Huntsman CORP (HUN)

CIK: 0001307954. SIC: 2800 Chemicals & Allied Products. Latest 10-K as of: 2026-02-18.

SIC breadcrumb: Manufacturing > Chemicals And Allied Products > SIC 2800 Chemicals & Allied Products

SEC company page: https://www.sec.gov/edgar/browse/?CIK=1307954. Latest filing source: 0001437749-26-004524.

Selected Fundamentals

Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307954.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

Flow metrics use full-year FY periods from 10-K/10-K/A filings; balance-sheet metrics use FY-end instants. Free cash flow = operating cash flow - capital expenditures. Missing metrics are omitted rather than fabricated.

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.

Financial Charts

Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-05-01. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001307954.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.

Quarterly Charts

Macro Cross-References

• CPIAUCSL - Consumer Price Index for All Urban Consumers: All Items in U.S. City Average
• UNRATE - Unemployment Rate
• FEDFUNDS - Federal Funds Effective Rate
• CES0500000003 - Average Hourly Earnings of All Employees, Total Private
• DFEDTARU - Federal Funds Target Range - Upper Limit
• DFEDTARL - Federal Funds Target Range - Lower Limit
• DGS3MO - Market Yield on U.S. Treasury Securities at 3-Month Constant Maturity
• DGS2 - Market Yield on U.S. Treasury Securities at 2-Year Constant Maturity
• DGS10 - Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
• DGS30 - Market Yield on U.S. Treasury Securities at 30-Year Constant Maturity
• T10Y2Y - 10-Year Treasury Constant Maturity Minus 2-Year Treasury Constant Maturity
• CPILFESL - Consumer Price Index for All Urban Consumers: All Items Less Food and Energy
• CPIUFDSL - Consumer Price Index for All Urban Consumers: Food
• CPIENGSL - Consumer Price Index for All Urban Consumers: Energy
• CUSR0000SAH1 - Consumer Price Index for All Urban Consumers: Shelter
• PCEPI - Personal Consumption Expenditures: Chain-type Price Index
• PCEPILFE - Personal Consumption Expenditures Excluding Food and Energy: Chain-type Price Index
• PPIACO - Producer Price Index by Commodity: All Commodities
• T10YIE - 10-Year Breakeven Inflation Rate
• U6RATE - Total Unemployed, Plus All Marginally Attached Workers Plus Total Employed Part Time for Economic Reasons
• PAYEMS - All Employees, Total Nonfarm
• CIVPART - Labor Force Participation Rate
• EMRATIO - Employment-Population Ratio
• UNEMPLOY - Unemployed
• CE16OV - Employment Level
• ICSA - Initial Claims
• JTSJOL - Job Openings: Total Nonfarm
• JTSQUR - Quits: Total Nonfarm
• GDPC1 - Real Gross Domestic Product
• A191RL1Q225SBEA - Real Gross Domestic Product: Percent Change from Preceding Period
• INDPRO - Industrial Production: Total Index
• TCU - Capacity Utilization: Total Index
• HOUST - New Privately-Owned Housing Units Started: Total Units
• PERMIT - New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
• RSAFS - Advance Retail Sales: Retail Trade
• PCE - Personal Consumption Expenditures
• DSPIC96 - Real Disposable Personal Income
• PSAVERT - Personal Saving Rate
• M2SL - M2
• BOPGSTB - U.S. International Trade in Goods and Services: Balance
• MSPUS - Median Sales Price of Houses Sold for the United States
• HSN1F - New One Family Houses Sold: United States
• RHORUSQ156N - Homeownership Rate in the United States
• TTLCONS - Total Construction Spending: Total Construction in the United States
• RRVRUSQ156N - Rental Vacancy Rate in the United States
• TOTALSL - Total Consumer Credit Owned and Securitized
• REVOLSL - Revolving Consumer Credit Owned and Securitized
• DRCCLACBS - Delinquency Rate on Credit Card Loans, All Commercial Banks
• GDP - Gross Domestic Product
• GPDI - Gross Private Domestic Investment
• GCE - Government Consumption Expenditures and Gross Investment
• PCEC - Personal Consumption Expenditures
• NETEXP - Net Exports of Goods and Services
• GFDEBTN - Federal Debt: Total Public Debt
• GFDEGDQ188S - Federal Debt: Total Public Debt as Percent of Gross Domestic Product
• FYFSD - Federal Surplus or Deficit
• FGRECPT - Federal Government Current Receipts
• FGEXPND - Federal Government: Current Expenditures
• MANEMP - All Employees, Manufacturing
• USCONS - All Employees, Construction
• USTRADE - All Employees, Retail Trade
• USFIRE - All Employees, Financial Activities
• USGOVT - All Employees, Government
• AWHAETP - Average Weekly Hours of All Employees, Total Private
• DGORDER - Manufacturers' New Orders: Durable Goods
• NEWORDER - Manufacturers' New Orders: Nondefense Capital Goods Excluding Aircraft
• BUSINV - Total Business Inventories
• EXPGS - Exports of Goods and Services
• IMPGS - Imports of Goods and Services
• IR - Import Price Index (End Use): All Commodities
• PPIFIS - Producer Price Index by Commodity: Final Demand

Latest quarter (10-Q)

Latest 10-Q source: 0001437749-26-014346.

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Confidence: high. Filing date: 2026-05-01. Report date: 2026-03-31.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS 

​

Results of Operations 

​

For each of our Company and Huntsman International, the following tables set forth the condensed consolidated results of operations (dollars in millions, except per share amounts):

​

Huntsman Corporation 

Three months ended

March 31,

Percent

2026

2025

change

Revenues

$

1,420

$

1,410

1

%

Cost of goods sold

1,237

1,209

2

%

Gross profit

183

201

(9

)%

Operating expenses:

Selling, general and administrative

163

166

(2

)%

Research and development

29

32

(9

)%

Restructuring, impairment and plant closing costs

6

1

500

%

Income associated with litigation matter, net

—

(33

)

(100

)%

Gain on acquisition of assets, net

—

(5

)

(100

)%

Other operating expense (income), net

1

(2

)

NM

Total operating expenses

199

159

25

%

Operating (loss) income

(16

)

42

NM

Interest expense, net

(21

)

(19

)

