Olin Corporation (NYSE: OLN) details Q2 loss, merger costs and leverage
Rhea-AI Filing Summary
Olin Corporation reported a second quarter 2026 net loss of $13.3 million, or $0.12 per diluted share, compared with a $1.3 million loss a year earlier, on sales of $1,741.9 million versus $1,758.3 million. Adjusted EBITDA improved to $191.3 million from $176.1 million.
Chlor Alkali Products and Vinyls sales fell to $819.5 million and segment earnings to $53.4 million, affected by lower volumes and an unplanned vinyl chloride monomer outage in Freeport that reduced adjusted EBITDA by about $40 million and is expected to impact the third quarter by about $20 million. Epoxy returned to profitability with $16.0 million of segment earnings on $422.1 million of sales. Winchester delivered $28.1 million of segment earnings on $500.3 million of sales, reflecting stronger commercial and military demand.
Management forecasts third quarter 2026 adjusted EBITDA between $160 million and $200 million. Olin ended June 30, 2026 with cash of $177.4 million, net debt of $2.85 billion, and a net debt to adjusted EBITDA ratio of 5.0 times, with approximately $1.2 billion of available liquidity. Results include $10.6 million of merger-related costs tied to a proposed all-stock merger of equals with Huntsman Corporation and cash payments of about $93 million in the first half to resolve legacy Shintech litigation, with roughly $100 million more expected in the second half.
Positive
- Epoxy segment swung from a prior-year loss to a profit, generating $16.0 million of earnings on $422.1 million of sales as volumes, pricing, and margins improved and operating costs declined.
Negative
- Net leverage increased, with Net Debt to Adjusted EBITDA rising to 5.0x on Net Debt of $2.85 billion, up from 4.1x at December 31, 2025 and 3.9x at June 30, 2025.
- Resolution of legacy Shintech litigation is driving substantial cash outflows, including about $93 million paid in first half 2026 and roughly $100 million more expected in the second half.
Filing Explained
The proposed all-stock Huntsman merger remains pending approvals; this filing reports no completion or immediate change to Olin’s common-share structure.
Form 8-K reports specified material events; this filing reports Olin’s second-quarter results and states that its proposed all-stock merger with Huntsman remains pending.
The merger is expected in the first half of 2027, but completion depends on regulatory approvals and approval by both companies’ shareholders; the filing therefore describes a proposed transaction, not a completed combination.
For the six months ended June 30, operating activities used cash, while cash and cash equivalents at June 30 were
During the same six-month period, Olin reported net long-term-debt borrowings, a financing inflow that accompanied the reported cash position.
8-K Event Classification
2 items: 2.02, 9.01
2 items
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.
Key Figures
Q2 2026 Sales: $1,741.9 million
Q2 2026 Net Loss: $13.3 million
Q2 2026 Adjusted EBITDA: $191.3 million
+5 more
8 metrics
Q2 2026 Sales
$1,741.9 million
Consolidated sales for the quarter ended June 30, 2026
Q2 2026 Net Loss
$13.3 million
Net loss attributable to Olin Corporation for the quarter ended June 30, 2026
Q2 2026 Adjusted EBITDA
$191.3 million
Adjusted EBITDA for the quarter ended June 30, 2026
Epoxy Segment Earnings Q2 2026
$16.0 million
Epoxy income before taxes for the quarter ended June 30, 2026
Net Debt June 30, 2026
$2,851.7 million
Total debt less cash and cash equivalents as of June 30, 2026
Net Debt to Adjusted EBITDA
5.0 times
Net Debt divided by trailing twelve months Adjusted EBITDA at June 30, 2026
Q3 2026 Adjusted EBITDA Guidance
$160 million to $200 million
Management forecast range for third quarter 2026 adjusted EBITDA
Cash Balance June 30, 2026
$177.4 million
Cash and cash equivalents as of June 30, 2026
Key Terms
Adjusted EBITDA, Net Debt to Adjusted EBITDA, merger of equals, Electrochemical Unit (ECU) margins, +2 more
6 terms
Adjusted EBITDA financial
"Second quarter 2026 adjusted EBITDA of $191.3 million excludes depreciation and amortization"
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.
