TSEOF earnings analysis
What we found in TSEOF'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
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 8%
- Trinseo's net sales fell to $724.7 million in Q1 2026, down from $784.8 million in Q1 2025.
- Significant Net Loss
- The company reported a net loss of $115.9 million, compared to a $79.0 million loss in the prior year.
- Free Cash Flow Impact
- Operating cash outflows totaled $232.9 million, a notable increase from $110.2 million in Q1 2025.
- Adjusted EBITDA Decline
- Adjusted EBITDA for Q1 2026 was $52.6 million, down from $64.8 million in Q1 2025.
- Engineered Materials Segment Grows
- The Engineered Materials segment reported net sales of $263.0 million, only a 5% decline year-over-year.
- Increased EBITDA Margin in Engineered Materials
- The segment's Adjusted EBITDA margin improved to 13%, up from 9% in the previous 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.
- Cash Burn
- Trinseo's negative cash flow from operations of $232.9 million raises liquidity concerns.
- Default on Debt Instruments
- The Company is in default on its debt due to nonpayment obligations, complicating its capital structure.
- Ongoing Market Uncertainty
- Management noted persistent low demand due to market conditions impacting all segments.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-3.2
- Gross margin
- 9%
- Operating margin
- -3%
- Segment
- Engineered Materials
- Segment
- Latex Binders
- Segment
- Polymer Solutions
- Segment
- Americas Styrenics
What they said about what is next.
Company expects continued operating losses and significant cash outflows, with demand levels expected to be consistent with 2025.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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