Huntsman Announces Third Quarter 2026 Earnings
Nine-month free cash flow turned negative despite higher revenue and a narrower net loss.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
Huntsman (NYSE: HUN) reported a third-quarter 2026 net loss of $18 million, narrowing its loss from a year earlier. Revenue rose 18% to $1,717 million from $1,460 million. Diluted loss per share narrowed to $0.10 from $0.14. Adjusted net income was $7 million versus a $5 million loss, while adjusted EBITDA rose to $132 million from $94 million.
Operating cash flow from continuing operations fell to $115 million from $200 million; free cash flow declined to $82 million from $157 million. All three segments increased quarterly revenue and adjusted EBITDA. Shareholders approved the Olin merger on August 25, 2026, and U.S. regulatory clearance followed in September. Huntsman expects closing in the first quarter of 2027, with approvals still needed in remaining jurisdictions. The company expects net debt leverage of approximately four times by year-end.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointThird-quarter revenue increased 18% to $1,717 million from $1,460 million a year earlier.
- Moderate pointThird-quarter adjusted EBITDA increased to $132 million from $94 million a year earlier.
- Moderate pointOlin merger received shareholder approval on August 25, 2026 and regulatory clearances, including U.S. clearance in September.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Huntsman expects net debt leverage to decline to approximately four times by year-end.
- Minor pointThird-quarter attributable net loss narrowed to $18 million from $25 million a year earlier.
30 minor points
- Minor pointThird-quarter diluted loss per share narrowed to $0.10 from $0.14 a year earlier.
- Minor pointThird-quarter adjusted net income reached $7 million, versus a $5 million loss a year earlier.
- Minor pointThird-quarter adjusted diluted earnings reached $0.04 per share, versus a $0.03 loss a year earlier.
- Minor pointThird-quarter gross profit increased to $237 million from $204 million a year earlier.
- Minor pointThird-quarter operating income increased to $39 million from $6 million a year earlier.
- Minor pointPolyurethanes third-quarter revenue rose 21% to $1,152 million year over year.
- Minor pointPolyurethanes third-quarter adjusted EBITDA rose 56% to $75 million year over year.
- Minor pointPerformance Products third-quarter revenue rose 6% to $260 million year over year.
- Minor pointPerformance Products third-quarter adjusted EBITDA rose 7% to $31 million year over year.
- Minor pointAdvanced Materials third-quarter revenue rose 18% to $314 million year over year.
- Minor pointAdvanced Materials third-quarter adjusted EBITDA rose 41% to $62 million year over year.
- Minor pointThird-quarter capital expenditures declined to $33 million from $43 million a year earlier.
- Minor pointThird-quarter restructuring, impairment and plant closing costs fell to $4 million from $12 million.
- Minor pointThird-quarter research and development expense declined to $27 million from $29 million a year earlier.
- Minor pointNine-month revenue rose 11% to $4,800 million from $4,328 million a year earlier.
- Minor pointNine-month attributable net loss narrowed to $77 million from $188 million a year earlier.
- Minor pointNine-month diluted loss per share narrowed to $0.44 from $1.09 a year earlier.
- Minor pointNine-month adjusted net loss narrowed to $28 million from $58 million a year earlier.
- Minor pointNine-month adjusted diluted loss per share narrowed to $0.16 from $0.34 a year earlier.
- Minor pointNine-month adjusted EBITDA increased to $325 million from $240 million a year earlier.
- Minor pointNine-month gross profit increased to $665 million from $587 million a year earlier.
- Minor pointNine-month operating income reached $60 million, versus a $72 million loss a year earlier.
- Minor pointPolyurethanes nine-month revenue rose 13% to $3,154 million year over year.
- Minor pointPolyurethanes nine-month adjusted EBITDA rose 49% to $180 million year over year.
- Minor pointPerformance Products nine-month adjusted EBITDA rose 3% to $94 million year over year.
