capital	$	2,704,690	​	$	2,653,151	​
​	​	​	​	​	​	​
Return on invested capital as reported	​	22.7	%	​	21.2	%
Adjusted return on invested capital (1)		23.9	%		22.2	%

(1) Adjusted net operating profit after taxes and adjusted ROIC are non-GAAP financial measures. Refer to Non-GAAP Information section.

(2) Includes the net tax impact of Special items recorded during the respective periods. The tax effect of Special items impacting pre-tax income was calculated as the pre-tax amount multiplied by the applicable tax rate. The applicable tax rates reflect the taxable jurisdiction and nature of each Special item.

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three Months Ended

​

​

Nine Months Ended September 30,

​

Cash Conversion

2026

​

2025

​

​

2026

​

2025

​

Net cash provided by operating activities

$

215,757

​

$

236,687

​

​

$

571,691

​

$

566,208

​

Capital expenditures

​

(41,219)

​

​

(31,636)

​

​

​

(111,819)

​

​

(84,028)

​

Free cash flow (1)

$

174,538

​

$

205,051

​

​

$

459,872

​

$

482,180

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Adjusted net income

$

163,633

​

$

137,218

​

​

$

463,311

​

$

404,686

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Cash conversion (1)

​

107

%

​

149

%

​

​

99

%

​

119

%

​

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

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

​

Condensed Consolidated Statements of Cash Flows

​

​	​	​	​	​	​
​	Three Months Ended September 30,
​	2026		​	2025
OPERATING ACTIVITIES:	​	​		​	​
Net income	$	144,346	​	$	122,628
Adjustments to reconcile Net income to Net cash provided by operating activities:		​	​		​
Depreciation and amortization		26,431	​		24,744
Deferred income taxes	​	14,024	​	​	97,737
Other non-cash items, net		3,011	​		1,904
Changes in operating assets and liabilities, net of effects from acquisitions:	​	​	​	​	​
(Increase) decrease in accounts receivable		(18,011)	​		61,638
Increase in inventories		(10,854)	​		(39,574)
Decrease (increase) in other current assets	​	93	​	​	(62,642)
Increase in trade accounts payable		16,890	​		22,463
Increase in other current liabilities		47,530	​		9,879
Net change in other long-term assets and liabilities		(7,703)	​		(2,090)
NET CASH PROVIDED BY OPERATING ACTIVITIES		215,757	​		236,687
​	​	​	​	​	​
INVESTING ACTIVITIES:		​	​		​
Capital expenditures		(41,219)	​		(31,636)
Acquisition of businesses, net of cash acquired		—	​		(104,346)
Proceeds from sale of property, plant and equipment	​	4,595	​		1,177
NET CASH USED BY INVESTING ACTIVITIES		(36,624)	​		(134,805)
​	​	​	​	​	​
FINANCING ACTIVITIES:		​	​		​
Proceeds from short-term borrowings		—	​		82,884
Payments on long-term borrowings	​	—	​	​	(100,000)
Proceeds from exercise of stock options		2,304	​		3,667
Purchase of shares for treasury		(99,397)	​		(52,664)
Cash dividends paid to shareholders		(43,223)	​		(41,572)
NET CASH USED BY FINANCING ACTIVITIES		(140,316)	​		(107,685)
​	​	​	​	​	​
Effect of exchange rate changes on Cash and cash equivalents		1,977	​		(681)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS		40,794	​		(6,484)
Cash and cash equivalents at beginning of period		242,443	​		299,481
Cash and cash equivalents at end of period	$	283,237	​	$	292,997
​	​	​	​	​	​
Cash dividends paid per share	$	0.79	​	$	0.75

​

​

Lincoln Electric Holdings, Inc.

Financial Highlights

(In thousands, except per share amounts)

(Unaudited)

