Westlake Corporation (WLK) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	-$0.77	-$1.36	-76.6%	—	$2.7B	—
Q4 25	-$1.47	-$0.25	+83.0%	—	$2.5B	—
Q3 25	$0.23	-$0.29	-226.1%	—	$2.8B	—
Q2 25	$0.02	-$0.09	-550.0%	—	$3B	—
Q1 25	$0.69	-$0.26	-137.7%	—	$2.8B	—
Q4 24	$1.17	$0.41	-65.0%	—	$2.8B	—
Q3 24	$2.24	$1.41	-37.1%	—	$3.1B	—
Q2 24	$1.94	$2.4	+23.7%	—	$3.2B	—
Q1 24	$1.03	$1.37	+33.0%	—	$3B	—
Q4 23	$0.84	$0.53	-36.9%	—	$2.8B	—
Q3 23	$1.97	$2.2	+11.7%	—	$3.1B	—
Q2 23	$2.89	$2.33	-19.4%	—	$3.3B	—
Q1 23	$2.15	$3.09	+43.7%	—	$3.4B	—
Q4 22	$2.3	$1.86	-19.1%	—	$3.3B	—
Q3 22	$4.32	$3.15	-27.1%	—	$4B	—
Q2 22	$6.16	$6.59	+7.0%	—	$4.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$11.7	—	—	$11.2B	—
FY24	—	$4.66	—	—	$12.1B	—
FY23	—	$3.73	—	—	$12.5B	—
FY22	—	$17.5	—	—	$15.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.1B	$8B	$8.6B	$8.1B	$7.5B	$11.8B	$15.8B	$12.5B	$12.1B	$11.2B
YoY change	+13.7%	+58.4%	+7.39%	-5.99%	-7.56%	+57%	+34.1%	-20.6%	-3.24%	-8.01%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.1B	8B	8.6B	8.1B	7.5B	11.8B	15.8B	12.5B	12.1B	11.2B
Cost of revenue	4.1B	6.3B	6.6B	6.9B	6.5B	8.3B	11.7B	10.3B	10.2B	10.4B
Gross profit	983M	1.8B	2B	1.3B	1B	3.5B	4.1B	2.2B	2B	813M
Gross margin	19.4%	21.9%	23%	15.5%	13.6%	29.7%	25.8%	17.7%	16.1%	7.28%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	258M	399M	445M	458M	435M	528M	794M	865M	874M	900M
Operating expenses	258M	399M	445M	458M	435M	528M	794M	865M	874M	900M
Operating income	687M	1.3B	1.4B	693M	479M	2.8B	3.1B	1.2B	966M	-211M
Operating margin	13.5%	15.6%	16.7%	8.54%	6.38%	24.1%	19.8%	9.82%	7.96%	-1.89%
Non-operating income, net	-50M	-14M	19M	-19M	-20M	2M	-25M	-367M	-22M	-1.3B
Pretax income	558M	1.1B	1.3B	570M	331M	2.7B	2.9B	700M	938M	-1.6B
Income tax	138M	-258M	300M	108M	-42M	607M	649M	178M	291M	-126M
Net income	420M	1.3B	1B	462M	373M	2.1B	2.3B	522M	647M	-1.5B
Net margin	8.27%	16.7%	12%	5.69%	4.97%	17.6%	14.5%	4.16%	5.33%	-13.2%
EBITDA	1.1B	1.9B	2.1B	1.4B	1.3B	3.7B	4.2B	2.5B	2.3B	1.1B
EPS	3.07	10.1	7.66	3.26	2.57	15.7	17.5	3.73	4.66	-11.7
Diluted EPS	3.06	10	7.62	3.25	2.56	15.6	17.3	3.7	4.64	-11.7