11

%

Equity in income of investment in unconsolidated affiliates

5

1

400

%

Other income, net

3

3

—

(Loss) income from continuing operations before income taxes

(29

)

27

NM

Income tax expense

(11

)

(15

)

(27

)%

(Loss) income from continuing operations

(40

)

12

NM

Loss from discontinued operations, net of tax

(1

)

(1

)

—

Net (loss) income

(41

)

11

NM

Reconciliation of net (loss) income to adjusted EBITDA(1):

Net income attributable to noncontrolling interests

(12

)

(16

)

(25

)%

Interest expense, net

21

19

11

%

Income tax expense

11

15

(27

)%

Depreciation and amortization

73

69

6

%

Other adjustments:

Business acquisition and integration gain and purchase accounting inventory adjustments, net

—

(5

)

EBITDA from discontinued operations

1

1

Certain legal and other settlements and related expenses (income), net(2)

4

(33

)

Loss on early extinguishment of debt

1

—

Amortization of pension and postretirement actuarial losses

7

7

Restructuring, impairment and plant closing and transition costs(3)

8

4

Adjusted EBITDA(1)

$

73

$

72

1

%

Net cash used in operating activities from continuing operations

$

(53

)

$

(71

)

(25

)%

Net cash (used in) provided by investing activities

(37

)

6

NM

Net cash provided by financing activities

30

60

(50

)%

Capital expenditures

(38

)

(36

)

6

%

Amounts attributable to Huntsman Corporation:

Loss from continuing operations

$

(52

)

$

(4

)

Loss from discontinued operations, net of tax

(1

)

(1

)

Net loss

$

(53

)

$

(5

)

34

Table of Contents

Huntsman International 

Three months ended

March 31,

Percent

2026

2025

change

Revenues

$

1,420

$

1,410

1

%

Cost of goods sold

1,237

1,209

2

%

Gross profit

183

201

(9

)%

Operating expenses:

Selling, general and administrative

161

164

(2

)%

Research and development

29

32

(9

)%

Restructuring, impairment and plant closing costs

6

1

500

%

Income associated with litigation matter, net

—

(33

)

(100

)%

Gain on acquisition of assets, net

—

(5

)

(100

)%

Other operating expense (income), net

1

(2

)

NM

Total operating expenses

197

157

25

%

Operating (loss) income

(14

)

44

NM

Interest expense, net

(21

)

(19

)

11

%

Equity in income of investment in unconsolidated affiliates

5

1

400

%

Other income, net

3

3

—

(Loss) income from continuing operations before income taxes

(27

)

29

NM

Income tax expense

(11

)

(17

)

(35

)%

(Loss) income from continuing operations

(38

)

12

NM

Loss from discontinued operations, net of tax

(1

)

(1

)

—

Net (loss) income

(39

)

11

NM

Reconciliation of net (loss) income to adjusted EBITDA(1):

Net income attributable to noncontrolling interests

(12

)

(16

)

(25

)%

Interest expense, net

21

19

11

%

Income tax expense

11

17

(35

)%

Depreciation and amortization

73

69

6

%

Other adjustments:

Business acquisition and integration gain and purchase accounting inventory adjustments, net

—

(5

)

EBITDA from discontinued operations

1

1

Certain legal and other settlements and related expenses (income), net(2)

4

(33

)

Loss on early extinguishment of debt

1

—

Amortization of pension and postretirement actuarial losses

7

7

Restructuring, impairment and plant closing and transition costs(3)

8

4

Adjusted EBITDA(1)

$

75

$

74

1

%

Net cash used in operating activities from continuing operations

$

(52

)

$

(70

)

(26

)%

Net cash (used in) provided by investing activities

(41

)

1

NM

Net cash provided by financing activities

33

64

(48

)%

Capital expenditures

(38

)

(36

)

6

%

Amounts attributable to Huntsman International:

Loss from continuing operations

$

(50

)

$

(4

)

Loss from discontinued operations, net of tax

(1

)

(1

)

Net loss

$

(51

)

$

(5

)

35

Table of Contents

Huntsman Corporation

Three months

Three months

ended

ended

March 31, 2026

March 31, 2025

Tax and

Tax and

Gross

other(4)

Net

Gross

other(4)

Net

Reconciliation of net (loss) income to adjusted net loss (1):

Net (loss) income

$

(41

)

$

11

Net income attributable to noncontrolling interests

(12

)

(16

)

Business acquisition and integration gain and purchase accounting inventory adjustments, net

$

—

$

—

—

$

(5

)

$

—

(5

)

Loss from discontinued operations

1

—

1

1

—

1

Certain legal and other settlements and related expenses (income), net(2)

4

—

4

(33

)

7

(26

)

Loss on early extinguishment of debt

1

—

1

—

—

—

Amortization of pension and postretirement actuarial losses

7

(2

)

5

7

(2

)

5

Restructuring, impairment and plant closing and transition costs(3)

8

(1

)

7

4

(2

)

2

Establishment of significant deferred tax asset valuation allowances(5)

—

—

—

—

9

9

Adjusted net loss (1)

$

(35

)

$

(19

)

Weighted average shares-basic

173.0

172.4

Weighted average shares-diluted

173.0

172.4

Basic net loss attributable to Huntsman Corporation per share:

Loss from continuing operations

$

(0.30

)

$

(0.02

)

Loss from discontinued operations

(0.01

)

(0.01

)

Net loss

$

(0.31

)

$

(0.03

)

Diluted net loss attributable to Huntsman Corporation per share:

Loss from continuing operations

$

(0.30

)

$

(0.02

)

Loss from discontinued operations

(0.01

)

(0.01

)

Net loss

$

(0.31

)

$

(0.03

)

Other non-GAAP measures:

Diluted adjusted net loss per share(1)

$

(0.20

)

$

(0.11

)

Net cash used in operating activities from continuing operations

$

(53

)

$

(71

)

Capital expenditures

(38

)

(36

)

Free cash flow(1)

$

(91

)

$

(107

)

Effective tax rate

(38

)%

56

%

Impact of non-GAAP adjustments, net(6)

(118

)%

(56

)%

Adjusted effective tax rate

NM

NM

NM—Not meaningful

​

(1)

See “—Non-GAAP Financial Measures.”