- Minor pointAdvanced Materials nine-month revenue rose 16% to $906 million year over year.
- Minor pointAdvanced Materials nine-month adjusted EBITDA rose 37% to $171 million year over year.
- Minor pointNine-month restructuring, impairment and plant closing costs fell to $19 million from $137 million.
- Minor pointNine-month research and development expense declined to $84 million from $94 million a year earlier.
- Minor pointGomet business sale generated a nine-month net gain of $22 million.
Negative
- Moderate pointNine-month operating cash flow from continuing operations fell to $2 million from $221 million a year earlier.
- Moderate pointNine-month free cash flow turned negative at $99 million, versus positive $105 million a year earlier.
- Moderate point. Forward-looking: it has not happened yet and may not happen.Olin merger remains subject to regulatory approvals in remaining jurisdictions; Huntsman now expects first-quarter 2027 closing.
- Minor pointThird-quarter operating cash flow from continuing operations fell to $115 million from $200 million a year earlier.
- Minor pointThird-quarter free cash flow declined to $82 million from $157 million a year earlier.
11 minor points
- Minor pointThird-quarter net interest expense increased to $23 million from $20 million a year earlier.
- Minor pointNine-month net interest expense increased to $67 million from $60 million a year earlier.
- Minor pointThird-quarter income tax expense increased to $28 million from $3 million a year earlier.
- Minor pointNine-month income tax expense increased to $56 million from $25 million a year earlier.
- Minor pointThird-quarter selling, general and administrative expense increased to $168 million from $163 million a year earlier.
- Minor pointNine-month selling, general and administrative expense increased to $514 million from $489 million a year earlier.
- Minor pointPerformance Products third-quarter sales volume declined 1% year over year.
- Minor pointPerformance Products nine-month sales volume declined 2% year over year.
- Minor pointPerformance Products nine-month revenue declined to $771 million from $773 million a year earlier.
- Minor pointPolyurethanes third-quarter earnings improvement was partially offset by higher raw materials costs.
- Minor pointPerformance Products faced higher raw materials and logistics costs in the third quarter.
News Explained
As of
Key Figures
- Revenue
- $1,717 million vs. $1,460 million
- Third quarter 2026 vs. prior-year period
- Net loss attributable to Huntsman
- $18 million loss vs. $25 million loss
- Third quarter 2026 vs. prior-year period
- Adjusted net income (loss)
- $7 million income vs. $5 million loss
- Third quarter 2026 vs. prior-year period
- Adjusted diluted income (loss) per share
- $0.04 income per share vs. $0.03 loss per share
- Third quarter 2026 vs. prior-year period
- Adjusted EBITDA
- $132 million vs. $94 million
- Third quarter 2026 vs. prior-year period
- Net cash provided by operating activities
- $115 million vs. $200 million
- Continuing operations, third quarter 2026 vs. prior-year period
- Free cash flow
- $82 million vs. $157 million
- Third quarter 2026 vs. prior-year period
- Expected merger close
- First quarter 2027
- Company expectation; approvals from remaining jurisdictions are pending
Previous Earnings Reports
-
Q2 adjusted EBITDA rose, while operating and free cash flow were negative.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
AI-generated analysis. How Rhea-AI works. Not financial advice.
Third Quarter Highlights
- Third quarter 2026 net loss attributable to Huntsman of
$18 million $25 million $0.10 $0.14 - Third quarter 2026 adjusted net income attributable to Huntsman of
$7 million $5 million $0.04 $0.03 - Third quarter 2026 adjusted EBITDA of
$132 million $94 million - Third quarter 2026 net cash provided by operating activities from continuing operations was
$115 million $82 million $157 million - On August 25, 2026, Huntsman shareholders approved the merger of equals with Olin Corporation. Once the merger is completed, the combined OlinHuntsman will trade under a new ticker, NYSE: OHN.
