Industrial gas supplier raises full-year earnings outlook to $17.70-$17.90 on strong AI-driven electronics demand and $8.1 billion backlog.
Linde reported near double-digit sales and earnings growth in Q2 2026, driven by a record $8.1 billion project backlog and surging electronics demand tied to AI hardware and advanced semiconductor fabs. Operating margins excluding cost pass-through fell 30 basis points due to U.S. homecare headwinds and lower-margin equipment sales.
The company raised its full-year EPS guidance to a range of $17.70 to $17.90, up from the prior lower bound, assuming no economic improvement at the midpoint. Management expects to start over 20 projects worth $1.3 billion in the remainder of the year, supported by aerospace and data center construction growth in the U.S.
Electronics remains the fastest-growing segment, with demand fueled by AI-related hardware and fab expansions in the U.S., Taiwan, and Korea. Helium supply challenges persist due to Middle East tensions, though Linde secured long-term contracts through diverse sourcing.