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LyondellBasell (LYB) reported Q1 2026 revenue of $7.20B (down 6.3% YoY) while operating income more than doubled to $239M, though EPS fell 29.6% to $0.38 and operating cash flow remained negative at -$269M.
营业收入
$7.2B
同比 -6.25%
每股收益（基本）
$0.38
同比 -29.63%
营业利润
$239M
同比 ++109.65%
提交于 · 来源: SEC EDGAR 10-Q 原文
LyondellBasell Industries N.V (LYB) Q1 FY2026 营收 $7.2B，同比下降 6.3%。 稀释每股收益 $0.38。
Q1 2026 revenue fell 6.3% YoY to $7.20B from $7.68B, reflecting continued softness in petrochemical end markets and pricing pressure across key product segments.
来源: Source: 10-Q Financial Data, Income Statement
Operating income surged 109.6% YoY to $239M from $114M, driven by a sharper decline in cost of revenue (-8.9% to $6.50B) relative to the revenue drop, implying improved cost discipline and/or favorable feedstock costs.
来源: Source: 10-Q Financial Data, Income Statement
Operating margin improved to 3.32% from 1.48% in Q1 2025, a gain of approximately 183 basis points YoY, suggesting meaningful cost structure improvement even as top-line revenue contracted.
来源: Source: 10-Q Financial Data, Key Ratios
Cash and equivalents rose 41.1% YoY to $2.64B from $1.87B, even as operating cash flow remained negative at -$269M (improved from -$579M in Q1 2025), indicating asset monetization or working capital management contributed to the cash build.
来源: Source: 10-Q Financial Data, Balance Sheet & Cash Flow
Stockholders' equity fell 17.8% YoY to $10.04B from $12.21B, while current liabilities rose 15.2% to $7.19B, signaling increased near-term financial obligations and potential balance sheet pressure.
来源: Source: 10-Q Financial Data, Balance Sheet
LYB generated negative operating cash flow of -$269M in Q1 2026, though this improved from -$579M in Q1 2025. Sustained negative operating cash flow limits the company's ability to fund capital expenditures, dividends, and debt repayment from internal sources.
来源: Source: 10-Q Financial Data, Cash Flow Statement
Stockholders' equity dropped 17.8% YoY to $10.04B while current liabilities surged 15.2% to $7.19B. This combination tightens the balance sheet and could pressure the company's financial flexibility and credit profile.
来源: Source: 10-Q Financial Data, Balance Sheet
Revenue declined 6.3% YoY to $7.20B, reflecting weak demand and pricing in core petrochemical markets. If end-market demand does not recover, top-line pressure may persist and erode the margin gains achieved through cost reductions.
来源: Source: 10-Q Financial Data, Income Statement
Basic and diluted EPS fell 29.6% YoY to $0.38 despite operating income more than doubling, suggesting significant below-the-line charges (e.g., interest expense, taxes, or non-operating items) are weighing heavily on net income available to shareholders.
来源: Source: 10-Q Financial Data, Income Statement
Share repurchases dropped to $0 in Q1 2026 from $110M in Q1 2025, a 100% reduction, indicating management is conserving cash amid uncertain market conditions and negative operating cash flow, which may signal reduced confidence in near-term cash generation.
来源: Source: 10-Q Financial Data, Cash Flow Statement
Q1 FY2026 实际 EPS $0.49，分析师一致预期 $0.20，超预期 +140.4%。
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业收入 | $7.2B | $7.68B | -6.25% |
营业成本 | $6.5B | $7.13B | -8.87% |
营业利润 | $239M | $114M | +109.65% |
每股收益（基本） | $0.38 | $0.54 | -29.63% |
每股收益（稀释） | $0.38 | $0.54 | -29.63% |
研发费用 | $36M | $34M | +5.88% |
销售及管理费用 | $411M | $401M | +2.49% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
总资产 | $33.96B | $35.19B | -3.50% |
流动资产 | $11.06B | $11.4B | -3.02% |
流动负债 | $7.19B | $6.24B | +15.19% |
股东权益 | $10.04B | $12.21B | -17.77% |
现金及等价物 | $2.63B | $1.87B | +41.14% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
经营活动现金流 | $-269M | $-579M | +53.54% |
投资活动现金流 | $-279M | $-430M | +35.12% |
筹资活动现金流 | $-236M | $-547M | +56.86% |
股票回购 | $0 | $110M | -100.00% |
折旧及摊销 | $342M | $323M | +5.88% |
| 指标 | 当期 | 上期 | 同比变化 |
|---|---|---|---|
营业利润率 | 3.3% | 1.5% | +1.84% |
流动比率 | $1.538 | — | — |
LyondellBasell reported Q1 2026 revenue of $7.20B, down 6.3% YoY, but operating income surged 109.6% to $239M as cost of revenue fell faster than sales. However, EPS dropped 29.6% to $0.38, suggesting significant non-operating charges weighed on bottom-line results.
Operating income improved dramatically, more than doubling to $239M from $114M in Q1 2025, and operating margin expanded to 3.32% from 1.48%. However, EPS fell to $0.38 from $0.54, indicating that below-the-line items such as interest expense or taxes offset the operational gains.
LYB's financial health shows mixed signals: cash and equivalents rose 41.1% to $2.64B and the current ratio stands at 1.54, but operating cash flow remains negative at -$269M and stockholders' equity declined 17.8% YoY to $10.04B while current liabilities rose 15.2%.
LYB's revenue fell 6.3% YoY to $7.20B in Q1 2026, reflecting continued weakness in petrochemical end markets and pricing pressure. The decline in cost of revenue (-8.9%) outpaced the revenue drop, suggesting lower feedstock costs or improved cost discipline partially cushioned the impact.
Yes, LYB repurchased $0 in shares during Q1 2026, compared to $110M in Q1 2025, a 100% reduction. This likely reflects management's decision to conserve cash given negative operating cash flow of -$269M and rising current liabilities.