Revenue has been broadly flat near $1.6B to $1.8B across the period while gross margin ranged from 1.9% to 14.5%, suggesting heavy sensitivity to external pricing conditions and limited evidence of durable margin expansion.
Olin Corporation (OLN) annual income statement — 30-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 | 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 | 6.74B | 6.78B | 6.54B | 6.83B | 9.38B | 8.91B | 5.76B | 6.11B | 6.95B | 6.27B | 5.55B | 2.85B | 2.24B | 2.52B | 2.18B | 1.96B | 1.59B | 1.53B | 1.76B | 1.28B | 3.15B | 2.36B | 2B | 1.59B | 1.3B | 1.27B | 1.55B | 1.31B | 1.43B | 2.41B | 2.64B |
| Revenue Growth % | -0.73% | 3.68% | -4.29% | -27.12% | 5.23% | 54.75% | -5.76% | -12.04% | 10.81% | 12.93% | 94.46% | 27.36% | -10.89% | 15.12% | 11.4% | 23.66% | 3.55% | -13.2% | 38.2% | -59.49% | 33.68% | 18.06% | 25.91% | 21.91% | 2.36% | -17.95% | 17.79% | -7.78% | -40.83% | -8.64% | -16.25% |
| Cost of Goods Sold | 6.29B | 6.28B | 5.8B | 5.67B | 7.2B | 6.62B | 5.37B | 5.44B | 5.93B | 5.5B | 4.94B | 2.47B | 1.85B | 2.03B | 1.75B | 1.57B | 1.35B | 1.22B | 1.38B | 1.04B | 2.8B | 2B | 1.76B | 1.41B | 1.18B | 1.12B | 1.2B | 1.05B | 1.08B | 1.74B | 1.89B |
| COGS % of Revenue | - | 92.6% | 88.72% | 83.04% | 76.74% | 74.28% | 93.34% | 89.1% | 85.42% | 87.77% | 89.08% | 86.65% | 82.69% | 80.86% | 80.01% | 80.26% | 85.12% | 79.84% | 78.05% | 81.32% | 88.75% | 84.78% | 88.38% | 88.65% | 90.78% | 88.28% | 77.21% | 80.23% | 75.95% | 72.28% | 71.68% |
| Gross Profit | 450M | 501.5M | 737.5M | 1.16B | 2.18B | 2.29B | 383.4M | 666M | 1.01B | 766.4M | 606.1M | 381.1M | 388M | 481.3M | 436.7M | 387.2M | 236M | 308.8M | 387.3M | 238.5M | 354.7M | 358.9M | 232M | 180M | 120M | 149M | 353M | 260M | 343M | 668M | 747M |
| Gross Margin % | 6.68% | 7.4% | 11.28% | 16.96% | 23.26% | 25.72% | 6.66% | 10.9% | 14.58% | 12.23% | 10.92% | 13.35% | 17.31% | 19.14% | 19.99% | 19.74% | 14.88% | 20.16% | 21.95% | 18.68% | 11.25% | 15.22% | 11.62% | 11.35% | 9.22% | 11.72% | 22.79% | 19.77% | 24.05% | 27.72% | 28.32% |
| Gross Profit Growth % | - | -32% | -36.37% | -46.85% | -4.85% | 497.81% | -42.43% | -34.25% | 32.18% | 26.45% | 59.04% | -1.78% | -19.38% | 10.21% | 12.78% | 64.07% | -23.58% | -20.27% | 62.39% | -32.76% | -1.17% | 54.7% | 28.89% | 50% | -19.46% | -57.79% | 35.77% | -24.2% | -48.65% | -10.58% | -3.24% |
| Operating Expenses | 476.2M | 388.3M | 441M | 447M | 401.9M | 441.2M | 1.13B | 488.2M | 336.1M | 469.8M | 498.3M | 280.2M | 184.5M | 194.8M | 186.1M | 161.4M | 134.4M | 135.3M | 136.1M | 124.5M | 174.7M | 171.4M | 145M | 127M | 120M | 121M | 213M | 209M | 211M | 438M | 488M |
| OpEx % of Revenue | - | 5.73% | 6.74% | 6.54% | 4.29% | 4.95% | 19.63% | 7.99% | 4.84% | 7.49% | 8.98% | 9.82% | 8.23% | 7.75% | 8.52% | 8.23% | 8.47% | 8.83% | 7.71% | 9.75% | 5.54% | 7.27% | 7.26% | 8.01% | 9.22% | 9.52% | 13.75% | 15.89% | 14.8% | 18.17% | 18.5% |
