LINCOLN ELECTRIC HOLDINGS (LECO) Company Report

Lincoln Electric introduced its new RISE strategy (Reimagine, Innovate, Serve, Elevate) to accelerate growth and performance, aiming for consistent profitability improvement and margin expansion over a cycle. The company has a mid-20s incremental margin framework for 2026.
The company targets 300-400 basis points of M&A growth, focusing on acquiring assets with accretive margins or a clear path to corporate average margins across its welding and automation businesses, including slightly larger deals.
For 2026, Lincoln Electric anticipates a pickup in its automation business in the second half due to backlog and expects modest volume growth in the core welding business. Pricing is projected to be flat in the second half of 2026, reflecting actions taken through 2025, but will be adjusted for continued cost inflation.
The automation business, largely within the Americas segment, is expected to drive margin strength, with a goal of mid-teens margins through volume growth and increased proprietary content, including AI-driven solutions.

Feb 17, 2026, 3:25 PM

Transcript

Lincoln Electric Unveils RISE Strategy and Discusses 2026 Outlook

LECO

New Projects/Investments

Guidance Update

M&A

Lincoln Electric introduced its new RISE strategy (Reimagine, Innovate, Serve, Elevate), an evolution of its previous strategy, focused on accelerating growth and performance through expanded margins, organic growth, and capital deployment via M&A.
The company anticipates a pickup in the automation business in the second half of 2026 due to existing backlog and expects overall second-half growth to be driven by continued improvement in PMI and consumable volume.
Management aims for a mid-twenties incremental margin framework for 2026 and targets mid-teens margins for the automation business, which will be achieved through volume growth, increased proprietary content, and strategic M&A.
Lincoln Electric is winning market share in North America by re-embracing a balanced route-to-market strategy, although Europe remains a challenging market due to industrial malaise and high fixed labor costs.

Feb 17, 2026, 3:25 PM

Transcript

Lincoln Electric Outlines RISE Strategy and 2026 Outlook

LECO

M&A

Guidance Update

New Projects/Investments

Lincoln Electric introduced its new RISE strategy, an evolution focused on accelerating growth, expanding margins, and deploying capital for M&A.
The company aims for 300-400 basis points of M&A growth, targeting accretive assets across its portfolio and geographies, including those that improve channel access.
Management expects a second-half 2026 volume inflection, driven by maturing long-cycle automation backlogs and anticipated improvements in the Purchasing Managers' Index (PMI).
Pricing is projected to be flat in the second half of 2026 based on prior actions, with a commitment to a mid-20s incremental margin for the year, adaptable to future cost inflation.
The automation business, with 20% short-cycle activity, targets mid-teens margins by focusing on volume growth, expanding proprietary content (including AI-driven solutions), and strategic tech acquisitions.

Feb 17, 2026, 3:25 PM

Transcript

Lincoln Electric Announces Record 2025 Results and New 2030 Targets

LECO

Earnings

Guidance Update

New Projects/Investments

Lincoln Electric reported record 2025 performance, with sales increasing 6% to $4.2 billion and adjusted EPS reaching a record $9.87.
For Q4 2025, organic sales grew 2.5% from price, though this was largely offset by weaker volume, and automation sales declined 11% to $240 million.
The company projects a mid-single-digit % sales growth rate for full year 2026, with volume growth expected to improve starting in the second quarter.
Lincoln Electric introduced new 2030 financial targets, aiming for sales above $6 billion, a mid-teens% EPS CAGR, and an average operating income margin of 19%.
The capital allocation strategy remains balanced, with approximately 48% invested in growth and 52% returned to shareholders over the last cycle, including a commitment to dividend increases and share repurchases.

Feb 12, 2026, 3:00 PM

Transcript

Lincoln Electric Holdings Reports Record 2025 Performance and Outlines 2030 RISE Strategy

LECO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lincoln Electric Holdings reported record full year 2025 sales of $4.2 billion, a 6% increase, and record adjusted EPS of $9.87. For Q4 2025, sales increased 5.5% to $1,079 million, with adjusted diluted EPS rising 3% to $2.65.
Full year 2025 automation sales were $870 million, a mid-single-digit % decline, but strong order rates and a solid backlog are expected to drive growth in 2026.
For full year 2026, the company anticipates a mid-single-digit % sales growth rate, with Q1 sales expected to be steady with prior year levels.
Under its new RISE strategy, Lincoln Electric targets sales above $6 billion by 2030, an average operating income margin of 19%, and EPS growing at a mid-teens% CAGR.
The company expects to generate over $3.7 billion in cash flows from operations through 2030 and plans to return approximately 30% of net income to shareholders through dividends and share repurchases.