Net Debt to Adjusted EBITDA financial
"Olin ended the second quarter 2026 with net debt of approximately $2.85 billion and a net debt to adjusted EBITDA ratio of 5.0 times"
Net debt to adjusted EBITDA is a leverage ratio that compares a company’s net debt (total interest-bearing debt minus cash) to its recurring operating earnings after removing one-off items. Think of it like how many years of steady take-home pay the business would need to pay off its outstanding debt; investors use it to gauge debt burden, financial risk and relative creditworthiness, with lower ratios generally indicating a safer balance sheet.
merger of equals financial
"entered into a definitive agreement to combine in an all-stock merger of equals to form a combined company"
A merger of equals is when two companies of similar size and value combine into a single business with shared ownership and leadership, rather than one company buying the other. Investors care because it reshuffles who owns and controls the combined company, aims to cut duplicate costs and strengthen market position, but also brings integration risks that can affect future profits and each company’s stock value.
Electrochemical Unit (ECU) margins financial
"unsuccessful execution of our operating model, which prioritizes Electrochemical Unit (ECU) margins over sales volumes"
legacy litigation matters financial
"paid approximately $93 million, including previously accrued reserves, to resolve legacy Shintech litigation matters"
non-GAAP financial measures financial
"Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Sales: $1,741.9 million · Guidance included
quarter ended June 30, 2026
Sales
$1,741.9 million
$1,758.3 million in Q2 2025
Net loss attributable to Olin Corporation
$13.3 million
$1.3 million net loss in Q2 2025
Diluted EPS
$(0.12)
$(0.01) in Q2 2025
Adjusted EBITDA
$191.3 million
$176.1 million in Q2 2025
Net Debt to Adjusted EBITDA
5.0 times
4.1 times at December 31, 2025 and 3.9 times at June 30, 2025
Guidance
Third quarter 2026 adjusted EBITDA is forecast to be in the range of $160 million to $200 million.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Olin (OLN) headline financial results for Q2 2026?
Olin reported a Q2 2026 net loss of $13.3 million, or $0.12 per diluted share, on sales of $1,741.9 million. Adjusted EBITDA increased to $191.3 million, compared with $176.1 million in the second quarter of 2025.
How did Olin (OLN) business segments perform in Q2 2026?
Chlor Alkali Products and Vinyls earned $53.4 million on sales of $819.5 million, Epoxy earned $16.0 million on $422.1 million of sales, and Winchester earned $28.1 million on $500.3 million of sales, with Epoxy showing the largest year-over-year improvement.
What guidance did Olin (OLN) provide for Q3 2026 adjusted EBITDA?
Management forecast third quarter 2026 adjusted EBITDA in the range of $160 million to $200 million. The outlook reflects expected steady Chemical results, ongoing impacts from reduced vinyl chloride monomer operating rates, and seasonally stronger earnings in the Winchester business.
What is Olin (OLN)’s leverage and liquidity position as of June 30, 2026?
Olin ended June 30, 2026 with cash of $177.4 million, Net Debt of $2.85 billion, and a Net Debt to Adjusted EBITDA ratio of 5.0 times. Available liquidity was approximately $1.2 billion, including unrestricted access to its undrawn revolving credit facility.
What is the status of Olin (OLN)’s proposed merger with Huntsman Corporation?
Olin and Huntsman entered a definitive agreement for an all-stock merger of equals to form OlinHuntsman Corporation. Completion is expected in the first half of 2027, subject to customary closing conditions, regulatory approvals, and approval by Olin shareholders and Huntsman stockholders.
How did the Freeport outage affect Olin (OLN)’s Q2 2026 results?
An unplanned shutdown of the vinyl chloride monomer plant in Freeport, Texas reduced second quarter adjusted EBITDA by about $40 million. Operations have resumed at reduced rates, with an additional estimated $20 million impact expected in the third quarter of 2026.
