Form 8-K
8-K — LINCOLN ELECTRIC HOLDINGS INC
Accession: 0000059527-26-000021
Filed: 2026-07-30
Period: 2026-07-30
CIK: 0000059527
SIC: 3540 (METALWORKING MACHINERY & EQUIPMENT)
Item: Results of Operations and Financial Condition
Item: Financial Statements and Exhibits
Documents
8-K — leco-20260730x8k.htm (Primary)
EX-99.1 (leco-20260730xex99d1.htm)
XML — IDEA: XBRL DOCUMENT (R1.htm)
8-K
8-K (Primary)
Filename: leco-20260730x8k.htm · Sequence: 1
LINCOLN ELECTRIC HOLDINGS, INC_July 30, 2026
0000059527false00000595272026-07-302026-07-30
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): July 30, 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. ☐
Item 2.02
Results of Operations and Financial Condition.
On July 30, 2026, Lincoln Electric Holdings, Inc. (the “Company”) issued a press release reporting its financial results for the quarter ended June 30, 2026. A copy of the Company’s press release issued on July 30, 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 July 30, 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 July 30, 2026.
104
Cover page Interactive Data File (formatted as Inline XBRL and contained in the Exhibit 101 attachments)
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)
July 30, 2026
EX-99.1
EX-99.1
Filename: leco-20260730xex99d1.htm · Sequence: 2
Exhibit 99.1
Investor Relations: Amanda Butler (216) 383-2534
Amanda_Butler@lincolnelectric.com
LINCOLN ELECTRIC REPORTS SECOND QUARTER 2026 RESULTS
Second Quarter 2026 Highlights
◾
Net sales increase 12.0% to a record $1,220 million; organic sales increase 10.1%
◾
Operating income margin of 18.1%; adjusted operating income margin of 18.4%
◾
EPS of $2.88; adjusted EPS of $2.93
◾
Cash flows from operations of $254 million; 138% cash conversion
◾
Returned $120 million to shareholders through dividends and share repurchases
CLEVELAND, Thursday, July 30, 2026 - Lincoln Electric Holdings, Inc. (the “Company”) (Nasdaq: LECO) today reported second quarter 2026 net income of $158.5 million, or diluted earnings per share (EPS) of $2.88, which includes special item after-tax net charges of $2.7 million, or $0.05 EPS. This compares with prior year period net income of $143.4 million, or $2.56 EPS, which included special item after-tax net charges of $2.2 million, or $0.04 EPS. Excluding special items, second quarter 2026 adjusted net income was $161.2 million, or $2.93 adjusted EPS. This compares with adjusted net income of $145.6 million, or $2.60 adjusted EPS, in the prior year period.
Second quarter 2026 sales increased 12.0% to $1,219.7 million reflecting a 10.1% increase in organic sales, a 1.5% benefit from acquisitions and a 0.4% favorable foreign exchange. Operating income for the second quarter 2026 was $220.6 million, or 18.1% of sales. This compares with operating income of $192.1 million, or 17.6% of sales, in the prior year period. Excluding special items, adjusted operating income was $224.1 million, or 18.4% of sales, as compared with $195.1 million, or 17.9% of sales, in the prior year period.
“We achieved record second quarter results across key metrics including sales, operating income profitability, earnings, and cash generation,” stated Steven B. Hedlund, Chairman and Chief Executive Officer. “We are encouraged by improved demand and capital spending in the Americas and Asia Pacific, and strong execution of our RISE Strategy initiatives positions us well to generate superior returns for our shareholders.”
Six Month 2026 Summary
Net income for the six months ended June 30, 2026 was $294.9 million, or $5.34 EPS, which includes special item after-tax net charges of $4.8 million, or $0.09 EPS. This compares with prior year period net income of $261.9 million, or $4.66 EPS, which included special item after-tax net charges of $5.6 million, or $0.10 EPS. Excluding special items, adjusted net income for the six months ended June 30, 2026 was $299.7 million, or $5.43 EPS. This compares with adjusted net income of $267.5 million, or $4.76 adjusted EPS, in the prior year period.