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
|
September 30, |
|
September 30, |
||||
|
In millions, except per share amounts |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ 1,717 |
|
$ 1,460 |
|
$ 4,800 |
|
$ 4,328 |
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Huntsman Corporation |
|
$ (18) |
|
$ (25) |
|
$ (77) |
|
$ (188) |
|
Adjusted net income (loss)(1) |
|
$ 7 |
|
$ (5) |
|
$ (28) |
|
$ (58) |
|
|
|
|
|
|
|
|
|
|
|
Diluted loss per share |
|
$ (0.10) |
|
$ (0.14) |
|
$ (0.44) |
|
$ (1.09) |
|
Adjusted diluted income (loss) per share(1) |
|
$ 0.04 |
|
$ (0.03) |
|
$ (0.16) |
|
$ (0.34) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
$ 132 |
|
$ 94 |
|
$ 325 |
|
$ 240 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities from continuing operations |
|
$ 115 |
|
$ 200 |
|
$ 2 |
|
$ 221 |
|
Free cash flow(2) |
|
$ 82 |
|
$ 157 |
|
$ (99) |
|
$ 105 |
|
|
|
|
|
|
|
|
|
|
|
See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
|
|
|
|
|
|
|
|
Peter R. Huntsman, Chairman, President, and CEO, commented:
"Our Company continues to perform solidly despite significant macroeconomic and industry challenges. Year-over-year improvement was driven by higher volumes, stronger margins, and cost savings. Better results and cash flow are expected to reduce net debt leverage to approximately 4 times by year-end, a significant improvement from the beginning of the year. These gains reflect our associates' hard work and disciplined execution to grow volumes, lower costs, and generate cash.
"Our planned merger of equals with Olin Corporation reached several milestones during the quarter, including shareholder approval on August 25, 2026, and regulatory clearance in multiple jurisdictions, including
Segment Analysis for 3Q26 Compared to 3Q25
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics and higher raw materials costs. MDI sales volumes increased in the
Performance Products
The increase in revenues in our Performance Products segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices. Average selling prices increased primarily due to higher raw materials and logistics costs and favorable sales mix. Sales volumes remained relatively unchanged. The increase in segment adjusted EBITDA was primarily due to higher average selling prices and improved margins.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and higher average selling prices. Sales volumes increased primarily in our aerospace, automotive and power markets. Average selling prices increased primarily due to favorable sales mix. The increase in segment adjusted EBITDA was primarily due to higher sales volumes.
Liquidity and Capital Resources
During the three months ended September 30, 2026, our free cash flow was
During the three months ended September 30, 2026, we spent
Income Taxes
In the third quarter of 2026, our effective tax rate was
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2026 financial results on Tuesday, November 3, 2026, at 9:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=oRyBrBjV
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 fourth quarter 2026, a member of management is expected to present at:
Morgan Stanley Global Chemicals & Agriculture Conference, November 10, 2026
RBC Global Industrials Conference, November 17, 2026
Citi's Basic Materials Conference, December 1, 2026
Bank of America Leveraged Finance Conference, December 2, 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 |
|
Nine months ended |
||||
|
|
|
September 30, |
|
September 30, |
||||
|
