Revenue growth accelerated to 11.6% in 2026Q1, though operating margins remain constrained at 17.0% as operating expenses scale alongside top-line expansion.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 4.35B | 4.23B | 4.01B | 4.19B | 3.76B | 3.23B | 2.66B | 3B | 3.03B | 2.62B | 2.27B | 2.54B | 2.81B | 2.85B | 2.85B | 2.69B | 2.07B | 1.73B | 2.48B | 2.28B | 1.97B | 1.6B | 1.33B | 1.04B | 994.08M | 978.88M | 1.06B | 1.09B | 1.19B | 1.16B | 1.11B |
| Revenue Growth % | 7.81% | 5.54% | -4.37% | 11.44% | 16.3% | 21.8% | -11.58% | -0.84% | 15.4% | 15.38% | -10.3% | -9.86% | -1.38% | -0.02% | 5.89% | 30.16% | 19.71% | -30.25% | 8.7% | 15.66% | 23.15% | 20.06% | 28.17% | 4.68% | 1.55% | -7.53% | -2.54% | -8.47% | 2.38% | 4.51% | 7.43% |
| Cost of Goods Sold | 2.78B | 2.7B | 2.53B | 2.71B | 2.48B | 2.17B | 1.78B | 2B | 2B | 1.74B | 1.49B | 1.67B | 1.86B | 1.91B | 1.99B | 1.96B | 1.51B | 1.27B | 1.76B | 1.63B | 1.42B | 1.16B | 971.32M | 759.92M | 694.05M | 671.55M | 668.79M | 685.3M | 701.5M | 690M | 657M |
| COGS % of Revenue | - | 63.7% | 63.13% | 64.75% | 65.95% | 66.96% | 67.19% | 66.45% | 66.04% | 66.48% | 65.42% | 65.93% | 66.13% | 66.81% | 69.59% | 72.66% | 72.76% | 73.62% | 70.95% | 71.61% | 71.99% | 72.71% | 72.83% | 73.03% | 69.82% | 68.6% | 63.18% | 63.09% | 59.11% | 59.53% | 59.24% |
| Gross Profit | 1.57B | 1.54B | 1.48B | 1.48B | 1.28B | 1.07B | 871.34M | 1.01B | 1.03B | 879.68M | 786.56M | 864.02M | 952.76M | 946.77M | 867.7M | 736.74M | 563.82M | 456.27M | 720.15M | 647.57M | 552.28M | 436.92M | 362.36M | 280.67M | 300.02M | 307.33M | 389.81M | 400.9M | 485.2M | 469.1M | 452.1M |
| Gross Margin % | 36.1% | 36.3% | 36.87% | 35.25% | 34.05% | 33.04% | 32.81% | 33.55% | 33.96% | 33.52% | 34.58% | 34.07% | 33.87% | 33.19% | 30.41% | 27.34% | 27.24% | 26.38% | 29.05% | 28.39% | 28.01% | 27.29% | 27.17% | 26.97% | 30.18% | 31.4% | 36.82% | 36.91% | 40.89% | 40.47% | 40.76% |
| Gross Profit Growth % | - | 3.9% | 0.02% | 15.38% | 19.85% | 22.64% | -13.52% | -2.04% | 16.92% | 11.84% | -8.97% | -9.31% | 0.63% | 9.11% | 17.78% | 30.67% | 23.57% | -36.64% | 11.21% | 17.25% | 26.4% | 20.58% | 29.11% | -6.45% | -2.38% | -21.16% | -2.77% | -17.37% | 3.43% | 3.76% | 5.75% |
| Operating Expenses | 824.9M | 820.67M | 841.48M | 759.85M | 668.42M | 606.94M | 589.27M | 636.68M | 652.98M | 502.74M | 502.94M | 682.32M | 579.02M | 539.79M | 497.92M | 440.06M | 377.77M | 333.39M | 424.75M | 370.12M | 315.83M | 287.07M | 259.06M | 212.45M | 208.5M | 190.16M | 250.93M | 252.9M | 337.8M | 334.2M | 339.8M |
| OpEx % of Revenue | - | 19.4% | 20.99% | 18.13% | 17.77% | 18.77% | 22.19% | 21.2% | 21.56% | 19.16% | 22.11% | 26.91% | 20.58% | 18.92% | 17.45% | 16.33% | 18.25% | 19.28% | 17.13% | 16.23% | 16.02% | 17.93% | 19.42% | 20.42% | 20.97% | 19.43% | 23.7% | 23.28% | 28.47% | 28.83% | 30.64% |
| Selling, General & Admin | 824.9M | 735.12M | 683.84M | 703.65M | 587.5M | 418.55M | 490.07M | 565.34M | 573.41M | 483.21M | 422.96M | 439.21M | 462.23M | 469.24M | 453.31M | 439.77M | 377.77M | 333.39M | 405.38M | 370.12M | 315.83M | 285.31M | 256.62M | 210.7M | 198.03M | 190.16M | 216.22M | 223.8M | 309.7M | 305.8M | 310.3M |
