10-K · April 27, 2026
Trinseo’s 10-K/A and recent 8-K disclosures show the company is in a short-term liquidity and covenant stress situation: the company did not make certain scheduled interest payments (approximately $38,000,000) and has…
Earnings analysis · 10-Q
TSEOF earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Trinseo reported disappointing Q1 2026 results with a significant net loss of $115.9 million, compared to a loss of $79.0 million in Q1 2025. Revenue declined 8% year-over-year to $724.7 million, impacted by low demand…
Read full summary
Trinseo reported disappointing Q1 2026 results with a significant net loss of $115.9 million, compared to a loss of $79.0 million in Q1 2025. Revenue declined 8% year-over-year to $724.7 million, impacted by low demand and competitive price pressures, while the company's liquidity remains a critical concern with negative operating cash flow of $232.9 million.
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.
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
- $-3.2
- Segment
- Engineered Materials
- Segment
- Latex Binders
- Segment
- Polymer Solutions
- Segment
- Americas Styrenics
What stood out
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Revenue Decline of 8%
Trinseo's net sales fell to $724.7 million in Q1 2026, down from $784.8 million in Q1 2025.
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Significant Net Loss
The company reported a net loss of $115.9 million, compared to a $79.0 million loss in the prior year.
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Free Cash Flow Impact
Operating cash outflows totaled $232.9 million, a notable increase from $110.2 million in Q1 2025.
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Adjusted EBITDA Decline
Adjusted EBITDA for Q1 2026 was $52.6 million, down from $64.8 million in Q1 2025.
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Engineered Materials Segment Grows
The Engineered Materials segment reported net sales of $263.0 million, only a 5% decline year-over-year.
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Increased EBITDA Margin in Engineered Materials
The segment's Adjusted EBITDA margin improved to 13%, up from 9% in the previous year.
What to watch
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Cash Burn
Trinseo's negative cash flow from operations of $232.9 million raises liquidity concerns.
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Default on Debt Instruments
The Company is in default on its debt due to nonpayment obligations, complicating its capital structure.
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Ongoing Market Uncertainty
Management noted persistent low demand due to market conditions impacting all segments.
Management's outlook
Company expects continued operating losses and significant cash outflows, with demand levels expected to be consistent with 2025.
Earlier filings 4
10-K · March 13, 2026
Trinseo describes a strategic shift toward higher‑margin specialty and sustainable materials while exiting lower‑margin, cyclical assets (closure of global styrene manufacturing, Stade PC plant, Rho MMA and Schkopau…
10-Q · May 8, 2025
Trinseo reported Q1 2025 revenue of $784.8 million, down from $904.0 million in Q1 2024, while gross profit rose slightly to $63.8 million. The company recorded an operating loss of $29.0 million and net loss of $79.0…
10-Q · August 5, 2021
Trinseo S.A. reported substantially increased revenues and profits for the quarter ended June 30, 2021, led by significant growth in net sales and operating income versus prior periods. Notably, revenues surged to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.