US Market News
2月前
Westlake Corporation Reports First Quarter 2026 ResultsMay 5, 2026 6:30 AM
Business Wire Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced first quarter 2026 results. SUMMARY FINANCIAL HIGHLIGHTS (in millions of dollars, except per share data and percentages) Three Months Ended
March 31, 2026 Three Months Ended
December 31, 2025 Three Months Ended
March 31, 2025 Westlake Corporation Net sales $ 2,652 $ 2,533 $ 2,846 Loss from operations $ (172 ) $ (671 ) $ (32 ) Net loss attributable to Westlake Corporation $ (169 ) $ (544 ) $ (40 ) Diluted loss per common share $ (1.31 ) $ (4.22 ) $ (0.31 ) Identified Items (1) $ 85 $ 511 $ 7 Net loss attributable to Westlake Corporation excl. Identified Items $ (100 ) $ (131 ) $ (33 ) Diluted loss per common share excl. Identified Items $ (0.77 ) $ (1.02 ) $ (0.26 ) EBITDA $ 150 $ (315 ) $ 288 EBITDA excl. Identified Items $ 235 $ 196 $ 295 EBITDA margin (2) 9% 8% 10% Housing and Infrastructure Products ("HIP") Segment Net sales $ 993 $ 901 $ 996 Income from operations $ 56 $ 66 $ 148 EBITDA $ 118 $ 130 $ 203 Identified Items (1) $ 68 $ 16 $ — EBITDA excl. Identified Items $ 186 $ 146 $ 203 EBITDA margin (2) 19% 16% 20% Performance and Essential Materials ("PEM") Segment Net sales $ 1,659 $ 1,632 $ 1,850 Loss from operations $ (211 ) $ (717 ) $ (163 ) EBITDA $ 19 $ (450 ) $ 73 Identified Items (1) $ 17 $ 495 $ 7 EBITDA excl. Identified Items $ 36 $ 45 $ 80 EBITDA margin (2) 2% 3% 4% ____________________ (1) For the three months ended March 31, 2026, Identified Items include a $67 million charge to settle certain litigation involving direct purchasers of PVC pipe and fittings and $18 million of charges related to previously announced facility shutdowns. For the three months ended December 31, 2025, Identified Items include $495 million of PEM shutdown charges and $16 million for HIP restructuring charges. For the three months ended March 31, 2025, Identified Items represent $7 million of charges related to previously announced facility shutdowns. (2) Excludes Identified Items. BUSINESS HIGHLIGHTS In the first quarter of 2026, Westlake reported net sales of $2.7 billion, a net loss of $169 million, or $1.31 per share, and EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of $150 million. Earnings in the first quarter were impacted by the previously announced $67 million settlement of certain litigation involving direct purchasers of PVC pipe and fittings in the United States and $18 million of charges related to previously announced facility shutdowns, including epoxy, North American chlorovinyls and styrene, and cost saving actions for a combined $85 million impact (the "Identified Items"). Excluding the effects of the Identified Items, the net loss in the first quarter of 2026 was $100 million, or $0.77 per share, and EBITDA was $235 million. Compared to the fourth quarter of 2025, Westlake's first quarter of 2026 sales volume increased 6% (excluding sales attributable to plant closures and acquisitions) while average sales price increased 1%. Housing and Infrastructure Products sales increased 10%, driven by 10% sales volume growth (excluding the ACI acquisition) that more than offset a 5% decline in average sales price. Performance and Essential Materials sales increased 2% over the same period of time due to a 3% increase in average sales price and a 3% increase in sales volume (excluding plant shutdowns) that was partially offset by a 5% sales impact from plant shutdowns. EXECUTIVE COMMENTARY "The first quarter of 2026 began to reflect our cost reduction initiatives announced in 2025. Late in the first quarter we began to see margin improvement in the PEM segment as a result of the Iranian conflict. Our HIP segment saw gains in Pipe and Fittings sales volumes driven by continued strength in infrastructure spending, which was more than offset by the subdued North American residential construction activity and lower average sales prices," said Jean-Marc Gilson, President and Chief Executive Officer. "Since the closure of the Strait of Hormuz in March, PVC resin and polyethylene sales prices have risen significantly, driven by a steepening of the global cost curve as a result of sharply higher global feedstock and energy prices. At the same time, North American natural gas costs have declined from earlier-year levels due to more favorable weather conditions. While the duration and severity of the impact on global feedstock and energy markets from supply chain disruptions remain uncertain, we expect these factors to provide a meaningful benefit to PEM's margins through at least the summer of 2026. We expect HIP sales volume to be supported by continued infrastructure spending, including strong demand from new data centers, although interest rates and increased building costs are likely to keep home affordability as a headwind to sales volume growth. Finally, in addition to the pricing and margin benefits of a steeper global cost curve, we anticipate further earnings improvement in the coming quarters as we continue to execute against our three-pillar profitability improvement plan," Mr. Gilson concluded. RESULTS Consolidated Results (Unless otherwise noted the financial numbers below exclude the effects of the Identified Items) For the three months ended March 31, 2026, the Company reported a quarterly net loss of $100 million, or $0.77 per share, on net sales of $2.7 billion compared to the net loss of $131 million reported in the fourth quarter of 2025. Sequentially, earnings benefited from the ACI acquisition and higher HIP sales volume, which were partially offset by the impact of higher natural gas costs. EBITDA of $235 million for the first quarter of 2026 decreased by $60 million compared to first quarter 2025 EBITDA of $295 million. First quarter 2026 EBITDA increased by $39 million compared to fourth quarter 2025 EBITDA of $196 million. Reconciliations of non-GAAP financial measures used in this press release (including EBITDA and measures that exclude the effects of the Identified Items) to the most directly comparable GAAP measure can be found in the financial schedules at the end of this press release. Cash, Investments and Debt Net cash used for operating activities was $94 million for the first quarter of 2026 and capital expenditures were $209 million. As of March 31, 2026, cash, cash equivalents and fixed-income investments were $2.5 billion and total debt was $5.6 billion. Housing and Infrastructure Products Segment (Unless otherwise noted the financial numbers below exclude the effects of the Identified Items) For the first quarter of 2026, Housing and Infrastructure Products income from operations of $124 million decreased by $24 million as compared to the first quarter of 2025. The year-over-year decrease was the result of lower average sales price and margins, particularly in Pipe & Fittings, and lower sales volume (excluding sales attributable to the ACI acquisition), particularly in Building Products. Sequentially, Housing and Infrastructure Products income from operations increased by $42 million as compared to the fourth quarter of 2025. This increase in income from operations versus the prior quarter was primarily due to seasonally higher sales volume and sales attributable to the ACI acquisition. Performance and Essential Materials Segment (Unless otherwise noted the financial numbers below exclude the effects of the Identified Items) For the first quarter of 2026, Performance