OLN earnings analysis
What we found in OLN's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Olin Corporation reported a challenging first quarter in 2026, with revenues declining to $1.583 billion and an EBITDA drop to $86.2 million, heavily impacted by lower operational performance across key segments and increased litigation costs. The company experienced a significant EPS loss of -$0.73, missing estimates again amid rising operational costs and market pressures.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 4%
- Revenue decreased to $1.583 billion from $1.644 billion in Q1 2025, a decline of $61.2 million.
- EPS Misses Estimates
- Diluted EPS reported at -$0.73, down from $0.01 in Q1 2025.
- Significant Litigation Charge
- The Chlor Alkali segment incurred a $36.1 million charge related to legacy litigation, affecting overall profitability.
- Earnings Decline Across Segments
- Chlor Alkali Products reported a loss of $(44.5) million, down from a profit of $78.3 million.
- Improved Epoxy Performance
- Epoxy segment losses narrowed to $(2.9) million from $(28.4) million due to lower costs and higher volumes.
- Increased Capital Expenditures
- Capital expenditures amounted to $43.7 million, down from $61.4 million in the same quarter last year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Higher Raw Material Costs
- Raw material costs increased significantly, impacting margins, particularly in Chlor Alkali Products segment.
- Continued Operational Challenges
- Global epoxy demand remains weak, contributing to ongoing operational pressure.
- Liquidity Management Risk
- Increased debt levels with net borrowings of $170.3 million could strain liquidity going forward.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.73
- Gross margin
- 5%
- Operating margin
- -4.9%
- Segment
- Chlor Alkali Products: $756.9M
- Segment
- Epoxy: $355.6M
- Segment
- Winchester: $470.5M
What they said about what is next.
Olin expects second quarter 2026 operating results to improve from Q1 levels, but did not provide specific numeric revenue or EPS guidance.
The filing reads worse than the one before it.
What came before.
- 10-K · February 20, 2026
- Olin presents a diversified, vertically integrated chemicals and ammunition business with Chlor Alkali (54% of 2025 sales), Epoxy (20%) and Winchester (26%) core segments. Full-year 2025 revenue was roughly $6.78…
- 10-Q · July 29, 2022
- Olin reported Q2 sales of $2,616.1 million, up from $2,221.3 million a year earlier, driving a larger gross profit and operating income. Diluted EPS rose to $2.76 (Q2 2021: $2.17) and operating cash flow for the six…
- 10-Q · April 29, 2022
- Olin reported strong Q1 results: sales rose to $2,461.4 million (from $1,918.8 million a year ago) and diluted EPS increased to $2.48 (from $1.51). Gross margin expanded to ~26.6% and operating margin to ~22.2%,…
- 10-K · February 24, 2022
- Olin positions itself as the leading global chlor alkali and derivatives producer with a three-segment business mix (Chlor Alkali Products & Vinyls, Epoxy, Winchester). The company emphasizes a cost-advantaged,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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