# AdvanSix Inc. (ASIX) Informational only - not investment advice. CIK: 0001673985 SIC: 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2821 Plastic Materials, Synth Resins & Nonvulcan Elastomers](/industry/2821/) Latest 10-K filed: 2026-02-20 SEC page: https://www.sec.gov/edgar/browse/?CIK=1673985 Filing source: https://www.sec.gov/Archives/edgar/data/1673985/000167398526000008/asix-20251231.htm ## Selected Fundamentals | Metric | Value | Unit | FY | Filed | | --- | ---: | --- | ---: | --- | | Revenue | 1522233000 | USD | 2025 | 2026-02-20 | | Net income | 49286000 | USD | 2025 | 2026-02-20 | | Assets | 1706148000 | USD | 2025 | 2026-02-20 | ## Financials Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001673985.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Revenue | | 1,191,524,000 | 1,475,194,000 | 1,514,984,000 | | 1,157,917,000 | 1,684,625,000 | 1,945,640,000 | 1,533,599,000 | 1,517,557,000 | 1,522,233,000 | | Net income | | 34,147,000 | 146,699,000 | 66,244,000 | 41,347,000 | 46,077,000 | 139,791,000 | 171,886,000 | 54,623,000 | 44,149,000 | 49,286,000 | | Diluted EPS | | 1.12 | 4.72 | 2.14 | 1.43 | 1.64 | 4.81 | 5.92 | 1.95 | 1.62 | 1.80 | | Operating cash flow | | 113,740,000 | 134,607,000 | 173,385,000 | 120,385,000 | 111,847,000 | 218,849,000 | 273,601,000 | 117,550,000 | 135,413,000 | 122,863,000 | | Capital expenditures | | 84,009,000 | 86,438,000 | 109,215,000 | 150,322,000 | 82,918,000 | 56,811,000 | 89,449,000 | 107,377,000 | 133,722,000 | 116,445,000 | | Dividends paid | | | | | 0.00 | 0.00 | 3,518,000 | 15,073,000 | 16,657,000 | 17,135,000 | 17,176,000 | | Share buybacks | | 0.00 | 0.00 | 38,524,000 | 62,196,000 | 1,055,000 | 652,000 | 33,748,000 | 46,151,000 | 10,428,000 | 1,658,000 | | Assets | | 904,957,000 | 1,050,274,000 | 1,034,626,000 | 1,235,969,000 | 1,263,407,000 | 1,311,999,000 | 1,495,331,000 | 1,496,020,000 | 1,594,920,000 | 1,706,148,000 | | Liabilities | | 689,595,000 | 673,949,000 | 614,288,000 | 835,091,000 | 819,284,000 | 710,809,000 | 757,151,000 | 756,783,000 | 820,270,000 | 890,932,000 | | Stockholders' equity | 482,809,000 | | | 420,338,000 | 420,338,000 | 444,123,000 | 601,190,000 | 738,180,000 | 739,237,000 | 774,650,000 | 815,216,000 | | Cash and cash equivalents | | 14,199,000 | 55,432,000 | 9,808,000 | 7,050,000 | 10,606,000 | 15,100,000 | 30,985,000 | 29,768,000 | 19,564,000 | 19,766,000 | | Free cash flow | | 29,731,000 | 48,169,000 | 64,170,000 | -29,937,000 | 28,929,000 | 162,038,000 | 184,152,000 | 10,173,000 | 1,691,000 | 6,418,000 | ### Ratios ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported. | Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | | --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | | Net margin | | 2.87% | 9.94% | 4.37% | | 3.98% | 8.30% | 8.83% | 3.56% | 2.91% | 3.24% | | Return on equity | | | | 15.76% | 9.84% | 10.37% | 23.25% | 23.29% | 7.39% | 5.70% | 6.05% | | Return on assets | | 3.77% | 13.97% | 6.40% | 3.35% | 3.65% | 10.65% | 11.49% | 3.65% | 2.77% | 2.89% | | Liabilities / equity | | | | 1.46 | 1.99 | 1.84 | 1.18 | 1.03 | 1.02 | 1.06 | 1.09 | | Current ratio | | 1.03 | 1.31 | 1.09 | 1.00 | 1.16 | 1.13 | 1.12 | 1.17 | 1.08 | 1.13 | ## Quarterly Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-08. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001673985.json. Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived. | Quarter | End date | Revenue | Net income | Diluted EPS | Method | | --- | --- | ---: | ---: | ---: | --- | | 2022-Q2 | 2022-06-30 | | | 2.23 | reported discrete quarter | | 2022-Q3 | 2022-09-30 | | | 0.35 | reported discrete quarter | | 2023-Q1 | 2023-03-31 | | | 1.22 | reported discrete quarter | | 2023-Q2 | 2023-03-31 | | 34,954,000 | | reported discrete quarter | | 2023-Q2 | 2023-06-30 | 427,940,000 | | 1.16 | reported discrete quarter | | 2023-Q3 | 2023-06-30 | | 32,728,000 | | reported discrete quarter | | 2023-Q3 | 2023-09-30 | 322,907,000 | | -0.29 | reported discrete quarter | | 2023-Q4 | 2023-12-31 | 382,208,000 | -5,082,000 | | derived Q4 = FY annual - nine-month YTD | | 2024-Q1 | 2024-03-31 | 336,829,000 | -17,396,000 | -0.65 | reported discrete quarter | | 2024-Q2 | 2024-03-31 | | -17,396,000 | | reported discrete quarter | | 2024-Q2 | 2024-06-30 | 453,479,000 | | 1.43 | reported discrete quarter | | 2024-Q3 | 2024-06-30 | | 38,927,000 | | reported discrete quarter | | 2024-Q3 | 2024-09-30 | 398,187,000 | | 0.82 | reported discrete quarter | | 2024-Q4 | 2024-12-31 | 329,062,000 | 352,000 | | derived Q4 = FY annual - nine-month YTD | | 2025-Q1 | 2025-03-31 | 377,791,000 | 23,344,000 | 0.86 | reported discrete quarter | | 2025-Q2 | 2025-03-31 | | 23,344,000 | | reported discrete quarter | | 2025-Q2 | 2025-06-30 | 410,022,000 | | 1.15 | reported discrete quarter | | 2025-Q3 | 2025-06-30 | | 31,371,000 | | reported discrete quarter | | 2025-Q3 | 2025-09-30 | 374,473,000 | | -0.10 | reported discrete quarter | | 2025-Q4 | 2025-12-31 | 359,947,000 | -2,791,000 | | derived Q4 = FY annual - nine-month YTD | | 2026-Q1 | 2026-03-31 | 404,183,000 | -15,546,000 | -0.58 | reported discrete quarter | ## Macro Cross-References - [CPIAUCSL](/indicator/CPIAUCSL/): Consumer Price Index for All Urban Consumers: All Items in U.S. City Average - [UNRATE](/indicator/UNRATE/): Unemployment Rate - [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate - [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private - [DFEDTARU](/indicator/DFEDTARU/): Federal Funds Target Range - Upper Limit - [DFEDTARL](/indicator/DFEDTARL/): Federal Funds Target Range - Lower Limit - [DGS3MO](/indicator/DGS3MO/): Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity - [DGS2](/indicator/DGS2/): Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity - [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity - [DGS30](/indicator/DGS30/): Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity - [T10Y2Y](/indicator/T10Y2Y/): 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity - [CPILFESL](/indicator/CPILFESL/): Consumer Price Index for All Urban Consumers: All Items Less Food and Energy - [CPIUFDSL](/indicator/CPIUFDSL/): Consumer Price Index for All Urban Consumers: Food - [CPIENGSL](/indicator/CPIENGSL/): Consumer Price Index for All Urban Consumers: Energy - [CUSR0000SAH1](/indicator/CUSR0000SAH1/): Consumer Price Index for All Urban Consumers: Shelter - [PCEPI](/indicator/PCEPI/): Personal Consumption Expenditures: Chain-type Price Index - [PCEPILFE](/indicator/PCEPILFE/): Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index - [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities - [T10YIE](/indicator/T10YIE/): 10-Year Breakeven Inflation Rate - [U6RATE](/indicator/U6RATE/): Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons - [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm - [CIVPART](/indicator/CIVPART/): Labor Force Participation Rate - [EMRATIO](/indicator/EMRATIO/): Employment-Population Ratio - [UNEMPLOY](/indicator/UNEMPLOY/): Unemployed - [CE16OV](/indicator/CE16OV/): Employment Level - [ICSA](/indicator/ICSA/): Initial Claims - [JTSJOL](/indicator/JTSJOL/): Job Openings: Total Nonfarm - [JTSQUR](/indicator/JTSQUR/): Quits: Total Nonfarm - [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product - [A191RL1Q225SBEA](/indicator/A191RL1Q225SBEA/): Real Gross Domestic Product: Percent Change from Preceding Period - [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index - [TCU](/indicator/TCU/): Capacity Utilization: Total Index - [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units - [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units - [RSAFS](/indicator/RSAFS/): Advance Retail Sales: Retail Trade - [PCE](/indicator/PCE/): Personal Consumption Expenditures - [DSPIC96](/indicator/DSPIC96/): Real Disposable Personal Income - [PSAVERT](/indicator/PSAVERT/): Personal Saving Rate - [M2SL](/indicator/M2SL/): M2 - [BOPGSTB](/indicator/BOPGSTB/): U.S. International Trade in Goods and Services: Balance - [MSPUS](/indicator/MSPUS/): Median Sales Price of Houses Sold for the United States - [HSN1F](/indicator/HSN1F/): New One Family Houses Sold: United States - [RHORUSQ156N](/indicator/RHORUSQ156N/): Homeownership Rate in the United States - [TTLCONS](/indicator/TTLCONS/): Total Construction Spending: Total Construction in the United States - [RRVRUSQ156N](/indicator/RRVRUSQ156N/): Rental Vacancy Rate in the United States - [TOTALSL](/indicator/TOTALSL/): Total Consumer Credit Owned and Securitized - [REVOLSL](/indicator/REVOLSL/): Revolving Consumer Credit Owned and Securitized - [DRCCLACBS](/indicator/DRCCLACBS/): Delinquency Rate on Credit Card Loans, All Commercial Banks - [GDP](/indicator/GDP/): Gross Domestic Product - [GPDI](/indicator/GPDI/): Gross Private Domestic Investment - [GCE](/indicator/GCE/): Government Consumption Expenditures and Gross Investment - [PCEC](/indicator/PCEC/): Personal Consumption Expenditures - [NETEXP](/indicator/NETEXP/): Net Exports of Goods and Services - [GFDEBTN](/indicator/GFDEBTN/): Federal Debt: Total Public Debt - [GFDEGDQ188S](/indicator/GFDEGDQ188S/): Federal Debt: Total Public Debt as Percent of