Sales increased 11.9% to $2,341.1 million in the six months ended June 30, 2026 primarily reflecting a 9.0% increase in organic sales, a 1.5% benefit from acquisitions, and 1.4% favorable foreign exchange. Operating income for the six months ended June 30, 2026 was $406.8 million, or 17.4% of sales. This compares with operating income of $357.1 million, or 17.1% of sales, in the prior year period. Excluding special items, adjusted operating income was $413.1 million, or 17.6% of sales, as compared with $364.6 million, or 17.4% of sales, in the prior year period.
Webcast Information
This earnings release and supplemental information is available under the Investor Relations section of our website. A call to discuss second quarter 2026 financial results will be webcast live today, July 30, 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 (888) 440-4368 (domestic) or (646) 960-0856 (international) and use confirmation code 6709091. 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
LINCOLN ELECTRIC REPORTS SECOND QUARTER 2026 RESULTS
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 June 30,
Prior Year
2026
% of Sales
2025
% of Sales
$
%
Net sales
$
1,219,663
100.0
%
$
1,088,673
100.0
%
$
130,990
12.0
%
Cost of goods sold
770,667
63.2
%
683,126
62.7
%
(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
1.0
%
12,619
1.2
%
98
0.8
%
Other (expense) income
(241)
—
4,034
0.4
%
(4,275)
(106.0)
%
Income before income taxes
207,882
17.0
%
183,559
16.9
%
24,323
13.3
%
Income taxes
49,363
4.0
%
40,163
3.7
%
(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
%
Basic earnings per share
$
2.90
$
2.58
$
0.32
12.4
%
Diluted earnings per share
$
2.88
$
2.56
$
0.32
12.5
%
Weighted average shares (basic)
54,662
55,545
Weighted average shares (diluted)
55,102
55,968
Fav (Unfav) to
Six Months Ended June 30,
Prior Year
2026
% of Sales
2025
% of Sales
$
%
Net sales
$
2,341,097
100.0
%
$
2,093,061
100.0
%
$
248,036
11.9
%
Cost of goods sold
1,492,969
63.8
%
1,322,066
63.2
%
(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
1.1
%
24,746
1.2
%
(1,149)
(4.6)
%
Other income
329
—
4,478
0.2
%
(4,149)
(92.7)
%
Income before income taxes
381,236
16.3
%
336,794
16.1
%
44,442
13.2
%
Income taxes
86,335
3.7
%
74,911
3.6
%
(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
%
Basic earnings per share
$
5.39
$
4.69
$
0.70
14.9
%
Diluted earnings per share
$
5.34
$
4.66
$
0.68
14.6
%
Weighted average shares (basic)
54,742
55,801
Weighted average shares (diluted)
55,206
56,242
Lincoln Electric Holdings, Inc.
