Olin Announces Third Quarter 2026 Results
OLIN Corp (OLN) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Investor Contact: Steve Keenan (314) 719-1755 InvestorRelations@Olin.com News Olin Corporation, 190 Carondelet Plaza, Suite 1530, Clayton, MO 63105 Olin Announces Third Quarter 2026 Results Highlights • Third quarter 2026 net income of $14.4 million, or $0.13 per dil
Facts are quoted from the filing text and checked against it.
How this was made
The 30-second read
Why it matters
The earnings release provides fresh data on profitability, segment performance, and merger timeline, offering traders a basis for short‑term positioning.
Market read
Olin's earnings and merger update are the primary drivers of relevance; broader market impact is limited.
What to watch
Potential upside from clean‑hydrogen tax credit benefits and cost‑saving initiatives not fully reflected in the short‑term guidance.
Olin Announces Third Quarter 2026 Results
Third-quarter sales were $1,747.7 million versus $1,713.2 million, but reported net income attributable to Olin Corporation was $14.4 million versus $42.8 million and adjusted EBITDA was $191.4 million versus $222.4 million. Epoxy and Winchester improved, while Chlor Alkali Products and Vinyls earnings declined, and fourth-quarter adjusted EBITDA guidance is $80 million to $100 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales, three months ended September 30, 2026GAAP | $1.75B | – | – |
| Sales, nine months ended September 30, 2026GAAP | $5.07B | – | – |
| Cost of Goods Sold, three months ended September 30, 2026GAAP | $1.57B | – | – |
| Selling and Administrative expense, three months ended September 30, 2026GAAP | $98.4M | – | – |
| Restructuring Charges, three months ended September 30, 2026GAAP | $1.7M | – | – |
| Acquisition-related Costs, three months ended September 30, 2026GAAP | $13.7M | – | – |
| Operating Income, three months ended September 30, 2026GAAP | $59.2M | – | – |
| Operating Income, nine months ended September 30, 2026GAAP | $27.4M | – | – |
| Interest Expense, Net, three months ended September 30, 2026GAAP | $44.5M | – | – |
| Income (Loss) before Taxes, three months ended September 30, 2026GAAP | $17.1M | – | – |
| Income Tax Provision (Benefit), three months ended September 30, 2026GAAP | $2.7M | – | – |
| Net Income (Loss), three months ended September 30, 2026GAAP | $14.4M | – | – |
| Net Income (Loss) Attributable to Olin Corporation, three months ended September 30, 2026GAAP | $14.4M | – | – |
| Net Income (Loss) Attributable to Olin Corporation, nine months ended September 30, 2026GAAP | ($81.9) million | – | – |
| Diluted earnings (loss) per common share, three months ended September 30, 2026GAAP | $0.13 | – | – |
| Diluted earnings (loss) per common share, nine months ended September 30, 2026GAAP | ($0.72) | – | – |
| Dividends per Common Share, three months ended September 30, 2026GAAP | $0.20 | – | – |
| Dividends per Common Share, nine months ended September 30, 2026GAAP | $0.60 | – | – |
| Average Common Shares Outstanding - Diluted, three months ended September 30, 2026GAAP | 115M | – | – |
| Depreciation and Amortization, three months ended September 30, 2026GAAP | $114.4M | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $191.4M | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $468.9M | – | – |
| Chlor Alkali Products and Vinyls segment earnings, three months ended September 30, 2026other | $71.3M | – | – |
| Epoxy segment earnings, three months ended September 30, 2026other | $600K | – | – |
| Winchester segment earnings, three months ended September 30, 2026other | $33.8M | – | – |
| Net Operating Activities, nine months ended September 30, 2026GAAP | $69.7M | – | – |
| Capital Expenditures, nine months ended September 30, 2026GAAP | ($106.6) million | – | – |
| Net Investing Activities, nine months ended September 30, 2026GAAP | ($109.7) million | – | – |
| Net Financing Activities, nine months ended September 30, 2026GAAP | $86.6M | – | – |
| Cash and Cash Equivalents, September 30, 2026GAAP | $214.8M | – | – |
| Long-term Debt, September 30, 2026GAAP | $3.01B | – | – |
| Total Assets, September 30, 2026GAAP | $7.41B | – | – |
| Total Liabilities, September 30, 2026GAAP | $5.69B | – | – |
| Total Equity, September 30, 2026GAAP | $1.72B | – | – |
| Net Debt, September 30, 2026non-GAAP | $2.80B | – | – |
| Trailing Twelve Months Adjusted EBITDA, September 30, 2026non-GAAP | $536.6M | – | – |
| Net Debt to Adjusted EBITDA, September 30, 2026non-GAAP | 5.2 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Chlor Alkali Products and VinylsSales decreased due to lower volumes, primarily from lower trading volumes associated with Blue Water Alliance and lower VCM volumes, partially offset by higher pricing. | $850.8M | – | – |
| EpoxySales increased due to higher volumes and improved pricing. Segment-results improvement was primarily due to higher volumes and lower operating costs. | $412.2M | – | – |
| WinchesterSales increased primarily due to higher commercial ammunition sales. Segment earnings benefited from higher commercial ammunition pricing and volume, partially offset by higher commodity metal costs. | $484.7M | – | – |
fourth quarter 2026 outlook
- NoteAdjusted EBITDA is expected to be in the range of $80 million to $100 million.
