Huntsman Announces Second Quarter 2025 Earnings
Second Quarter Highlights
Second quarter 2025 net loss attributable to Huntsman of $158 million compared to net income of $22 million in the prior year period; second quarter 2025 diluted loss per share of $0.92 compared to diluted income per share $0.13 in the prior year period.
Second quarter 2025 adjusted net loss attributable to Huntsman of $34 million compared to adjusted net income of $24 million in the prior year period; second quarter 2025 adjusted diluted loss per share of $0.20 compared to adjusted diluted income per share of $0.14 in the prior year period.
Second quarter 2025 adjusted EBITDA of $74 million compared to $131 million in the prior year period.
Second quarter 2025 net cash provided by operating activities from continuing operations was $92 million. Free cash flow from continuing operations was $55 million for the second quarter 2025 compared to free cash flow of $5 million in the prior year period.
Three months ended
Six months ended
June 30,
June 30,
In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,458
$ 1,574
$ 2,868
$ 3,044
Net (loss) income attributable to Huntsman Corporation
$ (158)
$ 22
$ (163)
$ (15)
Adjusted net (loss) income(1)
$ (34)
$ 24
$ (53)
$ 13
Diluted (loss) income per share
$ (0.92)
$ 0.13
$ (0.94)
$ (0.09)
Adjusted diluted (loss) income per share(1)
$ (0.20)
$ 0.14
$ (0.31)
$ 0.08
Adjusted EBITDA(1)
$ 74
$ 131
$ 146
$ 212
Net cash provided by (used in) operating activities from continuing operations
$ 92
$ 55
$ 21
$ (8)
Free cash flow from continuing operations(2)
$ 55
$ 5
$ (52)
$ (100)
See end of press release for footnote explanations and reconciliations of non-GAAP measures.
THE WOODLANDS, Texas, July 31, 2025 /PRNewswire/ -- Huntsman Corporation (NYSE:HUN) today reported second quarter 2025 results with revenues of $1,458 million, net loss attributable to Huntsman of $158 million, adjusted net loss attributable to Huntsman of $34 million and adjusted EBITDA of $74 million.
Peter R. Huntsman, Chairman, President, and CEO, commented:
"The second quarter played out largely as expected as lower global construction and industrial activity pressured our volumes. The seasonal uplift in construction demand we typically experience in the second quarter was muted in 2025 and we do not believe that these trends will change in a meaningful way in the third quarter. With our current returns, we have taken decisive actions to reduce costs and restructure, including the closure of our European Maleic Anhydride facility in Moers, Germany as well as other downstream facilities in both Europe and North America. The restructuring that we started at the end of 2024 has expanded in 2025 and will ultimately reduce our global workforce by nearly 10%, with our European region experiencing the largest reduction. Through our cash management activities, we generated positive cash flow during the second quarter. As we have stated in the past, protecting the balance sheet remains a priority in addition to focusing on cash generation as we navigate the Company through the current environment."
Segment Analysis for 2Q25 Compared to 2Q24
Polyurethanes
The decrease in revenues in our Polyurethanes segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower average selling prices and lower sales volumes. MDI average selling prices decreased primarily due to less favorable supply and demand dynamics. Sales volumes decreased primarily due to lower demand in construction-related markets and the scheduled turnaround at our Rotterdam, the Netherlands manufacturing facility during the second quarter of 2025. The decrease in segment adjusted EBITDA was primarily due to the impacts of lower average selling prices, lower sales volumes, inventory reductions and lower equity earnings from our minority-owned joint venture in China, partially offset by lower raw materials costs and lower fixed costs.
Performance Products
The decrease in revenues in our Performance Products segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower sales volumes. Average selling prices remained relatively flat as a decrease in selling prices was mostly offset by favorable sales mix. Sales volumes decreased primarily due to lower operating rates at our Moers, Germany facility and softer market conditions, partially offset by share gains. The decrease in segment adjusted EBITDA was primarily due to lower sales revenue and an unfavorable impact from inventory reductions, partially offset by lower variable direct costs and lower other fixed costs.
Advanced Materials
The decrease in revenues in our Advanced Materials segment for the three months ended June 30, 2025 compared to the same period of 2024 was primarily due to lower average selling prices and lower sales volumes. Average selling prices decreased primarily due to unfavorable sales mix, partially offset by the positive impact of major foreign currency exchange rate movements against the U.S. dollar. Sales volumes decreased primarily due to reduced demand in our coatings and aerospace markets. The decrease in segment adjusted EBITDA was primarily due to lower average selling prices and lower sales volumes.