Gross Domestic Product - [FYFSD](/indicator/FYFSD/): Federal Surplus or Deficit - [FGRECPT](/indicator/FGRECPT/): Federal Government Current Receipts - [FGEXPND](/indicator/FGEXPND/): Federal Government: Current Expenditures - [MANEMP](/indicator/MANEMP/): All Employees, Manufacturing - [USCONS](/indicator/USCONS/): All Employees, Construction - [USTRADE](/indicator/USTRADE/): All Employees, Retail Trade - [USFIRE](/indicator/USFIRE/): All Employees, Financial Activities - [USGOVT](/indicator/USGOVT/): All Employees, Government - [AWHAETP](/indicator/AWHAETP/): Average Weekly Hours of All Employees, Total Private - [DGORDER](/indicator/DGORDER/): Manufacturers' New Orders: Durable Goods - [NEWORDER](/indicator/NEWORDER/): Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft - [BUSINV](/indicator/BUSINV/): Total Business Inventories - [EXPGS](/indicator/EXPGS/): Exports of Goods and Services - [IMPGS](/indicator/IMPGS/): Imports of Goods and Services - [IR](/indicator/IR/): Import Price Index (End Use): All Commodities - [PPIFIS](/indicator/PPIFIS/): Producer Price Index by Commodity: Final Demand ## Latest quarter (10-Q) Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1673985/000167398526000037/asix-20260331.htm Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Filing date: 2026-05-08 Report date: 2026-03-31 ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of the financial condition and results of operations, of AdvanSix Inc. (“AdvanSix,” the “Company,” “we” or “our”), which we refer to as our “MD&A,” should be read in conjunction with the Condensed Consolidated Financial Statements and the notes thereto contained in this Quarterly Report on Form 10-Q (this "Form 10-Q"), as well as the MD&A section included in our Annual Report on Form 10-K for the year ended December 31, 2025 ("2025 Form 10-K"). Certain information contained in the discussion and analysis set forth below includes forward-looking statements that involve risks and uncertainties. Actual results and the timing of events may differ materially from those contained in these forward-looking statements due to a number of factors that can affect our performance in both the near- and long-term, including those incorporated by reference in Item 1A of Part II of this Form 10-Q as such factors may be revised or supplemented in subsequent filings with the SEC, as well as those discussed in the section entitled “Note Regarding Forward-Looking Statements” below. Note Regarding Forward-Looking Statements All statements other than statements of historical fact included in this Form 10-Q including, without limitation, statements in this MD&A regarding our financial position, business strategy and the plans and objectives of management for future operations, are forward-looking statements within the meaning of Section 21E of the Exchange Act. When used in this Form 10-Q, words such as "expect," “anticipate,” "estimate," "outlook," "project," "strategy," "intend," "plan," "target," "goal," "may," "will," "should," and “believe,” and other variations or similar terminology and expressions identify forward-looking statements. Although we believe forward-looking statements are based upon reasonable assumptions, such statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control and difficult to predict, which may cause the actual results or performance of the Company to be materially different from any future results or performance expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: general economic and financial conditions in the U.S. and globally; the potential effects of inflationary pressures, tariffs or the imposition of new tariffs, trade wars, barriers or restrictions, or threats of such actions, changes in interest rates, labor market shortages and supply chain issues; instability or volatility in financial markets or other unfavorable economic or business conditions caused by geopolitical concerns, including as a result of new or proposed legislation or regulatory, trade or other policies in or impacting the U.S., the conflict between Russia and Ukraine, the conflicts in Israel, Gaza and Iran, as well as any related uncertainty in the surrounding region, and the possible expansion of such conflicts; the effect of any of the foregoing on our customers’ demand for our products and our suppliers’ ability to manufacture and deliver our raw materials, including implications of reduced refinery utilization in the U.S.; our ability to sell and provide our goods and services; the ability of our customers to pay for our products; any closures of our and our customers’ offices and facilities; risks associated with increased phishing, compromised business emails and other cybersecurity attacks, data privacy incidents and disruptions to our technology infrastructure; risks associated with potential use of artificial intelligence in our operations or those of third party service providers; risks associated with operating with a reduced workforce; risks associated with our indebtedness including compliance with financial and restrictive covenants, and our ability to access capital on reasonable terms, at a reasonable cost, or at all, due to economic conditions or otherwise; the impact of scheduled turnarounds and significant unplanned downtime and interruptions of production or logistics operations as a result of mechanical issues or other unanticipated events such as fires, severe weather conditions, natural disasters, pandemics, geopolitical conflicts and related events; price fluctuations, cost increases and supply of raw materials; our operations and growth projects requiring substantial capital; growth rates and cyclicality of the industries we serve including global changes in supply and demand; failure to develop and commercialize new products or technologies; loss of significant customer relationships; adverse trade and tax policies; extensive environmental, health and safety laws that apply to our operations; hazards associated with chemical manufacturing, storage and transportation; litigation associated with chemical manufacturing and our business operations generally; inability to acquire and integrate businesses, assets, products or technologies; protection of our intellectual property and proprietary information; prolonged work stoppages as a result of labor difficulties or otherwise; failure to maintain effective internal controls; our ability to declare and pay quarterly cash dividends and the amounts and timing of any future dividends; our ability to repurchase our common stock and the amount and timing of any future repurchases; disruptions in supply chain, transportation and logistics; potential for uncertainty regarding qualification for tax treatment of our spin-off; fluctuations in our stock price; and changes in laws or regulations applicable to our business. Forward-looking statements are not guarantees of future performance and actual results could differ materially from those contemplated by the forward-looking statements as a result of a number of risks, uncertainties and other factors including those noted above and those detailed in Item 1A of Part I and elsewhere in our 2025 Form 10-K, and subsequent reports filed with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. We do not undertake to update or revise any of our forward-looking statements. Business Overview AdvanSix is a vertically integrated chemistry company that produces essential materials for diverse end markets. Our value chain of our five U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and 16 deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. Guided by our core values of Safety, Integrity, Accountability and Respect, AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, plant nutrients and chemical intermediates. Our key product lines are as follows:  •Nylon Solutions ◦Nylon – We sell our Nylon 6 resin globally, primarily under the Aegis® brand name. Nylon 6 is a polymer resin which is a synthetic material used by our customers to produce fibers, filaments, engineered plastics and films that, in turn, are used in such end-products as carpets, automotive and electric components, sports apparel, food packaging and other industrial applications. ◦Caprolactam – Caprolactam is the key monomer used in the production of Nylon 6 resin. We internally polymerize caprolactam into Aegis® Nylon 6 Resin, and we also market and sell the caprolactam that is not consumed internally to customers who use it to manufacture polymer resins to produce fibers, compounds and other nylon products. Our Hopewell, VA manufacturing facility is one of the world’s largest single-site producers of caprolactam as of March 31, 2026. •Plant Nutrients – Our ammonium sulfate is used by customers as a fertilizer containing nitrogen and sulfur, two key plant nutrients. Ammonium sulfate fertilizer is derived from the integrated operations at the Hopewell manufacturing facility. Because of our Hopewell facility’s size, scale and technology design, we are the world’s largest single-site producer of ammonium sulfate fertilizer as of March 31, 2026. We market and sell ammonium