LyondellBasell Reports Revenue of $8.499 Billion in Third Quarter of 2026
Key Facts
LyondellBasell reported results on October 30 for the third quarter ended September 30, 2026, with revenue of $8.499 billion and diluted earnings per share of $2.32. Net income was $758 million, compared with a net loss of $890 million in the third quarter of 2025. Revenue fell from $9.177 billion in the second quarter but exceeded $7.727 billion in the same period last year. Before the announcement, analysts expected earnings of $2.57 per share and revenue of $8.86 billion for the quarter ended in September. The company also said cash from operating activities was $1.7 billion during the quarter, as performance varied across its segments amid pressure on polymer prices and improvement in oxyfuels.
EBITDA was about $1.420 billion, up from $1.252 billion in the previous quarter. But EBITDA excluding identified items was $1.512 billion, compared with $2.127 billion in the second quarter. In the second quarter, the company reported diluted earnings per share of $4.30 excluding identified items, beating analyst estimates by 29%. The divergence shows that the increase in overall EBITDA from the previous quarter was not accompanied by an improvement in the measure excluding identified items. Year over year, net income shifted from a loss to a profit, while diluted earnings per share rose from a loss of $2.77 in the third quarter of 2025 to $2.32.
In its Olefins and Polyolefins – Americas segment, the company said lower polymer and olefin product prices reduced the segment's profitability compared with the previous quarter. In the second quarter, the company had said the segment's results improved significantly from the prior period, with wider polymer margins and favorable co-product prices amid tight global supply. It also said at the time that geopolitical instability had created volatile market conditions and constrained supply across its businesses. Integrated polyethylene margins ended the third quarter about 50% above 2025 levels. Taken together, these indicators show a quarterly decline in segment profitability while polyethylene margins remained above year-earlier levels.
By contrast, profitability in the Intermediates and Derivatives segment increased substantially, driven largely by oxyfuels, according to the company. The Channelview PO/TBA asset ran at about 110% during the quarter. The Bayport PO/TBA asset operated at full rates after restarting in June. The higher asset operating rates contributed to the segment's performance, which the company described as a substantial improvement. The figures provided did not include a quantitative comparison of this segment's profitability with the previous quarter, but identified oxyfuels and the operating rates of the two assets as performance drivers.
The company generated $1.7 billion in cash from operating activities, with a release of working capital during the quarter. Capital expenditures were $303 million, while the company returned $224 million to shareholders through distributions. It repaid a €500 million bond maturity in September as planned. At quarter-end, cash and cash equivalents were $3.2 billion, while available liquidity was $7.7 billion. The company had raised its cumulative target for cash generated by its cash improvement plan to $1.3 billion by the end of 2026, from $1.1 billion previously.
For the fourth quarter, the company expects typical seasonal demand patterns amid continued supply uncertainty. It estimated operating rates of 85% for its North American Olefins and Polyolefins assets, 60% for the same assets in Europe, and 75% for its Intermediates and Derivatives assets. The quarter includes a planned maintenance project at one of its North American polypropylene assets. The company also expects a seasonal release of working capital during the period. This guidance puts asset operating rates and maintenance among the factors the company will monitor in the final quarter of 2026.