Olin Announces Fourth Quarter 2025 Results
Rhea-AI Summary
Olin (NYSE: OLN) reported a fourth quarter 2025 net loss of $85.7 million (loss of $0.75 per diluted share) and adjusted EBITDA of $67.7 million. Full-year 2025 net loss was $42.8 million and operating cash flow in Q4 was $321.2 million. Net debt was approximately $2.7 billion with a net debt/adjusted EBITDA of 4.1x.
The company realized $44 million of structural cost reductions from its Beyond250 program in 2025, announced the planned closure of its Guarujá, Brazil epoxy site (expected ~$10 million annual savings), and repurchased ~2.2 million shares for $50.5 million in 2025.
Positive
- Operating cash flow of $321.2 million in Q4 2025
- Beyond250 structural cost reductions of $44 million in 2025
- Epoxy sales increased to $359.3 million in Q4 2025
- Share repurchases of $50.5 million during 2025
- Planned Guarujá closure expected to save ~$10 million annually
Negative
- Reported Q4 2025 net loss of $85.7 million (Q4 2024 net income $10.7 million)
- Adjusted EBITDA declined to $67.7 million in Q4 2025 from $193.4 million in Q4 2024
- Net debt about $2.7 billion with net debt/adjusted EBITDA of 4.1x
- Chlor Alkali Products and Vinyls segment loss of $14.7 million in Q4 2025
- Winchester segment earnings plunged to $0.6 million from $42.0 million year-over-year
News Market Reaction – OLN
On the day this news was published, OLN declined 6.85%, reflecting a notable negative market reaction. Argus tracked a trough of -16.7% from its starting point during tracking. Our momentum scanner triggered 23 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $191M from the company's valuation, bringing the market cap to $2.60B at that time. Trading volume was above average at 1.8x the daily average, suggesting increased trading activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
OLN was down 0.57% pre-release with mixed peers: MEOH up 2.4%, while CE, BAK and TROX were down and HUN flat. This points to stock-specific dynamics rather than a unified sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 27 | Q3 2025 earnings | Positive | -0.2% | Return to profitability with higher sales and strong adjusted EBITDA aided by tax credit. |
| Jul 28 | Q2 2025 earnings | Negative | +5.1% | Net loss and sharp adjusted EBITDA decline amid weak demand and operational issues. |
| May 01 | Q1 2025 earnings | Negative | +2.5% | Minimal net income and lower adjusted EBITDA despite slightly higher sales year over year. |
| Jan 30 | Q4 2024 earnings | Negative | -8.9% | Lower net income and adjusted EBITDA versus 2023 alongside softer full-year results. |
| Oct 24 | Q3 2024 earnings | Negative | -8.0% | Quarterly loss and reduced EBITDA driven by hurricane impact and weaker ammunition demand. |
Earnings headlines often highlight weaker profitability, yet price reactions have been mixed, with 3 divergences and 2 aligned moves versus the news tone.
Across the last five earnings releases from Oct 2024 through Oct 2025, Olin moved from sizeable losses to modest profitability before returning to softness. Q1–Q2 2025 showed minimal profit and then a small loss with declining adjusted EBITDA, while Q3 2025 rebounded to $42.8M net income and $222.4M adjusted EBITDA aided by a $32.0M tax credit. Today’s Q4 2025 quarter and full-year 2025 loss continue this pressured earnings trajectory.
Historical Comparison
In the past year, OLN’s earnings releases led to average moves of about 4.94%, with frequent divergences between weak fundamentals and share-price reaction.
Earnings through 2025 showed volatility: small profit in Q1, a slight loss in Q2, stronger profitability in Q3 aided by a tax credit, and now a Q4 net loss and full-year loss, underscoring ongoing cyclical and operational pressure.
Market Pulse Summary
The stock moved -6.8% in the session following this news. The decline reflects concern over the shift from prior quarterly profits to a Q4 2025 net loss of ($85.7M) and a full-year loss of ($42.8M), alongside a net debt to adjusted EBITDA ratio of 4.1x. Historical earnings reactions averaged about 4.94%, with several past instances of negative news already prompting selloffs, so a steep drop would fit the pattern of sensitivity to weaker profitability.
Key Terms
adjusted ebitda financial
segment earnings financial
restructuring charges financial
electrochemical unit (ecu) technical
operating cash flow financial
asset impairment financial
net debt financial
liquidity financial
AI-generated analysis. Not financial advice.
