Key Highlights

  • Revenue rose to USD 1,717 million from USD 1,460 million, and the net loss narrowed to USD 18 million.
  • Adjusted EBITDA increased to USD 132 million from USD 94 million, and adjusted Net Income was USD 7 million.
  • Operating cash flow was USD 115 million, and free cash flow was USD 82 million versus USD 157 million.
  • Shareholders approved the Olin Merger of equals on August 25, with closing now targeted for the first quarter of 2027.

Quarterly Results

Huntsman Corporation (NYSE:HUN) reported third-quarter 2026 revenues of USD 1,717 million, compared with USD 1,460 million a year earlier. The net loss attributable to Huntsman was USD 18 million, or USD 0.10 per diluted share, versus a net loss of USD 25 million, or USD 0.14. Adjusted net income was USD 7 million, or USD 0.04 per diluted share, compared with an adjusted net loss of USD 5 million, or USD 0.03. Adjusted EBITDA rose to USD 132 million from USD 94 million.

By our calculation, adjusted EBITDA Margin was about 7.7% of revenue, up from roughly 6.4% a year earlier, and Revenue grew about 18% year over year.

Net cash provided by Operating Activities from continuing operations was USD 115 million versus USD 200 million, and free cash flow was USD 82 million versus USD 157 million.

Nine-Month View and Segments

For the nine months, revenues were USD 4,800 million versus USD 4,328 million, the net loss narrowed to USD 77 million from USD 188 million, and adjusted EBITDA rose to USD 325 million from USD 240 million. Free cash flow was negative USD 99 million versus positive USD 105 million.

In Polyurethanes, higher average selling prices and sales volumes lifted revenue. MDI prices rose in all three regions on improved Supply and Demand and higher raw material costs, and volumes increased in the Americas and Europe. Segment adjusted EBITDA improved on pricing, volumes, higher Equity Earnings from the minority-owned joint venture in China and savings from the cost optimization program, partly offset by raw material costs. In Performance Products, revenue growth came mainly from higher selling prices driven by raw materials, logistics and mix, with volumes little changed. In Advanced Materials, higher volumes in aerospace, automotive and power markets and favorable mix raised revenue.

Management Commentary

Chairman, president and chief executive Peter Huntsman said the company continues to perform solidly despite significant macroeconomic and industry challenges, with year-over-year improvement driven by higher volumes, stronger margins and cost savings. He projected that better results and cash flow would reduce net Debt Leverage to approximately 4 times by year-end, a significant improvement from the start of the year.

Merger Timetable and Leverage Markers

The merger of equals with Olin Corporation reached several milestones in the quarter, including Shareholder approval on August 25, 2026 and regulatory clearance in multiple jurisdictions, including the United States in September. The company continues to work with remaining jurisdictions and now targets closing in the first quarter of 2027. Once completed, the combined company would trade under a new ticker.

Items to track include the remaining regulatory approvals, free cash flow conversion after a weaker nine-month figure, progress toward the year-end leverage target and pricing in MDI.