LECO financial statements

The full income statement, balance sheet, and cash-flow statement for Lincoln Electric Holdings Inc. (LECO), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 56.7M2024-09 56.4M2024-12 56.1M2025-03 55.8M2025-06 55.2M2025-09 55.0M2025-12 54.8M2026-03 54.8M2026-06 54.5M-3.8% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	4.23B YoY+5.6%	4.01B YoY-4.4%	4.19B YoY+11.4%	3.76B YoY+16.3%	3.23B YoY+21.8%
	1.53B YoY+4.2%	1.47B YoY+0.5%	1.47B YoY+14.4%	1.28B YoY+19.9%	1.07B YoY+22.6%
Cost of revenue	2.70B YoY+6.4%	2.54B YoY-7.0%	2.73B YoY+9.9%	2.48B YoY+14.5%	2.17B YoY+21.4%
Research & development	85.5M YoY+4.6%	81.8M YoY+14.9%	71.2M YoY+12.7%	63.2M YoY+12.9%	56.0M YoY+8.9%
Selling, general & administrative	798M YoY+2.2%	781M YoY+2.9%	759M YoY+15.6%	657M YoY+10.0%	597M YoY+9.8%
Restructuring	17.1M YoY-51.2%	35.0M YoY+74.0%	20.1M YoY+444.8%	3.69M YoY-66.1%	10.9M YoY-54.0%
Amortization of intangibles	29.7M YoY+9.8%	27.1M YoY+4.2%	26.0M YoY+18.6%	21.9M YoY+3.6%	21.2M YoY+3.9%
Operating income	718M YoY+12.8%	636M YoY-11.3%	718M YoY+17.2%	612M YoY+32.6%	462M YoY+63.7%
Interest expense	58.4M YoY+10.3%	52.9M YoY+3.5%	51.1M YoY+64.4%	31.1M YoY+30.8%	23.8M YoY-0.7%
Interest & investment income	6.82M YoY-32.7%	10.1M YoY+49.8%	6.76M YoY+320.8%	1.61M YoY+2.6%	1.57M YoY-21.1%
Other non-operating income	9.40M YoY+58.5%	5.93M YoY-61.5%	15.4M YoY+133.8%	6.59M YoY-26.5%	8.96M YoY+75.5%
Equity-method income	1.95M YoY+728.9%	235K YoY-57.7%	556K YoY+463.4%	-153K YoY-130.7%	499K YoY+22.3%
Pre-tax income	675M YoY+13.7%	594M YoY-13.5%	687M YoY+15.9%	593M YoY+82.4%	325M YoY+23.1%
Income tax	155M YoY+21.0%	128M YoY-9.6%	142M YoY+17.4%	121M YoY+149.1%	48.4M YoY-16.4%
	521M YoY+11.7%	466M YoY-14.5%	545M YoY+15.5%	472M YoY+70.7%	277M YoY+34.2%
Net income to non-controlling interest	—	—	—	0.00 YoY-100.0%	114K YoY+293.1%
	$9.32 YoY+14.4%	$8.15 YoY-13.0%	$9.37 YoY+16.5%	$8.04 YoY+74.8%	$4.60 YoY+34.5%
EPS (basic)	$9.39 YoY+14.1%	$8.23 YoY-13.4%	$9.50 YoY+16.7%	$8.14 YoY+74.7%	$4.66 YoY+34.7%
	55.4M YoY-2.2%	56.6M YoY-1.3%	57.4M YoY-1.1%	58.0M YoY-2.2%	59.3M YoY-0.5%
	55.9M YoY-2.3%	57.2M YoY-1.8%	58.2M YoY-0.9%	58.7M YoY-2.2%	60.1M YoY-0.3%
Dividends per share	$3.04 YoY+5.6%	$2.88 YoY+9.5%	$2.63 YoY+13.4%	$2.32 YoY+11.0%	$2.09 YoY+5.6%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.74B YoY+5.7%	1.65B YoY-2.8%	1.69B YoY+8.7%	1.56B YoY+20.8%	1.29B YoY+15.9%
Cash & equivalents	309M YoY-18.1%	377M YoY-4.2%	394M YoY+99.7%	197M YoY+2.2%	193M YoY-25.0%
Accounts receivable	539M YoY+11.8%	482M YoY-10.6%	539M YoY-0.5%	542M YoY+26.2%	429M YoY+14.9%
Inventory	633M YoY+16.4%	544M YoY-3.3%	563M YoY-15.4%	665M YoY+23.3%	540M YoY+41.6%
Prepaid expenses	—	—	—	—	20.6M YoY+5.3%
Other current assets	259M YoY+6.8%	242M YoY+22.5%	198M YoY+28.6%	154M YoY+20.4%	128M YoY+27.2%
	3.78B YoY+7.3%	3.52B YoY+4.2%	3.38B YoY+6.2%	3.18B YoY+22.7%	2.59B YoY+12.0%