(2)

Certain legal and other settlements and related income, net includes approximately $33 million for income associated with a litigation matter during the first quarter of 2025. See “Note 15. Commitments and Contingencies—Legal Matters” to our condensed consolidated financial statements.

(3)

Includes costs associated with transition activities relating primarily to our program to realign our cost structure in Europe.

(4)

The income tax impacts, if any, are computed on the pre-tax adjustments using a with and without approach.

(5)

During the three months ended March 31, 2025, we established significant deferred tax asset valuation allowances of $9 million in Luxembourg. We eliminated the effect of these significant deferred tax asset valuation allowances from our presentation of adjusted net loss to allow investors to better compare our ongoing financial performance from period to period.

(6)

For details regarding the tax impacts of our non-GAAP adjustments, please see the reconciliation of our net (loss) income to adjusted net loss noted above.

36

Table of Contents

Non-GAAP Financial Measures

Our condensed consolidated financial statements are prepared in accordance with GAAP, which we supplement with certain non-GAAP financial information. These non-GAAP measures should not be considered in isolation or as a substitute for the related GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and the reconciliation of the non-GAAP financial measures to the most directly comparable GAAP financial measures in their entirety and not to rely on any single financial measure. These non-GAAP measures exclude the impact of certain income and expenses that we do not believe are indicative of our core operating results.

Adjusted EBITDA

Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration gain and purchase accounting inventory adjustments, net; (b) EBITDA from discontinued operations; (c) certain legal and other settlements and related expenses (income), net; (d) loss on early extinguishment of debt; (e) amortization of pension and postretirement actuarial losses; and (f) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

We believe adjusted EBITDA is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income of Huntsman Corporation or Huntsman International, as appropriate, or other measures of performance determined in accordance with U.S. GAAP. Moreover, adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. Finally, companies employ productive assets of different ages and utilize different methods of acquiring and depreciating such assets. This can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

Nevertheless, our management recognizes that there are material limitations associated with the use of adjusted EBITDA in the evaluation of our Company as compared to net income of Huntsman Corporation or Huntsman International, as appropriate, which reflects overall financial performance. For example, we have borro

[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. Confidence: high. Filing date: 2026-02-18. Report date: 2025-12-31.

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

ReSULTS OF OPERATIONS

As discussed in “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements, the results from continuing operations primarily exclude the results of our Textile Effects Business for all periods presented. For each of our Company and Huntsman International, the following tables set forth our consolidated results of operations for the years ended December 31, 2025, 2024 and 2023 (in millions, except per share amounts).

Huntsman Corporation

December 31,

Percent change

2025

2024

2023

2025 vs 2024

2024 vs 2023

Revenues

$

5,683

$

6,036

$

6,111

(6

)%

(1

)%

Cost of goods sold

4,932

5,170

5,205

(5

)%

(1

)%

Gross profit

751

866

906

(13

)%

(4

)%

Operating expenses:

Selling, general and administrative

670

671

689

—

(3

)%

Research and development

120

121

115

(1

)%

5

%

Restructuring, impairment and plant closing costs

148

39

18

279

%

117

%

Income associated with litigation matter, net

(33

)

—

—

NM

NM

Gain on acquisition of assets, net

(5

)

(51

)

—

(90

)%

NM

Prepaid asset write-off

—

71

—

(100

)%

NM

Loss on dissolution of subsidiaries

—

39

—

(100

)%

NM

Other operating (income) expense, net

(18

)

1

—

NM

NM

Total operating expenses

882

891

822

(1

)%

8

%

Operating (loss) income

(131

)

(25

)

84

424

%

NM

Interest expense, net

(79

)

(79

)

(65

)

—

22

%

Equity in income of investment in unconsolidated affiliates

4

44

83

(91

)%

(47

)%

Other income (expense), net

14

21

(3

)

(33

)%

NM

(Loss) income from continuing operations before income taxes

(192

)

(39

)

99

392

%

NM

Income tax expense

(26

)

(61

)

(64

)

(57

)%

(5

)%

(Loss) income from continuing operations

(218

)

(100

)

35

118

%

NM

(Loss) income from discontinued operations, net of tax

(9

)

(27

)

118

(67

)%

NM

Net (loss) income

(227

)

(127

)

153

79

%

NM

Reconciliation of net (loss) income to adjusted EBITDA(1):

Net income attributable to noncontrolling interests

(57

)

(62

)

(52

)

(8

)%

19

%

Interest expense, net from continuing operations

79

79

65

—

22

%

Income tax expense from continuing operations

26

61

64

(57

)%

(5

)%

Income tax (benefit) expense from discontinued operations

—

(11

)

17

(100

)%

NM

Depreciation and amortization of continuing operations

287

289

278

(1

)%

4

%

Other adjustments:

Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments, net

(4

)

21

4

EBITDA from discontinued operations(2)

9

38

(135

)

Fair value adjustments to Venator investment, net and other tax matter adjustments

—

(12

)

5

Certain legal and other settlements and related (income) expenses, net(3)

(30

)

13

6

Loss on sale of business/assets

5

1

—

Loss on dissolution of subsidiaries(4)

—

39

—

Certain nonrecurring information technology project implementation costs

—

—

5

Amortization of pension and postretirement actuarial losses

34

39

37

Restructuring, impairment and plant closing and transition costs(5)

153

46

25

Adjusted EBITDA(1)

$

275

$

414

$

472

(34

)%

(12

)%

Net cash provided by operating activities from continuing operations

$

298

$

285

$

251

5

%

14

%

Net cash (used in) provided by investing activities from continuing operations

(132

)

(126

)

309

5

%

NM

Net cash used in financing activities

(76

)

(326

)

(620

)

(77

)%

(47

)%

Capital expenditures from continuing operations

(173

)

(184

)

(230

)

(6

)%

(20

)%

Amounts attributable to Huntsman Corporation:

Loss from continuing operations

$

(275

)

$

(162

)

$

(17

)

(Loss) income from discontinued operations, net of tax

(9

)

(27

)

118

Net (loss) income

$

(284

)

$

(189

)

$

101

26

Table of Contents

Huntsman International

December 31,

Percent change

2025

2024

2023

2025 vs 2024

2024 vs 2023

Revenues

$

5,683

$

6,036

$

6,111

(6

)%

(1

)%

Cost of goods sold

4,932

5,170

5,205

(5

)%

(1

)%

Gross profit

751

866

906

(13

)%

(4

)%

Operating expenses:

Selling, general and administrative

667

668

686

—

(3

)%

Research and development

120

121

115

(1

)%

5

%

Restructuring, impairment and plant closing costs

148

39

18

279

%

117

%

Income associated with litigation matter, net

(33

)

—

—

NM

NM

Gain on acquisition of assets, net

(5

)

(51

)

—

(90

)%

NM

Prepaid asset write-off

—

71

—

(100

)%

NM

Loss on dissolution of subsidiaries

—

39

—

(100

)%

NM

Other operating (income) expense, net

(18

)

1

—

NM

NM

Total operating expenses

879

888

819

(1

)%

8

%

Operating (loss) income

(128

)

(22

)

87

482

%

NM

Interest expense, net

(79

)

(79

)

(65

)

—

22

%

Equity in income of investment in unconsolidated affiliates

4

44

83

(91

)%

(47

)%

Other income (expense), net

14

21

(3

)

(33

)%

NM

(Loss) income from continuing operations before income taxes

(189

)

(36

)

102

425

%

NM

Income tax expense

(27

)

(62

)

(65

)

(56

)%

(5

)%

(Loss) income from continuing operations

(216

)

(98

)

37

120

%

NM

(Loss) income from discontinued operations, net of tax

(9

)

(27

)

118

(67

)%

NM

Net (loss) income

(225

)

(125

)

155

80

%

NM

Reconciliation of net (loss) income to adjusted EBITDA(1):

Net income attributable to noncontrolling interests

(57

)

(62

)

(52

)

(8

)%

19

%

Interest expense, net from continuing operations

79

79

65

—

22

%

Income tax expense from continuing operations

27

62

65

(56

)%

(5

)%

Income tax (benefit) expense from discontinued operations

—

(11

)

17

(100

)%

NM

Depreciation and amortization of continuing operations

287

289

278

(1

)%

4

%

Other adjustments:

Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments, net

(4

)

21

4

EBITDA from discontinued operations(2)

9

38

(135

)

Fair value adjustments to Venator investment, net and other tax matter adjustments

—

(12

)

5

Certain legal and other settlements and related (income) expenses, net(3)

(30

)

13

6

Loss on sale of business/assets

5

1

—

Loss on dissolution of subsidiaries(4)

—

39

—

Certain nonrecurring information technology project implementation costs

—

—

5

Amortization of pension and postretirement actuarial losses

34

39

37

Restructuring, impairment and plant closing and transition costs(5)

153

46

25

Adjusted EBITDA(1)

$

278

$

417

$

475

(33

)%

(12

)%

Net cash provided by operating activities from continuing operations

$

299

$

285

$

253

5

%

13

%

Net cash used in investing activities from continuing operations

(137

)

(138

)

(42

)

—

229

%

Net cash used in financing activities

(72

)

(314

)

(271

)

(77

)%

16

%

Capital expenditures from continuing operations

(173

)

(184

)

(230

)

(6

)%

(20

)%

Amounts attributable to Huntsman International:

Loss from continuing operations

$

(273

)

$

(160

)

$

(15

)

(Loss) income from discontinued operations, net of tax

(9

)

(27

)

118

Net (loss) income

$

(282

)

$

(187

)

$

103

27

Table of Contents

Huntsman Corporation

Year ended

Year ended

Year ended

December 31, 2025

December 31, 2024

December 31, 2023

Tax

Tax

Tax

Gross

and other(6)

Net

Gross

and other(6)

Net

Gross

and other(6)

Net

Reconciliation of net (loss) income to adjusted net (loss) income(1):

Net (loss) income

$

(227

)

$

(127

)

$

153

Net income attributable to noncontrolling interests

(57

)

(62

)

(52

)

Business acquisition and integration (gain) expenses and purchase accounting inventory adjustments, net

$

(4

)

$

—

(4

)

$

21

$

(17

)

4

$

4

$

(1

)

3

Loss (income) from discontinued operations(2)

9

—

9

38

(11

)

27

(135

)

17

(118

)

Fair value adjustments to Venator investment, net and other tax matter adjustments

—

—

—

(12

)

3

(9

)

5

—

5

Certain legal and other settlements and related (income) expenses, net(3)

(30

)

7

(23

)

13

(3

)

10

6

(1

)

5

Loss on sale of business/assets

5

(1

)

4

1

—

1

—

—

—

Loss on dissolution of subsidiaries(4)

—

—

—

39

—

39

—

—

—

Certain nonrecurring information technology project implementation costs

—

—

—

—

—

—

5

(1

)

4

Amortization of pension and postretirement actuarial losses

34

(4

)

30

39

(3

)

36

37

(6

)

31

Establishment of significant deferred tax asset valuation allowances, net(7)

—

1

1

—

23

23

—

14

14

Income tax settlement related to U.S. Tax Reform Act

—

—

—

—

5

5

—

—

—

Restructuring, impairment and plant closing and transition costs(5)

153

(7

)

146

46

(6

)

40

25

(3

)

22

Adjusted net (loss) income(1)

$

(121

)

$

(13

)

$

67

Weighted average shares-basic

172.6

172.1

177.4

Weighted average shares-diluted

172.6

172.1

177.4

Basic net (loss) income attributable to Huntsman Corporation per share:

Loss from continuing operations

$

(1.60

)

$

(0.94

)

$

(0.10

)

(Loss) income from discontinued operations

(0.05

)

(0.16

)

0.67

Net (loss) income

$

(1.65

)

$

(1.10

)

$

0.57

Diluted net (loss) income attributable to Huntsman Corporation per share:

Loss from continuing operations

$

(1.60

)

$

(0.94

)

$

(0.10

)

(Loss) income from discontinued operations

(0.05

)

(0.16

)

0.67

Net (loss) income

$

(1.65

)

$

(1.10

)

$

0.57

Other non-GAAP measures:

Diluted adjusted net (loss) income per share(1)

$

(0.70

)

$

(0.08

)

$

0.37

Net cash provided by operating activities from continuing operations

$

298

$

285

$

251

Capital expenditures from continuing operations

(173

)

(184

)

(230

)

Free cash flow from continuing operations(1)

$

125

$

101

$

21

Effective tax rate

(14

)%

(156

)%

65

%

Impact of non-GAAP adjustments(8)

(74

)%

211

%

(31

)%

Adjusted effective tax rate(1)

(88

)%

55

%

34

%

NM—Not meaningful

(1)

See “—Non-GAAP Financial Measures.”

