$LYB · LyondellBasell Industries N.V.
LyondellBasell reported Q3 2026 earnings with net income of $758M ($2.32 diluted EPS) on revenue of $8.499B, swinging from a -$890M loss in Q3 2025. Adjusted EPS excluding identified items was $2.54, down from $4.30 in Q2 2026. Separately, LYB agreed to sell its Houston Refining subsidiary (former refinery site) to Valero for $320.5M, expected to close in Q4 2026.
- Q3 net income of $758M vs. -$890M loss in Q3 2025, with GAAP diluted EPS of $2.32
- Adjusted EPS of $2.54 excluding identified items, down from $4.30 in Q2 2026
- Revenue of $8.499B, down 7.4% sequentially from $9.177B in Q2 2026
- EBITDA excluding identified items was $1.512B vs. $2.127B in Q2 2026 and $835M in Q3 2025
- Cash from operations hit $1.7B in Q3; cash and equivalents rose to $3.2B with $7.7B total liquidity
Extended-hours trading shows LYB at $65.00, down 0.57% from the regular close of $65.37. The sequential decline in adjusted EPS ($2.54 vs. $4.30 in Q2) and revenue compression likely weigh on sentiment despite the strong YoY recovery.
LYB's massive YoY earnings swing and $320.5M refinery-site sale to Valero signal portfolio streamlining, but the sharp sequential adjusted-EPS drop and cautious Q4 operating-rate guidance raise questions about near-term momentum.
LYB's integrated polyethylene margins ended Q3 approximately 50% above 2025 levels, supported by positive September price momentum. Oxyfuels strength from global supply disruptions and favorable gasoline blend economics drove materially higher I&D profitability — a dynamic that may also benefit peers with oxyfuels exposure.
Geopolitical uncertainty in the Middle East flagged as a risk to market conditions, with the company noting a return to pre-conflict conditions "likely to be non-linear and take longer than anticipated." Q4 operating rates guided to 85% for North American O&P, 60% for European O&P, and 75% for I&D — reflecting demand caution.