Huntsman Announces Fourth Quarter 2025 Earnings

Rhea-AI Summary

Huntsman (NYSE: HUN) reported fourth quarter 2025 revenues of $1,355 million, a net loss attributable to Huntsman of $96 million and adjusted EBITDA of $35 million. Fourth-quarter free cash flow from continuing operations was $20 million; full-year operating cash flow was about $298 million.

The company cited weaker average selling prices across segments, lower MDI margins in Polyurethanes, and soft demand in infrastructure coatings as primary drivers of the year-over-year decline in profitability.

Positive

• Operating cash flow of $298 million for 2025
• $1.3 billion combined cash and unused borrowing capacity at year-end
• Full-year adjusted EBITDA of $275 million

Negative

• Fourth-quarter adjusted EBITDA down 51% to $35 million
• Fourth-quarter free cash flow fell to $20 million from $108 million
• Full-year net loss attributable widened to $284 million from $189 million

Key Figures

Q4 2025 revenue: $1,355M Q4 2025 net loss: $96M Q4 2025 adjusted EBITDA: $35M +5 more

8 metrics

Q4 2025 revenue $1,355M Three months ended Dec 31, 2025 vs $1,452M in 2024

Q4 2025 net loss $96M Net loss attributable vs $141M prior-year quarter

Q4 2025 adjusted EBITDA $35M Adjusted EBITDA vs $71M in prior-year quarter

Q4 2025 free cash flow $20M Free cash flow from continuing ops vs $108M in Q4 2024

FY 2025 revenue $5,683M Twelve months ended Dec 31, 2025 vs $6,036M in 2024

FY 2025 adjusted EBITDA $275M Adjusted EBITDA vs $414M for full year 2024

Liquidity ≈$1.3B Combined cash and unused borrowing capacity as of Dec 31, 2025

Net debt $1,582M Net debt excluding affiliates as of Dec 31, 2025

Market Reality Check

Price: $12.35 Vol: Volume 6,604,547 is in li...

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$12.35 Last Close

Volume Volume 6,604,547 is in line with 20-day average 6,381,997 (relative volume 1.03x). normal

Technical Shares at $13.21 are trading above the 200-day MA of $10.52, yet remain 28.71% below the 52-week high and 81.08% above the 52-week low.

Peers on Argus

HUN slipped 0.45% while key peers like BAK, REX, ASPI, and WLKP showed gains and...

1 Down

HUN slipped 0.45% while key peers like BAK, REX, ASPI, and WLKP showed gains and TROX was flat, indicating a stock-specific reaction rather than a chemicals sector move.

Previous Earnings Reports

5 past events · Latest: Jan 07 (Neutral)

Same Type Pattern 5 events

Date	Event	Sentiment	Move	Catalyst
Jan 07	Earnings call notice	Neutral	-1.6%	Announced schedule and access details for Q4 2025 earnings call.
Nov 06	Q3 2025 earnings	Negative	-3.5%	Reported Q3 2025 loss, lower revenues, reduced dividend, and restructuring plans.
Oct 03	Earnings call notice	Neutral	+0.9%	Scheduled Q3 2025 results call and outlined webcast and replay details.
Jul 31	Q2 2025 earnings	Negative	-5.0%	Reported Q2 2025 net loss, lower revenues, and sharply lower adjusted EBITDA.
Jul 03	Earnings call notice	Neutral	-4.1%	Announced timing and access for Q2 2025 earnings release and call.

Pattern Detected

Earnings-related headlines have typically been followed by modestly negative reactions, with an average move of about -2.7% and no clear instances of positive divergence in the last five events.

Recent Company History

Over the past several quarters, Huntsman’s earnings cycle has featured repeated loss-making results, pressured revenues, and declining adjusted EBITDA, alongside restructuring efforts. Q2 and Q3 2025 results showed weaker profitability and dividend reset actions, while call-announcement releases around earnings dates also coincided with mostly negative price reactions. Today’s Q4 2025 report, with lower revenues and adjusted EBITDA versus the prior year but continued focus on cash generation and restructuring, fits into this backdrop of challenging fundamentals and cost-control initiatives.

