Olin Reports $85.7M Q4 Net Loss, Adjusted EBITDA Falls 65% to $67.7M
Fourth quarter 2025 net loss was $85.7 million (–$0.75/share) versus $10.7 million income a year ago, with adjusted EBITDA of $67.7 million down from $193.4 million. Sales held steady at $1.665 billion, and Beyond250 cost cuts delivered $44 million savings, while first-quarter 2026 EBITDA is expected lower.
1. Olin Reports Sharp Q4 Net Loss and EBITDA Decline
Olin Corporation posted a fourth-quarter net loss of $85.7 million, or $0.75 per diluted share, versus net income of $10.7 million, or $0.09 per diluted share, in the same period of 2024. Adjusted EBITDA for Q4 2025 was $67.7 million, down from $193.4 million a year earlier, after excluding $125.7 million of depreciation and amortization and $19.1 million of restructuring charges. Full-year 2025 results included a net loss of $42.8 million, or $0.37 per diluted share, compared with 2024’s net income of $108.6 million, or $0.91 per share. Sales in the quarter were $1,665.1 million, essentially flat versus $1,671.3 million in Q4 2024.
2. Segment Results Reveal Operational Headwinds
The Chlor Alkali Products and Vinyls segment recorded Q4 sales of $856.4 million, down from $953.7 million, and a segment loss of $14.7 million versus earnings of $75.2 million, driven by lower pricing, unabsorbed fixed costs from turnarounds and production disruptions, partially offset by higher volumes. Epoxy division sales increased to $359.3 million from $282.2 million, but the segment loss widened to $19.2 million from $27.4 million a year ago, with higher volumes and a favorable mix unable to offset elevated turnaround costs. Winchester’s sales rose modestly to $449.4 million from $435.4 million while segment earnings collapsed to $0.6 million from $42.0 million, as higher military sales failed to offset declining commercial ammunition pricing and raw‐material inflation.
3. Strong Cash Generation Supports Balance Sheet and Share Buybacks
Olin generated $321.2 million of operating cash flow in Q4 2025 and ended the year with cash of $167.6 million and net debt of approximately $2.7 billion, yielding a net debt to adjusted EBITDA ratio of 4.1x. Available liquidity stood at about $1.0 billion. During the quarter, the company repurchased 0.5 million shares for $10.1 million and 2.2 million shares for $50.5 million in 2025, with $1.9 billion remaining under authorization. Management expects first-quarter 2026 adjusted EBITDA to decline sequentially due to higher maintenance and raw‐material costs in its Chemicals businesses, while Winchester’s normalized inventories should drive a modest sequential improvement.