01—Abstract
Summary
Summary of the 10-K filed February 20, 2026. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V.
(LYB) reported a net loss of $738 milliona for 2025 compared with net income of $1,367 million in 2024, driven by non-cash impairment charges and weaker petrochemical margins. Revenues fell to $30.15 billion from $33.39 billion, with operating loss of $420 million versus operating income of $1,918 million the prior year. Goodwill impairments of $972 million and other impairments of $279 million, mainly in the O&P-EAI and APS segments, weighed on results.
Cash provided by operating activities was $2.26 billionb, capital expenditures were $1.88 billion, and dividends paid totaled $1.76 billion. Management announced a 2026 plan to sell select European olefins and polyolefins assets, with closing expected in the second quarter of 2026 and an expected loss of approximately $700 million to $900 million. The company also declared a quarterly dividend of $0.69 per share in February 2026, a $0.68 reduction from the fourth-quarter 2025 dividend.
A cash improvement plan achieved $800 millionc in annualized savings relative to the 2025 plan, with a further $500 million targeted for 2026, for a cumulative target of $1.3 billion. At year-end, the company held cash and cash equivalents of $3.44 billion and total debt of $12.94 billion, with $4.65 billion of unused credit availability.
The 2026 capital budget is approximately $1.2 billiond, of which about $800 million is for sustaining maintenance. The company also updated its sustainability goals, including a target of 800 thousand metric tons of recycled and renewable-based polymers annually by 2030.
02—Key points
Key Highlights
- Net loss of $738 million in 2025 versus net income of $1,367 million in 2024; operating loss of $420 million versus operating income of $1,918 million.
- Revenues decreased to $30.15 billion from $33.39 billion, with lower average sales prices and lower sales volumes cited as drivers.
- Non-cash impairments totaled $1,251 million in 2025, including $1,182 million recognized in Q3 2025 for O&P-EAI and APS segments.
- Operating cash flow of $2.26 billion and capital expenditures of $1.88 billion; dividends paid of $1.76 billion.
- Quarterly dividend cut to $0.69 per share declared in February 2026, a $0.68 reduction from the Q4 2025 dividend.
- Agreement to sell select European olefins and polyolefins assets, expected to close in Q2 2026, with expected loss of approximately $700 million to $900 million.
- Cash improvement plan achieved $800 million in annualized savings; additional $500 million targeted for 2026, for a cumulative $1.3 billion.
03—One dollar
Follow one dollar
For each $1.00 of revenue in FY2025, LyondellBasell Industries lost $0.02.
- Revenue$30.15B100.0%
- Cost of revenue−$27.58B91.5%
- Gross profit$2.58B8.5%
- Operating costs−$3.00B9.9%
- Operating income−$420.0M1.4%
- Interest, other & tax−$318.0M1.1%
- Net income−$738.0M2.4%
04—Financials
Financial Highlights
Figures from 10-KFY2025filed February 20, 2026Financial Statements
FY2025 against FY2024
| Line item | FY2025FY2024 | Change |
|---|---|---|
| Revenue | $30.15B$33.39B | −9.7% |
| Cost of Revenue | $27.58B$28.75B | −4.1% |
| Gross Profit | $2.58B$4.64B | −44.5% |
| R&D Expenses | $136.00M$135.00M | +0.7% |
| SG&A Expenses | $1.61B$1.64B | −1.9% |
| Operating Expenses | $30.57B$31.48B | −2.9% |
| Operating Income | -$420.00M$1.92B | −121.9% |
| Net Income | -$738.00M$1.37B | −154.0% |
| EPS (Basic) | $-2.34$4.16 | −156.2% |
| EPS (Diluted) | $-2.34$4.15 | −156.4% |
05—Questions
Frequently Asked Questions
Why did LyondellBasell report a net loss in 2025?
The filing attributes the 2025 results primarily to non-cash impairment charges recognized in the O&P-EAI and APS segments, together with weaker petrochemical margins, lower average sales prices and lower volumes. Net loss was $738 million, compared with net income of $1,367 million in 2024.
Why was the dividend reduced?
In February 2026 the company declared a quarterly dividend of $0.69 per share, a $0.68 reduction from the fourth-quarter 2025 dividend. The filing states that dividends are balanced against the company's commitment to maintain an investment grade balance sheet.
What is the status of the European asset sale?
The company entered into a sale and purchase agreement in October 2025 for select European olefins and polyolefins assets in Berre l'Etang, Münchsmünster, Carrington and Tarragona. Closing is expected in the second quarter of 2026, with an anticipated loss on sale of approximately $700 million to $900 million.
How strong is the company's liquidity?
At December 31, 2025, cash and cash equivalents totaled $3,443 million and total debt, including current maturities, was $12,938 million. Unused credit availability was $4,650 million, including $3,750 million under the Senior Revolving Credit Facility and $900 million under the U.S. Receivables Facility.
What are the 2026 capital spending plans?
The company plans capital expenditures of approximately $1.2 billion in 2026, of which about $800 million is for sustaining maintenance. It is delaying the Flex-2 project at Channelview and other capital projects, while continuing to invest in the MoReTec-1 recycling plant.
06—Continue