and Essential Materials loss from operations was $194 million as compared to the first quarter of 2025's loss from operations of $156 million due to a 3% decline in average sales price that was partially offset by margin benefits from footprint optimization and cost saving actions. Performance Materials net sales of $1.0 billion in the first quarter of 2026 decreased by $53 million primarily due to lower average sales price for polyethylene and PVC resin and lower PVC resin sales volume due to footprint optimization actions. Essential Materials net sales of $656 million decreased by $138 million from the first quarter of 2025 primarily due to lower chlorine and caustic soda sales volume. Sequentially, Performance and Essential Materials loss from operations for the first quarter of 2026 decreased by $28 million as compared to the fourth quarter of 2025. This improvement in loss from operations versus the prior quarter was primarily due to a higher average sales price, particularly for polyethylene. Forward-Looking Statements The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments and future earnings, global macroeconomic conditions and their effects on us and our customers, expectations regarding interest rates and building costs, trends in the global cost curve and any associated pricing and margin benefits, industrial and manufacturing activity in our target markets, including infrastructure spending and demand for data centers, growth in our customers' businesses and their dependence on our products, the effects of the conflict in Iran on us, our competitors and global supply chains, future global trading policy and relationships, housing demand and residential construction activity, raw material costs, fluctuations in energy and feedstock prices, our ability to execute against our profitability improvement plan and the effects of our optimization initiatives (including anticipated cost savings), our market position and the strength of our brands, the benefits of a diversified and integrated business model, our ability to maintain cost advantages and global demand for our products are forward-looking statements. These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: general economic and business conditions; the cyclical nature of the chemical and building products industries; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, Russia and Ukraine and elsewhere; uncertainties associated with pandemic infectious diseases; uncertainties associated with climate change; the potential impact on demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions; changes in laws and regulations, including trade policies and tariffs; the effects of government shutdowns; technological developments; information systems failures and cyberattacks; foreign currency exchange risks; our ability to implement our business strategies; creditworthiness of our customers; the effects and results of litigation and settlements of litigation; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC in February 2026. Use of Non-GAAP Financial Measures This release makes reference to certain "non-GAAP" financial measures, such as EBITDA, free cash flow and other measures that exclude the effects of the Identified Items, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission (SEC) as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles (U.S. GAAP), but believe that certain non-GAAP financial measures, such as EBITDA, free cash flow and measures that exclude the effects of the Identified Items, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) net loss, loss from operations and net cash provided by (used for) operating activities to EBITDA, and (ii) net cash provided by (used for) operating activities to free cash flow and (iii) other measures reflecting adjustments for the effects of the Identified Items can be found in the financial schedules at the end of this press release. About Westlake Celebrating 40 years of operations in 2026, Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer goods. For more information, visit the Company's web site at www.westlake.com. Westlake Corporation Conference Call Information: A conference call to discuss Westlake Corporation's first quarter 2026 results will be held Tuesday, May 5, 2026 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register-conf.media-server.com/register/BI34ea020237b448069214d7ccf868ece8. Once registered, you will receive a phone number and unique PIN number. A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/p33g6sjv/. WESTLAKE CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended March 31, 2026 2025 (in millions of dollars, except per share data and share amounts) Net sales $ 2,652 $ 2,846 Cost of sales 2,540 2,614 Gross profit 112 232 Selling, general and administrative expenses 236 227 Amortization of intangibles 30 30 Restructuring, transaction and integration-related costs 18 7 Loss from operations (172 ) (32 ) Interest expense (56 ) (39 ) Other income, net 38 37 Loss before income taxes (190 ) (34 ) Provision for (benefit from) income taxes (33 ) 1 Net loss (157 ) (35 ) Net income attributable to noncontrolling interests 12 5 Net loss attributable to Westlake Corporation $ (169 ) $ (40 ) Loss per common share attributable to Westlake Corporation: Basic $ (1.31 ) $ (0.31 ) Diluted $ (1.31 ) $ (0.31 ) Weighted average common shares outstanding: Basic 127,992,500 128,308,537 Diluted 127,992,500 128,308,537 WESTLAKE CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31,
2026 December 31,
2025 (in millions of dollars) ASSETS Current assets Cash and cash equivalents $ 2,271 $ 2,724 Available-for-sale securities 205 204 Accounts receivable, net 1,690 1,504 Inventories 1,677 1,653 Prepaid expenses and other current assets 109 131 Total current assets 5,952 6,216 Property, plant and equipment, net 8,579 8,605 Other assets, net 5,176 5,140 Total assets $ 19,707 $ 19,961 LIABILITIES AND EQUITY Current liabilities (accounts payable and accrued and other liabilities) $ 2,247 $ 2,273 Current portion of long-term debt, net 496 497 Long-term debt, net 5,074 5,087 Other liabilities 2,839 2,809 Total liabilities 10,656 10,666 Total Westlake Corporation stockholders' equity 8,547 8,792 Noncontrolling interests 504 503 Total equity 9,051 9,295 Total liabilities and equity $ 19,707 $ 19,961 WESTLAKE CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) Three Months Ended March 31, 2026 2025 (in millions of dollars) Cash flows from operating activities Net loss $ (157 ) $ (35 ) Adjustments to reconcile net loss to net cash provided by operating activities Depreciation and amortization 284 283 Deferred income taxes 34 (1 ) Net loss on disposition and others 9 12 Other balance sheet changes (264 ) (336 ) Net cash used for operating activities (94 ) (77 ) Cash flows from investing activities Acquisition of business, net of cash acquired (62 ) — Additions to investments in unconsolidated subsidiaries — (6 ) Additions to property, plant and equipment (209 ) (248 ) Proceeds from maturities and paydown of available-for-sale securities 33 — Purchase of available-for-sale securities (35 ) (183 ) Other, net 2 3 Net cash used for investing activities (271 ) (434 ) Cash flows from financing activities Distributions to noncontrolling interests (10 ) (10 ) Dividends paid (68 ) (68 ) Repurchase of common stock for treasury — (30 ) Other, net (4 ) (7 ) Net cash used for financing activities (82 ) (115 