Revenue momentum has accelerated to $169.5M in 2026Q1, with gross margins recovering to 21.1% as the company leverages regional logistical advantages.
| 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 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 641.26M | 615.21M | 522.4M | 593.71M | 901.71M | 556.24M | 351.32M | 365.07M | 378.16M | 427.5M | 374.58M | 711.78M | 732.51M | 679.29M | 759.03M | 805.26M | 609.9M | 531.84M | 748.97M | 586.41M | 491.95M | 396.72M | 364.05M | 317.26M | 283.81M | 336.63M | 290.62M | 254.24M | 324.32M | 320.19M | 314.05M |
| Revenue Growth % | 21.54% | 17.77% | -12.01% | -34.16% | 62.11% | 58.33% | -3.77% | -3.46% | -11.54% | 14.13% | -47.37% | -2.83% | 7.84% | -10.51% | -5.74% | 32.03% | 14.68% | -28.99% | 27.72% | 19.2% | 24% | 8.97% | 14.75% | 11.79% | -15.69% | 15.83% | 14.31% | -21.61% | 1.29% | 1.95% | 14.57% |
| Cost of Goods Sold | 515.55M | 510.91M | 474.6M | 507.45M | 553.34M | 417.26M | 334.27M | 360.08M | 362.32M | 422.04M | 423.89M | 608.07M | 579.15M | 535.73M | 575.29M | 582.24M | 471.28M | 394.42M | 610.09M | 453.81M | 400.68M | 330.65M | 311.37M | 267.83M | 238.11M | 279.3M | 227.51M | 192.09M | 247.08M | 257.98M | 250.39M |
| COGS % of Revenue | - | 83.05% | 90.85% | 85.47% | 61.37% | 75.01% | 95.15% | 98.63% | 95.81% | 98.72% | 113.16% | 85.43% | 79.06% | 78.87% | 75.79% | 72.3% | 77.27% | 74.16% | 81.46% | 77.39% | 81.45% | 83.35% | 85.53% | 84.42% | 83.9% | 82.97% | 78.29% | 75.56% | 76.19% | 80.57% | 79.73% |
| Gross Profit | 125.71M | 104.3M | 47.8M | 86.26M | 348.37M | 138.98M | 17.05M | 4.99M | 15.84M | 5.47M | -49.31M | 103.71M | 153.35M | 143.56M | 183.74M | 223.02M | 138.63M | 137.41M | 138.88M | 132.59M | 91.28M | 66.07M | 52.68M | 49.43M | 45.7M | 57.33M | 63.11M | 62.15M | 77.24M | 62.21M | 63.66M |
| Gross Margin % | 19.6% | 16.95% | 9.15% | 14.53% | 38.63% | 24.99% | 4.85% | 1.37% | 4.19% | 1.28% | -13.16% | 14.57% | 20.94% | 21.13% | 24.21% | 27.7% | 22.73% | 25.84% | 18.54% | 22.61% | 18.55% | 16.65% | 14.47% | 15.58% | 16.1% | 17.03% | 21.71% | 24.44% | 23.81% | 19.43% | 20.27% |
| Gross Profit Growth % | - | 118.22% | -44.59% | -75.24% | 150.66% | 715.22% | 241.99% | -68.52% | 189.7% | 111.09% | -147.54% | -32.37% | 6.83% | -21.87% | -17.61% | 60.88% | 0.88% | -1.06% | 4.74% | 45.26% | 38.15% | 25.42% | 6.57% | 8.17% | -20.29% | -9.15% | 1.55% | -19.54% | 24.16% | -2.29% | -0.19% |
| Operating Expenses | 45.42M | 41.51M | 53.3M | 34.48M | 39.99M | 37.93M | 32.58M | 44.08M | 38.86M | 39.56M | 39.3M | 112.54M | 104.02M | 104.5M | 89.77M | 86.58M | 89.86M | 96.7M | 79.72M | 73.58M | 63.72M | 51.11M | 49.1M | 41.74M | -1.22M | 48.42M | 58.34M | 63.06M | 61.73M | 65.86M | 57.34M |
| OpEx % of Revenue | - | 6.75% | 10.2% | 5.81% | 4.43% | 6.82% | 9.27% | 12.07% | 10.28% | 9.25% | 10.49% | 15.81% | 14.2% | 15.38% | 11.83% | 10.75% | 14.73% | 18.18% | 10.64% | 12.55% | 12.95% | 12.88% | 13.49% | 13.16% | -0.43% | 14.38% | 20.07% | 24.8% | 19.03% | 20.57% | 18.26% |
