10-K · February 17, 2026
Orion positions itself as a premium supplier of carbon black with two reportable segments (Specialty and Rubber), a global footprint of 14 wholly owned production facilities (plus an under-construction La Porte site)…
Earnings analysis · 10-Q
OEC earnings analysis
Filed May 6, 2026 · Our reading of the company's report
The latest report
Orion S.A. reported weaker Q1 2026 results with a 3.8% decline in revenue to $459.5 million, primarily due to lower prices and unfavorable product mix. Net income loss reached $9.9 million, a significant drop from a…
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Orion S.A. reported weaker Q1 2026 results with a 3.8% decline in revenue to $459.5 million, primarily due to lower prices and unfavorable product mix. Net income loss reached $9.9 million, a significant drop from a profit of $9.1 million a year prior. Despite these challenges, the company raised its full-year adjusted EBITDA guidance to $170-210 million, indicating some optimism in the face of higher demand in certain segments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.11
What stood out
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Q1 Revenue of $459.5M
This figure exceeded estimates of $439.8 million but represented a 3.8% decline from $477.7 million in the prior year.
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Adjusted EBITDA Guidance Increased
Management raised full-year adjusted EBITDA guidance to $170-210 million from $160-200 million, indicating improved operational outlook.
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Cash Position Remains Strong
Total liquidity stood at $192.3 million, comprising $50.5 million in cash and $141.8 million available under the revolving credit facility.
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Free Cash Flow Improvement
Although negative $48.5 million, it was a higher outflow than the negative $28.8 million in the prior year, indicating ongoing investment efforts.
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Segment Growth in Specialty Carbon Black
The Specialty Carbon Black segment saw a revenue increase of 5.6% year-over-year to $169.7 million.
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Increase in Sales Volumes
Sales volume increased by 4.8 kmt year-over-year, driven by higher demand particularly in EMEA and APAC regions.
What to watch
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Significant Net Income Loss
The company reported a net loss of $9.9 million, down from a profit of $9.1 million, indicating major challenges impacting profitability.
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High Dependence on Oil Prices
Geopolitical tensions have led to increased volatility in oil prices, which could further strain margins and operational costs.
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Increased Working Capital Requirements
Net working capital rose to $353.5 million from $293.9 million due to higher accounts receivable, indicating cash flow pressures.
Management's outlook
Adjusted EBITDA guidance revised to $170-210 million from $160-200 million.
Earlier filings 4
10-Q · November 4, 2025
Orion reported Q3 net sales of $450.9M (vs. $463.4M a year ago) and a larger operating loss of $53.7M, driven by a non‑cash goodwill impairment of $80.8M. The company generated $122.9M of cash from operations in the…
10-Q · November 7, 2024
Orion reported Q3 2024 net sales of $463.4M, roughly flat versus $466.2M a year ago, but recorded a one-time Loss due to misappropriation of assets of $60.7M that pushed operating results into a loss. Income (loss) from…
10-Q · May 2, 2024
Orion reported Q1 2024 net sales of $502.9 million, up $2.2 million (+0.4%) versus Q1 2023, but experienced margin compression and weaker profitability: gross profit fell to $122.2 million and income from operations…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.