sulfate primarily to North American and South American distributors, farm cooperatives and retailers to fertilize crops. We also manufacture sulfuric acid, ammonia and carbon dioxide as part of our integrated operations at Hopewell and occasionally sell any excess material not consumed internally to customers externally. •Chemical Intermediates – We manufacture, market and sell a number of chemical intermediate products that are derived from the manufacturing processes within our integrated supply chain. Most significant is acetone which is used by our customers in the production of solvents, paints, coatings, adhesives, resins and herbicides. Other intermediate chemicals that we manufacture, market and sell include phenol, alpha-methylstyrene, cyclohexanone, oximes, cyclohexanol, and alkyl-amines and specialty amines. Additional end-products for intermediates include automotive components, and water treatment and pharmaceutical intermediates. Global demand for Nylon 6 resin spans a variety of end-uses such as textiles, engineered plastics, industrial filament, food and industrial films, and carpet. The market growth typically tracks global GDP growth over the long-term but varies by end-use. We produce and sell caprolactam as a commodity product and produce and sell our Nylon 6 resin as both a commoditized and differentiated resin product. Our results of operations are primarily driven by production volume and the spread between the sales prices of our products and the costs of the underlying raw materials built into market-based and value-based pricing models. The global prices for nylon resin typically track a spread over the price of caprolactam, which in turn tracks as a spread over benzene because the key feedstock materials for caprolactam, phenol or cyclohexane, are derived from benzene. This price spread has historically experienced cyclicality as a result of global changes in supply and demand. Generally, Nylon 6 resin prices track the cyclicality of caprolactam prices, although prices set above the spread are achievable when nylon resin manufacturers, like AdvanSix, formulate and produce differentiated nylon resin products for current and new customer applications, such as our wire and cable and co-polymer offerings. Global prices for ammonium sulfate fertilizer are influenced by several factors including the price of urea, which is the most widely used source of nitrogen-based fertilizer in the world. Other global factors driving ammonium sulfate fertilizer demand are general agriculture trends, including planted acres and the price of crops. Our ammonium sulfate product is positioned with the added value proposition of sulfur nutrition to increase yields of key crops. In addition, due to its nutrient density, the typical ammonium sulfate product delivers pound for pound the most readily available sulfur and nitrogen to crops as compared to other fertilizers. We also directly supply packaged ammonium sulfate to customers, primarily in North and South America, and have diversified and optimized our offerings to include spray-grade adjuvants to support crop protection, as well as other specialty fertilizers and products for industrial use. Our ammonium sulfate fertilizer experiences quarterly sales seasonality reflecting both geographical and product sales mix considerations based on the timing and length of the growing seasons in North and South America. The North American fertilizer season typically runs from July, when the value chain begins restocking fertilizer, through June of the followin [Excerpt truncated for page length; source filing is linked above.] ## Latest 10-K MD&A Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture. Confidence: high Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations (Dollars in thousands, except per share data or unless otherwise noted) The following section, referred to as the "MD&A" presents management's discussion and analysis of the Company's financial condition and results of operations and should be read in conjunction with the Consolidated Financial Statements and the notes thereto contained in this Form 10-K. This section of this Form 10-K generally discusses our financial condition and results of operations as of and for the years ended December 31, 2025 and 2024 and year-to-year comparisons between 2025 and 2024. Discussions of our financial condition and results of operations as of and for the year ended December 31, 2023 and year-to-year comparisons between 28 2024 and 2023 that are not included in this Form 10-K can be found under the heading “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, filed with the SEC on February 21, 2025. Business Overview AdvanSix Inc. is an integrated chemistry company that produces essential materials for our customers across diverse end markets. Our value chain of our five U.S.-based manufacturing facilities plays a critical role in global supply chains and enables us to innovate and deliver essential products for our customers across building and construction, fertilizers, agrochemicals, plastics, solvents, packaging, paints, coatings, adhesives, electronics and other end markets. AdvanSix strives to deliver best-in-class customer experiences and differentiated products in the industries of nylon solutions, plant nutrients and chemical intermediates, guided by our core values of Safety, Integrity, Accountability and Respect. Our four key product lines are Nylon, Caprolactam, Ammonium Sulfate and Chemical Intermediates. Global demand for Nylon 6 resin spans a variety of end-uses such as textiles, engineered plastics, industrial filament, food and industrial films, and carpet. The market growth typically tracks global GDP growth over the long-term but varies by end-use. We produce and sell caprolactam as a commodity product and produce and sell our Nylon 6 resin as both a commoditized and differentiated resin product. Our results of operations are primarily driven by production volume and the spread between the sales prices of our products and the costs of the underlying raw materials built into market-based and value-based pricing models. The global prices for nylon resin typically track a spread over the price of caprolactam, which in turn tracks as a spread over benzene because the key feedstock materials for caprolactam, phenol or cyclohexane, are derived from benzene. This price spread has historically experienced cyclicality as a result of global changes in supply and demand. Generally, Nylon 6 resin prices track the cyclicality of caprolactam prices, although prices set above the spread are achievable when nylon resin manufacturers, like AdvanSix, formulate and produce differentiated nylon resin products for current and new customer applications, such as our wire and cable and co-polymer offerings. Global prices for ammonium sulfate fertilizer are influenced by several factors including the price of urea, which is the most widely used source of nitrogen-based fertilizer in the world. Other global factors driving ammonium sulfate fertilizer demand are general agriculture trends, including planted acres and the price of crops. Our ammonium sulfate product is positioned with the added value proposition of sulfur nutrition to increase yields of key crops. In addition, due to its nutrient density, the typical ammonium sulfate product delivers pound for pound the most readily available sulfur and nitrogen to crops as compared to other fertilizers. We also directly supply packaged ammonium sulfate to customers, primarily in North and South America, and have diversified and optimized our offerings to include spray-grade adjuvants to support crop protection, as well as other specialty fertilizers and products for industrial use. Our ammonium sulfate fertilizer experiences quarterly sales seasonality reflecting both geographical and product sales mix considerations based on the timing and length of the growing seasons in North and South America. The North American fertilizer season typically runs from July, when the value chain begins restocking fertilizer, through June of the following year, when most application for the year’s planting is completed. The new season fill begins in the third quarter and proceeds sequentially into the following spring, which is the peak period for crop fertilizer application. As a result of this pattern, North American ammonium sulfate demand and pricing, particularly for our higher-value granular product, are typically strongest in the first half of the year through application for the spring crop and then decline in the second half of the year. Ammonium sulfate industry prices in the corn belt have declined approximately 12% from the second quarter to the third quarter, on average, since 2016. Due to the ammonium sulfate fertilizer sales cycle, we occasionally build up higher inventory balances because our production is continuous throughout the year and not tied to seasonal demand for fertilizers. Sales of most of our other products have generally been subject to minimal, or no, seasonality. We also manufacture, market and sell a number of chemical intermediate products