LyondellBasell

LyondellBasell is one of the largest makers of plastics and chemicals in the world. It makes olefins and polyolefins, such as polyethylene and polypropylene, and intermediates and derivatives, such as propylene oxide, oxyfuels and methanol. It also licenses its process technologies.

Its plants in North America use low-cost natural gas liquids as feedstock, which gives them a cost advantage over many plants in Europe and Asia. The company left the refining business in 2025, and on May 1, 2026, it sold four European olefins and polyolefins sites in France, Germany, the United Kingdom and Spain. It is incorporated in the Netherlands and has its main offices in Houston and London.

The market prices LyondellBasell for a long downturn in petrochemicals. In 2025, polymer margins were low: EPS excluding identified items was only $0.95 in the first half of 2025, and the company cut its quarterly dividend in February 2026 to $0.69 per share. In Q2 2026, a conflict in the Middle East reduced global supply, and margins rose fast: EPS excluding identified items was $4.30. In Q3 2026, polymer prices fell and EPS excluding identified items was $2.54, but oxyfuels margins stayed strong.

Investors fear that these profits are temporary and that margins fall again when the lost supply returns, which the company expects to continue into 2027. For the gap to close, three things must be true. The Cash Improvement Plan must give $500 million of extra cash by the end of 2026, as planned. The company must use the strong 2026 cash flow to lower its debt.

Margins must stay above the 2025 level after the Middle East supply returns, helped by the sale of the high-cost European sites. The Q4 2026 report, expected in late January 2027, gives the next evidence, with the result of the Cash Improvement Plan. The gap closes slowly, over two to three years, because it depends on the industry cycle. The main reason it may not close is that margins fall back to the 2025 level after the supply disruption ends.

1. Oct 30, 2026Passed

   Q3 2026 earnings: marginsMargins that stay well above the 2025 level and strong cash flow pass; a fast return to 2025 margins fails.Outcome: EPS excluding identified items was $2.54, against $1.01 in Q3 2025, and cash from operations was $1.7 billion, although margins fell from Q2 2026.
2. Jan 30, 2027 · est.Pending

   Q4 2026 earnings: margins after the supply disruptionEBITDA excluding identified items well above the Q4 2025 level and lower net debt pass; a return to 2025 margins fails.
3. Jan 2027 · est.Pending

   Cash Improvement Plan resultA confirmed $500 million of extra cash in 2026 and lower debt pass; a shortfall against the plan fails.

Every passed and failed checkpoint across all picks

• October 30, 2026LyondellBasell reported Q3 2026 results. Net income was $758 million, or $2.32 per diluted share, and $2.54 per share excluding identified items, down from $4.30 in Q2 2026. EBITDA excluding identified items was $1.5 billion. Polymer prices fell in both olefins and polyolefins segments, but Intermediates & Derivatives earned much more because oxyfuels margins were strong. Cash from operations was $1.7 billion, and the company repaid a €500 million note in September. For Q4 2026, it expects operating rates of 85% for North American olefins and polyolefins, 60% for Europe and 75% for intermediates and derivatives.
• October 29, 2026LyondellBasell agreed to sell Houston Refining, L.P., which owns the former Houston refinery site and related assets, to a subsidiary of Valero Energy for $320.5 million. It expects the sale to close in Q4 2026.
• July 31, 2026LyondellBasell reported Q2 2026 results. Net income was $559 million, or $1.71 per diluted share, and $4.30 per share excluding identified items. Polymer margins rose because the conflict in the Middle East reduced global supply. Cash from operations was $752 million, and cash was $2.6 billion. For Q3 2026, the company expects operating rates of 85% for North American olefins and polyolefins, 70% for Europe and 85% for intermediates and derivatives.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 30, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 30, 2026 · lyb-20260930
• 8-KEarnings release and Other company newsFiled October 30, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 31, 2026 · lyb-20260630
• 8-KEarnings releaseFiled July 31, 2026 · Press release and exhibits
• 8-KNew material agreement and New debt or financial obligationFiled May 29, 2026 · lyb-20260529
• 8-KChange of directors or officers and Shareholder vote resultsFiled May 22, 2026 · lyb-20260522
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 1, 2026 · lyb-20260331
• 8-KEarnings release and Other company newsFiled May 1, 2026 · Press release and exhibits
• 10-KAnnual report for the period ended Dec 31, 2025Filed February 20, 2026 · lyb-20251231
• 8-KEarnings releaseFiled January 30, 2026 · Press release and exhibits

Every filing on SEC EDGAR (CIK 1489393)

• The strong Q2 2026 margins came from a supply disruption in the Middle East. When that supply returns, margins can fall back to the low levels of 2025.
• Prices can change fast. In July 2026, the company said that uncertainty about near-term prices could for a time change the normal buying patterns of its customers, which can lower volumes.
• Unplanned outages can lower volumes. The Bayport PO/TBA plant had an unplanned outage in Q2 2026 and restarted in June, and a planned maintenance project at a North American polypropylene plant lowers volumes in Q4 2026.
• The company recognized impairments of $89 million in the first half of 2026, including $74 million for a plastic waste sorting facility in Houston. More write-downs are possible in its circular and low-carbon projects.

At September 30, 2026, total debt was $12.33 billion, including current maturities of $891 million and short-term debt of $247 million. The amount due within 12 months includes the current maturities and the short-term debt. Read more

Yield at the current rate

4.4% (current annual rate, at today’s price)

Dividend yield

5.5% (last 12 months, at today’s price of $62.58)

Paid per share

$3.44 in the last 12 months (4 payments)

Current annual rate

$2.76 ($0.69 × 4 a year)

Latest ex-dividend date

August 24, 2026, $0.69 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 5.3% a year. From 2015 to 2025, the dividend grew by about 9.2% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.