Lincoln Electric (LECO) financial statements
Lincoln Electric reported revenue of $4.2B in fiscal 2025, up 7.1% a year over 9 years.
Net income was $521M and the operating margin 17.0%, against 12.5% in 2016.
Free cash flow was $534M, and the company returned $168M in dividends and $338M in net buybacks.
The diluted share count fell 18% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Lincoln Electric's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.3B | $2.6B | $3.0B | $3.0B | $2.7B | $3.2B | $3.8B | $4.2B | $4.0B | $4.2B |
| Cost of revenue | $1.5B | $1.7B | $2.0B | $2.0B | $1.8B | $2.2B | $2.5B | $2.7B | $2.5B | $2.7B |
| Gross profit | $787M | $875M | $1.0B | $1.0B | $871M | $1.1B | $1.3B | $1.5B | $1.5B | $1.5B |
| Research and development | $45M | $48M | $54M | $57M | $51M | $56M | $63M | $71M | $82M | $86M |
| Selling, general and admin | $469M | $541M | $628M | $621M | $544M | $597M | $657M | $759M | $781M | $798M |
| Operating income | $284M | $377M | $376M | $371M | $282M | $462M | $612M | $718M | $636M | $718M |
| Interest expense | $19M | $24M | $25M | $26M | $24M | $24M | $31M | $51M | $53M | $58M |
| Pre-tax income | $277M | $366M | $369M | $368M | $264M | $325M | $593M | $687M | $594M | $675M |
| Income tax | $79M | $119M | $82M | $75M | $58M | $48M | $121M | $142M | $128M | $155M |
| Net income | $198M | $248M | $287M | $293M | $206M | $277M | $472M | $545M | $466M | $521M |
| EPS (diluted) | $2.91 | $3.71 | $4.37 | $4.68 | $3.42 | $4.60 | $8.04 | $9.37 | $8.15 | $9.32 |
| Diluted shares | 68M | 67M | 66M | 63M | 60M | 60M | 59M | 58M | 57M | 56M |
| Gross margin | 34.6% | 33.3% | 34.0% | 33.5% | 32.8% | 33.0% | 34.1% | 35.0% | 36.7% | 36.2% |
| Operating margin | 12.5% | 14.4% | 12.4% | 12.4% | 10.6% | 14.3% | 16.3% | 17.1% | 15.9% | 17.0% |
| Net margin | 8.7% | 9.4% | 9.5% | 9.8% | 7.8% | 8.6% | 12.6% | 13.0% | 11.6% | 12.3% |
Balance sheet
Fiscal years, from Lincoln Electric's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $379M | $327M | $359M | $200M | $257M | $193M | $197M | $394M | $377M | $309M |
| Receivables | $274M | $395M | $397M | $375M | $373M | $429M | $542M | $539M | $482M | $539M |
| Inventory | $255M | $349M | $362M | $394M | $381M | $540M | $665M | $563M | $544M | $633M |
| Total current assets | $1.0B | $1.4B | $1.2B | $1.1B | $1.1B | $1.3B | $1.6B | $1.7B | $1.6B | $1.7B |
| Property, plant and equipment | $372M | $477M | $479M | $529M | $522M | $512M | $545M | $575M | $619M | $703M |
| Goodwill | $232M | $235M | $281M | $337M | $336M | $430M | $665M | $694M | $805M | $887M |
| Total assets | $1.9B | $2.4B | $2.3B | $2.4B | $2.3B | $2.6B | $3.2B | $3.4B | $3.5B | $3.8B |
| Total current liabilities | $388M | $529M | $538M | $563M | $549M | $756M | $853M | $755M | $879M | $957M |
| Long-term debt | $704M | $704M | $703M | $712M | $715M | $717M | $1.1B | $1.1B | $1.2B | $1.2B |
| Total liabilities | $1.2B | $1.5B | $1.5B | $1.6B | $1.5B | $1.7B | $2.1B | $2.1B | $2.2B | $2.3B |
| Shareholders' equity | $711M | $932M | $887M | $818M | $789M | $864M | $1.0B | $1.3B | $1.3B | $1.5B |
| Net debt | $326M | $380M | $344M | $513M | $458M | $525M | $924M | $709M | $873M | $841M |
Cash flow
Fiscal years, from Lincoln Electric's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $313M | $335M | $329M | $403M | $351M | $365M | $383M | $668M | $599M | $661M |
| Capital spending | $50M | $62M | $71M | $70M | $59M | $63M | $72M | $91M | $117M | $127M |
| Free cash flow | $263M | $273M | $258M | $334M | $292M | $303M | $312M | $577M | $482M | $534M |
| Stock-based compensation | $10M | $13M | $19M | $17M | $15M | $24M | $25M | $26M | $24M | $20M |
| Dividends paid | $87M | $92M | $102M | $118M | $118M | $122M | $131M | $148M | $162M | $168M |
| Share buybacks (net) | -$342M | -$43M | -$202M | -$293M | -$113M | -$165M | -$181M | -$199M | -$264M | -$338M |
| Net borrowing | $350M | -$5,000 | -$107,000 | -$107,000 | -$14,000 | — | $405M | -$8M | $149M | -$100M |
| Free cash flow margin | 11.5% | 10.4% | 8.5% | 11.1% | 11.0% | 9.4% | 8.3% | 13.8% | 12.0% | 12.6% |
| Dividends per share | $1.28 | $1.39 | $1.55 | $1.88 | $1.96 | $2.03 | $2.23 | $2.54 | $2.83 | $3.01 |
Questions
What was Lincoln Electric's revenue in 2025?
$4.2B in fiscal 2025, from its 10-K filing.
How much free cash flow does Lincoln Electric generate?
$534M in fiscal 2025 (operating cash flow minus capital spending).
From Lincoln Electric's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.