Second Quarter Highlights
Second quarter 2026 net loss attributable to Huntsman of $6 million compared to a net loss of $158 million in the prior year period; second quarter 2026 diluted loss per share of $0.03 compared to diluted loss per share of $0.92 in the prior year period.
Second quarter 2026 adjusted net income attributable to Huntsman of nil compared to adjusted net loss of $34 million in the prior year period; second quarter 2026 adjusted diluted income per share of nil compared to adjusted diluted loss per share of $0.20 in the prior year period.
Second quarter 2026 adjusted EBITDA of $120 million compared to $74 million in the prior year period.
Second quarter 2026 net cash used in operating activities from continuing operations was $60 million. Free cash flow was a use of cash of $90 million for the second quarter 2026 compared to a source of cash of $55 million in the prior year period.
On June 16, 2026, we announced that we signed an agreement to complete an all-stock merger of equals with Olin Corporation.
Three months ended | Six months ended | |||||||
June 30, | June 30, | |||||||
In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||
Revenues | $ 1,663 | $ 1,458 | $ 3,083 | $ 2,868 | ||||
Net loss attributable to Huntsman Corporation | $ (6) | $ (158) | $ (59) | $ (163) | ||||
Adjusted net income (loss)(1) | $ - | $ (34) | $ (35) | $ (53) | ||||
Diluted loss per share | $ (0.03) | $ (0.92) | $ (0.34) | $ (0.94) | ||||
Adjusted diluted income (loss) per share(1) | $ - | $ (0.20) | $ (0.20) | $ (0.31) | ||||
Adjusted EBITDA(1) | $ 120 | $ 74 | $ 193 | $ 146 | ||||
Net cash (used in) provided by operating activities from continuing operations | $ (60) | $ 92 | $ (113) | $ 21 | ||||
Free cash flow(2) | $ (90) | $ 55 | $ (181) | $ (52) | ||||
See end of press release for footnote explanations and reconciliations of non-GAAP measures. |
THE WOODLANDS, Texas, July 30, 2026 /PRNewswire/ -- Huntsman Corporation (NYSE: HUN) today reported second quarter 2026 results with revenues of $1,663 million, net loss attributable to Huntsman of $6 million, adjusted net income attributable to Huntsman of nil and adjusted EBITDA of $120 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"We delivered a solid quarter, supported by higher volumes across all three segments and pricing actions that offset a significant increase in raw material costs. Improved industrial demand helped counter continued softness in construction. Rising and volatile energy and crude oil related costs, particularly in Europe, remain a headwind, and we will stay focused on additional price increases and cost-reduction initiatives to help offset these pressures.
Our planned merger of equals with Olin Corporation continues to progress at pace. The strong collaboration between our teams reinforces my confidence in our ability to deliver the synergy targets we have outlined. We also expect the combined company to benefit from vertical integration, greater scale, and a stronger financial profile, creating meaningful value for shareholders of both companies. The stockholder vote is scheduled for August 25, 2026, and we are excited about the future of OlinHuntsman."
Segment Analysis for 2Q26 Compared to 2Q25
Polyurethanes
The increase in revenues in our Polyurethanes segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions due to improved supply and demand dynamics. MDI sales volumes increased in the Americas and Europe regions. The increase in segment adjusted EBITDA was primarily due to higher average selling prices, higher sales volumes, higher equity earnings from our minority-owned joint venture in China and cost savings achieved from our cost optimization program, partially offset by higher raw materials costs.
Performance Products
The increase in revenues in our Performance Products segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher sales volumes and slightly higher average selling prices. Sales volumes increased primarily due to favorable demand in our performance amines business. Average selling prices increased primarily due to higher raw materials costs. The increase in segment adjusted EBITDA was primarily due to higher sales volumes and lower fixed costs achieved from our cost optimization program.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended June 30, 2026 compared to the same period of 2025 was primarily due to higher average selling prices and higher sales volumes. Average selling prices increased primarily due to favorable sales mix and the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes increased primarily in our aerospace, power and automotive markets. The increase in segment adjusted EBITDA was primarily due to higher margins and higher sales volumes.
