Revenue rebounded 17.6% year over year to about $1.7B, yet gross margin slid to 13.8% and operating margin of 2.3% left thin cushion against a -1.0% net margin.
Huntsman Corporation (HUN) annual income statement — 26-year revenue, gross profit & net income history
| 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 |
|---|
| Sales/Revenue | 6.16B | 5.68B | 6.04B | 6.11B | 8.02B | 7.67B | 6.02B | 6.8B | 9.38B | 8.36B | 9.66B | 10.3B | 11.58B | 11.08B | 11.19B | 11.22B | 9.25B | 7.76B | 10.21B | 9.65B | 10.62B | 12.96B | 11.49B | 7.08B | 2.66B | 2.76B | 3.33B |
| Revenue Growth % | 6.49% | -5.85% | -1.23% | -23.83% | 4.6% | 27.45% | -11.46% | -27.53% | 12.22% | -13.45% | -6.23% | -11.05% | 4.5% | -0.97% | -0.3% | 21.31% | 19.16% | -24% | 5.85% | -9.16% | -18.04% | 12.85% | 62.21% | 166.1% | -3.5% | -17.09% | - |
| Cost of Goods Sold | 5.33B | 4.93B | 5.17B | 5.21B | 6.48B | 6.09B | 4.92B | 5.42B | 7.35B | 6.55B | 7.98B | 8.45B | 9.66B | 9.33B | 9.15B | 9.38B | 7.79B | 6.7B | 8.95B | 8.11B | 9.08B | 11.21B | 10.09B | 6.37B | 2.42B | 0 | 3.4B |
| COGS % of Revenue | - | 86.79% | 85.65% | 85.17% | 80.73% | 79.35% | 81.72% | 79.67% | 78.41% | 78.32% | 82.62% | 82.06% | 83.43% | 84.18% | 81.82% | 83.6% | 84.21% | 86.24% | 87.63% | 84.05% | 85.51% | 86.48% | 87.84% | 90% | 90.98% | - | 102.37% |
| Gross Profit | 829M | 751M | 866M | 906M | 1.55B | 1.58B | 1.1B | 1.38B | 2.02B | 1.81B | 1.68B | 1.85B | 1.92B | 1.75B | 2.03B | 1.84B | 1.46B | 1.07B | 1.26B | 1.54B | 1.54B | 1.75B | 1.4B | 707.8M | 240M | 2.76B | -78.7M |
| Gross Margin % | 13.47% | 13.21% | 14.35% | 14.83% | 19.27% | 20.65% | 18.28% | 20.33% | 21.59% | 21.68% | 17.38% | 17.94% | 16.57% | 15.82% | 18.18% | 16.4% | 15.79% | 13.76% | 12.37% | 15.95% | 14.49% | 13.52% | 12.16% | 10% | 9.02% | 100% | -2.37% |
| Gross Profit Growth % | - | -13.28% | -4.42% | -41.4% | -2.4% | 44% | -20.41% | -31.75% | 11.76% | 7.99% | -9.2% | -3.7% | 9.47% | -13.82% | 10.54% | 25.94% | 36.8% | -15.51% | -17.91% | 0.01% | -12.13% | 25.45% | 97.32% | 194.92% | -91.3% | 3603.68% | - |
| Operating Expenses | 808M | 790M | 891M | 822M | 874M | 853M | 667M | 913M | 990M | 913M | 932M | 1.14B | 1.13B | 1.09B | 1.1B | 1.07B | 1.02B | 987M | 1.06B | 821.6M | 783M | 814.6M | 696.9M | 531.3M | 173.7M | 3.47B | 0 |
| OpEx % of Revenue | - | 13.9% | 14.76% | 13.45% | 10.89% | 11.12% | 11.08% | 13.43% | 10.56% | 10.92% | 9.65% | 11.08% | 9.74% | 9.86% | 9.81% | 9.51% | 11.05% | 12.71% | 10.41% | 8.51% | 7.37% | 6.28% | 6.07% | 7.5% | 6.53% | 125.73% | - |
| Selling, General & Admin | 695M | 670M | 671M | 689M | 711M | 739M | 775M | 786M | 830M | 798M | 920M | 982M | 974M | 942M | 951M | 921M | 861M | 860M | 882M | 871.3M | 795.3M | 676.9M | 694.8M | 482.8M | 151.9M | 0 | 0 |
| SG&A % of Revenue | - | 11.79% | 11.12% | 11.27% | 8.86% | 9.63% | 12.88% | 11.56% | 8.85% | 9.55% | 9.53% | 9.53% | 8.41% | 8.5% | 8.5% | 8.21% | 9.31% | 11.08% | 8.63% | 9.03% | 7.49% | 5.22% | 6.05% | 6.82% | 5.71% | - | - |
| Research & Development | 110M | 120M | 121M | 115M | 125M | 135M | 135M | 137M | 152M | 138M | 152M | 160M | 158M | 140M | 152M | 166M | 151M | 145M | 154M | 144.7M | 115.4M | 95.5M | 83M | 65.6M | 23.8M | 0 | 0 |
