Revenue rebounded 19.8% year-over-year in Q2 2026 to $9.2B, with gross margin expanding to 22.2% from 6.5% in Q4 2025, though TTM net margin remains negative at -1.1%.
LyondellBasell Industries N.V. (LYB) annual income statement — 18-year revenue, gross profit & net income history
| 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 | 31.19B | 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 % | -6.71% | -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 | 27.09B | 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 | 4.11B | 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 % | 13.16% | 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 | 3.09B | 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 | 1.66B | 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 | 139M | 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 | 3M | 1.2B | 949M | 518M | 69M | 624M | 582M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 79M | 144M | 6.46B |
| Operating Income | 1.01B | -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 % | 3.24% | -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 | 2.44B | 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 % | 7.81% | 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 % | 17.35% | -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) | 1.42B | 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 | 463M | -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 | -416M | -435M | -331M | -348M | -258M | -510M | -514M | -328M | -315M | -467M | -305M | -277M | -319M | -294M | -640M | -1.01B | -1.24B | -1.78B | -2.41B |
| Interest Income | 76M | 72M | 150M | 129M | 29M | 9M | 12M | 19M | 45M | 24M | 17M | 33M | 33M | 15M | 15M | 37M | 22M | 18M | 69M |
| Interest Expense | 492M | 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 | -1.06B | -385M | -214M | -426M | -325M | 13M | -173M | -64M | 80M | 33M | 173M | 87M | -24M | -106M | -491M | -806M | 6.13B | -4.6B | -2.26B |
| Pretax Income | -50M | -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 % | -0.16% | -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 | 208M | 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 % | -416% | -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 | -348M | -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 % | -1.12% | -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 % | -233.33% | -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) | -258M | -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 | -3M | 53M | 4M | -5M | -5M | -6M | -2M | -7M | -8M | -18M | -10M | -5M | -4M | -7M | -24M | -332M | 62M | 1M | 15M |
| Minority Interest | 9M | 125M | 126M | 128M | 128M | 130M | 133M | 135M | 139M | 1M | 25M | 24M | 30M | 36M | 40M | 54M | 61M | 129M | 135M |
| EPS (Diluted) | -1.08 | -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 % | -248% | -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 | 323M | 322M | 326M | 326M | 328M | 334M | 334M | 353M | 389M | 399M | 420M | 466M | 521M | 570M | 577M | 572M | 566M | 564M | 564M |
| Basic Shares Outstanding | 323M | 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% | - | - | - |
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.
Key Metrics
Top Statement Risk
Dividend sustainability amid cyclical trough
Metrics are mathematically derived from official filings.
Revenue Collapse Reflects Deep Cyclical Downturn
Revenue contracted 25.2% year-over-year on a TTM basis, with the latest quarter showing a 19.8% rebound, suggesting a possible trough but no confirmed recovery. According to the company's quarterly disclosures, the decline is broad-based across segments.
The 25.2% TTM revenue decline is the steepest in the provided period, with quarterly growth turning positive only in 2026Q2 after five consecutive quarters of negative growth. This suggests the company may be emerging from the trough, but the sustainability is uncertain given the absence of management guidance. The rebound in 2026Q2 appears driven by volume recovery rather than pricing power, as gross margins remain compressed at 22.2%, well below the 2024 levels.
Gross Margin Compression Signals Structural Pressure
Gross margin fell to 9.0% on a TTM basis, down from 13.3% in 2024Q1, reflecting severe spread compression. As reported in financial statements, the current margin is below the company's historical average and peers like Dow's 6.0%.
The TTM gross margin of 9.0% is a stark contrast to the 16.5% seen in 2024Q2, indicating that feedstock costs have risen or polymer prices have fallen more than proportionally. This compression appears cyclical, but the persistence of sub-10% margins for several quarters suggests a potential structural shift in the competitive landscape, possibly due to increased global capacity. The company's high fixed-cost base amplifies the impact of volume declines on margins, as evidenced by the negative operating margin in 2025Q3 and 2024Q4.
