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Chemicals · Basic Materials · Fiscal year ends Dec 31
Celanese reported revenue of $9.5B in the fiscal year ended Dec 2025, down 7.1% from the year before. Operating income was −$786M, an operating margin of −8.2%, and net income was −$1.2B. Operating cash flow of $1.1B less capital expenditure of $343M left free cash flow of $803M. Net debt was $12.6B.
Ranks among the 18 chemicals companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 8,537 | 9,673 | 10,926 | 10,268 | 9,544 |
| Cost of revenue | 5,855 | 7,293 | 8,343 | 7,932 | 7,592 |
| Gross profit | 2,682 | 2,380 | 2,583 | 2,336 | 1,952 |
| Research & development | 86.0 | 112 | 146 | 130 | 125 |
| Selling, general & admin | 633 | 824 | 1,077 | 1,033 | 899 |
| Operating income | 1,946 | 1,378 | 1,665 | −720 | −786 |
| Interest expense | 91.0 | 405 | 720 | 676 | 701 |
| Pre-tax income | 2,248 | 1,421 | 1,161 | −1,019 | −1,220 |
| Income tax | 330 | −489 | −795 | 507 | −90.0 |
| Net income | 1,890 | 1,894 | 1,943 | −1,542 | −1,165 |
| Diluted EPS | 16.86 | 17.34 | 17.76 | −14.11 | −10.64 |
| Diluted shares | 112 | 109 | 109 | 109 | 110 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 536 | 1,508 | 1,805 | 962 | 1,263 |
| Receivables | 1,161 | 1,379 | 1,243 | 1,121 | 922 |
| Inventory | 1,524 | 2,808 | 2,357 | 2,284 | 2,220 |
| Current assets | 3,807 | 6,611 | 6,218 | 5,126 | 5,693 |
| Net PP&E | 4,193 | 5,584 | 5,584 | 5,273 | 5,076 |
| Goodwill | 1,412 | 7,142 | 6,977 | 5,387 | 4,171 |
| Total assets | 11,975 | 26,272 | 26,597 | 22,838 | 21,695 |
| Payables | 1,160 | 1,518 | 1,510 | 1,228 | 1,279 |
| Current liabilities | 2,505 | 4,068 | 4,072 | 3,890 | 3,683 |
| Short-term debt | 791 | 1,306 | 1,383 | 1,501 | 1,204 |
| Long-term debt | 3,176 | 13,373 | 13,400 | 12,527 | 12,614 |
| Total liabilities | 7,438 | 20,167 | 19,071 | 17,275 | 17,223 |
| Shareholders' equity | 4,189 | 5,637 | 7,065 | 5,129 | 4,049 |
| Backlog (remaining obligations) | 784 | 1,400 | 1,200 | 936 | 453 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 1,757 | 1,819 | 1,899 | 966 | 1,146 |
| Capital expenditure | 467 | 543 | 568 | 435 | 343 |
| Free cash flow | 1,290 | 1,276 | 1,331 | 531 | 803 |
| Depreciation & amortisation | 371 | 462 | 706 | 801 | 760 |
| Stock-based compensation | 95.0 | 60.0 | 40.0 | 32.0 | 24.0 |
| Acquisitions | 1,142 | 10,589 | −52.0 | 0.0 | 0.0 |
| Share buybacks | 1,000 | 17.0 | 0.0 | 0.0 | – |
| Dividends paid | 304 | 297 | 305 | 307 | 13.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.3% | 13.0% | −6.0% | −7.1% |
| Operating income growth (YoY) | – | −29.2% | 20.8% | −143.2% | – |
| EPS growth (YoY) | – | 2.8% | 2.4% | −179.4% | – |
| Gross margin | 31.4% | 24.6% | 23.6% | 22.8% | 20.5% |
| Operating margin | 22.8% | 14.2% | 15.2% | −7.0% | −8.2% |
| Net margin | 22.1% | 19.6% | 17.8% | −15.0% | −12.2% |
| Return on equityBlank when equity is negative | 45.1% | 33.6% | 27.5% | −30.1% | −28.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 20.5% | 6.2% | 7.4% | −3.8% | −4.4% |
| Free cash flow margin | 15.1% | 13.2% | 12.2% | 5.2% | 8.4% |
| Cash conversion (CFO ÷ net income) | 0.93x | 0.96x | 0.98x | −0.63x | −0.98x |
| Receivable days | 50 | 52 | 42 | 40 | 35 |
| Inventory days | 95 | 141 | 103 | 105 | 107 |
| Payable days | 72 | 76 | 66 | 57 | 61 |
| Interest cover | 21.4x | 3.40x | 2.31x | −1.07x | −1.12x |
| Debt ÷ equity | 0.95x | 2.60x | 2.09x | 2.74x | 3.41x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,431 | 13,171 | 12,978 | 13,066 | 12,555 |
| Current ratio | 1.52x | 1.63x | 1.53x | 1.32x | 1.55x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.