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Ecovyst (NYSE: ECVT) posts strong Q1 2026 results and higher 2026 outlook

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Ecovyst Inc. reported significantly improved first quarter 2026 results and raised its full-year 2026 outlook. Sales from continuing operations were $215.0 million, up 50% from $143.1 million a year earlier, driven by higher sulfuric acid prices and volumes, including contribution from the Waggaman assets.

The company generated net income from continuing operations of $5.7 million, compared with a loss of $8.1 million, and Adjusted EBITDA of $39.8 million, up 87% from $21.3 million, as stronger pricing and demand more than offset higher manufacturing and transportation costs. Operating cash flow from continuing operations increased to $19.6 million from $6.7 million, and Ecovyst repurchased $35.7 million of stock in the quarter.

For 2026, Ecovyst now guides to sales of $890–$970 million and Adjusted EBITDA of $180–$195 million, both higher at the low end than prior guidance. The company expects continued strong demand for regenerated sulfuric acid and higher virgin sulfuric acid sales, while remaining cautious on some industrial applications.

Positive

  • Sharp earnings and cash-flow improvement: Q1 2026 sales grew 50% to $215.0 million, Adjusted EBITDA rose 87% to $39.8 million, and net income from continuing operations swung to a $5.7 million profit from an $8.1 million loss.
  • Higher 2026 guidance with strong balance sheet: The company lifted the low end of its 2026 sales and Adjusted EBITDA outlooks and ended March 31, 2026 with $236.9 million of available liquidity and a net debt leverage ratio of 1.2x.

Negative

  • None.

Insights

Ecovyst posted strong Q1 2026 growth, returned to profitability, and nudged 2026 guidance higher.

Ecovyst delivered a sharp turnaround in continuing operations. Sales rose to $215.0 million, up 50.2% year over year, with demand and pricing strength in both regenerated and virgin sulfuric acid. Adjusted EBITDA climbed to $39.8 million, an 86.9% increase, as higher volumes and favorable contract pricing outweighed inflation and turnaround costs.

The business generated healthier cash flow, with operating cash from continuing operations improving to $19.6 million. Liquidity remained solid at $236.9 million combining cash and ABL availability, while net debt leverage stayed at 1.2x. Repurchasing $35.7 million of shares signals active capital return within an existing authorization, though the economic effect depends on future performance.

Management revised 2026 guidance upward at the low end: sales of $890–$970 million, Adjusted EBITDA of $180–$195 million, and Adjusted Free Cash Flow of $40–$55 million. These targets assume higher average sulfur prices and about $155 million of sulfur cost pass-through. Future disclosures around refinery utilization, mining demand, and execution of roughly $80–$90 million of capital expenditures in 2026 will clarify how closely results track this outlook.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q1 2026 sales $215.0 million Sales from continuing operations, up 50.2% year over year
Q1 2026 net income (continuing ops) $5.7 million Net income from continuing operations vs. $8.1 million loss in Q1 2025
Q1 2026 Adjusted EBITDA $39.8 million Adjusted EBITDA from continuing operations, up 86.9% year over year
Q1 2026 operating cash flow (continuing ops) $19.6 million Net cash provided by operating activities from continuing operations
Available liquidity $236.9 million Cash and cash equivalents plus ABL availability as of March 31, 2026
Net debt leverage ratio 1.2x Net debt to Adjusted EBITDA from continuing operations at March 31, 2026
2026 sales guidance $890–$970 million Revised 2026 sales outlook, higher low end than prior $860–$940 million
Q1 2026 share repurchases $35.7 million 3,226,461 shares repurchased at $11.07 average price in Q1 2026
Adjusted EBITDA financial
"Adjusted EBITDA of $39.8 million, up $18.5 million or 87%, compared to $21.3 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.
Adjusted Free Cash Flow financial
"Adjusted Free Cash Flow was $4.2 million for the three months ended March 31, 2026"
Adjusted free cash flow is the amount of money a company generates from its operations after accounting for essential expenses and investments, like maintaining or upgrading equipment. It shows how much cash is truly available to grow the business, pay debts, or return to shareholders, helping investors see the company's financial health more clearly.
net debt leverage ratio financial
"As of March 31, 2026, the net debt leverage ratio was 1.2x."
Net debt leverage ratio measures how many years of a company’s core earnings would be needed to pay off its debt after accounting for cash on hand, calculated by dividing net debt (total debt minus cash) by annual operating earnings. Investors use it like a household debt-to-income check: a lower number means the company is in a stronger position to handle obligations and take risks, while a higher number signals greater financial strain and vulnerability to shocks.
discontinued operations financial
"Financial results of the divested Advanced Materials & Catalysts business are reported in discontinued operations"
Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.
stock repurchase program financial
"the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $450 million"
A stock repurchase program is when a company buys back its own shares from the market. This can make each remaining share more valuable and shows that the company believes its stock is a good investment. It’s like a business treating its shares like a limited resource, hoping to boost confidence and share prices.
forward-looking statements regulatory
"Some of the information contained in this press release constitutes “forward-looking statements.”"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
Sales (continuing ops) $215.0 million +50.2% YoY
Net income (continuing ops) $5.7 million +170.4% YoY
Adjusted EBITDA (continuing ops) $39.8 million +86.9% YoY
Diluted EPS (continuing ops) $0.05 from $(0.07) in Q1 2025
Guidance