Liquidity and Capital Resources
During the three months ended June 30, 2025, our free cash flow from continuing operations was $55 million as compared to $5 million in the same period of 2024. As of June 30, 2025, we had approximately $1.3 billion of combined cash and unused borrowing capacity.
During the three months ended June 30, 2025, we spent $37 million on capital expenditures from continuing operations as compared to $50 million in the same period of 2024. During 2025, we expect to spend between approximately $180 million to $190 million on capital expenditures.
Income Taxes
In the second quarter of 2025, our effective tax rate was -5% and our adjusted effective tax rate was not meaningful.
Earnings Conference Call Information
We will hold a conference call to discuss our second quarter 2025 financial results on Friday, August 1, 2025, at 10:00 a.m. ET.
Webcast link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=5R7ztW5k
Participant dial-in numbers:Domestic callers: (877) 402-8037International callers: (201) 378-4913
The conference call will be accompanied by presentation slides that will be accessible via the webcast link and Huntsman's investor relations website, www.huntsman.com/investors. Upon conclusion of the call, the webcast replay will be accessible via Huntsman's website.
Upcoming ConferencesDuring the third quarter 2025, a member of management is expected to present at:Mizuho's Industrial & Chemicals Conference, August 13, 2025UBS Global Materials Conference, September 3, 2025Jefferies Industrial Conference, September 4, 2025
A webcast of the presentation, if applicable, along with accompanying materials will be available at www.huntsman.com/investors.
Table 1, Results of Operations
Three months ended
Six months ended
June 30,
June 30,
In millions, except per share amounts
2025
2024
2025
2024
Revenues
$ 1,458
$ 1,574
$ 2,868
$ 3,044
Cost of goods sold
1,276
1,331
2,485
2,600
Gross profit
182
243
383
444
Operating expenses:
Selling, general and administrative
160
176
326
352
Research and development
33
33
65
64
Restructuring, impairment and plant closing costs
124
4
125
15
Loss (gain) on acquisition of assets, net
-
1
(5)
(51)
Prepaid asset write-off
-
-
-
71
Income associated with litigation matter, net
-
-
(33)
-
Other operating income, net
(15)
(5)
(17)
(3)
Total operating expenses
302
209
461
448
Operating (loss) income
(120)
34
(78)
(4)
Interest expense, net
(21)
(20)
(40)
(39)
Equity in (loss) income of investment in unconsolidated affiliates
(2)
18
(1)
37
Other income, net
4
12
7
14
(Loss) income from continuing operations before income taxes
(139)
44
(112)
8
Income tax (expense) benefit
(7)
(13)
(22)
7
(Loss) income from continuing operations
(146)
31
(134)
15
Income from discontinued operations, net of tax
1
7
-
-
Net (loss) income
(145)
38
(134)
15
Net income attributable to noncontrolling interests
(13)
(16)
(29)
(30)
Net (loss) income attributable to Huntsman Corporation
$ (158)
$ 22
$ (163)
$ (15)
Adjusted EBITDA(1)
$ 74
$ 131
$ 146
$ 212
Adjusted net (loss) income (1)
$ (34)
$ 24
$ (53)
$ 13
Basic (loss) income per share
$ (0.92)
$ 0.13
$ (0.94)
$ (0.09)
Diluted (loss) income per share
$ (0.92)
$ 0.13
$ (0.94)
$ (0.09)
Adjusted diluted (loss) income per share(1)
$ (0.20)
$ 0.14
$ (0.31)
$ 0.08
Common share information:
Basic weighted average shares
173
172
173
172
Diluted weighted average shares
173
173
173
172
Diluted shares for adjusted diluted (loss) income per share
173
173
173
173
See end of press release for footnote explanations.
Table 2, Results of Operations by Segment
Three months ended
Six months ended
June 30,
(Worse) /
June 30,
(Worse) /
In millions
2025
2024
better
2025
2024
better
Segment revenues:
Polyurethanes
$ 932
$ 1,001
(7 %)
$ 1,844
$ 1,927
(4 %)
Performance Products
270
299
(10 %)
527
590
(11 %)
Advanced Materials
264
279
(5 %)
513
540
(5 %)
Total reportable segments' revenues
1,466
1,579
(7 %)
2,884
3,057
(6 %)
Intersegment eliminations
(8)
(5)
n/m
(16)
(13)
n/m
Total revenues
$ 1,458
$ 1,574
(7 %)
$ 2,868
$ 3,044
(6 %)
Segment adjusted EBITDA(1):
Polyurethanes
$ 31
$ 80
(61 %)
$ 73
$ 119
(39 %)
Performance Products
32
46
(30 %)
62
88
(30 %)
Advanced Materials
45
52
(13 %)
81
95
(15 %)
n/m = not meaningful
See end of press release for footnote explanations.