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash (5 ) 4 Net decrease in cash, cash equivalents and restricted cash (452 ) (622 ) Cash, cash equivalents and restricted cash at beginning of period 2,740 2,935 Cash, cash equivalents and restricted cash at end of period $ 2,288 $ 2,313 WESTLAKE CORPORATION SEGMENT INFORMATION (Unaudited) Three Months Ended March 31, 2026 2025 (in millions of dollars) Net external sales Housing and Infrastructure Products Housing Products $ 788 $ 838 Infrastructure Products 205 158 Total Housing and Infrastructure Products 993 996 Performance and Essential Materials Performance Materials 1,003 1,056 Essential Materials 656 794 Total Performance and Essential Materials 1,659 1,850 Total reportable segments and consolidated $ 2,652 $ 2,846 Income (loss) from operations Housing and Infrastructure Products $ 56 $ 148 Performance and Essential Materials (211 ) (163 ) Total reportable segments (155 ) (15 ) Corporate and other (17 ) (17 ) Consolidated $ (172 ) $ (32 ) Depreciation and amortization Housing and Infrastructure Products $ 60 $ 53 Performance and Essential Materials 221 227 Total reportable segments 281 280 Corporate and other 3 3 Consolidated $ 284 $ 283 Other income, net Housing and Infrastructure Products $ 2 $ 2 Performance and Essential Materials 9 9 Total reportable segments 11 11 Corporate and other 27 26 Consolidated $ 38 $ 37 WESTLAKE CORPORATION RECONCILIATION OF EBITDA TO NET LOSS, LOSS FROM OPERATIONS AND NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES (INCLUDING AND EXCLUDING IDENTIFIED ITEMS) (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2025 2026 2025 (in millions of dollars, except percentages) Net cash provided by (used for) operating activities $ 225 $ (94 ) $ (77 ) Changes in operating assets and liabilities and other (975 ) (29 ) 41 Deferred income taxes 217 (34 ) 1 Net loss (533 ) (157 ) (35 ) Add: Identified Items, after-tax 413 69 7 Net loss excl. Identified Items $ (120 ) $ (88 ) $ (28 ) Net loss (533 ) (157 ) (35 ) Less: Other income, net 59 38 37 Interest expense (51 ) (56 ) (39 ) Benefit from (provision for) income taxes 130 33 (1 ) Loss from operations (671 ) (172 ) (32 ) Add: Identified Items, pre-tax 511 85 7 Loss from operations excl. Identified Items (160 ) (87 ) (25 ) Add: Depreciation and amortization 297 284 283 Other income, net 59 38 37 EBITDA excl. Identified Items 196 235 295 Less: Identified Items, pre-tax 511 85 7 EBITDA $ (315 ) $ 150 $ 288 Net external sales $ 2,533 $ 2,652 $ 2,846 Operating loss margin (26)% (6)% (1)% Operating loss margin excl. Identified Items (6)% (3)% (1)% EBITDA margin (12)% 6% 10% EBITDA margin excl. Identified Items 8% 9% 10% WESTLAKE CORPORATION RECONCILIATION OF DILUTED LOSS PER COMMON SHARE TO DILUTED LOSS PER COMMON SHARE EXCLUDING IDENTIFIED ITEMS (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2025 2026 2025 (per share data) Diluted loss per common share attributable to Westlake Corporation $ (4.22 ) $ (1.31 ) $ (0.31 ) Add: Loss per common share relating to Identified Items 3.20 0.54 0.05 Diluted loss per common share attributable to Westlake Corporation excl. Identified Items $ (1.02 ) $ (0.77 ) $ (0.26 ) WESTLAKE CORPORATION RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY (USED FOR) OPERATING ACTIVITIES (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2025 2026 2025 (in millions of dollars) Net cash provided by (used for) operating activities $ 225 $ (94 ) $ (77 ) Less: Additions to property, plant and equipment 241 209 248 Free cash flow $ (16 ) $ (303 ) $ (325 ) WESTLAKE CORPORATION RECONCILIATION OF HIP SEGMENT EBITDA TO INCOME FROM OPERATIONS (INCLUDING AND EXCLUDING IDENTIFIED ITEMS) (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2025 2026 2025 (in millions of dollars, except percentages) Housing and Infrastructure Products Segment Income from operations $ 66 $ 56 $ 148 Add: Identified Items 16 68 — Income from operations excl. Identified Items 82 124 148 Add: Depreciation and amortization 61 60 53 Other income, net 3 2 2 EBITDA excl. Identified Items 146 186 203 Less: Identified Items 16 68 — EBITDA $ 130 $ 118 $ 203 Net external sales $ 901 $ 993 $ 996 Operating income margin 7% 6% 15% Operating income margin excl. Identified Items 9% 12% 15% EBITDA margin 14% 12% 20% EBITDA margin excl. Identified Items 16% 19% 20% WESTLAKE CORPORATION RECONCILIATION OF PEM SEGMENT EBITDA TO LOSS FROM OPERATIONS (INCLUDING AND EXCLUDING IDENTIFIED ITEMS) (Unaudited) Three Months Ended December 31, Three Months Ended March 31, 2025 2026 2025 (in millions of dollars, except percentages) Performance and Essential Materials Segment Loss from operations $ (717 ) $ (211 ) $ (163 ) Add: Identified Items 495 17 7 Loss from operations excl. Identified Items (222 ) (194 ) (156 ) Add: Depreciation and amortization 233 221 227 Other income, net 34 9 9 EBITDA excl. Identified Items 45 36 80 Less: Identified Items 495 17 7 EBITDA $ (450 ) $ 19 $ 73 Net external sales $ 1,632 $ 1,659 $ 1,850 Operating loss margin (44)% (13)% (9)% Operating loss margin excl. Identified Items (14)% (12)% (8)% EBITDA margin (28)% 1% 4% EBITDA margin excl. Identified Items 3% 2% 4% WESTLAKE CORPORATION SUPPLEMENTAL INFORMATION PRODUCT SALES PRICE AND VOLUME VARIANCE BY OPERATING SEGMENTS (Unaudited) First Quarter 2026 vs. First Quarter
2025 First Quarter 2026 vs. Fourth Quarter
2025 Average
Sales Price Volume Average
Sales Price Volume Housing and Infrastructure Products -2% +2% -5% +15% Performance and Essential Materials -3% -8% +3% -2% Company -3% -4% +1% +4% WESTLAKE CORPORATION SUPPLEMENTAL INFORMATION PRODUCT SALES PRICE AND VOLUME VARIANCE BY OPERATING SEGMENTS - EXCLUDING PLANT CLOSURES AND ACQUISITION (1) (Unaudited) First Quarter 2026 vs. First Quarter 2025 First Quarter 2026 vs. Fourth Quarter 2025 Average
Sales Price Volume Average
Sales Price Volume Housing and Infrastructure Products -2% -2% -5% +10% Performance and Essential Materials -3% — % +3% +3% Company -3% -1% +1% +6% ______________________________ (1) Adjustments include: a. Excludes sales in the comparative periods related to certain of the Company's North America Chlorovinyls production facilities, including (i) its polyvinyl chloride plant at the Aberdeen, Mississippi facility, (ii) its vinyl chloride monomer plant at the Lake Charles, Louisiana North facility, and (iii) one of its diaphragm chlor-alkali units at the Lake Charles, Louisiana South facility, and the Company's styrene production plant located at the Lake Charles, Louisiana facilities, each of which ceased operations in December 2025. b. Excludes sales in the comparative periods related to a PVC resin production unit in China at the Company's 95% owned Huasu joint venture, which ceased operations in June 2025. c. Excludes Q1 2026 sales related to ACI, which was acquired by the Company in January 2026. View source version on businesswire.com: https://www.businesswire.com/news/home/20260505744444/en/ Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington Original: Westlake Corporation Reports First Quarter 2026 Results
US Market News
4月前
Westlake Corporation Reports Fourth Quarter and Full Year 2025 ResultsFebruary 24, 2026 6:30 AM
Business Wire
Meaningful actions taken in 2025 to optimize footprint, improve plant reliability, and structurally reduce costs expected to provide earnings improvement in 2026
Westlake Corporation (NYSE: WLK) (the "Company" or "Westlake") today announced fourth quarter and full year 2025 results.