Financial Highlights
(In thousands)
(Unaudited)
Balance Sheet Highlights
Selected Consolidated Balance Sheet Data
June 30, 2026
December 31, 2025
Cash and cash equivalents
$
242,443
$
308,789
Accounts receivable, net
586,348
538,791
Inventories
690,543
633,364
Total current assets
1,760,550
1,739,512
Property, plant and equipment, net
731,762
702,762
Total assets
3,813,310
3,777,577
Trade accounts payable
447,437
364,934
Total current liabilities (1)
888,083
956,691
Long-term debt, less current portion
1,150,054
1,150,228
Total equity
1,554,180
1,469,794
Operating Working Capital
June 30, 2026
December 31, 2025
Average operating working capital to Net sales (2)
16.9
%
17.9
%
Invested Capital
June 30, 2026
December 31, 2025
Short-term debt (1)
$
—
$
143,780
Long-term debt, less current portion
1,150,054
1,150,228
Total debt
1,150,054
1,294,008
Total equity
1,554,180
1,469,794
Invested capital
$
2,704,234
$
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 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 (2)
3,481
2,542
5,644
6,407
Transaction costs (3)
15
429
668
1,231
Amortization of step up in value of acquired inventories (4)
—
—
—
(140)
Adjusted operating income (1)
$
224,140
$
195,115
$
413,114
$
364,560
As a percent 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 (2)
3,481
2,542
5,644
6,407
Transaction costs (3)
15
429
668
1,231
Amortization of step up in value of acquired inventories (4)
—
—
—
(140)
Tax effect of Special items (5)
(795)
(755)
(1,535)
(1,913)
Adjusted net income (1)
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 (5)
795
755
1,535
1,913
Adjusted EBIT (1)
$
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
—
—
0.1
%
0.1
%
Adjusted effective tax rate (1)
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 (1)
$
2.93
$
2.60
$
5.43
$
4.76
Weighted average shares (diluted)
55,102
55,968
55,206
56,242
(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)
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 June 30,
Return on Invested Capital
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 (2)
5,555
(11,118)
Adjusted net operating profit after taxes (1)
$
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 (1)
23.0
%
21.7
%
(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 June 30,
Six Months Ended June 30,
Cash Conversion
2026
2025
2026
2025
Net cash provided by operating activities
$
253,764
$
143,828
$
355,934
$
329,521
Capital expenditures
(31,437)
(25,443)
(70,600)
(52,392)
Free cash flow (1)
$
222,327
$
118,385
$
285,334
$
277,129
Adjusted net income
$
161,220
$
145,612
$
299,678
$
267,468
Cash conversion (1)
138
%
81
%
95
%
104
%
(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 June 30,
2026
2025
OPERATING ACTIVITIES:
Net income
$
158,519
$
143,396
Adjustments to reconcile Net income to Net cash provided by operating activities:
Depreciation and amortization
25,969
24,462
Deferred income taxes
(4,041)
(20,504)
Other non-cash items, net
4,655
3,464
Changes in operating assets and liabilities, net of effects from acquisitions:
Decrease (increase) in accounts receivable
11,603
(18,100)
Decrease (increase) in inventories
1,723
(27,481)
Decrease (increase) in other current assets
31,620
(5,465)
(Decrease) increase in trade accounts payable
(568)
3,208
Increase in other current liabilities
31,850
47,373
Net change in other long-term assets and liabilities
(7,566)
(6,525)
NET CASH PROVIDED BY OPERATING ACTIVITIES
253,764
143,828
INVESTING ACTIVITIES:
Capital expenditures
(31,437)
(25,443)
Acquisition of businesses, net of cash acquired
—
(32,309)
Proceeds from sale of property, plant and equipment
948
585
NET CASH USED BY INVESTING ACTIVITIES
(30,489)
(57,167)
FINANCING ACTIVITIES:
Payments on short-term borrowings, net
(163,502)
(4,302)
Proceeds from exercise of stock options
—
140
Purchase of shares for treasury
(76,122)
(127,130)
Cash dividends paid to shareholders
(43,395)
(41,929)
NET CASH USED BY FINANCING ACTIVITIES
(283,019)
(173,221)
Effect of exchange rate changes on Cash and cash equivalents
3,284
(8,664)
DECREASE IN CASH AND CASH EQUIVALENTS
(56,460)
(95,224)
Cash and cash equivalents at beginning of period
298,903
394,705
Cash and cash equivalents at end of period
$
