Operating cash flow of $110.0M and free cash flow of $77.0M in 2026Q3 contrast sharply with prior quarters of negative FCF as low as -$110.0M, indicating conversion remains dependent on working capital timing.
Huntsman Corporation (HUN) cash flow statement — 26-year operating, investing & financing cash flows
| 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 |
|---|
| Cash from Operations | 73M | 289M | 263M | 209M | 914M | 952M | 253M | 897M | 1.21B | 1.22B | 1.09B | 575M | 760M | 708M | 774M | 365M | -58M | 1.1B | 767M | -51.5M | 893.1M | 974.1M | 180.8M | 225.4M | 88.7M | 0 | 0 |
| Operating CF Margin % | - | 5.09% | 4.36% | 3.42% | 11.39% | 12.41% | 4.2% | 13.2% | 12.87% | 14.58% | 11.27% | 5.58% | 6.56% | 6.39% | 6.92% | 3.25% | -0.63% | 14.22% | 7.51% | -0.53% | 8.41% | 7.52% | 1.57% | 3.18% | 3.33% | - | - |
| Operating CF Growth % | -231.76% | 9.89% | 25.84% | -77.13% | -3.99% | 276.28% | -71.79% | -25.68% | -0.98% | 12.04% | 89.22% | -24.34% | 7.34% | -8.53% | 112.05% | 729.31% | -105.25% | 43.94% | 1589.32% | -105.77% | -8.32% | 438.77% | -19.79% | 154.12% | - | - | - |
| Net Income | -165M | -218M | -100M | 35M | 511M | 1.05B | 291M | 429M | 650M | 741M | 357M | 126M | 345M | 149M | 373M | 250M | 33M | 106M | 595M | -172.1M | 229.8M | -34.6M | -227.7M | -319.8M | -15.5M | -842.9M | -138.6M |
| Depreciation & Amortization | 300M | 287M | 289M | 278M | 281M | 278M | 283M | 270M | 255M | 319M | 318M | 399M | 445M | 448M | 432M | 439M | 405M | 442M | 398M | 412.9M | 465.7M | 500.8M | 536.8M | 353.4M | 152.7M | 197.5M | 200.3M |
| Stock-Based Compensation | 24M | 31M | 30M | 28M | 29M | 30M | 27M | 29M | 27M | 36M | 34M | 30M | 28M | 29M | 27M | 24M | 27M | 20M | 20M | 26M | 18.4M | 9.5M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -30M | -32M | -15M | -10M | 89M | -39M | 172M | -93M | -116M | -55M | 15M | -25M | -51M | 10M | -38M | -23M | 45M | 231M | 202M | -202.7M | -82.4M | -3.1M | -64.5M | -3.6M | 0 | 0 | 0 |
| Other Non-Cash Items | 73M | 183M | 189M | 37M | 68M | 49M | -393M | 282M | 522M | 264M | 9M | 163M | 87M | 105M | 136M | 10M | 187M | 46M | -108M | 268.2M | 171.5M | 507M | 291M | 91.8M | -121.6M | 489M | -61.7M |
| Working Capital Changes | -181M | 38M | -130M | -159M | -64M | -421M | -127M | -20M | -131M | -86M | 355M | -118M | -94M | -33M | -156M | -335M | -755M | 259M | -340M | -383.8M | 90.1M | -5.5M | -274M | 103.6M | 73.1M | 156.4M | 0 |
| Change in Receivables | -117M | 71M | 7M | 103M | 479M | -646M | 100M | 138M | -13M | -183M | -35M | 121M | 2M | -11M | 44M | -4M | -254M | 9M | 6M | 3M | 6.4M | 4.2M | 700K | 0 | 0 | 0 | 0 |
| Change in Inventory | -85M | 133M | -77M | 125M | -6M | -342M | 145M | 77M | -86M | -104M | 283M | 179M | -20M | 77M | -248M | -161M | -207M | 351M | -119M | -73.9M | -58.8M | -96.9M | -158.9M | 87.8M | 1.3M | 0 | 0 |
| Change in Payables | 144M | -88M | 69M | -224M | -84M | 346M | 32M | 21M | 8M | 154M | 56M | -157M | 86M | -12M | 146M | 24M | 83M | 35M | -186M | -148.2M | 21.5M | 68.6M | 49.8M | 0 | 0 | 0 | 0 |
| Cash from Investing | -106M | -132M | -126M | 305M | -279M | -524M | 1.46B | -260M | -973M | -424M | -202M | -600M | -1.61B | -566M | -471M | -280M | -182M | -205M | -489M | 200.5M | 173.9M | -469.2M | -230M | -908.5M | -24.5M | -76.4M | -90.3M |
| Capital Expenditures | -158M | -173M | -184M | -230M | -272M | -326M | -249M | -274M | -313M | -282M | -421M | -663M | -601M | -471M | -412M | -330M | -236M | -189M | -418M | -665.1M | -549.9M | -338.7M | -226.6M | -193.3M | -70.2M | -76.4M | -90.3M |
