ALBEMARLE CORP (ALB-PA)

Latest 10-Q (filed 2026-05-06)

Income Statement

Consolidated Statement of Income

ALBEMARLE CORPORATION (ALB PR A)

Three Months Ended (In thousands, except shares and per share data)

Mar 31, 2026 (Q1) Mar 31, 2025 (Q1)
  Net sales $1,428,731 $1,076,881
Unconsolidated Affiliates $1,536
  Cost of goods sold $927,765 $920,582
Related Party $128,200 $119,800
    Gross profit $500,966 $156,299
    Selling, general and administrative expenses $137,406 $123,502
    Restructuring charges and asset write-offs $25,866 $(1,063)
    Research and development expenses $9,170 $14,099
    Loss on sale of business $95,018
    Operating profit $233,506 $19,761
    Interest and financing expenses $(33,121) $(48,977)
    Other income, net $53,810 $10,250
    Income (loss) before income taxes and equity in net income of unconsolidated investments $254,195 $(18,966)
    Income tax expense (benefit) $21,511 $(3,978)
  Income (loss) before equity in net income of unconsolidated investments $232,684 $(14,988)
  Equity in net income of unconsolidated investments (net of tax) $96,293 $64,286
    Net income $328,977 $49,298
    Net income attributable to noncontrolling interests $(9,886) $(7,950)
    Net income attributable to Albemarle Corporation 319,091 41,348
    Mandatory convertible preferred stock dividends $(41,688) $(41,688)
  Net income (loss) attributable to Albemarle Corporation common shareholders 277,403 (340)
  Basic earnings (loss) per share attributable to common shareholders (in dollars per share) 2.35
  Diluted earnings (loss) per share attributable to common shareholders (in dollars per share) 2.34
  Weighted-average common shares outstanding - basic (in shares) 117,854 117,603
  Weighted-average common shares outstanding - diluted (in shares) 118,607 117,603

Balance Sheet

Consolidated Balance Sheets

ALBEMARLE CORPORATION (ALB PR A)

As of March 31, 2026 and December 31, 2025 (In thousands, except shares and per share data)

Mar 31, 2026 Dec 31, 2025
            Cash and cash equivalents $1,089,809 $1,618,001
            Trade accounts receivable, less allowance for credit losses (2026 – $4,580; 2025 – $4,578) $522,715 $593,502
            Other accounts receivable $136,767 $105,110
            Inventories $1,346,960 $1,179,271
            Other current assets $162,932 $140,440
            Current assets held for sale $371,815
            Total current assets $3,259,183 $4,008,139
          Property, plant and equipment, at cost $11,822,899 $11,768,840
          Less accumulated depreciation and amortization $3,297,806 $3,156,429
        Net property, plant and equipment $8,525,093 $8,612,411
        Investments $1,022,707 $900,926
        Other assets $636,574 $647,185
        Goodwill $1,488,404 $1,499,657
        Other intangibles, net of amortization $207,617 $214,233
        Noncurrent assets held for sale $491,660
        Total assets $15,139,578 $16,374,211
            Accounts payable $933,781 $913,529
Nonrelated Party $677,151 $779,160
Related Party $256,630 $134,369
            Accrued expenses $452,927 $521,831
            Current portion of long-term debt $74,628 $74,077
            Dividends payable $61,456 $61,387
            Income taxes payable $53,139 $35,467
            Current liabilities held for sale $191,753
          Total current liabilities $1,575,931 $1,798,044
          Long-term debt $1,807,203 $3,119,464
          Postretirement benefits $45,075 $44,744
          Pension benefits $115,451 $117,361
          Other noncurrent liabilities $1,118,508 $1,084,892
          Deferred income taxes $369,294 $368,275
          Noncurrent liabilities held for sale $59,970
          Commitments and contingencies (Note 8)
              Common stock, $.01 par value, authorized – 275,000, issued and outstanding – 117,886 in 2026 and 117,716 in 2025 $1,179 $1,178
              Mandatory convertible preferred stock, Series A, no par value, $1,000 stated value, authorized – 15,000, issued and outstanding – 2,300 in 2026 and 2025 $2,235,105 $2,235,105
              Additional paid-in capital $3,029,667 $3,018,213
              Accumulated other comprehensive loss $(259,112) $(334,807)
              Retained earnings $4,843,335 $4,613,676
              Total Albemarle Corporation shareholders’ equity 9,850,174 9,533,365
          Noncontrolling interests $257,942 $248,096
          Total equity $10,108,116 $9,781,461
        Total liabilities and equity $15,139,578 $16,374,211

Cash Flow

Consolidated Statement of Cash Flows

ALBEMARLE CORPORATION (ALB PR A)

Three Months Ended (In thousands, except shares and per share data)

Mar 31, 2026 (Q1) Mar 31, 2025 (Q1)
  Cash and cash equivalents at end of period
    Net income $328,977 $49,298
        Depreciation and amortization $157,805 $161,754
        Loss on sale of business $95,018
        Gain on sale of equity investment $(42,300)
        Stock-based compensation and other $7,883 $6,966
        Equity in net income of unconsolidated investments (net of tax) $(96,293) $(64,286)
        Dividends received from unconsolidated investments and nonmarketable securities $60,335
        Pension and postretirement expense $2,921 $1,696
        Pension and postretirement contributions $(3,204) $(5,196)
        Unrealized loss on investments in marketable securities $5,137 $5,331
        Gain on early extinguishment of debt $(12,591)
Senior notes $12,600
        Deferred income taxes $(1,005) $(5,669)
        Working capital changes $(144,430) $(21,992)
        Noncurrent liability changes and other, net $48,326 $358,970
As Reported $357,146
Revision $1,824
    Net cash provided by operating activities $346,244 $547,207
As Reported $545,383
Revision $1,824
    Capital expenditures $(98,676) $(182,624)
    Proceeds from sale of businesses, net of cash sold $525,156
    Proceeds from sale of investments $123,270
    (Payments) proceeds from settlement of foreign currency forward contracts, net $(10,514) $50,245
As Reported
Revision $50,245
    Sales of marketable securities, net $1,785 $3,381
    Investments in equity investments and nonmarketable securities $(59) $(60)
    Net cash provided by (used in) investing activities $540,962 $(129,058)
As Reported $(179,303)
Revision $50,245
      Repayments of long-term debt and credit agreements $(1,296,595) $(9,615)
      Proceeds from borrowings of long-term debt and credit agreements $18,396
      Other debt repayments, net $(11,237) $(1,195)
      Fees related to early extinguishment of debt $(1,639)
      Dividends paid to common shareholders $(47,667) $(47,607)
      Dividends paid to mandatory convertible preferred shareholders $(41,688) $(41,688)
      Dividends paid to noncontrolling interests $(37,462) $(18,169)
      Proceeds from exercise of stock options $8,917 $1,186
      Withholding taxes paid on stock-based compensation award distributions $(3,939) $(2,904)
      Other $(438) $(14)
    Net cash used in financing activities $(1,413,352) $(120,006)
    Net effect of foreign exchange on cash and cash equivalents $(2,046) $28,138
As Reported $80,207
Revision $(52,069)
  (Decrease) increase in cash and cash equivalents $(528,192) $326,281
  Cash and cash equivalents at end of period