Huntsman Adjusted EBITDA Reaches $132 Million in Third Quarter

The Tip Desk · November 3, 2026 · 3 min read

The chemical maker posted $1,717 million of third-quarter revenue, $7 million of adjusted net income and $82 million of free cash flow as it moved toward an Olin close.

Huntsman Corporation (HUN) reported third-quarter 2026 revenue of $1,717 million, up 18% from $1,460 million a year earlier, as adjusted EBITDA reached $132 million and the company swung to $7 million of adjusted net income, or $0.04 a share, from an adjusted net loss of $5 million, or $0.03 a share, in the year-ago period.

The global chemical manufacturer still posted a GAAP net loss attributable to Huntsman of $18 million, or $0.10 a share, compared with a $25 million loss, or $0.14 a share, a year earlier.

The quarter marked a turn from the first two periods of 2026. Revenue had been $1,420 million in the first quarter and $1,663 million in the second. Adjusted EBITDA had been $73 million and $120 million. Free cash flow had been a $91 million use in the first quarter and a $90 million use in the second; in the third quarter it was $82 million. Net cash from continuing operations was $115 million after a $53 million use in the first quarter and a $60 million use in the second.

Chairman, President and Chief Executive Officer Peter R. Huntsman said year-over-year improvement was driven by higher volumes, stronger margins and cost savings, and that better results and cash flow are expected to reduce net debt leverage to approximately 4 times by year-end.

Polyurethanes carried the largest share of the lift. Segment revenue was $1,152 million, up 21% from $956 million a year earlier, which the company attributed primarily to higher average selling prices and higher sales volumes. MDI average selling prices increased across all three regions, the company said, on improved supply and demand dynamics and higher raw-material costs, with MDI volumes up in the Americas and Europe. Polyurethanes adjusted EBITDA was $75 million, up 56% from $48 million, on those prices and volumes, higher equity earnings from a minority-owned joint venture in China and cost savings, partly offset by higher raw-material costs.

Advanced Materials revenue was $314 million, up 18% from $265 million, on higher sales volumes and higher average selling prices, with volumes up primarily in aerospace, automotive and power markets. Segment adjusted EBITDA was $62 million, up 41% from $44 million, primarily on higher sales volumes.

Performance Products revenue was $260 million, up 6% from $246 million, attributed primarily to higher average selling prices from raw-material and logistics costs and favorable mix, with sales volumes relatively unchanged. Segment adjusted EBITDA was $31 million, up 7% from $29 million, on higher prices and improved margins.

Combined-segment revenue rose 18% year over year, with average selling price contributing 15 percentage points and volume 3 percentage points. Gross profit was $237 million versus $204 million a year earlier. Operating income was $39 million versus $6 million.

Capital expenditures were $33 million in the quarter versus $43 million a year earlier. The company said 2026 capital expenditures are expected to be approximately $160 million. Cash was $359 million at September 30, 2026, and combined cash and unused borrowing capacity was approximately $0.9 billion. Net debt excluding affiliates was $1,684 million.

On August 25, 2026, shareholders approved the merger of equals with Olin Corporation. The company said it received regulatory clearance in multiple jurisdictions, including the United States in September, and now expects the merger to close in the first quarter of 2027. Once complete, the combined company will trade under NYSE: OHN.