| R&D % of Revenue | - | 2.11% | 2% | 1.88% | 1.56% | 1.76% | 2.24% | 2.02% | 1.62% | 1.65% | 1.57% | 1.55% | 1.36% | 1.26% | 1.36% | 1.48% | 1.63% | 1.87% | 1.51% | 1.5% | 1.09% | 0.74% | 0.72% | 0.93% | 0.89% | - | - |
| Other Operating Expenses | 1000K | 0 | 99M | 18M | 38M | -21M | -243M | -10M | 0 | 2M | 1M | -1M | -2M | 2M | 1M | -20M | 10M | -18M | 27M | -194.4M | -127.7M | 42.2M | 613.9M | 465.7M | 149.9M | 3.47B | 0 |
| Operating Income | 21M | -39M | -25M | 84M | 672M | 731M | 433M | 469M | 1.04B | 851M | 647M | 405M | 633M | 510M | 845M | 606M | 410M | -71M | 165M | 536.2M | 736.5M | 813.9M | 400.4M | 176.5M | 66.3M | -709.4M | -78.7M |
| Operating Margin % | 0.34% | -0.69% | -0.41% | 1.37% | 8.38% | 9.53% | 7.2% | 6.9% | 11.07% | 10.18% | 6.7% | 3.93% | 5.47% | 4.6% | 7.55% | 5.4% | 4.43% | -0.91% | 1.62% | 5.56% | 6.93% | 6.28% | 3.49% | 2.49% | 2.49% | -25.73% | -2.37% |
| Operating Income Growth % | - | -56% | -129.76% | -87.5% | -8.07% | 68.82% | -7.68% | -54.82% | 21.97% | 31.53% | 59.75% | -36.02% | 24.12% | -39.65% | 39.44% | 47.8% | 677.46% | -143.03% | -69.23% | -27.2% | -9.51% | 103.27% | 126.86% | 166.21% | 109.35% | -801.4% | - |
| EBITDA | 321M | 248M | 264M | 362M | 953M | 1.01B | 716M | 739M | 1.29B | 1.17B | 965M | 804M | 1.08B | 958M | 1.28B | 1.04B | 815M | 371M | 563M | 949.1M | 1.2B | 1.31B | 937.2M | 529.9M | 219M | -511.9M | 121.6M |
| EBITDA Margin % | 5.22% | 4.36% | 4.37% | 5.92% | 11.88% | 13.16% | 11.9% | 10.87% | 13.79% | 14% | 9.99% | 7.81% | 9.31% | 8.65% | 11.42% | 9.31% | 8.81% | 4.78% | 5.51% | 9.83% | 11.32% | 10.14% | 8.16% | 7.48% | 8.23% | -18.56% | 3.66% |
| EBITDA Growth % | 39.57% | -6.06% | -27.07% | -62.01% | -5.55% | 40.92% | -3.11% | -42.85% | 10.51% | 21.24% | 20.02% | -25.42% | 12.53% | -24.98% | 22.2% | 28.22% | 119.68% | -34.1% | -40.68% | -21.05% | -8.56% | 40.28% | 76.86% | 141.96% | 142.78% | -520.97% | - |
| D&A (Non-Cash Add-back) | 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 |
| EBIT | 21M | -113M | 40M | 164M | 759M | 1.31B | 423M | 502M | 849M | 812M | 677M | 382M | 609M | 469M | 773M | 609M | 249M | 101M | 201M | 315.8M | 660M | 660.8M | 545.8M | 4.82B | 66.3M | -709.4M | -78.7M |
| Net Interest Income | -86M | -79M | -79M | -65M | -62M | -67M | -86M | -111M | -115M | -165M | -203M | -205M | -205M | -190M | -226M | -249M | -229M | -238M | -263M | -286M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -400K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 86M | 79M | 79M | 65M | 62M | 67M | 86M | 111M | 115M | 165M | 202M | 205M | 205M | 190M | 226M | 249M | 229M | 238M | 263M | 285.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -71M | -153M | -14M | 15M | 25M | 515M | -96M | -78M | -93M | -82M | -189M | -229M | -229M | -231M | -411M | -393M | -390M | 472M | 504M | -506M | -385.3M | -612.4M | -657.2M | -467M | -220.9M | 0 | 0 |
| Pretax Income | -50M | -192M | -39M | 99M | 697M | 1.25B | 337M | 391M | 942M | 647M | 448M | 176M | 404M | 279M | 547M | 360M | 20M | 485M | 669M | 30.2M | 347.5M | 62.2M | -249.6M | -290.5M | -154.6M | 0 | 0 |
| Pretax Margin % | -0.81% | -3.38% | -0.65% | 1.62% | 8.69% | 16.25% | 5.6% | 5.75% | 10.04% | 7.74% | 4.64% | 1.71% | 3.49% | 2.52% | 4.89% | 3.21% | 0.22% | 6.25% | 6.55% | 0.31% | 3.27% | 0.48% | -2.17% | -4.1% | -5.81% | - | - |