Liquidity and Capital Resources
During the three months ended June 30, 2026, our free cash flow used was $90 million as compared to a source of cash of $55 million in the same period of 2025. As of June 30, 2026, we had approximately $0.9 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2026, we spent $30 million on capital expenditures as compared to $37 million in the same period of 2025. During 2026, we expect capital expenditures to be approximately $170 million.
Income Taxes
In the second quarter of 2026, our effective tax rate was 65% and our adjusted effective tax rate was 61%.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2026 financial results on Friday, July 31, 2026, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=r4UuXqgQ
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 third quarter 2026, a member of management is expected to present at:
Seaport Summer Investor Conference, August 18, 2026
UBS Conference, September 9, 2026
Jefferies Industrials Conference, September 10, 2026
Alembic Conference, September 14, 2026
Deutsche Bank Leveraged Finance Conference, September 28, 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 | Six months ended | |||||||
June 30, | June 30, | |||||||
In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | ||||
Revenues | $ 1,663 | $ 1,458 | $ 3,083 | $ 2,868 | ||||
Cost of goods sold | 1,418 | 1,276 | 2,655 | 2,485 | ||||
Gross profit | 245 | 182 | 428 | 383 | ||||
Operating expenses: | ||||||||
Selling, general and administrative | 183 | 160 | 346 | 326 | ||||
Research and development | 28 | 33 | 57 | 65 | ||||
Restructuring, impairment and plant closing costs | 9 | 124 | 15 | 125 | ||||
Gain on sale of business, net | (22) | - | (22) | - | ||||
Gain on acquisition of assets, net | - | - | - | (5) | ||||
Income associated with litigation matter, net | - | - | - | (33) | ||||
Other operating expense (income), net | 10 | (15) | 11 | (17) | ||||
Total operating expenses | 208 | 302 | 407 | 461 | ||||
Operating income (loss) | 37 | (120) | 21 | (78) | ||||
Interest expense, net | (23) | (21) | (44) | (40) | ||||
Equity in income (loss) of investment in unconsolidated affiliates | 5 | (2) | 10 | (1) | ||||
Other income, net | 7 | 4 | 10 | 7 | ||||
Income (loss) from continuing operations before income taxes | 26 | (139) | (3) | (112) | ||||
Income tax expense | (17) | (7) | (28) | (22) | ||||
Income (loss) from continuing operations | 9 | (146) | (31) | (134) | ||||
(Loss) income from discontinued operations, net of tax | (2) | 1 | (3) | - | ||||
Net income (loss) | 7 | (145) | (34) | (134) | ||||
Net income attributable to noncontrolling interests | (13) | (13) | (25) | (29) | ||||
Net loss attributable to Huntsman Corporation | $ (6) | $ (158) | $ (59) | $ (163) | ||||
Adjusted EBITDA(1) | $ 120 | $ 74 | $ 193 | $ 146 | ||||
Adjusted net income (loss)(1) | $ - | $ (34) | $ (35) | $ (53) | ||||
Basic loss per share | $ (0.03) | $ (0.92) | $ (0.34) | $ (0.94) | ||||
Diluted loss per share | $ (0.03) | $ (0.92) | $ (0.34) | $ (0.94) | ||||
Adjusted diluted income (loss) per share(1) | $ - | $ (0.20) | $ (0.20) | $ (0.31) | ||||
Common share information: | ||||||||
Basic weighted average shares | 173 | 173 | 173 | 172 | ||||
Diluted weighted average shares | 173 | 173 | 173 | 172 | ||||
Diluted shares for adjusted diluted income (loss) per share | 174 | 173 | 173 | 172 | ||||
See end of press release for footnote explanations. |
Table 2 – Results of Operations by Segment | ||||||||||||