242,443
$
299,481
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
Six Months Ended June 30,
2026
2025
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)
Other non-cash items, net
12,719
12,098
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
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)
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
Cash dividends paid per share
$
1.58
$
1.50
Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
Americas
International
The Harris
Corporate /
Welding
Welding
Products Group
Eliminations
Consolidated
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)
—
Total sales
$
803,342
$
250,856
$
206,905
$
(41,440)
$
1,219,663
Net income
$
158,519
As a percent of total sales
13.0
%
EBIT (1)
$
157,083
$
24,313
$
42,066
$
(3,059)
$
220,403
As a percent of total sales
19.6
%
9.7
%
20.3
%
18.1
%
Special items charges (3)
1,012
2,282
187
15
3,496
Adjusted EBIT (2)
$
158,095
$
26,595
$
42,253
$
(3,044)
$
223,899
As a percent of total sales
19.7
%
10.6
%
20.4
%
18.4
%
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)
—
Total sales
$
740,121
$
240,465
$
164,229
$
(56,142)
$
1,088,673
Net income
$
143,396
As a percent of total sales
13.2
%
EBIT (1)
$
137,010
$
28,999
$
31,798
$
(1,629)
$
196,178
As a percent of total sales
18.5
%
12.1
%
19.4
%
18.0
%
Special items charges (4)
905
1,551
86
429
2,971
Adjusted EBIT (2)
$
137,915
$
30,550
$
31,884
$
(1,200)
$
199,149
As a percent of total sales
18.6
%
12.7
%
19.4
%
18.3
%
(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 $1,012 in Americas Welding, $2,282 in International Welding and $187 in The Harris Products Group.
(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $905 in Americas Welding, $1,551 in International Welding and $86 in The Harris Products Group, as well as transaction costs of $429 in Corporate/Eliminations.
Lincoln Electric Holdings, Inc.
Segment Highlights
(In thousands)
(Unaudited)
Americas
International
The Harris
Corporate /
Welding
Welding
Products Group
Eliminations
Consolidated
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)
—
Total sales
$
1,546,276
$
483,698
$
399,743
$
(88,620)
$
2,341,097
Net income
$
294,901
As a percent of total sales
12.6
%
EBIT (1)
$
283,978
$
45,203
$
83,057
$
(5,107)
$
407,131
As a percent of total sales
18.4
%
9.3
%
20.8
%
17.4
%
Special items charges (3)
1,585
4,054
5
668
6,312
Adjusted EBIT (2)
$
285,563
$
49,257
$
83,062
$
(4,439)
$
413,443
As a percent of total sales
18.5
%
10.2
%
20.8
%
17.7
%
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)
—
Total sales
$
1,423,600
$
466,358
$
300,433
$
(97,330)
$
2,093,061
Net income
$
261,883
As a percent of total sales
12.5
%
EBIT (1)
$
259,073
$
50,599
$
55,949
$
(4,081)
$
361,540
As a percent of total sales
18.2
%
10.8
%
18.6
%
17.3
%
Special items charges (4)
3,040
2,963
264
1,231
7,498
Adjusted EBIT (2)
$
262,113
$
53,562
$
56,213
$
(2,850)
$
369,038
As a percent of total sales
18.4
%
11.5
%
18.7
%
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 $1,585 in Americas Welding, $4,054 in International Welding and $5 in The Harris Products Group. In addition, there were transaction costs of $668 in Corporate/Eliminations.
(4) Special items in 2025 primarily reflect Rationalization and asset impairments net charges of $3,040 in Americas Welding, $3,103 in International Welding and $264 in The Harris Products Group, as well as transaction costs of $1,231 in Corporate/Eliminations.
Lincoln Electric Holdings, Inc.
Change in Net Sales by Segment
(In thousands)
(Unaudited)
Three Months Ended June 30th 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
$
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
Consolidated
$
1,088,673
$
25,790
$
83,911
$
16,193
$
5,096
$
1,219,663
% 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
%
Consolidated
2.4
%
7.7
%
1.5
%
0.4
%
12.0
%
Six Months Ended June 30th 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
$
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
Consolidated
$
2,093,061
$
149
$
188,469
$
31,987
$
27,431
$
2,341,097
% 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
%
Consolidated
—
9.0
%
1.5
%
1.4
%
11.9
%
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