Highlights
- Fourth quarter 2025 net loss of
( , or ($85.7) million $0.75 - Quarterly adjusted EBITDA of
$67.7 million - Year-end 2025 net debt comparable to year-end 2024
CLAYTON, Mo., Jan. 29, 2026 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2025. Fourth quarter 2025 reported net loss was
Ken Lane, President and Chief Executive Officer, said, "During the fourth quarter, we experienced continued headwinds related to the trough market environment exacerbated by customer destocking as well as planned maintenance turnarounds and unplanned operating events. Despite that, we remain committed to executing our value-first commercial approach and are focused on our Optimize the Core strategic priorities: operating safely and reliably, delivering our Beyond250 structural cost reductions and maximizing cash generation. We have begun to see benefits from our Beyond250 initiative, realizing a
"Operational challenges and weaker than expected chlorine demand impacted our Chlor Alkali Products and Vinyls segment fourth quarter 2025 performance. Our Chlor Alkali Products and Vinyls business remains committed to maintaining our operating discipline and preserving our Electrochemical Unit (ECU) values in the current trough environment."
Lane continued, "Although global epoxy demand remains challenged, as one of the last integrated and lowest cost epoxy producers, we have grown our participation in
"Winchester's fourth quarter 2025 efforts to right-size inventories in the value chain have accelerated channel destocking. Winchester continues to experience rising raw material costs, including copper, brass, and propellant. To help mitigate these significant cost pressures, Winchester is implementing increased commercial ammunition pricing for the first quarter 2026. Our military business continues to deliver strong growth."
Commenting on Olin's outlook for first quarter 2026, Lane continued, "As a result of upcoming sequentially higher planned maintenance turnaround costs and higher raw material costs, including increased electrical power costs, we expect first quarter 2026 results from our Chemicals businesses to be lower than fourth quarter 2025. In our Winchester business, as commercial customer inventories become more normalized, we expect our first quarter 2026 results to modestly increase from fourth quarter 2025. Overall, we expect Olin's first quarter 2026 adjusted EBITDA to be lower than fourth quarter 2025 levels."
SEGMENT REPORTING
Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments.
CHLOR ALKALI PRODUCTS AND VINYLS
Chlor Alkali Products and Vinyls sales for the fourth quarter 2025 were
EPOXY
Epoxy sales for the fourth quarter 2025 were
WINCHESTER
Winchester sales for the fourth quarter 2025 were
CORPORATE AND OTHER COSTS
Other corporate and unallocated costs in the fourth quarter 2025 were
RESTRUCTURING CHARGES
Restructuring charges in the fourth quarter of 2025 included a charge of
LIQUIDITY AND SHARE REPURCHASES
The cash balance on December 31, 2025, was
During fourth quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of
CONFERENCE CALL INFORMATION
Olin senior management will host a conference call to discuss fourth quarter 2025 financial results at 9:00 a.m. Eastern Time on Friday, January 30, 2026. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin's website, www.olin.com, under the fourth quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day.
COMPANY DESCRIPTION
Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading
Visit www.olin.com for more information on Olin Corporation.
FORWARD-LOOKING STATEMENTS
This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties.
We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions.
The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following:
Business, Industry and Operational Risks
- sensitivity to economic, business and market conditions in
the United States and overseas, including economic instability or a downturn in the sectors served by us; - declines in average selling prices for our products and the supply/demand balance for our products, including the impact of excess industry capacity or an imbalance in demand for our chlor alkali products;
- unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes;
- failure to control costs and inflation impacts or failure to achieve targeted cost reductions;
- our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
- availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
- the occurrence of unexpected manufacturing interruptions and outages, including those occurring as a result of labor disruptions and production hazards;
- exposure to physical risks associated with climate-related events or increased severity and frequency of severe weather events;
- the failure or an interruption, including cyber-attacks, of our information technology systems;
- risks associated with our international sales and operations, including economic, political or regulatory changes;
- failure to identify, attract, develop, retain and motivate qualified employees throughout the organization and ability to manage executive officer and other key senior management transitions;
- our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
- adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
- weak industry conditions affecting our ability to comply with the financial maintenance covenants in our senior credit facility;
- our indebtedness and debt service obligations;
- the effects of any declines in global equity markets on asset values and any declines in interest rates or other significant assumptions used to value the liabilities in, and funding of, our pension plans;
- our long-range plan assumptions not being realized, causing a non-cash impairment charge of long-lived assets;
Legal, Environmental and Regulatory Risks
- changes in, or failure to comply with, legislation or government regulations or policies, including changes regarding our ability to manufacture or use certain products and changes within the international markets in which we operate;
- new regulations or public policy changes regarding the transportation of hazardous chemicals and the security of chemical manufacturing facilities;
- unexpected outcomes from legal or regulatory claims and proceedings;
- costs and other expenditures in excess of those projected for environmental investigation and remediation or other legal proceedings;
- various risks associated with our Lake City U.S. Army Ammunition Plant contract and performance under other governmental contracts; and
- failure to effectively manage environmental, social and governance issues and related regulations, including climate change and sustainability.
