Huntsman Q3 Revenue Rises 18% as Adjusted EBITDA Reaches $132 Million

Huntsman Corporation (HUN ) reported third-quarter 2026 results on November 2, 2026, in its quarterly earnings release. Revenue for the quarter ended September 30, 2026 was $1.717 billion in U.S. dollars, up 18% from $1.460 billion a year earlier, while adjusted EBITDA increased to $132 million from $94 million.

Net loss attributable to Huntsman was $18 million, compared with $25 million in the prior-year period, and diluted loss per share was $0.10 versus $0.14. Adjusted net income attributable to Huntsman was $7 million, compared with an adjusted net loss of $5 million. Adjusted diluted income per share was $0.04, versus an adjusted diluted loss per share of $0.03.

Huntsman calculates adjusted EBITDA from net income or loss by excluding net income attributable to noncontrolling interests, net interest expense, income taxes, depreciation and amortization, amortization of pension and postretirement actuarial losses, and restructuring, impairment, plant-closing and transition costs, along with other reconciliation items. Adjusted net income and adjusted diluted per-share results remove the after-tax effects of specified items, including noncontrolling interests, pension actuarial-loss amortization and restructuring costs.

Peter R. Huntsman, chairman, president and CEO, said: “Year-over-year improvement was driven by higher volumes, stronger margins, and cost savings.”

Polyurethanes revenue was $1.152 billion, compared with $956 million a year earlier, while segment adjusted EBITDA was $75 million, compared with $48 million. The revenue increase primarily reflected higher average selling prices and sales volumes. MDI prices increased across all three regions due to improved supply-and-demand dynamics and higher raw-material costs, while MDI volumes rose in the Americas and Europe. Huntsman attributed the adjusted EBITDA increase to prices, volumes, equity earnings from its minority-owned Chinese joint venture and cost-optimization savings, partly offset by higher raw-material costs.

Performance Products revenue was $260 million, compared with $246 million, and adjusted EBITDA was $31 million, compared with $29 million. Volumes remained relatively unchanged. Higher average selling prices primarily reflected higher raw-material and logistics costs and favorable sales mix, while the adjusted EBITDA increase reflected higher prices and improved margins.

Advanced Materials revenue was $314 million, compared with $265 million, and adjusted EBITDA was $62 million, compared with $44 million. Volumes increased primarily in aerospace, automotive and power markets, while favorable sales mix supported higher average selling prices. Higher volumes drove the segment’s adjusted EBITDA increase.

Net cash provided by operating activities from continuing operations was $115 million, compared with $200 million in the prior-year quarter. Free cash flow was $82 million, compared with $157 million. Huntsman defines free cash flow as net cash provided by or used in operating activities less capital expenditures; the measure is not defined under U.S. GAAP.

Third-quarter capital expenditures were $33 million, compared with $43 million a year earlier. The company forecast approximately $160 million of capital expenditures for full-year 2026.

At September 30, Huntsman had cash of $359 million, net debt excluding affiliates of $1.684 billion and approximately $0.9 billion of combined cash and unused borrowing capacity. The company defines net debt as total debt, including the current portion, minus total cash.

The third-quarter effective tax rate was 108%, while the adjusted effective tax rate was 56%. Huntsman says the adjusted rate excludes items management considers unrepresentative of operational profitability to improve comparability between periods. Peter Huntsman separately forecast that better results and cash flow would reduce net debt leverage to approximately four times by the end of 2026.

Huntsman shareholders approved the planned merger of equals with Olin Corporation (OLN ) on August 25, 2026. Peter Huntsman said the transaction had received regulatory clearance in multiple jurisdictions, including the United States in September 2026, while the companies continued seeking approvals in the remaining jurisdictions.

The companies now expect the merger to close in the first quarter of 2027. Once completed, the combined OlinHuntsman will trade on the NYSE under the ticker OHN. The third-quarter reconciliation included $3 million of expenses associated with the proposed merger.

The release does not name the remaining jurisdictions or provide a more specific closing date.