| SG&A % of Revenue | - | 17.38% | 17.06% | 16.79% | 15.62% | 12.94% | 18.46% | 18.82% | 18.93% | 18.41% | 18.59% | 17.32% | 16.43% | 16.45% | 15.89% | 16.32% | 18.25% | 19.28% | 16.35% | 16.23% | 16.02% | 17.82% | 19.24% | 20.25% | 19.92% | 19.43% | 20.42% | 20.6% | 26.1% | 26.38% | 27.98% |
| Research & Development | 0 | 85.55M | 81.82M | 71.23M | 63.21M | 55.97M | 51.41M | 56.84M | 54.17M | 47.9M | 44.72M | 47.18M | 43.26M | 42.13M | 37.3M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 2.02% | 2.04% | 1.7% | 1.68% | 1.73% | 1.94% | 1.89% | 1.79% | 1.83% | 1.97% | 1.86% | 1.54% | 1.48% | 1.31% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 75.82M | -15.04M | 17.71M | 132.41M | 47.78M | 14.49M | 25.4M | -28.36M | 35.27M | 195.93M | 73.54M | 28.42M | 0 | 0 | -384K | 0 | 0 | 0 | 0 | 1.76M | 2.44M | 1.74M | 10.47M | 0 | 34.71M | 29.1M | 28.1M | 28.4M | 29.5M |
| Operating Income | 744.2M | 714.95M | 636.46M | 717.85M | 612.34M | 461.67M | 282.07M | 370.91M | 375.54M | 377.71M | 288.27M | 181.7M | 373.75M | 406.99M | 362.08M | 296.68M | 186.43M | 92.98M | 295.4M | 277.63M | 232.97M | 149.84M | 103.3M | 68.22M | 91.52M | 117.17M | 138.88M | 148M | 147.4M | 134.9M | 112.3M |
| Operating Margin % | 17.12% | 16.9% | 15.88% | 17.13% | 16.28% | 14.27% | 10.62% | 12.35% | 12.4% | 14.39% | 12.67% | 7.17% | 13.28% | 14.27% | 12.69% | 11.01% | 9.01% | 5.38% | 11.92% | 12.17% | 11.81% | 9.36% | 7.75% | 6.56% | 9.21% | 11.97% | 13.12% | 13.63% | 12.42% | 11.64% | 10.13% |
| Operating Income Growth % | - | 12.33% | -11.34% | 17.23% | 32.64% | 63.67% | -23.95% | -1.23% | -0.57% | 31.03% | 58.65% | -51.38% | -8.17% | 12.4% | 22.04% | 59.14% | 100.51% | -68.53% | 6.4% | 19.17% | 55.47% | 45.06% | 51.43% | -25.46% | -21.89% | -15.64% | -6.16% | 0.41% | 9.27% | 20.12% | 3.98% |
| EBITDA | 844.97M | 813.5M | 724.7M | 804.52M | 690.39M | 542.82M | 362.56M | 452.4M | 447.88M | 445.83M | 353.35M | 245.71M | 443.35M | 475.87M | 427.42M | 358.73M | 243.79M | 149.57M | 352.33M | 329.12M | 278.68M | 191.71M | 145.6M | 105.87M | 128.56M | 153.37M | 173.59M | 177.1M | 175.5M | 163.3M | 141.8M |
| EBITDA Margin % | 19.44% | 19.23% | 18.08% | 19.19% | 18.36% | 16.78% | 13.65% | 15.06% | 14.79% | 16.99% | 15.53% | 9.69% | 15.76% | 16.68% | 14.98% | 13.31% | 11.78% | 8.65% | 14.21% | 14.43% | 14.13% | 11.97% | 10.92% | 10.17% | 12.93% | 15.67% | 16.4% | 16.3% | 14.79% | 14.09% | 12.79% |
| EBITDA Growth % | 16.82% | 12.25% | -9.92% | 16.53% | 27.19% | 49.72% | -19.86% | 1.01% | 0.46% | 26.17% | 43.81% | -44.58% | -6.83% | 11.34% | 19.15% | 47.15% | 62.99% | -57.55% | 7.05% | 18.1% | 45.36% | 31.67% | 37.53% | -17.65% | -16.18% | -11.65% | -1.98% | 0.91% | 7.47% | 15.16% | 2.98% |
| D&A (Non-Cash Add-back) | 100.77M | 98.55M | 88.24M | 86.67M | 78.06M | 81.15M | 80.49M | 81.49M | 72.35M | 68.11M | 65.07M | 64.01M | 69.61M | 68.88M | 65.33M | 62.05M | 57.36M | 56.6M | 56.92M | 51.49M | 45.71M | 41.87M | 42.3M | 37.65M | 37.04M | 36.2M | 34.71M | 29.1M | 28.1M | 28.4M | 29.5M |
