Olin (OLN) Q3 2026 earnings summary

Executive summary

• Q3 2026 sales were $1,747.7M vs. $1,713.2M YoY; net income attributable to shareholders was $14.4M, or $0.13 diluted EPS, vs. $42.8M, or $0.37.

• Adjusted EBITDA was $191.4M vs. $222.4M YoY; normal operations were restored at VCM assets.

• Shareholders approved the Huntsman merger; closing is expected in Q1 2027, subject to remaining regulatory approvals and customary conditions.

Financial highlights

• Q3 operating income was $59.2M vs. $82.8M YoY; income before taxes was $17.1M vs. $41.5M.

• Nine-month sales were $5,072.6M vs. $5,115.7M; net loss was $81.9M vs. net income of $42.9M, and adjusted EBITDA was $468.9M vs. $584.1M.

• Nine-month operating cash flow was $69.7M vs. $153.0M; capital expenditures were $106.6M vs. $163.5M.

• Cash taxes were ~$10M; Beyond250 savings of $110M–$120M remain on track for 2026.

Outlook and guidance

• Q4 2026 adjusted EBITDA guidance is $80M–$100M.

• Q4 outlook reflects seasonality, elevated year-end chemical customer destocking, higher feedstock costs, subsidized Asian exports, weak European epoxy demand, planned maintenance and lower commercial ammunition demand.

• FY2026 assumptions: capital spending ~$200M, D&A ~$470M, net interest expense ~$175M, book tax rate 15%–25% and cash taxes ~$10M.

• Year-end 2026 net debt is expected above year-end 2025, with leverage targeted at ~5x or higher, partly due to legacy litigation payments and merger costs.