Huntsman CORP Segments Disclosure
27. OPERATING SEGMENT INFORMATION
We derive our revenues, earnings and cash flows from the manufacture and sale of a wide variety of diversified organic chemical products. We have operating segments, which are also our reportable operating segments: Polyurethanes, Performance Products and Advanced Materials. We have organized our business and derived our operating segments around differences in product lines.
The major products of each reportable operating segment are as follows:
| Segment |
| Products |
| Polyurethanes | MDI, polyols, TPU and other polyurethane-related products | |
| Performance Products | Performance amines, ethyleneamines and maleic anhydride | |
| Advanced Materials | Technologically-advanced epoxy, phenoxy, acrylic, polyurethane and acrylonitrile-butadiene-based polymer formulations; high performance thermoset resins, curing agents, toughening agents, and carbon nanomaterials |
Sales between segments are generally recognized at external market prices and are eliminated in consolidation. We use adjusted EBITDA to measure the financial performance of our global business units and for reporting the results of our operating segments. This measure includes all operating items relating to the businesses. The adjusted EBITDA of operating segments excludes items that principally apply to our Company as a whole. The following schedules include revenues, significant segment expenses and adjusted EBITDA for each of our reportable operating segments (dollars in millions).
Huntsman Corporation
| Year ended December 31, 2025 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,697 | $ | 997 | $ | 1,021 | $ | 5,715 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,772 | 552 | 478 | 3,802 | ||||||||||||
| Adjusted fixed costs(3) | 772 | 336 | 398 | 1,506 | ||||||||||||
| Other segment items(4) | 7 | 2 | (16 | ) | (7 | ) | ||||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 146 | $ | 107 | $ | 161 | 414 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to loss from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (79 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (287 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (139 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 57 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration gain and purchase accounting inventory adjustments, net | 4 | |||||||||||||||
| Certain legal and other settlements and related income, net(7) | 30 | |||||||||||||||
| Loss on sale of business/assets | (5 | ) | ||||||||||||||
|
| (34 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (153 | ) | ||||||||||||||
| Loss from continuing operations before income taxes | (192 | ) | ||||||||||||||
| Income tax expense—continuing operations | (26 | ) | ||||||||||||||
| Loss from discontinued operations, net of tax | (9 | ) | ||||||||||||||
| Net loss | $ | (227 | ) | |||||||||||||
| Year ended December 31, 2024 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,900 | $ | 1,109 | $ | 1,055 | $ | 6,064 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,943 | 618 | 499 | 4,060 | ||||||||||||
| Adjusted fixed costs(3) | 744 | 328 | 390 | 1,462 | ||||||||||||
| Other segment items(4) | (32 | ) | 10 | (13 | ) | (35 | ) | |||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 245 | $ | 153 | $ | 179 | 577 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to loss from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (79 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (289 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (163 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 62 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration expenses and purchase accounting inventory adjustments, net | (21 | ) | ||||||||||||||
| Fair value adjustments to Venator investment, net and other tax matter adjustments | 12 | |||||||||||||||
| Certain legal and other settlements and related expenses, net(7) | (13 | ) | ||||||||||||||
| Loss on sale of business/assets | (1 | ) | ||||||||||||||
| Loss on dissolution of subsidiaries(8) | (39 | ) | ||||||||||||||
|
| (39 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (46 | ) | ||||||||||||||
| Loss from continuing operations before income taxes | (39 | ) | ||||||||||||||
| Income tax expense—continuing operations | (61 | ) | ||||||||||||||
