LYONDELLBASELL INDUSTRIES N.V. FY 2025 10-K, explained in plain English

Key financials — as reported

Total revenue	$30.2B
Gross margin	8.5%
Operating income	−$420.0M
Net income	— not reported
Diluted EPS	−$2.34
Cash & equivalents	$3.4B
Total assets	$34.0B
Long-term debt	$12.1B

Key takeaway

The company swung to an operating loss and net loss per share of $2.34, driven by $1.25 billion of asset impairment charges, including a $1,182 million non-cash impairment in Q3 2025 tied to a prolonged downturn in European petrochemical and automotive markets combined with a sustained decline in market capitalization.

🔒 4 more takeaways in the full analysis

Beneath the surface

The effective tax rate was negative 9.8% despite a 21% statutory federal rate, reflecting the interplay of pretax losses across jurisdictions (US pretax loss of $219 million, foreign pretax loss of $496 million) and tax expense that didn't move proportionally with losses.

🔒 4 more insights a headline reader would miss