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.1B	2.8B	3B	3.2B	3.1B	2.8B	2.8B	3B	2.8B	2.5B	2.7B	3.3B
Cost of revenue	2.5B	2.6B	2.5B	2.5B	2.6B	2.5B	2.6B	2.7B	2.6B	2.4B	2.5B	2.6B
Gross profit	586M	199M	466M	664M	499M	328M	232M	258M	236M	87M	112M	652M
Gross margin	18.8%	7.04%	15.7%	20.7%	16%	11.5%	8.15%	8.74%	8.32%	3.43%	4.22%	19.9%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	206M	224M	209M	224M	215M	226M	227M	221M	228M	224M	236M	253M
Operating expenses	206M	224M	209M	224M	215M	226M	227M	221M	228M	224M	236M	253M
Operating income	349M	-55M	227M	410M	255M	74M	-25M	6M	-22M	-170M	-154M	367M
Operating margin	11.2%	-1.95%	7.63%	12.8%	8.18%	2.6%	-0.88%	0.2%	-0.78%	-6.71%	-5.81%	11.2%
Non-operating income, net	28M	-396M	6M	16M	-70M	26M	1M	-116M	-734M	-466M	-8M	-3M
Pretax income	365M	-558M	233M	424M	185M	96M	-34M	-125M	-775M	-663M	-190M	338M
Income tax	70M	-71M	48M	101M	65M	77M	1M	6M	-3M	-130M	-33M	67M
Net income	295M	-487M	185M	323M	120M	19M	-35M	-131M	-772M	-533M	-157M	271M
Net margin	9.47%	-17.2%	6.22%	10.1%	3.85%	0.67%	-1.23%	-4.44%	-27.2%	-21%	-5.92%	8.28%
EBITDA	665M	287M	550M	738M	580M	415M	295M	325M	313M	189M	168M	682M
EPS	2.22	-3.86	1.35	2.42	0.84	0.06	-0.31	-1.11	-6.06	-4.22	-1.31	2.02
Diluted EPS	2.2	-3.86	1.34	2.4	0.83	0.06	-0.31	-1.11	-6.06	-4.22	-1.31	2.01

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	7.3B	13.8B	8.6B	9.1B	10.5B	12.4B	13.1B	17.9B	14.7B	9.5B	8.5B
Enterprise value	10.6B	16.1B	10.5B	12.2B	13.1B	16.2B	16.3B	20.1B	17.1B	13B	13.2B
Shares outstanding	129.9M	129.8M	130M	129.1M	128.4M	128M	128M	127.8M	128.5M	128.3M	128.3M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	17.3	10.3	8.32	19.6	28.1	6.01	5.71	34.3	22.8	—	27.8
P/S	1.43	1.72	1	1.12	1.4	1.06	0.83	1.43	1.21	0.85	0.77
P/B	1.87	2.57	1.42	1.41	1.59	1.46	1.25	1.66	1.33	1.02	0.99
EV/EBITDA	9.51	8.62	4.93	8.42	10.2	4.35	3.86	8.15	7.49	11.6	11.7
EV/Sales	2.1	2.01	1.22	1.5	1.75	1.37	1.03	1.6	1.41	1.16	1.17
Earnings yield	5.77%	9.69%	12%	5.1%	3.56%	16.6%	17.5%	2.92%	4.39%	—	3.6%
FCF yield	3.27%	6.88%	8.22%	5.67%	7.37%	14%	17.4%	7.28%	2.08%	-5.59%	0.27%
PEG	—	—	—	—	—	—	—	—	—	—	-0.1

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	19.4%	21.9%	23%	15.5%	13.6%	29.7%	25.8%	17.7%	16.1%	7.28%	19.9%
Operating margin	13.5%	15.6%	16.7%	8.54%	6.38%	24.1%	19.8%	9.82%	7.96%	-1.89%	11.2%
Net margin	8.27%	16.7%	12%	5.69%	4.97%	17.6%	14.5%	4.16%	5.33%	-13.2%	-10.9%
ROE	10.8%	24.9%	17%	7.22%	5.67%	24.3%	21.9%	4.85%	5.86%	-15.8%	-11.9%
ROA	3.86%	11.1%	8.91%	3.48%	2.7%	11.2%	11.2%	2.48%	3.12%	-7.37%	0.37%
ROIC	7.12%	16.3%	14%	5.91%	5.2%	17.9%	17.9%	7.08%	4.97%	-1.65%	0.16%
Return on tangible assets	5.66%	15.8%	12.5%	4.77%	3.57%	18.4%	17.5%	3.69%	4.58%	-9.83%	-8.29%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	2.04	1.76	2.4	2.21	2.56	2.25	2.6	2.37	2.8	2.24	2.45
Quick ratio	1.36	1.3	1.55	1.46	1.89	1.65	1.79	1.79	2.04	1.65	1.7
Debt / equity	0.98	0.71	0.44	0.6	0.6	0.66	0.51	0.51	0.48	0.69	0.64
Debt / assets	0.35	0.32	0.23	0.29	0.29	0.31	0.26	0.26	0.25	0.32	0.3
Net debt / EBITDA	3.01	1.23	0.9	2.15	2.06	1.01	0.75	0.9	1.03	3.11	2.98
Interest coverage	8.06	7.8	11.6	5.6	3.33	16.2	17.6	5.24	6.9	-8.34	-5.35
Effective tax rate	24.7%	0%	22.5%	18.9%	0%	22.7%	22%	25.4%	31%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	39.1	62	66.4	62.9	58.4	92	123.4	98.2	94.5	87.1	88.1
EPS (basic)	3.07	10.1	7.66	3.26	2.57	15.7	17.5	3.73	4.66	-11.7	-11.7
EPS (diluted)	3.06	10	7.62	3.25	2.56	15.6	17.3	3.7	4.64	-11.7	-9.58
Book value per share	30	41.4	46.7	49.6	51.2	66.6	81.8	84.2	85.9	72.5	68.1
FCF per share	1.83	7.33	5.44	3.98	6.01	13.6	17.9	10.2	2.38	-4.13	-2.06
Cash per share	3.53	11.8	5.79	5.64	10.2	14.9	17.4	25.9	22.7	22.8	14.5
Capex per share	4.84	4.45	5.4	6.09	4.09	5.14	8.66	8.09	7.84	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	12.4%	7.18%	8.13%	9.69%	7%	5.59%	7.02%	8.24%	8.3%	—	—
Capex / operating cash flow	73.7%	42.3%	51.1%	62.2%	43.2%	30.5%	34.5%	62.1%	66.4%	—	—
Payout ratio	23.1%	7.69%	11.6%	28.6%	36.7%	7%	7.36%	42.3%	40.8%	-18.5%	69.4%
Dividend yield	1.33%	0.75%	1.39%	1.46%	1.31%	1.17%	1.29%	1.24%	1.79%	2.87%	3.3%

