Fourth Quarter Highlights
- Fourth quarter 2025 net loss attributable to Huntsman of $96 million compared to a net loss of $141 million in the prior year period; fourth quarter 2025 diluted loss per share of $0.56 compared to diluted loss per share $0.82 in the prior year period.
- Fourth quarter 2025 adjusted net loss attributable to Huntsman of $63 million compared to adjusted net loss of $43 million in the prior year period; fourth quarter 2025 adjusted diluted loss per share of $0.37 compared to adjusted diluted loss per share of $0.25 in the prior year period.
- Fourth quarter 2025 adjusted EBITDA of $35 million compared to $71 million in the prior year period.
- Fourth quarter 2025 net cash provided by operating activities from continuing operations was $77 million. Free cash flow from continuing operations was $20 million for the fourth quarter 2025 compared to free cash flow of $108 million in the prior year period.
Three months ended Twelve months ended
December 31, December 31,
In millions, except per share amounts 2025 2024 2025 2024
Revenues $1,355 $1,452 $5,683 $6,036
Net loss attributable to Huntsman Corporation $(96) $(141) $(284) $(189)
Adjusted net loss(1) $(63) $(43) $(121) $(13)
Diluted loss per share $(0.56) $(0.82) $(1.65) $(1.10)
Adjusted diluted loss per share(1) $(0.37) $(0.25) $(0.70) $(0.08)
Adjusted EBITDA(1) $35 $71 $275 $414
Net cash provided by operating activities from continuing operations $77 $159 $298 $285
Free cash flow from continuing operations(2) $20 $108 $125 $101
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas, Feb. 17, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported fourth quarter 2025 results with revenues of $1,355 million, net loss attributable to Huntsman of $96 million, adjusted net loss attributable to Huntsman of $63 million and adjusted EBITDA of $35 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"During 2025, there was an exceptional amount of work accomplished by the Company in restructuring our business and generating cash despite the depressed level of earnings. We generated close to $300 million of cash flow from operations in 2025 and our 45% full year free cash flow conversion reflects timely, definitive decisions as we recognized the challenging market landscape early in the year. We remain confident that the economic cycle for chemicals will eventually improve in our core markets, though we recognize that meaningful changes may not occur in the immediate term. We are committed to maintaining a disciplined approach, prioritizing cash management, the balance sheet and controlling our fixed costs to ensure the Company is well-positioned when our markets improve."
Segment Analysis for 4Q25 Compared to 4Q24
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices, partially offset by higher sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes increased in the Americas and Asia regions. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower average selling prices. Average selling prices decreased primarily due to competitive pressures. Sales volumes were relatively stable. The decrease in segment adjusted EBITDA was primarily due to lower revenues and an unfavorable impact from reduced inventory, partially offset by lower fixed costs.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended December 31, 2025 compared to the same period of 2024 was primarily due to lower sales volumes, partially offset by higher average selling prices. Sales volumes decreased in our infrastructure coatings and general industry segments due to soft demand. Average selling prices increased primarily due to the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Segment adjusted EBITDA was slightly lower primarily due to decreased sales volumes.
Liquidity and Capital Resources
During the three months ended December 31, 2025, our free cash flow from continuing operations was $20 million as compared to $108 million in the same period of 2024. As of December 31, 2025, we had approximately $1.3 billion of combined cash and unused borrowing capacity.
During the three months ended December 31, 2025, we spent $57 million on capital expenditures from continuing operations as compared to $51 million in the same period of 2024. During 2026, we expect similar capital expenditure levels as to the 2025 year.
Income Taxes
In the fourth quarter of 2025, our effective tax rate was -1% and our adjusted effective tax rate was -14%.
