Why did LyondellBasell report a net loss for 2025?

The full-year 2025 net loss of $738 million reflected $1,301 million of after-tax identified items, including non-cash asset write-downs of $1,251 million, site closure costs of $153 million, European transaction costs of $36 million, and Cash Improvement Plan costs of $32 million. Management attributed weaker results to headwinds in petrochemical markets, including global trade disruptions, falling oil prices, and capacity additions that outpaced demand growth.

How did results compare excluding identified items?

Excluding identified items, net income for 2025 was $563 million, or $1.70 per diluted share, compared with $2,038 million, or $6.22 per diluted share, in 2024. EBITDA excluding identified items was $2,543 million in 2025 versus $4,185 million in 2024.

What is the status of the Cash Improvement Plan?

The Cash Improvement Plan achieved $800 million in 2025, outperforming its $600 million target by $200 million. The company increased its cumulative target from $1.1 billion to $1.3 billion by the end of 2026, expecting an additional $500 million of cash relative to 2025 actuals.

What is the company's liquidity and capital allocation position?

At year-end 2025, LyondellBasell had total liquidity of $8,099 million, including $3,449 million of cash, restricted cash and liquid investments, plus availability under its $3,750 million senior revolving credit facility and $900 million U.S. receivables facility. In 2025 it returned $1,965 million to shareholders through $1,764 million of dividends and $201 million of share repurchases. The company states that an investment-grade balance sheet remains foundational to its capital allocation strategy.

What is the outlook for the first quarter of 2026?

Management cited tight year-end inventories, reduced supply from winter storm Fern, and stronger seasonal demand as supportive for North American polyethylene price increases. It expects European demand to improve as the quarter progresses and oxyfuel profitability to normalize. The company plans to operate Olefins & Polyolefins Americas assets at approximately 85%, Olefins & Polyolefins EAI assets at approximately 75%, and Intermediates & Derivatives assets at approximately 85%.

LYB 8-K: Earnings & Results

01—Abstract

Summary

Summary of the 8-K filed January 30, 2026. Cited figures are marked; the original filing is the authoritative source.

LyondellBasell Industries N.V.

(NYSE: LYB) reported a fourth-quarter 2025 net loss of $140 million^a, or $0.45 per diluted share, with EBITDA of $345 million ($417 million excluding identified items). For the full year 2025, the company reported a net loss of $738 million, or $2.34 per diluted share, and EBITDA of $1.1 billion ($2.5 billion excluding identified items), compared with net income of $1,367 million in 2024. Identified items, including non-cash asset write-downs of $1,251 million for 2025, site closure costs, and Cash Improvement Plan costs, weighed heavily on reported results.

Excluding these items, full-year diluted EPS was $1.70^b, versus $6.22 in 2024. The company generated $2.3 billion of cash from operating activities in 2025, with 95% cash conversion, and ended the year with $8.1 billion of total liquidity, including $3.4 billion of cash and cash equivalents. It returned $2.0 billion to shareholders through dividends and share repurchases and invested $1.9 billion in capital expenditures.

The Cash Improvement Plan delivered $800 million^c in 2025, and the company raised its cumulative target to $1.3 billion by year-end 2026. Management also cited a planned $1.2 billion capital expenditure budget for 2026 and the planned divestment of four European assets, expected to be completed in the second quarter of 2026.

Management described 2025 as a year of difficult petrochemical markets, citing trade disruptions, falling oil prices, and capacity additions that outpaced demand growth. For the first quarter of 2026, the company expects polyethylene price increase initiatives to be supported by tight inventories and winter storm Fern, and it plans to operate Olefins & Polyolefins Americas assets at approximately 85%^d, Olefins & Polyolefins EAI assets at approximately 75%, and Intermediates & Derivatives assets at approximately 85%.

02—Key points

Key Highlights

Q4 2025 net loss of $140 million ($0.45 per diluted share); $(79) million, or $(0.26) per share, excluding identified items.
Full-year 2025 net loss of $738 million ($2.34 per diluted share), versus net income of $1,367 million in 2024; $1,301 million of after-tax identified items impacted 2025 earnings by $4.04 per diluted share.
Full-year 2025 EBITDA of $1,126 million, or $2,543 million excluding identified items, compared with $3,460 million and $4,185 million, respectively, in 2024.
Asset write-downs of $1,251 million in 2025, including goodwill impairments of $400 million in O&P-EAI and $572 million in APS.
Operating cash flow of $2.3 billion in 2025 with 95% cash conversion; year-end total liquidity of $8,099 million.
Cash Improvement Plan delivered $800 million in 2025, $200 million above its $600 million goal; cumulative target raised from $1.1 billion to $1.3 billion by year-end 2026.
Planned 2026 capital expenditures of $1.2 billion, and divestment of four European assets expected to close in the second quarter of 2026.

03—Questions

Frequently Asked Questions

Why did LyondellBasell report a net loss for 2025?
The full-year 2025 net loss of $738 million reflected $1,301 million of after-tax identified items, including non-cash asset write-downs of $1,251 million, site closure costs of $153 million, European transaction costs of $36 million, and Cash Improvement Plan costs of $32 million. Management attributed weaker results to headwinds in petrochemical markets, including global trade disruptions, falling oil prices, and capacity additions that outpaced demand growth.
How did results compare excluding identified items?
Excluding identified items, net income for 2025 was $563 million, or $1.70 per diluted share, compared with $2,038 million, or $6.22 per diluted share, in 2024. EBITDA excluding identified items was $2,543 million in 2025 versus $4,185 million in 2024.
What is the status of the Cash Improvement Plan?
The Cash Improvement Plan achieved $800 million in 2025, outperforming its $600 million target by $200 million. The company increased its cumulative target from $1.1 billion to $1.3 billion by the end of 2026, expecting an additional $500 million of cash relative to 2025 actuals.
What is the company's liquidity and capital allocation position?
At year-end 2025, LyondellBasell had total liquidity of $8,099 million, including $3,449 million of cash, restricted cash and liquid investments, plus availability under its $3,750 million senior revolving credit facility and $900 million U.S. receivables facility. In 2025 it returned $1,965 million to shareholders through $1,764 million of dividends and $201 million of share repurchases. The company states that an investment-grade balance sheet remains foundational to its capital allocation strategy.
What is the outlook for the first quarter of 2026?
Management cited tight year-end inventories, reduced supply from winter storm Fern, and stronger seasonal demand as supportive for North American polyethylene price increases. It expects European demand to improve as the quarter progresses and oxyfuel profitability to normalize. The company plans to operate Olefins & Polyolefins Americas assets at approximately 85%, Olefins & Polyolefins EAI assets at approximately 75%, and Intermediates & Derivatives assets at approximately 85%.

04—Continue

← View all 8-K filings