| CapEx % of Revenue | 2.57% | 3.04% | 3.05% | 3.76% | 3.39% | 4.25% | 4.14% | 4.03% | 3.34% | 3.37% | 4.36% | 6.44% | 5.19% | 4.25% | 3.68% | 2.94% | 2.55% | 2.43% | 4.09% | 6.89% | 5.18% | 2.61% | 1.97% | 2.73% | 2.64% | 2.77% | 2.72% |
| Acquisitions | 0 | 0 | 46M | 544M | 0 | -202M | 1.63B | 0 | -366M | 11M | 178M | -67M | -1.05B | -168M | -139M | 46M | 6M | -19M | -62M | 863.1M | 717.6M | -124.8M | 0 | -286M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 52M | 41M | 12M | -9M | -7M | 4M | 82M | -2M | -610M | -442M | 41M | -599M | 48M | 73M | 80M | 2M | 34M | 3M | -13M | 900K | 6.2M | -5.7M | -3.4M | -429.2M | 45.7M | 76.4M | 90.3M |
| Cash from Financing | -84M | -76M | -326M | -620M | -994M | -977M | -655M | -450M | -424M | -519M | -723M | -562M | 1.2B | -6M | -473M | -490M | -543M | 184M | 230M | -269.9M | -961.2M | -603M | 83.5M | 786.7M | -93M | 0 | 0 |
| Debt Issued (Net) | 37M | 132M | -51M | -62M | 207M | -551M | -365M | 89M | 53M | -1.33B | -569M | -274M | 1.37B | 118M | -358M | -334M | -446M | 286M | 337M | -163M | -913.8M | -1.93B | 113.6M | 562.4M | -89.5M | 0 | 0 |
| Equity Issued (Net) | 0 | -3M | -4M | -354M | -999M | -190M | -93M | -206M | -248M | 1.05B | -3M | -99M | 47M | 13M | 3M | -47M | 3M | -2M | -4M | 0 | 0 | 1.49B | 5.4M | 0 | 0 | 0 | 0 |
| Dividends Paid | -62M | -146M | -174M | -169M | -171M | -159M | -144M | -150M | -156M | -120M | -120M | -121M | -121M | -120M | -96M | -96M | -96M | -96M | -97M | -102.8M | -14.4M | -10.8M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | -3M | -4M | -349M | -1B | -200M | -96M | -208M | -277M | 0 | -3M | -100M | 0 | 0 | 0 | -50M | 0 | -2M | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -59M | -59M | -97M | -35M | -31M | -77M | -53M | -183M | -73M | -119M | -31M | -68M | -103M | -17M | -22M | -13M | -4M | -4M | -6M | -106.9M | -33M | -155.8M | -35.5M | 224.3M | -3.5M | 0 | 0 |
| Net Change in Cash | -109M | 89M | -200M | -114M | -387M | -552M | 1.07B | 185M | -379M | 294M | 156M | -601M | 340M | 133M | -167M | -412M | -779M | 1.09B | 503M | -109.2M | 120.4M | -100.4M | 45.4M | 175.3M | -25.2M | -76.4M | -90.3M |
| Free Cash Flow | -85M | 116M | 79M | -21M | 642M | 626M | 4M | 623M | 894M | 937M | 667M | -88M | 159M | 237M | 362M | 35M | -294M | 915M | 349M | -716.6M | 343.2M | 635.4M | -45.8M | 32.1M | 18.5M | -76.4M | -90.3M |
| FCF Margin % | -1.38% | 2.04% | 1.31% | -0.34% | 8% | 8.16% | 0.07% | 9.17% | 9.53% | 11.21% | 6.91% | -0.85% | 1.37% | 2.14% | 3.24% | 0.31% | -3.18% | 11.79% | 3.42% | -7.43% | 3.23% | 4.9% | -0.4% | 0.45% | 0.7% | -2.77% | -2.72% |
| FCF Growth % | -142.71% | 46.84% | 476.19% | -103.27% | 2.56% | 15550% | -99.36% | -30.31% | -4.59% | 40.48% | 857.95% | -155.35% | -32.91% | -34.53% | 934.29% | 111.9% | -132.13% | 162.18% | 148.7% | -308.8% | -45.99% | 1487.34% | -242.68% | 73.51% | 124.21% | 15.39% | - |
| FCF per Share | -0.49 | 0.67 | 0.46 | -0.12 | 3.16 | 2.83 | 0.02 | 2.70 | 3.70 | 3.84 | 2.78 | -0.36 | 0.65 | 0.98 | 1.50 | 0.14 | -1.25 | 3.84 | 1.49 | -3.08 | 1.47 | 2.88 | -0.21 | 0.18 | 0.09 | -0.35 | -0.41 |
| FCF Conversion (FCF/Net Income) | 0.52x | -1.05x | -1.39x | 2.07x | 1.99x | 0.91x | 0.24x | 1.60x | 3.58x | 1.92x | 3.34x | 6.18x | 2.35x | 5.53x | 2.13x | 1.48x | -2.15x | 9.68x | 1.26x | 0.30x | 3.89x | -28.15x | -0.79x | -0.70x | -4.00x | - | - |
| Interest Paid | 88M | 86M | 77M | 68M | 66M | 82M | 90M | 111M | 163M | 175M | 205M | 225M | 208M | 187M | 209M | 204M | 203M | 227M | 265M | 301M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 57M | 98M | 90M | 97M | 194M | 106M | 316M | 100M | 179M | 25M | 40M | 126M | 165M | 78M | 224M | 119M | 6M | 155M | 34M | 73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying HUN stock.