| EBIT | 744.2M | 714.95M | 712.28M | 702.81M | 630.05M | 594.08M | 329.85M | 385.4M | 400.94M | 348.58M | 318.88M | 377.63M | 447.28M | 435.4M | 377.08M | 308.04M | 193.8M | 95.26M | 311.96M | 298.59M | 236.45M | 151.61M | 103.3M | 68.22M | 91.52M | 117.17M | 138.88M | 148M | 147.4M | 134.9M | 112.3M |
| Net Interest Income | -55.57M | -54.32M | -42.79M | -44.37M | -29.5M | -22.21M | -21.97M | -23.41M | -17.57M | -19.43M | -16.99M | -19.11M | -7.34M | 456K | -203K | -3.58M | -4.31M | -5.06M | -3.31M | -3.14M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 4.56M | 6.82M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.79M | 2.09M | 2.71M | 3.09M | 3.32M | 3.99M | 3.12M | 2.38M | 3.46M | 8.85M | 8.29M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 60.14M | 61.13M | 42.79M | 44.37M | 29.5M | 22.21M | 21.97M | 23.41M | 17.57M | 24.22M | 19.08M | 21.82M | 10.43M | 2.86M | 4.19M | 6.7M | 6.69M | 8.52M | 12.15M | 11.43M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -48.63M | -39.5M | -42.31M | -30.98M | -19.51M | -136.67M | -18.03M | -2.42M | -6.88M | -10.71M | -10.89M | -11.91M | 2.07M | 9.46M | 7.49M | 4.65M | 678K | -6.5M | 4.41M | 9.53M | 5.2M | 4.05M | 4.47M | 1.01M | -3.58M | -1.12M | -17.2M | -33.8M | -400K | 200K | 5.6M |
| Pretax Income | 695.57M | 675.45M | 594.15M | 686.87M | 592.83M | 325M | 264.04M | 368.49M | 368.66M | 366.24M | 277.39M | 169.79M | 375.81M | 416.44M | 369.57M | 301.33M | 187.11M | 86.48M | 299.81M | 287.16M | 238.17M | 153.9M | 107.78M | 69.23M | 87.94M | 116.04M | 121.68M | 114.2M | 147M | 135.1M | 117.9M |
| Pretax Margin % | 16% | 15.97% | 14.82% | 16.39% | 15.76% | 10.05% | 9.94% | 12.27% | 12.17% | 13.95% | 12.19% | 6.7% | 13.36% | 14.6% | 12.95% | 11.18% | 9.04% | 5% | 12.09% | 12.59% | 12.08% | 9.61% | 8.08% | 6.65% | 8.85% | 11.85% | 11.49% | 10.51% | 12.39% | 11.66% | 10.63% |
| Income Tax | 157.14M | 154.92M | 128.04M | 141.62M | 120.6M | 48.42M | 57.9M | 75.41M | 81.67M | 118.76M | 79.02M | 42.38M | 121.93M | 124.75M | 112.35M | 84.32M | 54.9M | 37.91M | 87.52M | 84.42M | 63.16M | 31.59M | 27.18M | 14.69M | 21.06M | 32.45M | 43.59M | 40.3M | 53.3M | 49.7M | 43.6M |
| Effective Tax Rate % | 22.59% | 22.94% | 21.55% | 20.62% | 20.34% | 14.9% | 21.93% | 20.46% | 22.15% | 32.43% | 28.49% | 24.96% | 32.45% | 29.96% | 30.4% | 27.98% | 29.34% | 43.83% | 29.19% | 29.4% | 26.52% | 20.53% | 25.22% | 21.21% | 23.95% | 27.97% | 35.82% | 35.29% | 36.26% | 36.79% | 36.98% |
| Net Income | 538.43M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M | 206.12M | 293.11M | 287.07M | 247.5M | 198.4M | 127.48M | 254.69M | 293.78M | 257.41M | 217.19M | 130.24M | 48.58M | 212.29M | 202.74M | 175.01M | 122.31M | 80.6M | 54.54M | 29.27M | 83.59M | 78.09M | 73.9M | 93.7M | 85.4M | 74.3M |
| Net Margin % | 12.39% | 12.3% | 11.63% | 13.01% | 12.56% | 8.55% | 7.76% | 9.76% | 9.48% | 9.43% | 8.72% | 5.03% | 9.05% | 10.3% | 9.02% | 8.06% | 6.29% | 2.81% | 8.56% | 8.89% | 8.88% | 7.64% | 6.04% | 5.24% | 2.94% | 8.54% | 7.38% | 6.8% | 7.9% | 7.37% | 6.7% |