| Selling, General & Admin | 45.18M | 41.51M | 41.77M | 36.58M | 39.43M | 38.03M | 32.08M | 34.17M | 40.81M | 34.99M | 40.17M | 112.29M | 103.89M | 95.72M | 89.99M | 86.34M | 89.72M | 96.37M | 87.02M | 75.89M | 64.56M | 53.46M | 49.1M | 41.74M | 39.91M | 48.42M | 47.79M | 51.67M | 61.73M | 65.86M | 57.34M |
| SG&A % of Revenue | - | 6.75% | 8% | 6.16% | 4.37% | 6.84% | 9.13% | 9.36% | 10.79% | 8.18% | 10.72% | 15.78% | 14.18% | 14.09% | 11.86% | 10.72% | 14.71% | 18.12% | 11.62% | 12.94% | 13.12% | 13.47% | 13.49% | 13.16% | 14.06% | 14.38% | 16.44% | 20.32% | 19.03% | 20.57% | 18.26% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -419K | 0 | 11.54M | -2.1M | 561K | -97K | 499K | 9.9M | -1.95M | 4.57M | -872K | 41.4M | -32.1M | -91.5M | -1.91M | 232K | 145K | 330K | -7.29M | -2.31M | -837K | -2.35M | 0 | 0 | -41.13M | 0 | 10.55M | 11.39M | 0 | 0 | 0 |
| Operating Income | 80.3M | 62.8M | -5.5M | 51.78M | 308.38M | 101.05M | -15.54M | -39.09M | -23.02M | -34.09M | -90.22M | -50.75M | 53.36M | 105.31M | 95.66M | 136.44M | 55.92M | 40.71M | 59.16M | 59.01M | 27.55M | 14.96M | 3.58M | 7.69M | 5.79M | 8.91M | 4.77M | -916K | 15.51M | -3.66M | 6.32M |
| Operating Margin % | 12.52% | 10.21% | -1.05% | 8.72% | 34.2% | 18.17% | -4.42% | -10.71% | -6.09% | -7.97% | -24.09% | -7.13% | 7.28% | 15.5% | 12.6% | 16.94% | 9.17% | 7.65% | 7.9% | 10.06% | 5.6% | 3.77% | 0.98% | 2.42% | 2.04% | 2.65% | 1.64% | -0.36% | 4.78% | -1.14% | 2.01% |
| Operating Income Growth % | - | 1240.69% | -110.63% | -83.21% | 205.18% | 750.45% | 60.26% | -69.78% | 32.46% | 62.21% | -77.77% | -195.11% | -49.33% | 10.09% | -29.89% | 143.98% | 37.37% | -31.18% | 0.24% | 114.16% | 84.12% | 318.6% | -53.49% | 32.81% | -35.02% | 86.85% | 620.41% | -105.91% | 524.15% | -157.83% | -3.47% |
| EBITDA | 163.03M | 144.72M | 68.77M | 120.7M | 376.4M | 170.99M | 55.31M | 30.48M | 47.24M | 35.01M | -25.94M | -10.26M | 89.03M | 133.62M | 116.34M | 155.65M | 73.91M | 57.07M | 74.17M | 73.36M | 40.1M | 26.99M | 14.87M | 18.9M | 16.35M | 20.27M | 15.32M | 10.47M | 28.71M | 8.79M | 16.1M |
| EBITDA Margin % | 25.42% | 23.52% | 13.16% | 20.33% | 41.74% | 30.74% | 15.74% | 8.35% | 12.49% | 8.19% | -6.92% | -1.44% | 12.15% | 19.67% | 15.33% | 19.33% | 12.12% | 10.73% | 9.9% | 12.51% | 8.15% | 6.8% | 4.08% | 5.96% | 5.76% | 6.02% | 5.27% | 4.12% | 8.85% | 2.75% | 5.13% |
| EBITDA Growth % | 150.88% | 110.44% | -43.02% | -67.93% | 120.13% | 209.17% | 81.43% | -35.47% | 34.96% | 234.96% | -152.9% | -111.52% | -33.37% | 14.86% | -25.26% | 110.6% | 29.5% | -23.06% | 1.1% | 82.94% | 48.58% | 81.51% | -21.34% | 15.61% | -19.34% | 32.32% | 46.26% | -63.51% | 226.44% | -45.38% | 3.16% |
| D&A (Non-Cash Add-back) | 82.73M | 81.93M | 74.28M | 68.92M | 68.02M | 69.94M | 70.84M | 69.57M | 70.27M | 69.1M | 64.29M | 40.5M | 35.66M | 28.31M | 20.68M | 19.2M | 17.98M | 16.36M | 15.02M | 14.35M | 12.55M | 12.03M | 11.29M | 11.22M | 10.56M | 11.37M | 10.55M | 11.39M | 13.2M | 12.45M | 9.78M |