In millions, except per share amounts |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Revenues |
|
$ 1,717 |
|
$ 1,460 |
|
$ 4,800 |
|
$ 4,328 |
|
Cost of goods sold |
|
1,480 |
|
1,256 |
|
4,135 |
|
3,741 |
|
Gross profit |
|
237 |
|
204 |
|
665 |
|
587 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
Selling, general and administrative |
|
168 |
|
163 |
|
514 |
|
489 |
|
Research and development |
|
27 |
|
29 |
|
84 |
|
94 |
|
Restructuring, impairment and plant closing costs |
|
4 |
|
12 |
|
19 |
|
137 |
|
Gain on sale of Gomet business, net |
|
- |
|
- |
|
(22) |
|
- |
|
Gain on acquisition of assets, net |
|
- |
|
- |
|
- |
|
(5) |
|
Income associated with litigation matter, net |
|
- |
|
- |
|
- |
|
(33) |
|
Other operating (income) expense, net |
|
(1) |
|
(6) |
|
10 |
|
(23) |
|
Total operating expenses |
|
198 |
|
198 |
|
605 |
|
659 |
|
Operating income (loss) |
|
39 |
|
6 |
|
60 |
|
(72) |
|
Interest expense, net |
|
(23) |
|
(20) |
|
(67) |
|
(60) |
|
Equity in income of investment in unconsolidated affiliates |
|
7 |
|
1 |
|
17 |
|
- |
|
Other income, net |
|
3 |
|
6 |
|
13 |
|
13 |
|
Income (loss) from continuing operations before income taxes |
|
26 |
|
(7) |
|
23 |
|
(119) |
|
Income tax expense |
|
(28) |
|
(3) |
|
(56) |
|
(25) |
|
Loss from continuing operations |
|
(2) |
|
(10) |
|
(33) |
|
(144) |
|
Loss from discontinued operations, net of tax |
|
(3) |
|
(1) |
|
(6) |
|
(1) |
|
Net loss |
|
(5) |
|
(11) |
|
(39) |
|
(145) |
|
Net income attributable to noncontrolling interests |
|
(13) |
|
(14) |
|
(38) |
|
(43) |
|
Net loss attributable to Huntsman Corporation |
|
$ (18) |
|
$ (25) |
|
$ (77) |
|
$ (188) |
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA(1) |
|
$ 132 |
|
$ 94 |
|
$ 325 |
|
$ 240 |
|
Adjusted net income (loss)(1) |
|
$ 7 |
|
$ (5) |
|
$ (28) |
|
$ (58) |
|
|
|
|
|
|
|
|
|
|
|
Basic loss per share |
|
$ (0.10) |
|
$ (0.14) |
|
$ (0.44) |
|
$ (1.09) |
|
Diluted loss per share |
|
$ (0.10) |
|
$ (0.14) |
|
$ (0.44) |
|
$ (1.09) |
|
Adjusted diluted income (loss) per share(1) |
|
$ 0.04 |
|
$ (0.03) |
|
$ (0.16) |
|
$ (0.34) |
|
|
|
|
|
|
|
|
|
|
|
Common share information: |
|
|
|
|
|
|
|
|
|
Basic weighted average shares |
|
173 |
|
173 |
|
173 |
|
173 |
|
Diluted weighted average shares |
|
173 |
|
173 |
|
173 |
|
173 |
|
Diluted shares for adjusted diluted income (loss) per share |
|
174 |
|
173 |
|
173 |
|
173 |
|
|
|
|
|
|
|
|
|
|
|
See end of press release for footnote explanations. |
|
|
|
|
|
|
|
|
|
Table 2 -- Results of Operations by Segment |
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
|
Nine months ended |
|
|
||||
|
|
|
September 30, |
|
Better / |
|
September 30, |
|
Better / |
||||
|
In millions |
|
2026 |
|
2025 |
|
(worse) |
|
2026 |
|
2025 |
|
(worse) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
|
$ 1,152 |
|
$ 956 |
|
21 % |
|
$ 3,154 |
|
$ 2,800 |
|
13 % |
|
Performance Products |
|
260 |
|
246 |
|
6 % |
|
771 |
|
773 |
|
(0 %) |
|
Advanced Materials |
|
314 |
|
265 |
|
18 % |
|
906 |
|
778 |
|
16 % |
|
Total reportable segments' revenues |
|
1,726 |
|
1,467 |
|
18 % |
|
4,831 |
|
4,351 |
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Intersegment eliminations |
|
(9) |
|
(7) |
|
N/M |
|
(31) |
|
(23) |
|
N/M |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total revenues |
|
$ 1,717 |
|
$ 1,460 |
|
18 % |
|
$ 4,800 |
|
$ 4,328 |
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment adjusted EBITDA(1): |
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
|
$ 75 |
|
$ 48 |
|
56 % |
|
$ 180 |
|