Earnings Conference Call Information
We will hold a conference call to discuss our fourth quarter 2025 financial results on Wednesday, February 18, 2026, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=IMeg0PNW
Participant dial-in numbers:
Domestic callers: (877) 402-8037
International callers: (201) 378-4913
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming Conferences
During the first quarter 2026, a member of management is expected to present at:
Bank of America Securities 2026 Global Agriculture and Materials Conference, February 25, 2026
Alembic Materials and Industrials Conference, March 4-6, 2026
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
Table 1 - Results of Operations
Three months ended Twelve months ended
December 31, December 31,
In millions, except per share amounts 2025 2024 2025 2024
Revenues $1,355 $1,452 $5,683 $6,036
Cost of goods sold 1,191 1,264 4,932 5,170
Gross profit 164 188 751 866
Operating expenses:
Selling, general and administrative 181 166 670 671
Research and development 26 30 120 121
Restructuring, impairment and plant closing costs 11 19 148 39
Income associated with litigation matter, net (33)
Gain on acquisition of assets, net (5) (51)
Prepaid asset write-off 71
Loss on dissolution of subsidiaries 39 39
Other operating expense (income), net 5 (3) (18) 1
Total operating expenses 223 251 882 891
Operating loss (59) (63) (131) (25)
Interest expense, net (19) (19) (79) (79)
Equity in income of investment in unconsolidated affiliates 4 2 4 44
Other income (expense), net 1 (1) 14 21
Loss from continuing operations before income taxes (73) (81) (192) (39)
Income tax expense (1) (29) (26) (61)
Loss from continuing operations (74) (110) (218) (100)
Loss from discontinued operations, net of tax (8) (15) (9) (27)
Net loss (82) (125) (227) (127)
Net income attributable to noncontrolling interests (14) (16) (57) (62)
Net loss attributable to Huntsman Corporation $(96) $(141) $(284) $(189)
Adjusted EBITDA
(1) $35 $71 $275 $414
Adjusted net loss
(1) $(63) $(43) $(121) $(13)
Basic loss per share $(0.56) $(0.82) $(1.65) $(1.10)
Diluted loss per share $(0.56) $(0.82) $(1.65) $(1.10)
Adjusted diluted loss per share
(1) $(0.37) $(0.25) $(0.70) $(0.08)
Common share information:
Basic weighted average shares 173 172 173 172
Diluted weighted average shares 173 172 173 172
Diluted shares for adjusted diluted loss per share 173 172 173 172
See end of press release for footnote explanations.
Table 2 - Results of Operations by Segment
Three months ended Twelve months ended
December 31, (Worse) / December 31, (Worse) /
In millions 2025 2024 better 2025 2024 better
Segment revenues:
Polyurethanes $897 $970 (8 %) $3,697 $3,900 (5 %)
Performance Products 224 239 (6 %) 997 1,109 (10 %)
Advanced Materials 243 254 (4 %) 1,021 1,055 (3 %)
Total reportable segments' revenues 1,364 1,463 (7 %) 5,715 6,064 (6 %)
Intersegment eliminations (9) (11) n/m (32) (28) n/m
Total revenues $1,355 $1,452 (7 %) $5,683 $6,036 (6 %)
Segment adjusted EBITDA
(1)
:
Polyurethanes $25 $50 (50 %) $146 $245 (40 %)
Performance Products 16 23 (30 %) 107 153 (30 %)
Advanced Materials 36 37 (3 %) 161 179 (10 %)
n/m = not meaningful
See end of press release for footnote explanations.
Table 3 - Factors Impacting Sales Revenue
Three months ended
December 31, 2025 vs. 2024
Average selling price
(a)
Local Exchange Sales
currency & mix rate volume
(b) Total
Polyurethanes
(11 %) 1 % 2 % (8 %)
Performance Products
(6 %) 1 % (1 %) (6 %)
Advanced Materials 1 % 2 % (7 %) (4 %)
Combined segments (8 %) 1 % 0 % (7 %)
Twelve months ended
December 31, 2025 vs. 2024
Average selling price
(a)
Local Exchange Sales
currency & mix rate volume
(b) Total
Polyurethanes
(7 %) 0 % 2 % (5 %)
Performance Products
(1 %) 0 % (9 %) (10 %)
Advanced Materials
(2 %) 1 % (2 %) (3 %)
Combined segments (5 %) 0 % (1 %) (6 %)
(a) Excludes sales from tolling arrangements, by-products and raw materials.
(b) Excludes sales from by-products and raw materials.
