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Lincoln Electric Holdings cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$175M in Q3 2026 · $512M over twelve months

Operating cash flow$216M
Capital spending−$41.2M
Free cash flow+$175M
Cash / net income1.5×
Cash conversion cycle72 days

Analysis

In Q3 2026, Lincoln Electric Holdings generated $216M of operating cash flow and spent $41.2M on capital projects, leaving free cash flow of $175M. That is $30.5M less than in Q3 2025 ($205M).

Over the twelve months to Sep 30, 2026, operating cash flow was $667M; the largest uses were buybacks ($284M), dividends ($172M), capital spending ($155M); besides operations, cash came from shares issued ($12.4M), asset & business sales ($6.6M); the cash balance fell by $9.8M.

Operating cash flow was $216M against net income of $144M — 1.5× profit, cash ran ahead of reported earnings. The largest differences: other liabilities +$47.5M, depreciation & amortization +$26.4M, receivables −$18.0M.

Its cash conversion cycle was 72 days (receivables 45 + inventory 80 − payables 53).

Free cash flow

Lincoln Electric Holdings: free cash flow by quarterLincoln Electric Holdings: free cash flow by quarter$64.3MQ4 2024$159MQ1 2025$118MQ2 2025$205MQ3 2025$52.0MQ4 2025$63.0MQ1 2026$222MQ2 2026$175MQ3 2026
Operating cash flow less capital spending.
Lincoln Electric Holdings: operating cash flow against capital spendingLincoln Electric Holdings: operating cash flow against capital spendingOperating cash flowCapital spending$95.8M$31.5MQ4 2024$186M$26.9MQ1 2025$144M$25.4MQ2 2025$237M$31.6MQ3 2025$95.0M$42.9MQ4 2025$102M$39.2MQ1 2026$254M$31.4MQ2 2026$216M$41.2MQ3 2026
Latest (Q3 2026): Operating cash flow $216M, Capital spending $41.2M.

Capital allocation, year by year

Lincoln Electric Holdings: where the cash came from (up) and went (down), by fiscal yearLincoln Electric Holdings: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $365MFY2021: Net borrowing $46.5MFY2021: Shares issued $19.2MFY2021: Asset sales $6.8MFY2021: Capital spending −$62.5MFY2021: Acquisitions −$156MFY2021: Buybacks −$165MFY2021: Dividends −$122M$438MFY2021FY2022: Operating cash flow $383MFY2022: Net borrowing $440MFY2022: Shares issued $6.4MFY2022: Asset sales $3.3MFY2022: Capital spending −$71.9MFY2022: Acquisitions −$436MFY2022: Buybacks −$181MFY2022: Dividends −$131M$833MFY2022FY2023: Operating cash flow $668MFY2023: Net borrowing −$88.0MFY2023: Shares issued $22.4MFY2023: Asset sales $49.5MFY2023: Capital spending −$91.0MFY2023: Acquisitions −$32.7MFY2023: Buybacks −$199MFY2023: Dividends −$148M$739MFY2023FY2024: Operating cash flow $599MFY2024: Net borrowing $158MFY2024: Shares issued $27.4MFY2024: Asset sales $7.8MFY2024: Capital spending −$117MFY2024: Acquisitions −$253MFY2024: Buybacks −$264MFY2024: Dividends −$162M$792MFY2024FY2025: Operating cash flow $661MFY2025: Net borrowing $33.1MFY2025: Shares issued $11.6MFY2025: Asset sales $7.2MFY2025: Capital spending −$127MFY2025: Acquisitions −$138MFY2025: Buybacks −$338MFY2025: Dividends −$168M$713MFY2025
Over these 5 years operating cash flow totalled $2.7B; the largest uses were buybacks ($1.1B) and acquisitions ($1.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$283M
Debt$1.1B
Net debt$867M
Due within a year$144M

Lincoln Electric Holdings funds itself: free cash flow was $512M over the last twelve months, and $283M of cash and investments stands against $1.1B of debt ($144M due within a year, 2.0× covered by cash).

Lincoln Electric Holdings: debt maturities by year (FY2025)Lincoln Electric Holdings: debt maturities by year (FY2025)$144MYear 1$6KYear 2$100MYear 3$75.0MYear 4$100MYear 5$875MAfter year 5
Principal due in each year as disclosed in the annual report, against $283M of cash and investments now.

Where the cash came from and went

Lincoln Electric Holdings: sources (+) and uses (−) of cash, Q3 2026Lincoln Electric Holdings: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$216MBuybacks−$99.4MDividends−$43.2MCapital spending−$41.2MCash drawn (+) / kept (−)−$40.8MAsset & business sales$4.6MShares issued$2.3MExchange rates$2.0M
Lincoln Electric Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Lincoln Electric Holdings: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$667MBuybacks−$284MDividends−$172MCapital spending−$155MNet borrowing (+) / repaid (−)−$88.3MShares issued$12.4MCash drawn (+) / kept (−)$9.8MAsset & business sales$6.6MExchange rates$4.9MAcquisitions−$735K

From profit to cash

Lincoln Electric Holdings: net income to operating cash flow, Q3 2026Lincoln Electric Holdings: net income to operating cash flow, Q3 2026Net income$144MDepreciation & amortization$26.4MStock-based pay$5.3MDeferred taxes$14.0MOther non-cash−$2.3MReceivables−$18.0MInventory−$10.9MPayables$16.9MPrepaid and other assets$93KOther liabilities$47.5MOperating cash flow$216M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202645805372
Q2 202644825373
Q1 202646835178
Q4 202544855080
Q3 202546895381
Q2 202545804975
Q1 202545794777
Q4 202445814483

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$216M−$41.2M—−$99.4M−$43.2M—$2.3M−$40.8M$175M
Q2 2026$254M−$31.4M—−$76.1M−$43.4M——$56.5M$222M
Q1 2026$102M−$39.2M$140K−$56.7M−$44.1M$19.6M$8.6M$9.9M$63.0M
Q4 2025$95.0M−$42.9M−$875K−$51.8M−$41.8M$55.6M$1.5M−$15.8M$52.0M
Q3 2025$237M−$31.6M−$104M−$52.7M−$41.6M−$100M$3.7M$6.5M$205M
Q2 2025$144M−$25.4M−$32.3M−$127M−$41.9M—$140K$95.2M$118M
Q1 2025$186M−$26.9M—−$107M−$43.0M−$1.1M$6.3M−$17.4M$159M
Q4 2024$95.8M−$31.5M—−$52.5M−$40.2M−$169K$1.5M$27.0M$64.3M

Lincoln Electric Holdings: income statement and cash flow

Lincoln Electric Holdings, Q3 2026: revenue $1.2B (+15% year over year), operating margin 17.3%. The chart follows the revenue to costs, profit and cash.

Lincoln Electric Holdings: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.