Revenue growth remains in a sustained downward trajectory, with a 20.4% year-over-year decline in 2026Q1 and gross margins reaching a low of -3.4% in 2025Q4.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 66.75B | 69.33B | 77.41B | 70.57B | 96.52B | 105.63B | 58.54B | 52.32B | 58B | 49.26B | 47.66B | 47.28B | 46.03B | 40.97B | 35.51B | 33.18B | 25.49B | 15.25B | 17.96B | 17.68B | 12.96B | 13.07B | 12.2B | 10.09B | 8.46B | 4.11B | 3.03B | 1.82B | 1.26B |
| Revenue Growth % | -15.46% | -10.44% | 9.7% | -26.89% | -8.62% | 80.42% | 11.89% | -9.79% | 17.74% | 3.35% | 0.81% | 2.72% | 12.36% | 15.36% | 7.04% | 30.13% | 67.2% | -15.1% | 1.59% | 36.39% | -0.81% | 7.15% | 20.81% | 19.27% | 105.76% | 35.66% | 66.65% | 44.95% | - |
| Cost of Goods Sold | 65.4B | 67.8B | 71.41B | 67.55B | 85.16B | 73.57B | 47.45B | 45.88B | 46.41B | 36.4B | 34.94B | 36.9B | 40.06B | 35.82B | 32.21B | 29.32B | 21.41B | 12.66B | 15.14B | 14.44B | 10.77B | 10.36B | 9.08B | 8.06B | 6.73B | 2.76B | 2.35B | 1.19B | 863.5M |
| COGS % of Revenue | - | 97.8% | 92.25% | 95.72% | 88.23% | 69.65% | 81.05% | 87.68% | 80.01% | 73.89% | 73.31% | 78.05% | 87.02% | 87.43% | 90.7% | 88.37% | 83.98% | 83.06% | 84.31% | 81.68% | 83.06% | 79.25% | 74.46% | 79.81% | 79.5% | 67.05% | 77.6% | 65.31% | 68.79% |
| Gross Profit | 1.35B | 1.53B | 6B | 3.02B | 11.36B | 32.06B | 11.1B | 6.44B | 11.59B | 12.86B | 12.72B | 10.38B | 5.97B | 5.15B | 3.3B | 3.86B | 4.08B | 2.58B | 2.82B | 3.24B | 2.2B | 2.71B | 3.11B | 2.04B | 1.73B | 1.36B | 679.19M | 631.18M | 391.82M |
| Gross Margin % | 2.02% | 2.2% | 7.75% | 4.28% | 11.77% | 30.35% | 18.95% | 12.32% | 19.99% | 26.11% | 26.69% | 21.95% | 12.98% | 12.57% | 9.3% | 11.63% | 16.02% | 16.94% | 15.69% | 18.32% | 16.94% | 20.75% | 25.54% | 20.19% | 20.5% | 32.95% | 22.4% | 34.69% | 31.21% |
| Gross Profit Growth % | - | -74.56% | 98.51% | -73.4% | -64.57% | 188.91% | 72.18% | -44.41% | -9.86% | 1.07% | 22.57% | 73.77% | 16.03% | 55.86% | -14.38% | -5.51% | 58.04% | -8.34% | -12.95% | 47.5% | -19.04% | -12.93% | 52.8% | 17.48% | 27.99% | 99.59% | 7.61% | 61.09% | - |
| Operating Expenses | 3.34B | 5.48B | 4.99B | 4.77B | 5.25B | 4.88B | 4.08B | 6.28B | 3.73B | 3.06B | 6.55B | 2.62B | 2.5B | 2.19B | 2.07B | 1.93B | 868.08M | 2.35B | 1.62B | 1.59B | 1.15B | 1.94B | 2.29B | 1.47B | -113.39M | 1.05B | 239.08M | 207.34M | 181.23M |
| OpEx % of Revenue | - | 7.9% | 6.44% | 6.76% | 5.44% | 4.62% | 6.96% | 11.99% | 6.43% | 6.21% | 13.74% | 5.55% | 5.44% | 5.36% | 5.84% | 5.81% | 3.4% | 15.42% | 9.05% | 8.97% | 8.85% | 14.83% | 18.78% | 14.58% | -1.34% | 25.46% | 7.88% | 11.4% | 14.44% |
| Selling, General & Admin | 4.71B | 4.68B | 4.63B | 4.39B | 4.87B | 4.58B | 3.77B | 4.01B | 3.55B | 2.89B | 2.89B | 2.45B | 2.37B | 2.08B | 1.97B | 1.85B | 1.69B | 1.17B | 1.17B | 1.24B | 949.2M | 786.61M | 650.17M | 469.99M | 893.72M | 132.04M | 138.48M | 96.41M | 74.79M |
| SG&A % of Revenue | - | 6.75% | 5.98% | 6.22% | 5.05% | 4.33% | 6.44% | 7.66% | 6.13% | 5.87% | 6.06% | 5.18% | 5.14% | 5.07% | 5.54% | 5.58% | 6.62% | 7.7% | 6.5% | 7.01% | 7.32% | 6.02% | 5.33% | 4.66% | 10.56% | 3.21% | 4.57% | 5.3% | 5.96% |