| Selling, General & Admin | 440.1M | 388.3M | 382.5M | 382.7M | 355.2M | 381.2M | 403.1M | 400.6M | 408.9M | 335.4M | 302.4M | 187.2M | 166.1M | 203.9M | 168.6M | 161.4M | 134.4M | 135.3M | 137.3M | 126.4M | 176.9M | 176.3M | 141M | 127M | 112M | 116M | 127M | 120M | 123M | 285M | 358M |
| SG&A % of Revenue | - | 5.73% | 5.85% | 5.6% | 3.79% | 4.28% | 7% | 6.56% | 5.89% | 5.35% | 5.45% | 6.56% | 7.41% | 8.11% | 7.72% | 8.23% | 8.47% | 8.83% | 7.78% | 9.9% | 5.61% | 7.48% | 7.06% | 8.01% | 8.61% | 9.13% | 8.2% | 9.13% | 8.63% | 11.83% | 13.57% |
| Research & Development | 0 | 0 | 18.4M | 20M | 18.3M | 20.4M | 16.6M | 16.5M | 14.9M | 14.5M | 10.9M | 4.9M | 4.1M | 2.5M | 2.6M | 0 | 0 | 0 | 0 | 0 | 4.5M | 4.2M | 4M | 5M | 5M | 5M | 5M | 9M | 10M | 29M | 0 |
| R&D % of Revenue | - | - | 0.28% | 0.29% | 0.2% | 0.23% | 0.29% | 0.27% | 0.21% | 0.23% | 0.2% | 0.17% | 0.18% | 0.1% | 0.12% | - | - | - | - | - | 0.14% | 0.18% | 0.2% | 0.32% | 0.38% | 0.39% | 0.32% | 0.68% | 0.7% | 1.2% | - |
| Other Operating Expenses | 2M | 0 | 40.1M | 44.3M | 28.4M | 39.6M | 710.4M | 71.1M | -87.7M | 119.9M | 185M | 88.1M | 14.3M | -11.6M | 0 | 0 | 0 | 0 | 0 | -1.9M | -6.7M | -9.1M | 0 | -8M | 0 | 0 | 81M | 80M | 78M | 124M | 130M |
| Operating Income | -26.2M | 113.2M | 296.5M | 712.1M | 1.78B | 1.85B | -746.7M | 177.8M | 676.9M | 296.6M | 107.8M | 100.9M | 203.5M | 286.5M | 268.4M | 223.9M | 69.9M | 182.6M | 251.2M | 114M | 125.5M | 153.9M | 77M | 12M | -3M | -11M | 140M | 51M | 132M | 230M | 187M |
| Operating Margin % | -0.39% | 1.67% | 4.53% | 10.42% | 18.97% | 20.77% | -12.97% | 2.91% | 9.74% | 4.73% | 1.94% | 3.53% | 9.08% | 11.39% | 12.29% | 11.42% | 4.41% | 11.92% | 14.24% | 8.93% | 3.98% | 6.53% | 3.86% | 0.76% | -0.23% | -0.87% | 9.04% | 3.88% | 9.26% | 9.54% | 7.09% |
| Operating Income Growth % | - | -61.82% | -58.36% | -59.97% | -3.88% | 347.86% | -519.97% | -73.73% | 128.22% | 175.14% | 6.84% | -50.42% | -28.97% | 6.74% | 19.87% | 220.31% | -61.72% | -27.31% | 120.35% | -9.16% | -18.45% | 99.87% | 541.67% | 500% | 72.73% | -107.86% | 174.51% | -61.36% | -42.61% | 22.99% | -23.67% |
| EBITDA | 453.2M | 634.8M | 814.6M | 1.25B | 2.38B | 2.43B | -178.3M | 775.2M | 1.28B | 855.5M | 641.3M | 329.8M | 342.6M | 421.8M | 379.3M | 323.2M | 156.8M | 254.3M | 320.8M | 162M | 197.6M | 226.4M | 150M | 94M | 84M | 76M | 221M | 131M | 210M | 308M | 273M |
| EBITDA Margin % | 6.73% | 9.36% | 12.46% | 18.23% | 25.36% | 27.31% | -3.1% | 12.69% | 18.4% | 13.65% | 11.55% | 11.55% | 15.29% | 16.77% | 17.36% | 16.48% | 9.89% | 16.6% | 18.18% | 12.69% | 6.27% | 9.6% | 7.51% | 5.93% | 6.46% | 5.98% | 14.27% | 9.96% | 14.73% | 12.78% | 10.35% |
| EBITDA Growth % | -30.47% | -22.07% | -34.6% | -47.62% | -2.28% | 1464.72% | -123% | -39.36% | 49.42% | 33.4% | 94.45% | -3.74% | -18.78% | 11.2% | 17.36% | 106.12% | -38.34% | -20.73% | 98.02% | -18.02% | -12.72% | 50.93% | 59.57% | 11.9% | 10.53% | -65.61% | 68.7% | -37.62% | -31.82% | 12.82% | -29.46% |