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): July 30, 2026
(Exact name of registrant as specified in its charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(314 ) 480-1400
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report)
| 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 (see General Instruction A.2. below): | |||||||||||||||||
| 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 class | Trading Symbol | Name of each exchange on which registered | |||||||||||||||
| 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 July 30, 2026, Olin Corporation (“Olin”) issued a press release announcing financial results for the second quarter ended June 30, 2026. Attached as Exhibit 99.1, and incorporated by reference into this Item 2.02, is a copy of Olin’s press release dated July 30, 2026.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibit No. | Exhibit | ||||
| 99.1 | Press Release announcing second quarter 2026 earnings, dated July 30, 2026 | ||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | ||||
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.
| OLIN CORPORATION | |||||||||||
| By: | /s/ Inchan Hwang | ||||||||||
| Name: | Inchan Hwang | ||||||||||
| Title: | Vice President, Deputy General Counsel and Secretary | ||||||||||
Date: July 30, 2026
Exhibit 99.1
Investor Contact: Steve Keenan
(314) 719-1755
InvestorRelations@Olin.com
NewsOlin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105
Olin Announces Second Quarter 2026 Results
Highlights
•Second quarter 2026 net loss of ($13.3) million, or ($0.12) per diluted share
•Quarterly adjusted EBITDA of $191.3 million
Clayton, MO, July 30, 2026 – Olin Corporation (NYSE: OLN) announced financial results for the second quarter ended June 30, 2026. Second quarter 2026 reported net loss was ($13.3) million, or ($0.12) per diluted share, which compares to second quarter 2025 reported net loss of ($1.3) million, or ($0.01) per diluted share. Second quarter 2026 adjusted EBITDA of $191.3 million excludes depreciation and amortization expense of $122.1 million, acquisition-related costs of $10.6 million, and restructuring charges of $10.5 million. Second quarter 2025 adjusted EBITDA was $176.1 million. Sales in the second quarter 2026 were $1,741.9 million, compared to $1,758.3 million in the second quarter 2025.
Ken Lane, President and Chief Executive Officer, said, “The Olin team delivered sequential improvement in adjusted EBITDA in a highly volatile environment. Our Chlor Alkali Products and Vinyls business benefited from improved caustic soda and ethylene dichloride pricing and from favorable operating performance driven by our Beyond250 structural cost actions. However, partially offsetting this performance was an unplanned shutdown of the vinyl chloride monomer plant in Freeport, Texas. Operations have resumed at reduced rates. The disruption reduced second quarter adjusted EBITDA by $40 million, with an estimated $20 million impact expected in the third quarter as full rates are planned to resume late in the quarter. Epoxy continued to improve as margins expanded despite persistent weak demand conditions in Europe. Winchester’s sequential improvement was driven by stronger commercial demand and pricing actions implemented to offset commodity metals and raw materials cost inflation.
“Looking ahead, we expect our Chemical businesses’ third quarter 2026 results to be comparable to the second quarter, as reduced operating rates at the vinyl chloride monomer facility and weaker ethylene dichloride
pricing offset expected stronger caustic soda volumes. In our Winchester business, seasonally improving commercial demand is expected to support sequential earnings growth. With continued significant global volatility, third quarter 2026 adjusted EBITDA is forecast to be in the range of $160 million to $200 million,” Lane concluded.
SEGMENT REPORTING
Olin defines segment earnings as income (loss) before interest expense, net, other operating income (expense), non-operating pension income, other income, and income taxes.
CHLOR ALKALI PRODUCTS AND VINYLS
Chlor Alkali Products and Vinyls sales for the second quarter 2026 were $819.5 million, compared to $979.5 million in the second quarter 2025. The decrease in sales was due to lower volumes, primarily resulting from lower trading volumes associated with Blue Water Alliance and lower vinyl chloride monomer volumes. The Blue Water Alliance joint venture concluded operations at the end of 2025. Second quarter 2026 segment earnings were $53.4 million, compared to $64.9 million in the second quarter 2025. Second quarter 2026 segment results were negatively impacted by $40.1 million from operating issues with the vinyl chloride monomer plant at the Freeport, Texas facility resulting in higher costs and reduced profit from lost sales. The remaining $28.6 million increase in segment earnings was primarily due to higher pricing, primarily caustic soda and ethylene dichloride, partially offset by higher raw material costs, primarily natural gas and electrical power costs. Chlor Alkali Products and Vinyls second quarter 2026 results included depreciation and amortization expense of $98.1 million compared to $106.3 million in the second quarter 2025.
EPOXY
Epoxy sales for the second quarter 2026 were $422.1 million, compared to $331.2 million in the second quarter 2025. The increase in sales was due to higher volumes and improved pricing. Second quarter 2026 segment earnings were $16.0 million, compared to a segment loss of ($23.7) million in the second quarter 2025. The $39.7 million increase in segment results was primarily due to higher volumes, improved product margins, and lower operating costs. Product margins improved year-over-year with higher pricing partially offset by higher raw material costs, primarily benzene and propylene. Epoxy second quarter 2026 results included depreciation and amortization expense of $11.7 million compared to $13.1 million in the second quarter 2025.