Historical Comparison

-2.7% avg move · In the past year, Huntsman’s earnings-related headlines have averaged stock moves of -2.7%, with con...

earnings

-2.7%

Average Historical Move earnings

In the past year, Huntsman’s earnings-related headlines have averaged stock moves of -2.7%, with consistently cautious market responses to both results and call announcements.

Across recent quarters, earnings releases have shown recurring losses, revenue pressure, and declining adjusted EBITDA, accompanied by restructuring actions and cost-control measures aimed at stabilizing cash generation.

Market Pulse Summary

This announcement details Q4 and full-year 2025 results, highlighting lower revenues, weaker adjuste...

Analysis

This announcement details Q4 and full-year 2025 results, highlighting lower revenues, weaker adjusted EBITDA, and reduced free cash flow versus 2024, alongside continued net losses. Management emphasizes restructuring progress, disciplined cash management, and sizable liquidity of about $1.3B. Recent earnings history shows similar pressures, with earlier quarters marked by dividend reset and cost-cutting. Investors may watch future quarters for revenue stabilization, margin recovery, and tangible benefits from restructuring initiatives.

Key Terms

adjusted ebitda, free cash flow, mdi, effective tax rate, +2 more

6 terms

adjusted ebitda financial

"fourth quarter 2025 adjusted EBITDA of $35 million compared to $71 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

free cash flow financial

"Free cash flow from continuing operations was $20 million for the fourth quarter 2025"

Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.

mdi technical

"MDI average selling prices decreased primarily due to less favorable supply and demand"

A metered-dose inhaler (MDI) is a small, handheld device that sprays a measured amount of medicine directly into the lungs to treat breathing problems like asthma or other chronic lung conditions. Investors watch MDIs because regulatory approvals, manufacturing capacity, device patents and supply chain reliability determine whether a respiratory drug can be sold at scale; think of the MDI as the product’s delivery packaging — its quality and availability directly affect sales, costs and risk.

effective tax rate financial

"In the fourth quarter of 2025, our effective tax rate was -1% and our adjusted effective tax rate"

The effective tax rate is the percentage of a company's profits that it pays in taxes. It shows how much of its earnings go to taxes after all deductions and credits are considered. For investors, it indicates how much of the company's income is taken by taxes, impacting overall profitability and financial health.

revolving credit facility financial

"entered into a new $800 million senior secured revolving credit facility"

A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.

accounts receivable securitization program financial

"updates the company’s U.S. accounts receivable securitization program by replacing PNC Bank"

An accounts receivable securitization program is a financing arrangement where a company converts its unpaid customer invoices into immediate cash by packaging them and selling the right to collect those payments to investors or a third party. For investors, it matters because the program can boost a company’s short-term cash and reduce borrowing needs, but it also shifts credit risk and can affect reported assets, liabilities and future cash flows—similar to selling a bundle of IOUs to get money now.

AI-generated analysis. Not financial advice.

Fourth Quarter Highlights

• Fourth quarter 2025 net loss attributable to Huntsman of $96 million compared to a net loss of $141 million in the prior year period; fourth quarter 2025 diluted loss per share of $0.56 compared to diluted loss per share $0.82 in the prior year period.
• Fourth quarter 2025 adjusted net loss attributable to Huntsman of $63 million compared to adjusted net loss of $43 million in the prior year period; fourth quarter 2025 adjusted diluted loss per share of $0.37 compared to adjusted diluted loss per share of $0.25 in the prior year period.
• Fourth quarter 2025 adjusted EBITDA of $35 million compared to $71 million in the prior year period.
• Fourth quarter 2025 net cash provided by operating activities from continuing operations was $77 million. Free cash flow from continuing operations was $20 million for the fourth quarter 2025 compared to free cash flow of $108 million in the prior year period.

