Revenue growth has remained consistently negative, culminating in a 25.3% year-over-year decline in 2025Q4 alongside gross margins that compressed to 6.5%.
| 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 |
|---|
| Sales/Revenue | 22.48B | 30.15B | 40.3B | 41.11B | 50.45B | 46.17B | 27.75B | 34.73B | 39B | 34.48B | 29.18B | 32.73B | 45.61B | 44.06B | 45.35B | 48.18B | 41.15B | 30.83B | 50.71B |
| Revenue Growth % | -34.77% | -25.18% | -1.96% | -18.52% | 9.27% | 66.37% | -20.08% | -10.97% | 13.11% | 18.16% | -10.85% | -28.23% | 3.51% | -2.84% | -5.88% | 17.09% | 33.49% | -39.2% | - |
| Cost of Goods Sold | 26.81B | 27.44B | 35.74B | 35.85B | 43.85B | 37.4B | 24.36B | 29.3B | 32.53B | 28.06B | 23.19B | 25.68B | 38.94B | 37.94B | 39.59B | 42.73B | 37.1B | 29.37B | 48.78B |
| COGS % of Revenue | - | 91% | 88.68% | 87.21% | 86.91% | 80.99% | 87.77% | 84.38% | 83.4% | 81.37% | 79.47% | 78.46% | 85.38% | 86.11% | 87.31% | 88.69% | 90.16% | 95.28% | 96.2% |
| Gross Profit | -4.33B | 2.71B | 4.56B | 5.26B | 6.6B | 8.78B | 3.39B | 5.43B | 6.47B | 6.42B | 5.99B | 7.05B | 6.67B | 6.12B | 5.76B | 5.45B | 4.05B | 1.46B | 1.93B |
| Gross Margin % | -19.27% | 9% | 11.32% | 12.79% | 13.09% | 19.01% | 12.23% | 15.62% | 16.6% | 18.63% | 20.53% | 21.54% | 14.62% | 13.89% | 12.69% | 11.31% | 9.84% | 4.72% | 3.8% |
| Gross Profit Growth % | - | -40.51% | -13.2% | -20.38% | -24.75% | 158.57% | -37.45% | -16.2% | 0.78% | 7.23% | -15.03% | 5.74% | 8.94% | 6.34% | 5.61% | 34.63% | 178.09% | -24.4% | - |
| Operating Expenses | 3.05B | 3.04B | 2.75B | 2.21B | 1.5B | 2B | 1.83B | 1.31B | 1.24B | 965M | 932M | 930M | 933M | 1.02B | 1.08B | 1.11B | 1.1B | 1.14B | 7.85B |
| OpEx % of Revenue | - | 10.09% | 6.82% | 5.36% | 2.98% | 4.34% | 6.61% | 3.77% | 3.19% | 2.8% | 3.19% | 2.84% | 2.05% | 2.31% | 2.38% | 2.31% | 2.69% | 3.69% | 15.49% |
| Selling, General & Admin | 1.71B | 1.7B | 1.66B | 1.56B | 1.31B | 1.25B | 1.14B | 1.2B | 1.13B | 859M | 833M | 828M | 806M | 870M | 909M | 918M | 872M | 850M | 1.2B |
| SG&A % of Revenue | - | 5.64% | 4.13% | 3.79% | 2.6% | 2.72% | 4.11% | 3.45% | 2.89% | 2.49% | 2.85% | 2.53% | 1.77% | 1.97% | 2% | 1.91% | 2.12% | 2.76% | 2.36% |
| Research & Development | 140M | 138M | 135M | 130M | 124M | 124M | 113M | 111M | 115M | 106M | 99M | 102M | 127M | 150M | 172M | 196M | 154M | 145M | 194M |
| R&D % of Revenue | - | 0.46% | 0.34% | 0.32% | 0.25% | 0.27% | 0.41% | 0.32% | 0.29% | 0.31% | 0.34% | 0.31% | 0.28% | 0.34% | 0.38% | 0.41% | 0.37% | 0.47% | 0.38% |
| Other Operating Expenses | 1000K | 1.2B | 949M | 518M | 69M | 624M | 582M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79M | 144M | 6.46B |
| Operating Income | -202M | -327M | 1.82B | 3.05B | 5.1B | 6.77B | 1.56B | 4.12B | 5.23B | 5.46B | 5.06B | 6.12B | 5.74B | 5.1B | 4.68B | 4.34B | 2.94B | 317M | -5.93B |
| Operating Margin % | -0.9% | -1.08% | 4.51% | 7.43% | 10.11% | 14.67% | 5.62% | 11.85% | 13.41% | 15.83% | 17.34% | 18.7% | 12.58% | 11.58% | 10.31% | 9% | 7.15% | 1.03% | -11.69% |
| Operating Income Growth % | - | -118% | -40.48% | -40.15% | -24.69% | 334.45% | -62.12% | -21.32% | -4.19% | 7.91% | -17.35% | 6.73% | 12.43% | 9.11% | 7.82% | 47.32% | 828.71% | 105.35% | - |
| EBITDA | 865M | 1.06B | 3.34B | 4.59B | 6.37B | 8.17B | 2.94B | 5.43B | 6.47B | 6.63B | 6.12B | 7.17B | 6.75B | 6.12B | 5.66B | 5.27B | 4.07B | 2.09B | -4.02B |
| EBITDA Margin % | 3.85% | 3.53% | 8.28% | 11.16% | 12.62% | 17.69% | 10.61% | 15.63% | 16.59% | 19.24% | 20.98% | 21.9% | 14.81% | 13.9% | 12.48% | 10.93% | 9.88% | 6.78% | -7.92% |