WINCHESTER
Winchester sales for the second quarter 2026 were $500.3 million, compared to $447.6 million in the second quarter 2025. The increase in sales was primarily due to higher commercial ammunition sales and higher
military project revenue. Second quarter 2026 segment earnings were $28.1 million, compared to $25.0 million in the second quarter 2025. The $3.1 million increase in segment earnings was primarily due to higher commercial ammunition pricing and volume and higher military project revenue, partially offset by higher raw material costs, primarily commodity metal costs, and higher operating costs. Winchester second quarter 2026 results included depreciation and amortization expense of $8.8 million compared to $7.9 million in the second quarter 2025.
CORPORATE AND OTHER COSTS
Other corporate and unallocated costs in the second quarter of 2026 increased $5.4 million compared to the second quarter 2025 primarily due to an unfavorable impact from foreign currency, partially offset by lower stock-based compensation, which includes mark-to-market adjustments.
PROPOSED MERGER OF EQUALS
On June 16, 2026, Olin and Huntsman Corporation announced that they have entered into a definitive agreement to combine in an all-stock merger of equals to form a combined company, OlinHuntsman Corporation. Second quarter 2026 results included acquisition-related costs of $10.6 million related to this pending merger.
Completion of the merger, which is expected to occur in the first half of 2027, is subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals and approval of the merger by both Olin shareholders and Huntsman stockholders.
LIQUIDITY
The cash balance on June 30, 2026, was $177.4 million. Olin ended the second quarter 2026 with net debt of approximately $2.85 billion and a net debt to adjusted EBITDA ratio of 5.0 times. On June 30, 2026, Olin had available liquidity of approximately $1.2 billion, including unrestricted access to the undrawn portion of its revolving credit facility. Working capital increased $183.0 million in the first half 2026. In addition to the normal seasonal working capital built in first half of the year, which we expect to liquidate during the second half, Olin paid approximately $93 million, including previously accrued reserves, to resolve legacy Shintech litigation matters and expect to pay the remaining approximately $100 million in the second half of 2026.
CONFERENCE CALL INFORMATION
Olin senior management will host a conference call to discuss second quarter 2026 financial results at 9:00 a.m. Eastern Time on Friday, July 31, 2026. Remarks will be followed by a question-and-answer session. Associated slides and the conference call webcast are accessible via Olin’s website, www.olin.com, under the second
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 U.S. manufacturer of ammunition. The chemical products produced include chlorine and caustic soda, vinyls, epoxies, chlorinated organics, bleach, hydrogen, and hydrochloric acid. Winchester’s principal manufacturing facilities produce and distribute sporting ammunition, law enforcement ammunition, reloading components, small caliber military ammunition and components, industrial cartridges, and clay targets, along with contracted U.S. military project revenue.
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. These statements may include statements regarding the proposed merger with Huntsman Corporation (Huntsman), the expected timetable for completing the merger, benefits and synergies of the merger, and future opportunities for the combined company following the transaction. 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, 2025, 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;
•availability of and/or higher-than-expected costs of raw material, energy, transportation, and/or logistics;
•our reliance on a limited number of suppliers for specified feedstock and services and our reliance on third-party transportation;
•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;
•weak industry conditions affecting our ability to comply with the financial maintenance covenants in our debt agreements;
•our indebtedness and debt service obligations;
•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;
•adverse conditions in the credit and capital markets, limiting or preventing our ability to borrow or raise capital;
•our inability to complete future acquisitions or joint venture transactions or successfully integrate them into our business;
•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;
Risks Relating to the Proposed Merger with Huntsman
•factors relating to the satisfaction of the conditions to, and timely completion of, the proposed merger with Huntsman, including required shareholder and regulatory approvals;
•the possibility that the proposed merger may not be completed on the anticipated terms, timing, or at all, including the possibility of circumstances that would require us to pay a termination fee or reimburse certain expenses;
•the possibility that the expected strategic benefits, cost savings, operational efficiencies and synergies of the proposed merger may not be realized or may take longer to realize than expected;
•the effect of the proposed merger on relationships with employees, customers, suppliers and other business partners and adverse effects on our ability to attract, retain and motivate key personnel, maintain commercial relationships and execute our business strategy;
•the diversion of management attention from day-to-day operations and other strategic opportunities;
•transaction, advisory, legal, accounting, consulting, regulatory, retention, integration planning costs and other costs associated with the proposed merger;
•the Merger Agreement contains customary covenants that restrict our ability to undertake certain actions without Huntsman’s consent prior to closing, which may limit operational flexibility and the ability to pursue certain business opportunities during the pendency of the transaction; and
•the risk of litigation, regulatory proceedings relating to the proposed merger, or the imposition of conditions, limitations, divestiture requirements or other remedies by governmental authorities.