		Three months ended				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2025		2024		2025		2024
Revenues		$     1,355		$     1,452		$     5,683		$     6,036
Net loss attributable to Huntsman Corporation		$        (96)		$       (141)		$       (284)		$       (189)
Adjusted net loss(1)		$        (63)		$        (43)		$       (121)		$        (13)
Diluted loss per share		$      (0.56)		$      (0.82)		$      (1.65)		$      (1.10)
Adjusted diluted loss per share(1)		$      (0.37)		$      (0.25)		$      (0.70)		$      (0.08)
Adjusted EBITDA(1)		$          35		$          71		$        275		$        414
Net cash provided by operating activities from continuing operations		$          77		$        159		$        298		$        285
Free cash flow from continuing operations(2)		$          20		$        108		$        125		$        101
See end of press release for footnote explanations and reconciliations of non-GAAP measures.

THE WOODLANDS, Texas, Feb. 17, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2025 results with revenues of $1,355 million, net loss attributable to Huntsman of $96 million, adjusted net loss attributable to Huntsman of $63 million and adjusted EBITDA of $35 million. 

Peter R. Huntsman, Chairman, President, and CEO, commented:

"During 2025, there was an exceptional amount of work accomplished by the Company in restructuring our business and generating cash despite the depressed level of earnings. We generated close to $300 million of cash flow from operations in 2025 and our 45% full year free cash flow conversion reflects timely, definitive decisions as we recognized the challenging market landscape early in the year. We remain confident that the economic cycle for chemicals will eventually improve in our core markets, though we recognize that meaningful changes may not occur in the immediate term. We are committed to maintaining a disciplined approach, prioritizing cash management, the balance sheet and controlling our fixed costs to ensure the Company is well-positioned when our markets improve."

Segment Analysis for 4Q25 Compared to 4Q24

Polyurethanes

The decrease in revenues in our Polyurethanes segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased in the Americas and Asia regions. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins.

Performance Products

The decrease in revenues in our Performance Products segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices. Average selling prices decreased primarily due to competitive pressures. Sales volumes were relatively stable. The decrease in segment adjusted EBITDA was primarily due to lower revenues and an unfavorable impact from reduced inventory, partially offset by lower fixed costs.

Advanced Materials

The decrease in revenues in our Advanced Materials segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased in our infrastructure coatings and general industry segments due to soft demand. Average selling prices increased primarily due to the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Segment adjusted EBITDA was slightly lower primarily due to decreased sales volumes.

Liquidity and Capital Resources

During the three months ended December 31, 2025, our free cash flow from continuing operations was $20 million as compared to $108 million in the same period of 2024. As of December 31, 2025, we had approximately $1.3 billion of combined cash and unused borrowing capacity.

During the three months ended December 31, 2025, we spent $57 million on capital expenditures from continuing operations as compared to $51 million in the same period of 2024. During 2026, we expect similar capital expenditure levels as to the 2025 year.

Income Taxes

In the fourth quarter of 2025, our effective tax rate was -1% and our adjusted effective tax rate was -14%.

Earnings Conference Call Information

We will hold a conference call to discuss our fourth quarter 2025 financial results on Wednesday, February 18, 2026, at 10:00 a.m. ET.

Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IMeg0PNW

Participant dial-in numbers:
Domestic callers:                     (877) 402-8037
International callers:                (201) 378-4913

The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.

Upcoming Conferences

During the first quarter 2026, a member of management is expected to present at:
Bank of America Securities 2026 Global Agriculture and Materials Conference, February 25, 2026  
Alembic Materials and Industrials Conference, March 4-6, 2026

A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.

