$LYB · LyondellBasell Industries N.V.
LyondellBasell filed its Q3 2026 10-Q, reporting net income of $758M ($2.32 diluted EPS) versus a -$890M loss in Q3 2025, when results were dragged down by $972M in goodwill impairments. Revenue increased 10% YoY to $8.499B. Nine-month EBITDA reached $3,240M compared to just $781M in the prior-year period.
- Q3 2026 net income of $758M vs. -$890M loss in Q3 2025, driven by absence of $972M goodwill impairment
- Revenue rose 10% YoY to $8.499B; nine-month revenue reached $24.873B
- Q3 EBITDA of $1,420M, up from $1,252M in Q2 2026; nine-month EBITDA of $3,240M vs. $781M in 2025
- O&P-Americas operating income fell to $469M from $1,003M sequentially, reflecting commodity price volatility
- Common dividend cut to $0.69/share quarterly from $1.37/share a year ago; nine-month dividends paid dropped to $672M from $1,321M
LYB shares are up 1.85% on the day at $66.58, with only a marginal +0.05% move since filing, suggesting the earnings recovery was largely priced in or met expectations.
The dramatic YoY profit swing and 4x EBITDA expansion validate the cyclical recovery thesis, but the 53% sequential O&P-Americas profit drop raises questions about whether the peak is already passing.
The sharp YoY swing from loss to profit mirrors broader petrochemical recovery, though sequential margin compression in olefins & polyolefins signals that the pricing tailwind may be fading heading into Q4.
O&P-Americas segment operating income dropped 53% sequentially ($1,003M to $469M) on commodity price volatility. O&P-EAI swung to a -$47M operating loss. The $734M loss on sale of business in the nine-month period reflects portfolio restructuring costs.