that are derived from the manufacturing processes within our integrated supply chain. Most significant is acetone, the price of which is influenced by its own supply and demand dynamics but can also be influenced by the underlying move in propylene input costs. Our differentiated product offerings include high-purity applications and high-value intermediates including our U.S. Amines portfolio as well as our oximes-based EZ-Blox™ anti-skinning agent used in paints and Nadone® cyclohexanone, which is a solvent used in various high-value applications. We seek to run our production facilities on a nearly continuous basis for maximum efficiency as several of our intermediate products are key feedstock materials for other products in our integrated manufacturing chain. While our integration, scale and range of product offerings make us one of the most efficient manufacturers in our industry, these attributes also expose us to increased risk associated with material disruptions at any one of our production facilities or logistics operations which could impact the overall manufacturing supply chain. Further, although we believe that our sources of supply for our raw materials, including cumene, natural gas and sulfur, are generally robust, it is difficult to predict the impact that shortages, increased costs and related supply chain logistics considerations may have in the future. In order to mitigate the risk of unplanned interruptions, we schedule several planned plant turnarounds each year to conduct routine and major maintenance across our facilities. We also utilize maintenance excellence and mechanical integrity 29 programs, targeted buffer inventory of intermediate chemicals necessary for our manufacturing process, and co-producer swap arrangements, which are intended to mitigate the extent of any production losses as a result of planned and unplanned downtime; however, the mitigation of all or part of any such production impact cannot be assured. For a description of our principal risks, see “Risk Factors" in Item 1A. Recent Developments Frankford, PA Collective Bargaining Agreement On November 12, 2025, the Company’s Frankford bargaining unit, represented by the United Steelworkers Local No. 10-667, ratified a new four-year labor agreement. The ratified labor agreement affected approximately 100 workers at the Company’s manufacturing facility in Frankford, Pennsylvania. Amendment to Credit Agreement On October 23, 2025, the Company entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement (as defined below). See “Liquidity and Capital Resources - Credit Agreement” for a discussion regarding the Amendment. Succession of Chief Financial Officer Effective as of July 9, 2025, the Board appointed Christopher Gramm as Interim Chief Financial Officer. Anti-Dumping Duty Petition - Acetone On November 4, 2024, the U.S. Department of Commerce ("Commerce") initiated the first five-year review of the anti-dumping orders on imports of acetone from Belgium, Singapore, South Africa, South Korea, and Spain. On November 1, 2024, the U.S. International Trade Commission ("ITC") issued its notice of initiation of its five-year review of the orders. The anti-dumping orders and applicable duties will continue for another five-year period if Commerce finds that revocation of the orders is likely to lead to continuation or recurrence of dumping and if the ITC finds that revocation is likely to lead to continuation or recurrence of material injury to the U.S. domestic industry. On December 26, 2024, Commerce notified the ITC that it would conduct an expedited review and issue its results no later than March 4, 2025. On February 4, 2025, the ITC voted to conduct a full review and is expected to issue its results in the fourth quarter of 2025. On March 7, 2025, Commerce determined that revocation of the anti-dumping orders would likely lead to continuation of recurrence of dumping. In January 2026, the ITC made affirmative determinations that revocation of the orders would likely lead to continuation or recurrence of material inquiry. As a result of the Commerce and ITC's determinations, the orders will be extended for another five years. Philadelphia Energy Solutions’ Shut Down The Company previously reported a business impact associated with the June 2019 fire that shut down the Philadelphia Energy Solutions (“PES”) refinery in Philadelphia, Pennsylvania. PES was one of multiple suppliers to the Company of cumene, a feedstock material used to produce phenol, acetone and other chemical intermediates. The Company was actively pursuing a business interruption claim over several years, with a final omnibus settlement in January 2025 which resulted in insurance settlement proceeds of approximately $26 million in the first quarter of 2025. The total aggregate insurance proceeds since the original claim submission are approximately $39 million. Consolidated Results of Operations for the Years Ended December 31, 2025, 2024 and 2023  (Dollars in thousands) Sales 2025 2024 2023 Sales $ 1,522,233  $ 1,517,557  $ 1,533,599  % change compared with prior period 0.3  % (1.0) % (21.2) % The change in sales is attributable to the following: 2025 versus 2024 2024 versus 2023 Volume 0.8  % (1.9) % Price (0.5) % 0.9  % 0.3  % (1.0) % 30 2025 compared with 2024 Sales were essentially flat in 2025 compared to 2024 due to increased volume (approximately 1%) primarily driven by higher granular ammonium sulfate sales supported by our SUSTAIN (Sustainable U.S. Sulfate to Accelerate Increased Nutrition) program offset by decreased net pricing (approximately 0.5%) reflecting lower raw material pass through pricing on lower benzene input costs and favorable market-based pricing across our Plant Nutrients and Nylon Solutions product lines. Cost of Goods Sold 2025 2024 2023 Cost of goods sold $ 1,357,293  $ 1,364,621  $ 1,368,511  % change compared with prior period (0.5) % (0.3) % (16.1) % Gross margin % 10.8  % 10.1  % 10.8  % 2025 compared with 2024 Cost of goods sold decreased in 2025 by $7.3 million compared to 2024 due primarily to insurance proceeds collected as a result of the PES supplier shutdown (approximately 2%) partially offset by increased raw material costs (approximately 2%) driven by sulfur and natural gas. Gross margin percentage increased by approximately 1% in 2025 compared to 2024 due primarily to (i) insurance proceeds collected as a result of the PES supplier shutdown (approximately 2%) and (ii) increased sales volumes as discussed above (approximately 2%), partially offset by the impact of market-based pricing, net of raw material costs (approximately 2%). Selling, General and Administrative Expenses  2025 2024 2023 Selling, general and administrative expense $ 104,750  $ 94,023  $ 95,538  % of sales 6.9  % 6.2  % 6.2  % 2025 compared with 2024 Selling, general and administrative expenses increased in 2025 compared to 2024 by $10.7 million (approximately 11%), due primarily to legal and professional fees associated with strategic regulatory matters and potential inorganic growth options, including costs associated with a transaction that the Company is no longer pursuing, and the planned investment to upgrade our enterprise resource planning system which was completed in 2025. Interest Expense, Net 2025 2024 2023 Interest Expense, net $ 8,481  $ 11,311  $ 7,485  2025 compared with 2024 Interest expense, net, decreased in 2025 compared to 2024 by $2.8 million, or approximately 25%, primarily due to lower interest rates. Other Non-operating (Income) Expense, Net 2025 2024 2023 Other non-operating (income) expense, net $ (2,722) $ 2,027  $ (7,158) 2025 compared with 2024 Other non-operating income, net, increased in 2025 compared to 2024 by $4.7 million due primarily to lower pension and other employee compensation expense and the absence of the prior year reduction of the Company's anticipated receivable related to the gain on the last installment of the termination fee recorded upon the exit from the Oben Holding Group S.A. alliance (approximately $1.2 million). Income Tax Expense 31 2025 2024 2023 Income tax expense $ 5,145  $ 1,426  $ 14,600  Effective income tax rate 9.5  % 3.1  % 21.1  % The Company's effective income tax rate differs from the U.S. statutory rate of 21% due to state taxes and executive compensation limitations which generally increase the effective income tax rate. Research tax credits, excess tax benefits of equity compensation and the foreign derived intangible income deduction recorded in a period generally decrease the effective income tax rate. Additionally, the Company's effective income tax rate for 2024 and 2025 was less than the U.S. Federal statutory rate of 21% due to Internal Revenue Code (IRC) Section 45Q tax credits of approximately $9.7 million claimed in each of those years for credits generated in tax periods 2018, 2019 and 2020. IRC Section 45Q allows a taxpayer to receive a tax credit for carbon capture and utilization at its facilities. For certain utilization projects, the 45Q tax credit requires approval by the Internal Revenue Service (IRS) of a life-cycle assessment ("LCA") prior to