Lincoln Electric Holdings, Inc. (LECO) Income Statement
LECO 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsLECO revenue and net income
Where LECO's revenue goes
2025Each bar shows an amount and its share of revenue. LECO kept 12.3% of revenue as net income.
LECO profit margins
LECO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +5.5% | +4.0% | +9.8% | +5.3% |
| Gross profit | +3.9% | +6.2% | +12.0% | +5.9% |
| Operating income | +12.3% | +5.3% | +20.4% | +14.7% |
| Net income | +11.7% | +3.3% | +20.4% | +15.1% |
| EPS (diluted) | +6.5% | +6.2% | +19.0% | +11.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
LECO quarterly EPS vs estimates
Lincoln Electric beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $2.82).
LECO income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.23B | $4.01B | $4.19B | $3.76B | $3.23B | $2.66B | $3.00B | $3.03B | $2.62B | $2.27B |
| Cost of revenue | $2.70B | $2.53B | $2.71B | $2.48B | $2.17B | $1.78B | $2.00B | $2.00B | $1.74B | $1.49B |
| Gross profit | $1.54B | $1.48B | $1.48B | $1.28B | $1.07B | $871.3M | $1.01B | $1.03B | $879.7M | $786.6M |
| Research & development | $85.5M | $81.8M | $71.2M | $63.2M | $56.0M | $51.4M | $56.8M | $54.2M | $47.9M | $44.7M |
| Sales, general & admin | $798.0M | $780.6M | $758.9M | $656.6M | $597.1M | $543.8M | $621.5M | $627.7M | $545.7M | $466.7M |
| Total operating expenses | $820.7M | $841.5M | $759.8M | $668.4M | $606.9M | $589.3M | $636.7M | $653.0M | $502.7M | $502.9M |
| Operating income | $715.0M | $636.5M | $717.8M | $612.3M | $461.7M | $282.1M | $370.9M | $375.5M | $377.7M | $288.3M |
| Interest income | — | — | — | — | — | — | $20.3M | $12.1M | $4.8M | $2.1M |
| Interest expense | $61.1M | $42.8M | $44.4M | $29.5M | $22.2M | $22.0M | $23.4M | $17.6M | $24.2M | $19.1M |
| Income before taxes | $675.5M | $594.1M | $686.9M | $592.8M | $325.0M | $264.0M | $368.5M | $368.7M | $366.2M | $277.4M |
| Income taxes | $154.9M | $128.0M | $141.6M | $120.6M | $48.4M | $57.9M | $75.4M | $81.7M | $118.8M | $79.0M |
| Net income | $520.5M | $466.1M | $545.2M | $472.2M | $276.6M | $206.1M | $293.1M | $287.1M | $247.5M | $198.4M |
| EBITDA | $835.1M | $800.5M | $789.5M | $708.1M | $675.2M | $410.3M | $466.9M | $473.3M | $416.7M | $384.0M |
| EPS (diluted) | $9.88 | $9.28 | $9.42 | $8.26 | $6.21 | $4.14 | $4.69 | $4.82 | $3.79 | $3.29 |
| Gross margin | 36.3% | 36.9% | 35.3% | 34.1% | 33.0% | 32.8% | 33.5% | 34.0% | 33.5% | 34.6% |
| Operating margin | 16.9% | 15.9% | 17.1% | 16.3% | 14.3% | 10.6% | 12.4% | 12.4% | 14.4% | 12.7% |
| Net margin | 12.3% | 11.6% | 13.0% | 12.6% | 8.6% | 7.8% | 9.8% | 9.5% | 9.4% | 8.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.22B | $1.12B | $1.08B | $1.06B | $1.09B | $1.01B | $1.02B | $983.8M | $1.02B | $981.2M | $1.06B | $1.03B |
| Cost of revenue | $770.7M | $722.3M | $702.2M | $670.1M | $683.3M | $639.4M | $651.9M | $628.3M | $637.8M | $612.8M | $687.5M | $662.7M |
| Gross profit | $449.0M | $399.1M | $375.2M | $389.8M | $405.0M | $365.7M | $370.2M | $355.4M | $383.9M | $368.4M | $371.0M | $370.5M |
| Research & development | — | — | — | — | — | — | $81.8M | — | — | — | $71.2M | — |
| Sales, general & admin | $224.9M | $210.8M | $183.6M | $206.8M | $210.9M | $196.7M | $187.1M | $186.3M | $208.5M | $198.7M | $188.9M | $187.1M |