| Research & Development | 436M | 450.96M | 463M | 383M | 374M | 297M | 250.65M | 247.73M | 199.82M | 167M | 162.01M | 176.43M | 138.44M | 115.81M | 106.2M | 99.08M | 78.78M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.65% | 0.6% | 0.54% | 0.39% | 0.28% | 0.43% | 0.47% | 0.34% | 0.34% | 0.34% | 0.37% | 0.3% | 0.28% | 0.3% | 0.3% | 0.31% | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 342.33M | -108M | 0 | 0 | 0 | 55.25M | 2.02B | 0 | 0 | 3.5B | 0 | 0 | 0 | 0 | 0 | 0 | -10.5M | 457.6M | 347.57M | 198.42M | 1.15B | 1.64B | 1B | -1.01B | 915.44M | 100.61M | 110.93M | 106.44M |
| Operating Income | -1.99B | -3.95B | 1.01B | -1.75B | 6.11B | 27.18B | 7.02B | 169.09M | 8.3B | 9.36B | 5.95B | 7.05B | 3.57B | 2.74B | 1.54B | 1.93B | 3.21B | 1.98B | 1.19B | 1.65B | 1.05B | 773.82M | 824.52M | 566.7M | 1.85B | 308.1M | 440.11M | 423.84M | 210.59M |
| Operating Margin % | -2.98% | -5.7% | 1.31% | -2.48% | 6.33% | 25.73% | 11.99% | 0.32% | 14.32% | 19% | 12.49% | 14.91% | 7.75% | 6.69% | 4.33% | 5.82% | 12.61% | 12.98% | 6.65% | 9.35% | 8.08% | 5.92% | 6.76% | 5.61% | 21.84% | 7.49% | 14.51% | 23.29% | 16.78% |
| Operating Income Growth % | - | -490.3% | 157.83% | -128.63% | -77.51% | 287.26% | 4051.08% | -97.96% | -11.27% | 57.26% | -15.61% | 97.58% | 30.27% | 78.08% | -20.28% | -39.97% | 62.38% | 65.82% | -27.73% | 57.7% | 35.39% | -6.15% | 45.49% | -69.34% | 499.91% | -29.99% | 3.84% | 101.26% | - |
| EBITDA | 3.15B | 631.35M | 4.77B | 3.46B | 10.85B | 31.36B | 10.28B | 3.8B | 11.38B | 12.39B | 8.81B | 9.17B | 5.63B | 4.8B | 3.46B | 3.65B | 4.82B | 3.04B | 2.46B | 2.96B | 2.07B | 1.77B | 1.77B | 1.39B | 2.16B | 429.43M | 560.08M | 534.77M | 317.03M |
| EBITDA Margin % | 4.72% | 0.91% | 6.16% | 4.9% | 11.24% | 29.69% | 17.56% | 7.27% | 19.63% | 25.15% | 18.49% | 19.39% | 12.22% | 11.71% | 9.75% | 11.01% | 18.91% | 19.94% | 13.69% | 16.75% | 15.94% | 13.52% | 14.53% | 13.78% | 25.52% | 10.44% | 18.47% | 29.39% | 25.26% |
| EBITDA Growth % | -40.22% | -86.75% | 37.91% | -68.13% | -65.42% | 205.03% | 170.46% | -66.61% | -8.12% | 40.62% | -3.88% | 62.95% | 17.3% | 38.5% | -5.16% | -24.27% | 58.53% | 23.69% | -16.99% | 43.4% | 16.87% | -0.29% | 27.38% | -35.58% | 402.99% | -23.33% | 4.73% | 68.68% | - |
| D&A (Non-Cash Add-back) | 5.14B | 4.58B | 3.75B | 5.21B | 4.73B | 4.18B | 3.26B | 3.63B | 3.08B | 3.03B | 2.86B | 2.11B | 2.06B | 2.06B | 1.92B | 1.72B | 1.61B | 1.06B | 1.26B | 1.31B | 1.02B | 993.38M | 947.85M | 824.65M | 311.61M | 121.32M | 119.97M | 110.93M | 106.44M |
| EBIT | 1.79B | -3.95B | -1.06B | -1.94B | 3.38B | 21.15B | 6.9B | -1.69B | 6.19B | 8.51B | 2.53B | 7.58B | 3.29B | 2.74B | -770.91M | 161.59M | 2.8B | 2.44B | -2.15B | 1.68B | 1.05B | 773.82M | 826.82M | 564.81M | 1.85B | 308.1M | 440.11M | 425.11M | 210.64M |
| Net Interest Income | -4.17B | -5.11B | -4.18B | -3.91B | -2.28B | -2.75B | -615.9M | -636.87M | -2.42B | -3.14B | -2.88B | -2.58B | -2.33B | -2.02B | -1.72B | -1.56B | -1.78B | -354.11M | -420.4M | -335.6M | -147.44M | -476.6M | 0 | -700.76M | 0 | 0 | -76.3M | 0 | 0 |