| Loss from discontinued operations, net of tax | (27 | ) | ||||||||||||||
| Net loss | $ | (127 | ) | |||||||||||||
| Year ended December 31, 2023 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,865 | $ | 1,178 | $ | 1,092 | $ | 6,135 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,904 | 647 | 546 | 4,097 | ||||||||||||
| Adjusted fixed costs(3) | 787 | 329 | 370 | 1,486 | ||||||||||||
| Other segment items(4) | (74 | ) | 1 | (10 | ) | (83 | ) | |||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 248 | $ | 201 | $ | 186 | 635 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (65 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (278 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (163 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 52 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration expenses and purchase accounting inventory adjustments, net | (4 | ) | ||||||||||||||
| Fair value adjustments to Venator investment, net | (5 | ) | ||||||||||||||
| Certain legal and other settlements and related expenses, net | (6 | ) | ||||||||||||||
| Certain nonrecurring information technology project implementation costs | (5 | ) | ||||||||||||||
|
| (37 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (25 | ) | ||||||||||||||
| Income from continuing operations before income taxes | 99 | |||||||||||||||
| Income tax expense—continuing operations | (64 | ) | ||||||||||||||
| Income from discontinued operations, net of tax | 118 | |||||||||||||||
| Net income | $ | 153 | ||||||||||||||
Huntsman International
| Year ended December 31, 2025 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,697 | $ | 997 | $ | 1,021 | $ | 5,715 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,772 | 552 | 478 | 3,802 | ||||||||||||
| Adjusted fixed costs(3) | 772 | 336 | 398 | 1,506 | ||||||||||||
| Other segment items(4) | 7 | 2 | (16 | ) | (7 | ) | ||||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 146 | $ | 107 | $ | 161 | 414 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to loss from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (79 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (287 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (136 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 57 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration gain and purchase accounting inventory adjustments, net | 4 | |||||||||||||||
| Certain legal and other settlements and related income, net(7) | 30 | |||||||||||||||
| Loss on sale of business/assets | (5 | ) | ||||||||||||||
|
| (34 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (153 | ) | ||||||||||||||
| Loss from continuing operations before income taxes | (189 | ) | ||||||||||||||
| Income tax expense—continuing operations | (27 | ) | ||||||||||||||
| Loss from discontinued operations, net of tax | (9 | ) | ||||||||||||||
| Net loss | $ | (225 | ) | |||||||||||||
| Year ended December 31, 2024 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,900 | $ | 1,109 | $ | 1,055 | $ | 6,064 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,943 | 618 | 499 | 4,060 | ||||||||||||
| Adjusted fixed costs(3) | 744 | 328 | 390 | 1,462 | ||||||||||||
| Other segment items(4) | (32 | ) | 10 | (13 | ) | (35 | ) | |||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 245 | $ | 153 | $ | 179 | 577 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to loss from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (79 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (289 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (160 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 62 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration expenses and purchase accounting inventory adjustments, net | (21 | ) | ||||||||||||||
| Fair value adjustments to Venator investment, net and other tax matter adjustments | 12 | |||||||||||||||
| Certain legal and other settlements and related expenses, net(7) | (13 | ) | ||||||||||||||
| Loss on sale of business/assets | (1 | ) | ||||||||||||||
| Loss on dissolution of subsidiaries(8) | (39 | ) | ||||||||||||||
|
| (39 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (46 | ) | ||||||||||||||
| Loss from continuing operations before income taxes | (36 | ) | ||||||||||||||