​

Condensed Consolidated Statements of Cash Flows

​

​	​	​	​	​	​	​
​	​ ​ ​	Nine Months Ended September 30,
​	​	2026		​	2025
OPERATING ACTIVITIES:		​	​		​	​
Net income	​	$	439,247	​	$	384,511
Adjustments to reconcile Net income to Net cash provided by operating activities:	​		​	​		​
Depreciation and amortization	​		78,409	​		72,990
Deferred income taxes	​	​	32,516	​	​	71,395
Other non-cash items, net	​		15,730	​		14,002
Changes in operating assets and liabilities, net of effects from acquisitions:	​		​	​		​
(Increase) decrease in accounts receivable	​		(66,620)	​		9,430
Increase in inventories	​		(71,007)	​		(87,222)
Decrease (increase) in other current assets	​		18,242	​		(66,050)
Increase in trade accounts payable	​		100,106	​		90,555
Increase in other current liabilities	​		36,242	​		78,458
Net change in other assets and liabilities	​		(11,174)	​		(1,861)
NET CASH PROVIDED BY OPERATING ACTIVITIES	​		571,691	​		566,208
​	​	​	​	​	​	​
INVESTING ACTIVITIES:	​		​	​		​
Capital expenditures	​		(111,819)	​		(84,028)
Acquisition of businesses, net of cash acquired	​		140	​		(136,655)
Proceeds from sale of property, plant and equipment	​		5,851	​		6,408
NET CASH USED BY INVESTING ACTIVITIES	​		(105,828)	​		(214,275)
​	​	​	​	​	​	​
FINANCING ACTIVITIES:	​		​	​		​
(Payments on) proceeds from short-term borrowings	​		(143,889)	​		77,678
Payments on long-term borrowings	​	​	—	​	​	(100,169)
Proceeds from exercise of stock options	​		10,863	​		10,061
Purchase of shares for treasury	​		(232,189)	​		(286,488)
Cash dividends paid to shareholders	​		(130,689)	​		(126,476)
NET CASH USED BY FINANCING ACTIVITIES	​		(495,904)	​		(425,394)
​	​	​	​	​	​	​
Effect of exchange rate changes on Cash and cash equivalents	​		4,489	​		(10,804)
DECREASE IN CASH AND CASH EQUIVALENTS	​		(25,552)	​		(84,265)
Cash and cash equivalents at beginning of period	​		308,789	​		377,262
Cash and cash equivalents at end of period	​	$	283,237	​	$	292,997
​	​	​	​	​	​	​
Cash dividends paid per share	​	$	2.37	​	$	2.25

​

​

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Americas

​ ​ ​

International

​ ​ ​

The Harris

​ ​ ​

Corporate /

​ ​ ​

​

​

​

​

Welding

​

Welding

​

Products Group

​

Eliminations

​

Consolidated

Three months ended September 30, 2026

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

801,264

​

$

226,904

​

$

193,113

​

$

—

​

$

1,221,281

​

Inter-segment sales

​

25,959

​

6,502

​

3,977

​

(36,438)

​

—

​

Total sales

​

$

827,223

​

$

233,406

​

$

197,090

​

$

(36,438)

​

$

1,221,281

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

​

$

144,346

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

11.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

164,935

​

$

17,742

​

$

34,063

​

$

(5,361)

​

$

211,379

​

As a percent of total sales

​

19.9

%

7.6

%

17.3

%

​

​

17.3

%

Special items charges (3)

​

1,612

​

6,224

​

17

​

765

​

8,618

​

Adjusted EBIT (2)

​

$

166,547

​

$

23,966

​

$

34,080

​

$

(4,596)

​

$

219,997

​

As a percent of total sales

​

20.1

%

10.3

%

17.3

%

​

​

18.0

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Three months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

691,794

​

$

219,629

​

$

149,804

​

$

—

​

$

1,061,227

​

Inter-segment sales

​

30,058

​

9,830

​

3,441

​

(43,329)

​

—

​

Total sales

​

$

721,852

​

$

229,459

​

$

153,245

​

$

(43,329)

​

$

1,061,227

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

​

​

​

$

122,628

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

11.6

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

127,240

​

$

23,059

​

$

27,762

​

$

1,582

​

$

179,643

​

As a percent of total sales

​

17.6

%

10.0

%

18.1

%

​

​

16.9

%

Special items charges (4)

​

4,375

​

2,762

​

316

​

452

​

7,905

​

Adjusted EBIT (2)

​

$

131,615

​

$

25,821

​

$

28,078

​

$

2,034

​

$

187,548

​

As a percent of total sales

​

18.2

%

11.3

%

18.3

%

​

​

17.7

%

​

(1) EBIT is defined as Operating income plus Other income.

(2) The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3) Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $1,612 in Americas Welding, $6,224 in International Welding and $17 in The Harris Products Group, as well as transaction costs of $765 in Corporate/Eliminations.

(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $4,150 in Americas Welding, $1,365 in International Welding and $316 in The Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $1,397 in International Welding, as well as transaction costs of $452 in Corporate/Eliminations.

​

​

Lincoln Electric Holdings, Inc.

Segment Highlights

(In thousands)

(Unaudited)

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Americas

​ ​ ​

International

​ ​ ​

The Harris

​ ​ ​

Corporate /

​ ​ ​

​

​

​

​

Welding

​

Welding

​

Products Group

​

Eliminations

​

Consolidated

Nine months ended September 30, 2026

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

2,281,927

​

$

697,231

​

$

583,220

​

$

—

​

$

3,562,378

​

Inter-segment sales

​

91,572

​

19,873

​

13,613

​

(125,058)

​

—

​

Total sales

​

$

2,373,499

​

$

717,104

​

$

596,833

​

$

(125,058)

​

$

3,562,378

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

$

439,247

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

12.3

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

448,913

​

$

62,945

​

$

117,120

​

$

(10,468)

​

$

618,510

​

As a percent of total sales

​

18.9

%

8.8

%

19.6

%

​

​

17.4

%

Special items charges (3)

​

3,197

​

10,278

​

22

​

1,433

​

14,930

​

Adjusted EBIT (2)

​

$

452,110

​

$

73,223

​

$

117,142

​

$

(9,035)

​

$

633,440

​

As a percent of total sales

​

19.0

%

10.2

%

19.6

%

​

​

17.8

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Nine months ended September 30, 2025

