Huntsman Corp
Q3 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: +2.47%.
Did HUN Beat Earnings? Q3 2025 Results
Huntsman Corporation delivered a clearer-than-expected beat in Q3 2025, posting an adjusted loss of just $0.03 per share against a consensus estimate of $0.15, a 79.61% positive surprise, even as the specialty chemicals maker continues to grind through a prolonged cyclical trough. Revenue came in at $1.46 billion, edging past estimates by 1.10% though still down 5.2% year-over-year, with pricing headwinds across the Polyurethanes segment, where MDI selling prices softened on weaker supply-demand dynamics, acting as the primary drag on the top line. The more compelling story was on cash flow, where free cash flow surged to $157 million from $93 million a year ago, powered by aggressive working capital management including $55 million in inventory reductions. That liquidity improvement gave management cover for a 65% dividend cut, resetting the quarterly payout to $0.09 per share to preserve financial flexibility, with executives signaling a restoration once conditions improve and restructuring programs, targeting over $100 million in savings, wrap up in 2026.
- Lower average selling prices across Polyurethanes and Performance Products segments
- MDI average selling prices decreased due to less favorable supply and demand dynamics
- Higher sales volumes in Polyurethanes in Americas and Asia regions partially offset pricing pressure
- Closure of Moers, Germany maleic anhydride facility reduced Performance Products volumes
- Favorable foreign currency exchange rate movements boosted Advanced Materials average selling prices
- Strong working capital management and inventory reductions drove significant free cash flow improvement
- Cost optimization program contributed savings across segments
“As we expected, third quarter fundamentals remained consistent with the first half of the year. Volumes improved compared to the prior year while pricing in some parts of the portfolio remained under pressure. Cash generation and cost control remain top priorities for our Company. Our current restructuring programs, that will likely exceed $100 million in savings, remain on track and are expected to be completed in 2026.”
Huntsman CEO, on the earnings call
Forward Guidance & Outlook
Huntsman expects its restructuring programs, likely exceeding $100 million in savings, to be completed in 2026. Full-year 2025 capital expenditures are expected to be between approximately $170 million to $180 million. The company anticipates returning to a higher dividend payout as soon as industry conditions warrant. Management characterized Q3 fundamentals as consistent with the first half of the year, implying continued challenges from the extended cyclical trough.
HUN YoY Financials
HUN Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.