(2)

Includes the net loss (gain) on the sale of our Textile Effects Business. In addition to income tax impacts, this adjusting item is also impacted by depreciation and amortization expense and interest expense.

(3)

Certain legal and other settlements and related (income) expenses, net includes approximately $(33) million for income associated with a litigation matter during the year ended December 31, 2025 (see “Note 21. Commitments and Contingencies—Legal Matters” to our consolidated financial statements) and approximately $10 million related to the settlement of a claim in connection with a commercial dispute during the year ended December 31, 2024.

(4)

Loss on dissolution of subsidiaries for the year ended December 31, 2024 relates to the elimination and non-cash recognition of cumulative translation adjustments from accumulated other comprehensive loss due to the liquidation of certain subsidiaries.

(5)

Includes costs associated with transition activities relating primarily to our program to realign our cost structure in Europe and our Corporate program to optimize our global approach to managed services in various information technology functions.

(6)

The income tax impacts, if any, are computed on the pre-tax adjustments using a with and without approach.

(7)

During the years ended December 31, 2025, 2024 and 2023, we established significant deferred tax asset valuation allowances of a net of $1 million ($9 million in Luxembourg, net of a release of $8 million in Germany), $23 million in Luxembourg and Germany and $14 million in the U.K., respectively. We eliminated the effect of these significant deferred tax asset valuation allowances from our presentation of adjusted net (loss) income to allow investors to better compare our ongoing financial performance from period to period.

(8)

For details regarding the tax impacts of our non-GAAP adjustments, please see the reconciliation of our net (loss) income to adjusted net (loss) income noted above.

28

Table of Contents

Non-GAAP Financial Measures

Our consolidated financial statements are prepared in accordance with U.S. GAAP, which we supplement with certain non-GAAP financial information. These non-GAAP measures should not be considered in isolation or as a substitute for the related U.S. GAAP measures, and other companies may define such measures differently. We encourage investors to review our financial statements and the reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measures in their entirety and not to rely on any single financial measure. These non-GAAP measures exclude the impact of certain income and expenses that we do not believe are indicative of our core operating results.

Adjusted EBITDA

Our management uses adjusted EBITDA to assess financial performance. Adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration (gain) expenses and purchase accounting inventory adjustments, net; (b) EBITDA from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related (income) expenses, net; (e) loss on sale of business/assets; (f) loss on dissolution of subsidiaries; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; and (i) restructuring, impairment and plant closing and transition costs. We believe that net income of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted EBITDA.

We believe adjusted EBITDA is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends. However, this measure should not be considered in isolation or viewed as a substitute for net income of Huntsman Corporation or Huntsman International, as appropriate, or other measures of performance determined in accordance with U.S. GAAP. Moreover, adjusted EBITDA as used herein is not necessarily comparable to other similarly titled measures of other companies due to potential inconsistencies in the methods of calculation. Our management believes this measure is useful to compare general operating performance from period to period and to make certain related management decisions. Adjusted EBITDA is also used by securities analysts, lenders and others in their evaluation of different companies because it excludes certain items that can vary widely across different industries or among companies within the same industry. For example, interest expense can be highly dependent on a company’s capital structure, debt levels and credit ratings. Therefore, the impact of interest expense on earnings can vary significantly among companies. In addition, the tax positions of companies can vary because of their differing abilities to take advantage of tax benefits and because of the tax policies of the various jurisdictions in which they operate. As a result, effective tax rates and tax expense can vary considerably among companies. Finally, companies employ productive assets of different ages and utilize different methods of acquiring and depreciating such assets. This can result in considerable variability in the relative costs of productive assets and the depreciation and amortization expense among companies.

Nevertheless, our management recognizes that there are material limitations associated with the use of adjusted EBITDA in the evaluation of our Company as compared to net income of Huntsman Corporation or Huntsman International, as appropriate, which reflects overall financial performance. For example, we have borrowed money in order to finance our operations and interest expense is a necessary element of our costs and ability to generate revenue. Our management compensates for the limitations of using adjusted EBITDA by using this measure to supplement U.S. GAAP results to provide a more complete understanding of the factors and trends affecting the business rather than U.S. GAAP results alone.

Adjusted Net Income

Adjusted net income is computed by eliminating the after tax amounts related to the following from net income attributable to Huntsman Corporation: (a) business acquisition and integration (gain) expenses and purchase accounting inventory adjustments, net; (b) (loss) income from discontinued operations; (c) fair value adjustments to Venator investment, net and other tax matter adjustments; (d) certain legal and other settlements and related (income) expenses, net; (e) loss on sale of business/assets; (f) loss on dissolution of subsidiaries; (g) certain nonrecurring information technology project implementation costs; (h) amortization of pension and postretirement actuarial losses; (i) establishment of significant deferred tax asset valuation allowances, net; (j) income tax settlement related to U.S. Tax Reform Act; and (k) restructuring, impairment and plant closing and transition costs. Basic adjusted net income per share excludes dilution and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period. Adjusted diluted net income per share reflects all potential dilutive common shares outstanding during the period and is computed by dividing adjusted net income by the weighted average number of shares outstanding during the period increased by the number of additional shares that would have been outstanding as dilutive securities. Adjusted net income and adjusted net income per share amounts are presented solely as supplemental information.

We believe adjusted net income is useful to investors in assessing the businesses’ ongoing financial performance and provides improved comparability between periods through the exclusion of certain items that management believes are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

Free Cash Flow

We believe free cash flow from continuing operations is an important indicator of our liquidity as it measures the amount of cash we generate. Management internally uses a free cash flow measure: (a) to evaluate our liquidity, (b) evaluate strategic investments, (c) plan dividend and stock buyback levels and (d) evaluate our ability to incur and service debt. Free cash flow is defined as net cash provided by operating activities less capital expenditures. Free cash flow is not a defined term under U.S. GAAP, and it should not be inferred that the entire free cash flow amount is available for discretionary expenditures.