Huntsman Corporation (HUN) generated $289.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Huntsman Corporation (HUN) generated $116.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Huntsman Corporation (HUN) spent $173.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Huntsman Corporation (HUN) returned $146.0M to shareholders via cash dividends and spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Working capital-driven cash volatility
Metrics are mathematically derived from official filings.
Operating Cash Flow Diverges From Reported Losses
Based on the reported quarterly figures, HUN generated $110.0M of operating cash flow in 2026Q3 against a net loss of $18.0M, and several other quarters show operating cash flow and net income moving in opposite directions, weakening earnings-to-cash alignment.
The OCF-to-net-income ratio swings between extreme positive and negative values, which makes the ratio itself uninformative for most quarters. The 2026Q3 cash generation appears supported by a $12.0M working capital inflow and $77.0M of non-cash D&A, suggesting the operating result may be flattered by non-cash add-backs and timing rather than sustained earnings power. Investors should monitor whether cash conversion holds once working capital movements normalize.
Free Cash Flow Remains Erratic Quarter to Quarter
According to the reported statements, HUN's free cash flow ranged from roughly -$110.0M to +$153.0M across the ten quarters, with FCF margins swinging between -9.7% and 10.5%, indicating that cash generation remains highly cyclical.
The latest quarter's FCF margin of 4.5% is positive but sits well below the 10.5% peak in 2025Q3, and the 2025Q1 trough shows how quickly working capital build can erase cash generation. The pattern suggests free cash flow is driven more by working capital timing and volume cycles than by a stable margin base. Sustained positive FCF would require evidence that the recent improvement persists across consecutive quarters.
Working Capital Swings Dominate Quarterly Cash Results
As reported in the cash flow statements, working capital changes ranged from a $176.0M outflow in 2025Q1 to a $131.0M inflow in 2024Q4, making working capital the principal driver of quarterly cash variability.
Large outflows in 2024Q2, 2025Q1, and 2026Q2 coincide with periods of weak or negative operating cash flow, which may reflect inventory build or receivables stretch during demand softness. The reversal pattern in subsequent quarters suggests partial timing rather than permanent cash loss. Investors should watch inventory and receivable trends to assess whether the 2026Q2 outflow of $154.0M has fully unwound.
Capital Spending Remains Contained Relative to Revenue
Based on HUN's reported figures, CapEx has run between roughly 1.8% and 4.2% of revenue across the period, with quarterly spending of $30.0M to $57.0M, suggesting a maintenance-weighted investment profile.
Given D&A of approximately $66.0M to $77.0M per quarter, CapEx has at times been below depreciation, which may indicate under-investment in the asset base or a shift toward asset-light maintenance. Whether this reflects disciplined spending or deferred reinvestment cannot be determined from the cash flow data alone. Investors should monitor whether CapEx rises toward depreciation levels as operating conditions improve.
Shareholder Returns Persist Despite Cash Strain
According to reported cash flow data, HUN paid dividends in every quarter shown, ranging from $15.0M to $44.0M, while buybacks were intermittent and small, signaling continued capital return even during weak free cash flow periods.
Dividend payments exceeded free cash flow in several quarters, including 2026Q2 and 2025Q1, which suggests distributions were funded partly from balance sheet resources or working capital reversals. This pattern may be sustainable only if cash generation normalizes. Investors should monitor whether dividend coverage by free cash flow improves over the next several reporting periods.
Working Capital Reversals May Mask Weak Earnings Power
Based on the reported figures, several strong quarters of free cash flow coincide with large working capital inflows, which may indicate that reported cash generation overstates underlying cash earnings if those inflows do not recur.
The 2025Q3 and 2024Q4 free cash flow peaks were accompanied by working capital inflows of $117.0M and $131.0M, while net income remained negative in both periods. This suggests the cash strength may reflect timing benefits rather than durable operating improvement, which warrants further investigation. Investors should treat the recent positive free cash flow with caution until it persists without reliance on working capital release.