Revenue growth remains stagnant at 0.7% in 2026Q1, while structural margin erosion persists with gross margins trapped in a narrow 12-14% range over the last ten quarters.
| 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 | 5.69B | 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 % | -4.74% | -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 | 4.96B | 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 | 733M | 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 % | 12.88% | 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 | 791M | 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 | 667M | 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 | 117M | 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 | -58M | -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 % | -1.02% | -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 | 160M | 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 % | 2.81% | 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 % | -47.54% | -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) | 218M | 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 | -42M | -39M | 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 | -60M | -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 | 39M | 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 | -190M | -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 | -248M | -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 % | -4.36% | -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 | 0 | 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 % | 0% | -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 | -324M | -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 % | -5.69% | -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 % | -107.69% | -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) | -283M | -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 | 0 | 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 | 221M | 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) | -1.87 | -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 % | -100.43% | -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% | - | - | - | - | - | - | - | - |
Cyclical MDI margin compression
According to the latest quarterly data, Huntsman's revenue growth remains largely stagnant, with a marginal 0.7% increase in 2026Q1 following several quarters of contraction, suggesting that the company is struggling to find a sustained recovery path in its core chemical markets.
The recent revenue trajectory reflects a lack of meaningful volume expansion, likely hampered by persistent weakness in global construction and industrial demand. Investors should monitor whether this stabilization represents a true bottom or merely a pause in a broader, multi-quarter decline driven by global MDI overcapacity.
As reported in financial statements, Huntsman's gross margin has fluctuated within a narrow 12-14% range over the last ten quarters, indicating that the company lacks the pricing power necessary to offset rising input costs and competitive pressures in the polyurethane segment.
The inability to consistently expand gross margins suggests that Huntsman remains highly exposed to commodity-linked price volatility rather than benefiting from its specialty chemical positioning. This margin profile appears to be a direct consequence of high fixed-cost absorption requirements during periods of low plant utilization.
Based on the company's reported figures, the operating margin has frequently dipped into negative territory, reaching -1.1% in 2026Q1, which highlights the significant burden of fixed overhead costs when revenue growth fails to outpace inflationary pressures on the cost structure.
The company's operating leverage appears to be working against it, as even minor revenue fluctuations lead to outsized swings in operating income. This suggests that management's current cost-control measures are insufficient to protect profitability during the trough of the chemical cycle.
Data from recent filings reveals that Huntsman has reported net losses in eight of the last ten quarters, with a net margin of -3.7% in 2026Q1, indicating that the core business is currently unable to generate sustainable bottom-line profitability for shareholders.
The recurring nature of these net losses warrants further investigation into whether non-operating items or restructuring charges are masking underlying operational issues. Investors should be cautious, as the consistent negative net income suggests that the current business model may be structurally misaligned with its cost base.
While management emphasizes a pivot toward specialty chemicals, the income statement data suggests that Huntsman remains tethered to the volatile MDI cycle, as evidenced by the persistent inability to maintain positive operating margins despite various portfolio optimization efforts over the last two years.
Short-sellers may focus on the company's inability to decouple its performance from broader industrial production trends, which remain weak. The reliance on cyclical end-markets like residential construction suggests that any recovery may be slower and more fragile than the market currently anticipates.
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.