For 2026, Ecovyst guides to sales of $890–$970 million, Adjusted EBITDA of $180–$195 million, and Adjusted Free Cash Flow of $40–$55 million, with capital expenditures of $80–$90 million and interest expense of $18–$22 million.

Understanding 8-K Material Events →
0001708035false00017080352026-05-052026-05-05


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 or 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 5, 2026
Ecovyst Inc.

Commission File Number: 001-38221

Delaware81-3406833
(State or other jurisdiction of
incorporation or organization)		(I.R.S. Employer
Identification No.)
 
600 Lee Road, Suite 200
Wayne, Pennsylvania
19087
(Address of principal executive offices)(Zip Code)
(484)
617-1200
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
symbol		Name of each exchange
on which registered
Common stock, par value $0.01 per shareECVTNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐


Item 2.02
Results of Operations and Financial Condition.
On May 5, 2026, Ecovyst Inc. issued a press release announcing the reporting of its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished with this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference.
The information in this Current Report on Form 8-K (including the exhibit attached hereto) shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report on Form 8-K (including the exhibit attached hereto) shall not be deemed incorporated by reference into any filing or other document under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing or document.
Item 9.01 Financial Statements and Exhibits.
(d)
Exhibits
Exhibit No.
Description
99.1
Press release issued by Ecovyst Inc. announcing financial results for the quarter ended September 30, 2025
104The cover page from this Current Report on Form 8-K of Ecovyst Inc., formatted in Inline XBRL and included as Exhibit 101




SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:May 5, 2026
 Ecovyst Inc.
By:
/s/ MICHAEL FEEHAN
Name:
Michael Feehan
Title:
Vice President and Chief Financial Officer






ecovystlogo_trademarkedvfia.jpg
Exhibit 99.1

Ecovyst Reports First Quarter 2026 Results and Revises 2026 Outlook


WAYNE, PA, May 5, 2026 -- Ecovyst Inc. (NYSE: ECVT) (“Ecovyst” or the “Company”), a leading provider of virgin sulfuric acid and regenerated sulfuric acid products and services, today reported results for the first quarter ended March 31, 2026.

On December 31, 2025, the Company completed the sale of its Advanced Materials & Catalysts business, which includes the Company’s investment in affiliated companies, Zeolyst International and Zeolyst C.V. Financial results of the divested Advanced Materials & Catalysts business are reported in discontinued operations in the financial statements for all periods presented.

First Quarter 2026 Results & Highlights from Continuing Operations
•Sales of $215.0 million, up $71.9 million or 50%, compared to $143.1 million in the first quarter of 2025
•Net income of $5.7 million, compared to a net loss of $8.1 million in the year-ago quarter, with a net income margin of 2.7% and diluted net income per share of $0.05
•Adjusted Net Income was $12.2 million, compared to an adjusted net loss of $3.9 million in the year-ago quarter, with Adjusted Diluted Income per share of $0.11
•Adjusted EBITDA of $39.8 million, up $18.5 million or 87%, compared to $21.3 million in the first quarter of 2025
•Cash flows were $19.6 million for the three months ended March 31, 2026, compared to $6.7 million for the three months ended March 31, 2025. Adjusted Free Cash Flow was $4.2 million for the three months ended March 31, 2026, compared to $(13.0) million for the three months ended March 31, 2025
•Repurchased $35.7 million of common stock

“Ecovyst delivered an excellent start to 2026, reinforcing our positive outlook for the year ahead. Regeneration services sales grew at a double digit pace, driven by high refinery utilization, favorable alkylate economics and lower customer downtime as compared to last year, and favorable contractual pricing, while virgin sulfuric acid volumes rose more than thirty percent, reflecting continued solid demand and the contribution of our Waggaman assets,” said Kurt J. Bitting, Ecovyst’s Chief Executive Officer. “Even as the geopolitical and global macroeconomic landscape continues to evolve, our position as a leading U.S.-based supplier of critical sulfur products and services gives us confidence in our ability to continue building on this growth in 2026, and as such we are revising our full-year Adjusted EBITDA guidance.”