 

Table 1 – Results of Operations
		Three months ended				Twelve months ended
		December 31,				December 31,
In millions, except per share amounts		2025		2024		2025		2024
Revenues		$     1,355		$     1,452		$     5,683		$     6,036
Cost of goods sold		1,191		1,264		4,932		5,170
Gross profit		164		188		751		866
Operating expenses:
Selling, general and administrative		181		166		670		671
Research and development		26		30		120		121
Restructuring, impairment and plant closing costs		11		19		148		39
Income associated with litigation matter, net		-		-		(33)		-
Gain on acquisition of assets, net		-		-		(5)		(51)
Prepaid asset write-off		-		-		-		71
Loss on dissolution of subsidiaries		-		39		-		39
Other operating expense (income), net		5		(3)		(18)		1
Total operating expenses		223		251		882		891
Operating loss		(59)		(63)		(131)		(25)
Interest expense, net		(19)		(19)		(79)		(79)
Equity in income of investment in unconsolidated affiliates		4		2		4		44
Other income (expense), net		1		(1)		14		21
Loss from continuing operations before income taxes		(73)		(81)		(192)		(39)
Income tax expense		(1)		(29)		(26)		(61)
Loss from continuing operations		(74)		(110)		(218)		(100)
Loss from discontinued operations, net of tax		(8)		(15)		(9)		(27)
Net loss		(82)		(125)		(227)		(127)
Net income attributable to noncontrolling interests		(14)		(16)		(57)		(62)
Net loss attributable to Huntsman Corporation		$        (96)		$       (141)		$       (284)		$       (189)
Adjusted EBITDA(1)		$          35		$          71		$        275		$        414
Adjusted net loss (1)		$        (63)		$        (43)		$       (121)		$        (13)
Basic loss per share		$      (0.56)		$      (0.82)		$      (1.65)		$      (1.10)
Diluted loss per share		$      (0.56)		$      (0.82)		$      (1.65)		$      (1.10)
Adjusted diluted loss per share(1)		$      (0.37)		$      (0.25)		$      (0.70)		$      (0.08)
Common share information:
Basic weighted average shares		173		172		173		172
Diluted weighted average shares		173		172		173		172
Diluted shares for adjusted diluted loss per share		173		172		173		172
See end of press release for footnote explanations.

 

Table 2 – Results of Operations by Segment
		Three months ended						Twelve months ended
		December 31,				(Worse) /		December 31,				(Worse) /
In millions		2025		2024		better		2025		2024		better
Segment revenues:
Polyurethanes		$        897		$        970		(8 %)		$     3,697		$     3,900		(5 %)
Performance Products		224		239		(6 %)		997		1,109		(10 %)
Advanced Materials		243		254		(4 %)		1,021		1,055		(3 %)
Total reportable segments' revenues		1,364		1,463		(7 %)		5,715		6,064		(6 %)
Intersegment eliminations		(9)		(11)		n/m		(32)		(28)		n/m
Total revenues		$     1,355		$     1,452		(7 %)		$     5,683		$     6,036		(6 %)
Segment adjusted EBITDA(1):
Polyurethanes		$          25		$          50		(50 %)		$        146		$        245		(40 %)
Performance Products		16		23		(30 %)		107		153		(30 %)
Advanced Materials		36		37		(3 %)		161		179		(10 %)
n/m = not meaningful
See end of press release for footnote explanations.

 

Table 3 – Factors Impacting Sales Revenue
		Three months ended
		December 31, 2025 vs. 2024
		Average selling price(a)
		Local		Exchange		Sales
		currency & mix		rate		volume(b)		Total
Polyurethanes		(11 %)		1 %		2 %		(8 %)
Performance Products		(6 %)		1 %		(1 %)		(6 %)
Advanced Materials		1 %		2 %		(7 %)		(4 %)
Combined segments		(8 %)		1 %		0 %		(7 %)
		Twelve months ended
		December 31, 2025 vs. 2024
		Average selling price(a)
		Local		Exchange		Sales
		currency & mix		rate		volume(b)		Total
Polyurethanes		(7 %)		0 %		2 %		(5 %)
Performance Products		(1 %)		0 %		(9 %)		(10 %)
Advanced Materials		(2 %)		1 %		(2 %)		(3 %)
Combined segments		(5 %)		0 %		(1 %)		(6 %)
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.