| Interest Income | 590.67M | 711.74M | 1.26B | 873M | 1.05B | 440M | 93.26M | 179.62M | 530.01M | 512.05M | 504.5M | 394.55M | 282.84M | 281.67M | 220.02M | 769.34M | 369.43M | 182.33M | 139.7M | 134.7M | 139.66M | 140.01M | 0 | 8.96M | 0 | 0 | 184.98M | 0 | 0 |
| Interest Expense | 4.76B | 5.82B | 5.44B | 4.78B | 3.33B | 3.19B | 709.17M | 816.49M | 2.23B | 2.36B | 2.15B | 1.84B | 1.38B | 1.21B | 1.03B | 3.57B | 1.7B | 637.36M | 560.1M | 470.3M | 287.1M | 616.61M | 0 | 709.72M | 0 | 0 | 261.29M | 0 | 0 |
| Other Income/Expense | -717M | 1.16B | -18.75B | -4.44B | -6.07B | -9.22B | -16.7B | -4.77B | -4.18B | -4.34B | -6.09B | -3.43B | -2.41B | -1.77B | -3.42B | -2.8B | -351.8M | 442.96M | -3.91B | -443.36M | -959.17M | -25.18M | -32.21M | -4.74M | -3.4B | -371M | -67.7M | -230.31M | -106.61M |
| Pretax Income | -2.71B | -2.79B | -17.73B | -6.19B | 47M | 17.96B | -9.68B | -4.6B | 3.65B | 5.42B | -140.01M | 4.56B | 1.18B | 963.95M | -1.83B | -874.99M | 1.89B | 1.85B | -2.71B | 1.18B | 89.88M | 748.63M | 794.61M | 336.64M | -1.56B | -62.9M | 372.4M | 193.7M | 104.03M |
| Pretax Margin % | -4.06% | -4.02% | -22.91% | -8.77% | 0.05% | 17% | -16.54% | -8.8% | 6.3% | 11% | -0.29% | 9.64% | 2.56% | 2.35% | -5.16% | -2.64% | 7.4% | 12.11% | -15.11% | 6.7% | 0.69% | 5.73% | 6.52% | 3.33% | -18.39% | -1.53% | 12.28% | 10.65% | 8.29% |
| Income Tax | 7.64B | 7.96B | -5.68B | -1.3B | 868M | 4B | -2.67B | -1.96B | 745.29M | 1.29B | 616.05M | 1.66B | 452.26M | 456.91M | -793.38M | -358.15M | -2.05M | 930.04M | -278.2M | 376.97M | -12.77M | 177.29M | 78.92M | 122.4M | 72.29M | -33.06M | 5.73M | 7.87M | -17.88M |
| Effective Tax Rate % | -282.09% | -285.27% | 32.04% | 21.03% | 1846.81% | 22.26% | 27.56% | 42.64% | 20.4% | 23.85% | -440% | 36.43% | 38.37% | 47.4% | 43.27% | 40.93% | -0.11% | 50.35% | 10.25% | 31.84% | -14.21% | 23.68% | 9.93% | 36.36% | -4.65% | 52.57% | 1.54% | 4.06% | -17.19% |
| Net Income | -9.13B | -9.69B | -11.32B | -4.58B | -336M | 13.98B | -6.69B | -2.54B | 2.87B | 4.08B | -411.47M | 3.14B | 864.06M | 509.7M | -731.14M | -525.14M | 1.9B | 917.23M | -2.49B | 547.55M | 101.05M | 625.41M | 691.08M | 214.23M | -1.63B | -25.73M | 366.68M | 212.65M | 121.91M |
| Net Margin % | -13.68% | -13.97% | -14.62% | -6.49% | -0.35% | 13.24% | -11.43% | -4.86% | 4.94% | 8.29% | -0.86% | 6.64% | 1.88% | 1.24% | -2.06% | -1.58% | 7.43% | 6.02% | -13.88% | 3.1% | 0.78% | 4.79% | 5.67% | 2.12% | -19.24% | -0.63% | 12.09% | 11.69% | 9.71% |
| Net Income Growth % | 1.56% | 14.44% | -147.22% | -1262.8% | -102.4% | 308.99% | -163.35% | -188.64% | -29.79% | 1092.29% | -113.1% | 263.44% | 69.53% | 169.71% | -39.23% | -127.71% | 106.63% | 136.81% | -555.13% | 441.84% | -83.84% | -9.5% | 222.59% | 113.16% | -6228.72% | -107.02% | 72.43% | 74.43% | - |