| Net Income Growth % | 16.75% | 11.68% | -14.51% | 15.46% | 70.74% | 34.19% | -29.68% | 2.11% | 15.98% | 24.75% | 55.63% | -49.95% | -13.31% | 14.13% | 18.52% | 66.75% | 168.12% | -77.12% | 4.71% | 15.84% | 43.09% | 51.75% | 47.77% | 86.31% | -64.98% | 7.04% | 5.67% | -21.13% | 9.72% | 14.94% | 20.81% |
| Net Income (Continuing) | 538.43M | 520.53M | 466.11M | 545.25M | 472.22M | 276.58M | 206.14M | 293.08M | 286.99M | 247.47M | 198.37M | 127.41M | 253.88M | 291.69M | 257.22M | 217.01M | 132.21M | 48.83M | 212.29M | 202.74M | 175.01M | 122.31M | 80.6M | 54.54M | 66.88M | 83.59M | 78.09M | 73.9M | 93.7M | 85.4M | 74.3M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | -99K | -193K | 979K | 905K | 650K | 816K | 729K | 861K | 3.23M | 4.09M | 15.95M | 16.3M | 15.98M | 13.33M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 9.73 | 9.32 | 8.15 | 9.37 | 8.04 | 4.60 | 3.42 | 4.68 | 4.37 | 3.71 | 2.91 | 1.70 | 3.18 | 3.54 | 3.06 | 2.56 | 1.53 | 0.57 | 2.47 | 2.34 | 2.04 | 1.45 | 0.97 | 0.66 | 0.34 | 0.98 | 0.92 | 0.81 | 0.96 | 0.87 | 0.75 |
| EPS Growth % | 19.48% | 14.36% | -13.02% | 16.54% | 74.78% | 34.5% | -26.92% | 7.09% | 17.79% | 27.49% | 71.18% | -46.54% | -10.17% | 15.69% | 19.53% | 67.32% | 168.42% | -76.92% | 5.56% | 14.71% | 40.69% | 49.48% | 46.97% | 94.12% | -65.31% | 6.52% | 13.58% | -15.63% | 10.34% | 16% | 13.64% |
| EPS (Basic) | - | 9.39 | 8.23 | 9.51 | 8.14 | 4.66 | 3.46 | 4.73 | 4.42 | 3.76 | 2.94 | 1.72 | 3.22 | 3.58 | 3.10 | 2.60 | 1.54 | 0.57 | 2.49 | 2.37 | 2.06 | 1.47 | 0.98 | 0.66 | 0.35 | 0.99 | 0.92 | 0.82 | 0.96 | 0.87 | 0.75 |
| Diluted Shares Outstanding | 55.32M | 55.88M | 57.19M | 58.22M | 58.75M | 60.06M | 60.25M | 62.66M | 65.68M | 66.64M | 68.16M | 74.85M | 80.1M | 83.04M | 84.17M | 84.71M | 85.22M | 85.27M | 86.11M | 86.78M | 86M | 84.35M | 83.29M | 83.27M | 86.1M | 85.29M | 85.35M | 91.23M | 98.12M | 98.73M | 99.73M |
| Basic Shares Outstanding | 54.82M | 55.41M | 56.64M | 57.36M | 58.03M | 59.31M | 59.63M | 61.96M | 64.89M | 65.74M | 67.46M | 74.11M | 79.19M | 81.98M | 83.09M | 83.68M | 84.41M | 84.78M | 85.3M | 85.8M | 85.16M | 83.49M | 82.38M | 82.64M | 84.86M | 84.86M | 85.35M | 90.67M | 97.6M | 98.73M | 99.73M |
| Dividend Payout Ratio | - | 32.32% | 34.79% | 27.15% | 27.68% | 44.06% | 57.31% | 40.23% | 35.55% | 37.35% | 44.02% | 68.22% | 28.77% | 16.77% | 28.4% | 23.91% | 36.37% | 94.29% | 20.14% | 18.62% | 18.44% | 24.56% | 34.1% | 48.93% | 86.73% | 30.41% | 30.78% | 29.91% | 20.92% | 16.51% | 16.02% |
Commodity Input Cost Volatility
According to recent financial disclosures, Lincoln Electric achieved an 11.6% revenue growth rate in 2026Q1, marking a significant acceleration from the negative growth trends observed throughout 2024, suggesting a strengthening demand environment for its core welding equipment and high-margin consumable product lines across key industrial segments.
