LyondellBasell Industries N.V. (NYSE: LYB) is a Dutch-incorporated global chemicals and polymers producer. It manufactures plastics, chemical intermediates and gasoline blending components, supplies specialty compounds, and licenses production technologies and sells catalysts. Financial statements are presented in U.S. dollars under U.S. GAAP.
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A snapshot of what LyondellBasell Industries N.V. owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001489393-24-000012 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001489393-25-000008 | Feb 27, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001489393-26-000012 | Feb 20, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
LyondellBasell’s earnings recovered sharply in the first half of 2026 after a loss-making 2025, but the improvement does not establish a durable demand recovery. Management principally attributes stronger pricing and margins to conflict-related supply constraints, while several businesses still faced weaker volumes. The company also completed its four-site European disposal, recognizing a $734 million pretax loss that includes a $310 million closing cash contribution. Cash conservation remains important: first-half operating cash flow did not fully cover capital spending, despite lower investment and dividends. At June 30, cash was $2.630 billion against $12.910 billion of debt; undrawn facilities were separate borrowing resources. The central question is whether stronger margins can persist as disrupted supply returns, while portfolio changes, shutdown obligations and financing restrictions continue to shape capital allocation.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-01
LYB’s five continuing segments combine large-scale commodity production with specialty materials and technology licensing. The Americas and Europe/Asia/International O&P businesses produce olefins and polyolefins; I&D supplies chemical intermediates and gasoline blending components; APS supplies specialized compounds; Technology earns licensing and catalyst revenue. Packaging, automotive, construction and other durable goods connect results to industrial demand. Feedstock and energy represented approximately 70% of continuing cost of sales over the three years through 2025. U.S. natural-gas-derived inputs can offer a cost advantage over Europe’s naphtha-heavy production, but profitability depends on product spreads, operating reliability and timely cost recovery—not revenue alone.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
Continuing revenue declined to $30.153 billion in 2025 from $33.394 billion in 2024. Management cited lower prices and volumes amid trade disruption, falling oil prices and capacity additions exceeding demand growth. Consolidated results moved from $1.367 billion net income to a $738 million loss. Impairments of $1.251 billion were significant, but weaker Americas margins, outages, lower oxyfuels profitability and reduced licensing activity also mattered. Houston refining ceased in February 2025 and was reclassified as discontinued operations across comparative years. The continuing-revenue series therefore differs from the larger revenue figures originally reported in the 2023 and 2024 annuals.
Sources: 10-K · 2025-12-31
The July 31, 2026 report shows first-half continuing revenue of $16.374 billion and consolidated net income of $684 million, compared with $15.335 billion and $292 million a year earlier. Management attributes much of the improvement to supply-constrained pricing associated with the Middle East conflict, rather than broad demand acceleration. The European disposal closed on May 1, changing the operating perimeter. Its $734 million pretax loss remains subject to post-closing adjustments and includes a $310 million cash contribution. The loss sits below operating income, so the $1.782 billion first-half operating-income headline does not incorporate that charge. Closing did not extinguish customary employee and other post-closing obligations.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-05-01
Annual operating cash flow declined from $4.942 billion in 2023 to $3.819 billion in 2024 and $2.262 billion in 2025. In 2025, inventory and receivables reductions helped cash generation, while payment of $235 million of taxes deferred from 2024 burdened the comparison. First-half 2026 operating cash flow improved to $483 million from a $228 million outflow, but receivables, inventories and payables collectively absorbed a calculated $1.492 billion as prices and activity increased. Capital spending was $539 million, leaving a calculated $56 million shortfall before dividends and the disposal contribution. These cash measures are not profit; the disposal contribution is an investing outflow, not an additional operating charge.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
The quarterly dividend fell from $1.37 to $0.69 in February 2026; March and June payments at the reduced rate lowered first-half cash dividends to $448 million. No shares were repurchased in the half. Although shareholders approved a new 34,042,250-share repurchase authorization through November 22, 2027, the credit agreement restricts purchases except to offset dilution. June cash was $2.630 billion, separate from $4.450 billion of unused facilities, against $12.910 billion of debt. The receivables facility’s maximum fell from $900 million to $700 million while its maturity extended to June 2027. LYB reported June covenant compliance, but actual contractual leverage and quantified headroom were not disclosed.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · 8-K · 2026-05-22 · 8-K · 2026-05-29
The disruption supporting current prices also creates feedstock, energy, logistics and counterparty risks. Returning capacity could restore oversupply; weak automotive demand, outages and contractual purchase commitments can offset better spreads. Environmental liabilities, plastics regulation and joint ventures outside LYB’s control remain material dependencies. Management’s July outlook contemplated uncertain supply recovery potentially extending into 2027, not assured elevated margins. Its additional $500 million 2026 cash-improvement target combines fixed-cost reductions and lower capital spending and is not an equivalent earnings forecast. All current operating conclusions here are bounded by the supplied July 31 reporting; subsequent repayment, disposal-adjustment and operating outcomes are not established.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-31
USD 30.153 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 30.153 bn | — |
Sales and other operating revenues from continuing operations, after intersegment eliminations; refining excluded in all comparative years.
Sources: 10-K · 2025-12-31
USD 33.394 bn
FY2024 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing · presentation: recast in 2025 filing
| Fiscal year | Value | YoY |
|---|---|---|
| 2024 | USD 33.394 bn | 0.2% |
| 2023 | USD 33.336 bn | — |
Sales and other operating revenues from continuing operations, after intersegment eliminations; refining excluded in all comparative years.
Sources: 10-K · 2025-12-31
USD -738 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing and discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD -738 m | Turned loss-making |
| 2024 | USD 1.367 bn | -35.5% |
| 2023 | USD 2.121 bn | — |
Net income or loss including discontinued operations, before dividends on redeemable non-controlling interests.
Sources: 10-K · 2025-12-31
USD 2.262 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency · operations: continuing and discontinued
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.262 bn | -40.8% |
| 2024 | USD 3.819 bn | -22.7% |
| 2023 | USD 4.942 bn | — |
Net cash provided by operating activities, including continuing and discontinued operations.
Sources: 10-K · 2025-12-31
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