LyondellBasell Industries (LYB) Q1 FY2026 earnings: revenue $7.2 billion, down 6.3% on the year

LyondellBasell Industries N.V. (LYB) reported revenue of $7.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 6.3% on the same quarter a year earlier. Net income was $125 million, down 29.4% on the year, and diluted earnings per share $0.38. The figures are the company's own, from the 10-Q it filed with the SEC on 1 May 2026.

Revenue

$7.2 billion

-6.3% on the year · +1.5% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

3.3%

1.5% a year earlier

Q2 FY2024Q1 FY2026

Net income

$125 million

-29.4% on the year

Q2 FY2024Q1 FY2026

Diluted EPS

$0.38

-29.6% on the year

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 1 raised.

Net income turned positive: Net income was $125 million, or $0.38 per diluted share, after a net loss of $140 million in the fourth quarter 2025.
EBITDA rose on the quarter: EBITDA was $568 million, or $615 million excluding identified items, against $345 million and $417 million in the fourth quarter 2025.
Americas olefins and polyolefins doubled: EBITDA in the Americas O&P segment doubled from the fourth quarter as lower feedstock costs and rising product prices lifted integrated polyethylene margins.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	7,197	7,091	7,677	+1.5%	-6.3%
Cost of revenue	6,496	6,756	7,128	-3.8%	-8.9%
Gross profit	701	335	549	+109.3%	+27.7%
Gross margin	9.7%	4.7%	7.2%
Research and development	36.0	33.0	34.0	+9.1%	+5.9%
Selling, general and administrative	411	373	401	+10.2%	+2.5%
Operating income	239	-88.0	114		+109.6%
Operating margin	3.3%	-1.2%	1.5%
Interest expense	138	132	107	+4.5%	+29.0%
Pre-tax income	137	-142	59.0		+132.2%
Income tax	-2.0	-8.0	36.0
Effective tax rate	-1.5%	n/a	61.0%
Net income	125	-140	177		-29.4%
Net margin	1.7%	-2.0%	2.3%
Diluted EPS	$0.38	-$0.45	$0.54		-29.6%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	-269	1,507	-579
Capital expenditure	269	450	483	-40.2%	-44.3%
Free cash flow	-538	1,057	-1,062
Free cash flow margin	-7.5%	14.9%	-13.8%
Cash from investing	-279	-403	-430
Cash from financing	-236	539	-547
Depreciation and amortisation	342	385	323	-11.2%	+5.9%
Share-based compensation	47.0	21.0	35.0	+123.8%	+34.3%
Buybacks	0.0	0.0	110
Dividends paid	224	443	433	-49.4%	-48.3%
Dividend per share	$0.69	$1.37	$1.34	-49.6%	-48.5%
Shares outstanding at period end	323m	322m	323m	+0.2%	-0.1%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	10,040	10,082	12,209	-0.4%	-17.8%
Non-controlling interest	11.0	11.0	12.0	0.0%	-8.3%
Redeemable equity	114	114	114	0.0%	0.0%
Debt	12,921	12,938	11,220	-0.1%	+15.2%
Operating lease liabilities	1,331	1,327	1,444	+0.3%	-7.8%
Other liabilities	9,541	9,531	10,190	+0.1%	-6.4%
Total liabilities and equity	33,958	34,003	35,189	-0.1%	-3.5%
Fixed assets	15,702	15,833	15,342	-0.8%	+2.3%
Goodwill	705	708	1,596	-0.4%	-55.8%
Intangible assets	417	450	580	-7.3%	-28.1%
Investments	1,469	2,030	1,161	-27.6%	+26.5%
Cash and equivalents	2,635	3,443	1,867	-23.5%	+41.1%
Inventory	3,635	3,533	4,930	+2.9%	-26.3%
Other assets	9,395	8,006	9,713	+17.3%	-3.3%
Total assets	33,958	34,003	35,189	-0.1%	-3.5%

Questions

What was LyondellBasell Industries' revenue in Q1 FY2026?

LyondellBasell Industries (LYB) reported revenue of $7.2 billion for Q1 FY2026, the quarter ended 31 March 2026, down 6.3% on the same quarter a year earlier.

How much did LyondellBasell Industries earn in Q1 FY2026?

Net income for Q1 FY2026 was $125 million, down 29.4% on the year, and diluted earnings per share $0.38.

When did LyondellBasell Industries report Q1 FY2026 results?

LyondellBasell Industries filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 1 May 2026.

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-Q for the period ended 31 March 2026, filed 1 May 2026: the filing.