$ 121 |
|
49 % |
|
Performance Products |
|
31 |
|
29 |
|
7 % |
|
94 |
|
91 |
|
3 % |
|
Advanced Materials |
|
62 |
|
44 |
|
41 % |
|
171 |
|
125 |
|
37 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press release for footnote explanations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 3 -- Factors Impacting Sales Revenue |
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
|
||||||
|
|
|
September 30, 2026 vs. 2025 |
|
|
||||||
|
|
|
Average selling price(a) |
|
|
|
|
|
|
||
|
|
|
Local |
|
Exchange |
|
Sales |
|
|
|
|
|
|
|
currency & mix |
|
rate |
|
volume(b) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
|
19 % |
|
0 % |
|
2 % |
|
21 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Products |
|
7 % |
|
0 % |
|
(1 %) |
|
6 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Materials |
|
6 % |
|
0 % |
|
12 % |
|
18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined segments |
|
15 % |
|
0 % |
|
3 % |
|
18 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Nine months ended |
|
|
||||||
|
|
|
September 30, 2026 vs. 2025 |
|
|
||||||
|
|
|
Average selling price(a) |
|
|
|
|
|
|
||
|
|
|
Local |
|
Exchange |
|
Sales |
|
|
|
|
|
|
|
currency & mix |
|
rate |
|
volume(b) |
|
Total |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Polyurethanes |
|
8 % |
|
2 % |
|
3 % |
|
13 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Performance Products |
|
1 % |
|
1 % |
|
(2 %) |
|
0 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Advanced Materials |
|
6 % |
|
3 % |
|
7 % |
|
16 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Combined segments |
|
6 % |
|
2 % |
|
3 % |
|
11 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Excludes sales from tolling arrangements, by-products and raw materials. |
|
|
|
|
|
|
||||
|
(b) Excludes sales from by-products and raw materials. |
|
|
|
|
|
|
|
|
||
|
Table 4 -- Reconciliation of |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
Net |
|
Diluted (loss) income |
||||||
|
|
|
EBITDA |
|
and other expense |
|
(loss) income |
|
per share |
||||||||
|
|
|
Three months ended |
|
Three months ended |
|
Three months ended |
|
Three months ended |
||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||
|
In millions, except per share amounts |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ (5) |
|
$ (11) |
|
|
|
|
|
$ (5) |
|
$ (11) |
|
$ (0.03) |
|
$ (0.06) |
|
Net income attributable to noncontrolling interests |
|
(13) |
|
(14) |
|
|
|
|
|
(13) |
|
(14) |
|
(0.07) |
|
(0.08) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Huntsman Corporation |
|
(18) |
|
(25) |
|
|
|
|
|
(18) |
|
(25) |
|
(0.10) |
|
(0.14) |
|
Interest expense, net |
|
23 |
|
20 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense from continuing operations |
|
28 |
|
3 |
|
$ (28) |
|
$ (3) |
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
77 |
|
73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA / Loss from discontinued operations |
|
3 |
|
1 |
|
N/A |
|
N/A |
|
3 |
|
1 |
|
0.02 |
|
0.01 |
|
Loss on sale of business/assets, net |
|
- |
|
2 |
|
- |
|
- |
|
- |
|
2 |
|
- |
|
0.01 |
|
Expenses associated with the proposed merger |
|
3 |
|
- |
|
- |
|
- |
|
3 |
|
- |
|
0.02 |
|
- |
|
Certain legal and other settlements and related expenses, net |
|
4 |
|
- |
|
- |
|
- |
|
4 |
|
- |
|
0.02 |
|
- |
|
Amortization of pension and postretirement actuarial losses |
|
7 |
|
8 |
|
2 |
|
(2) |
|
9 |
|
6 |
|
0.05 |
|
0.03 |
|
Restructuring, impairment and plant closing and transition costs |
|
5 |
|
12 |
|
1 |
|
(1) |
|
6 |
|