| Total operating expenses | $224.9M | $208.6M | $185.9M | $206.3M | $224.1M | $204.2M | $193.2M | $209.9M | $235.1M | $203.4M | $167.0M | $199.0M |
| Operating income | $224.1M | $190.5M | $189.3M | $183.5M | $180.9M | $161.5M | $177.0M | $145.6M | $148.8M | $165.0M | $204.0M | $171.4M |
| Interest expense | $12.5M | $13.4M | $15.3M | $16.5M | $15.0M | $15.1M | $11.4M | $12.0M | $10.7M | $8.8M | $8.7M | $10.8M |
| Income before taxes | $207.9M | $173.4M | $172.7M | $166.0M | $183.6M | $153.2M | $167.1M | $131.9M | $136.6M | $158.5M | $197.0M | $161.4M |
| Income taxes | $49.4M | $37.0M | $36.6M | $43.4M | $40.2M | $34.7M | $26.8M | $31.2M | $34.9M | $35.1M | $40.4M | $32.1M |
| Net income | $158.5M | $136.4M | $136.0M | $122.6M | $143.4M | $118.5M | $140.2M | $100.8M | $101.7M | $123.4M | $156.6M | $129.3M |
| EBITDA | $253.9M | $212.7M | $213.5M | $207.3M | $223.0M | $192.1M | $213.0M | $189.3M | $203.6M | $194.6M | $193.2M | $211.6M |
| EPS (diluted) | $2.93 | $2.50 | $2.65 | $2.47 | $2.60 | $2.16 | $2.57 | $2.14 | $2.34 | $2.23 | $2.45 | $2.40 |
| Gross margin | 36.8% | 35.6% | 34.8% | 36.8% | 37.2% | 36.4% | 36.2% | 36.1% | 37.6% | 37.5% | 35.1% | 35.9% |
| Operating margin | 18.4% | 17.0% | 17.6% | 17.3% | 16.6% | 16.1% | 17.3% | 14.8% | 14.6% | 16.8% | 19.3% | 16.6% |
| Net margin | 13.0% | 12.2% | 12.6% | 11.6% | 13.2% | 11.8% | 13.7% | 10.2% | 10.0% | 12.6% | 14.8% | 12.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in LECO's financial statements (latest annual report filed February 25, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
LECO financial results
In fiscal year 2025 (ended December 31, 2025), Lincoln Electric reported revenue of $4.2 billion, up 5.5% from the year before. It had net income of $520.5 million (up 11.7%), a net profit margin of 12.3%. Diluted earnings per share came to $9.88. Over five years revenue grew at an average rate of 9.8% a year.
See the LECO stock overview for the latest quote and news, or the LECO chart for price history and technical indicators.
LECO income statement FAQ
What is Lincoln Electric's annual revenue?
Lincoln Electric reported total revenue of $4.2 billion for fiscal year 2025, which ended on December 31, 2025. That was up 5.5% from $4.0 billion the previous year.
Is Lincoln Electric profitable?
Yes. Lincoln Electric reported net income of $520.5 million in fiscal 2025, a net profit margin of 12.3%; its operating margin was 16.9%.
What is Lincoln Electric's gross margin?
Lincoln Electric's gross margin was 36.3% in fiscal 2025: for every $100 of revenue, Lincoln Electric kept $36 after the direct cost of its products and services.
How much does Lincoln Electric spend on research and development?
Lincoln Electric spent $85.5 million on research and development in fiscal 2025, 2.0% of revenue.
How fast is Lincoln Electric growing?
Revenue grew 9.8% a year on average over the last five fiscal years, from $2.7 billion to $4.2 billion.
What are Lincoln Electric's earnings per share?
Lincoln Electric earned $9.88 per diluted share in fiscal 2025, compared with $9.28 a year earlier.
When will Lincoln Electric report its next earnings?
Lincoln Electric is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does Lincoln Electric's fiscal year end?
Lincoln Electric's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 25, 2026.