SUMMARY FINANCIAL HIGHLIGHTS ($ in millions except per share data and percentages)
Three Months Ended
Twelve Months Ended
December 31,
September 30,
December 31,
December 31,
2025
2025
2024
2025
2024
Westlake Corporation
Net sales
$
2,533
$
2,838
$
2,843
$
11,170
$
12,142
Income (loss) from operations
$
(671)
$
(766)
$
66
$
(1,578)
$
875
Net income (loss) attributable to Westlake Corporation (1)
$
(544)
$
(782)
$
7
$
(1,508)
$
602
Diluted earnings (loss) per common share (1)
$
(4.22)
$
(6.06)
$
0.06
$
(11.70)
$
4.64
Identified Items (2)
$
511
$
744
$
—
$
1,392
$
75
Net income (loss) attributable to Westlake Corporation excl. Identified Items
$
(33)
$
(38)
$
7
$
(116)
$
677
Diluted earnings (loss) per common share excl. Identified Items
$
(0.25)
$
(0.29)
$
0.06
$
(0.90)
$
5.22
EBITDA
$
(315)
$
(431)
$
416
$
(248)
$
2,211
EBITDA excl. Identified Items
$
196
$
313
$
416
$
1,144
$
2,286
EBITDA margin (3)
8%
11%
15%
10%
19%
Housing and Infrastructure Products ("HIP") Segment
Net sales
$
901
$
1,091
$
981
$
4,148
$
4,317
Income from operations
$
66
$
151
$
129
$
587
$
807
EBITDA
$
130
$
215
$
188
$
823
$
1,050
Identified Items (2)
$
16
$
—
$
—
$
16
$
—
EBITDA excl. Identified Items
$
146
$
215
$
188
$
839
$
1,050
EBITDA margin (3)
16%
20%
19%
20%
24%
Performance and Essential Materials ("PEM") Segment
Net sales
$
1,632
$
1,747
$
1,862
$
7,022
$
7,825
Income (loss) from operations
$
(717)
$
(902)
$
(41)
$
(2,100)
$
129
EBITDA
$
(450)
$
(654)
$
220
$
(1,109)
$
1,086
Identified Items (2)
$
495
$
744
$
—
$
1,376
$
75
EBITDA excl. Identified Items
$
45
$
90
$
220
$
267
$
1,161
EBITDA margin (3)
3%
5%
12%
4%
15%
____________________
(1)
Includes $45 million ($0.35 per share) one-time non-cash charge related to changes in Louisiana tax law in the fourth quarter and full year 2024
(2)
For the fourth quarter and full year 2025, Identified Items include $495 million of PEM shutdown expenses (as defined below) and $16 million for HIP restructuring expenses (as defined below). Identified Items for the full year 2025 also include a $727 million charge for the write-off of all the goodwill associated with the North American Chlorovinyls reporting unit and $139 million of accrued expenses and $15 million inventory write-off related to previously-announced facility shutdowns. Identified Items for full year 2024 include $75 million of accrued expenses related to previously-announced facility shutdowns.
(3)
Excludes Identified Items
BUSINESS HIGHLIGHTS
In the fourth quarter of 2025, Westlake reported net sales of $2.5 billion, a net loss of $544 million, or $4.22 per share, and EBITDA (earnings before interest expense, income taxes, depreciation and amortization) of ($315) million. Earnings in the fourth quarter were impacted by $393 million of charges related to the shutdown of three North American chlorovinyls plants and one styrene plant and $102 million of accrued expenses related to the Pernis shutdown (together, "PEM shutdown expenses") as well as $16 million of restructuring and related expenses in our HIP segment ("HIP restructuring expenses") for a combined $511 million impact ("the Identified Items"). Excluding the effects of the Identified Items, the net loss in the fourth quarter of 2025 was $33 million, or $0.25 per share, and EBITDA was $196 million.
Excluding the Identified Items, for the full year of 2025 Westlake reported net sales of $11.2 billion, a net loss of $116 million, or $0.90 per share and EBITDA of $1.1 billion. Compared to the prior-year financial results, the Company's 2025 results were impacted by lower average sales price, particularly in PEM, lower sales volume, and higher feedstock and energy costs.
Westlake's fourth quarter of 2025 sales decreased 11% year-over-year, driven by a 7% decline in sales volume and a 4% decline in average sales price. Housing and Infrastructure Products sales decreased 8%, driven by an 8% decline in sales volume and unchanged average sales price. Performance and Essential Materials sales decreased 12% over the same period of time, driven by a 7% decline in sales volume and a 5% decline in average sales price.