The shift from mid-single-digit declines in 2024 to double-digit growth in the most recent quarter indicates a potential inflection in capital expenditure cycles among the company's heavy fabrication customers. Investors should monitor whether this trajectory is sustained by organic volume expansion or if it remains sensitive to the timing of large-scale automation project completions.
As reported in quarterly filings, LECO maintained a gross margin of 35.6% in 2026Q1, demonstrating resilience despite the inherent commodity-sensitive nature of its consumable business and the variable cost pressures associated with its unique labor incentive structure that often impacts quarterly margin profiles.
The company's ability to hold margins within a tight band suggests effective pricing power and successful surcharge implementation during periods of raw material volatility. However, the structural reliance on steel and copper inputs warrants caution, as any sustained inflationary pressure could challenge the company's ability to maintain these levels without impacting volume.
Based on the provided income statement data, operating margins reached 17.0% in 2026Q1, which, while improved from the 14.6% trough in 2024Q2, indicates that operating expenses continue to scale in tandem with revenue, limiting the degree of operating leverage currently visible in the firm's financial performance.
The fluctuation in SG&A expenses, likely tied to the company's performance-based bonus system, complicates the assessment of true operational efficiency. Analysts should investigate whether the current expense structure allows for meaningful margin expansion as revenue scales or if the business model requires persistent reinvestment that caps profitability gains.
Analysis of recent SEC filings reveals that LECO's net income has stabilized, with 2026Q1 net margins of 12.2% reflecting a disciplined approach to non-operating items and the absence of significant stock-based compensation dilution, which historically remains at negligible levels for the company's capital structure.
The absence of material stock-based compensation suggests a focus on cash-based incentives that align management with shareholder interests. Investors should continue to monitor the impact of the annual bonus accrual cycle on quarterly earnings, as this creates artificial lumpiness that may obscure the underlying trend in operational profitability.
Quick answers to the most common questions about buying LECO stock.
For fiscal year 2025, Lincoln Electric Holdings, Inc. (LECO) reported total revenue of $4.23B. This represents a 281.4% increase compared to $1.11B in 1996.
Lincoln Electric Holdings, Inc. (LECO) is profitable, generating $520.5M in net income for the fiscal year ending 2025 with a net profit margin of 12.3%.
Lincoln Electric Holdings, Inc. (LECO) reported an operating income of $715.0M, resulting in an operating profit margin of 16.9%. This margin reflects the operational efficiency of the business before interest and taxes.
Lincoln Electric Holdings, Inc. (LECO) generated $1.54B in gross profit for the year, representing a gross profit margin of 36.3%. This demonstrates the company's core pricing power and production efficiency.