“The year-end divestiture of our Advanced Materials & Catalysts segment significantly strengthened our balance sheet and provides meaningful flexibility to accelerate growth through both organic investments and accretive inorganic opportunities,” said Bitting. “In 2026, we are investing approximately $20 million in two projects to better serve our growing virgin sulfuric acid customer base. We also returned approximately $36 million to stockholders through share repurchases in the first quarter, and we will continue to prioritize capital allocation options that maximize long-term value for our stockholders.”






Ecovyst First Quarter 2026 Earnings Release
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Review of Business Results
First quarter 2026 sales were $215.0 million, up $71.9 million or 50%, compared to $143.1 million in the first quarter of 2025. The increase in sales reflects higher selling prices and higher sales volume compared to the prior year quarter. Average selling prices were higher primarily due to the pass-through effect of higher sulfur costs of approximately $33 million, higher virgin sulfuric acid pricing, and favorable contract pricing for regenerated sulfuric acid. Sales volume increase was a result of the contribution of sales volume from the Waggaman location, higher virgin sulfuric acid demand, and higher regeneration services driven by less customer downtime compared to the prior year quarter. First quarter 2026 Adjusted EBITDA was $39.8 million, up $18.5 million or 87%, compared to $21.3 million in the first quarter of 2025, with the increase primarily driven by higher sales volume and favorable pricing, partially offset by higher manufacturing costs driven by higher turnaround costs, along with general inflation and higher transportation costs.
Cash Flows and Balance Sheet
Cash flows from operating activities for continuing operations was $19.6 million for the three months ended March 31, 2026, compared to $6.7 million for the three months ended March 31, 2025. The increase was primarily driven by higher earnings exclusive of non-cash expenses.
As of March 31, 2026, the Company had cash and cash equivalents of $162.6 million. Total gross debt was $397.1 million and availability under the ABL facility was $74.3 million, after giving effect to $2.2 million of outstanding letters of credit and with no revolving credit facility borrowings outstanding. Total cash and cash equivalents of $162.6 million plus the $74.3 million of availability under the ABL facility provided for total available liquidity of $236.9 million.
As of March 31, 2026, the net debt to net income ratio was 11.7x and the net debt leverage ratio was 1.2x.
2026 Financial Outlook
We continue to project positive demand in 2026 for sales of both regenerated and virgin sulfuric acid. For regeneration services, we anticipate that high refinery utilization, favorable alkylate economics and lower customer downtime, compared to 2025, will contribute to increased sales for regenerated sulfuric acid. We also expect higher sales of virgin sulfuric acid in 2026, reflecting increased sales into mining applications and including the contribution from the Waggaman sulfuric acid assets acquired in 2025. However, we remain cautious about the potential for softer demand in some industrial applications for virgin sulfuric acid.

The Company’s revised 2026 guidance is as follows:

▪Sales1 of $890 million to $970 million (change from $860 million to $940 million)
▪Adjusted EBITDA2 of approximately $180 million to $195 million (change from $175 million to $195 million)
▪Adjusted Free Cash Flow2 of $40 million to $55 million (change from $35 million to $55 million)
▪Capital expenditures of $80 million to $90 million
▪Interest expense of $18 million to $22 million
▪Depreciation & Amortization of $78 million to $82 million
▪Effective tax rate in the mid 20% range
▪Adjusted Net Income2 of $55 million to $75 million, with Adjusted Diluted Income2 per share of $0.50 to $0.65