Three months ended | Six months ended | |||||||||||
June 30, | Better / | June 30, | Better / | |||||||||
In millions | 2026 | 2025 | (worse) | 2026 | 2025 | (worse) | ||||||
Segment revenues: | ||||||||||||
Polyurethanes | $ 1,079 | $ 932 | 16 % | $ 2,002 | $ 1,844 | 9 % | ||||||
Performance Products | 283 | 270 | 5 % | 511 | 527 | (3 %) | ||||||
Advanced Materials | 313 | 264 | 19 % | 592 | 513 | 15 % | ||||||
Total reportable segments' revenues | 1,675 | 1,466 | 14 % | 3,105 | 2,884 | 8 % | ||||||
Intersegment eliminations | (12) | (8) | N/M | (22) | (16) | N/M | ||||||
Total revenues | $ 1,663 | $ 1,458 | 14 % | $ 3,083 | $ 2,868 | 7 % | ||||||
Segment adjusted EBITDA(1): | ||||||||||||
Polyurethanes | $ 66 | $ 31 | 113 % | $ 105 | $ 73 | 44 % | ||||||
Performance Products | 37 | 32 | 16 % | 63 | 62 | 2 % | ||||||
Advanced Materials | 64 | 45 | 42 % | 109 | 81 | 35 % | ||||||
N/M = not meaningful | ||||||||||||
See end of press release for footnote explanations. |
Table 3 – Factors Impacting Sales Revenue | ||||||||||
Three months ended | ||||||||||
June 30, 2026 vs. 2025 | ||||||||||
Average selling price(a) | ||||||||||
Local | Exchange | Sales | ||||||||
currency & mix | rate | volume(b) | Total | |||||||
Polyurethanes | 10 % | 2 % | 4 % | 16 % | ||||||
Performance Products | 1 % | 1 % | 3 % | 5 % | ||||||
Advanced Materials | 8 % | 3 % | 8 % | 19 % | ||||||
Combined segments | 8 % | 2 % | 4 % | 14 % | ||||||
Six months ended | ||||||||||
June 30, 2026 vs. 2025 | ||||||||||
Average selling price(a) | ||||||||||
Local | Exchange | Sales | ||||||||
currency & mix | rate | volume(b) | Total | |||||||
Polyurethanes | 2 % | 3 % | 4 % | 9 % | ||||||
Performance Products | (2 %) | 2 % | (3 %) | (3 %) | ||||||
Advanced Materials | 6 % | 4 % | 5 % | 15 % | ||||||
Combined segments | 2 % | 3 % | 3 % | 8 % | ||||||
(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 income (loss) | ||||||||||||||
EBITDA | and other expense | income (loss) | per share | |||||||||||||
Three months ended | Three months ended | Three months ended | Three months ended | |||||||||||||
June 30, | June 30, | June 30, | June 30, | |||||||||||||
In millions, except per share amounts | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | 2026 | 2025 | ||||||||
Net income (loss) | $ 7 | $ (145) | $ 7 | $ (145) | $ 0.04 | $ (0.84) | ||||||||||
Net income attributable to noncontrolling interests | (13) | (13) | (13) | (13) | (0.07) | (0.08) | ||||||||||
Net loss attributable to Huntsman Corporation | (6) | (158) | (6) | (158) | (0.03) | (0.92) | ||||||||||
Interest expense, net | 23 | 21 | ||||||||||||||
Income tax expense | 17 | 7 | $ (17) | $ (7) | ||||||||||||
Income tax expense from discontinued operations | - | 1 | ||||||||||||||
Depreciation and amortization | 77 | 72 | ||||||||||||||
EBITDA / Loss (income) from discontinued operations | 2 | (2) | N/A | N/A | 2 | (1) | 0.01 | (0.01) | ||||||||
Release of significant deferred tax asset valuation allowances | - | - | - | (8) | - | (8) | - | (0.05) | ||||||||
Gain on sale of business/assets, net | (22) | - | - | - | (22) | - | (0.13) | - | ||||||||
Expenses associated with the proposed merger | 5 | - | - | - | 5 | - | 0.03 | - | ||||||||
Certain legal and other settlements and related expenses, net | 7 | 1 | - | - | 7 | 1 | 0.04 | 0.01 | ||||||||
Amortization of pension and postretirement actuarial losses | 7 | 7 | (1) | - | 6 | 7 | 0.03 | 0.04 | ||||||||
Restructuring, impairment and plant closing and transition costs | 10 | 125 |