$LECO

LINCOLN ELECTRIC HOLDINGS INC

CIK:0000059527|SEC Filings

CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
CONSOLIDATED STATEMENTS OF INCOME
Net sales (Note 2)	$ 1,219,663	$ 1,088,673	$ 2,341,097	$ 2,093,061
Cost of goods sold	770,667	683,126	1,492,969	1,322,066
Gross profit	448,996	405,547	848,128	770,995
Selling, general & administrative expenses	224,871	210,861	435,682	407,526
Rationalization and asset impairment net charges (Note 6)	3,481	2,542	5,644	6,407
Operating income	220,644	192,144	406,802	357,062
Interest expense, net	12,521	12,619	25,895	24,746
Other (expense) income	(241)	4,034	329	4,478
Income before income taxes	207,882	183,559	381,236	336,794
Income taxes (Note 11)	49,363	40,163	86,335	74,911
Net income	$ 158,519	$ 143,396	$ 294,901	$ 261,883
Basic earnings per share (Note 3)	$ 2.9	$ 2.58	$ 5.39	$ 4.69
Diluted earnings per share (Note 3)	2.88	2.56	5.34	4.66
Cash dividends declared per share	$ 0.79	$ 0.75	$ 1.58	$ 1.5

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM 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)
Stock-based compensation	14,455	12,277
Other, net	(1,736)	(179)
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
CASH FLOWS FROM 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)
CASH FLOWS FROM FINANCING ACTIVITIES
Payments on short-term borrowings, net	(143,889)	(5,206)
Payments on long-term borrowings	0	(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

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current Assets
Cash and cash equivalents	$ 242,443	$ 308,789
Accounts receivable (less allowance for doubtful accounts of $10,510 in 2026; $11,326 in 2025)	586,348	538,791
Inventories (Note 8)	690,543	633,364
Other current assets	241,216	258,568
Total Current Assets	1,760,550	1,739,512
Property, plant and equipment (less accumulated depreciation of $965,937 in 2026; $942,806 in 2025)	731,762	702,762
Goodwill	885,232	886,686
Other assets	435,766	448,617
TOTAL ASSETS	3,813,310	3,777,577
Current Liabilities
Short-term debt (Note 10)		143,780
Trade accounts payable	447,437	364,934
Accrued employee compensation and benefits	156,479	116,158
Other current liabilities	284,167	331,819
Total Current Liabilities	888,083	956,691
Long-term debt, less current portion (Note 10)	1,150,054	1,150,228
Other liabilities	220,993	200,864
Total Liabilities	2,259,130	2,307,783
Shareholders' Equity
Common shares, without par value - at stated capital amount; authorized 240,000,000 shares; issued 98,581,434 shares in 2026 and 2025; outstanding 54,505,757 shares in 2026 and 54,845,950 in 2025	9,858	9,858
Additional paid-in capital	617,879	601,566
Retained earnings	4,548,978	4,342,080
Accumulated other comprehensive loss	(213,496)	(205,931)
Treasury shares, at cost - 44,075,677 shares in 2026 and 43,735,484 shares in 2025	(3,409,039)	(3,277,779)
Total Equity	1,554,180	1,469,794
TOTAL LIABILITIES AND TOTAL EQUITY	$ 3,813,310	$ 3,777,577