| EBIT | 79.03M | 63.21M | 8.41M | 51.78M | 310.58M | 88.37M | -15.54M | -37.95M | -27.42M | -33.78M | -99.14M | -71.3M | 53.57M | 104.11M | 95.94M | 134.38M | 55.93M | 42.62M | 65.78M | 59.01M | 27.14M | 14.85M | 3.24M | 8M | 5.57M | 6.74M | 2.92M | -916K | 15.51M | -8.9M | 100K |
| Net Interest Income | -29.71M | -30.66M | -34.45M | -41.14M | -46.83M | -49.38M | -51.12M | -46.39M | -43.06M | -37.27M | -30.95M | -7.37M | -21.3M | -13.82M | -4.15M | -6.58M | -7.29M | -6.53M | -11.38M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 396K | 301K | 165K | 87K | 77K | 133K | 216K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 29.71M | 30.66M | 34.45M | 41.14M | 46.83M | 49.38M | 51.12M | 46.39M | 43.06M | 37.27M | 30.95M | 7.38M | 21.6M | 13.99M | 4.24M | 6.66M | 7.43M | 6.75M | 11.38M | 0 | 0 | 11.41M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -28.27M | -30.25M | -20.53M | -17.88M | -38.86M | -62.06M | -51.13M | -45.25M | -47.46M | -36.96M | -39.87M | -27.91M | -21.32M | -15.18M | -3.96M | -6.79M | -169K | -4.83M | -4.76M | -10.81M | -11.29M | -9.85M | -2.01M | -5.11M | -2.81M | -1.47M | 3.29M | -30.57M | -17.33M | -14.64M | -9.92M |
| Pretax Income | 52.03M | 32.55M | -26.04M | 33.9M | 269.52M | 38.99M | -66.66M | -84.34M | -70.49M | -71.05M | -130.09M | -58.26M | 32.04M | 90.13M | 91.7M | 129.65M | 48.5M | 35.88M | 54.4M | 48.2M | 16.26M | 5.12M | 2.41M | 3.11M | 2.76M | 6.04M | -10.65M | -31.49M | -1.82M | -18.4M | -3.69M |
| Pretax Margin % | 8.11% | 5.29% | -4.98% | 5.71% | 29.89% | 7.01% | -18.97% | -23.1% | -18.64% | -16.62% | -34.73% | -8.18% | 4.37% | 13.27% | 12.08% | 16.1% | 7.95% | 6.75% | 7.26% | 8.22% | 3.31% | 1.29% | 0.66% | 0.98% | 0.97% | 1.79% | -3.67% | -12.39% | -0.56% | -5.75% | -1.18% |
| Income Tax | 6.09M | 7.94M | -6.68M | 5.97M | 39.17M | -4.56M | -4.75M | -20.92M | 1.74M | -40.76M | -41.96M | -23.55M | 12.4M | 35.42M | 33.59M | 46.21M | 19.79M | 15.02M | 18.78M | 2.54M | 901K | 118K | 1.7M | 4.58M | 56K | 55K | 135K | 157K | 100K | 50K | 150K |
| Effective Tax Rate % | 11.7% | 24.38% | 25.67% | 17.62% | 14.53% | -11.69% | 7.12% | 24.81% | -2.47% | 57.37% | 32.25% | 40.42% | 38.7% | 39.3% | 36.64% | 35.64% | 40.8% | 41.88% | 34.52% | 5.27% | 5.54% | 2.31% | 70.65% | 147.09% | 2.03% | 0.91% | -1.27% | -0.5% | -5.49% | -0.27% | -4.06% |
| Net Income | 45.94M | 24.61M | -19.35M | 27.92M | 230.35M | 43.55M | -61.91M | -63.42M | -72.23M | -29.22M | 112.17M | -34.77M | 19.63M | 54.96M | 58.6M | 83.84M | 29.57M | 21.58M | 36.57M | 46.88M | 15.93M | 5.1M | 1.87M | 3.11M | 99K | 8.56M | 6.2M | -49.77M | -1.92M | -23.07M | -3.85M |
| Net Margin % | 7.16% | 4% | -3.7% | 4.7% | 25.55% | 7.83% | -17.62% | -17.37% | -19.1% | -6.83% | 29.94% | -4.88% | 2.68% | 8.09% | 7.72% | 10.41% | 4.85% | 4.06% | 4.88% | 7.99% | 3.24% | 1.29% | 0.51% | 0.98% | 0.03% | 2.54% | 2.13% | -19.58% | -0.59% | -7.2% | -1.22% |