| Income Tax | 57M | 26M | 61M | 64M | 186M | 191M | 46M | -38M | 97M | 64M | 87M | 46M | 51M | 125M | 169M | 109M | 29M | 370M | 190M | -12.1M | -49M | 23.5M | -29.1M | 30.8M | 8.5M | 133.5M | 59.9M |
| Effective Tax Rate % | -114% | -13.54% | -156.41% | 64.65% | 26.69% | 15.33% | 13.65% | -9.72% | 10.3% | 9.89% | 19.42% | 26.14% | 12.62% | 44.8% | 30.9% | 30.28% | 145% | 76.29% | 28.4% | -40.07% | -14.1% | 37.78% | 11.66% | -10.6% | -5.5% | - | - |
| Net Income | -165M | -275M | -189M | 101M | 460M | 1.04B | 1.03B | 562M | 337M | 636M | 326M | 93M | 323M | 128M | 363M | 247M | 27M | 114M | 609M | -172.1M | 229.8M | -34.6M | -227.7M | -319.8M | -22.2M | -842.9M | -138.6M |
| Net Margin % | -2.68% | -4.84% | -3.13% | 1.65% | 5.73% | 13.62% | 17.18% | 8.27% | 3.59% | 7.61% | 3.38% | 0.9% | 2.79% | 1.16% | 3.24% | 2.2% | 0.29% | 1.47% | 5.96% | -1.78% | 2.16% | -0.27% | -1.98% | -4.52% | -0.83% | -30.57% | -4.17% |
| Net Income Growth % | 49.7% | -45.5% | -287.13% | -78.04% | -55.98% | 1.06% | 83.99% | 66.77% | -47.01% | 95.09% | 250.54% | -71.21% | 152.34% | -64.74% | 46.96% | 814.81% | -76.32% | -81.28% | 453.86% | -174.89% | 764.16% | 84.8% | 28.8% | -1340.54% | 97.37% | -508.15% | - |
| Net Income (Continuing) | -107M | -218M | -100M | 35M | 511M | 1.05B | 291M | 429M | 689M | 511M | 365M | 428M | 353M | 154M | 378M | 251M | -9M | 125M | 479M | 43M | 306.8M | -28.9M | -212.7M | -339.5M | -163.1M | -842.8M | -138.6M |
| Discontinued Operations | -3M | 0 | -27M | 118M | 12M | 49M | 775M | 169M | 0 | 230M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 246M | 207M | 204M | 227M | 216M | 181M | 154M | 137M | 229M | 751M | 180M | 187M | 173M | 149M | 123M | 114M | 60M | 21M | 22M | 26.5M | 29.4M | 20.4M | 36.8M | 30.5M | 0 | 0 | 0 |
| EPS (Diluted) | -0.95 | -1.59 | -1.10 | 0.57 | 2.27 | 4.72 | 1.31 | 1.86 | 1.39 | 2.61 | 1.36 | 0.38 | 1.31 | 0.53 | 1.51 | 1.02 | 0.11 | 0.48 | 2.60 | -0.74 | 0.99 | -0.16 | -1.03 | -1.79 | -0.11 | -3.82 | -0.63 |
| EPS Growth % | 49.84% | -44.55% | -292.98% | -74.89% | -51.91% | 260.31% | -29.57% | 33.81% | -46.74% | 91.91% | 257.89% | -70.99% | 147.17% | -64.9% | 48.04% | 827.27% | -77.08% | -81.54% | 451.35% | -174.75% | 718.75% | 84.47% | 42.46% | -1527.27% | 97.12% | -506.35% | - |
| EPS (Basic) | - | -1.59 | -1.10 | 0.57 | 2.29 | 4.77 | 1.32 | 1.87 | 1.42 | 2.67 | 1.38 | 0.38 | 1.33 | 0.53 | 1.53 | 1.04 | 0.11 | 0.49 | 2.62 | -0.78 | 1.04 | -0.16 | -1.03 | -1.79 | -0.11 | -3.82 | -0.63 |
| Diluted Shares Outstanding | 173M | 172.6M | 172.1M | 177.4M | 203M | 221.4M | 221.9M | 230.6M | 241.6M | 243.9M | 240M | 245M | 246M | 242.4M | 240.6M | 241.7M | 236M | 238.3M | 234.3M | 232.79M | 233.1M | 220.5M | 220.65M | 178.66M | 199.66M | 220.65M | 220M |
| Basic Shares Outstanding | 173M | 172.6M | 172.1M | 177.4M | 201M | 219.2M | 220.6M | 228.9M | 238.1M | 238.4M | 236M | 243M | 242.1M | 239.7M | 237.6M | 237.6M | 236M | 233.9M | 232M | 220.95M | 220.6M | 220.5M | 220.5M | 178.66M | 199.66M | 220.65M | 220M |
| Dividend Payout Ratio | - | - | - | 167.33% | 37.17% | 15.22% | 13.93% | 26.69% | 46.29% | 18.87% | 36.81% | 130.11% | 37.46% | 93.75% | 26.45% | 38.87% | 355.56% | 84.21% | 15.27% | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying HUN stock.