1Sales outlook for 2026 assumes higher average sulfur prices compared to 2025 and higher projected pass-through of sulfur costs of approximately $155 million (change from approximately $125 million).
2In reliance upon the unreasonable efforts exemption provided under Item 10(e)(1)(i)(B) of Regulation S-K, the Company is not able to provide a reconciliation of its non-GAAP financial guidance to the corresponding GAAP measures without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation such as certain non-cash, nonrecurring or other items that are included in net income (loss) and net cash provided by operating activities as well as the related tax impacts of these items and asset dispositions / acquisitions and changes in foreign currency exchange rates that are included in cash flow, due to the uncertainty and variability of the nature and amount of these future charges and costs. Because this information is uncertain, the Company is unable to address the probable significance of the unavailable information, which could be material to future results.
Ecovyst First Quarter 2026 Earnings Release
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Stock Repurchase
In April 2022, the Company’s Board of Directors approved a stock repurchase program authorizing the repurchase of up to $450 million of the Company’s outstanding common stock. In October 2025, the Company’s Board of Directors approved the removal of the expiration date of the stock repurchase program. As of March 31, 2026, $146.5 million was available for stock repurchases under the program.
During the first quarter of 2026, the Company repurchased 3,226,461 shares of its common stock at an average price of $11.07 per share, for a total cost of $35.7 million.
During the first quarter of 2025, the Company did not repurchase any shares of its common stock pursuant to the stock repurchase program.
For possible future repurchases, the actual timing, number, and nature of shares repurchased will depend on a variety of factors, including stock price, trading volume, and general business and market conditions and may be conducted through negotiated transactions, open market repurchases or other means, including through Rule 10b-18 and Rule 10b5-1 trading plans or accelerated stock repurchases. The repurchase program does not obligate the Company to acquire any number of shares in any specific period, or at all, and the repurchase program may be amended, suspended or discontinued at any time at the Company’s discretion.

Conference Call and Webcast Details
On Tuesday, May 5, 2026, Ecovyst management will review the first quarter 2026 results during a conference call and audio-only webcast scheduled for 11:00 a.m. Eastern Time.
Conference Call: Investors may listen to the conference call live via telephone by dialing 1 (800) 245-3047 (domestic) or
1 (203) 518-9765 (international) and use the participant code ECVTQ126.

Webcast: An audio-only live webcast of the conference call and presentation materials can be accessed at https://investor.ecovyst.com. A replay of the conference call/webcast will be made available at https://investor.ecovyst.com/events-presentations.

Investor Contact:
Gene Shiels
(484) 617-1225
gene.shiels@ecovyst.com

About Ecovyst Inc.
Ecovyst Inc. and subsidiaries is a leading provider of virgin sulfuric acid and regenerated sulfuric acid products and services. We believe that our products and services contribute to improving the sustainability of the environment.
We are a leading provider of sulfuric acid recycling to the North American refining industry for the production of alkylate, an essential gasoline component for lowering vapor pressure and increasing octane to meet stringent gasoline specifications and fuel efficiency standards. We are also a leading North American producer of high quality and high strength virgin sulfuric acid for industrial and mining applications. We also provide chemical waste handling and treatment services, as well as ex-situ catalyst activation services for the refining and petrochemical industry.

For more information, see our website at https://www.ecovyst.com.

Presentation of Non-GAAP Financial Measures
In addition to the results provided in accordance with U.S. generally accepted accounting principles (“GAAP”) throughout this press release, the Company has provided non-GAAP financial measures — Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Adjusted Free Cash Flow, Adjusted Diluted Income per share, Net Debt and Net Debt Leverage Ratio (collectively, “Non-GAAP Financial Measures”) — which present results on a basis adjusted for certain items. The Company uses these Non-GAAP Financial Measures for business planning purposes and in measuring its performance relative to that of its
Ecovyst First Quarter 2026 Earnings Release
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competitors. The Company believes that these Non-GAAP Financial Measures are useful financial metrics to assess its operating performance from period-to-period by excluding certain items that the Company believes are not representative of its core business. These Non-GAAP Financial Measures are not intended to replace, and should not be considered superior to, the presentation of the Company’s financial results in accordance with GAAP. The use of the Non-GAAP Financial Measures terms may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures. These Non-GAAP Financial Measures are reconciled from the respective measures under GAAP in the attached appendix.

