Third quarter 2025 net loss attributable to Huntsman of $25 million compared to a net loss of $33 million in the prior year period; third quarter 2025 diluted loss per share of $0.14 compared to diluted loss per share $0.19 in the prior year period.
Third quarter 2025 adjusted net loss attributable to Huntsman of $5 million compared to adjusted net income of $17 million in the prior year period; third quarter 2025 adjusted diluted loss per share of $0.03 compared to adjusted diluted income per share of $0.10 in the prior year period.
Third quarter 2025 adjusted EBITDA of $94 million compared to $131 million in the prior year period.
Third quarter 2025 net cash provided by operating activities from continuing operations was $200 million. Free cash flow from continuing operations was $157 million for the third quarter 2025 compared to free cash flow of $93 million in the prior year period.
Regular quarterly dividend reset to $0.0875 per share, a decrease of 65% versus the prior dividend. This represents an annual dividend payout of $0.35 per share.
Three months ended
Nine months ended
September 30,
September 30,
In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,460
$ 1,540
$ 4,328
$ 4,584
Net loss attributable to Huntsman Corporation
$ (25)
$ (33)
$ (188)
$ (48)
Adjusted net (loss) income(1)
$ (5)
$ 17
$ (58)
$ 30
Diluted loss per share
$ (0.14)
$ (0.19)
$ (1.09)
$ (0.28)
Adjusted diluted (loss) income per share(1)
$ (0.03)
$ 0.10
$ (0.34)
$ 0.17
Adjusted EBITDA(1)
$ 94
$ 131
$ 240
$ 343
Net cash provided by operating activities from continuing operations
$ 200
$ 134
$ 221
$ 126
Free cash flow from continuing operations(2)
$ 157
$ 93
$ 105
$ (7)
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas, Nov. 6, 2025 /PRNewswire/ -- Huntsman Corporation (NYSE:HUN) today reported third quarter 2025 results with revenues of $1,460 million, net loss attributable to Huntsman of $25 million, adjusted net loss attributable to Huntsman of $5 million and adjusted EBITDA of $94 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"As we expected, third quarter fundamentals remained consistent with the first half of the year. Volumes improved compared to the prior year while pricing in some parts of the portfolio remained under pressure. Cash generation and cost control remain top priorities for our Company. Our current restructuring programs, that will likely exceed $100 million in savings, remain on track and are expected to be completed in 2026. Additionally, our cash generation over the past year has been strong despite lower levels of profitability, reflecting quick actions taken on working capital and capital expenditure control in an ever-challenging environment. After thorough deliberation, and reflecting the global economic conditions of our industry, our Board decided to reset the regular dividend to 35 cents a share annually, a reduction of 65%. The adjusted dividend payout will allow us to preserve our financial flexibility as we continue to navigate this extended cyclical trough, while also allowing the Company to keep a balanced capital allocation program including a competitive regular dividend. We would anticipate returning to a higher dividend payout as soon as conditions warrant."
Segment Analysis for 3Q25 Compared to 3Q24
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended September 30, 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 primarily in the Americas and Asia regions. The decrease in segment adjusted EBITDA was primarily due to the impacts of lower average selling prices, inventory reductions and lower equity earnings from our minority-owned joint venture in China, partially offset by higher sales volumes, lower raw material costs and cost savings achieved from our cost optimization program.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to lower sales volumes and lower average selling prices. Sales volumes decreased primarily due to the closure of our Moers, Germany maleic anhydride facility and overall softening market conditions. Average selling prices decreased primarily due to competitive pressures. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and margins.
Advanced Materials
The increase in revenues in our Advanced Materials segment for the three months ended September 30, 2025 compared to the same period of 2024 was primarily due to higher average selling prices. Average selling prices increased primarily due to the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes were essentially unchanged from the same period in 2024. Segment adjusted EBITDA was slightly lower primarily due to an unfavorable impact from inventory reductions.