| Income tax expense—continuing operations | (62 | ) | ||||||||||||||
| Loss from discontinued operations, net of tax | (27 | ) | ||||||||||||||
| Net loss | $ | (125 | ) | |||||||||||||
| Year ended December 31, 2023 | ||||||||||||||||
| Polyurethanes | Performance Products | Advanced Materials | Total | |||||||||||||
| Revenues: | ||||||||||||||||
| Reportable segments’ revenues(1) | $ | 3,865 | $ | 1,178 | $ | 1,092 | $ | 6,135 | ||||||||
| Significant segment expenses: | ||||||||||||||||
| Variable direct costs(2) | 2,904 | 647 | 546 | 4,097 | ||||||||||||
| Adjusted fixed costs(3) | 787 | 329 | 370 | 1,486 | ||||||||||||
| Other segment items(4) | (74 | ) | 1 | (10 | ) | (83 | ) | |||||||||
| Total reportable segments’ adjusted EBITDA(5) | $ | 248 | $ | 201 | $ | 186 | 635 | |||||||||
| Reconciliation of total reportable segments’ adjusted EBITDA to income from continuing operations before income taxes: | ||||||||||||||||
| Interest expense, net—continuing operations | (65 | ) | ||||||||||||||
| Depreciation and amortization—continuing operations | (278 | ) | ||||||||||||||
| Corporate and other costs, net(6) | (160 | ) | ||||||||||||||
| Net income attributable to noncontrolling interests | 52 | |||||||||||||||
| Other adjustments: | ||||||||||||||||
| Business acquisition and integration expenses and purchase accounting inventory adjustments, net | (4 | ) | ||||||||||||||
| Fair value adjustments to Venator investment, net | (5 | ) | ||||||||||||||
| Certain legal and other settlements and related expenses, net | (6 | ) | ||||||||||||||
| Certain nonrecurring information technology project implementation costs | (5 | ) | ||||||||||||||
|
| (37 | ) | ||||||||||||||
| Restructuring, impairment and plant closing and transition costs(9) | (25 | ) | ||||||||||||||
| Income from continuing operations before income taxes | 102 | |||||||||||||||
| Income tax expense—continuing operations | (65 | ) | ||||||||||||||
| Income from discontinued operations, net of tax | 118 | |||||||||||||||
| Net income | $ | 155 | ||||||||||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Total assets: | ||||||||
| Polyurethanes | $ | 4,045 | $ | 4,151 | ||||
| Performance Products | 1,185 | 1,214 | ||||||
| Advanced Materials | 1,095 | 1,097 | ||||||
| Total reportable segments’ total assets | 6,325 | 6,462 | ||||||
| Corporate and other | 690 | 652 | ||||||
| Total | $ | 7,015 | $ | 7,114 | ||||
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Depreciation and amortization: | ||||||||||||
| Polyurethanes | $ | 164 | $ | 161 | $ | 141 | ||||||
| Performance Products | 62 | 67 | 72 | |||||||||
| Advanced Materials | 51 | 52 | 53 | |||||||||
| Total reportable segments’ depreciation and amortization | 277 | 280 | 266 | |||||||||
| Corporate and other | 10 | 9 | 12 | |||||||||
| Total | $ | 287 | $ | 289 | $ | 278 | ||||||
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Capital expenditures: | ||||||||||||
| Polyurethanes | $ | 82 | $ | 78 | $ | 98 | ||||||
| Performance Products | 59 | 85 | 100 | |||||||||
| Advanced Materials | 27 | 17 | 25 | |||||||||
| Total reportable segments’ capital expenditures | 168 | 180 | 223 | |||||||||
| Corporate and other | 5 | 4 | 7 | |||||||||
| Total | $ | 173 | $ | 184 | $ | 230 | ||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Goodwill: | ||||||||
| Polyurethanes | $ | 338 | $ | 328 | ||||
| Performance Products | 2 | 15 | ||||||
| Advanced Materials | 290 | 290 | ||||||
| Total | $ | 630 | $ | 633 | ||||
| (1) | A reconciliation of total reportable segments’ revenues to total consolidated revenues is provided in “Note 18. Revenue Recognition.” |
| (2) | Variable direct costs primarily include raw materials, utilities and freight-related costs. |
| (3) | Adjusted fixed costs primarily include personnel and maintenance costs at our manufacturing facilities, selling, general and administrative expenses and research and development expenses, less depreciation and amortization and an adjustment to remove the related effects of restructuring, impairment and plant closing and transition costs. |
