Free cash flow generation is highly inconsistent, swinging from a $153 million inflow in 2025Q3 to a $91 million outflow in 2026Q1, largely driven by volatile working capital requirements.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 |
|---|
| Cash from Operations | 310M | 289M | 263M | 209M | 914M | 952M | 253M | 897M | 1.21B | 1.22B | 1.09B | 575M | 760M | 708M | 774M | 365M | -58M | 1.1B | 767M | -51.5M | 893.1M | 974.1M | 180.8M | 225.4M | 88.7M | 0 | 0 |
| Operating CF Margin % | - | 5.09% | 4.36% | 3.42% | 11.39% | 12.41% | 4.2% | 13.2% | 12.87% | 14.58% | 11.27% | 5.58% | 6.56% | 6.39% | 6.92% | 3.25% | -0.63% | 14.22% | 7.51% | -0.53% | 8.41% | 7.52% | 1.57% | 3.18% | 3.33% | - | - |
| Operating CF Growth % | 127.82% | 9.89% | 25.84% | -77.13% | -3.99% | 276.28% | -71.79% | -25.68% | -0.98% | 12.04% | 89.22% | -24.34% | 7.34% | -8.53% | 112.05% | 729.31% | -105.25% | 43.94% | 1589.32% | -105.77% | -8.32% | 438.77% | -19.79% | 154.12% | - | - | - |
| Net Income | -324M | -88M | -100M | 35M | 511M | 1.05B | 291M | 429M | 650M | 741M | 357M | 126M | 345M | 149M | 373M | 250M | 33M | 106M | 595M | -172.1M | 229.8M | -34.6M | -227.7M | -319.8M | -15.5M | -842.9M | -138.6M |
| Depreciation & Amortization | 284M | 287M | 289M | 278M | 281M | 278M | 283M | 270M | 343M | 319M | 432M | 399M | 445M | 448M | 432M | 439M | 405M | 442M | 398M | 412.9M | 465.7M | 500.8M | 536.8M | 353.4M | 152.7M | 197.5M | 200.3M |
| Stock-Based Compensation | 16M | 31M | 30M | 28M | 29M | 30M | 27M | 29M | 27M | 36M | 34M | 30M | 28M | 29M | 27M | 24M | 27M | 20M | 20M | 26M | 18.4M | 9.5M | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -8M | -32M | -15M | -10M | 89M | -39M | 172M | -93M | -116M | -55M | 15M | -25M | -51M | 10M | -38M | -23M | 45M | 231M | 202M | -202.7M | -82.4M | -3.1M | -64.5M | -3.6M | 0 | 0 | 0 |
| Other Non-Cash Items | 119M | 53M | 189M | 37M | 68M | 49M | -393M | 282M | 434M | 264M | -105M | 163M | 87M | 105M | 136M | 10M | 187M | 46M | -108M | 268.2M | 171.5M | 507M | 291M | 91.8M | -121.6M | 489M | -61.7M |
| Working Capital Changes | 212M | 38M | -130M | -159M | -64M | -421M | -127M | -20M | -131M | -86M | 355M | -118M | -94M | -33M | -156M | -335M | -755M | 259M | -340M | -383.8M | 90.1M | -5.5M | -274M | 103.6M | 73.1M | 156.4M | 0 |
| Change in Receivables | 25M | 71M | 7M | 103M | 479M | -646M | 100M | 138M | -13M | -183M | -35M | 121M | 2M | -11M | 44M | -4M | -254M | 9M | 6M | 3M | 6.4M | 4.2M | 700K | 0 | 0 | 0 | 0 |
| Change in Inventory | 159M | 133M | -77M | 125M | -6M | -342M | 145M | 77M | -86M | -104M | 283M | 179M | -20M | 77M | -248M | -161M | -207M | 351M | -119M | -73.9M | -58.8M | -96.9M | -158.9M | 87.8M | 1.3M | 0 | 0 |
| Change in Payables | 58M | -88M | 69M | -224M | -84M | 346M | 32M | 21M | 8M | 154M | 56M | -157M | 86M | -12M | 146M | 24M | 83M | 35M | -186M | -148.2M | 21.5M | 68.6M | 49.8M | 0 | 0 | 0 | 0 |
| Cash from Investing | -175M | -132M | -126M | 305M | -279M | -524M | 1.46B | -260M | -973M | -424M | -202M | -600M | -1.61B | -566M | -471M | -280M | -182M | -205M | -489M | 200.5M | 173.9M | -469.2M | -230M | -908.5M | -24.5M | -76.4M | -90.3M |
| Capital Expenditures | -175M | -173M | -184M | -230M | -272M | -326M | -249M | -274M | -313M | -282M | -421M | -663M | -601M | -471M | -412M | -330M | -236M | -189M | -418M | -665.1M | -549.9M | -338.7M | -226.6M | -193.3M | -70.2M | -76.4M | -90.3M |
