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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Lincoln Electric
Lincoln Electric (LECO) investor relations material
Lincoln Electric Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Achieved record 2025 net sales of $4.2B, up 6% year-over-year, with organic growth of 2.5%, driven by acquisitions and price despite challenging end markets.
Adjusted EPS reached a record $9.87, up 6% year-over-year; strong cash flows enabled record shareholder returns of $507M.
Disciplined cost management and supply chain agility offset inflation, achieving neutral price-cost target and $31M in permanent savings.
Cash flow from operations grew 10% to $661M, with 97% cash conversion.
Top-quartile ROIC and total shareholder return versus peers.
Financial highlights
Q4 2025 sales rose 5.5% to $1.08B, with 8.9% higher price, 1.9% FX benefit, and 1.1% from acquisitions, offset by 6.4% lower volumes.
Gross profit up 1% to $374M; gross margin compressed 140 bps to 34.7%.
Adjusted operating income for Q4 was $194M (18% margin); adjusted EPS was $2.65, up 3% year-over-year.
Adjusted ROIC for FY2025 was 21.3%.
Cash flow from operations for FY2025 was $661M, with average operating working capital to net sales ratio at 16.9%.
Outlook and guidance
2026 sales growth expected in mid-single digits, split between volume and price carryover, with modest operating margin improvement.
CapEx target $110M-$130M for 2026; strong cash flow expected to support capital allocation.
2030 targets: sales above $6B, average operating margin 19%, EPS mid-teens CAGR, $3.7B+ cash flow.
Interest expense expected at $50-55M, tax rate in low-to-mid 20%, and 100% cash conversion targeted.
Management is focused on executing the new RISE strategy and achieving 2030 growth and profitability targets.
What were the key drivers of full year 2025 sales growth?
When are the new strategic 2030 targets discussed?
How did cash conversion improve in 2025 vs 2024?
Center-led functions: what specific operational gains
Automation margin: what drives mid-teens target
Industrial recovery: what specific signals
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Next Lincoln Electric earnings date
Barclays 43rd Annual Industrial Select Conference17 Feb, 2026
Lincoln Electric
Next Lincoln Electric earnings date
Barclays 43rd Annual Industrial Select Conference17 Feb, 2026
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Frequently asked questions
Lincoln Electric Holdings Inc designs and manufactures arc welding products, robotic welding systems, and plasma and oxy-fuel cutting equipment. The company also provides welding education and automation solutions for industrial and commercial markets. It is headquartered in Cleveland, Ohio, and its shares are listed on the NASDAQ.
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