01—Abstract
Summary
Summary of the 10-Q filed October 31, 2025. Cited figures are marked; the original filing is the authoritative source.
LyondellBasell Industries N.V. reported a third-quarter 2025 net loss of $890 milliona, compared with net income of $573 million in the third quarter of 2024, driven primarily by non-cash impairment charges of $1,202 million recognized in the O&P-EAI and APS segments.
Goodwill impairments were $972 millionb for the quarter. Sales and other operating revenues were $7,727 million for the quarter versus $8,604 million a year earlier, and $23,062 million for the first nine months of 2025 versus $25,586 million in the prior-year period. For the nine months, net loss was $598 million compared with net income of $1,970 million a year earlier.
Cash flow and capital returns weakened. Net cash provided by operating activities was $755 millionc for the first nine months of 2025, versus $1,904 million in 2024, and capital expenditures were $1,428 million. The company paid $1,321 million in dividends and $201 million for share repurchases.
Cash and cash equivalents declined to $1,784 milliond from $3,375 million at year-end 2024, and total debt including current maturities was $11,856 million. The company ceased operations at its Houston refinery in February 2025, which is now reported as discontinued operations, and in October 2025 entered into a sales agreement for select European olefins and polyolefins assets, with closing expected in the first half of 2026 and an estimated loss on sale of approximately $700 million to $900 million. Management's outlook points to seasonal and operating-rate pressure in the fourth quarter of 2025, including the planned idling of a cracker in Wesseling, Germany and a propylene oxide/styrene monomer unit in Channelview, Texas, each down for about 40 days.
The company expects fourth-quarter operating rates of 80% for O&P-Americas, 60% for European O&P-EAI, and 75% for I&D. The Senior Revolving Credit Facility's maximum leverage ratio was raised through 2027, and share repurchases are now restricted except to offset dilution.
02—Key points
Key Highlights
- Third-quarter 2025 net loss attributable to shareholders of $892 million, versus net income of $571 million in the third quarter of 2024, including $1,202 million of non-cash impairment charges.
- Goodwill impairments of $972 million were recognized in the third quarter of 2025, principally for O&P-EAI ($400 million) and APS ($572 million) segments.
- Nine-month operating cash flow of $755 million, down from $1,904 million, and capital expenditures of $1,428 million.
- Cash and cash equivalents fell to $1,784 million at September 30, 2025, from $3,375 million at December 31, 2024; $3,750 million of revolver availability remained unused.
- Dividends paid of $1,321 million year to date; the Senior Revolving Credit Facility was amended to raise the maximum leverage ratio through 2027 and restrict share repurchases except to offset dilution.
- Agreement signed in October 2025 to sell select European olefins and polyolefins assets, with closing expected in the first half of 2026 and an expected loss on sale of approximately $700 million to $900 million.
- Cash Improvement Plan targets a $600 million run-rate in annualized savings for 2025, and 2025 capital expenditures are planned at approximately $1.7 billion.
03—One dollar
Follow one dollar
For each $1.00 of revenue in Q3 FY2025, LyondellBasell Industries lost $0.12.
- Revenue$7.73B100.0%
- Cost of revenue−$6.82B88.3%
- Gross profit$906.0M11.7%
- Operating costs−$1.64B21.2%
- Operating income−$731.0M9.5%
- Interest, other & tax−$159.0M2.1%
- Net income−$890.0M11.5%
04—Financials
Financial Highlights
Figures from 10-QQ3 FY2025filed October 31, 2025Financial Statements
Q3 FY2025 against Q3 FY2024
| Line item | Q3 FY2025Q3 FY2024 | Change |
|---|---|---|
| Revenue | $7.73B$8.60B | −10.2% |
| Cost of Revenue | $6.82B$7.30B | −6.6% |
| Gross Profit | $906.00M$1.30B | −30.4% |
| R&D Expenses | $34.00M$31.00M | +9.7% |
| SG&A Expenses | $401.00M$400.00M | +0.3% |
| Operating Expenses | $8.46B$7.74B | +9.3% |
| Operating Income | -$731.00M$865.00M | −184.5% |
| Net Income | -$890.00M$573.00M | −255.3% |
| EPS (Basic) | $-2.77$1.76 | −257.4% |
| EPS (Diluted) | $-2.77$1.75 | −258.3% |
05—Questions
Frequently Asked Questions
Why did LyondellBasell report a net loss in the third quarter of 2025?
The net loss of $890 million was driven mainly by non-cash impairment charges totaling $1,202 million, recognized in the O&P-EAI and APS segments, related to a prolonged downturn in the European petrochemical and global automotive industries and a sustained decline in market capitalization.
How did revenue and operating results compare with prior periods?
Third-quarter 2025 sales and other operating revenues were $7,727 million, versus $8,604 million in the third quarter of 2024. Operating loss was $731 million compared with operating income of $865 million a year earlier. For the first nine months, operating loss was $332 million versus operating income of $2,515 million.
What happened to the refining business?
In February 2025, the company ceased business operations at its Houston refinery, and the refining business, previously the Refining segment, is reported as discontinued operations for all periods presented. Discontinued operations also include estimated costs associated with the disposition of the Berre refinery.
How is the company's liquidity and shareholder return position?
Cash and cash equivalents were $1,784 million at September 30, 2025, and total debt including current maturities was $11,856 million. The company was in compliance with its debt covenants, and it had $4,650 million of total unused credit facility availability. Dividends paid for the first nine months totaled $1,321 million, and share repurchases totaled $201 million. Share repurchases are restricted under the amended credit facility except to offset dilution.
What is the outlook for the fourth quarter of 2025?
Management expects year-end seasonality and lower operating rates to affect most businesses, with higher North American natural gas and feedstock costs pressuring integrated polyolefins margins. The company will idle its Wesseling, Germany cracker and a Channelview, Texas propylene oxide/styrene monomer unit in November 2025 for about 40 days each, with expected fourth-quarter operating rates of 80% for O&P-Americas, 60% for O&P-EAI and 75% for I&D.
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