- NoteExpect Olin and Huntsman merger to close first quarter 2027, subject to customary closing conditions.
Capital returns
- Dividends per Common Share were $0.20 for the three months ended September 30, 2026 and $0.60 for the nine months ended September 30, 2026.
- Dividends Paid were ($68.3) million for the nine months ended September 30, 2026, compared to ($68.8) million for the nine months ended September 30, 2025.
- Common Stock Repurchased and Retired was — for the nine months ended September 30, 2026, compared to ($40.4) million for the nine months ended September 30, 2025.
What drove it
- Normal operations were restored at vinyl chloride monomer assets during the third quarter.
- Chlor Alkali Products and Vinyls maintained disciplined market participation and stable domestic Electrochemical Unit values.
- Epoxy volume growth and structural cost reductions offset persistent demand weakness in Europe.
- Winchester reported year-over-year commercial volume growth, while pricing actions addressed higher metals and raw material costs.
- Third-quarter acquisition-related costs were $13.7 million and related to the pending Huntsman merger.
Concerns
- Management cited continued challenging global demand, persistent demand weakness in Europe, volatile export markets and pressure from subsidized Asian exports.
- Chlor Alkali Products and Vinyls segment earnings included a $5.0 million pretax benefit, compared to $32.0 million last year, primarily related to the clean hydrogen production tax credit.
- The Freeport, Texas VCM plant operating issues resulted in higher costs and reduced profit from lost sales of $32.1 million.
- Fourth-quarter outlook includes elevated year-end customer destocking in Chemicals, higher feedstock costs and significant planned maintenance turnarounds.
- Net debt to adjusted EBITDA was 5.2 at September 30, 2026, compared to 3.7 at September 30, 2025.
What to watch
- Fourth-quarter 2026 adjusted EBITDA guidance of $80 million to $100 million.
- The effect of Chemicals customer destocking, feedstock costs, subsidized Asian exports and planned maintenance turnarounds on fourth-quarter results.
- Progress toward remaining regulatory approvals for the proposed Huntsman merger and the expected first-quarter 2027 closing.
- Execution of Beyond250 structural cost savings and cash generation priorities.
- Chlor Alkali Products and Vinyls operating performance following restoration of normal VCM operations.
Balance sheet and cash flow
- Cash and Cash Equivalents were $214.8 million at September 30, 2026.
- Available liquidity was approximately $1.3 billion at September 30, 2026, including unrestricted access to the undrawn portion of the revolving credit facility.
- Total Debt was $3,013.1 million and Net Debt was $2,798.3 million at September 30, 2026.
- Net Debt to Adjusted EBITDA was 5.2 at September 30, 2026.
- Net Operating Activities were $69.7 million for the nine months ended September 30, 2026.
- Capital Expenditures were ($106.6) million for the nine months ended September 30, 2026.
- Long-term Debt Borrowings, Net were $185.3 million for the nine months ended September 30, 2026.
Analysis
Olin reported third-quarter sales of $1,747.7 million, compared with $1,713.2 million in the third quarter of 2025. Reported net income attributable to Olin Corporation was $14.4 million, or $0.13 per diluted share, compared with $42.8 million, or $0.37 per diluted share. Operating income was $59.2 million, compared with $82.8 million, while adjusted EBITDA was $191.4 million, compared with $222.4 million. The quarter included $13.7 million of acquisition-related costs associated with the proposed Huntsman merger and $1.7 million of restructuring charges.
