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Specialty chemicals · Basic Materials · Fiscal year ends Dec 31
Westlake reported revenue of $11.2B in the fiscal year ended Dec 2025, down 8.0% from the year before. Operating income was −$1.6B, an operating margin of −14.1%, and net income was −$1.5B. Operating cash flow of $465M less capital expenditure of $995M left free cash flow of −$530M. Net debt was $2.9B.
Ranks among the 20 specialty 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 | 11,778 | 15,794 | 12,548 | 12,142 | 11,170 |
| Cost of revenue | 8,283 | 11,721 | 10,329 | 10,185 | 10,357 |
| Gross profit | 3,495 | 4,073 | 2,219 | 1,957 | 813 |
| Selling, general & admin | 551 | 835 | 865 | 874 | 900 |
| Operating income | 2,800 | 3,050 | 729 | 875 | −1,578 |
| Interest expense | 176 | 177 | 165 | 159 | 171 |
| Pre-tax income | 2,677 | 2,946 | 700 | 938 | −1,597 |
| Income tax | 607 | 649 | 178 | 291 | −126 |
| Net income | 2,015 | 2,247 | 479 | 602 | −1,508 |
| Diluted EPS | 15.58 | 17.34 | 3.70 | 4.64 | −11.70 |
| Diluted shares | 129 | 129 | 129 | 129 | 128 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 1,908 | 2,228 | 3,304 | 2,919 | 2,724 |
| Receivables | 1,741 | 1,651 | 1,393 | 1,315 | 1,229 |
| Inventory | 1,407 | 1,866 | 1,622 | 1,697 | 1,653 |
| Current assets | 5,263 | 5,973 | 6,609 | 6,214 | 6,216 |
| Net PP&E | 7,606 | 8,477 | 8,519 | 8,633 | 8,605 |
| Goodwill | 2,024 | 2,161 | 2,041 | 2,031 | 1,314 |
| Total assets | 18,459 | 20,550 | 21,035 | 20,750 | 19,961 |
| Payables | 879 | 889 | 877 | 851 | 783 |
| Deferred revenue | – | 42.0 | 52.0 | 62.0 | 147 |
| Current liabilities | 2,344 | 2,298 | 2,790 | 2,219 | 2,770 |
| Short-term debt | 269 | 0.0 | 299 | 6.0 | 497 |
| Long-term debt | 4,911 | 4,879 | 4,607 | 4,556 | 5,087 |
| Total liabilities | 9,931 | 10,085 | 10,271 | 9,707 | 10,666 |
| Shareholders' equity | 7,955 | 9,931 | 10,241 | 10,527 | 8,792 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,394 | 3,395 | 2,336 | 1,314 | 465 |
| Capital expenditure | 658 | 1,108 | 1,034 | 1,008 | 995 |
| Free cash flow | 1,736 | 2,287 | 1,302 | 306 | −530 |
| Depreciation & amortisation | 840 | 1,056 | 1,097 | 1,114 | 1,178 |
| Stock-based compensation | 31.0 | 36.0 | 43.0 | 41.0 | 41.0 |
| Acquisitions | 2,554 | 1,203 | 0.0 | 0.0 | – |
| Share buybacks | 30.0 | 101 | 23.0 | 60.0 | 63.0 |
| Dividends paid | 145 | 169 | 221 | 264 | 272 |
| Dividend per share | 1.14 | 1.31 | 1.71 | 2.05 | 2.11 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 34.1% | −20.6% | −3.2% | −8.0% |
| Operating income growth (YoY) | – | 8.9% | −76.1% | 20.0% | −280.3% |
| EPS growth (YoY) | – | 11.3% | −78.7% | 25.4% | −352.2% |
| Gross margin | 29.7% | 25.8% | 17.7% | 16.1% | 7.3% |
| Operating margin | 23.8% | 19.3% | 5.8% | 7.2% | −14.1% |
| Net margin | 17.1% | 14.2% | 3.8% | 5.0% | −13.5% |
| Return on equityBlank when equity is negative | 25.3% | 22.6% | 4.7% | 5.7% | −17.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 17.4% | 16.7% | 4.0% | 4.7% | −9.2% |
| Free cash flow margin | 14.7% | 14.5% | 10.4% | 2.5% | −4.7% |
| Cash conversion (CFO ÷ net income) | 1.19x | 1.51x | 4.88x | 2.18x | −0.31x |
| Receivable days | 54 | 38 | 41 | 40 | 40 |
| Inventory days | 62 | 58 | 57 | 61 | 58 |
| Payable days | 39 | 28 | 31 | 30 | 28 |
| Interest cover | 15.9x | 17.2x | 4.42x | 5.50x | −9.23x |
| Debt ÷ equity | 0.65x | 0.49x | 0.48x | 0.43x | 0.64x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 3,272 | 2,651 | 1,602 | 1,643 | 2,860 |
| Current ratio | 2.25x | 2.60x | 2.37x | 2.80x | 2.24x |
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.