 

Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
						Income tax				Net				Diluted (loss) income
		EBITDA				and other expense				loss				per share
		Three months ended				Three months ended				Three months ended				Three months ended
		December 31,				December 31,				December 31,				December 31,
In millions, except per share amounts		2025		2024		2025		2024		2025		2024		2025		2024
Net loss		$         (82)		$       (125)						$         (82)		$       (125)		$      (0.48)		$      (0.73)
Net income attributable to noncontrolling interests		(14)		(16)						(14)		(16)		(0.08)		(0.09)
Net loss attributable to Huntsman Corporation		(96)		(141)						(96)		(141)		(0.56)		(0.82)
Interest expense, net from continuing operations		19		19
Income tax expense from continuing operations		1		29		$           (1)		$         (29)
Income tax benefit from discontinued operations		(1)		(3)
Depreciation and amortization from continuing operations		73		75
Business acquisition and integration expenses and purchase accounting inventory adjustments, net		1		-		-		(1)		1		(1)		0.01		(0.01)
EBITDA / Loss from discontinued operations		9		18		N/A		N/A		8		15		0.05		0.09
Establishment of significant deferred tax asset valuation allowances, net		-		-		-		23		-		23		-		0.13
Loss on sale of business/assets		3		-		(1)		(3)		2		(3)		0.01		(0.02)
Loss on dissolution of subsidiaries		-		39		-		-		-		39		-		0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments		-		-		-		1		-		1		-		0.01
Certain legal and other settlements and related expenses, net		2		-		-		(4)		2		(4)		0.01		(0.02)
Amortization of pension and postretirement actuarial losses		12		14		-		(4)		12		10		0.07		0.06
Restructuring, impairment and plant closing and transition costs		12		21		(4)		(3)		8		18		0.05		0.10
Adjusted(1)		$          35		$          71		$           (6)		$         (20)		(63)		(43)		$      (0.37)		$      (0.25)
Adjusted income tax expense(1)										6		20
Net income attributable to noncontrolling interests										14		16
Adjusted pre-tax loss (1)										$         (43)		$           (7)
Adjusted effective tax rate(3)										(14 %)		N/M
Effective tax rate										(1 %)		(36 %)
						Income tax				Net				Diluted (loss) income
		EBITDA				and other expense				loss				per share
		Twelve months ended				Twelve months ended				Twelve months ended				Twelve months ended
		December 31,				December 31,				December 31,				December 31,
In millions, except per share amounts		2025		2024		2025		2024		2025		2024		2025		2024
Net loss		$       (227)		$       (127)						$       (227)		$       (127)		$      (1.32)		$      (0.74)
Net income attributable to noncontrolling interests		(57)		(62)						(57)		(62)		(0.33)		(0.36)
Net loss attributable to Huntsman Corporation		(284)		(189)						(284)		(189)		(1.65)		(1.10)
Interest expense, net from continuing operations		79		79
Income tax expense from continuing operations		26		61		$         (26)		$         (61)
Income tax benefit from discontinued operations(3)		-		(11)
Depreciation and amortization from continuing operations		287		289
Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments		(4)		21		-		(17)		(4)		4		(0.02)		0.02
EBITDA / Loss from discontinued operations(3)		9		38		N/A		N/A		9		27		0.05		0.16
Establishment of significant deferred tax asset valuation allowances, net		-		-		1		23		1		23		0.01		0.13
Income tax settlement related to U.S. Tax Reform Act		-		-		-		5		-		5		-		0.03
Loss on sale of business/assets		5		1		(1)		-		4		1		0.02		0.01
Loss on dissolution of subsidiaries		-		39		-		-		-		39		-		0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments		-		(12)		-		3		-		(9)		-		(0.05)
Certain legal and other settlements and related (income) expenses, net		(30)		13		7		(3)		(23)		10		(0.13)		0.06
Amortization of pension and postretirement actuarial losses		34		39		(4)		(3)		30		36		0.17		0.21
Restructuring, impairment and plant closing and transition costs		153		46		(7)		(6)		146		40		0.85		0.23
Adjusted(1)		$        275		$        414		$         (30)		$         (59)		(121)		(13)		$      (0.70)		$      (0.08)
Adjusted income tax expense(1)										30		59
Net income attributable to noncontrolling interests										57		62
Adjusted pre-tax (loss) income(1)										$         (34)		$        108
Adjusted effective tax rate(4)										(88 %)		55 %
Effective tax rate										(14 %)		(156 %)
N/M = not meaningful
N/A = not applicable
See end of press release for footnote explanations.