Chlor Alkali Products and Vinyls sales were $850.8 million, compared with $924.0 million, and segment earnings were $71.3 million, compared with $127.6 million. The sales decline reflected lower Blue Water Alliance trading volumes and lower VCM volumes, partially offset by pricing. The segment also had a $5.0 million pretax clean-hydrogen-production-tax-credit benefit, compared with $32.0 million last year, and Freeport VCM operating issues caused higher costs and reduced profit from lost sales of $32.1 million.
Epoxy sales were $412.2 million, compared with $349.6 million, and segment earnings were $0.6 million versus a segment loss of ($32.2) million. Management attributed the improvement to higher volumes and lower operating costs, with improved pricing offsetting higher benzene and propylene costs. Winchester sales were $484.7 million, compared with $439.6 million, and segment earnings were $33.8 million, compared with $19.3 million, supported by commercial ammunition pricing and volume, partly offset by commodity metal costs.
For the nine months ended September 30, 2026, net operating activities were $69.7 million, compared with $153.0 million, while capital expenditures were ($106.6) million. Cash and cash equivalents were $214.8 million, net debt was $2,798.3 million, and net debt to adjusted EBITDA was 5.2. The company expects fourth-quarter adjusted EBITDA of $80 million to $100 million, citing normal seasonality, Chemicals customer destocking, higher feedstock costs, subsidized Asian exports and planned maintenance turnarounds. Olin expects its merger with Huntsman to close in the first quarter of 2027, subject to customary closing conditions.
Management, verbatim
During the third quarter, Olin delivered adjusted EBITDA consistent with our expectations and restored normal operations at our vinyl chloride monomer (VCM) assets. Our Chlor Alkali Products and Vinyls business maintained disciplined market participation and stable domestic Electrochemical Unit values despite continued challenging global demand. Epoxy earnings improved as structural cost reductions and volume growth offset persistent demand weakness in Europe. Winchester delivered consistent year-over-year commercial volume growth through the third quarter, while pricing actions were implemented to offset higher metals and raw material costs.
Ken Lane, President and Chief Executive Officer
We also achieved two important milestones related to our proposed merger with Huntsman. Shareholders of both companies overwhelmingly approved the transaction, and the waiting period under the U.S. Hart-Scott-Rodino Act expired, satisfying a key closing condition. We continue to see good progress on the remaining regulatory approvals and now expect the transaction to close in first quarter 2027, subject to customary closing conditions.
Ken Lane, President and Chief Executive Officer
Our fourth-quarter outlook reflects normal seasonality, as well as elevated year-end customer destocking in Chemicals, higher feedstock costs, continued pressure from subsidized Asian exports and significant planned maintenance turnarounds. We remain focused on our value-first commercial approach amid volatile export markets. Fourth quarter 2026 adjusted EBITDA is expected to be in the range of $80 million to $100 million.
Ken Lane, President and Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Free cash flow was not reported.
- GAAP and non-GAAP operating margin were not reported.
- A tax-rate metric was not reported.
- Revenue, gross-margin, operating-expense and tax-rate guidance were not provided.
- Prior-quarter comparisons for the reported third-quarter metrics were not provided.
- Previous-period outlook was not provided, so no comparison with prior guidance is available.
- CFO commentary was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The filing is an SEC Form 8‑K reporting Olin's third‑quarter 2026 financial results and merger progress.
Ticker impact
Olin Corp filed its Q3 2026 earnings, reporting $14.4M net income and $191.4M adjusted EBITDA, and reaffirmed the merger with Huntsman to close in Q1 2027.
likely modest downside as market prices in lower earnings and merger timing uncertainty
Quarterly results were weaker than the prior year and guidance for Q4 EBITDA is low, pressuring the stock.
Market effects
Chemicals sector may see slight pressure as Olin's results highlight demand weakness in vinyl chloride and chlor‑alkali markets.
U.S. chemical manufacturers could face similar earnings scrutiny.
Limited; primarily impacts U.S. specialty chemicals investors.
Counterpoint
If the merger synergies are priced in, the stock may rally on the certainty of closing in Q1 2027.
Key entities
- companyOlin Corp
U.S. specialty chemicals and ammunition manufacturer (ticker OLN).
- companyHuntsman Corp
Merger partner; all‑stock merger of equals with Olin.