29

Table of Contents

Adjusted Effective Tax Rate 

We believe that the effective tax rate of Huntsman Corporation or Huntsman International, as appropriate, is the performance measure calculated and presented in accordance with U.S. GAAP that is most directly comparable to adjusted effective tax rate. We believe our adjusted effective tax rate provides improved comparability between periods through the exclusion of certain items, such as, business acquisition and integration expenses and purchase accounting inventory adjustments, certain legal and other settlements and related expenses, gains on sale of businesses/assets and certain tax only items, such as certain changes in valuation allowances that we believe are not indicative of the businesses’ operational profitability and that may obscure underlying business results and trends.

Year Ended December 31, 2025 Compared with Year Ended December 31, 2024

For the year ended December 31, 2025, loss from continuing operations attributable to Huntsman Corporation was $275 million as compared with $162 million in the 2024 period. For the year ended December 31, 2025, loss from continuing operations attributable to Huntsman International was $273 million as compared with $160 million in the 2024 period. The increases noted above were the result of the following items:

●

Revenues for the year ended December 31, 2025 decreased by $353 million, or 6%, as compared with the 2024 period. The decrease was primarily due to lower average selling prices in all our segments and lower sales volumes in our Performance Products and Advanced Materials segments. See “—Segment Analysis” below.

●

Gross profit for the year ended December 31, 2025 decreased by $115 million, or 13%, as compared with the 2024 period. The decrease resulted primarily from lower gross profits in all our segments. See “—Segment Analysis” below.

●

Our selling, general and administrative expenses and the selling, general and administrative expenses of Huntsman International both decreased by $1 million for the year ended December 31, 2025 as compared with the 2024 period primarily related to lower costs resulting from the impact of our restructuring programs, mostly offset by an increase in our incentive compensation accrual.

●

Restructuring, impairment and plant closing costs for the year ended December 31, 2025 increased by $109 million as compared with the 2024 period. For more information on restructuring activities, see “Note 13. Restructuring, Impairment and Plant Closing Costs” to our consolidated financial statements.

●

Income associated with litigation matter, net was approximately $33 million for year ended December 31, 2025. For further information, see “Note 21. Commitments and Contingencies—Legal Matters” to our consolidated financial statements.

●

Gain on acquisition of assets, net was approximately $5 million and $51 million for the years ended December 31, 2025 and 2024, respectively, representing net gains related to the separation and acquisition of assets of SLIC. For further information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements.

●

Prepaid asset write-off was approximately $71 million for the year ended December 31, 2024. Concurrent with the acquisition of assets of SLIC, we wrote off certain prepaid assets related to operating agreements with SLIC and other joint venture partners. For further information, see “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements.

●

Loss on dissolution of subsidiaries was approximately $39 million for the year ended December 31, 2024 related to the elimination and non-cash recognition of cumulative translation adjustments from accumulated other comprehensive loss due to the liquidation of certain subsidiaries in the fourth quarter of 2024.

●

Other operating (income) expense, net for the year ended December 31, 2025 was income of $18 million as compared with expense of $1 million in the 2024 period primarily related to an adjustment to a loss contingency accrual.

●

Equity in income of investment in unconsolidated affiliates for the year ended December 31, 2025 decreased to $4 million from $44 million in the 2024 period, primarily related to a decrease in income at our PO/MTBE joint venture with China, in which we hold a 49% interest.

●

Other income (expense), net for the year ended December 31, 2025 was income of $14 million as compared with income of $21 million in the 2024 period. The decrease was primarily due to income recognized during the year ended December 31, 2024 for the resolution of certain matters related to the 2017 separation of our titanium dioxide and performance additives business.

●

Our income tax expense for the year ended December 31, 2025 was $26 million as compared with $61 million in the 2024 period. The income tax expense of Huntsman International for the year ended December 31, 2025 was $27 million as compared with $62 million in the 2024 period. The decrease in income tax expense was primarily due to the increase in loss from continuing operations before income taxes and to our mix of income and losses in the tax specific jurisdictions in which we operate along with the impact of valuation allowances in certain tax jurisdictions. In particular, we recognize tax expense in specific jurisdictions with pre-tax income, but do not recognize a tax benefit of pre-tax losses in jurisdictions with valuation allowances. In addition, in 2025 we recognized discrete tax expense for valuation allowance establishments of approximately $5 million, which is lower than the tax expense recognized in 2024 for settlement of U.S. tax reform items of approximately $5 million and discrete establishments of valuation allowances of approximately $29 million. For further information, see “Note 20. Income Taxes” to our consolidated financial statements.

30

Table of Contents

Segment Analysis

Percent

change

Year ended December 31,

(unfavorable)

(Dollars in millions)

2025

2024

favorable

Revenues

Polyurethanes

$

3,697

$

3,900

(5

)%

Performance Products

997

1,109

(10

)%

Advanced Materials

1,021

1,055

(3

)%

Total reportable segments’ revenues

5,715

6,064

(6

)%

Intersegment eliminations

(32

)

(28

)

NM

Total

$

5,683

$

6,036

(6

)%

Segment adjusted EBITDA(1)

Polyurethanes

$

146

$

245

(40

)%

Performance Products

107

153

(30

)%

Advanced Materials

161

179

(10

)%

NM—Not meaningful

(1)

For more information regarding reconciliations of segment adjusted EBITDA of our reportable operating segments to (loss) income from continuing operations before income taxes of Huntsman Corporation or Huntsman International, as appropriate, see “Note 27. Operating Segment Information” to our consolidated financial statements.

Year ended December 31, 2025 vs 2024

Average selling prices(1)

Local

Foreign currency

Sales

currency and mix

translation impact

volumes(2)

Period-over-period (decrease) increase

Polyurethanes

(7

)%

—

2

%

Performance Products

(1

)%

—

(9

)%

Advanced Materials

(2

)%

1

%

(2

)%

Combined segments

(5

)%

—

(1

)%

(1)

Excludes revenues from tolling arrangements, byproducts and raw materials.

(2)

Excludes sales volumes of byproducts and raw materials.

Polyurethanes

The decrease in revenues in our Polyurethanes segment for 2025 compared to 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 due to some improved demand and share gains in certain markets, partially offset by a decrease in volumes due to the scheduled turnaround at our Rotterdam, the Netherlands manufacturing facility during the second quarter of 2025. The decrease in segment adjusted EBITDA was primarily due to lower MDI margins and lower equity earnings from our minority-owned joint venture in China, partially offset by lower raw materials costs and cost savings achieved from our cost optimization program.