 

Table 5 – Balance Sheets
		December 31,		December 31,
In millions		2025		2024
Cash		$               429		$               340
Accounts and notes receivable, net		677		725
Inventories		818		917
Prepaid expenses		94		114
Other current assets		46		29
Property, plant and equipment, net		2,486		2,493
Other noncurrent assets		2,465		2,496
Total assets		$            7,015		$            7,114
Accounts payable		$               721		$               770
Other current liabilities		515		470
Current portion of debt		353		325
Long-term debt		1,658		1,510
Other noncurrent liabilities		811		876
Huntsman Corporation stockholders' equity		2,750		2,959
Noncontrolling interests in subsidiaries		207		204
Total liabilities and equity		$            7,015		$            7,114

 

Table 6 – Outstanding Debt
		December 31,		December 31,
In millions		2025		2024
Debt:
Revolving credit facility		$               343		$                  -
Senior notes		1,488		1,799
Accounts receivable programs		152		-
Variable interest entities		7		16
Other debt		21		20
Total debt - excluding affiliates		2,011		1,835
Total cash		429		340
Net debt - excluding affiliates(4)		$            1,582		$            1,495
See end of press release for footnote explanations.

 

Table 7 – Summarized Statements of Cash Flows
		Three months ended				Twelve months ended
		December 31,				December 31,
In millions		2025		2024		2025		2024
Total cash at beginning of period		$            468		$            330		$            340		$            540
Net cash provided by operating activities from continuing operations		77		159		298		285
Net cash used in operating activities from discontinued operations		(1)		(6)		(9)		(22)
Net cash used in investing activities		(58)		(39)		(132)		(126)
Net cash used in financing activities		(62)		(95)		(76)		(326)
Effect of exchange rate changes on cash		5		(9)		8		(11)
Total cash at end of period		$            429		$            340		$            429		$            340
Free cash flow from continuing operations(2):
Net cash provided by operating activities from continuing operations		$              77		$            159		$            298		$            285
Capital expenditures		(57)		(51)		(173)		(184)
Free cash flow from continuing operations(2)		$              20		$            108		$            125		$            101
Supplemental cash flow information:
Cash paid for interest		$             (37)		$             (22)		$             (86)		$             (77)
Cash paid for income taxes		(19)		(30)		(98)		(90)
Cash paid for restructuring and integration		(11)		(3)		(29)		(29)
Cash paid for pensions		(8)		(9)		(33)		(35)
Depreciation and amortization from continuing operations		73		75		287		289
Change in primary working capital:
Accounts and notes receivable		$              97		$              79		$              71		$                7
Inventories		19		60		133		(77)
Accounts payable		15		48		(88)		69
Total change in primary working capital		$            131		$            187		$            116		$              (1)
See end of press release for footnote explanations.