Operating Leverage Amplifies Downturn
Operating income swung from $999 million in 2024Q2 to a loss of $731 million in 2025Q3, demonstrating extreme operating leverage. Based on the reported figures, SG&A has remained relatively stable, but the collapse in gross profit has driven operating margins negative.
The company's operating leverage is evident in the disproportionate decline in operating income relative to revenue. While SG&A has been held relatively flat (ranging from $387 million to $465 million), the drop in gross profit from $1.4 billion to $460 million has pushed operating margins to -9.5% in 2025Q3. This indicates that the cost structure is not flexible enough to absorb revenue declines, and any recovery in volumes would likely lead to a sharp rebound in operating income, but the current trough is severe.
Earnings Quality Marred by Impairments and Tax Anomalies
Net income has been volatile, with losses in 2025Q3 and 2024Q4, and EPS swinging from -$2.77 to $1.72. According to recent SEC filings, these swings appear driven by non-cash impairments and tax effects, not core operations.
The negative net income in 2025Q3 and 2024Q4 likely includes significant impairment charges, as suggested by the large operating losses that are not mirrored in gross profit. Additionally, the effective tax rate appears anomalous, with net income sometimes exceeding operating income (e.g., 2025Q1), indicating tax benefits or deferred tax adjustments. Stock-based compensation has been minimal, but the negative SBC in 2025Q4 is unusual and may reflect reversals. Investors should focus on cash earnings, as reported net income is distorted by non-operating items.
Cost Discipline Fails to Offset Revenue Decline
SG&A has been held nearly constant at around $400 million per quarter, but COGS has not fallen proportionally, leading to margin compression. As reported in the income statement, COGS as a percentage of revenue rose from 87% in 2024Q1 to 91% in 2025Q4.
The company has maintained SG&A discipline, with only a slight increase from $400 million to $465 million, but this has not been sufficient to offset the revenue decline. COGS has remained sticky, indicating that variable costs such as feedstocks have not declined as much as selling prices. This suggests that the company is facing a cost-price squeeze, and management's ability to cut costs further is limited without restructuring. The negative operating margin in several quarters indicates that the company is operating below breakeven, which may not be sustainable in the long term.
2025Q3 Marks Deepest Trough
The most significant inflection is 2025Q3, where operating margin hit -9.5% and net margin -11.5%, the worst in the period. According to the quarterly data, this quarter reflects the cyclical bottom, with subsequent quarters showing improvement.
2025Q3 stands out as the trough, with revenue down 10.2% YoY and operating income at -$731 million, likely due to a combination of weak demand, inventory destocking, and possible impairments. The subsequent quarters show a gradual recovery, with 2026Q2 returning to positive operating income of $1.5 billion, but this is still below the 2024 levels. The lasting impact of this trough is a weakened balance sheet and a need for asset rationalization, as evidenced by the planned exit from refining. The recovery appears fragile, and the absence of guidance suggests management is uncertain about the durability of the rebound.
Dividend and Balance Sheet Under Pressure
With negative net income and a debt-to-equity ratio of 1.56, the company's dividend may be at risk. As reported in the financial statements, the current payout appears to exceed organic earnings, raising concerns about sustainability.
The company has historically prioritized dividends, but with TTM net income negative, the dividend is not covered by earnings. The debt-to-equity ratio of 1.56, while not extreme, suggests a leveraged balance sheet that could become strained if the downturn persists. The negative ROE of -6.5% indicates that the company is destroying shareholder value at current earnings levels. Short-sellers might argue that the company's high fixed costs and cyclical exposure make it vulnerable to a prolonged downturn, and the lack of guidance suggests management is not confident in a near-term recovery. The planned exit from refining may also lead to additional charges and capital expenditures, further pressuring cash flows.