Lincoln Electric Holdings Inc

Latest Results (28.03.2026):

Lincoln Electric Holdings Inc. reported fourth quarter 2025 results: Q4 net sales rose 5.5% to $1,078.7 million (organic sales +2.5%). Q4 net income was $136.0 million (diluted EPS $2.45, which includes $10.6 million after‑tax special charges or $0.20 per share); adjusted Q4 EPS was $2.65. Operating income for the quarter was $184.3 million (17.1% margin) and adjusted operating income was $193.8 million (18.0% margin). For the full year 2025, sales increased 5.6% to $4,233.0 million, diluted EPS was $9.32 (adjusted $9.87), operating income margin was 17.0% (adjusted 17.6%), cash from operations was $661.2 million, and the company returned $507 million to shareholders via dividends and share repurchases.

Sales and Growth

Q4 2025 net sales were $1,078.7M, +5.5% year‑over‑year driven by +2.5% organic growth, +1.1% from acquisitions and +1.9% favorable foreign exchange. Full‑year 2025 sales were $4,233.0M, +5.6% (organic +2.5%, acquisitions +2.7%).

Profitability & EPS

Q4 diluted EPS was $2.45 (includes $0.20 of after‑tax special charges); adjusted diluted EPS was $2.65. Q4 operating income was $184.3M (17.1% of sales); adjusted operating income was $193.8M (18.0%). Full‑year adjusted EPS was $9.87 and adjusted operating margin was 17.6%.

Special Items & Adjustments

Q4 results include $10.6M after‑tax ($0.20 per share) of special charges (rationalization, impairment and other items). The company reports non‑GAAP adjusted measures that exclude these items for comparability.

Cash Flow & Capital Returns

Operating cash flow for 2025 was $661.2M and free cash flow was $534.2M. The company returned $507M to shareholders in 2025 through dividends and share repurchases; Q4 dividends paid per share were $0.75.

Segments & Regional Performance

Q4 sales by segment: Americas Welding $681.9M, International Welding $259.4M, The Harris Products Group $137.4M. Adjusted EBIT for the quarter was $196.0M across the company, with Americas contributing the largest share.

Balance Sheet & Liquidity

At December 31, 2025, cash and cash equivalents were $308.8M, total debt was $1,294.0M and total equity was $1,469.8M. Invested capital was $2,763.8M (total debt / invested capital 46.8%).

Management Commentary

Management characterized results as strong with record sales, adjusted EPS and cash returns in 2025 and cited execution of a new "RISE" strategy targeting growth, higher profitability and 2030 goals.