| Net Income Growth % | 272.6% | 227.18% | -169.31% | -87.88% | 428.99% | 170.33% | 2.37% | 12.2% | -147.21% | -126.05% | 422.65% | -277.07% | -64.28% | -6.21% | -30.1% | 183.5% | 37.02% | -40.98% | -21.99% | 194.3% | 212.23% | 172.4% | -39.79% | 3042.42% | -98.84% | 38.13% | 112.45% | -2492.03% | 91.68% | -499.87% | -3.03% |
| Net Income (Continuing) | 45.94M | 24.61M | -19.35M | 27.92M | 230.35M | 43.55M | -61.91M | -63.42M | -72.23M | -30.29M | -88.13M | -46.15M | 5.09M | 55.14M | 58.79M | 83.98M | 29.71M | 20.85M | 36.56M | 45.66M | 15.77M | 5.63M | 1.91M | 2.91M | 2.7M | 7.33M | 7.97M | -31.65M | -1.92M | -18.4M | -3.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.08M | 200.3M | 11.38M | 14.55M | 0 | 0 | 0 | 0 | 0 | 0 | 348K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.63 | 0.34 | -0.27 | 0.37 | 2.68 | -4.40 | -2.71 | -2.65 | -2.87 | -1.75 | -6.56 | -1.28 | 0.16 | 1.79 | 1.92 | 2.75 | 1.02 | 0.74 | 1.22 | 1.42 | 0.58 | 0.14 | -0.05 | 0.03 | -0.13 | 0.38 | 0.22 | -3.45 | -0.46 | -1.57 | -0.61 |
| EPS Growth % | 269.21% | 225.93% | -172.97% | -86.19% | 160.91% | -62.36% | -2.26% | 7.67% | -64% | 73.32% | -412.5% | -900% | -91.06% | -6.77% | -30.18% | 169.61% | 37.84% | -39.34% | -14.08% | 144.83% | 314.29% | 404.35% | -244.2% | 124.54% | -134.21% | 72.73% | 106.38% | -650% | 70.7% | -157.38% | -48.78% |
| EPS (Basic) | - | 0.34 | -0.27 | 0.37 | 2.72 | -4.40 | -2.71 | -2.65 | -2.87 | -1.75 | -6.56 | -1.28 | 0.16 | 1.87 | 2.01 | 2.92 | 1.06 | 0.77 | 1.32 | 1.62 | 0.69 | 0.15 | -0.06 | 0.04 | -0.14 | 0.41 | 0.22 | -3.45 | -0.32 | -1.57 | -0.61 |
| Diluted Shares Outstanding | 72.91M | 72.39M | 71.97M | 75.1M | 86.03M | 49.96M | 36.66M | 36.45M | 35.74M | 35.43M | 33.09M | 29.59M | 30.77M | 30.68M | 30.6M | 30.55M | 30.26M | 29.24M | 31.37M | 30.54M | 22.04M | 19.55M | 20.7M | 18.37M | 17.04M | 16.35M | 16.38M | 15.38M | 11.17M | 16.7M | 6.28M |
| Basic Shares Outstanding | 72.91M | 72.39M | 71.97M | 74.54M | 84.75M | 49.96M | 36.66M | 36.45M | 35.74M | 35.43M | 33.09M | 29.59M | 29.35M | 29.2M | 29.07M | 28.55M | 27.52M | 27.68M | 27.52M | 25.45M | 18.61M | 17.6M | 16.68M | 15.99M | 16.09M | 15.43M | 15.43M | 15.38M | 15.94M | 16.7M | 6.28M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Natural gas price volatility
As indicated by the most recent quarterly data, LXU has achieved a notable revenue acceleration to $169.5M, representing an 18.2% year-over-year growth rate, which suggests that the company is successfully leveraging its regional logistical advantages to capture favorable pricing within the North American nitrogen market.
The consistent quarter-over-quarter revenue expansion from the 2024 lows suggests that the company's pricing strategy is gaining traction in a volatile commodity environment. Investors should monitor whether this growth is sustainable or merely a reflection of temporary supply-demand imbalances in the agricultural sector.
Based on the reported financial statements, LXU's gross margin has recovered to 21.1% in 2026Q1, highlighting the company's high sensitivity to natural gas input costs and the inherent cyclicality of its nitrogen-based product portfolio compared to larger, more integrated industry peers like CF Industries.