| D&A (Non-Cash Add-back) | 479.4M | 521.6M | 518.1M | 533.4M | 598.8M | 582.5M | 568.4M | 597.4M | 601.4M | 558.9M | 533.5M | 228.9M | 139.1M | 135.3M | 110.9M | 99.3M | 86.9M | 71.7M | 69.6M | 48M | 72.1M | 72.5M | 73M | 82M | 87M | 87M | 81M | 80M | 78M | 78M | 86M |
| EBIT | -42.1M | 102.2M | 355.8M | 776.7M | 1.83B | 1.91B | -19M | 265.8M | 604.5M | 431.2M | 304M | 194.2M | 222.2M | 277.7M | 268.4M | 409.8M | 102.3M | 221.5M | 270.8M | 172.8M | 221.7M | 245.5M | 87M | 43M | 0 | 28M | 140M | 51M | 132M | 156M | 187M |
| Net Interest Income | -176.7M | -183.9M | -180.8M | -176.8M | -141.7M | -347.8M | -292.2M | -242.2M | -241.6M | -215.6M | -188.5M | -95.9M | -42.5M | -38M | -25.4M | -29.2M | -24.4M | -10.5M | -7.1M | -10.5M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.5M | 4.4M | 3.7M | 4.3M | 2.2M | 200K | 500K | 1M | 1.6M | 1.8M | 3.4M | 1.1M | 1.3M | 600K | 1M | 1.2M | 1M | 1.1M | 6.2M | 11.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 178.2M | 188.3M | 184.5M | 181.1M | 143.9M | 348M | 292.7M | 243.2M | 243.2M | 217.4M | 191.9M | 97M | 43.8M | 38.6M | 26.4M | 30.4M | 25.4M | 11.6M | 13.3M | 22.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -194.1M | -199.3M | -154.8M | -152.8M | -103M | -312.1M | -273.3M | -214.7M | -239.6M | -179.4M | -142M | -94.2M | -40.8M | -36.5M | -43.2M | 155.5M | 7M | 27.3M | 6.3M | 36.7M | 54M | 37.4M | 2M | -8M | -27M | -2M | -9M | -24M | -73M | 4M | 165M |
| Pretax Income | -220.3M | -86.1M | 141.7M | 559.3M | 1.68B | 1.54B | -1.02B | -36.9M | 437.3M | 117.2M | -34.2M | 6.7M | 162.7M | 250M | 225.2M | 379.4M | 76.9M | 209.9M | 257.5M | 150.7M | 201.4M | 225.6M | 79M | 4M | -27M | -13M | 131M | 27M | 59M | 147M | 352M |
| Pretax Margin % | -3.27% | -1.27% | 2.17% | 8.19% | 17.88% | 17.27% | -17.71% | -0.6% | 6.3% | 1.87% | -0.62% | 0.23% | 7.26% | 9.94% | 10.31% | 19.35% | 4.85% | 13.71% | 14.59% | 11.8% | 6.39% | 9.57% | 3.96% | 0.25% | -2.08% | -1.02% | 8.46% | 2.05% | 4.14% | 6.1% | 13.34% |
| Income Tax | -52.9M | -42.7M | 36.7M | 107.3M | 349.1M | 242M | -50.1M | -25.6M | 109.4M | -432.3M | -30.3M | 8.1M | 57.7M | 71.4M | 75.6M | 137.7M | 12.1M | 74.2M | 99.8M | 49.9M | 51.7M | 85.9M | 28M | 4M | 4M | -4M | 50M | 10M | 21M | 81M | 158M |
| Effective Tax Rate % | 24.01% | 49.59% | 25.9% | 19.18% | 20.83% | 15.73% | 4.91% | 69.38% | 25.02% | -368.86% | 88.6% | 120.9% | 35.46% | 28.56% | 33.57% | 36.29% | 15.73% | 35.35% | 38.76% | 33.11% | 25.67% | 38.08% | 35.44% | 100% | -14.81% | 30.77% | 38.17% | 37.04% | 35.59% | 55.1% | 44.89% |
| Net Income | -167.6M | -42.8M | 108.6M | 460.2M | 1.33B | 1.3B | -969.9M | -11.3M | 327.9M | 549.5M | -3.9M | -1.4M | 105.7M | 178.6M | 149.6M | 241.7M | 64.8M | 135.7M | 157.7M | -9.2M | 149.7M | 133.3M | 55M | -24M | -31M | -9M | 81M | 21M | 78M | 153M | 280M |
