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LyondellBasell IndustriesLYB

Legal name
LyondellBasell Industries N.V.
Sector
Industrial
Industry
Industrial Organic Chemicals
Exchange
NYSE

Stock Price $LYB

Latest filings

You are here#22 of 25 in Materials by market cap

Filing record · 2016–202610-K1110-Q338-K127

LYB filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 127 current reports (8-K) between 2016 and 2026.

  1. Deal closed8-K · Aug ’18Aug ’18
  2. Material agreement8-K · Apr ’20Apr ’20
  3. Restructuring8-K · Apr ’22Apr ’22
  4. Material agreement8-K · Nov ’25Nov ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  15. $30.15B
YoY changeLargest recent move+66.4%in FY21Latest −9.7%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

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All LYB Financial Metrics64 metrics

Income Statement16

Balance Sheet28

Cash Flow15

Per Share5

02—Overview

LyondellBasell Industries Financial Overview 2021–2025

Updated Nov 4, 2026

LyondellBasell went from earning $5.62 billiona in FY2021 to losing $738 million in FY2025. That is a swing of more than $6.3 billion, and it frames the whole story. This is a cyclical chemicals producer whose earnings have collapsed, and management is now repairing the balance sheet instead of pushing growth.

The long-term arc is blunt. Revenue fell from $46.17 billion in FY2021 to $30.15 billionb in FY2025. Diluted EPS slid from $16.75 to -$2.34. The FY2025 loss came from an operating loss of $420 million, driven by $1.25 billion of non-cash impairments, including $972 million of goodwill. Cash flow tells the same story. Operating cash flow of $2.26 billion did not cover $1.88 billion of capital spending plus $1.76 billion of dividends. The board responded in February 2026 by cutting the quarterly dividend by $0.68 to $0.69 per share.

The balance sheet is stable but no longer improving. Year-end FY2025 debt was $12.94 billionc, against $3.44 billion of cash and $4.65 billion of unused credit. A cash improvement plan delivered $800 million of annualized savings, with another $500 million targeted for 2026. The market priced in the damage. At the close of FY2025, shares traded at $43.30, a market cap of $13.9 billion. With negative earnings, no meaningful P/E existed. Investors were paying for a recovery that the FY2025 results had not yet delivered.

Recent Developments (Q2 and Q3 2026)

Supply constraints from the Middle East conflict lifted earnings. Net income reached $559 milliond in Q2 2026 on $9.18 billion of revenue, then $758 million in Q3 2026, against a $890 million loss in Q3 2025. Revenue slipped 7% sequentially to $8.50 billion as prices eased. Excluding identified items, EBITDA fell from $2.13 billion to $1.51 billion, and O&P-Americas EBITDA dropped to $641 million from $1.18 billion. The company took a $734 million pre-tax loss selling European olefins assets, and it agreed to sell Houston Refining to Valero for $321 million. Shareholders also approved a buyback of up to 34 million shares, though none were repurchased through September.

Bulls point to $2.20 billione of nine-month operating cash flow and $7.69 billion of liquidity. Bears note the stock closed at $68.64 on October 29, 2026, a $22.1 billion market cap, while trailing EPS was still -$2.34, so no P/E applies and the price rests on margins that management expects to fade into 2027.

What to watch: Q4 operating rates, with European O&P guided to 60%; closing of the Houston Refining sale