The fluctuation in gross margins from a negative 7.3% in 2024Q3 to current levels underscores the volatility of the nitrogen spread. This volatility suggests that the company's profitability remains highly dependent on external commodity price factors rather than structural cost-reduction initiatives.
According to the income statement, operating income has scaled to $22.0M in the most recent quarter, demonstrating improved operating leverage as the company manages to keep SG&A expenses relatively contained while revenue expands, a trend that warrants further investigation into long-term fixed-cost absorption capabilities.
The expansion of operating margins to 13.0% suggests that management is successfully navigating the high-fixed-cost nature of its manufacturing facilities. However, the reliance on volume-driven efficiency implies that any significant decline in plant utilization could rapidly reverse these gains.
As reported in recent filings, LXU recorded $4.8M in stock-based compensation during 2026Q1, which represents a significant portion of net income and suggests that reported EPS figures may be somewhat inflated by non-cash equity grants that dilute shareholder value over the long term.
The presence of recurring stock-based compensation alongside volatile net income figures complicates the assessment of true operational profitability. Investors should be cautious of relying solely on headline EPS, as these non-cash charges mask the underlying cash-generating capacity of the core chemical business.
Despite recent revenue growth, the company's historical inability to maintain consistent profitability, evidenced by net losses as recently as 2025Q1, suggests that the current margin expansion may be unsustainable if natural gas prices spike or agricultural demand softens in the coming fiscal periods.
Short-term improvements in the income statement may be masking long-term structural challenges related to aging infrastructure and the high cost of environmental compliance. The market's current valuation may be overly optimistic, failing to account for the potential for rapid margin compression during the next cyclical downturn.
Quick answers to the most common questions about buying LXU stock.
For fiscal year 2025, LSB Industries, Inc. (LXU) reported total revenue of $615.2M. This represents a 95.9% increase compared to $314.1M in 1996.
LSB Industries, Inc. (LXU) is profitable, generating $24.6M in net income for the fiscal year ending 2025 with a net profit margin of 4.0%.
LSB Industries, Inc. (LXU) reported an operating income of $62.8M, resulting in an operating profit margin of 10.2%. This margin reflects the operational efficiency of the business before interest and taxes.
LSB Industries, Inc. (LXU) generated $104.3M in gross profit for the year, representing a gross profit margin of 17.0%. This demonstrates the company's core pricing power and production efficiency.