Note on Forward-Looking Statements
Some of the information contained in this press release constitutes “forward-looking statements.” Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects,” “projects” and similar references to future periods. Forward-looking statements are based on our current expectations and assumptions regarding our business, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. Examples of forward-looking statements include, but are not limited to, statements regarding our future results of operations, financial condition, capital expenditure projects, liquidity, prospects, growth, strategies, capital allocation program (including the stock repurchase program), product and service offerings, expected demand trends, and our 2026 financial outlook. Our actual results may differ materially from those contemplated by the forward-looking statements. We caution you, therefore, against placing any undue reliance on any of these forward-looking statements. They are neither statements of historical fact nor guarantees or assurances of future performance. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, but are not limited to, regional, national or global political, economic, business, competitive, market and regulatory conditions, including the enactment, schedule and impact of tariffs and trade disputes, currency exchange rates, military conflicts, the effects of inflation, and other factors, including those described in the sections titled “Risk Factors” and “Management’s Discussion & Analysis of Financial Condition and Results of Operations” in our filings with the SEC, which are available on the SEC’s website at www.sec.gov. These forward-looking statements speak only as of the date of this release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
Ecovyst First Quarter 2026 Earnings Release
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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions, except share and per share amounts)

Three months ended
March 31,
20262025% Change
Sales$215.0 $143.1 50.2 %
Cost of goods sold178.6 124.0 44.0 %
Gross profit36.4 19.1 90.6 %
Selling, general and administrative expenses19.1 16.5 15.8 %
Other operating expense, net4.8 3.6 33.3 %
Operating income (loss)12.5 (1.0)1,350.0 %
Interest expense, net3.2 8.3 (61.4)%
Debt modification and extinguishment costs— 1.0 (100.0)%
Other expense, net— 0.1 (100.0)%
Income (loss) from continuing operations before income taxes9.3 (10.4)189.4 %
Provision (benefit) for income taxes3.6 (2.3)(256.5)%
Effective tax rate38.4 %21.6 %
Net income (loss) from continuing operations5.7 (8.1)170.4 %
Net (loss) income from discontinued operations, net of tax(1.4)4.5 (131.1)%
Net income (loss)$4.3 $(3.6)219.4 %
Earnings per share:
Basic income (loss) per share - continuing operations$0.05 $(0.07)
Diluted income (loss) per share - continuing operations$0.05 $(0.07)
Basic (loss) income per share - discontinued operations$(0.01)$0.04 
Diluted (loss) income per share - discontinued operations$(0.01)$0.04 
Basic (loss) income per share$0.04 $(0.03)
Diluted (loss) income per share$0.04 $(0.03)
Weighted average shares outstanding:
Basic110,693,992117,264,124
Diluted111,792,774117,264,124

Ecovyst First Quarter 2026 Earnings Release
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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, except share and per share amounts)
March 31,
2026		December 31,
2025
ASSETS
Cash and cash equivalents$162.6 $197.2 
Accounts receivable, net94.1 85.3 
Inventories, net32.2 26.8 
Derivative assets1.8 1.3 
Prepaid and other current assets13.6 8.8 
Total current assets304.3 319.4 
Property, plant and equipment, net477.8 481.2 
Goodwill326.7 326.7 
Other intangible assets, net56.6 59.3 
Right-of-use lease assets43.2 37.9 
Other long-term assets38.0 36.5 
Total assets$1,246.6 $1,261.0 
LIABILITIES
Accounts payable$49.7 $48.0 
Operating lease liabilities—current10.3 9.5 
Accrued liabilities67.9 63.3 
Total current liabilities127.9 120.8 
Long-term debt, excluding current portion392.8 392.6 
Deferred income taxes115.9 113.3 
Operating lease liabilities—noncurrent33.1 28.7 
Other long-term liabilities1.7 2.1 
Total liabilities671.4 657.5 
Commitments and contingencies
EQUITY
Common stock ($0.01 par); authorized shares 450,000,000; issued shares 140,872,846 and 140,872,846 on March 31, 2026 and December 31, 2025, respectively; outstanding shares 109,450,306 and 111,805,102 on March 31, 2026 and December 31, 2025, respectively1.4 1.4 
Preferred stock ($0.01 par); authorized shares 50,000,000; no shares issued or outstanding on March 31, 2026 and December 31, 2025— — 
Additional paid-in capital1,103.4 1,108.5 
Accumulated deficit(244.3)(248.6)
Treasury stock, at cost; shares 31,422,540 and 29,067,744 on March 31, 2026 and December 31, 2025, respectively(289.5)(261.1)
Accumulated other comprehensive income4.2 3.3 
Total equity575.2 603.5 
Total liabilities and equity$1,246.6 $1,261.0 