All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements.
2026-03
Olin Corporation | |||||
Consolidated Statements of Operations (a) | |||||
Three Months Ended | Years Ended | ||||
($ in millions, except per share amounts) | 2025 | 2024 | 2025 | 2024 | |
Sales | $ 1,665.1 | $ 1,671.3 | $ 6,780.8 | $ 6,540.1 | |
Operating Expenses: | |||||
Cost of Goods Sold | 1,633.8 | 1,513.4 | 6,279.3 | 5,802.6 | |
Selling and Administrative | 94.0 | 100.3 | 388.3 | 408.5 | |
Restructuring Charges | 19.1 | 10.3 | 33.4 | 33.3 | |
Other Operating Income | 0.3 | — | 0.5 | 0.8 | |
Operating (Loss) Income | (81.5) | 47.3 | 80.3 | 296.5 | |
Losses of Non-consolidated Affiliates | (0.7) | — | (3.1) | — | |
Interest Expense | (46.2) | (44.9) | (188.3) | (184.5) | |
Interest Income | 0.4 | 1.0 | 4.4 | 3.7 | |
Non-operating Pension Income | 5.1 | 6.6 | 20.6 | 26.0 | |
Income (Loss) before Taxes | (122.9) | 10.0 | (86.1) | 141.7 | |
Income Tax (Benefit) Provision | (37.4) | (0.1) | (42.7) | 36.7 | |
Net (Loss) Income | (85.5) | 10.1 | (43.4) | 105.0 | |
Net Income (Loss) Attributable to Noncontrolling Interests | 0.2 | (0.6) | (0.6) | (3.6) | |
Net (Loss) Income Attributable to Olin Corporation | $ (85.7) | $ 10.7 | $ (42.8) | $ 108.6 | |
Net (Loss) Income Attributable to Olin Corporation per Common Share: | |||||
Basic | $ (0.75) | $ 0.09 | $ (0.37) | $ 0.92 | |
Diluted | $ (0.75) | $ 0.09 | $ (0.37) | $ 0.91 | |
Dividends per Common Share | $ 0.20 | $ 0.20 | $ 0.80 | $ 0.80 | |
Average Common Shares Outstanding - Basic | 113.9 | 116.1 | 114.6 | 117.8 | |
Average Common Shares Outstanding - Diluted | 113.9 | 117.3 | 114.6 | 119.5 | |
(a) Unaudited. | |||||
Olin Corporation | |||||
Segment Information (a) | |||||
Three Months Ended | Years Ended | ||||
($ in millions) | 2025 | 2024 | 2025 | 2024 | |
Sales: | |||||
Chlor Alkali Products and Vinyls | $ 856.4 | $ 953.7 | $ 3,684.4 | $ 3,630.2 | |
Epoxy | 359.3 | 282.2 | 1,371.8 | 1,226.3 | |
Winchester | 449.4 | 435.4 | 1,724.6 | 1,683.6 | |
Total Sales | $ 1,665.1 | $ 1,671.3 | $ 6,780.8 | $ 6,540.1 | |
Income (Loss) before Taxes: | |||||
Chlor Alkali Products and Vinyls | $ (14.7) | $ 75.2 | $ 256.1 | $ 296.4 | |
Epoxy | (19.2) | (27.4) | (103.5) | (85.0) | |
Winchester | 0.6 | 42.0 | 67.7 | 237.9 | |
Corporate/Other: | |||||
Environmental Expense | (10.2) | (10.8) | (24.5) | (30.2) | |
Other Corporate and Unallocated Costs | (19.9) | (21.4) | (85.7) | (90.1) | |
Restructuring Charges | (19.1) | (10.3) | (33.4) | (33.3) | |
Other Operating Income | 0.3 | — | 0.5 | 0.8 | |
Interest Expense | (46.2) | (44.9) | (188.3) | (184.5) | |
Interest Income | 0.4 | 1.0 | 4.4 | 3.7 | |
Non-operating Pension Income | 5.1 | 6.6 | 20.6 | 26.0 | |
Income (Loss) before Taxes | $ (122.9) | $ 10.0 | $ (86.1) | $ 141.7 | |
(a) Unaudited. | |||||
Olin Corporation | |||
Consolidated Balance Sheets (a) | |||
December 31, | December 31, | ||