EXECUTIVE COMMENTARY
"As 2025 came to a close, our PEM profitability improvement plan began to generate tangible benefits with accelerating realization of our cost savings initiatives and significant strategic action to optimize our North American footprint. As a result, PEM's EBITDA for the fourth quarter of 2025 exceeded our expectations while HIP's fourth quarter EBITDA was in-line with our expectations, which reflected the effects of slower housing starts and seasonal weather impacts," said Jean-Marc Gilson, President and Chief Executive Officer.
"For 2026 our priority is to achieve the PEM profitability improvement plan's targeted $600 million in EBITDA improvement while growing HIP's sales and earnings, which are expected to benefit from the January 2026 acquisition of ACI. We are not expecting macroeconomic conditions to be a tailwind to our 2026 goals as global industrial and manufacturing activity remains challenging. However, we are very confident in the ability of our PEM profitability improvement plan to improve earnings in 2026 and we remain well positioned to capitalize on an eventual recovery in global demand," concluded Mr. Gilson.
RESULTS
Consolidated Results
(Unless otherwise noted the financial numbers below exclude the effects of the Identified Items)
For the three months ended December 31, 2025, the Company reported a quarterly net loss of $33 million, or $0.25 per share, on sales of $2.5 billion compared to the net loss of $38 million reported in the third quarter of 2025. Sequentially, earnings were impacted by lower average sales price, particularly in the PEM segment, and lower sales volume, particularly in the HIP segment.
The fourth quarter of 2025 net loss of $33 million was $40 million below the fourth quarter of 2024 primarily due to the 11% decline in Westlake's net sales and higher feedstock and energy costs in the PEM segment.
EBITDA of $196 million for the fourth quarter of 2025 decreased by $220 million compared to fourth quarter 2024 EBITDA of $416 million. Fourth quarter 2025 EBITDA decreased by $117 million compared to third quarter 2025 EBITDA of $313 million.
The full year of 2025 net loss of $116 million was $793 million below the full year of 2024 net income of $677 million. Loss from operations of $186 million for the full year of 2025 decreased by $1.1 billion as compared to income from operations of $1.0 billion for the full year of 2024. The decreases in net income and income from operations were primarily due to lower average sales price, particularly in the PEM segment, lower sales volume, higher feedstock and energy costs, and a more significant impact from planned turnarounds and unplanned outages in 2025.
A reconciliation of EBITDA and net income to EBITDA excluding Identified Items and net income excluding Identified Items as well as a reconciliation of EBITDA to net income, income from operations (including and excluding Identified Items) and net cash provided by operating activities as well as a reconciliation of free cash flow to net cash flow provided by operating activities can be found in the financial schedules at the end of this press release.
PEM shutdown expenses and HIP restructuring expenses ("Identified Items")
As previously announced, during the fourth quarter of 2025 the Company simplified and optimized operations by shutting down three chlorovinyl production facilities and one styrene facility in North America. As a result of these shutdowns, during the fourth quarter of 2025 PEM accrued $386 million of expenses primarily consisting of noncash accelerated depreciation, amortization, and asset write-off charges, and realized a $7 million expense to write-off inventory (recorded in cost of sales). During the fourth quarter of 2025, PEM also accrued $102 million of expenses related to the previously-announced shutdown of the Company's epoxy site at Pernis, The Netherlands. Additionally, during the fourth quarter of 2025 HIP accrued $13 million of expenses for footprint optimization actions and recognized a $3 million loss on the sale of a compounding business (recorded in other income, net).
Cash, Investments and Debt
Net cash provided by operating activities was $225 million for the fourth quarter of 2025 and capital expenditures were $241 million. As of December 31, 2025, cash, cash equivalents and fixed-income investments were $2.9 billion and total debt was $5.6 billion.
Housing and Infrastructure Products Segment
(Unless otherwise noted the financial numbers below exclude the effects of the Identified Items)
For the fourth quarter of 2025, Housing and Infrastructure Products income from operations of $82 million decreased by $47 million as compared to the fourth quarter of 2024. The year-over-year decrease was the result of lower sales volume, particularly for global compounds, and lower margins.
Sequentially, Housing and Infrastructure Products income from operations decreased by $69 million as compared to the third quarter of 2025. This decrease in income from operations versus the prior quarter was primarily driven by lower sales volume as a result of the typical seasonality of customer demand.
For the full year of 2025, Housing and Infrastructure Products net sales of $4.1 billion decreased by $0.2 billion as compared to 2024. Housing Products net sales of $3.5 billion decreased by $0.1 billion due to lower sales volume, particularly for roofing. Infrastructure Products net sales of $635 million decreased from $673 million in 2024 primarily due to lower average sales price at pipe and fitting and lower sales volume at global compounds. Housing and Infrastructure Products income from operations of $603 million decreased by $204 million as compared to the full year of 2024 primarily due to lower sales volume, particularly in global compounds, and lower average sales price and margins, particularly in pipe and fittings.
Performance and Essential Materials Segment
(Unless otherwise noted the financial numbers below exclude the effects of the Identified Items)
For the fourth quarter of 2025, Performance and Essential Materials loss from operations was $222 million as compared to the fourth quarter of 2024's loss from operations of $41 million due to lower selling prices for most of our major products, particularly for chlorine and polyethylene, and lower sales volume, particularly for PVC resin, polyethylene and epoxy resin.
Sequentially, Performance and Essential Materials loss from operations for the fourth quarter of 2025 increased by $64 million as compared to the third quarter of 2025. This increase in loss from operations versus the prior quarter was primarily driven by lower average sales price, particularly for polyethylene, chlorine, and PVC resin.
For the full year of 2025, Performance and Essential Materials net sales of $7.0 billion decreased by $0.8 billion as compared to 2024. Performance Materials net sales of $4.0 billion in 2025 decreased by $0.6 billion primarily due to lower sales volume and average sales price for polyethylene and PVC resin and lower epoxy resin sales volume. Essential Materials net sales of $3.0 billion decreased by $0.2 billion from 2024 primarily due to lower chlorine sales volume and average sales price and lower caustic soda sales volume. Performance and Essential Materials loss from operations of $724 million decreased from 2024 due to lower average sales price and margins, lower sales volume, higher feedstock and energy costs, and a more significant impact from planned turnarounds and unplanned outages in 2025.