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.
2026-10
| Olin Corporation | |||||||||||||||||
Consolidated Statements of Operations(a) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| ($ in millions, except per share amounts) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Sales | $ | 1,741.9 | $ | 1,758.3 | $ | 3,324.9 | $ | 3,402.5 | |||||||||
| Operating Expenses: | |||||||||||||||||
| Cost of Goods Sold | 1,571.7 | 1,620.2 | 3,078.9 | 3,115.7 | |||||||||||||
| Selling and Administrative | 102.7 | 95.2 | 247.7 | 196.2 | |||||||||||||
| Restructuring Charges | 10.5 | 7.4 | 19.6 | 11.4 | |||||||||||||
Acquisition-related Costs(b) | 10.6 | — | 10.6 | — | |||||||||||||
| Other Operating Income (Expense) | 0.1 | (0.2) | 0.1 | (0.2) | |||||||||||||
| Operating Income (Loss) | 46.5 | 35.3 | (31.8) | 79.0 | |||||||||||||
| Losses of Non-consolidated Affiliates | (1.0) | (1.4) | (2.4) | (1.4) | |||||||||||||
| Interest Expense, Net | (44.3) | (45.6) | (86.4) | (92.9) | |||||||||||||
| Non-operating Pension Income | 2.6 | 4.9 | 6.1 | 10.6 | |||||||||||||
| Income (Loss) before Taxes | 3.8 | (6.8) | (114.5) | (4.7) | |||||||||||||
| Income Tax Provision (Benefit) | 17.1 | (4.0) | (18.2) | (3.1) | |||||||||||||
| Net Loss | (13.3) | (2.8) | (96.3) | (1.6) | |||||||||||||
| Net Loss Attributable to Noncontrolling Interests | — | (1.5) | — | (1.7) | |||||||||||||
| Net (Loss) Income Attributable to Olin Corporation | $ | (13.3) | $ | (1.3) | $ | (96.3) | $ | 0.1 | |||||||||
| Net (Loss) Income Attributable to Olin Corporation per Common Share: | |||||||||||||||||
| Basic | $ | (0.12) | $ | (0.01) | $ | (0.85) | $ | — | |||||||||
| Diluted | $ | (0.12) | $ | (0.01) | $ | (0.85) | $ | — | |||||||||
| Dividends per Common Share | $ | 0.20 | $ | 0.20 | $ | 0.40 | $ | 0.40 | |||||||||
| Average Common Shares Outstanding - Basic | 113.9 | 114.9 | 113.8 | 115.1 | |||||||||||||
| Average Common Shares Outstanding - Diluted | 113.9 | 114.9 | 113.8 | 115.9 | |||||||||||||
(a) Unaudited. | |||||||||||||||||
| (b) Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation. | |||||||||||||||||
| Olin Corporation | |||||||||||||||||
Segment Information(a) | |||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2026 | 2025 | |||||||||||||
| Sales: | |||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 819.5 | $ | 979.5 | $ | 1,576.4 | $ | 1,904.0 | |||||||||
| Epoxy | 422.1 | 331.2 | 777.7 | 662.9 | |||||||||||||
| Winchester | 500.3 | 447.6 | 970.8 | 835.6 | |||||||||||||
| Total Sales | $ | 1,741.9 | $ | 1,758.3 | $ | 3,324.9 | $ | 3,402.5 | |||||||||
| Income (Loss) before Taxes: | |||||||||||||||||
| Chlor Alkali Products and Vinyls | $ | 53.4 | $ | 64.9 | $ | 8.9 | $ | 143.2 | |||||||||
| Epoxy | 16.0 | (23.7) | 13.1 | (52.1) | |||||||||||||
| Winchester | 28.1 | 25.0 | 43.3 | 47.8 | |||||||||||||
| Corporate/Other: | |||||||||||||||||
| Environmental Expense | (5.7) | (4.8) | (10.9) | (9.8) | |||||||||||||
| Other Corporate and Unallocated Costs | (25.3) | (19.9) | (58.5) | (39.9) | |||||||||||||
| Restructuring Charges | (10.5) | (7.4) | (19.6) | (11.4) | |||||||||||||
Acquisition-related Costs(b) | (10.6) | — | (10.6) | — | |||||||||||||
| Other Operating Income (Expense) | 0.1 | (0.2) | 0.1 | (0.2) | |||||||||||||
| Interest Expense, Net | (44.3) | (45.6) | (86.4) | (92.9) | |||||||||||||