| CapEx % of Revenue | 3.07% | 3.04% | 3.05% | 3.76% | 3.39% | 4.25% | 4.14% | 4.03% | 3.34% | 3.37% | 4.36% | 6.44% | 5.19% | 4.25% | 3.68% | 2.94% | 2.55% | 2.43% | 4.09% | 6.89% | 5.18% | 2.61% | 1.97% | 2.73% | 2.64% | 2.77% | 2.72% |
| Acquisitions | 0 | 0 | 46M | 544M | 0 | -202M | 1.63B | 0 | -366M | 11M | 178M | -67M | -1.05B | -168M | -139M | 46M | 6M | -19M | -62M | 863.1M | 717.6M | -124.8M | 0 | -286M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 41M | 12M | -9M | -7M | 4M | 82M | -2M | -610M | -442M | 41M | -599M | 48M | 73M | 80M | 2M | 34M | 3M | -13M | 900K | 6.2M | -5.7M | -3.4M | -429.2M | 45.7M | 76.4M | 90.3M |
| Cash from Financing | -106M | -76M | -326M | -620M | -994M | -977M | -655M | -450M | -424M | -519M | -723M | -562M | 1.2B | -6M | -473M | -490M | -543M | 184M | 230M | -269.9M | -961.2M | -603M | 83.5M | 786.7M | -93M | 0 | 0 |
| Debt Issued (Net) | 73M | 132M | -51M | -62M | 207M | -551M | -365M | 89M | 53M | -1.33B | -569M | -274M | 1.37B | 118M | -358M | -334M | -446M | 286M | 337M | -163M | -913.8M | -1.93B | 113.6M | 562.4M | -89.5M | 0 | 0 |
| Equity Issued (Net) | -19M | -3M | -4M | -354M | -999M | -190M | -93M | -206M | -248M | 1.05B | -3M | -99M | 47M | 13M | 3M | -47M | 3M | -2M | -4M | 0 | 0 | 1.49B | 5.4M | 0 | 0 | 0 | 0 |
| Dividends Paid | -118M | -146M | -174M | -169M | -171M | -159M | -144M | -150M | -156M | -120M | -120M | -121M | -121M | -120M | -96M | -96M | -96M | -96M | -97M | -102.8M | -14.4M | -10.8M | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -19M | -3M | -4M | -349M | -1B | -200M | -96M | -208M | -277M | 0 | -3M | -100M | 0 | 0 | 0 | -50M | 0 | -2M | -4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -42M | -59M | -97M | -35M | -31M | -77M | -53M | -183M | -73M | -119M | -31M | -68M | -103M | -17M | -22M | -13M | -4M | -4M | -6M | -106.9M | -33M | -155.8M | -35.5M | 224.3M | -3.5M | 0 | 0 |
| Net Change in Cash | 35M | 89M | -200M | -114M | -387M | -552M | 1.07B | 185M | -379M | 294M | 156M | -601M | 340M | 133M | -167M | -412M | -779M | 1.09B | 503M | -109.2M | 120.4M | -100.4M | 45.4M | 175.3M | -25.2M | -76.4M | -90.3M |
| Free Cash Flow | 135M | 116M | 79M | -21M | 642M | 626M | 4M | 623M | 894M | 937M | 667M | -88M | 159M | 237M | 362M | 35M | -294M | 915M | 349M | -716.6M | 343.2M | 635.4M | -45.8M | 32.1M | 18.5M | -76.4M | -90.3M |
| FCF Margin % | 2.37% | 2.04% | 1.31% | -0.34% | 8% | 8.16% | 0.07% | 9.17% | 9.53% | 11.21% | 6.91% | -0.85% | 1.37% | 2.14% | 3.24% | 0.31% | -3.18% | 11.79% | 3.42% | -7.43% | 3.23% | 4.9% | -0.4% | 0.45% | 0.7% | -2.77% | -2.72% |
| FCF Growth % | 77.63% | 46.84% | 476.19% | -103.27% | 2.56% | 15550% | -99.36% | -30.31% | -4.59% | 40.48% | 857.95% | -155.35% | -32.91% | -34.53% | 934.29% | 111.9% | -132.13% | 162.18% | 148.7% | -308.8% | -45.99% | 1487.34% | -242.68% | 73.51% | 124.21% | 15.39% | - |
| FCF per Share | 0.78 | 0.67 | 0.46 | -0.12 | 3.16 | 2.83 | 0.02 | 2.70 | 3.70 | 3.84 | 2.78 | -0.36 | 0.65 | 0.98 | 1.50 | 0.14 | -1.25 | 3.84 | 1.49 | -3.08 | 1.47 | 2.88 | -0.21 | 0.18 | 0.09 | -0.35 | -0.41 |
| FCF Conversion (FCF/Net Income) | -0.42x | -1.05x | -1.39x | 2.07x | 1.99x | 0.91x | 0.24x | 1.60x | 3.58x | 1.92x | 3.34x | 6.18x | 2.35x | 5.53x | 2.13x | 1.48x | -2.15x | 9.68x | 1.26x | 0.30x | 3.89x | -28.15x | -0.79x | -0.70x | -4.00x | - | - |