11 |
|
0.03 |
|
0.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1) |
|
$ 132 |
|
$ 94 |
|
$ (25) |
|
$ (6) |
|
7 |
|
(5) |
|
$ 0.04 |
|
$ (0.03) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax expense(1) |
|
|
|
|
|
|
|
|
|
25 |
|
6 |
|
|
|
|
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
13 |
|
14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax income(1) |
|
|
|
|
|
|
|
|
|
$ 45 |
|
$ 15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective tax rate(3) |
|
|
|
|
|
|
|
|
|
56 % |
|
40 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
|
|
|
|
|
|
|
|
108 % |
|
(43 %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax |
|
Net |
|
Diluted loss |
||||||
|
|
|
EBITDA |
|
and other expense |
|
loss |
|
per share |
||||||||
|
|
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
|
Nine months ended |
||||||||
|
|
|
September 30, |
|
September 30, |
|
September 30, |
|
September 30, |
||||||||
|
In millions, except per share amounts |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ (39) |
|
$ (145) |
|
|
|
|
|
$ (39) |
|
$ (145) |
|
$ (0.23) |
|
$ (0.84) |
|
Net income attributable to noncontrolling interests |
|
(38) |
|
(43) |
|
|
|
|
|
(38) |
|
(43) |
|
(0.22) |
|
(0.25) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss attributable to Huntsman Corporation |
|
(77) |
|
(188) |
|
|
|
|
|
(77) |
|
(188) |
|
(0.44) |
|
(1.09) |
|
Interest expense, net |
|
67 |
|
60 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax expense from continuing operations |
|
56 |
|
25 |
|
$ (56) |
|
$ (25) |
|
|
|
|
|
|
|
|
|
Income tax expense from discontinued operations(3) |
|
- |
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization from continuing operations |
|
227 |
|
214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Business acquisition and integration gain and purchase accounting inventory adjustments, net |
|
- |
|
(5) |
|
- |
|
- |
|
- |
|
(5) |
|
- |
|
(0.03) |
|
EBITDA / Loss from discontinued operations(3) |
|
6 |
|
- |
|
N/A |
|
N/A |
|
6 |
|
1 |
|
0.03 |
|
0.01 |
|
Establishment of significant deferred tax asset valuation allowances, net |
|
- |
|
- |
|
- |
|
1 |
|
- |
|
1 |
|
- |
|
0.01 |
|
(Gain) loss on sale of business/assets, net |
|
(22) |
|
2 |
|
- |
|
- |
|
(22) |
|
2 |
|
(0.13) |
|
0.01 |
|
Expenses associated with the proposed merger |
|
8 |
|
- |
|
- |
|
- |
|
8 |
|
- |
|
0.05 |
|
- |
|
Loss on early extinguishment of debt |
|
1 |
|
- |
|
- |
|
- |
|
1 |
|
- |
|
0.01 |
|
- |
|
Certain legal and other settlements and related expenses (income), net |
|
15 |
|
(32) |
|
- |
|
7 |
|
15 |
|
(25) |
|
0.09 |
|
(0.14) |
|
Amortization of pension and postretirement actuarial losses |
|
21 |
|
22 |
|
(1) |
|
(4) |
|
20 |
|
18 |
|
0.12 |
|
0.10 |
|
Restructuring, impairment and plant closing and transition costs |
|
23 |
|
141 |
|
(2) |
|
(3) |
|
21 |
|
138 |
|
0.12 |
|
0.80 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted(1) |
|
$ 325 |
|
$ 240 |
|
$ (59) |
|
$ (24) |
|
(28) |
|
(58) |
|
$ (0.16) |
|
$ (0.34) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted income tax expense(1) |
|
|
|
|
|
|
|
|
|
59 |
|
24 |
|
|
|
|
|
Net income attributable to noncontrolling interests |
|
|
|
|
|
|
|
|
|
38 |
|
43 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted pre-tax income(1) |
|
|
|
|
|
|
|
|
|
$ 69 |
|
$ 9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted effective tax rate(4) |
|
|
|
|
|
|
|
|
|
86 % |
|
267 % |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effective tax rate |
|
|
|
|
|
|
|
|
|
243 % |
|