Property, plant & equipment	703M YoY+13.5%	619M YoY+7.6%	575M YoY+5.6%	545M YoY+6.5%	512M YoY-2.0%
Operating lease right-of-use	53.0M YoY-2.4%	54.3M YoY+1.9%	53.3M YoY+18.9%	44.8M YoY-6.6%	48.0M YoY+10.1%
Goodwill	887M YoY+10.2%	805M YoY+15.9%	694M YoY+4.4%	665M YoY+54.7%	430M YoY+28.2%
Intangible assets	250M YoY+13.3%	221M YoY+18.4%	187M YoY-7.9%	203M YoY+35.7%	149M YoY+11.1%
Deferred tax assets	47.1M YoY-39.3%	77.6M YoY+71.8%	45.2M YoY+98.0%	22.8M YoY+24.5%	18.3M YoY+8.0%
Other non-current assets	449M YoY+194.9%	152M YoY-16.7%	183M YoY-2.4%	187M YoY-3.1%	193M YoY+0.0%
	957M YoY+8.9%	879M YoY+16.5%	755M YoY-11.5%	853M YoY+12.8%	756M YoY+37.6%
Accounts payable	365M YoY+23.0%	297M YoY-8.9%	325M YoY-7.6%	352M YoY+6.6%	330M YoY+28.7%
Short-term & current debt	0.00 YoY-100.0%	100M YoY+2400.1%	4.00M YoY-63.8%	11.0M YoY+1341.1%	766K YoY+590.1%
Current lease liability	13.5M YoY+2.7%	13.1M YoY+0.0%	13.1M YoY+26.3%	10.4M YoY+1.6%	10.2M YoY-11.2%
Other current liabilities	332M YoY+2.0%	325M YoY+18.7%	274M YoY+4.9%	261M YoY+12.8%	231M YoY+43.5%
	2.31B YoY+5.2%	2.19B YoY+6.0%	2.07B YoY-3.6%	2.15B YoY+24.2%	1.73B YoY+13.4%
Long-term debt	1.15B YoY-0.0%	1.15B YoY+4.3%	1.10B YoY-0.7%	1.11B YoY+54.8%	717M YoY+0.2%
Non-current lease liability	40.1M YoY-4.9%	42.1M YoY+1.3%	41.6M YoY+15.7%	35.9M YoY-7.7%	39.0M YoY+14.6%
Operating lease liability (total)	53.5M YoY-3.1%	55.2M YoY+1.0%	54.7M YoY+18.0%	46.3M YoY-5.8%	49.2M YoY+8.1%
Deferred tax liabilities	52.1M YoY+397.9%	10.5M YoY-20.4%	13.1M YoY-22.8%	17.0M YoY-70.0%	56.7M YoY+21.3%
Other non-current liabilities	201M YoY+31.4%	153M YoY-22.7%	198M YoY+19.1%	166M YoY-16.4%	199M YoY-6.5%
	1.47B YoY+10.7%	1.33B YoY+1.4%	1.31B YoY+26.6%	1.03B YoY+19.7%	864M YoY+9.3%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	9.86M YoY+0.0%	9.86M YoY+0.0%	9.86M YoY+0.0%	9.86M YoY+0.0%	9.86M YoY+0.0%
Additional paid-in capital	602M YoY+6.1%	567M YoY+8.3%	523M YoY+8.6%	482M YoY+6.8%	451M YoY+10.1%
Retained earnings	4.34B YoY+8.7%	3.99B YoY+8.3%	3.69B YoY+11.5%	3.31B YoY+11.3%	2.97B YoY+5.3%
Treasury stock	3.28B YoY+11.4%	2.94B YoY+9.7%	2.68B YoY+7.8%	2.49B YoY+7.7%	2.31B YoY+7.5%
Accumulated other comprehensive income	-206M YoY+31.4%	-300M YoY-30.6%	-230M YoY+16.5%	-275M YoY-7.0%	-257M YoY+14.8%
Non-controlling interest	—	—	—	-99.0K YoY+48.7%	-193K YoY-119.7%
Total equity incl. non-controlling	1.47B YoY+10.7%	1.33B YoY+1.4%	1.31B YoY+26.6%	1.03B YoY+19.7%	864M YoY+9.3%
Total liabilities & equity	3.78B YoY+7.3%	3.52B YoY+4.2%	3.38B YoY+6.2%	3.18B YoY+22.7%	2.59B YoY+12.0%
	98.6M YoY+0.0%	98.6M YoY+0.0%	98.6M YoY+0.0%	98.6M YoY+0.0%	98.6M YoY+0.0%
	54.8M YoY-2.4%	56.2M YoY-1.3%	57.0M YoY-1.1%	57.6M YoY-2.0%	58.8M YoY-1.4%
	54.8M YoY-2.3%	56.1M YoY-1.3%	56.8M YoY-1.3%	57.6M YoY-2.0%	58.7M YoY-1.6%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	661M YoY+10.4%	599M YoY-10.3%	668M YoY+74.1%	383M YoY+5.0%	365M YoY+3.9%