| Non-operating Pension Income | 2.6 | 4.9 | 6.1 | 10.6 | |||||||||||||
| Income (Loss) before Taxes | $ | 3.8 | $ | (6.8) | $ | (114.5) | $ | (4.7) | |||||||||
(a) Unaudited. | |||||||||||||||||
| (b) Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation. | |||||||||||||||||
| Olin Corporation | |||||||||||||||||
Consolidated Balance Sheets(a) | |||||||||||||||||
| June 30, | December 31, | June 30, | |||||||||||||||
| ($ in millions, except per share data) | 2026 | 2025 | 2025 | ||||||||||||||
| Assets: | |||||||||||||||||
| Cash and Cash Equivalents | $ | 177.4 | $ | 167.6 | $ | 223.8 | |||||||||||
| Accounts Receivable, Net | 988.6 | 844.5 | 1,044.5 | ||||||||||||||
| Income Taxes Receivable | 54.3 | 66.6 | 29.1 | ||||||||||||||
| Inventories, Net | 847.2 | 784.5 | 919.1 | ||||||||||||||
| Other Current Assets | 120.4 | 107.9 | 70.2 | ||||||||||||||
| Total Current Assets | 2,187.9 | 1,971.1 | 2,286.7 | ||||||||||||||
Property, Plant and Equipment (Less Accumulated Depreciation of $5,587.3, $5,508.7 and $5,417.0) | 2,089.0 | 2,196.9 | 2,260.8 | ||||||||||||||
| Operating Lease Assets, Net | 365.4 | 298.6 | 281.8 | ||||||||||||||
| Deferred Income Taxes | 45.2 | 47.2 | 59.7 | ||||||||||||||
| Other Assets | 1,169.8 | 1,210.0 | 1,159.7 | ||||||||||||||
| Intangibles, Net | 155.6 | 174.4 | 193.7 | ||||||||||||||
| Goodwill | 1,427.7 | 1,427.6 | 1,425.5 | ||||||||||||||
| Total Assets | $ | 7,440.6 | $ | 7,325.8 | $ | 7,667.9 | |||||||||||
| Liabilities and Shareholders' Equity: | |||||||||||||||||
| Current Installments of Long-term Debt | $ | — | $ | 109.7 | $ | 19.2 | |||||||||||
| Accounts Payable | 910.3 | 806.1 | 901.0 | ||||||||||||||
| Income Taxes Payable | 13.7 | 23.9 | 44.1 | ||||||||||||||
| Current Operating Lease Liabilities | 73.0 | 59.7 | 61.0 | ||||||||||||||
| Accrued Liabilities | 546.1 | 630.1 | 520.6 | ||||||||||||||
| Total Current Liabilities | 1,543.1 | 1,629.5 | 1,545.9 | ||||||||||||||
| Long-term Debt | 3,029.1 | 2,717.6 | 2,977.5 | ||||||||||||||
| Operating Lease Liabilities | 305.4 | 252.5 | 226.4 | ||||||||||||||
| Accrued Pension Liability | 197.2 | 200.9 | 227.4 | ||||||||||||||
| Deferred Income Taxes | 312.8 | 317.6 | 380.8 | ||||||||||||||
| Other Liabilities | 341.2 | 337.1 | 322.1 | ||||||||||||||
| Total Liabilities | 5,728.8 | 5,455.2 | 5,680.1 | ||||||||||||||
| Commitments and Contingencies | |||||||||||||||||
| Shareholders' Equity: | |||||||||||||||||
Common Stock, $1.00 Par Value Per Share; Authorized 240.0 Shares; Issued and Outstanding 114.0, 113.6 and 114.6 Shares | 114.0 | 113.6 | 114.6 | ||||||||||||||
| Additional Paid-in Capital | 11.9 | — | — | ||||||||||||||
| Accumulated Other Comprehensive Loss | (412.4) | (414.5) | (451.4) | ||||||||||||||
| Retained Earnings | 1,997.9 | 2,139.8 | 2,294.0 | ||||||||||||||
| Olin Corporation's Shareholders' Equity | 1,711.4 | 1,838.9 | 1,957.2 | ||||||||||||||
| Noncontrolling Interests | 0.4 | 31.7 | 30.6 | ||||||||||||||
| Total Equity | 1,711.8 | 1,870.6 | 1,987.8 | ||||||||||||||
| Total Liabilities and Equity | $ | 7,440.6 | $ | 7,325.8 | $ | 7,667.9 | |||||||||||
(a) Unaudited. | |||||||||||||||||
| Olin Corporation | ||||||||||||||
Consolidated Statements of Cash Flows(a) | ||||||||||||||
| Six Months Ended June 30, | ||||||||||||||
| ($ in millions) | 2026 | 2025 | ||||||||||||