Forward-Looking Statements
The statements in this release and the related teleconference relating to matters that are not historical facts, including statements regarding our outlook for the performance of our business segments (such as our outlook and expected sales and earnings growth for our HIP segment), the effects of our PEM profitability improvement plan and optimization initiatives (including anticipated cost savings in 2026), the results of our acquisition of ACI, global macroeconomic conditions (including an eventual recovery in global industrial and manufacturing activity), housing demand, impacts of tariffs and duties, continuing stabilization of sales prices and volumes in both domestic and export markets for most of our products, our market position, our ability to improve safety, reliability and efficiency of our plants, further commercialization of new product innovations, our cost savings initiatives, global demand for our products, and our ability to deliver greater value to customers are forward-looking statements.
These forward-looking statements are subject to significant risks and uncertainties. Actual results could differ materially, based on factors including, but not limited to: general economic and business conditions; the cyclical nature of the industry; the availability, cost and volatility of raw materials and energy; uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, Russia and Ukraine and elsewhere; uncertainties associated with barriers to international trade, including the imposition of tariffs and duties or trade disputes; uncertainties associated with climate change; the potential impact on demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers; current and potential governmental regulatory actions in the United States and other countries; industry production capacity and operating rates; the supply/demand balance for Westlake's products; competitive products and pricing pressures, including from global competitors; instability in the credit and financial markets; access to capital markets; terrorist acts; operating interruptions; changes in laws and regulations, including trade policies; the effects of government shutdowns; technological developments; information systems failures and cyberattacks; foreign currency exchange risks; our ability to implement our business strategies; creditworthiness of our customers; the effect and results of litigation and settlements of litigation; and other risk factors. For more detailed information about the factors that could cause actual results to differ materially, please refer to Westlake's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC in February 2025, and Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, which was filed with the SEC in October 2025.
Use of Non-GAAP Financial Measures
This release makes reference to certain "non-GAAP" financial measures, such as EBITDA, free cash flow and other measures that exclude the effects of the Identified Items, as defined in Regulation G of the U.S. Securities Exchange Act of 1934, as amended. For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of income, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. We report our financial results in accordance with U.S. generally accepted accounting principles ("U.S. GAAP"), but believe that certain non-GAAP financial measures, such as EBITDA, free cash flow and measures that exclude the effects of the Identified Items, provide useful supplemental information to investors regarding the underlying business trends and performance of the Company's ongoing operations and are useful for period-over-period comparisons of such operations. These non-GAAP financial measures should be considered as a supplement to, and not as a substitute for, or superior to, the financial measures prepared in accordance with U.S. GAAP. A reconciliation of (i) EBITDA to net income, income from operations and net cash provided by operating activities, (ii) free cash flow to net cash provided by operating activities, and (iii) other measures reflecting adjustments for the effects of the Identified Items can be found in the financial schedules at the end of this press release.
About Westlake
Westlake is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe and North America, we provide the building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the Company's web site at www.westlake.com.
Westlake Corporation Conference Call Information:
A conference call to discuss Westlake Corporation's fourth quarter and full year 2025 results will be held Tuesday, February 24, 2026 at 11:00 AM Eastern Time (10:00 AM Central Time). To access the conference call, it is necessary to pre-register at https://register-conf.media-server.com/register/BI0ebecf9ae9804486aff77f70a8cc367f. Once registered, you will receive a phone number and unique PIN number.
A replay of the conference call will be available beginning two hours after its conclusion. The conference call and replay will be available via webcast at https://edge.media-server.com/mmc/p/fbrmocfm.
WESTLAKE CORPORATION
CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
(In millions of dollars, except per share data and share amounts)
Net sales
$
2,533
$
2,843
$
11,170
$
12,142
Cost of sales
2,446
2,515
10,357
10,185
Gross profit
87
328
813
1,957
Selling, general and administrative expenses
224
226
900
874
Impairment of goodwill
—
—
727
—
Amortization of intangibles
33
28
124
117
Restructuring, transaction and integration-related costs
501
8
640
91
Income (loss) from operations
(671
)
66
(1,578
)
875
Interest expense
(51
)
(39
)
(171
)
(159
)
Other income, net
59
69
152
222
Income (loss) before income taxes
(663
)
96
(1,597
)
938
Income tax provision (benefit)
(130
)
77
(126
)
291
Net income (loss)
(533
)
19
(1,471
)
647
Net income attributable to noncontrolling interests
11
12
37
45
Net income (loss) attributable to Westlake Corporation
$
(544
)
$
7
$
(1,508
)
$
602
Earnings (loss) per common share attributable to Westlake Corporation:
Basic
$
(4.22
)
$
0.06
$
(11.70
)
$
4.66
Diluted
$
(4.22
)
$
0.06
$
(11.70
)
$
4.64
Weighted average common shares outstanding:
Basic
128,243,655
128,564,101
128,260,331
128,535,226
Diluted
128,243,655
129,115,674
128,260,331
129,206,922
WESTLAKE CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
December 31,
2025
2024
(In millions of dollars)
ASSETS
Current assets
Cash and cash equivalents
$
2,724
$
2,919
Available-for-sale securities
204
—
Accounts receivable, net
1,504
1,483
Inventories
1,653
1,697
Prepaid expenses and other current assets
131
115
Total current assets