Yield

3.3%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.533

ex-dividend Aug 25, 2026

Payout ratio

69%

of earnings

Dividend growth

12 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 25, 2026	$0.533
May 27, 2026	$0.53
Mar 3, 2026	$0.53

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.1B	$2.8B	$3B	$3.2B	$3.1B	$2.8B	$2.8B	$3B	$2.8B	$2.5B	$2.7B	$3.3B
YoY change	-21.3%	-14.3%	-11.4%	-1.35%	+0.06%	+0.6%	-4.34%	-7.92%	-8.95%	-10.9%	-6.82%	+10.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	459M	1.5B	753M	728M	1.3B	1.9B	2.2B	3.3B	2.9B	2.9B
Receivables	828M	983M	969M	948M	1.1B	1.8B	1.7B	1.4B	1.3B	1.3B
Inventory	801M	900M	1B	936M	918M	1.4B	1.9B	1.6B	1.7B	1.7B
Total current assets	2.4B	3.5B	2.8B	2.7B	3.5B	5.3B	6B	6.6B	6.2B	6.2B
Property, plant & equipment	6B	5.9B	6.1B	6.7B	6.7B	7.3B	8.2B	8.3B	8.4B	8.3B
Goodwill & intangibles	3.5B	3.6B	3.3B	3.6B	3.4B	7.2B	7.5B	6.9B	6.6B	5B
Total assets	10.9B	12.1B	11.6B	13.3B	13.8B	18.5B	20.6B	21B	20.8B	20B
Accounts payable	496M	600M	504M	435M	529M	849M	870M	849M	806M	737M
Short-term debt	149M	710M	—	26M	7M	269M	—	299M	6M	635M
Total current liabilities	1.2B	2B	1.2B	1.2B	1.4B	2.3B	2.3B	2.8B	2.2B	2.8B
Long-term debt	3.7B	3.1B	2.7B	3.8B	3.9B	5.4B	5.4B	5.2B	5.3B	5.8B
Total liabilities	7B	6.7B	5.5B	6.9B	7.3B	9.9B	10.1B	10.3B	9.7B	10.7B
Shareholders' equity	3.9B	5.4B	6.1B	6.4B	6.6B	8.5B	10.5B	10.8B	11B	9.3B
Total debt	3.8B	3.8B	2.7B	3.8B	3.9B	5.6B	5.4B	5.5B	5.3B	6.4B
Net debt	3.4B	2.3B	1.9B	3.1B	2.6B	3.7B	3.2B	2.2B	2.4B	3.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.1B	3.3B	3.1B	3B	2.9B	2.9B	2.5B	2.3B	2.1B	2.9B	2.5B	1.9B
Receivables	1.6B	1.4B	1.5B	1.7B	1.6B	1.3B	1.5B	1.6B	1.5B	1.3B	1.4B	1.7B
Inventory	1.7B	1.6B	1.7B	1.7B	1.7B	1.7B	1.8B	1.7B	1.7B	1.7B	1.7B	1.8B
Total current assets	6.8B	6.6B	6.5B	6.6B	6.5B	6.2B	6B	5.9B	5.8B	6.2B	6B	5.7B
Property, plant & equipment	9.2B	8.3B	9.2B	9.3B	9.4B	8.4B	9.5B	9.7B	9.6B	15B	9.4B	9.4B
Goodwill & intangibles	7.3B	6.9B	6.8B	6.7B	6.7B	6.6B	6.6B	6.6B	5B	5B	5.1B	5.1B
Total assets	21.4B	21B	21B	21.1B	21.1B	20.8B	20.7B	20.8B	19.8B	20B	19.7B	19.4B
Accounts payable	791M	849M	871M	872M	883M	806M	913M	886M	765M	737M	765M	855M
Short-term debt	299M	299M	300M	517M	—	6M	232M	232M	750M	635M	670M	128M
Total current liabilities	2.7B	2.8B	2.7B	2.5B	2.4B	2.2B	2.3B	2.4B	2.9B	2.8B	2.7B	2.3B
