Free cash flow turned positive at $482M in Q2 2026, but operating cash flow volatility persists, with cumulative FCF negative over the last ten quarters and dividends averaging $437M per quarter.
LyondellBasell Industries N.V. (LYB) cash flow statement — 18-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 |
|---|
| Cash from Operations | 2.97B | 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 % | 193.2% | -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 | -348M | -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 | 34M | 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 | 11M | 91M | 91M | 0 | 70M | 66M | 55M | 48M | 39M | 55M | 38M | 53M | 37M | 42M | 42M | 0 | 0 | 0 | 0 |
| Deferred Taxes | -18M | -156M | -437M | 43M | 369M | -198M | 331M | 209M | 260M | -587M | 357M | 181M | 177M | -46M | 715M | 452M | -1.11B | -1.4B | -831M |
| Other Non-Cash Items | 4.02B | 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 | -725M | 415M | 30M | 437M | 97M | 304M | -319M | -66M | -755M | -257M | 374M | -370M | 5M | -105M | 187M | -675M | -456M | -1.58B | 315M |
| Change in Receivables | -1.61B | 687M | 127M | 110M | 1B | -1.52B | -246M | 367M | 433M | -521M | -383M | 780M | 358M | -64M | -101M | -89M | -702M | -129M | 1.37B |
| Change in Inventory | -436M | 945M | 25M | 18M | -91M | -742M | 340M | -129M | -141M | -237M | 123M | -240M | -205M | -151M | 441M | -732M | -395M | -40M | 943M |
| Change in Payables | 1.15B | -768M | -122M | 141M | -464M | 1.3B | 217M | -251M | -199M | 165M | 383M | -786M | -378M | 275M | -189M | 703M | 641M | 99M | -1.56B |
| Cash from Investing | -1.64B | -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 | 1.55% | 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 | -313M | -10M | 138M | 0 | -4M | -106M | -2.42B | 5M | -1.74B | 134M | 144M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.06B |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -1.5B | 87M | -198M | -329M | -204M | -121M | -83M | -175M | -151M | -84M | -58M | 20M | 6M | -41M | 47M | 29M | 155M | 168M | 177M |
| Cash from Financing | -378M | -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) | -499M | 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) | 201M | -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 | 430M | -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 | 201M | -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 | -510M | -22M | 52M | -4M | 263M | -215M | -72M | -103M | -16M | -75M | -5M | 171M | 30M | 15M | -51M | 27M | -2M | -21M | -42M |
| Net Change in Cash | 936M | 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 | 3.46B | 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 % | 11.08% | 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 % | 646.44% | -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 | 10.70 | 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) | -9.93x | -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 |
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.
Key Metrics
Top Statement Risk
Dividend sustainability amid cyclical trough
Metrics are mathematically derived from official filings.
Earnings Quality Masked by Working Capital Swings
Operating cash flow swung from $1.9B in 2024Q4 to -$269M in 2026Q1, with OCF/NI ranging from -10.76 to 3.08, indicating volatile earnings quality. According to quarterly cash flow statements, working capital changes drove most of the variability.
The gap between net income and operating cash flow is stark: in 2025Q4, net income was -$140M but OCF was $1.5B, a divergence of $1.64B, largely due to a $533M working capital inflow and a $1.4B positive capex adjustment (likely asset sale). Conversely, 2026Q1 saw net income of $125M but OCF of -$269M, with working capital consuming $826M. This suggests that reported earnings are not a reliable indicator of cash generation, and investors should focus on normalized working capital trends.
Free Cash Flow Volatility Signals Cyclical Stress
Free cash flow swung from $2.9B in 2025Q4 to -$1.1B in 2025Q1, with FCF margin ranging from 41.4% to -13.8%. Based on reported figures, the TTM FCF is negative, indicating the company is not covering its capital expenditures from operations.
The trajectory of FCF is highly erratic, reflecting the deep cyclical downturn. The 2025Q4 FCF of $2.9B appears to be an outlier, likely due to a large positive capex adjustment (possibly asset sales), while the 2025Q1 FCF of -$1.1B reflects a severe working capital drain. Over the last four quarters, cumulative FCF is approximately -$1.1B, suggesting that the company is burning cash at the trough. This is consistent with the negative operating margin and raises concerns about the sustainability of the dividend.
Capital Intensity Elevated Amid Downturn
CapEx averaged $450M per quarter over the last ten quarters, with CapEx/Revenue ranging from 2.9% to 20.1%. As reported in cash flow statements, the elevated capital intensity in 2025Q4 (20.1%) appears to be an anomaly, likely due to asset sales or reclassifications.
Excluding the 2025Q4 outlier, CapEx/Revenue has been relatively stable around 5-7%, indicating that the company is maintaining its capital base despite the downturn. However, with revenue contracting 25% YoY, the capital intensity has effectively risen, meaning that maintenance capex is consuming a larger share of shrinking revenue. This suggests that the company may be underinvesting in growth to preserve cash, which could impair long-term competitiveness.
Working Capital Swings Amplify Cash Flow Instability
Working capital changes ranged from -$1.1B in 2025Q1 to +$1.3B in 2024Q4, with a cumulative negative impact of -$1.1B over the last ten quarters. According to quarterly cash flow data, inventory and receivables management appears to be a major source of volatility.
The working capital swings are massive and appear to be driven by commodity price volatility and LIFO inventory effects. In 2025Q1, working capital consumed $1.1B, likely due to inventory build-up or price declines, while in 2024Q4 it released $1.3B. This pattern suggests that the company's cash flow is highly sensitive to changes in raw material prices and demand. Investors should monitor inventory levels and LIFO adjustments, as they can distort both earnings and cash flow.
Dividend Payout Exceeds Organic Cash Generation
Dividends paid averaged $437M per quarter over the last ten quarters, while operating cash flow averaged $1.1B, but free cash flow was negative in four of the last ten quarters. Based on reported figures, the dividend appears to be funded by debt or asset sales during trough periods.
The company has maintained a consistent dividend of approximately $440M per quarter, even during quarters with negative net income and negative free cash flow. In 2025Q1, for example, dividends of $433M were paid despite FCF of -$1.1B, implying a reliance on external financing or cash reserves. This raises concerns about dividend sustainability if the downturn persists, as the payout ratio on a cash basis is unsustainable.
Cumulative Earnings vs Cash: A Widening Gap
Over the last ten quarters, cumulative net income is -$1.1B, while cumulative operating cash flow is $4.5B, a divergence of $5.6B. As reported in cash flow statements, this gap is largely due to non-cash charges like D&A and working capital timing.
The cumulative gap between net income and operating cash flow is substantial, indicating that earnings are being depressed by non-cash items such as impairments and depreciation, while cash generation remains positive. However, the quality of that cash flow is questionable, as it is heavily influenced by working capital swings and one-time items. The divergence suggests that the company's underlying cash-generating ability is stronger than reported earnings, but the volatility makes it difficult to rely on.
What the Cash Flow Statement Obscures
The 2025Q4 cash flow includes a $1.4B positive capex adjustment and a $1.3B dividend payment, which may obscure underlying cash generation. According to the cash flow statement, these items appear to be non-recurring or reclassified, warranting closer scrutiny.
The cash flow statement shows unusual items that may distort the true cash-generating ability. The 2025Q4 capex line of +$1.4B is highly unusual for a chemical company, suggesting a possible asset sale or reclassification that inflates FCF. Additionally, the dividend payment of $1.3B in that quarter is nearly three times the typical $440M, which may indicate a special dividend or a timing shift. Investors should adjust for these anomalies to assess the underlying cash flow, as they may overstate the company's ability to sustain its dividend.