| Operating Activities: | ||||||||||||||
| Net Loss | $ | (96.3) | $ | (1.6) | ||||||||||
| Depreciation and Amortization | 239.3 | 262.1 | ||||||||||||
| Losses of Non-consolidated Affiliates | 2.4 | 1.4 | ||||||||||||
| Stock-based Compensation | 10.8 | 10.2 | ||||||||||||
| Deferred Income Taxes | (4.0) | (49.5) | ||||||||||||
| Qualified Pension Plan Contributions | (0.6) | (0.6) | ||||||||||||
| Qualified Pension Plan Income | (5.4) | (9.2) | ||||||||||||
| Changes in Assets and Liabilities: | ||||||||||||||
| Receivables | (149.0) | (34.1) | ||||||||||||
| Income Taxes Receivable/Payable | 2.3 | (124.3) | ||||||||||||
| Inventories | (65.9) | (51.8) | ||||||||||||
| Other Current Assets | (12.9) | (10.4) | ||||||||||||
| Accounts Payable and Accrued Liabilities | 42.5 | 108.2 | ||||||||||||
| Other Assets | (1.1) | (1.4) | ||||||||||||
| Other Noncurrent Liabilities | (0.5) | 27.3 | ||||||||||||
| Other Operating Activities | (2.3) | — | ||||||||||||
| Net Operating Activities | (40.7) | 126.3 | ||||||||||||
| Investing Activities: | ||||||||||||||
| Capital Expenditures | (72.7) | (92.4) | ||||||||||||
| Business Acquired in Purchase Transaction, Net of Cash Acquired | — | (55.8) | ||||||||||||
| Investments in Non-consolidated Affiliates | (1.9) | (0.8) | ||||||||||||
| Other Investing Activities | (1.0) | (3.3) | ||||||||||||
| Net Investing Activities | (75.6) | (152.3) | ||||||||||||
| Financing Activities: | ||||||||||||||
| Long-term Debt Borrowings, Net | 202.3 | 159.8 | ||||||||||||
| Common Stock Repurchased and Retired | — | (30.3) | ||||||||||||
| Stock Options Exercised | 3.0 | 1.9 | ||||||||||||
| Dividends Paid | (45.6) | (46.0) | ||||||||||||
| Distributions to Noncontrolling Interests | (31.3) | — | ||||||||||||
| Debt Issuance Costs | (2.1) | (12.0) | ||||||||||||
| Net Financing Activities | 126.3 | 73.4 | ||||||||||||
| Effect of Exchange Rate Changes on Cash and Cash Equivalents | (0.2) | 0.8 | ||||||||||||
| Net Increase in Cash and Cash Equivalents | 9.8 | 48.2 | ||||||||||||
| Cash and Cash Equivalents, Beginning of Year | 167.6 | 175.6 | ||||||||||||
| Cash and Cash Equivalents, End of Period | $ | 177.4 | $ | 223.8 | ||||||||||
| (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 an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a supplemental financial measure to assess the financial performance without regard to financing methods, capital structures, taxes or historical cost basis. The use of non-GAAP financial measures is not intended to replace any measures of performance determined in accordance with GAAP and Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. Reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures are omitted from this release because Olin is unable to provide such reconciliations without the use of unreasonable efforts. This inability results from the inherent difficulty in forecasting generally and quantifying certain projected amounts that are necessary for such reconciliations. In particular, sufficient information is not available to calculate certain adjustments required for such reconciliations, including interest expense (income), income tax provision (benefit), other expense (income) and restructuring charges (income). Because of our inability to calculate such adjustments, forward-looking net income guidance is also omitted from this release. We expect these adjustments to have a potentially significant impact on our future GAAP financial results. | ||||||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Reconciliation of Net Loss to Adjusted EBITDA: | ||||||||||||||||||||