($ in millions, except per share data) | 2025 | 2024 | |
Assets: | |||
Cash and Cash Equivalents | $ 167.6 | $ 175.6 | |
Accounts Receivable, Net | 844.5 | 1,007.8 | |
Income Taxes Receivable | 66.6 | 11.5 | |
Inventories, Net | 784.5 | 823.5 | |
Other Current Assets | 107.9 | 61.4 | |
Total Current Assets | 1,971.1 | 2,079.8 | |
Property, Plant and Equipment (Less Accumulated Depreciation of | 2,196.9 | 2,328.4 | |
Operating Lease Assets, Net | 298.6 | 302.2 | |
Deferred Income Taxes | 47.2 | 53.4 | |
Other Assets | 1,210.0 | 1,185.1 | |
Intangibles, Net | 174.4 | 206.6 | |
Goodwill | 1,427.6 | 1,423.6 | |
Total Assets | $ 7,325.8 | $ 7,579.1 | |
Liabilities and Shareholders' Equity: | |||
Current Installments of Long-term Debt | $ 16.3 | $ 129.0 | |
Accounts Payable | 806.1 | 861.6 | |
Income Taxes Payable | 23.9 | 141.3 | |
Current Operating Lease Liabilities | 59.7 | 64.8 | |
Accrued Liabilities | 555.1 | 435.5 | |
Total Current Liabilities | 1,461.1 | 1,632.2 | |
Long-term Debt | 2,811.0 | 2,713.2 | |
Operating Lease Liabilities | 252.5 | 243.2 | |
Accrued Pension Liability | 200.9 | 197.7 | |
Deferred Income Taxes | 334.9 | 430.5 | |
Other Liabilities | 337.1 | 306.9 | |
Total Liabilities | 5,397.5 | 5,523.7 | |
Commitments and Contingencies | |||
Shareholders' Equity: | |||
Common Stock, | 113.6 | 115.7 | |
Accumulated Other Comprehensive Loss | (414.5) | (450.1) | |
Retained Earnings | 2,197.5 | 2,357.5 | |
Olin Corporation's Shareholders' Equity | 1,896.6 | 2,023.1 | |
Noncontrolling Interests | 31.7 | 32.3 | |
Total Equity | 1,928.3 | 2,055.4 | |
Total Liabilities and Equity | $ 7,325.8 | $ 7,579.1 | |
(a) Unaudited. |
Olin Corporation | ||||
Consolidated Statements of Cash Flows (a) | ||||
Years Ended December 31, | ||||
($ in millions) | 2025 | 2024 | ||
Operating Activities: | ||||
Net (Loss) Income | $ (43.4) | $ 105.0 | ||
Depreciation and Amortization | 521.6 | 518.1 | ||
Losses of Non-consolidated Affiliates | 3.1 | — | ||
Stock-based Compensation | 20.7 | 17.1 | ||
Write-off of Equipment and Facility Included in Restructuring Charges | 4.1 | — | ||
Deferred Income Taxes | (96.0) | (33.7) | ||
Qualified Pension Plan Contributions | (0.7) | (1.3) | ||
Qualified Pension Plan Income | (18.1) | (23.3) | ||
Changes in Assets and Liabilities: | ||||
Receivables | 123.7 | (119.4) | ||
Income Taxes Receivable/Payable | (179.8) | (1.6) | ||
Inventories | 80.0 | 25.9 | ||
Other Current Assets | (8.8) | 2.4 | ||
Accounts Payable and Accrued Liabilities | 53.0 | 72.8 | ||
Other Assets | (7.3) | (28.4) | ||
Other Noncurrent Liabilities | 22.3 | (35.1) | ||
Other Operating Activities | (0.2) | 4.7 | ||
Net Operating Activities | 474.2 | 503.2 | ||
Investing Activities: | ||||
Capital Expenditures | (226.3) | (195.1) | ||
Business Acquired in Purchase Transaction, Net of Cash Acquired | (55.8) | — | ||
Payments under Other Long-term Supply Contracts | (31.0) | (58.6) | ||
