Lincoln Electric Holdings Inc., founded in 1895 and based in Cleveland, Ohio, is a global manufacturer specializing in welding equipment, consumables, and automation solutions. It generates revenue through diversified sales to both small fabricators and large industrial customers. Under CEO Christopher A. Brandt’s leadership since 2016, the company holds an estimated 15-20% market share in key regions. Focused on expanding its automation offerings and global footprint, it continues to navigate challenges like supply chain disruptions and raw material cost fluctuations.
Financial Statements
In thousands, USD
FY 2025
FY 2024
FY 2023
FY 2022
Total Revenues
4,233,000
4,008,670
4,191,640
3,761,210
Cost of Sales
2,698,750
2,535,760
2,726,190
2,480,450
Gross Profit
1,534,250
1,472,910
1,465,450
1,280,760
Selling, General & Administrative Expenses
797,994
780,590
758,910
656,636
Other Operating Expenses
18,199
55,860
(11,314)
11,788
Operating Profit
718,059
636,462
717,849
612,336
Interest Expense
(51,561)
(42,786)
(44,371)
(29,500)
Total Non-Operating Income
(51,561)
(42,786)
(44,371)
(29,500)
Income Before Provision for Income Taxes
666,498
593,676
673,478
582,836
Provision for Income Taxes
154,917
128,041
141,618
—
Consolidated Net Income
511,581
465,635
531,860
582,836
Net Income Attributable to Common Shareholders
520,533
466,108
545,248
582,836
Basic EPS
9.39
8.23
9.50
8.14
Diluted EPS
9.32
8.15
9.37
8.04
Basic Weighted Average Shares Outstanding
55,410
56,639
57,364
58,030
Diluted Weighted Average Shares Outstanding
55,875
57,194
58,221
58,749
Shares Outstanding
54,846
56,211
56,976
57,624
FY 2025
FY 2024
FY 2023
FY 2022
Cash and Cash Equivalents
308,789
377,262
393,787
197,150
Total Cash and Cash Equivalents
308,789
377,262
393,787
197,150
Accounts Receivable
538,791
481,979
538,830
541,529
Total Trade Receivables
538,791
481,979
538,830
541,529
Inventories
633,364
544,037
562,864
665,451
Other Current Assets
258,568
242,003
197,630
153,660
Total Current Assets
1,739,510
1,645,280
1,693,110
1,557,790
Net Property, Plant & Equipment
—
—
—
544,871
Net Intangible Assets
250,424
221,005
186,667
202,706
Goodwill
886,686
804,927
694,452
665,257
Other Long-Term Assets
47,077
77,611
45,176
22,811
Total Assets
3,777,580
3,520,140
3,377,300
3,180,550
Accounts Payable
364,934
296,590
325,435
352,079
Accrued Expenses
116,158
104,374
112,373
109,369
Short-Term Debt
143,780
10,520
2,435
82,444
Current Portion of Long-Term Debt
—
100,004
4
11,039
Other Current Liabilities
43,328
42,158
40,453
36,879
Total Current Liabilities
956,691
878,802
754,610
852,897
Long-Term Debt
1,150,230
1,150,550
1,102,770
1,110,400
Other Long-Term Liabilities
52,104
10,464
13,146
17,022
Total Long-Term Liabilities
1,202,330
1,161,020
1,115,920
1,127,420
Total Liabilities
2,307,780
2,192,710
2,068,450
2,146,510
Common Stock
9,858
9,858
9,858
9,858
Treasury Stock
(3,277,780)
(2,942,050)
(2,682,550)
(2,488,780)
Additional Paid-in Capital
601,566
566,740
523,357
481,857
Accumulated Other Comprehensive Income
(205,931)
(300,135)
(229,847)
(275,398)
Retained Earnings
4,342,080
3,993,020
3,688,040
3,306,500
Total Common Shareholders' Equity
1,469,790
1,327,430
1,308,850
1,034,040
Total Shareholders' Equity
1,469,790
1,327,430
1,308,850
1,034,040
Total Liabilities and Shareholders' Equity
3,777,580
3,520,140
3,377,300
3,180,550
FY 2025
FY 2024
FY 2023
FY 2022
Net Income
520,533
466,108
545,248
472,224
Depreciation & Amortization
98,546
88,238
86,670
78,059
Share-Based Compensation Expense
20,348
24,052
26,231
25,267
Other Adjustments
87,259
(22,429)
(69,798)
(28,125)
Changes in Trade Receivables
(26,433)
52,829
14,980
(65,010)
Changes in Inventories
(47,783)
25,355
122,094
(81,188)
Changes in Accounts Payable
56,257
(27,189)
(32,028)
16,852
Changes in Accrued Expenses
(26,090)
32,703
10,056
(8,199)
Changes in Other Operating Activities
(21,464)
(40,690)
(35,911)
(26,494)
Cash from Operating Activities
661,173
598,977
667,542
383,386
Capital Expenditure
(126,974)
(116,603)
(90,987)
(71,883)
Proceeds from Sale of Property, Plant & Equipment
7,178
7,798
49,494
3,331
Payments for Business Acquisitions
(137,530)
(252,746)
(32,685)
(436,298)
Other Investing Activities
—
320
(551)
159
Cash from Investing Activities
(257,326)
(361,231)
(74,729)
(504,691)
Issuance of Short-Term Debt
133,252
8,449
(79,873)
34,351
Net Issuance / (Repayments) of Short-Term Debt
133,252
8,449
(79,873)
34,351
Issuance of Long-Term Debt
—
550,000
—
405,444
Repayments of Long-Term Debt
(100,169)
(400,677)
(8,109)
—
Net Issuance / (Repayments) of Long-Term Debt
(100,169)
149,323
(8,109)
405,444
Issuance of Common Shares
11,578
27,404
22,365
6,385
Repurchases of Common Shares
(338,308)
(263,751)
(198,765)
(181,293)
Net Issuance / (Repurchases) of Common Shares
(326,730)
(236,347)
(176,400)
(174,908)
Common Share Dividends Paid
(168,240)
(162,143)
(148,010)
(130,724)
Other Financing Activities
—
(3,922)
—
(438)
Cash from Financing Activities
(461,887)
(244,640)
(412,392)
133,725
Effect of Exchange Rate Changes on Cash and Cash Equivalents
(10,433)
(9,631)
16,216
(8,228)
Increase / (Decrease) in Cash, Cash Equivalents and Restricted Cash