claiming the tax credits. The Company received approval for its 2018 LCA in November 2024, which the Company was able to rely on for 2018 through 2020. Approximately $18 million of the 45Q tax credits claimed for these periods are reflected in Taxes receivable as of December 31, 2025. The Company continues to pursue IRC section 45Q tax credits for the periods after 2020. The Company's effective income tax rate for 2023 approximated the U.S. Federal statutory rate of 21%. Increases to the effective income tax rate due primarily to state taxes and executive compensation limitations, were materially offset by research tax credits, excess tax benefits of equity compensation and the foreign-derived intangible income deduction. On July 4, 2025, the One Big Beautiful Bill Act (the "Act") was enacted into law, which includes numerous tax provisions affecting businesses, including the reinstatement of full expensing of domestic research and experimental expenditures, modification of the limitation on business interest and making permanent full expensing for certain business property. These provisions resulted in an approximately $9 million reduction in cash taxes in our financial results for the period ended December 31, 2025 and are expected to reduce our cash taxes in future periods. The Pillar Two Global Anti-Base Erosion rules issued by the Organization for Economic Co-operation and Development ("OECD"), a global policy forum, introduced a global minimum tax of 15% which would apply to multinational groups with consolidated financial statement revenue in excess of EUR 750 million. Numerous jurisdictions, including jurisdictions where the Company operates, have enacted these rules as of December 31, 2025. The Company has evaluated the impact of these rules and currently believes they will not have a material impact on financial results through 2026 due to certain transitional safe harbors. Additionally, on January 5, 2026, the OECD announced a new package of administrative guidance under Pillar Two which includes new safe harbors for companies headquartered in qualifying jurisdictions such as the United States. These safe harbors are for periods on or after January 1, 2026. Additionally, this guidance would extend the transitional safe harbors by one year. We continue to monitor this guidance as details are made available. As of December 31, 2025 and 2024, there were no unrecognized tax benefits recorded by the Company. Although there are no unrecognized income tax benefits, when applicable, the Company’s policy is to report interest expense and penalties related to unrecognized income tax benefits in the income tax provision. For additional discussion of income taxes and the effective income tax rate, see “Note 4. Income Taxes” in the Notes accompanying the audited Consolidated Financial Statements included in Item 8 of this Form 10-K. Net Income 2025 2024 2023 Net income $ 49,286  $ 44,149  $ 54,623  2025 compared with 2024 As a result of the factors described above, net income was $49.3 million in 2025 as compared to $44.1 million in 2024. Non-GAAP Measures The following tables set forth the non-GAAP financial measures of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Earnings Per Share. Adjusted EBITDA is defined as Net income before Interest, Income taxes, Depreciation and amortization, Non-cash stock-based compensation, Non-recurring, unusual or extraordinary expenses, Non-cash amortization from acquisitions and strategic advisory and professional fees that are not reflective of ongoing operations. Adjusted EBITDA Margin is equal to Adjusted EBITDA divided by Sales. The following tables may also present each of these measures as further adjusted. The Company believes these non-GAAP financial measures provide meaningful supplemental information as they are used by the 32 Company’s management to evaluate the Company’s operating performance, enhance a reader’s understanding of the financial performance of the Company, and facilitate a better comparison among fiscal periods and performance relative to the Company's competitors, as the non-GAAP measures exclude items that management believes do not reflect the Company’s ongoing operations. These non-GAAP results are presented for supplemental informational purposes only and should not be considered a substitute for the financial information presented in accordance with U.S. GAAP. Non-GAAP financial measures should be read only in conjunction with the comparable U.S. GAAP financial measures. The Company's non-GAAP measures may not be comparable to other companies' non-GAAP measures. The following is a reconciliation between the non-GAAP financial measures of Adjusted Net Income, Adjusted EBITDA and Adjusted EBITDA Margin to their most directly comparable U.S. GAAP financial measure: Twelve Months Ended December 31, 2025 2024 2023 Net income $ 49,286  $ 44,149  $ 54,623  Non-cash stock-based compensation 6,821  7,854  8,313  Non-recurring, unusual or extraordinary expense* —  1,200  (4,472) Non-cash amortization from acquisitions 2,127  2,126  2,126  Strategic advisory and professional fees** 7,325  —  —  Income tax benefit relating to reconciling items (3,386) (2,011) (661) Adjusted Net income (non-GAAP) 62,173  53,318  59,929  Interest expense, net 8,481  11,311  7,485  Income tax expense - Adjusted 8,531  3,437  15,261  Depreciation and amortization - Adjusted 77,613  74,050  70,884  Adjusted EBITDA (non-GAAP) $ 156,798  $ 142,116  $ 153,559  Sales $ 1,522,233  $ 1,517,557  $ 1,533,599  Adjusted EBITDA Margin*** (non-GAAP) 10.3% 9.4% 10.0% * 2024 includes a pre-tax loss of approximately $1.2 million from the reduction of the Company's anticipated receivable related to the gain on the termination fee recorded upon the exit from the Oben Holding Group S.A. alliance during the third quarter of 2023. ** Legal and professional fees associated with strategic regulatory matters and potential inorganic growth options, including costs associated with a transaction that the Company is no longer pursuing *** Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by Sales The following is a reconciliation between the non-GAAP financial measures of Adjusted Earnings Per Share to its most directly comparable U.S. GAAP financial measure: 33 Twelve Months Ended December 31, 2025 2024 2023 Numerator Net income $ 49,286  $ 44,149  $ 54,623  Adjusted Net income (non-GAAP) 62,173  53,318  59,929  Denominator Weighted-average number of common shares outstanding - basic 26,901,046  26,828,338  27,302,254  Dilutive effect of equity awards and other stock-based holdings 426,403  426,875  705,376  Weighted-average number of common shares outstanding - diluted 27,327,449  27,255,213  28,007,630  EPS - Basic $ 1.83  $ 1.65  $ 2.00  EPS - Diluted $ 1.80  $ 1.62  $ 1.95  Adjusted EPS - Basic (non-GAAP) $ 2.31  $ 1.99  $ 2.20  Adjusted EPS - Diluted (non-GAAP) $ 2.28  $ 1.96  $ 2.14  Liquidity and Capital Resources Liquidity We believe that cash balances and operating cash flows, together with available capacity under our credit agreement, will provide adequate funds to support our current short-term operating objectives as well as our longer-term strategic plans, subject to the risks and uncertainties outlined below and in the risk factors previously disclosed in in Item 1A, Risk Factors. Our principal source of liquidity is our cash flow generated from operating activities, which is expected to provide us with the ability to meet the majority of our short-term funding requirements for the next twelve months and beyond. Our cash flows are affected by capital requirements and production volume, which may be materially impacted by unanticipated events such as unplanned downtime, material disruptions at our production facilities, the prices of our raw materials, general economic and industry trends and customer demand. The Company applies a proactive and disciplined approach to working capital management to optimize cash flow and to enable capital allocation options in support of the Company’s strategy. We utilize supply chain financing and trade receivables discount arrangements with third-party financial institutions which optimize terms and conditions related to accounts receivable and accounts payable in order to enhance liquidity and enable us to efficiently manage our working capital needs. Although we continue to optimize supply chain financing and trade receivable programs in the ordinary course, our utilization of these arrangements has not had a material impact on our liquidity. In addition, we monitor the third-party depository institutions that hold our cash and cash equivalents. Our emphasis is primarily on the safety of principal and secondarily on maximizing yield on those funds. We diversify our cash and cash equivalents among counterparties to minimize exposure to any one of these entities. On a recurring basis, our primary future cash needs will be centered on operating activities, working capital, capital expenditures, dividends and liquidity reflecting disciplined capital deployment. Capital expenditures are deployed for various ongoing investments and initiatives