| Net Margin % | -2.49% | -0.63% | 1.66% | 6.73% | 14.15% | 14.55% | -16.84% | -0.18% | 4.72% | 8.77% | -0.07% | -0.05% | 4.72% | 7.1% | 6.85% | 12.32% | 4.09% | 8.86% | 8.94% | -0.72% | 4.75% | 5.65% | 2.75% | -1.51% | -2.38% | -0.71% | 5.23% | 1.6% | 5.47% | 6.35% | 10.61% |
| Net Income Growth % | -411.52% | -139.41% | -76.4% | -65.32% | 2.33% | 233.69% | -8483.19% | -103.45% | -40.33% | 14189.74% | -178.57% | -101.32% | -40.82% | 19.38% | -38.11% | 272.99% | -52.25% | -13.95% | 1814.13% | -106.15% | 12.3% | 142.36% | 329.17% | 22.58% | -244.44% | -111.11% | 285.71% | -73.08% | -49.02% | -45.36% | 100% |
| Net Income (Continuing) | -167.4M | -43.4M | 105M | 452M | 1.33B | 1.3B | -969.9M | -11.3M | 327.9M | 549.5M | -3.9M | -1.4M | 105M | 178.6M | 149.6M | 241.7M | 64.8M | 135.7M | 157.7M | 100.8M | 149.7M | 117.8M | 51M | 0 | -31M | -9M | 81M | 17M | 38M | 97M | 227M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 700K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21.1M | 0 | 0 | 0 | 0 | 0 | 0 | 40M | 0 | 0 |
| Minority Interest | 400K | 31.7M | 32.3M | 35.9M | 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) | -1.46 | -0.37 | 0.91 | 3.57 | 8.94 | 7.96 | -6.14 | -0.07 | 1.95 | 3.26 | -0.02 | 0.02 | 1.33 | 2.21 | 1.85 | 2.99 | 0.81 | 1.73 | 2.07 | -0.12 | 2.06 | 1.86 | 0.80 | -0.41 | -0.63 | -0.21 | 1.80 | 0.45 | 1.63 | 3.00 | 5.27 |
| EPS Growth % | -418.25% | -140.66% | -74.51% | -60.07% | 12.31% | 229.64% | -8721.84% | -103.57% | -40.18% | 13913.56% | -218% | -98.5% | -39.82% | 19.46% | -38.13% | 269.14% | -53.18% | -16.43% | 1825% | -105.83% | 10.75% | 132.5% | 295.12% | 34.92% | -200% | -111.67% | 300% | -72.39% | -45.67% | -43.07% | 97.38% |
| EPS (Basic) | - | -0.37 | 0.92 | 3.66 | 9.16 | 8.15 | -6.14 | -0.07 | 1.97 | 3.31 | -0.02 | 0.02 | 1.34 | 2.24 | 1.87 | 3.02 | 0.82 | 1.74 | 2.08 | -0.12 | 2.06 | 1.87 | 0.80 | -0.41 | -0.63 | -0.21 | 1.80 | 0.45 | 1.64 | 3.02 | 5.34 |
| Diluted Shares Outstanding | 115M | 114.6M | 119.5M | 128.8M | 148.5M | 163M | 157.9M | 162.3M | 168.4M | 168.5M | 165.2M | 104.3M | 79.7M | 80.9M | 81M | 80.8M | 79.9M | 78.3M | 76.1M | 74.3M | 72.8M | 71.6M | 68.4M | 58.3M | 49.4M | 43.44M | 45M | 46.67M | 47.85M | 51M | 52.37M |
| Basic Shares Outstanding | 114M | 114.6M | 117.8M | 125.9M | 144.9M | 159.1M | 157.9M | 161.43M | 166.8M | 166.2M | 165.2M | 103.4M | 78.6M | 79.9M | 80.1M | 80M | 79.2M | 78.1M | 75.8M | 74.3M | 72.6M | 71.3M | 68.2M | 58.3M | 49.4M | 43.44M | 44.9M | 46.67M | 47.56M | 50.66M | 51.69M |
| Dividend Payout Ratio | - | - | 86.74% | 21.95% | 8.76% | 9.86% | - | - | 40.74% | 24.2% | - | - | 59.6% | 35.83% | 42.85% | 26.48% | 97.69% | 46.06% | 38.43% | - | 38.81% | 42.84% | 101.82% | - | - | - | 44.44% | 195.24% | 74.36% | 39.87% | 22.86% |
Quick answers to the most common questions about buying OLN stock.