(21 %) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/M = not meaningful |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
N/A = not applicable |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See end of press release for footnote explanations. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Table 5 -- Balance Sheets |
||||
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
In millions |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
Cash |
|
$ 359 |
|
$ 429 |
|
Accounts and notes receivable, net |
|
870 |
|
677 |
|
Inventories |
|
905 |
|
818 |
|
Prepaid expenses |
|
72 |
|
94 |
|
Other current assets |
|
34 |
|
46 |
|
Property, plant and equipment, net |
|
2,369 |
|
2,486 |
|
Other noncurrent assets |
|
2,495 |
|
2,465 |
|
|
|
|
|
|
|
Total assets |
|
$ 7,104 |
|
$ 7,015 |
|
|
|
|
|
|
|
Accounts payable(5) |
|
$ 862 |
|
$ 758 |
|
Other current liabilities(5) |
|
496 |
|
478 |
|
Current portion of debt |
|
303 |
|
353 |
|
Long-term debt |
|
1,740 |
|
1,658 |
|
Other noncurrent liabilities |
|
795 |
|
811 |
|
Huntsman Corporation stockholders' equity |
|
2,662 |
|
2,750 |
|
Noncontrolling interests in subsidiaries |
|
246 |
|
207 |
|
|
|
|
|
|
|
Total liabilities and equity |
|
$ 7,104 |
|
$ 7,015 |
|
|
|
|
|
|
|
See end of press release for footnote explanations. |
|
|
|
|
|
Table 6 -- Outstanding Debt |
||||
|
|
|
|
|
|
|
|
|
September 30, |
|
December 31, |
|
In millions |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
Debt: |
|
|
|
|
|
Revolving credit facility |
|
$ 300 |
|
$ 343 |
|
Senior notes |
|
1,490 |
|
1,488 |
|
Amounts outstanding under A/R programs |
|
235 |
|
152 |
|
Variable interest entities |
|
- |
|
7 |
|
Other debt |
|
18 |
|
21 |
|
|
|
|
|
|
|
Total debt - excluding affiliates |
|
2,043 |
|
2,011 |
|
|
|
|
|
|
|
Total cash |
|
359 |
|
429 |
|
|
|
|
|
|
|
Net debt - excluding affiliates(4) |
|
$ 1,684 |
|
$ 1,582 |
|
|
|
|
|
|
|
See end of press release for footnote explanations. |
|
|
|
|
|
Table 7 -- Summarized Statement of Cash Flows |
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Three months ended |
|
Nine months ended |
||||
|
|
|
September 30, |
|
September 30, |
||||
|
In millions |
|
2026 |
|
2025 |
|
2026 |
|
2025 |
|
|
|
|
|
|
|
|
|
|
|
Total cash at beginning of period |
|
$ 346 |
|
$ 399 |
|
$ 429 |
|
$ 340 |
|
|
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities from continuing operations |
|
115 |
|
200 |
|
2 |
|
221 |
|
Net cash used in operating activities from discontinued operations |
|
(5) |
|
(4) |
|
(5) |
|
(8) |
|
Net cash used in investing activities |
|
(33) |
|
(42) |
|
(48) |
|
(74) |
|
Net cash used in financing activities |
|
(65) |
|
(83) |
|
(22) |
|
(14) |
|
Effect of exchange rate changes on cash |
|
1 |
|
(2) |
|
3 |
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Total cash at end of period |
|
$ 359 |
|
$ 468 |
|
$ 359 |
|
$ 468 |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow(2): |
|
|
|
|
|
|
|
|
|
Net cash provided by operating activities from continuing operations |
|
$ 115 |
|
$ 200 |
|
$ 2 |
|
$ 221 |
|
Capital expenditures |
|
(33) |
|
(43) |
|
(101) |
|
(116) |
|
|
|
|
|
|
|
|
|
|
|
Free cash flow from continuing operations(2) |
|
$ 82 |
|
$ 157 |
|
$ (99) |
|
$ 105 |
|
|
|
|
|
|
|
|
|
|
|
Supplemental cash flow information: |
|
|
|
|
|
|
|
|
|
Cash paid for interest |
|
$ (8) |
|
$ (5) |
|
$ (51) |
|
$ (49) |
|
Cash paid for income taxes |
|
(14) |
|
(18) |
|
(38) |
|
(79) |
|
Cash paid for restructuring and integration |
|
(12) |
|
(7) |
|
(40) |
|
(18) |
|
Cash paid for pensions |