| Net Loss | $ | (13.3) | $ | (2.8) | $ | (96.3) | $ | (1.6) | ||||||||||||
| Add Back: | ||||||||||||||||||||
| Interest Expense, Net | 44.3 | 45.6 | 86.4 | 92.9 | ||||||||||||||||
| Income Tax Provision (Benefit) | 17.1 | (4.0) | (18.2) | (3.1) | ||||||||||||||||
| Depreciation and Amortization | 122.1 | 129.9 | 239.3 | 262.1 | ||||||||||||||||
| EBITDA | 170.2 | 168.7 | 211.2 | 350.3 | ||||||||||||||||
| Add Back: | ||||||||||||||||||||
| Restructuring Charges | 10.5 | 7.4 | 19.6 | 11.4 | ||||||||||||||||
| Legacy Litigation Matters | — | — | 36.1 | — | ||||||||||||||||
Acquisition-related Costs(b) | 10.6 | — | 10.6 | — | ||||||||||||||||
| Adjusted EBITDA | $ | 191.3 | $ | 176.1 | $ | 277.5 | $ | 361.7 | ||||||||||||
| (a) | Unaudited. | |||||||||||||||||||
| (b) | Acquisition-related costs for the three and six months ended June 30, 2026 included advisory, legal, accounting, and other professional fees associated with our proposed merger with Huntsman Corporation. | |||||||||||||||||||
| 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 reporting period is defined as the sum of our current installments of long-term debt and long-term debt, less cash and cash equivalents. Adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) is net income (loss) plus an add-back for depreciation and amortization, interest expense (income), income tax provision (benefit), other expense (income), restructuring charges (income) and certain other non-recurring items. Net Debt to Adjusted EBITDA is a non-GAAP financial measure. Management believes that this measure is meaningful to investors as a measure of our ability to manage our indebtedness. The use of non-GAAP financial measures is not intended to replace any measures of indebtedness or liquidity determined in accordance with GAAP and Net Debt or Net Debt to Adjusted EBITDA presented may not be comparable to similarly titled measures of other companies. | ||||||||||||||||||||
| June 30, | December 31, | June 30, | ||||||||||||||||||
| ($ in millions) | 2026 | 2025 | 2025 | |||||||||||||||||
| Current Installments of Long-term Debt | $ | — | $ | 109.7 | $ | 19.2 | ||||||||||||||
| Long-term Debt | 3,029.1 | 2,717.6 | 2,977.5 | |||||||||||||||||
| Total Debt | 3,029.1 | 2,827.3 | 2,996.7 | |||||||||||||||||
| Less: Cash and Cash Equivalents | (177.4) | (167.6) | (223.8) | |||||||||||||||||
| Net Debt | $ | 2,851.7 | $ | 2,659.7 | $ | 2,772.9 | ||||||||||||||
Trailing Twelve Months Adjusted EBITDA(b) | $ | 567.6 | $ | 651.8 | $ | 715.4 | ||||||||||||||
| Net Debt to Adjusted EBITDA | 5.0 | 4.1 | 3.9 | |||||||||||||||||
| (a) | Unaudited. | |||||||||||||||||||
| (b) | Trailing Twelve Months Adjusted EBITDA as of June 30, 2026 is calculated as the six months ended June 30, 2026 plus the year ended December 31, 2025 less the six months ended June 30, 2025. Trailing Twelve Months Adjusted EBITDA as of June 30, 2025 is calculated as the six months ended June 30, 2025 plus the year ended December 31, 2024 less the six months ended June 30, 2024. | |||||||||||||||||||