| EBITDA Growth % | -69.1% | -68.16% | -27.21% | -27.97% | -22.02% | 177.38% | -45.76% | -16.13% | -2.44% | 8.33% | -14.58% | 6.13% | 10.32% | 8.2% | 7.42% | 29.53% | 94.5% | 152.05% | - |
| D&A (Non-Cash Add-back) | 1.07B | 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 |
| EBIT | -371M | -205M | 2.08B | 3.1B | 5.06B | 7.3B | 1.91B | 4.4B | 5.67B | 5.98B | 5.55B | 6.52B | 6.06B | 5.3B | 4.84B | 4.58B | 10.33B | -2.49B | -5.71B |
| Net Interest Income | -358M | -435M | -331M | -348M | -258M | -510M | -514M | -328M | -315M | -467M | -305M | -277M | -319M | -294M | -640M | -1.01B | -1.24B | -1.78B | -2.41B |
| Interest Income | 73M | 72M | 150M | 129M | 29M | 9M | 12M | 19M | 45M | 24M | 17M | 33M | 33M | 15M | 15M | 37M | 22M | 18M | 69M |
| Interest Expense | 262M | 507M | 481M | 477M | 287M | 519M | 526M | 347M | 360M | 491M | 322M | 310M | 352M | 309M | 655M | 1.04B | 1.26B | 1.79B | 2.48B |
| Other Income/Expense | -427M | -385M | -214M | -426M | -325M | 13M | -173M | -64M | 80M | 33M | 173M | 87M | -24M | -106M | -491M | -806M | 6.13B | -4.6B | -2.26B |
| Pretax Income | -629M | -712M | 1.6B | 2.63B | 4.78B | 6.79B | 1.39B | 4.05B | 5.31B | 5.49B | 5.23B | 6.21B | 5.71B | 5B | 4.18B | 3.53B | 9.07B | -4.28B | -8.18B |
| Pretax Margin % | -2.8% | -2.36% | 3.98% | 6.39% | 9.47% | 14.7% | 4.99% | 11.67% | 13.62% | 15.93% | 17.93% | 18.97% | 12.52% | 11.34% | 9.23% | 7.33% | 22.04% | -13.89% | -16.14% |
| Income Tax | 41M | 79M | 240M | 501M | 882M | 1.16B | -43M | 648M | 613M | 598M | 1.39B | 1.73B | 1.54B | 1.14B | 1.33B | 1.06B | -953M | -1.41B | -848M |
| Effective Tax Rate % | -6.52% | -11.1% | 14.97% | 19.07% | 18.47% | 17.14% | -3.1% | 15.99% | 11.54% | 10.89% | 26.49% | 27.86% | 26.96% | 22.74% | 31.71% | 29.99% | -10.51% | 32.94% | 10.36% |
| Net Income | -774M | -743M | 1.36B | 2.11B | 3.88B | 5.61B | 1.42B | 3.39B | 4.69B | 4.88B | 3.84B | 4.48B | 4.17B | 3.86B | 2.85B | 2.15B | 10.15B | -2.87B | -7.32B |
| Net Margin % | -3.44% | -2.46% | 3.37% | 5.14% | 7.69% | 12.15% | 5.12% | 9.76% | 12.02% | 14.15% | 13.14% | 13.67% | 9.15% | 8.75% | 6.28% | 4.46% | 24.67% | -9.29% | -14.44% |
| Net Income Growth % | -172.34% | -154.63% | -35.67% | -45.54% | -30.8% | 295.07% | -58.11% | -27.69% | -3.91% | 27.19% | -14.3% | 7.24% | 8.22% | 35.43% | 32.65% | -78.85% | 454.31% | 60.87% | - |
| Net Income (Continuing) | -814M | -791M | 1.36B | 2.13B | 3.89B | 5.62B | 1.43B | 3.4B | 4.7B | 4.89B | 3.85B | 4.48B | 4.17B | 3.86B | 2.86B | 2.47B | 10.02B | -2.87B | -7.34B |
| Discontinued Operations | -2M | 53M | 4M | -5M | -5M | -6M | -2M | -7M | -8M | -18M | -10M | -5M | -4M | -7M | -24M | -332M | 62M | 1M | 15M |
| Minority Interest | 114M | 125M | 126M | 128M | 128M | 130M | 133M | 135M | 139M | 1M | 25M | 24M | 30M | 36M | 40M | 54M | 61M | 129M | 135M |
| EPS (Diluted) | - | -2.35 | 4.15 | 6.46 | 11.80 | 16.75 | 4.24 | 9.59 | 12.06 | 12.23 | 9.13 | 9.59 | 7.99 | 6.75 | 4.92 | 3.74 | 17.87 | -5.08 | -12.98 |
| EPS Growth % | -189.16% | -156.63% | -35.76% | -45.25% | -29.55% | 295.05% | -55.79% | -20.48% | -1.39% | 33.95% | -4.8% | 20.03% | 18.37% | 37.2% | 31.55% | -79.07% | 451.77% | 60.86% | - |
| EPS (Basic) | - | -2.35 | 4.16 | 6.48 | 11.84 | 16.75 | 4.24 | 9.59 | 12.06 | 12.37 | 9.15 | 10.17 | 8.57 | 7.03 | 4.98 | 3.76 | 17.87 | -5.08 | -12.98 |
| Diluted Shares Outstanding | 0 | 322M | 326M | 326M | 328M | 334M | 334M | 353M | 389M | 399M | 420M | 466M | 521M | 570M | 577M | 572M | 566M | 564M | 564M |
| Basic Shares Outstanding | 0 | 322M | 325M | 325M | 327M | 334M | 334M | 353M | 389M | 394.51M | 419M | 440.15M | 486.97M | 548.82M | 572.01M | 568M | 564M | 564M | 564M |