| (4) | Other segment items include other operating and non-operating income and expense items and foreign currency exchange effects, less adjustments to remove the related effects of primarily the following items: business acquisition and integration gain (expenses) and purchase accounting inventory adjustments, net; certain legal and other settlements and related income (expenses), net; amortization of pension and postretirement actuarial losses; loss on sale of business/assets; and restructuring, impairment and plant closing and transition costs. |
| (5) | We use segment adjusted EBITDA as the measure of each segment’s profit or loss. Segment adjusted EBITDA is the measure that our chief operating decision maker (“CODM”), who has been determined to be our Chief Executive Officer, uses to make decisions about resources to be allocated to the segments and assess their financial performance. Our CODM evaluates segment adjusted EBITDA through the annual budget process as well as through ongoing periodic reviews of forecasts, budget-to-actual variances, changes from prior periods and when comparing the results of each reportable operating segment with one another. Segment adjusted EBITDA is defined as net income of Huntsman Corporation or Huntsman International, as appropriate, before interest, income tax, depreciation and amortization, net income attributable to noncontrolling interests and certain Corporate and other items, as well as eliminating the following adjustments: (a) business acquisition and integration gain (expenses) and purchase accounting inventory adjustments, net; (b) certain legal and other settlements and related income (expenses), net; (c) loss on sale of business/assets; (d) amortization of pension and postretirement actuarial losses; (e) restructuring, impairment, plant closing and transition costs; (f) (loss) income from discontinued operations, net of tax; (g) fair value adjustments to Venator investment, net and other tax matter adjustments; (h) loss on dissolution of subsidiaries; and (i) certain nonrecurring information technology project implementation costs. |
| (6) | Corporate and other costs, net includes unallocated corporate overhead, unallocated foreign exchange gains and losses, LIFO inventory valuation reserve adjustments, nonoperating income and expense and gains and losses on the disposition of corporate assets. |
| (7) | Certain legal and other settlements and related income (expenses), net includes approximately $33 million for income associated with a litigation matter during the year ended December 31, 2025 (see “Note 21. Commitments and Contingencies—Legal Matters” to our consolidated financial statements) and approximately $(10) million related to the settlement of a claim in connection with a commercial dispute during the year ended December 31, 2024. |
| (8) | Loss on dissolution of subsidiaries for the year ended December 31, 2024 relates to the elimination and non-cash recognition of cumulative translation adjustments from accumulated other comprehensive loss due to the liquidation of certain subsidiaries. |
| (9) | Includes costs associated with transition activities relating primarily to our program to realign our cost structure in Europe and our Corporate program to optimize our global approach to managed services in various information technology functions. |
| Year ended December 31, | ||||||||||||
| 2025 | 2024 | 2023 | ||||||||||
| Revenues by geographic area(1): | ||||||||||||
| United States | $ | 1,977 | $ | 2,124 | $ | 2,140 | ||||||
| China | 1,073 | 1,082 | 1,084 | |||||||||
| Germany | 352 | 373 | 423 | |||||||||
| Canada | 220 | 216 | 211 | |||||||||
| India | 213 | 191 | 164 | |||||||||
| Italy | 183 | 207 | 216 | |||||||||
| United Kingdom | 141 | 156 | 155 | |||||||||
| Other nations | 1,524 | 1,687 | 1,718 | |||||||||
| Total | $ | 5,683 | $ | 6,036 | $ | 6,111 | ||||||
| December 31, | ||||||||
| 2025 | 2024 | |||||||
| Long-lived assets(2): | ||||||||
| United States | $ | 1,152 | $ | 1,188 | ||||
| China | 373 | 399 | ||||||
| The Netherlands | 358 | 315 | ||||||
| Hungary | 165 | 118 | ||||||
| Saudi Arabia | 97 | 102 | ||||||
| Switzerland | 87 | 67 | ||||||
| United Kingdom | 61 | 60 | ||||||
| Singapore | 53 | 59 | ||||||
| Germany | 50 | 82 | ||||||
| Other nations | 90 | 103 | ||||||
| Total | $ | 2,486 | $ | 2,493 | ||||
| (1) | Geographic information for revenues is based upon countries into which product is sold. |
| (2) | Long-lived assets consist of property, plant and equipment, net. |
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.