Huntsman Reports $1.717 Billion in Revenue and Swings to Adjusted Profit in Third Quarter
Key Facts
Huntsman said on November 2 that revenue reached $1.717 billion in the third quarter of 2026, compared with $1.460 billion in the same period last year. The company posted a net loss of $18 million, narrower than the $25 million loss a year earlier. Diluted loss per share was $0.10, compared with $0.14 in the third quarter of 2025. On an adjusted basis, Huntsman reported net income of $7 million, after an adjusted loss of $5 million a year earlier. Adjusted diluted earnings per share were $0.04, compared with an adjusted loss of $0.03 per share in the year-earlier period. Still, adjusted earnings per share fell short of analysts’ expectations of $0.07, while revenue exceeded their estimate of $1.61 billion.
Adjusted earnings before interest, taxes, depreciation and amortization rose to $132 million, from $94 million a year earlier, an improvement the chief executive attributed to higher volumes, stronger margins and cost savings. He said, "Year-on-year improvement was driven by higher volumes, stronger margins and cost savings." He added that improved results and cash flows are expected to bring net debt leverage down to about 4 times by year-end. In the Polyurethanes division, the company linked revenue growth to higher average selling prices and sales volumes. It also reported an increase in average MDI selling prices in all three regions, attributing it to improved supply and demand conditions and higher raw material costs.
In Advanced Products, the company said revenue rose as volumes and prices increased, with sales growth most pronounced in the aerospace, automotive and energy markets. This followed a second quarter in which revenue was $1.663 billion, and the company recorded a net loss of $6 million and diluted loss per share of $0.03. Adjusted earnings before interest, taxes, depreciation and amortization in that quarter were $120 million, compared with $132 million in the third quarter. Before the results were announced, weak demand in construction and margin pressure in the Polyurethanes business were among the issues investors were watching. Their focus was on whether pricing measures would ease the impact of weak demand, as the company said MDI price increases were linked to improved supply and demand and higher raw material costs.
Free cash flow was $82 million in the third quarter, down from $157 million in the corresponding period of 2025. As of September 30, the company said it had about $0.9 billion in cash and undrawn borrowing capacity combined. The chief executive tied his expectation of lower net debt leverage to improved results and cash flows, with leverage expected to be about 4 times by the end of 2026. The comparison between the two quarters shows a divergence between the improvement in adjusted earnings before interest, taxes, depreciation and amortization and the year-on-year decline in free cash flow. After its second-quarter results, the company had said higher volumes across all three divisions and pricing measures supported performance, while weak construction and higher energy and oil costs, particularly in Europe, remained pressures.
Investors are also focused on the planned merger with Olin, which Huntsman described as a merger of equals. Shareholders of both companies approved the merger proposals on August 25, 2026, and Huntsman said the transaction made progress during the quarter, including securing regulatory approvals in several jurisdictions. On September 11, the companies announced the expiration of the waiting period under the U.S. Hart-Scott-Rodino Act, satisfying one of the conditions for completing the transaction. Huntsman said, however, that remaining regulatory approvals are still required and that it expects the merger to close in the first quarter of 2027. An earlier announcement had said completion was expected in the first half of 2027, subject to approvals and customary conditions. The company is scheduled to discuss its third-quarter results on a conference call on November 3, 2026, at 9:00 a.m. Eastern Time.
Huntsman shares, trading under the ticker HUN, closed at $9.95 on November 2, 2026. That was the day the company reported third-quarter results that combined higher revenue with a swing to adjusted net income. The accounting loss remained, at $18 million, although it narrowed from $25 million a year earlier. Adjusted earnings before interest, taxes, depreciation and amortization rose to $132 million, while adjusted earnings per share were $0.04. The results call scheduled for the following day offers an opportunity to discuss operating performance, liquidity and progress on regulatory approvals for the merger.