to improve reliability, yield and quality, expand production capacity and comply with health, safety and environmental ("HSE") regulations. We believe that our future cash from operations, cash on hand and available capacity under our credit agreement, as well as our access to credit and capital markets, will provide adequate resources to fund our expected operating and financing needs and obligations. Our ability to fund our capital needs, however, will depend on our ongoing ability to generate cash from operations and access to credit and capital markets, both of which are subject to the risk factors previously disclosed in Item 1A, Risk Factors, as well as general economic, financial, competitive, regulatory and other factors that are beyond our control. At December 31, 2025, the Company had approximately $20 million of cash on hand with approximately $284 million of additional capacity available under the revolving credit facility. The Company’s Consolidated Leverage Ratio financial covenant of its credit facility allows it to net up to $75 million of cash with debt. Capital expenditures were approximately $116 million in 2025 compared to $134 million in 2024, reflecting the planned progression of our SUSTAIN growth program, and refined execution timing to address critical enterprise risk mitigation. We assumed from Honeywell International Inc. ("Honeywell") all HSE liabilities and compliance obligations related to the past and future operations of our current business as of the spin-off, as well as all HSE liabilities associated with the three manufacturing locations assumed from Honeywell that are used in our current operations, including any cleanup or other liabilities related to any contamination that may have occurred at such locations in the past. Honeywell retained all HSE liabilities related to former business 34 locations or the operation of our former businesses. Although we have ongoing environmental remedial obligations at certain of our facilities, in the past three years, the associated remediation costs have not been material, and we do not expect our known remediation costs to have a material adverse effect on the Company's consolidated financial position and results of operations. We expect that our primary cash requirements for 2026 will be to fund costs associated with ongoing operations, capital expenditures and amounts related to other contractual obligations. See below under “Capital Expenditures” for more information regarding our capital expenditures in 2025, 2024 and 2023 and anticipated capital expenditures for 2026. Amounts related to contractual obligations are related to principal repayments and interest payments on leases, long-term debt, purchase obligations, estimated environmental compliance costs, and postretirement benefit obligations. We anticipate that our estimated environmental compliance costs will be approximately $1.5 million in aggregate for 2026 through 2030. This amount is related to what has been accrued as probable and reasonably estimable as of December 31, 2025. For information regarding material cash requirements from known contractual obligations with respect to lease obligations, long-term debt principal repayments and purchase obligations please refer to "Note 8. Leases", "Note 9. Long-term Debt and Credit Agreement" and "Note 11. Commitments and Contingencies", respectively, to the Consolidated Financial Statements in Item 8 of this Form 10-K. Interest payments are estimated based on the interest rate applicable as of December 31, 2025 and approximate $10.5 million per year, subject to changes in variable interest rates and additional obligations. The Company made no cash contributions to the defined benefit pension plan during the year ended December 31, 2025. The Company expects to make pension plan contributions during 2026 sufficient to satisfy pension funding requirements estimated to be approximately $3 million, as well as evaluate contributions in future years sufficient to satisfy pension funding requirements in those periods. As previously disclosed in Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations, in connection with the Philadelphia Energy Solutions' shutdown, the Company received insurance settlement proceeds of approximately $26 million in the first quarter of 2025. The Company made cash contributions to the defined contribution plan of $6.7 million and $6.8 million for the years ended December 31, 2025 and 2024, respectively. The Board has authorized share repurchase programs to repurchase shares of the Company's common stock as follows: Date of Authorization Authorized Amount  (millions) Authorized Amount Remaining as of December 31, 2025 (millions) May 4, 2018 $ 75.0  $ —  February 22, 2019 75.0  —  February 17, 2023 75.0  62.0       Totals $ 225.0  $ 62.0  Repurchases may be made from time to time on the open market in accordance with Rule 10b-18 of the Exchange Act, including through the use of trading plans intended to qualify under Rule 10b5-1 of the Exchange Act. The size and timing of these repurchases will depend on pricing, market and economic conditions, legal and contractual requirements and other factors. The share repurchase program has no expiration date and may be modified, suspended or discontinued at any time. The par value of the shares repurchased is applied to Treasury stock and the excess of the purchase price over par value is applied to Additional paid-in capital. As of December 31, 2025, the Company had repurchased 6,313,789 shares of common stock, including 1,068,333 shares withheld to cover tax withholding obligations in connection with the vesting of equity awards, for an aggregate of $194.1 million at a weighted average market price of $30.74 per share. As of December 31, 2025, $62.0 million remained available for repurchase under the currently authorized repurchase program. During the period from January 1, 2026 through January 30, 2026, no additional shares were repurchased for tax withholding obligations or under the currently authorized repurchase program. At December 31, 2025, 2024 and 2023, the Company did not have any off-balance sheet arrangements as defined in Item 303(a)(4)(ii) of Regulation S-K or financing activities with special-purpose entities. The Company has not guaranteed any debt or commitments of other entities or entered into any options on non-financial assets. Dividends The Company commenced the declaration of dividends on September 28, 2021. 35 The Company increased its quarterly dividend by 10% ($0.145 to $0.160) during the third quarter of 2023. Dividends paid during 2025 and the dividend announced on the date of this filing are as follows: Date of Announcement Date of Record Date Payable Dividend per Share Total Approximate Dividend Amount ($M) 2/20/2026 3/9/2026 3/23/2026 $0.16 $4.3 11/7/2025 11/18/2025 12/2/2025 $0.16 $4.3 8/1/2025 8/12/2025 8/26/2025 $0.16 $4.3 5/2/2025 5/13/2025 5/27/2025 $0.16 $4.3 2/21/2025 3/10/2025 3/24/2025 $0.16 $4.3 The timing, declaration, amount and payment of future dividends to stockholders, if any, will be within the discretion of our Board. Holders of shares of our common stock will be entitled to receive dividends when, and if, declared by our Board at its discretion out of funds legally available for that purpose, subject to the terms of our indebtedness, the preferential rights of any preferred stock that may be outstanding, legal requirements, regulatory constraints, industry practice and other factors that our Board deems relevant. The Company paid dividends of approximately $17.2 million, $17.1 million and $16.7 million for the years ended December 31, 2025, 2024 and 2023, respectively. Credit Agreement On October 27, 2021, the Company entered into a Credit Agreement, as amended on June 27, 2023 (the “Credit Agreement”), among the Company, the lenders party thereto, the swing line lenders party thereto, the letter of credit issuers party thereto and Truist Bank, as administrative agent, which provides for a senior secured revolving credit facility in an aggregate principal amount of $500 million (the “Revolving Credit Facility”). Borrowings under the Revolving Credit Facility are subject to customary borrowing conditions. The Revolving Credit Facility provided for a scheduled maturity date of October 27, 2026 (which was extended pursuant to an October 2025 amendment, as described in more detail below). The Credit Agreement permits the Company to utilize up to $40 million of the Revolving Credit Facility for the issuance of letters of credit and up to $40 million for swing line loans. The Company has the option to establish a new class of term loans and/or increase the amount of the Revolving Credit Facility in an aggregate principal amount for all such incremental term loans and increases of the Revolving Credit Facility of up to the sum of (x) $175 million plus (y) an amount such that the Company’s Consolidated First Lien Secured Leverage Ratio (as defined in the Credit Agreement) would not be greater than 2.75 to 1.00, in each case, to the extent that any one or more lenders, whether or not currently party to the Credit