For fiscal year 2025, Huntsman Corporation (HUN) reported total revenue of $5.68B. This represents a 70.9% increase compared to $3.33B in 2000.
Huntsman Corporation (HUN) reported a net loss of $275.0M for the fiscal year ending 2025.
Huntsman Corporation (HUN) reported an operating income of $-39.0M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Huntsman Corporation (HUN) generated $751.0M in gross profit for the year, representing a gross profit margin of 13.2%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent margin compression
Metrics are mathematically derived from official filings.
Revenue Recovery Masks Thin Growth Base
Based on the reported quarterly figures, HUN's latest quarter revenue of roughly $1.7B grew 17.6% year over year, yet this rebound follows a multi-quarter stretch of sequential volatility and contraction in earlier 2025 periods.
The 17.6% year-over-year gain in the most recent quarter suggests volume recovery, but the broader 10-quarter series shows revenue oscillating around $1.4B to $1.7B without a sustained upward trend. This pattern implies that the rebound may be partly cyclical rather than evidence of durable demand, and investors should monitor whether the next several quarters confirm the trajectory. The absence of forward guidance in the supplied data further limits confidence in how durable this growth will prove.
Gross Margin Erosion Despite Volume Gains
As reported in the income statement, HUN's gross margin moved from 15.4% in mid-2024 to 13.8% in the latest quarter, indicating that input cost pressure has outpaced pricing power across the cycle.
The compression from roughly 15% toward 13% gross margin, even as revenue recovered, suggests the company's pricing actions have not fully offset raw material inflation in the MDI chain. This points to limited pricing power relative to feedstock costs, a weakness that may reflect the commodity-linked nature of the Polyurethanes segment. Investors should treat the margin trend as a structural question rather than purely a cyclical trough until evidence of sustained recovery emerges.
Operating Leverage Turns Negative Then Recovers
Based on HUN's reported figures, operating income swung from a loss of $63.0M in late 2024 to a modest $39.0M profit in the latest quarter, showing high sensitivity of earnings to small revenue and margin changes.
The swing in operating income relative to a revenue base that moved only modestly indicates substantial operating leverage in the cost structure. SG&A of roughly $160M to $180M per quarter remains a large fixed burden against gross profit that fluctuates between $164M and $245M. This suggests that modest improvements in utilization could drive outsized earnings gains, but equally that a renewed downturn could quickly return the company to operating losses.
Net Losses Persist Beyond Operating Recovery
According to the reported statements, HUN posted a net loss of $18.0M in the latest quarter despite an operating profit of $39.0M, suggesting that below-the-line items are absorbing a meaningful share of earnings.
The gap between positive operating income and negative net income points to interest expense, tax effects, or non-operating charges that are not fully visible in the supplied data. Given the company's history of divestitures and restructuring, headline net income may include items requiring normalization before core earning power can be assessed. Investors should treat the reported EPS of -$0.10 with caution until the components of that gap are better understood.
Margin Pressure Could Prove Structural
The strongest bear case rests on HUN's gross margin of 13.8% and net margin of -1.0%, which may indicate that persistent global MDI overcapacity is eroding the company's ability to earn returns through the cycle.
If Asian MDI overcapacity keeps pricing depressed, the recent volume recovery may not translate into sustained profitability, and the negative ROE of -9.0% could persist. Short-sellers would likely argue that the reported volume gains are being purchased with price concessions that preserve share but destroy margin. Investors should monitor whether gross margin stabilizes above 14% in coming quarters, since continued compression would challenge the thesis that the downturn is purely cyclical.