|
(19) |
|
(9) |
|
(35) |
|
(25) |
|
Depreciation and amortization from continuing operations |
|
77 |
|
73 |
|
227 |
|
214 |
|
|
|
|
|
|
|
|
|
|
|
Change in primary working capital: |
|
|
|
|
|
|
|
|
|
Accounts and notes receivable |
|
$ 9 |
|
$ 37 |
|
$ (214) |
|
$ (26) |
|
Inventories |
|
28 |
|
55 |
|
(104) |
|
114 |
|
Accounts payable(5) |
|
(25) |
|
(2) |
|
129 |
|
(89) |
|
Total change in primary working capital |
|
$ 12 |
|
$ 90 |
|
$ (189) |
|
$ (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 |
|
|
|
|
|
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 |
|
|
|
|
(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 |
|
|
|
|
(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. |
|
|
|
|
(5) |
Certain prior period amounts have been reclassified in the condensed consolidated financial statements to conform to current period presentation. |
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of diversified chemical products with 2025 revenues of approximately
Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
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, including the planned merger of equals with Olin Corporation, statements about the anticipated benefits of the contemplated transaction, including future expected synergies and cost savings related to the contemplated transaction, the plans, objectives, expectations and intentions of Olin, Huntsman or the combined company 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, uncertainties as to the timing of the contemplated merger; the possibility that the closing conditions to the contemplated merger may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant a necessary regulatory approval; the effects of disruption caused by the contemplated merger making it more difficult to maintain relationships with employees, customers, vendors and other business partners; the risk that stockholder litigation in connection with the contemplated merger may affect the timing or occurrence of the contemplated merger or result in significant costs of defense, indemnification and liability; ability to refinance existing indebtedness of Huntsman in connection with the contemplated merger; other business effects, including the effects of industry, economic or political conditions outside of the control of the parties to the contemplated merger; transaction costs; 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/huntsman-announces-third-quarter-2026-earnings-302926922.html
SOURCE Huntsman Corporation
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were Huntsman's third-quarter 2026 earnings?
Huntsman reported an attributable net loss of $18 million, or $0.10 per diluted share, compared with a $25 million loss, or $0.14 per diluted share, a year earlier. Adjusted net income was $7 million, and adjusted EBITDA was $132 million.
When does Huntsman expect the Olin merger to close?
Huntsman expects the merger with Olin to close in the first quarter of 2027, with regulatory approvals still needed in remaining jurisdictions. Shareholders approved the merger on August 25, 2026. Once completed, the combined OlinHuntsman will trade on the NYSE under OHN.
How much liquidity did Huntsman have, and what is its 2026 capital spending outlook?
Huntsman had approximately $0.9 billion of combined cash and unused borrowing capacity as of September 30, 2026, and expects approximately $160 million of capital expenditures during 2026. Third-quarter capital expenditures were $33 million, compared with $43 million a year earlier.