Depreciation & amortization	98.5M YoY+11.7%	88.2M YoY+1.8%	86.7M YoY+11.0%	78.1M YoY-3.8%	81.1M YoY+0.8%
Intangible amortization	29.7M YoY+9.8%	27.1M YoY+4.2%	26.0M YoY+18.6%	21.9M YoY+3.6%	21.2M YoY+3.9%
Share-based compensation	20.3M YoY-15.4%	24.1M YoY-8.3%	26.2M YoY+3.8%	25.3M YoY+6.2%	23.8M YoY+54.6%
Deferred income taxes	83.0M YoY+301.8%	-41.1M YoY-72.3%	-23.9M YoY+50.8%	-48.5M YoY-60.9%	-30.1M YoY-3067.8%
Change in receivables	26.4M YoY+150.0%	-52.8M YoY-252.7%	-15.0M YoY-123.0%	65.0M YoY-1.3%	65.8M YoY+1938.2%
Change in inventory	47.8M YoY+288.5%	-25.4M YoY+79.2%	-122M YoY-250.4%	81.2M YoY-47.4%	154M YoY+778.4%
	-257M YoY+28.8%	-361M YoY-383.4%	-74.7M YoY+85.2%	-505M YoY-145.8%	-205M YoY-317.3%
Capital expenditure	127M YoY+8.9%	117M YoY+28.2%	91.0M YoY+26.6%	71.9M YoY+15.0%	62.5M YoY+5.6%
Free cash flow	534M YoY+10.7%	482M YoY-16.3%	577M YoY+85.1%	312M YoY+3.0%	303M YoY+3.5%
Acquisitions	138M YoY-45.6%	253M YoY+673.3%	32.7M YoY-92.5%	436M YoY+179.5%	156M
Proceeds from sale of PP&E	7.18M YoY-8.0%	7.80M YoY-84.2%	49.5M YoY+1385.9%	3.33M YoY-50.9%	6.78M YoY-11.6%
Other investing activities	0.00 YoY+100.0%	-320K YoY-158.1%	551K YoY+446.5%	-159K YoY+97.6%	-6.50M YoY-180.1%
	-462M YoY-88.8%	-245M YoY+40.7%	-412M YoY-408.4%	134M YoY+160.3%	-222M YoY+9.8%
Long-term debt issued	0.00 YoY-100.0%	550M	0.00 YoY-100.0%	405M	0.00
Long-term debt repaid	100M YoY-75.0%	401M YoY+4841.1%	8.11M	0.00	0.00 YoY-100.0%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	338M YoY+28.3%	264M YoY+32.7%	199M YoY+9.6%	181M YoY+10.2%	165M YoY+45.0%
Dividends paid	168M YoY+3.8%	162M YoY+9.5%	148M YoY+13.2%	131M YoY+7.3%	122M YoY+3.2%
Other financing activities	0.00 YoY+100.0%	-3.92M	0.00 YoY+100.0%	-438K YoY+42.6%	-763K
FX effect on cash	—	—	—	-8.23M YoY-294.1%	-2.09M YoY-222.2%
Net change in cash	-68.5M YoY-314.4%	-16.5M YoY-108.4%	197M YoY+4590.8%	4.19M YoY+106.5%	-64.3M YoY-211.4%
Interest paid	58.8M YoY+14.8%	51.3M YoY+3.8%	49.4M YoY+59.9%	30.9M YoY+30.0%	23.8M YoY-9.8%
Income taxes paid	101M YoY-36.1%	158M YoY-12.7%	181M YoY+18.9%	152M YoY+73.9%	87.3M YoY+47.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	13.1B YoY+24.9%	10.5B YoY-15.5%	12.4B YoY+49.1%	8.34B YoY+1.8%	8.19B YoY+18.1%
P/E	25.2× YoY+11.8%	22.6× YoY-9.7%	25.0× YoY+31.1%	19.1× YoY-35.6%	29.6× YoY-12.0%
P/S	3.1× YoY+18.3%	2.6× YoY-14.3%	3.1× YoY+34.8%	2.3× YoY-10.4%	2.5× YoY-3.0%
P/B	8.9× YoY+12.8%	7.9× YoY-21.9%	10.1× YoY+12.4%	9.0× YoY-4.8%	9.5× YoY+8.0%
P/FCF	24.6× YoY+12.8%	21.8× YoY+0.2%	21.8× YoY-18.3%	26.6× YoY-1.6%	27.1× YoY+14.1%
	4.0% YoY-10.6%	4.4% YoY+10.8%	4.0% YoY-23.7%	5.2% YoY+55.4%	3.4% YoY+13.6%
	4.1% YoY-11.3%	4.6% YoY-0.2%	4.6% YoY+22.4%	3.8% YoY+1.6%	3.7% YoY-12.3%
	1.3% YoY-17.4%	1.5% YoY+27.0%	1.2% YoY-24.7%	1.6% YoY+7.1%	1.5% YoY-12.0%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: LECO's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all LECO filings on SEC EDGAR → Not investment advice.