LINCOLN ELECTRIC HOLDINGS INC

Listed Company

LECOCIK 0000059527NasdaqLarge AcceleratedMetalworkg Machinery & EquipmentOhioFY ends Dec 31

Period

FY 2025

Revenue

$4.23B

Net Income

$520.53M

Total Assets

$3.78B

Equity

$1.47B

Shares Out

54.79M

Op. Cash Flow

$661.17M

Business

LINCOLN ELECTRIC HOLDINGS INC designs, develops and manufactures arc welding solutions, automated joining, assembly and cutting systems, and related welding technologies. It offers arc welding equipment, welding, brazing and soldering consumables, plasma and oxyfuel cutting systems, wire feeding and fume control equipment, specialty gas regulators, accessories, education solutions and automated joining, cutting and material handling systems. The company operates through three segments: Americas Welding, International Welding and The Harris Products Group. Its products are sold worldwide through industrial distributors, retailers and direct sales to OEMs and end users.

Summary from filing dated 2025-02-26

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net sales (Note 2)	4,233	4,009	4,192	3,761	3,234
Cost of goods sold	2,699	2,536	2,726	2,480	2,166
Gross profit	1,534	1,473	1,465	1,281	1,069
Selling, general & administrative expenses	798	781	759	657	597
Rationalization and asset impairment net charges (Note 7)	18	56	−11	12	10
Operating income	718	636	718	612	462
Interest expense, net	52	43	44	30	22
Other income (Note 12)	9	473,000	13	10	−114
Income before income taxes	675	594	687	593	325
Income taxes (Note 13)	155	128	142	121	48
Net income	521	466	545	472	277
Basic earnings per share (Note 3)	9.39	8.23	9.5	8.14	4.66
Diluted earnings per share (Note 3)	9.32	8.15	9.37	8.04	4.6
Cash dividends declared per share	3.04	2.88	2.63	2.32	2.09

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	309	377	394	197	193
Accounts receivable (less allowance for doubtful accounts of $11,326 in 2025; $12,674 in 2024)	539	482	539	542	429
Inventories (Note 16)	633	544	563	665	540
Other current assets	259	242	198	154	128
Total Current Assets	1,740	1,645	1,693	1,558	1,290
Property, plant and equipment (Note 1)	703	619	575	545	512
Intangibles, net (Note 5)	250	221	187	203	149
Goodwill (Note 5)	887	805	694	665	430
Deferred income taxes (Note 13)	47	78	45	23	18
Other assets	151	152	183	187	193
TOTAL ASSETS	3,778	3,520	3,377	3,181	2,592
Amounts due to banks (Note 9)	144	11	2	82	52
Trade accounts payable	365	297	325	352	330
Accrued employee compensation and benefits	116	104	112	109	109
Dividends payable	43	42	40	37	33
Other current liabilities	288	325	274	261	231
Current portion of long-term debt (Note 9)	0	100	4,000	11	766,000
Total Current Liabilities	957	879	755	853	756
Long-term debt, less current portion (Note 9)	1,150	1,151	1,103	1,110	717
Deferred income taxes (Note 13)	52	10	13	17	57
Other liabilities	149	153	198	166	199
Total Liabilities	2,308	2,193	2,068	2,147	1,728
Preferred shares, without par value - at stated capital amount; authorized - 5,000,000 shares; issued and outstanding - none	0	0	0	0	0
Common shares, without par value - at stated capital amount; authorized - 240,000,000 shares; issued - 98,581,434 shares in 2025 and 2024; outstanding - 54,845,950 shares in 2025 and 56,211,219 shares in 2024	10	10	10	10	10
Additional paid-in capital	602	567	523	482	451
Retained earnings	4,342	3,993	3,688	3,307	2,970
Accumulated other comprehensive loss (Note 8)	−206	−300	−230	−275	−257
Treasury shares, at cost - 43,735,484 shares in 2025 and 42,370,215 shares in 2024	−3,278	−2,942	−2,683	−2,489	—
Total Equity	1,470	1,327	1,309	1,034	864
TOTAL LIABILITIES AND TOTAL EQUITY	3,778	3,520	3,377	3,181	2,592

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net income	521	466	545	—	—
Rationalization and asset impairment net charges (Note 7)	1	21	5	8	−1
Depreciation and amortization	99	88	87	78	81
Gain on sale of property	0	0	−36	0	0
Deferred income taxes (Note 13)	83	−40	−21	−48	−29
Stock-based compensation	20	24	26	25	24
Pension settlement net charges	719,000	4	0	0	127
Other, net	3	−7	−17	12	−17
(Increase) decrease in accounts receivable	−26	53	15	−65	−66
(Increase) decrease in inventories	−48	25	122	−81	−154
Increase in other current assets	−11	−42	−36	−18	−24
Increase (decrease) in trade accounts payable	56	−27	−32	17	82
(Decrease) increase in other current liabilities	−26	33	10	−8	68
Net change in other assets and liabilities	−11	868,000	−303,000	−8	−2
NET CASH PROVIDED BY OPERATING ACTIVITIES	661	599	668	383	365
Capital expenditures	−127	−117	−91	−72	−63
Acquisition of businesses, net of cash acquired (Note 4)	−138	−253	−33	−436	−156
Proceeds from sale of property, plant and equipment	7	8	49	3	7
Other investing activities	0	320,000	−551,000	159,000	7
NET CASH USED BY INVESTING ACTIVITIES	−257	−361	−75	−505	−205
Proceeds from (payments on) on short-term borrowings	133	8	−80	34	46
Proceeds from long-term borrowings	0	550	0	405	—
Payments on long-term borrowings	−100	−401	−8	0	—
Proceeds from exercise of stock options	12	27	22	6	19
Purchase of shares for treasury	−338	−264	−199	−181	−165
Cash dividends paid to shareholders	−168	−162	−148	−131	−122
Other financing activities	0	−4	0	−438,000	−763,000
NET CASH USED BY FINANCING ACTIVITIES	−462	−245	−412	134	−222
Effect of exchange rate changes on Cash and cash equivalents	−10	−10	16	−8	−2
(DECREASE) INCREASE IN CASH AND CASH EQUIVALENTS	−68	−17	197	4	−64

Filings

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