Investments in Non-consolidated Affiliates | (1.8) | (23.0) | ||
Other Investing Activities | (4.7) | (7.0) | ||
Net Investing Activities | (319.6) | (283.7) | ||
Financing Activities: | ||||
Long-term Debt (Repayments) Borrowings, Net | (11.2) | 169.7 | ||
Common Stock Repurchased and Retired | (50.5) | (300.3) | ||
Stock Options Exercised | 2.3 | 23.9 | ||
Employee Taxes Paid for Share-based Payment Arrangements | — | (10.5) | ||
Dividends Paid | (91.6) | (94.2) | ||
Debt Issuance Costs | (12.0) | (1.2) | ||
Net Financing Activities | (163.0) | (212.6) | ||
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 0.4 | (1.6) | ||
Net (Decrease) Increase in Cash and Cash Equivalents | (8.0) | 5.3 | ||
Cash and Cash Equivalents, Beginning of Year | 175.6 | 170.3 | ||
Cash and Cash Equivalents, End of Year | $ 167.6 | $ 175.6 | ||
(a) Unaudited. | ||||
Olin Corporation | ||||||
Non-GAAP Financial Measures - Adjusted EBITDA (a) | ||||||
Olin's definition of Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus | ||||||
Three Months Ended | Years Ended | |||||
($ in millions) | 2025 | 2024 | 2025 | 2024 | ||
Reconciliation of Net (Loss) Income to Adjusted EBITDA: | ||||||
Net (Loss) Income | $ (85.5) | $ 10.1 | $ (43.4) | $ 105.0 | ||
Add Back: | ||||||
Interest Expense | 46.2 | 44.9 | 188.3 | 184.5 | ||
Interest Income | (0.4) | (1.0) | (4.4) | (3.7) | ||
Income Tax (Benefit) Provision | (37.4) | (0.1) | (42.7) | 36.7 | ||
Depreciation and Amortization | 125.7 | 129.2 | 521.6 | 518.1 | ||
EBITDA | 48.6 | 183.1 | 619.4 | 840.6 | ||
Add Back: | ||||||
Restructuring Charges | 19.1 | 10.3 | 33.4 | 33.3 | ||
Environmental Recoveries | — | — | (1.0) | — | ||
Adjusted EBITDA | $ 67.7 | $ 193.4 | $ 651.8 | $ 873.9 | ||
(a) Unaudited. | ||||||
Olin Corporation | ||||
Non-GAAP Financial Measures - Net Debt to Adjusted EBITDA (a) | ||||
Olin's definition of Net Debt to Adjusted EBITDA is Net Debt divided by Adjusted EBITDA. Net Debt at the end of any | ||||
December 31, | December 31, | |||
($ in millions) | 2025 | 2024 | ||
Current Installments of Long-term Debt | $ 16.3 | $ 129.0 | ||
Long-term Debt | 2,811.0 | 2,713.2 | ||
Total Debt | 2,827.3 | 2,842.2 | ||
Less: Cash and Cash Equivalents | (167.6) | (175.6) | ||
Net Debt | $ 2,659.7 | $ 2,666.6 | ||
Adjusted EBITDA | $ 651.8 | $ 873.9 | ||
Net Debt to Adjusted EBITDA | 4.1 | 3.1 | ||
(a) Unaudited. | ||||
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SOURCE Olin Corporation
FAQ
What drove Olin (OLN) to a Q4 2025 net loss of $85.7 million?
How did Olin's adjusted EBITDA for Q4 2025 compare to Q4 2024 for OLN?
What is Olin's (OLN) liquidity and net debt position at year-end 2025?
Will Olin's (OLN) Epoxy business return to profitability in 2026?
How much did Olin (OLN) repurchase in shares during 2025 and Q4 2025?
What is Olin's (OLN) near-term outlook for Q1 2026 adjusted EBITDA?