Performance Products

The decrease in revenues in our Performance Products segment for 2025 compared to 2024 was primarily due to lower sales volumes and slightly lower average selling prices. Sales volumes decreased primarily due to discontinuing operations at our Moers, Germany maleic anhydride facility. Average selling prices decreased slightly primarily due to softer market conditions, partially offset by favorable mix. The decrease in segment adjusted EBITDA was primarily due to lower sales volumes and an unfavorable impact from inventory reductions, partially offset by lower variable direct costs and lower fixed costs.

Advanced Materials 

The decrease in revenues in our Advanced Materials segment for 2025 compared to 2024 was primarily due to lower sales volumes and a slight decrease in average selling prices. Sales volumes decreased primarily in our infrastructure coatings market. The slight decrease in average selling prices was primarily due to unfavorable sales mix. The decrease in segment adjusted EBITDA was primarily due to the decrease in sales volumes and unfavorable sales mix.

Year Ended December 31, 2024 Compared with Year Ended December 31, 2023

For a comparison of both our results of operations and segment analysis for the fiscal years ended December 31, 2024 and 2023, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 18, 2025. 

Liquidity and Capital Resources

The following is a discussion of our liquidity and capital resources and generally does not include separate information with respect to Huntsman International in accordance with General Instruction I of Form 10-K.

31

Cash Flows For Year Ended December 31, 2025 Compared with Year Ended December 31, 2024

 Net cash provided by operating activities from continuing operations for 2025 and 2024 was $298 million and $285 million, respectively. The increase in net cash provided by operating activities from continuing operations during 2025 compared with 2024 was primarily attributable to a net cash inflow of $168 million related to changes in operating assets and liabilities for 2025 as compared with 2024, mostly offset by a decrease of $84 million in dividends received from unconsolidated subsidiaries and a decrease of $71 million in operating loss from continuing operations adjusted for noncash activities as noted in our consolidated statements of cash flows.

Net cash used in investing activities from continuing operations for 2025 and 2024 was $132 million and $126 million, respectively. During 2025 and 2024, we paid $173 million and $184 million, respectively, for capital expenditures. During 2025, we received a $41 million final liquidating distribution from SLIC, and during 2024, we received approximately $30 million as an interim liquidating distribution from SLIC. See “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. During 2024, we received $11 million related to the sale of assets, and we received $16 million for the sale of businesses, net, primarily related to the resolution of net working capital of $12 million from the sale of our Textile Effects Business. See “Note 4. Discontinued Operations—Sale of Textile Effects Business” to our consolidated financial statements. 

Net cash used in financing activities for 2025 and 2024 was $76 million and $326 million, respectively. During 2025 and 2024, we had net borrowings (repayments) of $460 million and $(169) million, respectively, from our 2022 $1.2 billion senior unsecured revolving credit facility (“2022 Revolving Credit Facility”) and our U.S. accounts receivable securitization program (“U.S. 2025 A/R Program”) and European accounts receivable securitization program (“EU A/R Program” and collectively with the U.S. A/R Program, “A/R Programs”). During 2025, we paid approximately $315 million to satisfy and discharge our obligations under our 4.25% senior notes due April 2025 (“2025 Senior Notes”). During 2024, we received proceeds of approximately $350 million related to the issuance of our 5.70% senior notes due 2034 (“2034 Senior Notes”). See “Note 15. Debt—Direct and Subsidiary Debt—Senior Notes” to our consolidated financial statements. During 2024, HPS paid approximately $218 million against the note payable with SLIC for the acquisition of assets. “See “Note 3. Business Combinations and Acquisitions—Separation and Acquisition of Assets of SLIC Joint Venture” to our consolidated financial statements. 

Free cash flow from continuing operations for 2025 and 2024 were proceeds of cash of $125 million and $101 million, respectively. The improvement in free cash flow from continuing operations during 2025 as compared with 2024 was attributable to an increase in cash provided by operating activities from continuing operations and a decrease in cash used for capital expenditures.

Cash Flows For Year Ended December 31, 2024 Compared with Year Ended December 31, 2023

For a comparison of our cash flows for the fiscal years ended December 31, 2024 and 2023, see “Part II. Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 filed with the SEC on February 18, 2025.

Changes in Financial Condition

The following information summarizes our working capital (dollars in millions):

December 31,

December 31,

Increase

Percent

2025

2024

(decrease)

change

Cash and cash equivalents

$

429

$

340

$

89

26

%

Accounts and notes receivable, net

677

725

(48

)

(7

)%

Inventories

818

917

(99

)

(11

)%

Prepaid expenses

94

114

(20

)

(18

)%

Other current assets

46

29

17

59

%

Total current assets

2,064

2,125

(61

)

(3

)%

Accounts payable

721

770

(49

)

(6

)%

Accrued liabilities

458

416

42

10

%

Current portion of debt

353

325

28

9

%

Current operating lease liabilities

57

54

3

6

%

Total current liabilities

1,589

1,565

24

2

%

Working capital

$

475

$

560

$

(85

)

(15

)%

32

Our working capital decreased by $85 million as a result of the net impact of the following significant changes:

●

The increase in cash and cash equivalents of $89 million resulted from the matters identified on our consolidated statements of cash flows. See also “—Cash Flows For Year Ended December 31, 2025 Compared with Year Ended December 31, 2024.”

●

Accounts and notes receivable, net decreased by $48 million primarily due to lower revenues in the fourth quarter of 2025 as compared with the fourth quarter of 2024.

●

Inventories decreased by $99 million primarily due to lower inventory costs and volumes.

●

Prepaid expenses decreased by $20 million primarily due to lower prepaid information technology costs recorded at the end of 2025 as compared with the end of 2024 as well as a decrease in prepaid insurance premiums.

●

Other current assets increased by $17 million primarily due to an increase in current taxes receivable and non-qualified employee benefit plan investments.

●

Accounts payable decreased by $49 million primarily due to lower inventory purchases, partially offset by extended vendor payment terms under our supplier finance program.

●

Accrued liabilities increased by $42 million primarily due to increases in accrued restructuring, accrued compensation, accrued taxes other than income and accrued rebates, partially offset by a decrease in accrued income taxes.

