WESTLAKE CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data WESTLAKE CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,076	8,041	8,635	8,118	7,504	11,778	15,794	12,548	12,142	11,170
Cost of revenue	4,093	6,280	6,648	6,858	6,481	8,283	11,721	10,329	10,185	10,357
Gross profit	983	1,761	1,987	1,260	1,023	3,495	4,073	2,219	1,957	813
Selling, general and administrative	258	399	445	458	449	551	835	865	874	900
Operating income	583	1,225	1,408	656	429	2,800	3,050	729	875	-1,578
Interest expense	79	159	126	124	142	176	177	165	159	171
Interest income	8.42		17	20	14	7	24	104	153	100
Other non-operating income	54	15	52	38	44	53	73	136	222	152
Pre-tax income	558	1,081	1,334	570	331	2,677	2,946	700	938	-1,597
Income tax	138	-258	300	108	-42	607	649	178	291	-126
Net income to minority interests	21	35	38	41	43	55	50	43	45	37
Net income	399	1,304	996	421	330	2,015	2,247	479	602	-1,508
EBITDA	961	1,826	2,049	1,369	1,202	3,640	4,106	1,826	1,989	-400
EPS, basic	3.07	10.05	7.66	3.26	2.57	15.66	17.46	3.73	4.66	-11.70
EPS, diluted	3.06	10.00	7.62	3.25	2.56	15.58	17.34	3.70	4.64	-11.70
Shares, basic (weighted)	129	129	129	128	128	128	128	128	129	128
Shares, diluted (weighted)	130	130	130	129	128	129	129	129	129	128
Dividend per share	0.74	0.80	0.92	1.03	1.07	1.14	1.31	1.71	2.05	2.11

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	459	1,531	753	728	1,313	1,908	2,228	3,304	2,919	2,724
Short-term investments	0								0	204
Receivables	810	961	952	938	1,078	1,741	1,651	1,393	1,315	1,229
Inventory	801	900	1,014	936	918	1,407	1,866	1,622	1,697	1,653
Other current assets	48	31	38	42	32	80	78	82	115	131
Total current assets	2,408	3,463	2,842	2,742	3,477	5,263	5,973	6,609	6,214	6,216
Property, plant and equipment	6,420	6,412	6,595	6,912	6,920	7,606	8,477	8,519	8,633	8,605
Lease right-of-use assets			0	443	461	562	615	697	801	798
Goodwill	947	1,012	1,002	1,074	1,083	2,024	2,161	2,041	2,031	1,314
Intangible assets	611	616	525	523	444	1,083	993	910	820	743
Other non-current assets	2,062
Total assets	10,890	12,076	11,602	13,261	13,835	18,459	20,550	21,035	20,750	19,961
Accounts payable	496	600	507	473	536	879	889	877	851	783
Accrued liabilities	538	657	676	768	821	1,196	1,409	1,614	1,362	1,490
Short-term debt	0	710	0		0	269	0	299	6	497
Total current liabilities	1,183	1,967	1,183	1,241	1,357	2,344	2,298	2,790	2,219	2,770
Long-term debt	3,679	3,127	2,668	3,445	3,566	4,911	4,879	4,607	4,556	5,087
Lease liabilities			0	355	376	461	504	611	713	688
Other non-current liabilities	121	158	179	202	199	243	314	340	362	492
Total liabilities	6,998	6,707	5,526	6,858	7,257	9,931	10,085	10,271	9,707	10,666
Total debt	3,679	3,837	2,668	3,445	3,566	5,180	4,879	4,906	4,562	5,584
Paid-in capital	551	555	556	553	569	581	601	630	656	683
Retained earnings	3,412	4,613	5,477	5,757	5,938	7,808	9,885	10,143	10,481	8,701
Treasury stock	-319	-302	-382	-377	-401	-399	-467	-435	-467	-513
Other comprehensive income	-121	7	-62	-74	-64	-36	-89	-98	-144	-80
Shareholders' equity	3,524	4,874	5,590	5,860	6,043	7,955	9,931	10,241	10,527	8,792
Minority interests	368	495	486	543	535	573	534	523	516	503
Total equity	3,892	5,369	6,076	6,403	6,578	8,528	10,465	10,764	11,043	9,295
Total liabilities and equity	10,890	12,076	11,602	13,261	13,835	18,459	20,550	21,035	20,750	19,961