6,216
6,214
Property, plant and equipment, net
8,605
8,633
Other assets, net
5,140
5,903
Total assets
$
19,961
$
20,750
LIABILITIES AND EQUITY
Current liabilities (accounts payable and accrued and other liabilities)
$
2,273
$
2,213
Current portion of long-term debt, net
497
6
Long-term debt, net
5,087
4,556
Other liabilities
2,809
2,932
Total liabilities
10,666
9,707
Total Westlake Corporation stockholders' equity
8,792
10,527
Noncontrolling interests
503
516
Total equity
9,295
11,043
Total liabilities and equity
$
19,961
$
20,750
WESTLAKE CORPORATION
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
Twelve Months Ended December 31,
2025
2024
(In millions of dollars)
Cash flows from operating activities
Net income (loss)
$
(1,471
)
$
647
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization
1,178
1,114
Impairment of goodwill
727
—
Deferred income taxes
(177
)
(35
)
Net loss on disposition and others
393
57
Other balance sheet changes
(185
)
(469
)
Net cash provided by operating activities
465
1,314
Cash flows from investing activities
Additions to investments in unconsolidated subsidiaries
(33
)
(26
)
Additions to property, plant and equipment
(995
)
(1,008
)
Proceeds from maturities and paydown of available-for-sale securities
68
—
Purchase of available-for-sale securities
(272
)
—
Other, net
9
33
Net cash used for investing activities
(1,223
)
(1,001
)
Cash flows from financing activities
Distributions to noncontrolling interests
(51
)
(49
)
Dividends paid
(272
)
(264
)
Proceeds from senior notes issuance, net
1,187
—
Repurchase and redemption of senior notes
(254
)
(300
)
Repurchase of common stock for treasury
(63
)
(60
)
Other, net
(17
)
23
Net cash provided by (used for) financing activities
530
(650
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
33
(47
)
Net decrease in cash, cash equivalents and restricted cash
(195
)
(384
)
Cash, cash equivalents and restricted cash at beginning of the year
2,935
3,319
Cash, cash equivalents and restricted cash at end of the year
$
2,740
$
2,935
WESTLAKE CORPORATION
SEGMENT INFORMATION
(Unaudited)
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2024
2025
2024
(In millions of dollars)
Net external sales
Housing and Infrastructure Products
Housing Products
$
767
$
818
$
3,513
$
3,644
Infrastructure Products
134
163
635
673
Total Housing and Infrastructure Products
901
981
4,148
4,317
Performance and Essential Materials
Performance Materials
930
1,121
4,018
4,626
Essential Materials
702
741
3,004
3,199
Total Performance and Essential Materials
1,632
1,862
7,022
7,825
Total reportable segments and consolidated
$
2,533
$
2,843
$
11,170
$
12,142
Income (loss) from operations
Housing and Infrastructure Products
$
66
$
129
$
587
$
807
Performance and Essential Materials
(717
)
(41
)
(2,100
)
129
Total reportable segments
(651
)
88
(1,513
)
936
Corporate and other
(20
)
(22
)
(65
)
(61
)
Consolidated
$
(671
)
$
66
$
(1,578
)
$
875
Depreciation and amortization
Housing and Infrastructure Products
$
61
$
56
$
231
$
213
Performance and Essential Materials
233
223
934
892
Total reportable segments
294
279
1,165
1,105
Corporate and other
3
2
13
9
Consolidated
$
297
$
281
$
1,178
$
1,114
Other income, net
Housing and Infrastructure Products
$
3
$
3
$
5
$
30
Performance and Essential Materials
34
38
57
65
Total reportable segments
37
41
62
95
Corporate and other
22
28
90
127
Consolidated
$
59
$
69
$
152
$
222
WESTLAKE CORPORATION
RECONCILIATION OF EBITDA TO NET INCOME (LOSS) AND INCOME (LOSS) FROM OPERATIONS AND
NET CASH PROVIDED BY OPERATING ACTIVITIES (INCLUDING AND EXCLUDING IDENTIFIED ITEMS)
(Unaudited)
Three Months
Ended
September 30,
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
2024
2025
2024
(In millions of dollars, except percentages)
Net cash provided by operating activities
$
182
$
225
$
434
$
465
$
1,314
Changes in operating assets and liabilities and other
(895
)
(975
)
(392
)
(2,113
)
(702
)
Deferred income taxes
(59
)
217
(23
)
177
35
Net income (loss)
(772
)
(533
)
19
(1,471
)
647
Add:
Identified Items
744
511
—
1,392
75
Net income (loss) excl. Identified Items
$
(28
)
$
(22
)
$
19
$
(79
)
$
722
Net income (loss)
$
(772
)
$
(533
)
$
19
$
(1,471
)
$
647
Less:
Other income, net
32
59
69
152
222
Interest expense
(41
)
(51
)
(39
)
(171
)
(159
)
Income tax provision (benefit)
3
130
(77
)
126
(291
)
Income (loss) from operations
(766
)
(671
)
66
(1,578
)
875
Add:
Identified Items
744
511
—
1,392
75
Income (loss) from operations excl. Identified Items
(22
)
(160
)
66
(186
)
950
Add:
Depreciation and amortization
303
297
281
1,178
1,114
Other income, net
32
59
69
152
222
EBITDA excl. Identified Items
313
196
416
1,144
2,286
Less:
Identified Items
744
511
—
1,392
75
EBITDA
$
(431
)
$
(315
)
$
416
$
(248
)
$
2,211
Net external sales
$
2,838
$
2,533
$
2,843
$
11,170
$
12,142
Operating income (loss) margin
(27
)%
(26
)%
2
%
(14
)%
7
%
Operating income (loss) margin excl. Identified Items
(1
)%
(6
)%
2
%
(2
)%
8
%
EBITDA margin
(15
)%
(12
)%
15
%
(2
)%
18
%
EBITDA margin excl. Identified Items
11
%
8
%
15
%
10
%
19
%
WESTLAKE CORPORATION
RECONCILIATION OF DILUTED EARNINGS (LOSS) PER COMMON SHARE TO DILUTED EARNINGS (LOSS) PER COMMON SHARE EXCLUDING IDENTIFIED ITEMS
(Unaudited)
Three Months
Ended
September 30,
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
2024
2025
2024
(per share data)
Diluted earnings (loss) per common share attributable to Westlake Corporation
$
(6.06
)
$
(4.22
)
$
0.06
$
(11.70
)
$
4.64
Add:
Loss per common share relating to Identified Items
5.77
3.97
—
10.80
0.58
Diluted earnings (loss) per common share attributable to Westlake Corporation excl. Identified Items
$
(0.29
)
$
(0.25
)
$
0.06
$
(0.90
)
$
5.22
WESTLAKE CORPORATION
RECONCILIATION OF FREE CASH FLOW TO NET CASH PROVIDED BY OPERATING ACTIVITIES
(Unaudited)
Three Months
Ended
September 30,
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
2024
2025
2024
(In millions of dollars)
Net cash provided by operating activities
$
182
$
225
$
434
$
465
$
1,314
Less:
Additions to property, plant and equipment
239
241
285
995
1,008
Free Cash Flow
$
(57
)
$
(16
)
$
149
$
(530
)
$
306
WESTLAKE CORPORATION
RECONCILIATION OF HIP SEGMENT EBITDA TO INCOME FROM OPERATIONS (INCLUDING AND EXCLUDING IDENTIFIED ITEMS)
(Unaudited)
Three Months
Ended
September 30,
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
2024
2025
2024
(In millions of dollars, except percentages)
Housing and Infrastructure Products Segment
Income from operations
$
151
$
66
$
129
$
587
$
807
Add:
Identified Items
—
16
—
16
—
Income from operations excl. Identified Items
151
82
129
603
807
Add:
