Westlake (WLK) Financials

$98.50 +4.65 (+4.96%)

As of 12:46 PM Eastern

Annual Income Statements for Westlake

This table shows Westlake's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	646	399	1,304	996	421	330	2,015	2,247	479	602	-1,508
Consolidated Net Income / (Loss)	665	420	1,339	1,034	462	373	2,070	2,297	522	647	-1,471
Net Income / (Loss) Continuing Operations	665	420	1,339	1,034	462	373	2,070	2,297	522	647	-1,471
Total Pre-Tax Income	963	558	1,081	1,334	570	331	2,677	2,946	700	938	-1,597
Total Operating Income	960	583	1,225	1,408	656	429	2,800	3,050	729	875	-1,578
Total Gross Profit	1,185	983	1,761	1,987	1,260	1,023	3,495	4,073	2,219	1,957	813
Total Revenue	4,463	5,076	8,041	8,635	8,118	7,504	11,778	15,794	12,548	12,142	11,170
Operating Revenue	4,463	5,076	8,041	8,635	8,118	7,504	11,778	15,794	12,548	12,142	11,170
Total Cost of Revenue	3,278	4,093	6,280	6,648	6,858	6,481	8,283	11,721	10,329	10,185	10,357
Operating Cost of Revenue	3,278	4,093	6,280	6,648	6,858	6,481	8,283	11,721	10,329	10,185	10,357
Total Operating Expenses	225	400	536	579	604	594	695	1,023	1,490	1,082	2,391
Selling, General & Admin Expense	218	258	399	445	458	449	551	835	865	874	900
Amortization Expense	7.00	38	108	101	109	109	123	155	122	117	124
Impairment Charge	-	-	-	-	-	-	0.00	0.00	475	0.00	727
Restructuring Charge	0.00	104	29	33	37	36	21	33	28	91	640
Total Other Income / (Expense), net	3.00	-25	-144	-74	-86	-98	-123	-104	-29	63	-19
Interest Expense	35	79	159	126	124	142	176	177	165	159	171
Other Income / (Expense), net	38	54	15	52	38	44	53	73	136	222	152
Income Tax Expense	298	138	-258	300	108	-42	607	649	178	291	-126
Net Income / (Loss) Attributable to Noncontrolling Interest	19	21	35	38	41	43	55	50	43	45	37
Basic Earnings per Share	$4.88	$3.07	$10.05	$7.66	$3.26	$2.57	$15.66	$17.46	$3.73	$4.66	($11.70)
Weighted Average Basic Shares Outstanding	131.82M	129.37M	129.09M	129.40M	128.40M	127.85M	128.00M	127.97M	127.81M	128.54M	128.26M
Diluted Earnings per Share	$4.86	$3.06	$10.00	$7.62	$3.25	$2.56	$15.58	$17.34	$3.70	$4.64	($11.70)
Weighted Average Diluted Shares Outstanding	132.30M	129.97M	129.54M	129.99M	128.76M	128.09M	128.70M	128.85M	128.60M	129.21M	128.26M
Weighted Average Basic & Diluted Shares Outstanding	132.40M	130M	129.80M	130M	128.39M	127.83M	127.92M	127.36M	128.22M	128.23M	127.91M
Cash Dividends to Common per Share	$0.69	$0.74	$0.80	$0.92	$1.03	$1.07	$1.14	$1.31	$1.71	$2.05	$2.11

This table shows Westlake's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	285	-497	174	313	108	7.00	-40	-142	-782	-544	-169
Consolidated Net Income / (Loss)	295	-487	185	323	120	19	-35	-131	-772	-533	-157
Net Income / (Loss) Continuing Operations	295	-487	185	323	120	19	-35	-131	-772	-533	-157
Total Pre-Tax Income	365	-558	233	424	185	96	-34	-125	-775	-663	-190
Total Operating Income	349	-552	223	406	180	66	-32	-109	-766	-671	-172
Total Gross Profit	586	199	466	664	499	328	232	258	236	87	112
Total Revenue	3,115	2,826	2,975	3,207	3,117	2,843	2,846	2,953	2,838	2,533	2,652
Operating Revenue	3,115	2,826	2,975	3,207	3,117	2,843	2,846	2,953	2,838	2,533	2,652
Total Cost of Revenue	2,529	2,627	2,509	2,543	2,618	2,515	2,614	2,695	2,602	2,446	2,540
Operating Cost of Revenue	2,529	2,627	2,509	2,543	2,618	2,515	2,614	2,695	2,602	2,446	2,540
Total Operating Expenses	237	751	243	258	319	262	264	367	1,002	758	284
Selling, General & Admin Expense	206	224	209	224	215	226	227	221	228	224	236
Amortization Expense	31	30	30	30	29	28	30	31	30	33	30
Restructuring Charge	0.00	22	4.00	4.00	75	8.00	7.00	115	17	501	18
Total Other Income / (Expense), net	16	-6.00	10	18	5.00	30	-2.00	-16	-9.00	8.00	-18
Interest Expense	40	41	40	41	39	39	39	40	41	51	56
Other Income / (Expense), net	56	35	50	59	44	69	37	24	32	59	38
Income Tax Expense	70	-71	48	101	65	77	1.00	6.00	-3.00	-130	-33
Net Income / (Loss) Attributable to Noncontrolling Interest	10	10	11	10	12	12	5.00	11	10	11	12
Basic Earnings per Share	$2.22	($3.88)	$1.35	$2.42	$0.84	$0.05	($0.31)	($1.11)	($6.06)	($4.22)	($1.31)
Weighted Average Basic Shares Outstanding	127.85M	127.81M	128.36M	128.58M	128.64M	128.54M	128.31M	128.24M	128.25M	128.26M	127.99M
Diluted Earnings per Share	$2.20	($3.86)	$1.34	$2.40	$0.83	$0.07	($0.31)	($1.11)	($6.06)	($4.22)	($1.31)
Weighted Average Diluted Shares Outstanding	128.58M	128.60M	129.02M	129.35M	129.34M	129.21M	128.31M	128.24M	128.25M	128.26M	127.99M
Weighted Average Basic & Diluted Shares Outstanding	128.14M	128.22M	128.57M	128.59M	128.71M	128.23M	128.24M	128.25M	128.27M	127.91M	128.12M
Cash Dividends to Common per Share	$0.50	-	$0.50	$0.50	$0.53	-	$0.53	$0.53	$0.53	-	$0.53