| Interest Paid | 47M | 0 | 77M | 68M | 66M | 82M | 90M | 111M | 163M | 175M | 205M | 225M | 208M | 187M | 209M | 204M | 203M | 227M | 265M | 301M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 14M | 0 | 90M | 97M | 194M | 106M | 316M | 100M | 179M | 25M | 40M | 126M | 165M | 78M | 224M | 119M | 6M | 155M | 34M | 73M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical MDI margin compression
According to recent financial disclosures, Huntsman frequently reports net losses while operating cash flow fluctuates wildly, as evidenced by the 2025Q3 period where the company generated $196 million in operating cash despite a $24 million net loss, highlighting significant non-cash adjustments and working capital volatility.
The persistent gap between net income and operating cash flow suggests that headline earnings are heavily influenced by non-cash charges, such as depreciation and amortization. Investors should monitor whether this cash generation is sustainable or merely a byproduct of aggressive working capital management during cyclical troughs.
As reported in quarterly filings, Huntsman's free cash flow trajectory remains highly inconsistent, swinging from a $153 million inflow in 2025Q3 to a $91 million outflow in 2026Q1, which underscores the company's difficulty in maintaining positive cash margins during periods of weak industrial demand.
The inability to sustain positive free cash flow suggests that the company's capital-intensive nature leaves little room for error when revenue growth stalls. This volatility may indicate that the business model is overly sensitive to the timing of maintenance turnarounds and raw material price fluctuations.
Based on the provided cash flow statements, working capital changes have become the primary determinant of quarterly cash flow, with a massive $143 million inflow in 2025Q4 followed by an $89 million outflow in 2026Q1, reflecting aggressive inventory and receivables management to offset operational weakness.
This reliance on working capital swings suggests that management is actively pulling levers to preserve liquidity during the current downturn. Such tactics are often temporary and may mask underlying operational inefficiencies that could resurface if the company is unable to normalize its inventory levels.
Data from recent SEC filings indicates that Huntsman has continued to prioritize dividend payments, totaling $16 million in 2026Q1, even as the company faces negative net income and cash outflows, which warrants further investigation into the long-term sustainability of this capital return policy.
Maintaining dividends during a period of negative free cash flow suggests a commitment to shareholder returns that may be at odds with the company's current financial reality. Investors should consider whether this capital allocation strategy limits the company's ability to invest in necessary plant upgrades or debt reduction.
Quick answers to the most common questions about buying HUN stock.
Huntsman Corporation (HUN) generated $289.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Huntsman Corporation (HUN) generated $116.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Huntsman Corporation (HUN) spent $173.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Huntsman Corporation (HUN) returned $146.0M to shareholders via cash dividends and spent $3.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.