Ecovyst First Quarter 2026 Earnings Release
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ECOVYST INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Three months ended
March 31,
20262025
Cash flows from operating activities:(in millions)
Net income (loss)$4.3 $(3.6)
Net loss (income) from discontinued operations1.4 (4.5)
Net income (loss) from continuing operations5.7 (8.1)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation17.8 15.6 
Amortization2.7 2.7 
Amortization of deferred financing costs and original issue discount0.2 0.3 
Deferred income tax provision1.9 1.1 
Net loss on asset disposals0.4 0.2 
Stock compensation3.4 2.5 
Other, net(2.5)0.7 
Working capital changes that provided (used) cash:
Receivables(8.8)(1.5)
Inventories(5.4)2.3 
Prepaids and other current assets(5.0)(3.9)
Accounts payable1.1 (2.9)
Accrued liabilities8.1 (2.3)
Net cash provided by operating activities, continuing operations19.6 6.7 
Net cash (used in) provided by operating activities, discontinued operations(2.7)3.6 
Net cash provided by operating activities16.9 10.3 
Cash flows from investing activities:
Purchases of property, plant and equipment(14.1)(17.1)
Net cash used in investing activities, continuing operations(14.1)(17.1)
Net cash used in investing activities, discontinued operations— (7.2)
Net cash used in investing activities(14.1)(24.3)

Ecovyst First Quarter 2026 Earnings Release
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Cash flows from financing activities:
Issuance of long-term debt, net of original issue discount and financing fees— 870.8 
Repayments of long-term debt— (873.0)
Repurchases of common shares(36.3)— 
Tax withholdings on equity award vesting(1.3)(1.5)
Other, net0.2 — 
Net cash used in financing activities, continuing operations(37.4)(3.7)
Net cash used in financing activities, discontinued operations— (0.8)
Net cash used in financing activities(37.4)(4.5)
Net change in cash and cash equivalents(34.6)(18.5)
Cash and cash equivalents at beginning of period197.2 146.0 
Cash and cash equivalents at end of period162.6 127.5 
Less: cash, cash equivalents, and restricted cash of discontinued operations— (11.5)
Cash, cash equivalents and restricted cash at end of period of continuing operations$162.6 $116.0 
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Appendix Table A-1: Reconciliation of Net Income (Loss) From Continuing Operations to Adjusted EBITDA from Continuing Operations
Three months ended
March 31,
20262025% Change
(in millions)
Reconciliation of net income (loss) from continuing operations to Adjusted EBITDA from continuing operations
Net income (loss) from continuing operations$5.7 $(8.1)
Provision (benefit) for income taxes3.6 (2.3)
Interest expense, net3.2 8.3 
Depreciation and amortization20.5 18.3 
EBITDA33.0 16.2 
Debt modification and extinguishment costs— 1.0 
Net loss on asset disposals(a)
0.4 0.2 
Transaction and other related costs(b)
1.2 0.8 
Equity-based compensation3.4 2.5 
Restructuring, integration and business optimization expenses(c)
0.8 0.1 
Other(d)
1.0 0.5 
Adjusted EBITDA from continuing operations39.8 21.3 86.9 %
Sales215.0 143.1 50.2 %
Adjusted EBITDA from continuing operations margin18.5 %14.9 %
Twelve months ended,
March 31, 2026December 31, 2025% Change
(in millions)
Reconciliation of net income from continuing operations to Adjusted EBITDA from continuing operations
Net income from continuing operations$20.1 $6.3 
Provision for income taxes25.4 19.5 
Interest expense, net29.1 34.2 
Depreciation and amortization80.8 78.6 
EBITDA155.4 138.6 
Debt modification and extinguishment costs4.5 5.5 
Net loss on asset disposals(a)
5.6 5.4 
Transaction and other related costs(b)
3.8 3.4 
Equity-based compensation10.6 9.7 
Restructuring, integration and business optimization expenses(c)
5.4 4.7 
Other(d)
5.2 4.7 
Adjusted EBITDA from continuing operations190.5 172.0 10.8 %
Sales795.4 723.5 9.9 %
Adjusted EBITDA from continuing operations margin24.0 %23.8 %
Ecovyst First Quarter 2026 Earnings Release
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Descriptions to Ecovyst Non-GAAP Reconciliations
(a)When asset disposals occur, we remove the impact of net gain/loss of the disposed asset because such impact primarily reflects the non-cash write-off of long-lived assets no longer in use.
(b)Relates to certain transaction costs, including debt financing, due diligence and other costs related to transactions that are completed, pending or abandoned, that we believe are not representative of our ongoing business operations.
(c)Includes the impact of restructuring, integration and business optimization expenses, which are incremental costs that are not representative of our ongoing business operations.
(d)Other consists of adjustments for items that are not core to our ongoing business operations. These adjustments include environmental remediation and other legal costs, expenses for capital and franchise taxes, and defined benefit pension and postretirement plan (benefits) costs, for which our obligations are under plans that are frozen. Included in this line-item are rounding discrepancies that may arise from rounding from dollars (in thousands) to dollars (in millions).