●

Current portion of debt increased by $28 million primarily due to an increase in our borrowings under our 2022 Revolving Credit Facility, partially offset by the satisfaction and discharge of our obligations under our 2025 Senior Notes during the first quarter of 2025.

Liquidity

We depend upon our cash, our revolving credit facility, our A/R Programs and other debt instruments to provide liquidity for our operations and working capital needs. As of December 31, 2025, we had $1,323 million of combined cash and unused borrowing capacity, consisting of $429 million in cash, $854 million in availability under our 2022 Revolving Credit Facility and $40 million in availability under our A/R Programs. Our liquidity can be significantly impacted by various factors. The following matters are expected to have a significant impact on our liquidity:

Short-Term Liquidity

●

During 2026, we expect our spend on capital expenditures to approximate our 2025 spend on capital expenditures. Our future expenditures include certain environmental, health and safety upgrades; expansions and upgrades of our existing manufacturing and other facilities; construction of new facilities; certain cost reduction projects, including those described below; and certain information technology expenditures. We expect to fund capital expenditures with cash provided by operations. 

●

During 2026, we expect to make contributions to our pension and postretirement benefit plans of approximately $44 million.

●

As of December 31, 2025, we have approximately $547 million remaining under the authorization of our existing share repurchase program. We currently do not expect to repurchase any shares of our common stock under this program during 2026.

Long-Term Liquidity

●

On February 9, 2026, Huntsman International entered into a new $800 million secured revolving credit facility (“2026 Revolving Credit Facility”) replacing the 2022 Revolving Credit Facility. Borrowings bear interest at the rates specified in the credit agreement governing the 2026 Revolving Credit Facility, which vary based on the type of loan, leverage ratio and debt ratings. The 2026 Revolving Credit Facility has a maturity date of February 9, 2031. Huntsman International may increase the 2026 Revolving Credit Facility commitments by up to $400 million, plus additional amounts, subject to the satisfaction of certain conditions. 

●

On November 3, 2025, our Board of Directors declared a $0.0875 per share cash dividend on our common stock. This represents a 65% decrease from the then previous dividend.

As of December 31,
2025, we had 
$353 million classified as current portion of debt, including $343 million outstanding under our 2022 Revolving Credit Facility, debt at our variable interest entities of 
$7 million and certain other short-term facilities and scheduled amortization payments totaling $3 million. We intend to renew, repay or extend these short-term facilities in the next twelve months.

As of December 31, 2025, we had approximately $427 million of cash and cash equivalents, including restricted cash, held by our foreign subsidiaries, including our variable interest entities. With the exception of certain amounts that we expect to repatriate in the foreseeable future, we intend to use cash held in our foreign subsidiaries to fund our local operations. Nevertheless, we could repatriate additional cash as dividends, and the repatriation of cash as a dividend would generally not be subject to U.S. taxation. However, such repatriation may potentially be subject to limited foreign withholding taxes.

For more information regarding our debt, see “Note 15. Debt” to our consolidated financial statements.

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Critical Accounting Estimates

This discussion and analysis of financial condition and results of operations is based on our consolidated financial statements, which have been prepared in accordance with accounting principles generally accepted in the United States of America. The preparation of financial statements requires us to make judgments, estimates and assumptions that involve a significant level of estimation and uncertainty and are reasonably likely to have a material impact on our financial condition and/or results of operations. Summarized below are our critical accounting estimates.

Income Taxes 

Deferred income taxes reflect the net effects of temporary differences between assets and liabilities for financial and tax reporting purposes. We evaluate deferred tax assets to determine whether it is more likely than not that they will be realized; valuation allowances are recorded to offset deferred tax assets unlikely to be realized. Valuation allowances are reviewed each period on a tax jurisdiction basis and analyzed to determine whether there is sufficient positive or negative evidence to support a change in judgment about the realizability of the related deferred tax assets. These conclusions require significant judgment. In evaluating the objective evidence that historical results provide, we consider cumulative income or losses during the applicable three-year period. Cumulative losses incurred over the three-year period limits our ability to consider other evidence, such as our projections for the future. Changes in expected future taxable income and tax planning strategies in applicable jurisdictions affect our assessment of the realization of deferred tax assets. Our judgments regarding valuation allowances are also influenced by factors outside of business results, including the costs and risks associated with any tax planning strategy associated with utilizing a deferred tax asset. As of December 31, 2025, we had total valuation allowances of $340 million, which represents an increase of $85 million from the prior year, and we have recognized a net deferred tax liability of $107 million. See “Note 20. Income Taxes” to our consolidated financial statements for more information regarding our deferred tax assets and valuation allowances.

Employee Benefit Programs 

We sponsor several contributory and non-contributory defined benefit plans, covering employees primarily in the U.S., the U.K., the Netherlands, Belgium and Switzerland, but also covering employees in a number of other countries. We fund the material plans through trust arrangements (or local equivalents) where the assets are held separately from us. We also sponsor unfunded postretirement plans which provide medical and, in some cases, life insurance benefits covering certain employees in the U.S. Amounts recorded in our consolidated financial statements are recorded based upon actuarial valuations performed by various independent actuaries. Inherent in these valuations are numerous assumptions regarding expected long-term rates of return on plan assets, discount rates, compensation increases, mortality rates and health care cost trends. Each of these critical estimates are subject to uncertainty and are assessed by us using historical data, as well as projections of future conditions. These assumptions and changes during the period are described in “Note 19. Employee Benefit Plans” to our consolidated financial statements.

We retain third party actuaries to assist us with judgments necessary to make assumptions on which our employee pension and postretirement benefit plan obligations and expenses are based. The effects of a 1% change in three key assumptions are summarized as follows (dollars in millions):

Statement of

Balance sheet

Assumptions

operations(1)

impact(2)

Discount rate

—1% increase

$

(15

)

$

(223

)

—1% decrease

16

251

Expected long-term rates of return on plan assets

—1% increase

(22

)

—

—1% decrease

22

—

Rate of compensation increase

—1% increase

3

26

—1% decrease

(3

)

(12

)

(1)

Estimated (decrease) increase on 2025 net periodic benefit cost

(2)

Estimated (decrease) increase on December 31, 2025 pension and postretirement liabilities and accumulated other comprehensive loss

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