Huntsman reports Q4 2025 loss, PU segment hit by pricing and margin pressure

For the quarter ended December 31, 2025, Huntsman posted a net loss of $96 million, an improvement from the $141 million loss in the year-ago period, but still indicative of a challenging operating environment. Adjusted net loss widened to $63 million from $43 million, while adjusted EBITDA slid to $35 million, roughly half of the prior year’s number. Revenues declined about 7% to $1.355 billion.

The company’s Polyurethanes segment, which encompasses MDI and related intermediates critical to rigid and flexible foam markets, saw a year-over-year revenue drop of roughly 8%. Lower average selling prices for MDI weighed on results, though volumes rose modestly in the Americas and Asia. Segment adjusted EBITDA was materially lower, primarily due to compressed MDI margins amid supply-demand imbalances.

Huntsman also recorded a substantial free cash flow decline, generating $20 million in the quarter versus $108 million in Q4 2024, underscoring continued cash-flow challenges. Operating cash flow remained positive at $77 million, and the company exited the year with about $1.3 billion in combined cash and unused borrowing capacity.

CEO Peter R. Huntsman acknowledged progress on cost restructuring and cash generation in 2025, noting nearly $300 million of operating cash flow for the full year, but cautioned that meaningful market improvements may not materialize in the immediate term. The company continues to focus on managing fixed costs, liquidity and balance-sheet discipline while monitoring early signs of recovery in construction and durable-goods markets.

Huntsman’s earnings release and price performance were met with investor caution, as adjusted EPS of -$0.37 missed expectations and shares slid modestly in after-hours trading.

Photo: CEO Peter R. Huntsman (© Huntsman)

Huntsman