Huntsman (HUN) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 18% YoY to $1.717B and adjusted EBITDA increased 40% to $132M; net loss narrowed to $18M from $25M.

• Nine-month revenue increased 11% to $4.800B; net loss narrowed to $77M from $188M, while operating cash flow and free cash flow weakened.

• Management expects 2026 EBITDA to exceed 2025 by more than $100M and 2027 to be materially better than 2026.

Financial highlights

• Q3 adjusted net income was $7M versus an adjusted net loss of $5M; adjusted diluted EPS was $0.04 versus a $0.03 loss.

• Q3 gross profit was $237M versus $204M; operating income was $39M versus $6M.

• Nine-month adjusted EBITDA was $325M versus $240M; adjusted net loss was $28M versus $58M.

• Q3 continuing-operations operating cash flow was $115M versus $200M, and free cash flow was $82M versus $157M.

Outlook and guidance

• Q4 adjusted EBITDA guidance: Polyurethanes $35M–$50M, Performance Products $20M–$25M, Advanced Materials $42M–$47M, Corporate ~($40M), total ~$60M–$80M.

• 2026 cost optimization benefits are expected to exceed $50M, excluding inflation; cost realignment had delivered an annualized run-rate benefit above $120M in Q3.

• FY 2026 capital expenditures are expected to be ~$160M; full-year free cash flow is expected to cover dividends, with a substantial Q4 working-capital release.

• Year-end leverage is expected to move toward 4x from 4.7x at Q3 end.

• Q4 assumptions include rising benzene and European natural gas costs, pricing actions, continued savings, weak construction markets and YoY growth in aerospace and power.