| Dividend Payout Ratio | - | - | 126.47% | 76.16% | 83.62% | 26.49% | 98.94% | 43.13% | 33.15% | 29% | 36.37% | 31.5% | 33.61% | 29.22% | 84.8% | 134.75% | - | - | - |
Cyclical margin compression
As indicated by recent financial disclosures, LYB has experienced a sustained period of top-line decay, with quarterly revenue growth rates consistently negative, culminating in a 25.3% year-over-year decline in 2025Q4, reflecting broader industrial weakness and a challenging pricing environment across its core polyolefin segments.
The consistent negative revenue growth suggests that the company is struggling to maintain volume in a softening global industrial market. Investors should monitor whether this trend represents a structural shift in demand or merely a cyclical trough, as the lack of positive growth momentum complicates the path to margin recovery.
Based on reported income statements, gross margins have faced significant pressure, falling from a peak of 16.5% in 2024Q2 to a low of 6.5% by 2025Q4, highlighting the company's vulnerability to feedstock cost volatility and the inability to pass through price increases in the current cycle.
The sharp contraction in gross margins suggests that the company's variable cost structure is highly sensitive to energy price fluctuations. This margin erosion appears to be exacerbated by the current industry-wide overcapacity, which limits the firm's ability to exercise pricing power effectively.
According to the provided quarterly data, net income has exhibited extreme volatility, swinging from a profit of $923 million in 2024Q2 to a loss of $892 million in 2025Q3, largely driven by significant operating income fluctuations and potential non-cash charges related to asset realignments.
The wide variance in net income suggests that headline EPS figures may not accurately reflect the underlying cash-generating capacity of the business. Analysts should focus on normalized EBITDA metrics to strip away the impact of one-time impairment charges and LIFO inventory accounting adjustments that distort bottom-line results.
As reported in recent filings, the company has maintained dividend payouts despite reporting negative net income in multiple recent quarters, raising concerns regarding the long-term sustainability of capital returns if the current operating environment does not show a meaningful and rapid improvement in profitability.
The disconnect between negative net income and continued capital distribution warrants further investigation into the company's cash flow coverage. If the current cyclical downturn persists, management may be forced to choose between preserving the dividend and funding the necessary capital expenditures for their circular economy transition.
Quick answers to the most common questions about buying LYB stock.
For fiscal year 2025, LyondellBasell Industries N.V. (LYB) reported total revenue of $30.15B. This represents a 40.5% decline compared to $50.71B in 2008.
LyondellBasell Industries N.V. (LYB) reported a net loss of $743.0M for the fiscal year ending 2025.
LyondellBasell Industries N.V. (LYB) reported an operating income of $-327.0M, resulting in an operating profit margin of -1.1%. This margin reflects the operational efficiency of the business before interest and taxes.
LyondellBasell Industries N.V. (LYB) generated $2.71B in gross profit for the year, representing a gross profit margin of 9.0%. This demonstrates the company's core pricing power and production efficiency.