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Stepan Company
Stepan Company (SCL) investor relations material
Stepan Company Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary23 Feb, 2026
Executive summary
2025 marked a transformational year with record safety performance, divestitures, asset optimization, and the launch of Project Catalyst targeting $100 million in pre-tax savings over two years through footprint optimization and operational efficiency.
Adjusted EBITDA grew 6% to $198.9 million, driven by disciplined pricing, cost management, and favorable mix, despite macroeconomic and sector pressures.
Organic volume increased 2% year-over-year, led by growth in crop productivity, oil field, Tier 2/3 customers, Polymers, and Specialty Products, with successful commissioning of the Pasadena, TX facility.
Positive free cash flow and improved net leverage ratio from 2.8x to 2.5x year-over-year, supported by asset optimization and working capital management.
Announced closure of Fieldsboro, NJ, and decommissioning of assets at Millsdale and Stalybridge to improve cost structure and utilization.
Financial highlights
Q4 2025 adjusted net loss was $0.5 million; reported net income was $5 million, up 49% year-over-year due to asset sale gains and non-recurring items.
Q4 adjusted EBITDA was $33.8 million, down 3% from prior year; Q4 EBITDA was $43.3 million, up 21% year-over-year.
Full-year reported net income was $46.9 million, down 7% year-over-year; adjusted net income was $41.7 million, down 17%.
Full-year EBITDA increased 11% to $208 million; adjusted EBITDA up 6% to $198.9 million.
Cash from operations in 2025 was $148 million; free cash flow was $25.4 million.
Outlook and guidance
Expect adjusted EBITDA growth and positive free cash flow in 2026, with H2 performance stronger due to margin recovery, Project Catalyst savings, and anticipated demand rebound.
Project Catalyst to deliver $60 million pre-tax savings in 2026, offsetting inflationary pressures; total $100 million targeted over two years.
Q1 2026 impacted by historic weather, with $6 million EBITDA loss, but at least half expected to be recovered in subsequent quarters.
CapEx guidance for 2026 is $105–$115 million, with effective tax rate expected to rise to 25–27% due to new US tax legislation.
Project Catalyst net savings after inflation in 2026
Surfactants margin recovery from oleochemicals
Resource allocation for strategic growth vs. commodity
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Next Stepan Company earnings date
Q1 202628 Apr, 2026
Stepan Company
Next Stepan Company earnings date
Q1 202628 Apr, 2026
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Frequently asked questions
Stepan Company, produces and sells specialty and intermediate chemicals to other manufacturers for use in various end products worldwide. The company offers surfactants for use in detergents, degreasers, wetting agents, emulsifiers, shampoos and conditioners, toothpaste, topical medications, paints and coatings, agricultural products, textile fiber finishes, industrial cleaners and specialized applications; polymer additives comprising lubricating oils for use in automotive engine oils; and various compounds derived from natural oils used as liquid or powder flavoring extracts. It also provides polymers used in road construction; and water purification media. Stepan Company was founded in 1932 and is headquartered in Northbrook, Illinois.
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