​

​

​

​

​

​

​

​

​

​

​

Net sales

​

$

2,041,631

​

$

671,514

​

$

441,143

​

$

—

​

$

3,154,288

​

Inter-segment sales

​

103,821

​

24,303

​

12,535

​

(140,659)

​

—

​

Total sales

​

$

2,145,452

​

$

695,817

​

$

453,678

​

$

(140,659)

​

$

3,154,288

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Net income

​

​

​

​

​

​

​

​

​

​

$

384,511

​

As a percent of total sales

​

​

​

​

​

​

​

​

​

12.2

%

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

EBIT (1)

​

$

386,313

​

$

73,658

​

$

83,711

​

$

(2,499)

​

$

541,183

​

As a percent of total sales

​

18.0

%

10.6

%

18.5

%

​

​

17.2

%

Special items charges (4)

​

7,415

​

5,725

​

580

​

1,683

​

15,403

​

Adjusted EBIT (2)

​

$

393,728

​

$

79,383

​

$

84,291

​

$

(816)

​

$

556,586

​

As a percent of total sales

​

18.4

%

11.4

%

18.6

%

​

​

17.6

%

​

(1) EBIT is defined as Operating income plus Other income.

(2) The primary profit measure used by management to assess segment performance is adjusted EBIT. EBIT for each operating segment is adjusted for special items to derive adjusted EBIT.

(3) Special items in 2026 primarily reflect Rationalization and asset impairments net charges of $3,197 in Americas Welding, $10,278 in International Welding and $22 in The Harris Products Group. In addition, there were transaction costs of $1,433 in Corporate/Eliminations.

(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $7,190 in Americas Welding, $4,468 in International Welding and $580 in The Harris Products Group. In addition, there was an amortization of step up in value of acquired inventories of $1,257 in International Welding, as well as transaction costs of $1,683 in Corporate/Eliminations.

​

​

​

Lincoln Electric Holdings, Inc.

Change in Net Sales by Segment

(In thousands)

(Unaudited)

​

​

Three Months Ended September 30^th Change in Net Sales by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

Change in Net Sales due to:

​ ​ ​

​ ​ ​

​

​

Net Sales

​

​

​

​

​

​

​

​

​

​

Foreign

​

Net Sales

​

2025

​

Volume

​

Price

​

Acquisitions

​

Exchange

​

2026

Operating Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

$

691,794

​

$

91,589

$

16,390

$

—

$

1,491

​

$

801,264

​

International Welding

​

219,629

​

(3,039)

​

5,287

​

5,071

​

(44)

​

226,904

​

The Harris Products Group

​

149,804

​

4,460

​

38,469

​

—

​

380

​

193,113

​

Consolidated

$

1,061,227

​

$

93,010

$

60,146

$

5,071

$

1,827

​

$

1,221,281

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

​

​

​

13.2

%

​

2.4

%

​

—

​

​

0.2

%

15.8

%

International Welding

​

​

​

(1.4)

%

​

2.4

%

​

2.3

%

​

—

​

3.3

%

The Harris Products Group

​

​

​

3.0

%

​

25.7

%

​

—

​

​

0.2

%

28.9

%

Consolidated

​

​

​

8.8

%

​

5.7

%

​

0.5

%

​

0.1

%

15.1

%

​

​

Nine Months Ended September 30^th Change in Net Sales by Segment

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​ ​ ​

​

​

​ ​ ​

Change in Net Sales due to:

​ ​ ​

​

​ ​ ​

​

​

Net Sales

​

​

​

​

​

​

​

​

​

​

Foreign

​

Net Sales

​

​

2025

​

Volume

​

Price

​

Acquisitions

​

Exchange

​

2026

Operating Segments

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

$

2,041,631

$

138,658

​

$

91,550

​

$

—

​

$

10,088

$

2,281,927

​

International Welding

​

671,514

​

(35,601)

​

​

9,360

​

​

37,058

​

​

14,900

​

697,231

​

The Harris Products Group

​

441,143

​

(9,898)

​

​

147,705

​

​

—

​

​

4,270

​

583,220

​

Consolidated

$

3,154,288

$

93,159

$

248,615

$

37,058

$

29,258

$

3,562,378

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

% Change

​

​

​

​

​

​

​

​

​

​

​

​

​

Americas Welding

​

​

​

​

6.8

%

​

4.5

%

​

—

​

​

0.5

%

​

11.8

%

International Welding

​

​

​

(5.3)

%

​

1.4

%

​

5.5

%

​

2.2

%

​

3.8

%

The Harris Products Group

​

​

​

​

(2.2)

%

​

33.5

%

​

—

​

​

0.9

%

​

32.2

%

Consolidated

​

​

​

3.0

%

​

7.9

%

​

1.2

%

​

0.8

%

​

12.9

%

​

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 1.1 MB

Other Documents

• EX-101 EX-101.SCH 2.6 KB
• EX-101 EX-101.LAB 14.9 KB
• EX-101 EX-101.PRE 9.8 KB