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Westlake Corporation Reports Fourth Quarter and Full Year 2025 Results

WLK
  • Westlake Corporation reported a fourth quarter 2025 net loss of $544 million ($4.22 per share) on net sales of $2.533 billion, with full year 2025 net loss of $1.508 billion ($11.70 per share) on sales of $11.17 billion.
  • Full year 2025 results included $1.392 billion in identified items, comprising $495 million in PEM shutdown expenses, $727 million in goodwill write-offs for the North American Chlorovinyls unit, $139 million in accrued expenses, $15 million in inventory write-offs, $16 million in HIP restructuring, and $16 million in other HIP charges.
  • Excluding identified items, fourth quarter 2025 net loss was $33 million ($0.25 per share) with EBITDA of $196 million, while full year 2025 excluding identified items showed a net loss of $116 million ($0.90 per share) with EBITDA of $1.144 billion.
  • Consolidated net sales decreased 11% year-over-year in Q4 2025 due to a 7% decline in volume and a 4% decline in average sales price.
  • Housing and Infrastructure Products segment reported Q4 sales of $901 million (down 8% year-over-year) driven by an 8% volume decline, while full year sales were $4.148 billion.
  • Performance and Essential Materials segment reported Q4 sales of $1.632 billion (down 12% year-over-year) driven by a 7% volume decline and 5% price decline, with full year sales of $7.022 billion.
  • PEM segment full year income from operations was a loss of $2.1 billion, significantly impacted by lower selling prices, reduced volumes, higher feedstock costs, and planned turnarounds.
  • CEO Jean-Marc Gilson stated that PEM profitability improvement initiatives began generating benefits in Q4 2025, with expectations to achieve $600 million in EBITDA improvement in 2026.
  • Westlake plans to grow HIP sales and earnings in 2026, benefiting from the January 2026 acquisition of ACI, despite challenging global macroeconomic conditions.
  • As of December 31, 2025, the company held $2.9 billion in cash, cash equivalents, and fixed-income investments, with total debt of $5.6 billion.
  • Net cash provided by operating activities for Q4 2025 was $225 million, while capital expenditures for the quarter were $241 million.
  • A conference call to discuss the 2025 results is scheduled for February 24, 2026, at 11:00 AM Eastern Time.