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Oil & gas refining & marketing · Energy · Fiscal year ends Dec 31
Quaker Chemical reported revenue of $1.9B in the fiscal year ended Dec 2025, up 2.7% from the year before. Operating income was $53M, an operating margin of 2.8%, and net income was −$2M. Operating cash flow of $136M less capital expenditure of $56M left free cash flow of $81M. Net debt was $691M.
Ranks among the 10 oil & gas refining & marketing 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 | 1,761 | 1,944 | 1,953 | 1,840 | 1,889 |
| Cost of revenue | 1,167 | 1,331 | 1,248 | 1,154 | 1,209 |
| Gross profit | 595 | 613 | 706 | 686 | 679 |
| Research & development | 44.9 | 46.0 | 50.3 | 57.3 | 60.7 |
| Selling, general & admin | 419 | 464 | 484 | 485 | 502 |
| Operating income | 150 | 52.3 | 214 | 195 | 53.0 |
| Net interest incomeBanks | −22.3 | −32.6 | −50.7 | – | – |
| Interest expense | 22.3 | 32.6 | 50.7 | 41.0 | 44.0 |
| Pre-tax income | 147 | 7.1 | 153 | 155 | 7.0 |
| Income tax | 34.9 | 24.9 | 55.6 | 49.3 | 24.6 |
| Net income | 121 | −15.9 | 113 | 117 | −2.5 |
| Diluted EPS | 6.77 | −0.89 | 6.26 | 6.51 | −0.14 |
| Diluted shares | 17.9 | 17.9 | 17.9 | 17.9 | 17.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 165 | 181 | 195 | 189 | 180 |
| Receivables | 431 | 473 | 445 | 400 | 417 |
| Inventory | 265 | 285 | 234 | 227 | 266 |
| Current assets | 920 | 994 | 928 | 876 | 921 |
| Net PP&E | 198 | 199 | 208 | 230 | 313 |
| Goodwill | 631 | 515 | 513 | 519 | 502 |
| Total assets | 2,956 | 2,822 | 2,714 | 2,611 | 2,798 |
| Payables | 227 | 194 | 185 | 198 | 199 |
| Deferred revenue | 8.0 | 6.6 | 2.5 | 3.9 | 4.8 |
| Current liabilities | 430 | 355 | 368 | 380 | 380 |
| Short-term debt | 56.9 | 19.2 | 23.4 | 37.6 | 35.7 |
| Long-term debt | 836 | 934 | 731 | 670 | 835 |
| Total liabilities | 1,568 | 1,543 | 1,329 | 1,256 | 1,421 |
| Shareholders' equity | 1,387 | 1,278 | 1,384 | 1,354 | 1,373 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 48.9 | 41.8 | 279 | 205 | 136 |
| Capital expenditure | 21.5 | 28.5 | 38.8 | 41.8 | 55.9 |
| Free cash flow | 27.5 | 13.3 | 240 | 163 | 80.6 |
| Depreciation & amortisation | 62.6 | 60.7 | 60.8 | 60.9 | 65.8 |
| Stock-based compensation | 11.0 | 11.7 | 14.6 | 15.0 | 13.6 |
| Acquisitions | 42.4 | 13.1 | 0.0 | 39.3 | 164 |
| Share buybacks | – | 0.0 | 0.0 | 49.2 | 41.5 |
| Dividends paid | 28.6 | 30.1 | 31.7 | 33.2 | 34.4 |
| Dividend per share | 1.62 | 1.70 | 1.78 | 1.88 | 1.99 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.4% | 0.5% | −5.8% | 2.7% |
| Operating income growth (YoY) | – | −65.2% | 310.1% | −9.2% | −72.8% |
| EPS growth (YoY) | – | −113.1% | – | 4.0% | −102.2% |
| Gross margin | 33.8% | 31.5% | 36.1% | 37.3% | 36.0% |
| Operating margin | 8.5% | 2.7% | 11.0% | 10.6% | 2.8% |
| Net margin | 6.9% | −0.8% | 5.8% | 6.3% | −0.1% |
| Return on equityBlank when equity is negative | 8.7% | −1.2% | 8.1% | 8.6% | −0.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 6.0% | 2.1% | 9.1% | 8.7% | 2.2% |
| Free cash flow margin | 1.6% | 0.7% | 12.3% | 8.8% | 4.3% |
| Cash conversion (CFO ÷ net income) | 0.40x | −2.62x | 2.47x | 1.75x | −54.8x |
| Receivable days | 89 | 89 | 83 | 79 | 81 |
| Inventory days | 83 | 78 | 68 | 72 | 80 |
| Payable days | 71 | 53 | 54 | 63 | 60 |
| Interest cover | 6.74x | 1.61x | 4.23x | 4.75x | 1.20x |
| Debt ÷ equity | 0.64x | 0.75x | 0.54x | 0.52x | 0.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 728 | 772 | 560 | 518 | 691 |
| Current ratio | 2.14x | 2.80x | 2.52x | 2.31x | 2.42x |
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.