LyondellBasell Industries (LYB) Q4 FY2025 earnings: revenue $7.1 billion, down 25.3% on the year

LyondellBasell Industries N.V. (LYB) reported revenue of $7.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 25.3% on the same quarter a year earlier. Net income was -$140 million, and diluted earnings per share $-0.45. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2026.

Revenue

$7.1 billion

-25.3% on the year · -8.2% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

-1.2%

-6.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

-$140 million

Q1 FY2024Q4 FY2025

Diluted EPS

-$0.45

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 3 new, 1 kept.

Full-year net loss, excluding items income: The company reported a full-year 2025 net loss of $738 million, or $2.34 per diluted share, and net income of $563 million excluding identified items.
Fourth-quarter net loss and EBITDA: Fourth-quarter net loss was $140 million, or $0.45 per diluted share. EBITDA was $345 million, or $417 million excluding identified items.
Trade, feedstock and capacity pressures: Petrochemical markets in 2025 faced trade disruptions, falling oil prices and capacity additions that outpaced global demand growth.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	7,091	7,727	9,497	-8.2%	-25.3%
Cost of revenue	6,756	6,821	8,747	-1.0%	-22.8%
Gross profit	335	906	750	-63.0%	-55.3%
Gross margin	4.7%	11.7%	7.9%
Research and development	33.0	34.0	39.0	-2.9%	-15.4%
Selling, general and administrative	373	401	426	-7.0%	-12.4%
Operating income	-88.0	-731	-659
Operating margin	-1.2%	-9.5%	-6.9%
Interest expense	132	130	116	+1.5%	+13.8%
Pre-tax income	-142	-856	-878
Income tax	-8.0	-27.0	-265
Net income	-140	-890	-603
Net margin	-2.0%	-11.5%	-6.3%
Diluted EPS	-$0.45	-$2.77	-$1.87

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	1,507	983	1,915	+53.3%	-21.3%
Capital expenditure	450	406	504	+10.8%	-10.7%
Free cash flow	1,057	577	1,411	+83.2%	-25.1%
Free cash flow margin	14.9%	7.5%	14.9%
Cash from investing	-403	-439	-547
Cash from financing	539	-448	-518
Depreciation and amortisation	385	350	389	+10.0%	-1.0%
Share-based compensation	21.0	15.0	20.0	+40.0%	+5.0%
Buybacks	0.0	0.0	78.0
Dividends paid	443	443	437	0.0%	+1.4%
Dividend per share	$1.37	$1.37	$1.34	0.0%	+2.2%
Diluted shares, weighted	n/a	n/a	325m
Shares outstanding at period end	322m	322m	324m	+0.1%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	10,082	10,599	12,462	-4.9%	-19.1%
Non-controlling interest	11.0	11.0	12.0	0.0%	-8.3%
Redeemable equity	114	114	114	0.0%	0.0%
Debt	12,938	11,856	11,149	+9.1%	+16.0%
Operating lease liabilities	1,327	1,360	1,419	-2.4%	-6.5%
Other liabilities	9,531	9,847	10,590	-3.2%	-10.0%
Total liabilities and equity	34,003	33,787	35,746	+0.6%	-4.9%
Fixed assets	15,833	15,700	15,066	+0.8%	+5.1%
Goodwill	708	708	1,561	0.0%	-54.6%
Intangible assets	450	453	577	-0.7%	-22.0%
Investments	2,030	703	2,610	+188.8%	-22.2%
Cash and equivalents	3,443	1,784	3,375	+93.0%	+2.0%
Inventory	3,533	4,409	4,658	-19.9%	-24.2%
Other assets	8,006	10,030	7,899	-20.2%	+1.4%
Total assets	34,003	33,787	35,746	+0.6%	-4.9%

Questions

What was LyondellBasell Industries' revenue in Q4 FY2025?