| Net Income (Continuing) | -10.35B | -10.75B | -12.05B | -4.89B | -821M | 13.96B | -7.02B | -2.64B | 2.91B | 3.91B | -756.06M | 2.75B | 726.3M | 507.04M | -1.02B | -515.72M | 1.89B | 398.49M | -2.43B | 881.4M | 101.35M | 571.77M | 711.59M | 214.23M | -1.63B | -29.83M | 366.68M | 186.93M | 121.91M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 8.88M | 26.86M | 6.38M | 0 | 0 | 307.35M | 29.23M | 0 | 0 | 0 | 0 | -294.09K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -490.9M | -354.82M | 504M | -713M | -1.21B | -1.66B | -320.4M | -233.82M | -876.4M | -827.5M | -1.02B | -684.88M | -144.53M | 137.12M | 87.81M | 215.32M | 18.08M | 0 | 0 | 597.95M | 21.75M | 121.13M | 203.15M | 552.16M | 387.97M | 307.89M | 27.81M | 29.73M | 28.63M |
| EPS (Diluted) | -22.91 | -24.32 | -28.40 | -11.50 | -2.06 | 35.08 | -17.62 | -6.64 | 7.20 | 9.70 | -1.04 | 7.54 | 1.80 | 1.04 | -1.84 | -1.32 | 5.36 | 1.52 | -9.82 | 2.88 | 0.56 | 3.46 | 3.80 | 2.32 | -17.68 | -9.02 | 128.46 | 51.78 | 24.16 |
| EPS Growth % | -0.28% | 14.37% | -146.96% | -458.25% | -105.87% | 299.09% | -165.36% | -192.22% | -25.77% | 1032.69% | -113.79% | 318.89% | 73.08% | 156.52% | -39.39% | -124.63% | 252.63% | 115.48% | -440.97% | 414.29% | -83.81% | -8.95% | 63.79% | 113.12% | -96.01% | -107.02% | 148.09% | 114.32% | - |
| EPS (Basic) | - | -24.32 | -28.40 | -11.50 | -2.06 | 35.12 | -17.62 | -6.64 | 7.20 | 9.70 | -1.04 | 7.54 | 1.80 | 1.04 | -1.84 | -1.32 | 5.36 | 1.52 | -9.82 | 2.88 | 0.56 | 3.46 | 3.80 | 2.32 | -17.68 | -9.02 | 128.46 | 51.78 | 24.16 |
| Diluted Shares Outstanding | 398.6M | 398.6M | 398.6M | 398.35M | 398.6M | 398.61M | 398M | 397.99M | 398M | 398.01M | 397.72M | 398.02M | 398.06M | 398.06M | 398.13M | 399.06M | 357.73M | 257.52M | 253.77M | 216.42M | 185.2M | 181.26M | 181.08M | 92.06M | 92.06M | 2.85M | 2.85M | 4.11M | 5.04M |
| Basic Shares Outstanding | 398.6M | 398.6M | 398.6M | 398.35M | 398.24M | 398.11M | 398M | 397.99M | 397.87M | 397.87M | 397.72M | 397.87M | 397.91M | 397.91M | 398.13M | 399.06M | 357.58M | 257.37M | 253.77M | 216.42M | 177.81M | 180.95M | 181.08M | 92.06M | 92.06M | 2.85M | 2.85M | 4.11M | 5.04M |
| Dividend Payout Ratio | - | - | - | - | - | 42.85% | - | - | 52.32% | 24.46% | - | 15.35% | 55.8% | 0.01% | - | - | 0.01% | 0.1% | - | 8.01% | 339.81% | 33.38% | 0.69% | 33.29% | - | - | 34.99% | 33.95% | 66.5% |
Cyclicality and Legal Liabilities
According to the provided quarterly data, Braskem's revenue has faced a sustained downward trajectory, culminating in a 20.4% year-over-year decline in 2026Q1, which highlights the company's struggle to maintain top-line momentum amidst a challenging global industrial environment and weakening demand for its core chemical products.
The consistent revenue decay suggests that Braskem is currently unable to offset volume losses with pricing adjustments, likely due to the commoditized nature of its resin portfolio. Investors should monitor whether this trend reflects a structural loss of market share or merely a temporary cyclical trough in the broader petrochemical sector.
