Lincoln Electric delivered a record second quarter of 2026 that marked a clear inflection to volume growth after nine quarters of compression. Net sales rose 12% to $1.22 billion (organic up 10%, with ~8% price, 2% volume, 1.5% from the Alloy Steel acquisition, and 40 bps of FX), adjusted operating income grew 15% with margin up 50 basis points to 18.4% (22% incremental margin), adjusted EPS rose 13% to $2.93, and GAAP diluted EPS rose 12.5% to $2.88 on net income of $158.5 million. The company generated record operating cash flow of $254 million (138% conversion in the quarter, 95% year-to-date), improved adjusted ROIC to 23%, and returned $120 million to shareholders. Growth was led by a broadening Americas industrial recovery, with Americas Welding sales up 11% and EBIT up 15% (margin +110 bps to 19.7%), general fabrication up over 30%, energy up nearly 30%, record backlog, and accelerating automation demand ($229 million of automation sales). The softer spots were International Welding, where adjusted EBIT fell 13% on a ~5% volume decline in weak European markets, gross margin compression of 50 basis points (a $4.2 million LIFO charge, mix, and persistent inflation), challenged Harris Products Group volumes despite 27% price-led sales growth, and a resuming Middle East conflict now estimated at a $6-$7 million per-quarter headwind. Management raised full-year net sales growth guidance to a low-double-digit rate (organic high-single- to low-double-digit, roughly one-third volume and two-thirds price), targeted price-cost neutrality and mid-20% incremental margins in the second half, and reaffirmed a steady RISE-strategy path to 100-125 basis points of enterprise-initiative margin improvement through 2030.