Liquidity and Capital Resources
During the three months ended September 30, 2025, our free cash flow from continuing operations was $157 million as compared to $93 million in the same period of 2024. As of September 30, 2025, we had approximately $1.4 billion of combined cash and unused borrowing capacity.
During the three months ended September 30, 2025, we spent $43 million on capital expenditures from continuing operations as compared to $41 million in the same period of 2024. During 2025, we expect to spend between approximately $170 million to $180 million on capital expenditures.
Income Taxes
In the third quarter of 2025, our effective tax rate was -43% and our adjusted effective tax rate was 40%.
Earnings Conference Call Information
We will hold a conference call to discuss our third quarter 2025 financial results on Friday, November 7, 2025, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=FbX1HK73
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 ConferencesDuring the fourth quarter 2025, a member of management is expected to present at:Seaport's Chemical Cornucopia Conference, November 19, 2025Citi's 2025 Basic Materials Conference, December 2, 2025Bank of America High Yield Conference, December 3, 2025
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
Nine months ended
September 30,
September 30,
In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,460
$ 1,540
$ 4,328
$ 4,584
Cost of goods sold
1,256
1,306
3,741
3,906
Gross profit
204
234
587
678
Operating expenses:
Selling, general and administrative
163
153
489
505
Research and development
29
27
94
91
Restructuring, impairment and plant closing costs
12
5
137
20
Gain on acquisition of assets, net
-
-
(5)
(51)
Prepaid asset write-off
-
-
-
71
Income associated with litigation matter, net
-
-
(33)
-
Other operating (income) expense, net
(6)
7
(23)
4
Total operating expenses
198
192
659
640
Operating income (loss)
6
42
(72)
38
Interest expense, net
(20)
(21)
(60)
(60)
Equity in income of investment in unconsolidated affiliates
1
5
-
42
Other income, net
6
8
13
22
(Loss) income from continuing operations before income taxes
(7)
34
(119)
42
Income tax expense
(3)
(39)
(25)
(32)
(Loss) income from continuing operations
(10)
(5)
(144)
10
Income from discontinued operations, net of tax
(1)
(12)
(1)
(12)
Net loss
(11)
(17)
(145)
(2)
Net income attributable to noncontrolling interests
(14)
(16)
(43)
(46)
Net loss attributable to Huntsman Corporation
$ (25)
$ (33)
$ (188)
$ (48)
Adjusted EBITDA(1)
$ 94
$ 131
$ 240
$ 343
Adjusted net (loss) income (1)
$ (5)
$ 17
$ (58)
$ 30
Basic loss per share
$ (0.14)
$ (0.19)
$ (1.09)
$ (0.28)
Diluted loss per share
$ (0.14)
$ (0.19)
$ (1.09)
$ (0.28)
Adjusted diluted (loss) income per share(1)
$ (0.03)
$ 0.10
$ (0.34)
$ 0.17
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) income per share
173
173
173
173
See end of press release for footnote explanations.
Table 2, Results of Operations by Segment
Three months ended
Nine months ended
September 30,
(Worse) /
September 30,
(Worse) /
In millions
2025
2024
better
2025
2024
better
Segment revenues:
Polyurethanes
$ 956
$ 1,003
(5 %)
$ 2,800
$ 2,930
(4 %)
Performance Products
246
280
(12 %)
773
870
(11 %)
Advanced Materials
265
261
2 %
778
801
(3 %)
Total reportable segments' revenues
1,467
1,544
(5 %)
4,351
4,601
(5 %)
Intersegment eliminations
(7)
(4)
n/m
(23)
(17)
n/m
Total revenues
$ 1,460
$ 1,540
(5 %)
$ 4,328
$ 4,584
(6 %)
Segment adjusted EBITDA(1):
Polyurethanes
$ 48
$ 76
(37 %)
$ 121
$ 195
(38 %)
Performance Products
29
42
(31 %)
91
130
(30 %)
Advanced Materials
44
47
(6 %)
125
142
(12 %)
n/m = not meaningful
