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How Lincoln Electric Holdings (LECO) makes money
Lincoln Electric Holdings (LECO) made $1.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Consumables brought in $683M (56%); Equipment brought in $306M (25%); Automation brought in $232M (19%). Of every dollar of revenue, 35¢ was left as gross profit, 17¢ was left as operating profit, 12¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Consumables | $683M | 55.9% | -0.7% | +16% |
| Equipment | $306M | 25.0% | +1% | +13% |
| Automation | $232M | 19.0% | +1% | +17% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $1.2B | 100.0% |
| Cost of revenue | $796M | 65.2% |
| Gross profit | $425M | 34.8% |
| Operating expenses | $214M | 17.5% |
| Operating profit | $211M | 17.3% |
| Income tax | $55.7M | 4.6% |
| Net earnings | $144M | 11.8% |
| Operating cash flow | $216M | 17.7% |
| Free cash flow | $175M | 14.3% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $1.2B | +15% |
| Q2 2026 | $1.2B | +12% |
| Q1 2026 | $1.1B | +12% |
| Q4 2025 | $1.1B | +6% |
| Q3 2025 | $1.1B | +8% |
| Q2 2025 | $1.1B | +7% |
| Q1 2025 | $1.0B | +2% |
From Lincoln Electric Holdings' 10-Q filed Oct 27, 2026 (on EDGAR).
Questions
How does Lincoln Electric Holdings make money?
Lincoln Electric Holdings (LECO) made $1.2B of revenue in the third quarter 2026 (Q3 2026), +15% from a year earlier. Consumables brought in $683M (56%); Equipment brought in $306M (25%); Automation brought in $232M (19%). Of every dollar of revenue, 35¢ was left as gross profit, 17¢ was left as operating profit, 12¢ was left as net earnings.
What is Lincoln Electric Holdings' biggest business?
Consumables: $683M in the third quarter 2026, 56% of revenue, +16% from a year earlier.
What is Lincoln Electric Holdings' profit margin?
Net earnings were $144M, 11.8% of revenue, in the third quarter 2026; the operating margin was 17.3%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.