For fiscal year 2025, Olin Corporation (OLN) reported total revenue of $6.78B. This represents a 157.0% increase compared to $2.64B in 1996.
Olin Corporation (OLN) reported a net loss of $42.8M for the fiscal year ending 2025.
Olin Corporation (OLN) reported an operating income of $113.2M, resulting in an operating profit margin of 1.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Olin Corporation (OLN) generated $501.5M in gross profit for the year, representing a gross profit margin of 7.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Volatile margin compression exposure
Metrics are mathematically derived from official filings.
Revenue Flat With Sharp Quarterly Swings
Based on reported income statement figures, Olin's quarterly revenue hovered near $1.6B to $1.8B across the ten-quarter window, with year-over-year growth swinging between roughly negative 4% and positive 8%, suggesting no durable acceleration.
The reported growth rates oscillate around zero rather than trending in one direction, which points to revenue being driven more by commodity price and volume cycles than by structural expansion. Investors should monitor whether the recent 2% year-over-year gain in 2026Q3 represents a turn or a single-quarter fluctuation, as the data alone does not confirm durability.
Gross Margin Cycles Between Trough and Peak
As reported in the income statement, Olin's gross margin ranged from a low of about 1.9% in 2025Q4 to a high of 14.5% in 2024Q2, a spread that indicates heavy sensitivity to external pricing conditions.
A gross margin swing of this magnitude suggests limited pricing power and a cost base that does not hold steady when product prices fall, consistent with a commodity-exposed chemicals producer. The recovery toward roughly 10% in 2025Q3 through 2026Q3 may indicate a cyclical rebound, but the data does not establish whether it can be sustained through a downturn.
Operating Income Fails to Scale Consistently
Based on reported figures, operating margin moved from 8.3% in 2024Q2 to negative 3.8% in 2025Q4, indicating that fixed overhead and SG&A absorb a large share of gross profit when volumes or prices soften.
Because SG&A remains around $90M to $105M per quarter while gross profit fluctuates widely, operating leverage works in both directions and has been negative during weaker periods. The pattern suggests the cost base is not flexed quickly enough to protect operating income, which warrants further investigation into the fixed-cost structure.
Net Income Diverges From Operating Trend
According to reported EPS figures, Olin posted diluted EPS of $0.13 in 2026Q3 after losses of $0.73 and $0.75 in the two prior quarters, a volatility pattern that makes the quarterly earnings base difficult to read.
The gap between operating income and net income in several quarters, including 2025Q3 where net income was $43.0M despite near-zero operating income, suggests that non-operating or below-the-line items are materially affecting reported results. Investors should treat single-quarter EPS with caution and examine the reconciliation between operating and net figures.
Margin Recovery May Prove Cyclical
Based on reported figures, the late-period improvement to roughly 3.4% operating margin in 2026Q3 follows several quarters of losses, and it may reflect a temporary price recovery rather than a structural shift.
A bearish reading would emphasize that the peer group, including Westlake and Celanese, also shows compressed or negative margins, suggesting industry-wide cyclicality rather than company-specific execution. If commodity pricing reverses, the thin 3.4% operating margin could quickly return to negative territory, and the data does not provide evidence of a durable cost advantage to prevent that outcome.