Business
Olin Announces Fourth Quarter 2025 Results
Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2025. Fourth quarter 2025 reported net loss was ($85.7) million, or ($0.75) per diluted share, which compares to fourth quarter 2024 reported net income of $10.7 million, or $0.09 per diluted share. Fourth quarter 2025 adjusted EBITDA of $67.7 million excludes depreciation and amortization expense of $125.7 million and restructuring charges of $19.1 million. Fourth quarter 2024 adjusted EBITDA was
About this update from Olin Corporation
Highlights CLAYTON, Mo. , Jan. 29, 2026 /PRNewswire/ -- Olin Corporation (NYSE: OLN) announced financial results for the fourth quarter ended December 31, 2025. Fourth quarter 2025 reported net loss was ($85.7) million, or ($0.75) per diluted share, which compares to fourth quarter 2024 reported net income of $10.7 million, or $0.09 per diluted share. Fourth quarter 2025 adjusted EBITDA of $67.7 million excludes depreciation and amortization expense of $125.7 million and restructuring charges of $19.1 million. Fourth quarter 2024 adjusted EBITDA was $193.4 million. Sales in the fourth quarter 2025 were $1,665.1 million, compared to $1,671.3 million in the fourth quarter 2024. Full year 2025 reported net loss was ($42.8) million, or ($0.37) per diluted share, which compares to full year 2024 reported net income of $108.6 million, or $0.91 per diluted share. Ken Lane, President and Chief Executive Officer, said, "During the fourth quarter, we experienced continued headwinds related to the trough market environment exacerbated by customer destocking as well as planned maintenance turnarounds and unplanned operating events. Despite that, we remain committed to executing our value-first commercial approach and are focused on our Optimize the Core strategic priorities: operating safely and reliably, delivering our Beyond250 structural cost reductions and maximizing cash generation. We have begun to see benefits from our Beyond250 initiative, realizing a $44 million reduction in structural costs in 2025. As a result of proactive actions taken, we generated $321.2 million of operating cash flow in fourth quarter 2025 and ended the year with net debt comparable to year-end 2024. "Operational challenges and weaker than expected chlorine demand impacted our Chlor Alkali Products and Vinyls segment fourth quarter 2025 performance. Our Chlor Alkali Products and Vinyls business remains committed to maintaining our operating discipline and preserving our Electrochemical Unit (ECU) values in the current trough environment." Lane continued, "Although global epoxy demand remains challenged, as one of the last integrated and lowest cost epoxy producers, we have grown our participation in the United States and European epoxy markets, despite continued market saturation from subsidized Asian competitors. We also continue to grow sales of our formulated solutions products. Given these results, in combination with the benefits from our new Stade, Germany supply agreement and our on-going Beyond250 initiative to reduce structural costs, including the recent decision to close our Guarujá, Brazil Epoxy production site, we anticipate our Epoxy business will return to profitability in 2026. "Winchester's fourth quarter 2025 efforts to right-size inventories in the value chain have accelerated channel destocking. Winchester continues to experience rising raw material costs, including copper, brass, and propellant. To help mitigate these significant cost pressures, Winchester is implementing increased commercial ammunition pricing for the first quarter 2026. Our military business continues to deliver strong growth." Commenting on Olin's outlook for first quarter 2026, Lane continued, "As a result of upcoming sequentially higher planned maintenance turnaround costs and higher raw material costs, including increased electrical power costs, we expect first quarter 2026 results from our Chemicals businesses to be lower than fourth quarter 2025. In our Winchester business, as commercial customer inventories become more normalized, we expect our first quarter 2026 results to modestly increase from fourth quarter 2025. Overall, we expect Olin's first quarter 2026 adjusted EBITDA to be lower than fourth quarter 2025 levels." SEGMENT REPORTING Olin defines segment earnings as income (loss) before interest expense, interest income, other operating income (expense), non-operating pension income, other income, and income taxes, and includes the results of non-consolidated affiliates in segment results consistent with management's monitoring of the operating segments. CHLOR ALKALI PRODUCTS AND VINYLS Chlor Alkali Products and Vinyls sales for the fourth quarter 2025 were $856.4 million, compared to $953.7 million in the fourth quarter 2024. The decrease in sales was primarily due to lower pricing, partially offset by higher volumes. Fourth quarter 2025 segment loss was ($14.7) million, compared to segment earnings of $75.2 million in the fourth quarter 2024. The $89.9 million decrease in segment earnings was primarily due to lower pricing and higher operating costs, primarily from unabsorbed fixed costs incurred from production disruptions and planned maintenance turnarounds, partially offset by higher volumes and decreased costs associated with products purchased from other parties. Chlor Alkali Products and Vinyls fourth quarter 2025 results included depreciation and amortization expense of $101.1 million compared to $105.5 million in the fourth quarter 2024. EPOXY Epoxy sales for the fourth quarter 2025 were $359.3 million, compared to $282.2 million in the fourth quarter 2024. The increase in sales was primarily due to higher volumes. Fourth quarter 2025 segment loss was ($19.2) million, compared to segment loss of ($27.4) million in the fourth quarter 2024. The $8.2 million increase in segment results was due to higher volumes and a