Orion Q2 FY26 net income falls 80% to $1.8 million; net sales rise 7% to $500.9 million

Orion posted Q2 net sales of $501 million, up 7% year over year; net income fell to $2 million from $9 million.

Adjusted EBITDA (non-GAAP) dropped 15% to $58 million year over year, but rose 26% sequentially.

Operating cash flow totaled $27 million; free cash flow (non-GAAP) was $2 million, with capex of $25 million.

Specialty segment adjusted EBITDA (non-GAAP) more than doubled to $39 million, while Rubber segment adjusted EBITDA (non-GAAP) fell 61% to $19 million.

Orion reaffirmed 2026 adjusted EBITDA (non-GAAP) guidance of $170 million-$210 million, raising free cash flow (non-GAAP) outlook to -$10 million to $20 million.