Table 4 -- Reconciliation of U.S. GAAP to Non-GAAP Measures
Income tax Net Diluted (loss) income
EBITDA and other expense loss per share
Three months ended Three months ended Three months ended Three months ended
December 31, December 31, December 31, December 31,
In millions, except per share amounts 2025 2024 2025 2024 2025 2024 2025 2024
Net loss $(82) $(125) $(82) $(125) $(0.48) $(0.73)
Net income attributable to noncontrolling interests (14) (16) (14) (16) (0.08) (0.09)
Net loss attributable to Huntsman Corporation (96) (141) (96) (141) (0.56) (0.82)
Interest expense, net from continuing operations 19 19
Income tax expense from continuing operations 1 29 $(1) $(29)
Income tax benefit from discontinued operations (1) (3)
Depreciation and amortization from continuing operations 73 75
Business acquisition and integration expenses and purchase accounting inventory adjustments,
net 1 (1) 1 (1) 0.01 (0.01)
EBITDA / Loss from discontinued operations 9 18 N/A N/A 8 15 0.05 0.09
Establishment of significant deferred tax asset valuation allowances, net 23 23 0.13
Loss on sale of business/assets 3 (1) (3) 2 (3) 0.01 (0.02)
Loss on dissolution of subsidiaries 39 39 0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments 1 1 0.01
Certain legal and other settlements and related expenses, net 2 (4) 2 (4) 0.01 (0.02)
Amortization of pension and postretirement actuarial losses 12 14 (4) 12 10 0.07 0.06
Restructuring, impairment and plant closing and transition costs 12 21 (4) (3) 8 18 0.05 0.10
Adjusted
(1) $35 $71 $(6) $(20) (63) (43) $(0.37) $(0.25)
Adjusted income tax expense(1) 6 20
Net income attributable to noncontrolling interests 14 16
Adjusted pre-tax loss
(1) $(43) $(7)
Adjusted effective tax rate
(3) (14 %) N/M
Effective tax rate (1 %) (36 %)
Income tax Net Diluted (loss) income
EBITDA and other expense loss per share
Twelve months ended Twelve months ended Twelve months ended Twelve months ended
December 31, December 31, December 31, December 31,
In millions, except per share amounts 2025 2024 2025 2024 2025 2024 2025 2024
Net loss $(227) $(127) $(227) $(127) $(1.32) $(0.74)
Net income attributable to noncontrolling interests (57) (62) (57) (62) (0.33) (0.36)
Net loss attributable to Huntsman Corporation (284) (189) (284) (189) (1.65) (1.10)
Interest expense, net from continuing operations 79 79
Income tax expense from continuing operations 26 61 $(26) $(61)
Income tax benefit from discontinued operations(3) (11)
Depreciation and amortization from continuing operations 287 289
Business acquisition and integration (gain) expenses and purchase accounting inventory
adjustments (4) 21 (17) (4) 4 (0.02) 0.02
EBITDA / Loss from discontinued operations(3) 9 38 N/A N/A 9 27 0.05 0.16
Establishment of significant deferred tax asset valuation allowances, net 1 23 1 23 0.01 0.13
Income tax settlement related to U.S. Tax Reform Act 5 5 0.03
Loss on sale of business/assets 5 1 (1) 4 1 0.02 0.01
Loss on dissolution of subsidiaries 39 39 0.23
Fair value adjustments to Venator investment, net and other tax matter adjustments (12) 3 (9) (0.05)
Certain legal and other settlements and related (income) expenses, net (30) 13 7 (3) (23) 10 (0.13) 0.06
Amortization of pension and postretirement actuarial losses 34 39 (4) (3) 30 36 0.17 0.21
Restructuring, impairment and plant closing and transition costs 153 46 (7) (6) 146 40 0.85 0.23
Adjusted
(1) $275 $414 $(30) $(59) (121) (13) $(0.70) $(0.08)
Adjusted income tax expense(1) 30 59
Net income attributable to noncontrolling interests 57 62
Adjusted pre-tax (loss) income
(1) $(34) $108
Adjusted effective tax rate
(4) (88 %) 55 %
Effective tax rate (14 %) (156 %)
N/M = not meaningful
N/A = not applicable
See end of press release for footnote explanations.