favorable product mix, partially offset by higher operating costs, primarily from planned maintenance turnarounds. Product margins were comparable year over year. Epoxy fourth quarter 2025 results included depreciation and amortization expense of $12.6 million compared to $13.1 million in the fourth quarter 2024. WINCHESTER Winchester sales for the fourth quarter 2025 were $449.4 million, compared to $435.4 million in the fourth quarter 2024. Sales were comparable as higher military sales and military project revenue were offset by lower commercial ammunition sales. Fourth quarter 2025 segment earnings were $0.6 million, compared to $42.0 million in the fourth quarter 2024. The $41.4 million decrease in segment earnings was primarily due to lower commercial ammunition pricing and shipments and higher operating and raw material costs, including propellant and commodity metal costs. Winchester fourth quarter 2025 results included depreciation and amortization expense of $9.0 million compared to $9.1 million in the fourth quarter 2024. CORPORATE AND OTHER COSTS Other corporate and unallocated costs in the fourth quarter 2025 were $1.5 million lower than the fourth quarter 2024 as lower legal and legal-related settlement costs, were partially offset by higher incentive costs, including mark-to-market adjustments on stock-based compensation. RESTRUCTURING CHARGES Restructuring charges in the fourth quarter of 2025 included a charge of $9.6 million, including a $4.1 million non-cash asset impairment charge, for the planned closure of our epoxy resin manufacturing facility in Guarujá, Brazil in the first quarter 2026. Olin expects to realize structural cost savings of approximately $10 million annually, while continuing to serve our Brazilian epoxy customers. LIQUIDITY AND SHARE REPURCHASES The cash balance on December 31, 2025, was $167.6 million. Olin ended the fourth quarter 2025 with net debt of approximately $2.7 billion and a net debt to adjusted EBITDA ratio of 4.1 times. On December 31, 2025, Olin had available liquidity of approximately $1.0 billion. During fourth quarter 2025, approximately 0.5 million shares of common stock were repurchased at a cost of $10.1 million. During 2025, approximately 2.2 million shares of common stock were repurchased at a cost of $50.5 million. On December 31, 2025, Olin had approximately $1.9 billion available under its share repurchase authorizations. CONFERENCE CALL INFORMATION Olin senior management will host a conference call to discuss fourth quarter 2025 financial results at 9:00 a.m. Eastern Time on Friday, January 30, 2026. Remarks will be followed by a question-and-answer session. Associated slides, which will be available the evening before the call, and the conference call webcast will be accessible via Olin's website, www.olin.com , under the fourth quarter conference call icon. An archived replay of the webcast will also be available in the Investor Relations section of Olin's website beginning at 12:00 p.m. Eastern Time. A final transcript of the call will be posted the next business day. COMPANY DESCRIPTION Olin Corporation is a leading vertically integrated global manufacturer and distributor of chemical products and a leading 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. Visit www.olin.com for more information on Olin Corporation. FORWARD-LOOKING STATEMENTS This communication includes forward-looking statements. These statements relate to analyses and other information that are based on management's beliefs, certain assumptions made by management, forecasts of future results, and current expectations, estimates and projections about the markets and economy in which we and our various segments operate. The statements contained in this communication that are not statements of historical fact may include forward-looking statements that involve a number of risks and uncertainties. We have used the words "anticipate," "intend," "may," "expect," "believe," "should," "plan," "outlook," "project," "estimate," "forecast," "optimistic," "target," and variations of such words and similar expressions in this communication to identify such forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions, which are difficult to predict and many of which are beyond our control. Therefore, actual outcomes and results may differ materially from those matters expressed or implied in such forward-looking statements. We undertake no obligation to update publicly any forward-looking statements, whether as a result of future events, new information or otherwise. The payment of cash dividends is subject to the discretion of our Board of Directors and will be determined in light of then-current conditions, including our earnings, our operations, our financial conditions, our capital requirements and other factors deemed relevant by our Board of Directors. In the future, our Board of Directors may change our dividend policy, including the frequency or amount of any dividend, in light of then-existing conditions. The risks, uncertainties and assumptions involved in our forward-looking statements, many of which are discussed in more detail in our filings with the SEC, including without limitation the "Risk Factors" section of our Annual Report on Form 10-K for the year ended December 31, 2024, and our Quarterly Reports on Form 10-Q and other reports furnished or filed with the SEC, include, but are not limited to, the following: Business, Industry and Operational Risks Legal, Environmental and Regulatory Risks All of our forward-looking statements should be considered in light of these factors. In addition, other risks and uncertainties not presently known to us or that we consider immaterial could affect the accuracy of our forward-looking statements. 2026-03 View original content to download multimedia: https://www.prnewswire.com/news-releases/olin-announces-fourth-quarter-2025-results-302674435.html