LyondellBasell Industries (LYB) reported revenue of $7.1 billion for Q4 FY2025, the quarter ended 31 December 2025, down 25.3% on the same quarter a year earlier.

How much did LyondellBasell Industries earn in Q4 FY2025?

Net loss for Q4 FY2025 was $140 million, and the diluted loss per share $0.45.

When did LyondellBasell Industries report Q4 FY2025 results?

LyondellBasell Industries filed its 10-K for the year that ended with the quarter on 20 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	12,830	13,157	14,838	12,250	10,206	10,247	10,306	10,625	9,929	8,304	8,678	8,604	9,497	7,677	7,658	7,727	7,091	7,197	9,177	8,499
Cost of revenue	10,934	11,136	12,267	11,088	9,356	8,864	8,868	9,177	8,940	7,200	7,244	7,303	8,747	7,128	6,871	6,821	6,756	6,496	7,139	7,003
Gross profit	1,896	2,021	2,571	1,162	850	1,383	1,438	1,448	989	1,104	1,434	1,301	750	549	787	906	335	701	2,038	1,496
Gross margin	15%	15%	17%	9%	8%	13%	14%	14%	10%	13%	17%	15%	8%	7%	10%	12%	5%	10%	22%	18%
R&D	33.0	32.0	32.0	31.0	29.0	33.0	32.0	31.0	34.0	32.0	33.0	31.0	39.0	34.0	35.0	34.0	33.0	36.0	34.0	35.0
SG&A	328	328	329	319	334	385	395	378	399	421	402	400	426	401	435	401	373	411	387	394
Operating income	911	1,661	2,141	812	487	713	1,011	1,014	315	651	999	865	-659	114	285	-731	-88.0	239	1,543	1,067
Operating margin	7%	13%	14%	7%	5%	7%	10%	10%	3%	8%	12%	10%	-7%	1%	4%	-9%	-1%	3%	17%	13%
Interest expense	153	74.0	58.0	70.0	85.0	116	115	125	121	127	120	118	116	107	118	130	132	138	138	138
Pre-tax income	866	1,637	2,023	727	389	642	905	901	179	543	1,199	777	-878	59.0	224	-856	-142	137	808	963
Tax rate	16%	19%	19%	21%	9%	26%	21%	17%	-4%	20%	21%	19%	n/a	61%	31%	n/a	n/a	-1%	29%	19%
Net income	726	1,320	1,644	572	353	474	715	747	185	473	924	573	-603	177	115	-890	-140	125	559	758
Net margin	6%	10%	11%	5%	3%	5%	7%	7%	2%	6%	11%	7%	-6%	2%	2%	-12%	-2%	2%	6%	9%
Diluted EPS	$2.18	$4.00	$4.98	$1.75	$1.07	$1.44	$2.18	$2.29	$0.56	$1.44	$2.82	$1.75	-$1.87	$0.54	$0.34	-$2.77	-$0.45	$0.38	$1.71	$2.32
Operating cash flow	3,079	1,502	1,599	1,414	1,604	482	1,290	1,666	1,504	-114	1,348	670	1,915	-579	351	983	1,507	-269	752	1,716
Capital expenditure	674	446	532	439	473	352	301	394	484	483	484	368	504	483	539	406	450	269	270	303
Free cash flow	2,405	1,056	1,067	975	1,131	130	989	1,272	1,020	-597	864	302	1,411	-1,062	-188	577	1,057	-538	482	1,413
Buybacks	385	217	45.0	158	0.0	70.0	100	41.0	0.0	0.0	75.0	42.0	78.0	110	91.0	0.0	0.0	0.0	0.0	0.0
Dividends paid	376	371	2,093	395	387	389	408	407	406	408	438	437	437	433	445	443	443	224	224	224
Shares outstanding	330m	328m	327m	326m	326m	325m	325m	324m	324m	325m	325m	325m	324m	323m	322m	322m	322m	323m	323m	323m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 20 February 2026: the filing.