Long-term debt	5.1B	5.2B	5.2B	5.3B	5.3B	5.3B	5.3B	5.4B	4.6B	5.8B	5.7B	5.7B
Total liabilities	10.1B	10.3B	10.1B	10B	9.9B	9.7B	9.8B	10B	9.9B	10.7B	10.7B	10.2B
Shareholders' equity	11.3B	10.8B	10.9B	11.1B	11.2B	11B	10.9B	10.8B	9.9B	9.3B	9.1B	9.2B
Total debt	5.4B	5.5B	5.5B	5.8B	5.3B	5.3B	5.6B	5.6B	5.4B	6.4B	6.4B	5.9B
Net debt	2.4B	2.2B	2.4B	2.7B	2.4B	2.4B	3.3B	3.5B	3.4B	3.7B	4.1B	4.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	420M	1.3B	1B	462M	373M	2.1B	2.3B	522M	647M	-1.5B
Depreciation & amortization	378M	601M	641M	713M	773M	840M	1.1B	1.1B	1.1B	1.2B
Stock-based compensation	14M	23M	22M	25M	29M	31M	36M	43M	41M	41M
Change in working capital	-65M	-61M	-365M	11M	-126M	-826M	-166M	181M	-221M	-263M
Operating cash flow	853M	1.4B	1.4B	1.3B	1.2B	2.2B	3.2B	1.7B	1.5B	465M
Capital expenditure	-629M	-577M	-702M	-787M	-525M	-658M	-1.1B	-1B	-1B	—
Investing cash flow	-2.6B	-718M	-754M	-2B	-509M	-3.2B	-2.5B	-1B	-1B	-228M
Dividends paid	-97M	-103M	-120M	-132M	-137M	-145M	-169M	-221M	-264M	-272M
Share repurchases	-67M	0	-106M	-30M	-54M	-30M	-101M	-23M	-60M	-63M
Financing cash flow	1.7B	-144M	-1.4B	630M	-216M	1.4B	-605M	-289M	-663M	530M
Net change in cash	-23M	503M	-807M	-58M	491M	373M	123M	339M	-145M	767M
Free cash flow	238M	951M	707M	514M	772M	1.7B	2.3B	1.3B	306M	-530M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	295M	-487M	185M	323M	120M	19M	-35M	-131M	-772M	-533M	-157M	271M
Depreciation & amortization	277M	282M	273M	279M	281M	281M	283M	295M	303M	297M	284M	286M
Stock-based compensation	10M	12M	9M	11M	11M	10M	7M	12M	11M	11M	7M	13M
Change in working capital	-95M	334M	-182M	-230M	29M	162M	-305M	-175M	-20M	237M	-216M	-262M
Operating cash flow	470M	42M	260M	341M	439M	479M	-51M	135M	182M	225M	-94M	318M
Capital expenditure	-245M	-282M	-272M	-231M	-220M	-285M	-248M	—	—	—	—	—
Investing cash flow	-251M	-287M	-272M	-223M	-241M	-265M	-434M	-25M	-3M	-82M	-62M	-113M
Dividends paid	-64M	-65M	-65M	-65M	-67M	-67M	-68M	-68M	-68M	-68M	-68M	-69M
Share repurchases	0	0	0	0	0	-60M	-30M	0	0	-33M	0	-30M
Financing cash flow	-74M	-75M	-81M	-80M	-84M	-133M	-115M	-82M	-88M	-372M	-82M	-126M
Net change in cash	145M	-320M	-93M	38M	114M	81M	-600M	28M	91M	-229M	-238M	79M
Free cash flow	451M	291M	-103M	6M	254M	149M	-325M	-132M	-57M	-16M	-303M	111M

Westlake Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history