Table 5 - Balance Sheets
December 31, December 31,
In millions 2025 2024
Cash $429 $340
Accounts and notes receivable, net 677 725
Inventories 818 917
Prepaid expenses 94 114
Other current assets 46 29
Property, plant and equipment, net 2,486 2,493
Other noncurrent assets 2,465 2,496
Total assets $7,015 $7,114
Accounts payable $721 $770
Other current liabilities 515 470
Current portion of debt 353 325
Long-term debt 1,658 1,510
Other noncurrent liabilities 811 876
Huntsman Corporation stockholders' equity 2,750 2,959
Noncontrolling interests in subsidiaries 207 204
Total liabilities and equity $7,015 $7,114
Table 6 - Outstanding Debt
December 31, December 31,
In millions 2025 2024
Debt:
Revolving credit facility $343
$ -
Senior notes 1,488 1,799
Accounts receivable programs 152
Variable interest entities 7 16
Other debt 21 20
Total debt - excluding affiliates 2,011 1,835
Total cash 429 340
Net debt - excluding affiliates
(4) $1,582 $1,495
See end of press release for footnote explanations.
Table 7 - Summarized Statements of Cash Flows
Three months ended Twelve months ended
December 31, December 31,
In millions 2025 2024 2025 2024
Total cash at beginning of period $468 $330 $340 $540
Net cash provided by operating activities from continuing operations 77 159 298 285
Net cash used in operating activities from discontinued operations (1) (6) (9) (22)
Net cash used in investing activities (58) (39) (132) (126)
Net cash used in financing activities (62) (95) (76) (326)
Effect of exchange rate changes on cash 5 (9) 8 (11)
Total cash at end of period $429 $340 $429 $340
Free cash flow from continuing operations
(2)
:
Net cash provided by operating activities from continuing operations $77 $159 $298 $285
Capital expenditures (57) (51) (173) (184)
Free cash flow from continuing operations
(2) $20 $108 $125 $101
Supplemental cash flow information:
Cash paid for interest $(37) $(22) $(86) $(77)
Cash paid for income taxes (19) (30) (98) (90)
Cash paid for restructuring and integration (11) (3) (29) (29)
Cash paid for pensions (8) (9) (33) (35)
Depreciation and amortization from continuing operations 73 75 287 289
Change in primary working capital:
Accounts and notes receivable $97 $79 $71 $7
Inventories 19 60 133 (77)
Accounts payable 15 48 (88) 69
Total change in primary working capital $131 $187 $116 $(1)
See end of press release for footnote explanations.
Footnotes
(1) We use adjusted EBITDA to measure the operating performance of our business and
for planning and evaluating the performance of our business segments. We
provide adjusted net income (loss) because we feel it provides meaningful
insight for the investment community into the performance of our business. We
believe that net income (loss) is the performance measure calculated and
presented in accordance with generally accepted accounting principles in the
U.S. ("GAAP") that is most directly comparable to adjusted EBITDA and adjusted
net income (loss). Additional information with respect to our use of each of
these financial measures follows:
Adjusted EBITDA, adjusted net income (loss) and adjusted diluted income (loss)
per share, as used herein, are not necessarily comparable to other similarly
titled measures of other companies.
Adjusted EBITDA is computed by eliminating the following from net income (loss):
(a) net income attributable to noncontrolling interests; (b) interest expense,
net; (c) income taxes; (d) depreciation and amortization; (e) amortization of
pension and postretirement actuarial losses; (f) restructuring, impairment and
plant closing and transition costs; and further adjusted for certain other
items set forth in the reconciliation of net income (loss) to adjusted EBITDA
in Table 4 above.
Adjusted net income (loss) and adjusted diluted income (loss) per share are
computed by eliminating the after tax impact of the following items from net
income (loss): (a) net income attributable to noncontrolling interests; (b)
amortization of pension and postretirement actuarial losses; (c) restructuring,
impairment and plant closing and transition costs; and further adjusted for
certain other items set forth in the reconciliation of net income (loss) to
adjusted net income (loss) in Table 4 above. The income tax impacts, if any,
of each adjusting item represent a ratable allocation of the total difference
between the unadjusted tax expense and the total adjusted tax expense, computed
without consideration of any adjusting items using a with and without approach.