03—Filings

Recent SEC Filings

  1. 8-KLyondellBasell Industries 8-K Report, Financial Results (Oct 30, 2026)LyondellBasell Industries N.V. reported third quarter 2026 results on October 30, 2026 (Exhibit 99.1 press release, Exhibit 99.2 segment discussion). Net income was $758 million, or $2.32 per diluted share, compared with $559 million ($1.71 per diluted share) in the second quarter of 2026 and a net loss of $890 million ($(2.77) per diluted share) in the third quarter of 2025. Excluding identified items, net income was $828 million ($2.54 per diluted share). EBITDA was $1,420 million, or $1,512 million excluding identified items. Identified items in the quarter included site closure costs of $77 million, mainly related to the closure of a European propylene oxide joint venture. Sales and other operating revenues were $8,499 million, down from $9,177 million in the prior quarter. Management attributed the sequential decline in profitability in the O&P-Americas segment to lower polymer and olefin prices, while the Intermediates & Derivatives segment delivered materially higher profitability, largely from oxyfuels. Cash and cash equivalents were $3,227 million at quarter end, and total liquidity was $7,685 million. Capital expenditures were $303 million and dividends paid were $224 million. For the fourth quarter, the company expects operating rates of 85% for North American O&P assets, 60% for European O&P assets and 75% for Intermediates & Derivatives assets, and a seasonal release of working capital. Management said conditions in the Middle East are likely to remain fluid, with a return to pre-conflict conditions expected to be non-linear and take longer than anticipated. Separately, on October 29, 2026, the company agreed to sell its wholly owned subsidiary Houston Refining, L.P., which owns the former Houston refinery site and related assets, to a subsidiary of Valero Energy Corporation for $320.5 million. The sale is expected to close in the fourth quarter of 2026, subject to regulatory and other customary closing conditions.
  2. 8-KLyondellBasell Industries 8-K Report, Financial Results (Jul 31, 2026)LyondellBasell Industries N.V. (LYB) reported second quarter 2026 results on July 31, 2026, with net income of $559 million, or $1.71 per diluted share, compared with $125 million ($0.38 per diluted share) in the first quarter of 2026 and $115 million ($0.34 per diluted share) in the second quarter of 2025. Excluding identified items, net income was $1.40 billion, or $4.30 per diluted share. EBITDA was $1.25 billion, or $2.13 billion excluding identified items. The largest identified item was a $734 million pre-tax loss on the sale of business, tied to the May 2026 divestiture of select European olefins and polyolefins assets. Management attributed the improvement to supply-constrained market conditions following geopolitical instability, particularly in the Middle East, which lifted polymer margins and co-product pricing, especially in O&P-Americas, where EBITDA was $1.18 billion. Cash generation and liquidity were also in focus. The company generated $752 million in cash from operating activities, though working capital was a use of cash. It included a $310 million cash contribution tied to completing the European divestiture. Capital expenditures were $270 million, and dividends totaled $224 million, with no share repurchases in the quarter. Cash and cash equivalents were $2.63 billion, and total liquidity was $7.09 billion at June 30, 2026. The company said it remains on target to deliver $500 million of incremental cash through its Cash Improvement Plan by the end of 2026. For the third quarter, LYB expects operating rates of 85% for North American O&P assets, 70% for European O&P assets, and 85% for Intermediates & Derivatives assets. Management noted that the recovery in conflict-impacted supply could extend into 2027, and that a scheduled note maturity will be repaid in September.
  3. 8-KLyondellBasell Industries 8-K Report, Material Agreement (May 29, 2026)LyondellBasell Industries N.V. (LYB) reported in a Form 8-K filed May 29, 2026 that certain subsidiaries entered into an Eighth Amendment to Receivables Purchase Agreement for its structured accounts receivable facility, originated in September 2012 (the "Receivables Facility"). The amendment is effective June 26, 2026. It involves Lyondell Chemical Company as servicer, LYB Receivables LLC, a bankruptcy-remote special purpose entity wholly owned by the company, as seller, and Mizuho Bank, Ltd. as Administrator and LC Bank, along with conduit purchasers, committed purchasers, LC participants, and purchaser agents. The amendment extends the facility's term to June 25, 2027 and reduces the maximum amount available under it from $900 million to $700 million. It also makes certain updates to align the facility with the company's senior unsecured revolving credit facility. The filing states that no other terms of the Receivables Facility have changed materially, and that as of May 29, 2026, there were no trade receivable purchases or letters of credit outstanding under the facility. The filing is primarily a disclosure of a material definitive agreement and a related direct financial obligation under Items 1.01 and 2.03. The full amendment is filed as Exhibit 10.1, and the summary in the report is qualified by reference to that exhibit.
  4. 8-KLyondellBasell Industries 8-K Report, Executive Changes (May 22, 2026)LyondellBasell Industries N.V. (LYB) reported in this Form 8-K, filed in connection with its annual general meeting of shareholders held May 22, 2026, that shareholders approved an amended and restated LyondellBasell Industries Long Term Incentive Plan. The amendments authorize an additional 8,000,000 ordinary shares for issuance under the Plan and cap annual grants to any individual non-executive director at $2 million in aggregate grant-date fair value. The Company also reported that shareholders approved a new share repurchase program authorizing repurchases of up to 10% of issued share capital as of the meeting date, or 34,042,250 shares, running until November 22, 2027. At the meeting, shareholders representing 285,156,235 shares, or approximately 88.34% of shares entitled to vote, were present in person or by proxy. All 12 director nominees were elected to serve until the 2027 annual general meeting, though several received substantial AGAINST or WITHHOLD votes, with Jacques Aigrain receiving 11,723,053 AGAINST votes. Shareholders also approved the Dutch statutory annual accounts for 2025, the appointment of PricewaterhouseCoopers N.V. as Dutch statutory auditor and PricewaterhouseCoopers LLP as independent registered public accounting firm for 2026, the discharge of directors from liability, the advisory say-on-pay resolution, and the cancellation of treasury shares. For investors, the most significant items are the expanded equity incentive pool, the new buyback authorization of up to 34,042,250 shares, and the board-level compensation cap. The filing states that repurchases will depend on market and other conditions and that the program may be suspended or discontinued at any time, with no obligation to acquire any particular number of shares. Full plan terms are described in the April 10, 2026 proxy statement and the plan text is filed as Exhibit 10.1.
  5. 8-KLyondellBasell Industries 8-K Report, Financial Results (May 1, 2026)LyondellBasell Industries N.V. (LYB) reported first quarter 2026 net income of $125 million, or $0.38 per diluted share, and EBITDA of $568 million. Excluding identified items, net income was $163 million ($0.49 per diluted share) and EBITDA was $615 million, compared with $0.33 per diluted share excluding identified items and $576 million of EBITDA excluding identified items in the first quarter of 2025. Management attributed the sequential improvement to the Middle East war, which it said has steepened the global petrochemical cost curve. The Olefins and Polyolefins-Americas segment's EBITDA rose to $327 million from $162 million in the prior quarter, while Olefins and Polyolefins-EAI remained negative at $(35) million. The company used $269 million of cash in operations during the quarter, spent $269 million on capital expenditures and paid $224 million in dividends, ending with $2.6 billion in cash and $7.3 billion in total liquidity. The filing also reports completion of the sale of select European olefins and polyolefins assets and the associated business to AEQUITA, under a sale and purchase agreement dated October 29, 2025. Management said the divestiture is expected to improve average European margins and reduce costs in the second quarter, even though it lowers volumes. For the second quarter, management expects significant sequential improvement across almost all businesses, further North American margin expansion, and operating rates of 80% for European O&P assets and 75% for Intermediates and Derivatives. The Bayport PO/TBA outage that began in March and a delayed restart of the La Porte acetyls assets weighed on Intermediates and Derivatives results. Management also flagged ongoing geopolitical uncertainty and price volatility as risks to the outlook.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.