Cash conversion remains highly erratic, evidenced by an OCF/NI ratio of -10.76 in 2025Q4 and a $224 million dividend payout in 2026Q1 despite negative operating cash flow.
| 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 |
|---|
| Cash from Operations | 2.57B | 2.26B | 3.82B | 4.94B | 6.12B | 7.7B | 3.4B | 4.96B | 5.47B | 5.21B | 5.61B | 5.84B | 6.05B | 4.83B | 4.79B | 2.87B | 2.02B | -787M | 1.09B |
| Operating CF Margin % | - | 7.5% | 9.48% | 12.02% | 12.13% | 16.67% | 12.27% | 14.29% | 14.03% | 15.1% | 19.21% | 17.85% | 13.26% | 10.97% | 10.56% | 5.95% | 4.91% | -2.55% | 2.15% |
| Operating CF Growth % | 4.99% | -40.77% | -22.72% | -19.24% | -20.48% | 126.06% | -31.38% | -9.32% | 5.09% | -7.14% | -4.04% | -3.41% | 25.09% | 1% | 66.85% | 41.96% | 356.8% | -172.2% | - |
| Net Income | -774M | -738M | 1.37B | 2.12B | 3.89B | 5.62B | 1.43B | 3.4B | 4.69B | 4.88B | 3.84B | 4.47B | 4.17B | 3.85B | 2.83B | 2.14B | 10.08B | -2.87B | -7.32B |
| Depreciation & Amortization | 19M | 1.39B | 1.52B | 1.53B | 1.27B | 1.39B | 1.39B | 1.31B | 1.24B | 1.17B | 1.06B | 1.05B | 1.02B | 1.02B | 983M | 931M | 1.12B | 1.77B | 1.91B |
| Stock-Based Compensation | 12M | 91M | 91M | 0 | 70M | 66M | 55M | 48M | 39M | 55M | 38M | 53M | 37M | 42M | 42M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 45M | -156M | -437M | 43M | 369M | -198M | 331M | 209M | 260M | -587M | 357M | 181M | 177M | -46M | 715M | 452M | -1.11B | -1.4B | -831M |
| Other Non-Cash Items | 2.2B | 1.26B | 1.25B | 809M | 427M | 513M | 525M | 61M | -4M | -56M | -64M | 457M | 642M | 112M | 26M | 21M | -7.62B | 3.29B | 7.02B |
| Working Capital Changes | 1.09B | 415M | 30M | 437M | 97M | 304M | -319M | -66M | -755M | -257M | 374M | -370M | 5M | -105M | 187M | -675M | -456M | -1.58B | 315M |
| Change in Receivables | -357M | 687M | 127M | 110M | 1B | -1.52B | -246M | 367M | 433M | -521M | -383M | 780M | 358M | -64M | -101M | -89M | -702M | -129M | 1.37B |
| Change in Inventory | 102M | 945M | 25M | 18M | -91M | -742M | 340M | -129M | -141M | -237M | 123M | -240M | -205M | -151M | 441M | -732M | -395M | -40M | 943M |
| Change in Payables | 369M | -768M | -122M | 141M | -464M | 1.3B | 217M | -251M | -199M | 165M | 383M | -786M | -378M | 275M | -189M | 703M | 641M | 99M | -1.56B |
| Cash from Investing | -1.63B | -1.78B | -1.85B | -1.78B | -1.98B | -1.5B | -4.91B | -1.64B | -3.56B | -1.76B | -2.3B | -1.05B | -3.53B | -1.6B | -1.01B | -1.02B | -525M | -611M | -1.88B |
| Capital Expenditures | 483M | -1.88B | -1.84B | -1.53B | -1.89B | -1.96B | -1.95B | -2.69B | -2.1B | -1.55B | -2.24B | -1.44B | -1.5B | -1.56B | -1.06B | -1.05B | -692M | -779M | -1B |
| CapEx % of Revenue | 2.15% | 6.23% | 4.56% | 3.72% | 3.75% | 4.24% | 7.02% | 7.76% | 5.4% | 4.49% | 7.69% | 4.4% | 3.29% | 3.54% | 2.34% | 2.18% | 1.68% | 2.53% | 1.97% |
| Acquisitions | 0 | 0 | 138M | 0 | -4M | -106M | -2.42B | 5M | -1.74B | 134M | 144M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.06B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -2.05B | 102M | -198M | -329M | -204M | -121M | -83M | -175M | -151M | -84M | -58M | 20M | 6M | -41M | 47M | 29M | 155M | 168M | 177M |
| Cash from Financing | -196M | -507M | -1.9B | -1.95B | -3.41B | -6.38B | 2.27B | -2.83B | -3.01B | -2.86B | -3.35B | -4.85B | -5.91B | -1.59B | -2.15B | -4.96B | 2.12B | 1.1B | 1.08B |
| Debt Issued (Net) | 0 | 1.48B | -32M | -125M | -4M | -4.22B | 3.75B | 2.48B | 416M | -503M | 989M | 1.04B | 1.25B | 1.47B | 321M | -2.1B | -677M | 1.12B | 1.13B |
| Equity Issued (Net) | 110M | -201M | -195M | -211M | -420M | -463M | -4M | -3.75B | -1.85B | -866M | -2.94B | -4.66B | -5.79B | -1.95B | 0 | 0 | 2.8B | 0 | 0 |
| Dividends Paid | 209M | -1.76B | -1.72B | -1.61B | -3.25B | -1.49B | -1.41B | -1.46B | -1.55B | -1.42B | -1.4B | -1.41B | -1.4B | -1.13B | -2.42B | -2.89B | 0 | 0 | 0 |
| Share Repurchases | 110M | -201M | -195M | -211M | -420M | -463M | -4M | -3.75B | -1.85B | -866M | -2.94B | -4.66B | -5.79B | -1.95B | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -515M | -22M | 52M | -4M | 263M | -215M | -72M | -103M | -16M | -75M | -5M | 171M | 30M | 15M | -51M | 27M | -2M | -21M | -42M |
| Net Change in Cash | 769M | 61M | -17M | 1.25B | 679M | -288M | 877M | 487M | -1.13B | 650M | -49M | -107M | -3.42B | 1.72B | 1.67B | -3.16B | 3.66B | -300M | 298M |