Depreciation and amortization
62
61
56
231
213
Other income, net
2
3
3
5
30
EBITDA excl. Identified Items
215
146
188
839
1,050
Less:
Identified Items
—
16
—
16
—
EBITDA
$
215
$
130
$
188
$
823
$
1,050
Net external sales
$
1,091
$
901
$
981
$
4,148
$
4,317
Operating income margin
14%
7%
13%
14%
19%
Operating income margin excl. Identified Items
14%
9%
13%
15%
19%
EBITDA margin
20%
14%
19%
20%
24%
EBITDA margin excl. Identified Items
20%
16%
19%
20%
24%
WESTLAKE CORPORATION
RECONCILIATION OF PEM SEGMENT EBITDA TO INCOME (LOSS) FROM OPERATIONS (INCLUDING AND EXCLUDING IDENTIFIED ITEMS)
(Unaudited)
Three Months
Ended
September 30,
Three Months Ended December 31,
Twelve Months Ended December 31,
2025
2025
2024
2025
2024
(In millions of dollars, except percentages)
Performance and Essential Materials Segment
Income (loss) from operations
$
(902
)
$
(717
)
$
(41
)
$
(2,100
)
$
129
Add:
Identified Items
744
495
—
1,376
75
Income (loss) from operations excl. Identified Items
(158
)
(222
)
(41
)
(724
)
204
Add:
Depreciation and amortization
238
233
223
934
892
Other income, net
10
34
38
57
65
EBITDA excl. Identified Items
90
45
220
267
1,161
Less:
Identified Items
744
495
—
1,376
75
EBITDA
$
(654
)
$
(450
)
$
220
$
(1,109
)
$
1,086
Net external sales
$
1,747
$
1,632
$
1,862
$
7,022
$
7,825
Operating income (loss) margin
(52)%
(44)%
(2)%
(30)%
2%
Operating income (loss) margin excl. Identified Items
(9)%
(14)%
(2)%
(10)%
3%
EBITDA margin
(37)%
(28)%
12%
(16)%
14%
EBITDA margin excl. Identified Items
5%
3%
12%
4%
15%
WESTLAKE CORPORATION
SUPPLEMENTAL INFORMATION
Product Sales Price and Volume Variance by Operating Segments
Fourth Quarter 2025 vs. Fourth Quarter 2024
Fourth Quarter 2025 vs. Third Quarter 2025
Average
Sales Price
Volume
Average
Sales Price
Volume
Housing and Infrastructure Products
—%
-8%
-1%
-17%
Performance and Essential Materials
-5%
-7%
-5%
-2%
Company
-4%
-7%
-3%
-7%
View source version on businesswire.com: https://www.businesswire.com/news/home/20260224775286/en/
Contact—(713) 960-9111
Investors—Steve Bender
Media—L. Benjamin Ederington
Original: Westlake Corporation Reports Fourth Quarter and Full Year 2025 Results
US Market News
4月前
Westlake Epoxy Expands Distribution Relationship with Brenntag to IndiaFebruary 17, 2026 8:30 PM
Business Wire
Westlake Corporation (NYSE: WLK) today announced that Westlake Epoxy will expand its long-standing distribution relationship with Brenntag to South and West India. The agreement builds on a successful collaboration across Europe, North and South America, and Southeast Asia, extending Westlake Epoxy’s reach into one of the world’s fastest-growing coatings, adhesives and construction markets.
Under the expanded collaboration, Brenntag will distribute Westlake Epoxy’s established portfolio of epoxy solutions for coatings, adhesives and construction applications, including the EPON™, EPIKOTE™, EPIKURE™ and EPI-REZ™ product lines. Customers are expected to benefit from reliable local supply, technical service and application-focused formulation support tailored to regional requirements.
India’s coatings, adhesives and construction sectors continue to grow, driven by infrastructure investment, urbanization and increasing performance expectations. By combining Westlake Epoxy’s proven epoxy technologies with Brenntag’s regional presence and technical capabilities, the collaboration strengthens support for customers addressing evolving performance, processing and regulatory needs.
“Expanding our collaboration with Brenntag into India allows us to support customers more closely in a high-growth market,” said Brian Powers, Vice President, Westlake Epoxy. “Brenntag’s deep market understanding, technical expertise and strong customer reach makes them a strong partner for the Indian market. This collaboration enables us to serve customers more closely and respond effectively to local application and performance requirements.”
“With our presence in South and West India and strong technical capabilities, we are well positioned to support customers with tailored epoxy solutions for coatings, adhesives and construction, while Westlake Epoxy’s reliable, portfolio supports further business growth,” said Sanjay Karkhanis, Regional President, Material Science Brenntag APAC. “The expansion of our collaboration with Westlake Epoxy into India strengthens our Material Science offering in a fast-growing market.”
About Westlake Epoxy
Westlake Epoxy, a Westlake company, is a global leader in epoxy resins, curing agents and specialty systems for higher-performance materials, coatings and composites, delivering strength, durability, chemical and corrosion resistance, and stronger adhesion performance in demanding applications. The EpoVIVE™ portfolio of epoxy phenolic resins and curing agents reflects Westlake Epoxy’s dedication to reducing the environmental impact of its products. Serving industries such as coatings, construction, adhesives, automotive, civil engineering, composites, electronics and renewable energy, Westlake Epoxy supports customers worldwide with advanced materials and application expertise. For more information, visit Frontpage | Westlakeepoxy or contact epoxyservice@westlake.com
About Westlake
Westlake Corporation (NYSE: WLK) is a global manufacturer and supplier of materials and innovative products that enhance life every day. Headquartered in Houston, with operations in Asia, Europe, and North America, we provide building blocks for vital solutions — from housing and construction, to packaging and healthcare, to automotive and consumer. For more information, visit the company's web site at www.westlake.com.
About Brenntag
Brenntag is the global market leader in chemicals and ingredients distribution, connecting customers and suppliers worldwide. Headquartered in Essen, Germany, it has over 18,100 employees at around 600 sites in more than 70 countries. Through its two divisions, Brenntag Essentials and Brenntag Specialties, the company offers a broad portfolio of chemicals and ingredients plus tailored technical, regulatory, supply chain, and digital solutions, and it is committed to an ambitious sustainability agenda. For more information, visit www.brenntag.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20260217333584/en/
Media contact:
Dr. Oliver Mieden,
Westlake Germany GmbH & Co. KG,
Phone: +49 (0)89 96103-282, E-mail: media@westlake.com
Mila Hierner,
Westlake Epoxy Belgium BV,
Phone: +32 10 48 22 50, E-mail: media@westlake.com
Original: Westlake Epoxy Expands Distribution Relationship with Brenntag to India
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