Lincoln Electric Reports Third Quarter 2026 Results

Lincoln Electric Reports Third Quarter 2026 Results

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–(BUSINESS WIRE)–
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.

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 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.

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

											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

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

Balance Sheet Highlights

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.

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

Non-GAAP Financial Measures
	Three Months Ended						Nine Months Ended
	September 30,						September 30,
	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	%

View source version on businesswire.com: https://www.businesswire.com/news/home/20261027476103/en/

Amanda Butler

Vice President, Investor Relations & Communications

Tel: 216.383.2534

Email: [email protected]

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Other Manufacturing Steel Technology Packaging Engineering Automotive Manufacturing Aerospace Manufacturing Nuclear Other Energy Utilities Oil/Gas Coal Machinery Alternative Energy Machine Tools, Metalworking & Metallurgy Energy Software Hardware Electronic Design Automation

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