Agreement, commits to be a lender for such amount or any portion thereof. Borrowings under the Credit Agreement bear interest at a rate equal to either the sum of a base rate plus a margin ranging from 0.25% to 1.25% or the sum of an Adjusted Term SOFR rate plus a margin ranging from 1.25% to 2.25%, with either such margin varying according to the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement). The Company is also required to pay a commitment fee in respect of unused commitments under the Revolving Credit Facility, if any, at a rate ranging from 0.15% to 0.35% per annum depending on the Company’s Consolidated Leverage Ratio. Substantially all tangible and intangible assets of the Company and its domestic subsidiaries are pledged as collateral to secure the obligations under the Credit Agreement. The Credit Agreement contains customary covenants limiting the ability of the Company and its subsidiaries to, among other things, pay cash dividends, incur debt or liens, redeem or repurchase stock of the Company, enter into transactions with affiliates, make investments, make capital expenditures, merge or consolidate with others or dispose of assets. The Credit Agreement also contains financial covenants that require the Company to maintain a Consolidated Interest Coverage Ratio (as defined in the Credit Agreement) of not less than 3.00 to 1.00 and to maintain a Consolidated Leverage Ratio of 3.75 to 1.00 or less (subject to the Company’s option to elect a consolidated leverage ratio increase in connection with certain acquisitions). If the Company does not comply with the covenants in the Credit Agreement, the lenders may, subject to customary cure rights, require the immediate payment of all amounts outstanding under the Revolving Credit Facility. We were in compliance with all of our covenants at December 31, 2025 and through the date of the filing of this Annual Report on Form 10-K. 36 On October 23, 2025, the Company entered into Amendment No. 2 (the “Amendment”) to the Credit Agreement (as further amended by the Amendment, the “Amended Credit Agreement”), among the Company, the guarantors, the lenders party thereto and Truist Bank, as administrative agent. Pursuant to the Amendment, the Credit Agreement was amended to, among other things: (i) extend the maturity date of the Revolving Credit Facility for participating Revolving Credit Lenders, as defined in the Amended Credit Agreement, in an aggregate principal amount of $452 million to the earlier of (x) October 27, 2027 and (y) the date of the termination in whole of the Revolving Credit Facility, pursuant to the terms of the Amended Credit Agreement, and (ii) effect certain other conforming changes and modifications consistent with the foregoing. The remaining $48 million under the Revolving Credit Facility that was not extended will continue to mature on the earlier of (x) October 27, 2026 and (y) the date of the termination in whole of the Revolving Credit Facility pursuant to the terms of the Amended Credit Agreement. We had a borrowed balance of $195 million under the Revolving Credit Facility at December 31, 2024. We borrowed an incremental net amount of $20 million during 2025, bringing the balance under the Revolving Credit Facility to $215 million, and available credit for use of $284 million as of December 31, 2025. We expect that Cash provided by operating activities will fund future interest payments on the Company's outstanding indebtedness. The Company had approximately $1 million of letter of credit agreements outstanding under the Revolving Credit Facility at December 31, 2025. There was no amount associated with bilateral letters of credit outside the Revolving Credit Facility. Cash Flow Summary for the Years Ended December 31, 2025, 2024 and 2023 Our cash flows from operating, investing and financing activities for the years ended December 31, 2025, 2024 and 2023, as reflected in the audited Consolidated Financial Statements included in this Form 10-K, are summarized as follows: Years Ended December 31, 2025 2024 2023 (Dollars in thousands) Cash provided by (used for): Operating activities $ 122,863  $ 135,413  $ 117,550  Investing activities (122,614) (142,902) (110,897) Financing activities (47) (2,715) (7,870) Net change in cash and cash equivalents $ 202  $ (10,204) $ (1,217) 2025 compared with 2024 Net cash provided by operating activities decreased by $12.5 million for the year ended December 31, 2025 versus the prior year due primarily to a $11.7 million unfavorable impact from the timing and fluctuation of working capital (comprised of Accounts and other receivables, Inventories, Accounts payable and Deferred income and customer advances) year-over-year and a $5.0 million unfavorable cash impact from Other assets and liabilities driven primarily by a change in our pension versus the prior year. These net unfavorable impacts were partially offset by a $5.1 million increase in net income. Cash used for investing activities decreased by $20.3 million for the year ended December 31, 2025 versus the prior year period due primarily to lower cash payments for capital expenditures of approximately $17.3 million during the current year period primarily reflecting disciplined spend on replacement maintenance while maintaining progress on growth and other enterprise programs. Cash used for financing activities decreased by $2.7 million for the year ended December 31, 2025 versus the prior year due to payments for share repurchases of $1.7 million during the year ended December 31, 2025 compared to $10.4 million during the prior year period partially offset by net borrowings of $20.0 million for the year ended December 31, 2025 compared to net borrowings of $25.0 million during the prior year period. Capital Expenditures Our operations are capital intensive, requiring ongoing investments that have consisted, and are expected to continue to consist, primarily of capital expenditures required to maintain and improve equipment reliability, expand production capacity, further improve mix, yield and cost position and comply with environmental and safety regulations and support sustainability initiatives. The following table summarizes ongoing and expansion capital expenditures for the periods indicated. 37 Years Ended December 31, 2025 2024 2023 (Dollars in thousands) Purchases of property, plant and equipment $ 116,445  $ 133,722  $ 107,377  Capital expenditures decreased $17.3 million from 2024 to 2025 reflecting disciplined spend on capital expenditures and enterprise programs. Capital expenditures are deployed for various ongoing investments and initiatives to improve reliability, yield and quality, expand production capacity and comply with HSE regulations. For 2026, we expect our total capital expenditures to be approximately $75 million to $95 million reflecting a risk-based prioritization of base investments and enterprise programs with continued progression of growth programs including our SUSTAIN program. Critical Accounting Policies and Estimates (Dollars in thousands, unless otherwise noted) The Company’s significant accounting policies are more fully described in "Note 2. Summary of Significant Accounting Policies" to the Consolidated Financial Statements included in Item 8 of this Form 10-K. Management believes that the application of these policies on a consistent basis enables the Company to provide the users of the financial statements with useful and reliable information about the Company’s operating results and financial condition. The preparation of our Consolidated Financial Statements in conformity with U.S. GAAP is based on the selection and application of accounting policies that require management to make significant estimates and assumptions about the effects of matters that are inherently uncertain and that affect the reported amounts, including, but not limited to, inventory valuations, impairment of goodwill, long-term employee benefit obligations, income taxes and environmental matters. Management’s estimates are based on historical experience, facts and circumstances available at the time and various other assumptions that are believed to be reasonable. The Company reviews these matters and reflects changes in estimates as appropriate. Management believes that the following represent some of the more critical judgment areas in the applications of the Company’s accounting policies which could have a material effect on the Company’s financial position, results of operations or cash flows. Inventories – Substantially all of the Company's inventories are valued at the lower of cost or market using the last-in, first-out (“LIFO”) method. The Company includes spare and other parts in inventory which are used in support of production or production facilities operations and are valued based on weighted average cost. Inventories valued at LIFO amounted to $225.3 million and $196.5 million at December 31, 2025 and 2024, respectively. Had such LIFO inventories been valued at current costs, their carrying values would have been approximately $80.1 million and $64.1 million higher at December 31, 2025 and 2024. Inventories