LyondellBasell Industries N.V.LYB
LyondellBasell Industries N.V. Segments Disclosure
Segment and Related Information
Our operations are managed by senior executives who report to our Chief Executive Officer, the chief operating decision maker. Discrete financial information is available for each of the segments. The Chief Executive Officer uses EBITDA as the primary measure for reviewing the profitability of our segments and allocating resources to the segments. We define EBITDA as net income (loss) before interest, income taxes, and depreciation and amortization. Our chief operating decision maker does not receive information about total assets by reportable segment.
The activities of each of our segments from which they earn revenues and incur expenses are described below:
•Olefins and Polyolefins-Americas (“O&P-Americas”). Our O&P-Americas segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Olefins and Polyolefins-Europe, Asia, International (“O&P-EAI”). Our O&P-EAI segment produces and markets olefins and co-products, polyethylene and polypropylene.
•Intermediates and Derivatives (“I&D”). Our I&D segment produces and markets propylene oxide and its derivatives; oxyfuels and related products; and intermediate chemicals such as styrene monomer and acetyls.
•Advanced Polymer Solutions (“APS”). Our APS segment produces and markets compounding and solutions, such as polypropylene compounds, engineered plastics, masterbatches, engineered composites and colors.
•Technology. Our Technology segment develops and licenses chemical and polyolefin process technologies and manufactures and sells polyolefin catalysts.
“Other” includes intersegment eliminations and items that are not directly related or allocated to business operations, such as foreign exchange gains or losses and components of pension and other post-retirement benefit costs other than service costs. Sales between segments are made at prices approximating prevailing market prices.
Summarized financial information concerning reportable segments is shown in the following tables for the periods presented:
| Year Ended December 31, 2025 | |||||||||||||||||||||||||||||||||||||||||
| O&P - Americas | O&P - EAI | I&D | APS | Technology | Other | Total | |||||||||||||||||||||||||||||||||||
| Millions of dollars | |||||||||||||||||||||||||||||||||||||||||
| Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||
| Customers | $ | 7,669 | $ | 9,611 | $ | 8,953 | $ | 3,457 | $ | 463 | $ | — | $ | 30,153 | |||||||||||||||||||||||||||
| Intersegment | 2,132 | 616 | 116 | 15 | 86 | (2,965) | — | ||||||||||||||||||||||||||||||||||
| 9,801 | 10,227 | 9,069 | 3,472 | 549 | (2,965) | 30,153 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 8,873 | 9,963 | 8,347 | 3,074 | 280 | (2,961) | 27,576 | ||||||||||||||||||||||||||||||||||
| Impairments | 9 | 460 | — | 782 | — | — | 1,251 | ||||||||||||||||||||||||||||||||||
| (Income) loss from equity investments | (37) | 52 | (3) | — | — | — | 12 | ||||||||||||||||||||||||||||||||||
| Loss on sale of business | — | — | — | 6 | — | — | 6 | ||||||||||||||||||||||||||||||||||
| Other items | 464 | 412 | 256 | 344 | 132 | 25 | 1,633 | ||||||||||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 652 | 203 | 409 | 83 | 43 | — | 1,390 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 1,144 | $ | (457) | $ | 878 | $ | (651) | $ | 180 | $ | (29) | $ | 1,065 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 793 | $ | 461 | $ | 433 | $ | 99 | $ | 92 | $ | — | $ | 1,878 | |||||||||||||||||||||||||||
| Year Ended December 31, 2024 | |||||||||||||||||||||||||||||||||||||||||
| Millions of dollars | O&P - Americas | O&P - EAI | I&D | APS | Technology | Other | Total | ||||||||||||||||||||||||||||||||||
| Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||
| Customers | $ | 8,791 | $ | 10,188 | $ | 10,219 | $ | 3,616 | $ | 580 | $ | — | $ | 33,394 | |||||||||||||||||||||||||||
| Intersegment | 2,742 | 679 | 205 | 18 | 91 | (3,735) | — | ||||||||||||||||||||||||||||||||||
| 11,533 | 10,867 | 10,424 | 3,634 | 671 | (3,735) | 33,394 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 9,261 | 10,529 | 9,208 | 3,271 | 211 | (3,730) | 28,750 | ||||||||||||||||||||||||||||||||||
| Impairments | — | 892 | 2 | 55 | — | — | 949 | ||||||||||||||||||||||||||||||||||
| (Income) loss from equity investments | (13) | 217 | 13 | — | — | — | 217 | ||||||||||||||||||||||||||||||||||
| Gain on sale of business | — | — | (284) | — | — | — | (284) | ||||||||||||||||||||||||||||||||||
| Other items | 459 | 440 | 222 | 344 | 123 | 30 | 1,618 | ||||||||||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 619 | 220 | 401 | 90 | 42 | — | 1,372 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 2,445 | $ | (991) | $ | 1,664 | $ | 54 | $ | 379 | $ | (35) | $ | 3,516 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 635 | $ | 525 | $ | 445 | $ | 105 | $ | 95 | $ | 3 | $ | 1,808 | |||||||||||||||||||||||||||
