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) 402-8037International 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