valued at FIFO amounted to $11.2 million and $15.9 million at December 31, 2025 and 2024, respectively. Goodwill – The Company had goodwill of $56.2 million at December 31, 2025 and 2024. Goodwill is subject to impairment testing annually on the last day of our October close, or whenever events or changes in circumstances indicate that the carrying amount may not be fully recoverable. To determine if goodwill is potentially impaired, we have the option to perform a qualitative assessment to determine whether it is more likely than not that the fair value is less than the carrying value. The Company’s practice is to perform a quantitative impairment assessment at least every three years. Under the qualitative assessment, the Company considers several factors, including the enterprise value from the previous quantitative test and the excess of fair value over carrying value from such test, macroeconomic conditions (including changes in interest rates and discount rates), industry and market considerations, recent and projected financial performance of the Company, as well as other factors. The Company has concluded that, as of the fourth quarter of 2025, it is not more likely than not that an impairment of the goodwill balances exists. Our qualitative analysis reflects our best estimates of the impacts of the cyclical nature of the industries in which we operate, as well as the cycles of fluctuating supply and demand for each of our products resulting in changes in selling prices and margins. It is possible that in the future there may be changes in industry trends, estimates and assumptions, including the timing and amount of future cash flows, margins, growth rates, market participant assumptions, comparable benchmark companies and related multiples and discount rates, which could impact estimates of fair value. Significant and adverse changes to any one or more of the above-noted estimates and assumptions could result in an impairment. Revenue Recognition – The Company recognizes revenue upon the transfer of control of goods or services to customers at amounts that reflect the consideration expected to be received. AdvanSix primarily recognizes revenues when title and control of the product 38 transfers from the Company to the customer. Outbound shipping costs incurred by the Company are not included in revenues but are reflected as freight expense in Cost of goods sold in the Consolidated Statements of Operations. Sales of our products to customers are made under a purchase order, and in certain cases in accordance with the terms of a master services agreement. These agreements typically contain formula-based pass-through pricing tied to key feedstock materials and volume ranges, but often do not specify the goods, including the quantities thereof, to be transferred. Certain master services agreements (including with respect to our largest customer) may contain minimum purchase volumes which can be satisfied by the customer on a periodic basis by choosing from various products offered by the Company. In these cases, a performance obligation is created when a customer submits a purchase order for a specific product at a specified price, typically providing for delivery within the next 60 days. Management considers the performance obligation with respect to such purchase order satisfied at the point in time when control of the product is transferred to the customer, which is indicated by shipment of the product and transfer of title and risk of loss to the customer. Transfer of control to the customer occurs through various modes of shipment, including trucks, railcars, and vessels, and generally follows commercially acceptable shipping point terms pursuant to the arrangement with the customer. In more limited circumstances, the Company recognizes revenue from sales of products that are subject to inventory consignment agreements, and transfer of control generally occurs when the customer pulls product from the consignment inventory location. Variable consideration is estimated for future volume rebates and early pay discounts on certain products and product returns. The Company records variable consideration as an adjustment to the sale transaction price. Since variable consideration is generally settled within one year, the time value of money is not significant. The Company applies the practical expedient in Topic 606 and does not include disclosures regarding remaining performance obligations that have original expected durations of one year or less, or amounts for variable consideration allocated to wholly-unsatisfied performance obligations or wholly-unsatisfied distinct goods that form part of a single performance obligation, if any. The Company also utilizes the practical expedient in Topic 606 and does not include an adjustment for the effects of a significant financing component given the expected period duration of one year or less. Pension Benefits – We have a defined benefit plan covering certain employees primarily in the U.S. The benefits are accrued over the employees’ service periods. We use actuarial methods and assumptions in the valuation of defined benefit obligations and the determination of net periodic pension income or expense. Differences between actual and expected results or changes in the value of defined benefit obligations and fair value of plan assets, if any, are not recognized in earnings as they occur but rather systematically over subsequent periods when net actuarial gains or losses are in excess of 10% of the greater of the fair value of plan assets or the plan’s projected benefit obligation. A 25 basis point increase in the discount rate would result in a decrease of approximately $0.5 million to the net periodic benefit cost for 2026, while a 25 basis point decrease in the discount rate would result in an increase of approximately $0.5 million to the net periodic benefit cost for 2026. The resulting impact on the pension benefit obligation would be a decrease of $2.7 million and an increase of $2.8 million, respectively. Income Taxes – We account for income taxes pursuant to the asset and liability method which requires us to recognize current tax liabilities or receivables for the amount of taxes we estimate are payable or refundable for the current year and deferred tax assets and liabilities for the expected future tax consequences attributable to temporary differences between the financial statement carrying amounts and their respective tax bases of assets and liabilities and the expected benefits of net operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in operations in the period enacted. A valuation allowance is provided when it is more likely than not that a portion or all of a deferred tax asset will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income and the reversal of deferred tax liabilities during the period in which related temporary differences become deductible. We apply the provisions of ASC 740 related to the accounting for uncertainty in income taxes recognized in an enterprise’s consolidated financial statements. ASC 740 prescribes a comprehensive model for the financial statement recognition, measurement, presentation and disclosure of uncertain tax positions taken or expected to be taken in income tax returns. The benefit of tax positions taken or expected to be taken in our income tax returns are recognized in the financial statements if such positions are more likely than not of being sustained upon examination by taxing authorities. Differences between tax positions taken or expected to be taken in a tax return and the benefit recognized and measured pursuant to the interpretation are referred to as “unrecognized benefits.” A liability is recognized (or amount of net operating loss carryover or amount of tax refundable is reduced) for an unrecognized tax benefit because it represents an enterprise’s potential future obligation to the taxing authority for a tax position that was not recognized as a result of applying the provisions of ASC 740. Interest costs and related penalties related to unrecognized tax benefits are required to be calculated, if applicable. Our policy is to classify tax related interest and penalties, if any, as a component of income tax expense. No interest or penalties related to unrecognized income tax benefits were recorded during the years 39 ended December 31, 2025, 2024 and 2023. As of December 31, 2025 and 2024, no liability for unrecognized tax benefits was required to be reported. We do not expect any significant changes in our unrecognized tax benefits in the next year. Use of Estimates – The preparation of the Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts in the Consolidated Financial Statements and related disclosures in the accompanying Notes. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of changes are reflected in the Consolidated Financial Statements in the period they are determined to be necessary. Recent Accounting Pronouncements See “Note 2. Summary of Significant Accounting Policies” to the Consolidated Financial Statements included in Item 8 of this Form 10-K.