| Free Cash Flow | 3.06B | 384M | 1.98B | 3.41B | 4.23B | 5.74B | 1.46B | 2.27B | 3.37B | 3.66B | 3.36B | 4.4B | 4.55B | 3.27B | 3.73B | 1.82B | 1.33B | -1.57B | 90M |
| FCF Margin % | 13.59% | 1.27% | 4.91% | 8.3% | 8.38% | 12.42% | 5.25% | 6.53% | 8.63% | 10.61% | 11.52% | 13.45% | 9.97% | 7.43% | 8.22% | 3.78% | 3.23% | -5.08% | 0.18% |
| FCF Growth % | 101.65% | -80.61% | -41.95% | -19.34% | -26.27% | 293.69% | -35.73% | -32.65% | -8.01% | 8.8% | -23.6% | -3.23% | 38.94% | -12.15% | 104.89% | 36.87% | 184.87% | -1840% | - |
| FCF per Share | - | 1.19 | 6.07 | 10.46 | 12.89 | 17.17 | 4.36 | 6.42 | 8.65 | 9.17 | 8.01 | 9.45 | 8.73 | 5.74 | 6.46 | 3.18 | 2.35 | -2.78 | 0.16 |
| FCF Conversion (FCF/Net Income) | -3.95x | -3.04x | 2.81x | 2.34x | 1.58x | 1.37x | 2.40x | 1.46x | 1.17x | 1.07x | 1.46x | 1.31x | 1.45x | 1.25x | 1.68x | 1.34x | 0.20x | 0.27x | -0.15x |
| Interest Paid | 0 | 0 | 503M | 487M | 297M | 414M | 498M | 318M | 333M | 333M | 313M | 299M | 343M | 266M | 665M | 1.07B | 641M | 1.22B | 0 |
| Taxes Paid | 0 | 0 | 343M | 465M | 746M | 310M | 176M | 403M | 1.21B | 1.04B | 741M | 1.42B | 1.17B | 1.21B | 261M | 662M | 87M | 57M | 0 |
Cyclical cash flow volatility
According to quarterly financial data, LYB's operating cash flow frequently decouples from net income, evidenced by a volatile OCF/NI ratio that reached -10.76 in 2025Q4, suggesting that reported earnings are currently poor proxies for the company's actual ability to generate cash from its core operations.
The extreme variance between net income and operating cash flow indicates significant non-cash adjustments and working capital swings that obscure underlying performance. Investors should monitor whether these discrepancies are temporary accounting artifacts or a sign of deteriorating cash conversion efficiency in a high-cost environment.
As reported in recent filings, LYB's free cash flow trajectory remains highly erratic, with margins swinging from a negative 13.8% in 2025Q1 to a positive 41.4% by 2025Q4, reflecting the company's sensitivity to cyclical commodity price shifts and the resulting impact on discretionary cash generation.
The lack of a stable free cash flow trend complicates the assessment of the company's long-term self-funding capacity. The reliance on massive swings in working capital to bolster cash flow in certain quarters suggests that organic cash generation is currently insufficient to support both capital expenditures and dividends.
Based on the provided cash flow statements, working capital changes have become a primary driver of liquidity, with a massive $1.1 billion outflow in 2025Q1 followed by a $533 million inflow in 2025Q4, indicating that inventory and receivables management is currently highly reactive to market conditions.
These sharp fluctuations in working capital suggest that the company is struggling to manage its supply chain and inventory levels effectively amidst a contracting demand environment. Such volatility makes it difficult to forecast normalized cash flow and may indicate that the company is forced to liquidate inventory to preserve liquidity.
As indicated by recent financial statements, LYB has continued to pay out significant dividends, totaling $224 million in 2026Q1 despite negative operating cash flow, which suggests that capital allocation priorities may be increasingly disconnected from the company's current ability to generate internal cash.
The decision to maintain dividend payouts while operating cash flow is negative warrants further investigation into the company's reliance on external financing or cash reserves. This strategy appears to prioritize shareholder returns at the potential expense of balance sheet flexibility during a period of structural industry contraction.
Quick answers to the most common questions about buying LYB stock.
LyondellBasell Industries N.V. (LYB) generated $2.26B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
LyondellBasell Industries N.V. (LYB) generated $384.0M 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.
LyondellBasell Industries N.V. (LYB) spent $1.88B 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, LyondellBasell Industries N.V. (LYB) returned $1.76B to shareholders via cash dividends and spent $201.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.