 

Footnotes
(1)	We use adjusted EBITDA to measure the operating performance of our business and for planning and evaluating the performance of our business segments.  We provide adjusted net income (loss) because we feel it provides meaningful insight for the investment community into the performance of our business.  We believe that net income (loss) is the performance measure calculated and presented in accordance with generally accepted accounting principles in the U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted net income (loss).  Additional information with respect to our use of each of these financial measures follows:
	Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss) per share, as used herein, are not necessarily comparable to other similarly titled measures of other companies.
	Adjusted EBITDA is computed by eliminating the following from net income (loss):  (a) net income attributable to noncontrolling interests; (b) interest expense, net; (c) income taxes; (d) depreciation and amortization; (e) amortization of pension and postretirement actuarial losses; (f) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted EBITDA in Table 4 above.
	Adjusted net income (loss) and adjusted diluted income (loss) per share are computed by eliminating the after tax impact of the following items from net income (loss): (a) net income attributable to noncontrolling interests; (b) amortization of pension and postretirement actuarial losses; (c) restructuring, impairment and plant closing and transition costs; and further adjusted for certain other items set forth in the reconciliation of net income (loss) to adjusted net income (loss) in Table 4 above.  The income tax impacts, if any, of each adjusting item represent a ratable allocation of the total difference between the unadjusted tax expense and the total adjusted tax expense, computed without consideration of any adjusting items using a with and without approach.
	We may disclose forward-looking adjusted EBITDA because we cannot adequately forecast certain items and events that may or may not impact us in the near future, such as business acquisition and integration expenses and purchase accounting inventory adjustments, net, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, including tax law changes not yet enacted. Each of such adjustment has not yet occurred, is out of our control and/or cannot be reasonably predicted. In our view, our forward-looking adjusted EBITDA represents the forecast net income on our underlying business operations but does not reflect any adjustments related to the items noted above that may occur and can cause our adjusted EBITDA to differ.
(2)	We believe free cash flow is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses free cash flow measure to: (a) evaluate our liquidity, (b) evaluate strategic investments, (c) plan stock buyback and dividend levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by (used in) operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.
(3)	We believe the adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses' operational profitability and that may obscure underlying business results and trends. In our view, effective tax rate is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. The reconciliation of historical adjusted effective tax rate and effective tax rate is set forth in Table 4 above. Please see the reconciliation of our net income to adjusted net income in Table 4 for details regarding the tax impacts of our non-GAAP adjustments.
(4)	Net debt is a measure we use to monitor how much debt we have after taking into account our total cash. We use it as an indicator of our overall financial position, and calculate it by taking our total debt, including the current portion, and subtracting total cash.

About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.

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Forward-Looking Statements: 
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.

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SOURCE Huntsman Corporation

FAQ

What were Huntsman (HUN) fourth quarter 2025 revenues and net loss?

Huntsman reported fourth-quarter 2025 revenues of $1,355 million and a net loss attributable of $96 million. According to the company, weaker selling prices and lower MDI margins drove the year-over-year decline in profitability.

Why did Huntsman (HUN) adjusted EBITDA decline in Q4 2025?

Adjusted EBITDA fell to $35 million in Q4 2025 primarily due to lower average selling prices and narrower MDI margins. According to the company, volume gains in some regions did not offset margin compression across segments.

How did Huntsman (HUN) free cash flow perform in Q4 2025 and full year?

Huntsman generated $20 million free cash flow in Q4 2025 and $125 million for the full year from continuing operations. According to the company, restructuring and cash management efforts supported full-year operating cash flow of about $298 million.

What is Huntsman (HUN) liquidity position at December 31, 2025?

Huntsman had approximately $1.3 billion of combined cash and unused borrowing capacity at year-end. According to the company, this liquidity supports disciplined capital allocation and near-term operations amid weak market conditions.

What drove segment performance for Huntsman (HUN) in Q4 2025?

Polyurethanes saw lower average selling prices and MDI margin pressure; Performance Products faced competitive price declines; Advanced Materials had lower volumes. According to the company, foreign exchange partially offset price weakness in Advanced Materials.