| Year Ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
| Millions of dollars | O&P - Americas | O&P - EAI | I&D | APS | Technology | Other | Total | ||||||||||||||||||||||||||||||||||
| Sales and other operating revenues: | |||||||||||||||||||||||||||||||||||||||||
| Customers | $ | 8,333 | $ | 9,822 | $ | 10,917 | $ | 3,686 | $ | 578 | $ | — | $ | 33,336 | |||||||||||||||||||||||||||
| Intersegment | 2,947 | 657 | 169 | 12 | 85 | (3,870) | — | ||||||||||||||||||||||||||||||||||
| 11,280 | 10,479 | 11,086 | 3,698 | 663 | (3,870) | 33,336 | |||||||||||||||||||||||||||||||||||
| Less: | |||||||||||||||||||||||||||||||||||||||||
| Cost of sales | 9,146 | 10,165 | 9,383 | 3,393 | 210 | (3,862) | 28,435 | ||||||||||||||||||||||||||||||||||
| Impairments | 25 | 38 | 192 | 252 | — | — | 507 | ||||||||||||||||||||||||||||||||||
| (Income) loss from equity investments | (49) | 55 | 13 | 1 | — | — | 20 | ||||||||||||||||||||||||||||||||||
| Other items | 442 | 437 | 262 | 312 | 119 | 48 | 1,620 | ||||||||||||||||||||||||||||||||||
| Add: | |||||||||||||||||||||||||||||||||||||||||
| Depreciation and amortization expense | 587 | 207 | 443 | 98 | 41 | — | 1,376 | ||||||||||||||||||||||||||||||||||
| EBITDA | $ | 2,303 | $ | (9) | $ | 1,679 | $ | (162) | $ | 375 | $ | (56) | $ | 4,130 | |||||||||||||||||||||||||||
| Capital expenditures | $ | 480 | $ | 273 | $ | 590 | $ | 75 | $ | 69 | $ | 12 | $ | 1,499 | |||||||||||||||||||||||||||
Other items include Selling, general and administrative (“SG&A”) expenses, Research and development expenses, and Other income (expense), net. See Notes 9 and 10 to the Consolidated Financial Statements for additional information regarding impairments.
A reconciliation of EBITDA to Income (loss) from continuing operations before income taxes is shown in the following table for each of the periods presented. Indirect SG&A expense reallocation to continuing operations represents corporate SG&A expenses that were previously allocated to the refining segment:
| Year Ended December 31, | |||||||||||||||||
| Millions of dollars | 2025 | 2024 | 2023 | ||||||||||||||
| EBITDA: | |||||||||||||||||
| Total segment EBITDA | $ | 1,094 | $ | 3,551 | $ | 4,186 | |||||||||||
| Other EBITDA | (29) | (35) | (56) | ||||||||||||||
| Less: | |||||||||||||||||
| Depreciation and amortization expense | (1,390) | (1,372) | (1,376) | ||||||||||||||
| Interest expense | (487) | (481) | (477) | ||||||||||||||
| Indirect SG&A expense reallocation to continuing operations | — | (112) | (107) | ||||||||||||||
| Add: | |||||||||||||||||
| Interest income | 97 | 150 | 129 | ||||||||||||||
| Income (loss) from continuing operations before income taxes | $ | (715) | $ | 1,701 | $ | 2,299 | |||||||||||
The following assets are summarized and reconciled to consolidated totals in the following table:
| Millions of dollars | O&P - Americas | O&P - EAI | I&D | APS | Technology | Total | |||||||||||||||||||||||||||||
| December 31, 2025 | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net | $ | 6,775 | $ | 1,642 | $ | 6,123 | $ | 607 | $ | 686 | $ | 15,833 | |||||||||||||||||||||||
| Equity investments | 1,958 | 1,658 | 346 | 1 | — | 3,963 | |||||||||||||||||||||||||||||
| Goodwill | 475 | — | 225 | — | 8 | 708 | |||||||||||||||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||||||||||||||
| Property, plant and equipment, net | $ | 6,592 | $ | 1,553 | $ | 5,670 | $ | 655 | $ | 596 | $ | 15,066 | |||||||||||||||||||||||
| Equity investments | 2,011 | 1,732 | 377 | 1 | — | 4,121 | |||||||||||||||||||||||||||||
| Goodwill | 472 | 355 | 209 | 517 | 8 | 1,561 | |||||||||||||||||||||||||||||
Long-lived assets include Property, plant and equipment, net, Intangible assets, net and Equity investments, see Notes 9 and 10 to the Consolidated Financial Statements. The following long-lived assets data is based upon the location of the assets:
| December 31, | |||||||||||
| Millions of dollars | 2025 | 2024 | |||||||||
| Long-lived assets: | |||||||||||
| United States | $ | 14,551 | $ | 14,456 | |||||||
| Germany | 2,012 | 1,691 | |||||||||
| The Netherlands | 830 | 784 | |||||||||
| Italy | 496 | 399 | |||||||||
| Mexico | 226 | 257 | |||||||||
| France | 184 | 171 | |||||||||
| Poland | 168 | 173 | |||||||||
| China | 120 | 124 | |||||||||
| Thailand | 116 | 123 | |||||||||
| Other | 1,543 | 1,586 | |||||||||
| Total | $ | 20,246 | $ | 19,764 | |||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 20, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Feb 21, 2019 | |
| 2017 | Feb 22, 2018 | |
| 2016 | Feb 17, 2017 | |
| 2015 | Feb 16, 2016 | |
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.