We may disclose forward-looking adjusted EBITDA because we cannot adequately
forecast certain items and events that may or may not impact us in the near
future, such as business acquisition and integration expenses and purchase
accounting inventory adjustments, net, certain legal and other settlements and
related expenses, gains on sale of businesses/assets and certain tax only
items, including tax law changes not yet enacted. Each of such adjustment has
not yet occurred, is out of our control and/or cannot be reasonably predicted.
In our view, our forward-looking adjusted EBITDA represents the forecast net
income on our underlying business operations but does not reflect any
adjustments related to the items noted above that may occur and can cause our
adjusted EBITDA to differ.
(2) We believe free cash flow is an important indicator of our liquidity as it
measures the amount of cash we generate. Management internally uses free cash
flow measure to: (a) evaluate our liquidity, (b) evaluate strategic
investments, (c) plan stock buyback and dividend levels and (d) evaluate our
ability to incur and service debt. Free cash flow is defined as net cash
provided by (used in) operating activities less capital expenditures. Free cash
flow is not a defined term under U.S. GAAP, and it should not be inferred that
the entire free cash flow amount is available for discretionary expenditures.
(3) We believe the adjusted effective tax rate provides improved comparability
between periods through the exclusion of certain items that management believes
are not indicative of the businesses' operational profitability and that may
obscure underlying business results and trends. In our view, effective tax rate
is the performance measure calculated and presented in accordance with U.S.
GAAP that is most directly comparable to adjusted effective tax rate. The
reconciliation of historical adjusted effective tax rate and effective tax rate
is set forth in Table 4 above. Please see the reconciliation of our net income
to adjusted net income in Table 4 for details regarding the tax impacts of our
non-GAAP adjustments.
(4) Net debt is a measure we use to monitor how much debt we have after taking into
account our total cash. We use it as an indicator of our overall financial
position, and calculate it by taking our total debt, including the current
portion, and subtracting total cash.
About Huntsman:
Huntsman Corporation is a publicly traded global manufacturer and marketer of differentiated and specialty chemicals with 2025 revenues of approximately $6 billion from our continuing operations. Our chemical products number in the thousands and are sold worldwide to manufacturers serving a broad and diverse range of consumer and industrial end markets. We operate more than 55 manufacturing, R&D and operations facilities in approximately 25 countries and employ approximately 6,000 associates within our continuing operations. For more information about Huntsman, please visit the company's website at www.huntsman.com.
Social Media:
X: http://www.x.com/Huntsman_Corp
Facebook: www.facebook.com/huntsmancorp
LinkedIn: www.linkedin.com/company/huntsman
Forward-Looking Statements:
This press release includes "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements include statements concerning our plans, objectives, goals, strategies, future events, future revenue or performance, capital expenditures, financing needs, plans or intentions relating to acquisitions, divestitures or strategic transactions, business trends and any other information that is not historical information. When used in this press release, the words "estimates," "expects," "anticipates," "likely," "projects," "outlook," "plans," "intends," "believes," "forecasts," or future or conditional verbs, such as "will," "should," "could" or "may," and variations of such words or similar expressions are intended to identify forward-looking statements. These forward-looking statements, including, without limitation, management's examination of historical operating trends and data, are based upon our current expectations and various assumptions and beliefs. In particular, such forward-looking statements are subject to uncertainty and changes in circumstances and involve risks and uncertainties that may affect the Company's operations, markets, products, prices and other factors as discussed in the Company's filings with the Securities and Exchange Commission (the "SEC"). Significant risks and uncertainties may relate to, but are not limited to, high energy costs in Europe, inflation and high capital costs, geopolitical instability, volatile global economic conditions, cyclical and volatile product markets, disruptions in production at manufacturing facilities, reorganization or restructuring of the Company's operations, including any delay of, or other negative developments affecting the ability to implement cost reductions and manufacturing optimization improvements in the Company's businesses and to realize anticipated cost savings, and other financial, operational, economic, competitive, environmental, political, legal, regulatory and technological factors. Any forward-looking statement should be considered in light of the risks set forth under the caption "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025, which may be supplemented by other risks and uncertainties disclosed in any subsequent reports filed or furnished by the Company from time to time. All forward-looking statements apply only as of the date made. Except as required by law, the Company undertakes no obligation to update or revise forward-looking statements to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events.
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