Ecovyst First Quarter 2026 Earnings Release
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Appendix Table A-2: Reconciliation of Net Income (Loss) From Continuing Operations and EPS to Adjusted Net Income and Adjusted EPS(1)
Three months ended March 31,
20262025
Pre-tax amountTax expense (benefit)After-tax amountPer share, basicPer share, dilutedPre-tax amountTax expense (benefit)After-tax amountPer share, basicPer share, diluted
(in millions, except share and per share amounts)
Net income (loss) from continuing operations$9.3 $3.6 $5.7 $0.05 $0.05 $(10.4)$(2.3)$(8.1)$(0.07)$(0.07)
Debt modification and extinguishment costs— — — — — 1.0 0.2 0.8 0.01 0.01 
Net loss on asset disposals(a)
0.4 0.1 0.3 — — 0.2 0.1 0.1 — — 
Transaction and other related costs(b)
1.2 0.3 0.9 0.01 0.01 0.8 0.2 0.6 0.01 0.01 
Equity-based compensation3.4 (0.5)3.9 0.03 0.03 2.5 0.3 2.2 0.02 0.02 
Restructuring, integration and business optimization expenses(c)
0.8 0.2 0.6 0.01 0.01 0.1 — 0.1 — — 
Other(d)
1.0 0.2 0.8 0.01 0.01 0.5 0.1 0.4 — — 
Adjusted Net Income(1)
$16.1 $3.9 $12.2 $0.11 $0.11 $(5.3)$(1.4)$(3.9)$(0.03)$(0.03)
Weighted average shares outstanding110,693,992 111,792,774 117,264,124 117,559,562 
See Appendix Table A-1 for Descriptions to Ecovyst Non-GAAP Reconciliations in the table above.

(1)We define Adjusted Net Income as net income (loss) from continuing operations adjusted for non-operating income or expense and the impact of certain non-cash or other items that are included in net income (loss) from continuing operations that we do not consider indicative of our ongoing operating performance. Adjusted Net Income is presented as a key performance indicator as we believe it will enhance a prospective investor’s understanding of our results of operations and financial condition. Adjusted Net Income may not be comparable with net income (loss) from continuing operations or Adjusted Net Income as defined by other companies.
The adjustments to net income (loss) from continuing operations are shown net of applicable tax rates of 25.4% and 25.0% for the three months ended March 31, 2026 and 2025, respectively, except for equity-based compensation. The tax effect on equity-based compensation is derived by removing the tax effect of any equity-based compensation expense disallowed as a result of its inclusion within IRC Sec. 162(m), and adding the tax effect of equity-based stock compensation shortfall recorded as a discrete item.
Ecovyst First Quarter 2026 Earnings Release
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Appendix Table A-3: Adjusted Free Cash Flow

Three months ended
March 31,
20262025
(in millions)
Net cash provided by operating activities$16.9 $10.3 
Less:
Purchases of property, plant and equipment(1)
(14.1)(24.3)
Free Cash Flow(2)
$2.8 $(14.0)
Adjustments to free cash flow:
Cash paid for debt financing costs— 1.0 
Cash paid for costs related to the Waggaman acquisition0.3 — 
Cash paid for costs related to the segment disposal1.1 — 
Adjusted Free Cash Flow(2)
$4.2 $(13.0)
Net cash used in investing activities(3)
$(14.1)$(24.3)
Net cash used in financing activities$(37.4)$(4.5)