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	420	1,339	1,034	462	373	2,070	2,297	522	647	-1,471
Depreciation and amortization	378	601	641	713	773	840	1,056	1,097	1,114	1,178
Stock-based compensation	14	23	22	25	29	31	36	43	41	41
Deferred income tax	101	-534	62	54	146	23	-21	-175	-35	-177
Change in inventory	-62	-32	-123	112	29	-309	-140	250	-97	51
Change in payables	12	86	-100	-89	67	242	-153	-26	-20	-67
Cash from operations	867	1,528	1,409	1,301	1,297	2,394	3,395	2,336	1,314	465
Capital expenditures	-629	-577	-702	-787	-525	-658	-1,108	-1,034	-1,008	-995
Acquisitions	-2,438	-13	0	-314	0	-2,554	-1,203	0	0
Purchases of investments	-138	0	0					0	0	-272
Sales and maturities of investments	663	0	0
Cash from investing	-2,563	-652	-754	-1,954	-509	-3,213	-2,479	-1,037	-1,001	-1,223
Debt issued	1,429	745	0	784	1,299	1,671	0	0	0	1,187
Debt repaid			-1,165	0	-1,254	0	-250	0	-300	-254
Stock issued	2.18					13	18	44	13
Share buybacks	-67	0	-106	-30	-54	-30	-101	-23	-60	-63
Dividends paid	-97	-103	-120	-132	-137	-145	-169	-221	-264	-272
Cash from financing	1,687	6	-1,427	630	-216	1,437	-587	-245	-650	530
Exchange rate effect	-8	26	-7	-2	15	-14	-24	19	-47	33
Net change in cash	-204	1,072	-779	-25	587	604	305	1,073	-384	-195
Free cash flow	238	951	707	514	772	1,736	2,287	1,302	306	-530
Interest paid	46	154	140	116	140	130	172	159	153	157
Income taxes paid	3	84	376	77	-135	466	570	421	422	104

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $67.71 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	9.6%	Gross profit / revenue.
Operating margin	-11.0%	Operating income / revenue.
EBITDA margin	-0.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-11.4%	Pre-tax income / revenue.
Net margin	-10.9%	Net income / revenue.
FCF margin	-2.3%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.6%	Cash from operations / revenue.
Return on equity (ROE)	-14.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-6.4%	Net income / average total assets.
Return on invested capital (ROIC)	-8.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	8.3%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.4%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	7.9%	Capital expenditures / revenue.
D&A / revenue	10.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-8.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-10.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	8.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-58.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-41.6%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-4.5%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-280.3%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-120.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Net income growth, 1y	-350.5%	Net income vs the same period a year earlier. Only from a positive base.
EPS growth, 1y	-352.2%	EPS vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-64.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-48.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-18.5%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-273.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Dividend per share growth, 1y	2.9%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	17.3%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	14.7%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-16.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-4.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	7.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-3.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-1.0%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	7.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.2%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.45x	Current assets / current liabilities.
Quick ratio	1.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.80x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.58x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	26.1%	Total debt / total assets.
Liabilities / assets	52.6%	Total liabilities / total assets.
Net debt	$3.22B	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-6.13x	Operating income / interest expense.
Working capital	$3.37B	Current assets - current liabilities.
Goodwill and intangibles / assets	10.7%	(Goodwill + intangible assets) / total assets.
Tangible book value	$6.62B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.58x	Revenue / average total assets.
Fixed asset turnover	1.31x	Revenue / average property, plant and equipment.
Inventory turnover	5.82x	Cost of revenue / average inventory.
Days inventory	63 days	365 x average inventory / cost of revenue.
Receivables turnover	6.67x	Revenue / average receivables.
Days sales outstanding	55 days	365 x average receivables / revenue.
Days payables	32 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	86 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	142.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$9.61	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$87.89	Revenue / diluted weighted shares.
FCF per share	-$2.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	$4.91	Cash from operations / diluted weighted shares.
Book value per share	$67.74	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$51.50	Tangible book value / shares outstanding.
Cash per share	$14.41	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$8.65B	Share price x shares outstanding.
Enterprise value	$11.87B	Market cap + total debt - cash - short-term investments.
P/S	0.77x	Market cap / revenue.
P/B	0.99x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.31x	Market cap / tangible book value, when positive.
P/OCF	13.7x	Market cap / cash from operations, when positive.
EV/Sales	1.05x	Enterprise value / revenue.
FCF yield	-3.1%	Free cash flow / market cap.
Earnings yield	-14.3%	Net income / market cap (the inverse of P/E).
Dividend yield	3.2%	Dividends paid over the period / market cap.
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.

What was WESTLAKE CORP's revenue in fiscal 2025?

WESTLAKE CORP reported revenue of $11.17B for fiscal 2025, 8% lower than the year before.

Was WESTLAKE CORP profitable in fiscal 2025?

No. It reported a net loss of $1.51B.

How much free cash flow did WESTLAKE CORP generate in fiscal 2025?

Cash from operations of $465.0M minus capital expenditures of $995.0M left free cash flow of -$530.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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