As reported in financial statements, Braskem's gross margin has fluctuated significantly, reaching a low of -3.4% in 2025Q4, which underscores the extreme sensitivity of the company's profitability to the volatile spread between feedstock costs and the market pricing of its finished thermoplastic resins.
The inability to consistently maintain positive gross margins suggests that the company's cost structure is poorly insulated against raw material price spikes. This margin volatility appears to be a fundamental characteristic of its naphtha-heavy production model, which lacks the flexibility of gas-based cracking alternatives.
Based on the company's reported figures, operating income has frequently dipped into negative territory, including a loss of $217 million in 2026Q1, indicating that the firm's fixed industrial overhead remains too high to be absorbed by current, diminished levels of gross profit generation.
The lack of positive operating leverage suggests that management has not yet successfully rationalized the cost base to align with lower revenue volumes. This persistent operating inefficiency warrants further investigation into the company's ability to achieve break-even status without a significant recovery in global chemical demand.
Analysis of the income statement reveals that net income is frequently impacted by massive, non-recurring charges, such as the $10.3 billion loss in 2025Q4, which obscures the underlying operational performance and complicates the assessment of the company's true recurring earnings power for potential investors.
These large, periodic swings in net income appear to be driven by legal and environmental provisions, specifically related to the Alagoas geological event. Consequently, reported EPS figures may not provide a reliable indicator of operational health, as they are heavily influenced by these significant, non-operating accounting adjustments.
While the company maintains a substantial cash position, the recurring nature of its operating losses, as evidenced by the negative operating margins across most of the last ten quarters, suggests that the current business model may be fundamentally unsustainable without a major strategic pivot.
Short-sellers would likely focus on the persistent cash burn and the potential for further legal liabilities to erode the company's liquidity buffer. The market may be underestimating the risk that these structural headwinds could lead to a prolonged period of financial distress, regardless of any potential cyclical recovery.
Quick answers to the most common questions about buying BAK stock.
For fiscal year 2025, Braskem S.A. (BAK) reported total revenue of $69.33B. This represents a 5422.7% increase compared to $1.26B in 1998.
Braskem S.A. (BAK) reported a net loss of $9.69B for the fiscal year ending 2025.
Braskem S.A. (BAK) reported an operating income of $-3949.9M, resulting in an operating profit margin of -5.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Braskem S.A. (BAK) generated $1.53B in gross profit for the year, representing a gross profit margin of 2.2%. This demonstrates the company's core pricing power and production efficiency.