(1)Includes purchases of property, plant and equipment reported in discontinued operations for the three months ended March 31, 2025.
(2)We define Adjusted Free Cash Flow as net cash provided by operating activities less purchases of property, plant and equipment, including purchases of property, plant and equipment reported in discontinued operations in 2025, adjusted for cash flows that are unusual in nature and/or infrequent in occurrence that neither relate to our core business nor reflect the liquidity of our underlying business. Historically these adjustments include proceeds from the sale of assets, net interest proceeds on swaps designated as net investment hedges, the cash paid for segment disposals and cash paid for debt financing costs included in cash from operating activities. Adjusted Free Cash Flow is a non-GAAP financial measure that we believe will enhance a prospective investor’s understanding of our ability to generate additional cash from operations and is an important financial measure for use in evaluating our financial performance. Our presentation of Adjusted Free Cash Flow is not intended to replace, and should not be considered superior to, the presentation of our net cash provided by operating activities determined in accordance with GAAP. Additionally, our definition of Adjusted Free Cash Flow is limited, in that it does not represent residual cash flows available for discretionary expenditures, due to the fact that the measure does not deduct the payments required for debt service and other contractual obligations or payments made for business acquisitions. Therefore, we believe it is important to view Adjusted Free Cash Flow as a measure that provides supplemental information to our condensed consolidated statements of cash flows. You should not consider Adjusted Free Cash Flow in isolation or as an alternative to the presentation of our financial results in accordance with GAAP. The presentation of Adjusted Free Cash Flow may differ from similar measures reported by other companies and may not be comparable to other similarly titled measures.
(3)Net cash used in investing activities includes purchases of property, plant and equipment, which is also included in our computation of Adjusted Free Cash Flow.


Ecovyst First Quarter 2026 Earnings Release
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Appendix Table A-4: Net Debt Leverage Ratio

March 31, 2026December 31, 2025
(in millions, except ratios)
Total debt$397.1 $397.1 
Less:
Cash and cash equivalents162.6 197.2 
Net debt$234.5 $199.9 
Trailing twelve months:
Net income from continuing operations$20.1 $6.3 
Adjusted EBITDA from continuing operations (1)
$190.5 $172.0 
Net Debt to Net Income Ratio11.7 x31.7 x
Net Debt Leverage Ratio1.2 x1.2 x
(1)     Refer to Appendix Table A-1: Reconciliation of Net Income (Loss) from Continuing Operations to Adjusted EBITDA from Continuing Operations for the reconciliation to the most comparable GAAP financial measure.
Ecovyst First Quarter 2026 Earnings Release
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Source: View Original Filing on SEC EDGAR

FAQ

How did Ecovyst (ECVT) perform in Q1 2026 from continuing operations?

Ecovyst delivered much stronger Q1 2026 results from continuing operations. Sales rose to $215.0 million, up 50% year over year, while net income from continuing operations improved to $5.7 million versus an $8.1 million loss, and Adjusted EBITDA increased to $39.8 million.

What 2026 financial guidance did Ecovyst (ECVT) provide in this 8-K?

Ecovyst now expects 2026 sales of $890–$970 million and Adjusted EBITDA of $180–$195 million. It also projects Adjusted Free Cash Flow of $40–$55 million, capital expenditures of $80–$90 million, and an effective tax rate in the mid‑20% range.

How strong is Ecovyst’s (ECVT) balance sheet and liquidity after Q1 2026?

As of March 31, 2026, Ecovyst held $162.6 million in cash and cash equivalents and had $74.3 million available under its ABL facility, for total liquidity of $236.9 million. Net debt was $234.5 million, resulting in a net debt leverage ratio of 1.2x Adjusted EBITDA.

What stock repurchases did Ecovyst (ECVT) complete in Q1 2026?

During Q1 2026, Ecovyst repurchased 3,226,461 shares of common stock at an average price of $11.07 per share, for a total cost of $35.7 million. As of March 31, 2026, $146.5 million remained available under its $450 million stock repurchase program.

How did Ecovyst’s profitability metrics change year over year in Q1 2026?

Profitability improved markedly. Adjusted EBITDA from continuing operations rose to $39.8 million from $21.3 million, lifting the Adjusted EBITDA margin to 18.5% from 14.9%. Net income from continuing operations turned positive at $5.7 million, and diluted EPS from continuing operations improved to $0.05 from a $0.07 loss.

What impact did the Advanced Materials & Catalysts divestiture have on Ecovyst’s reporting?

Following completion of the Advanced Materials & Catalysts sale on December 31, 2025, Ecovyst reports that segment’s results in discontinued operations. The Q1 2026 figures and comparisons highlighted here reflect continuing operations only, improving clarity around the core sulfuric acid products and services business.

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