Olin's profitability has deteriorated significantly, with gross margins compressing to 5.0% in 2026Q1 from a 14.5% peak in 2024Q2 due to persistent industrial demand volatility.
| 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 | 6.72B | 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 % | 2.6% | 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 | 432.5M | 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 % | 6.44% | 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 | 519.5M | 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 | 1.88B | 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 | 1000K | 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 | -87M | 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 % | -1.29% | 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 | 419.6M | 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 % | 6.24% | 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 % | -45.04% | -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) | 506.6M | 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 | 3.6M | 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 | -178.7M | -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 | 4.3M | 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 | 183M | 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 | -115.1M | -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 | -202.1M | -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 % | -3.01% | -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 | -74.5M | -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 % | 36.86% | 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 | -127M | -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 % | -1.89% | -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 % | -306.84% | -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) | -127.6M | -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) | -1.12 | -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 % | -318.49% | -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 | 113.8M | 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 | 113.8M | 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% |
Cyclical Margin Compression
According to recent financial disclosures, Olin's revenue growth has fluctuated significantly, with the most recent quarter showing a 3.7% contraction, highlighting the company's sensitivity to global industrial demand and the inherent volatility of its core chlor-alkali and epoxy segments in a challenging macroeconomic environment.
The revenue trajectory appears inconsistent, oscillating between modest gains and contractions as the company navigates a difficult industrial cycle. This suggests that Olin's reliance on commodity-linked pricing leaves it vulnerable to shifts in global production volumes, making sustained top-line growth difficult to achieve without a broader industrial recovery.
As reported in financial statements, Olin's gross margin has compressed to 5.0% in 2026Q1, down from a peak of 14.5% in 2024Q2, reflecting the intense structural pressure on profitability as the company struggles to maintain its value-over-volume strategy against persistent global oversupply and rising input costs.
The sharp decline in gross margins suggests that the company's pricing power is currently insufficient to offset the high fixed-cost nature of its electrolysis operations. Investors should monitor whether this margin compression is a temporary cyclical trough or a more permanent shift in the competitive landscape for chlor-alkali products.
Based on Olin's reported figures, the company's operating margin has deteriorated into negative territory at -3.8% in 2026Q1, indicating that the firm's high fixed-cost structure is failing to scale effectively as revenue declines, thereby amplifying the impact of lower gross profits on the bottom line.
The transition from positive operating income to a loss suggests that Olin is currently unable to cover its overhead and operational expenses during this downturn. This lack of operating leverage warrants further investigation into the company's ability to rationalize its cost base if industrial demand remains suppressed for an extended period.
Data from recent filings suggests that Olin's deliberate capacity idling, intended to support market pricing, may be backfiring as the company reports a net loss of $83.0 million, raising questions about whether this strategy is merely accelerating market share loss to more efficient or integrated global competitors.
While management's price-over-volume approach is designed to protect margins, the current negative net income suggests that the strategy may be reaching a point of diminishing returns. Short-term observers may argue that the company is sacrificing long-term competitive positioning to defend price levels that the market is no longer willing to support.
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.