Feb 12, 2026, 3:00 PM

Transcript

Lincoln Electric Holdings Reports Record Full-Year 2025 Results and Sets 2026-2030 Financial Targets

LECO

Earnings

Guidance Update

Share Buyback

For Q4 2025, Lincoln Electric Holdings (LECO) reported Net Sales of $1,078.7 million, a 5.5% increase year-over-year, and Adjusted EPS of $2.65, up 3.1% from Q4 2024.
For the full year 2025, the company achieved record Net Sales of $4.2 billion, up 6% year-over-year (2.5% organic), and record Adjusted EPS of $9.87, a 6% increase from the prior year.
LECO maintained a record 17.6% Adjusted operating income margin for the full year 2025 and generated $661 million in cash flow from operations, with a 97% cash conversion rate.
Shareholder returns increased 19% to a record $507 million in 2025, comprising $168 million in dividends and $338 million in share repurchases.
The company set 2026-2030 financial targets including sales growth to $6+ billion, an average operating income margin of 19%, and mid-teens % EPS CAGR.

Feb 12, 2026, 3:00 PM

Presentation

Lincoln Electric Holdings Reports Record 2025 Performance and Outlines Ambitious 2030 Targets

LECO

Earnings

Guidance Update

Revenue Acceleration/Inflection

Lincoln Electric Holdings achieved record 2025 performance, with sales increasing 6% to $4.2 billion and adjusted EPS reaching a record $9.87.
In Q4 2025, sales grew 5.5% to $1,079 million, and adjusted EPS rose 3% to $2.65, despite a 20 basis point decline in adjusted operating income margin to 18%.
The company forecasts mid-single-digit % sales growth for 2026, with organic sales equally split between volume and price, expecting volume growth to improve from Q2.
Under its new RISE strategy, Lincoln Electric targets 2030 sales above $6 billion, an average operating income margin of 19%, and a mid-teens% EPS CAGR.
The automation business, which recorded $870 million in sales for 2025 (a mid-single-digit decline), is projected to achieve mid-single-digit growth in 2026 due to strong Q4 order rates.

Feb 12, 2026, 3:00 PM

Transcript

Lincoln Electric Reports Fourth Quarter and Full Year 2025 Results

LECO

Earnings

Dividends

Share Buyback

Lincoln Electric Holdings, Inc. reported net sales of $1,079 million for the fourth quarter of 2025, an increase of 5.5%, and $4,233 million for the full year 2025, up 5.6%.
Adjusted diluted earnings per share (EPS) was $2.65 for the fourth quarter of 2025 and $9.87 for the full year 2025.
The company achieved an Adjusted operating income margin of 18.0% in the fourth quarter of 2025 and 17.6% for the full year 2025.
For the full year 2025, cash flows from operations were $661 million, and $507 million was returned to shareholders through dividends and share repurchases.

Feb 12, 2026, 2:21 PM

8-K

Lincoln Electric Holdings Reports Strong Fourth Quarter and Full Year 2025 Results

LECO

Earnings

Revenue Acceleration/Inflection

Share Buyback

Lincoln Electric Holdings reported net sales of $1,079 million for the fourth quarter of 2025, an increase of 5.5%, and $4,233 million for the full year 2025, an increase of 5.6%.
The company achieved adjusted diluted earnings per share (EPS) of $2.65 in Q4 2025 and $9.87 for the full year 2025.
For the full year 2025, Lincoln Electric generated $661 million in cash flows from operations and returned $507 million to shareholders through dividends and share repurchases.
CEO Steven B. Hedlund highlighted record sales, adjusted EPS, and cash returns to shareholders in 2025.

Feb 12, 2026, 12:30 PM

Press Release

Lincoln Electric Holdings Outlines 2026-2030 RISE Strategy and 2025 Financial Performance

LECO

Guidance Update

New Projects/Investments

M&A

Lincoln Electric Holdings (LECO) has launched its RISE Strategy for 2026-2030, targeting HSD% to LDD% Sales CAGR, an average 19% Adjusted Operating Margin (+/- 150 bps), and Mid-Teens % Adjusted EPS CAGR.
The company aims for a 20% Peak Operating Income Margin by 2030 and 100% Cash Conversion by 2030, building on its 2025 Adjusted Operating Margin of 17.6% and $661 million Cash Flow From Operations.
Acquisitions are a core growth driver, projected to contribute +300 to 400 bps sales CAGR through the cycle, with 18 acquisitions and $1.4 billion cumulative M&A investment executed between 2016 and 2025.
For FY2025, LECO reported Net Sales of $4,233.0 million and Adjusted Operating Income of $743.0 million, with automation sales reaching $870 million.