This table details how cash moves in and out of Westlake's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-218	-17	908	-779	-25	587	604	305	1,073	-384	-195
Net Cash From Operating Activities	1,079	867	1,528	1,409	1,301	1,297	2,394	3,395	2,336	1,314	465
Net Cash From Continuing Operating Activities	1,079	867	1,528	1,409	1,301	1,297	2,394	3,395	2,336	1,314	465
Net Income / (Loss) Continuing Operations	665	420	1,339	1,034	462	373	2,070	2,297	522	647	-1,471
Consolidated Net Income / (Loss)	665	420	1,339	1,034	462	373	2,070	2,297	522	647	-1,471
Depreciation Expense	246	378	601	641	713	773	840	1,056	1,097	1,114	1,178
Non-Cash Adjustments To Reconcile Net Income	-4.00	-31	45	66	74	62	59	82	563	84	1,127
Changes in Operating Assets and Liabilities, net	172	100	-457	-332	52	89	-575	-40	154	-531	-369
Net Cash From Investing Activities	-1,006	-2,563	-652	-754	-1,954	-509	-3,213	-2,479	-1,037	-1,001	-1,223
Net Cash From Continuing Investing Activities	-1,006	-2,563	-652	-754	-1,954	-509	-3,213	-2,479	-1,037	-1,001	-1,223
Purchase of Property, Plant & Equipment	-491	-629	-577	-702	-787	-525	-658	-1,108	-1,034	-1,008	-995
Acquisitions	-	-2,438	-13	0.00	-314	-18	-2,554	-1,203	-25	-26	-33
Purchase of Investments	-605	-138	-	-	-	-	-	-	0.00	0.00	-272
Sale and/or Maturity of Investments	49	663	-	0.00	0.00	44	-	-	0.00	0.00	68
Other Investing Activities, net	-3.00	-21	-62	-52	-853	-10	-1.00	-168	22	33	9.00
Net Cash From Financing Activities	-287	1,687	6.00	-1,427	630	-216	1,437	-587	-245	-650	530
Net Cash From Continuing Financing Activities	-287	1,687	6.00	-1,427	630	-216	1,437	-587	-245	-650	530
Repayment of Debt	-74	-174	-957	-1,165	-5.00	-1,269	-24	-250	53	-277	-271
Repurchase of Common Equity	-163	-67	0.00	-106	-30	-54	-30	-101	-23	-60	-63
Payment of Dividends	-107	-114	-131	-165	-182	-192	-193	-229	-275	-313	-323
Issuance of Debt	57	2,042	983	9.00	784	1,299	1,671	-25	0.00	0.00	1,187
Effect of Exchange Rate Changes	-4.00	-	-	-	-2.00	15	-14	-	19	-47	33

This table details how cash moves in and out of Westlake's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	380	247	-195	-66	-127	4.00	-622	-213	-157	797	-452
Net Cash From Operating Activities	696	573	169	237	474	434	-77	135	182	225	-94
Net Cash From Continuing Operating Activities	696	573	169	237	474	434	-77	135	182	225	-94
Net Income / (Loss) Continuing Operations	295	-487	185	323	120	19	-35	-131	-772	-533	-157
Consolidated Net Income / (Loss)	295	-487	185	323	120	19	-35	-131	-772	-533	-157
Depreciation Expense	277	282	273	279	281	281	283	295	303	297	284
Non-Cash Adjustments To Reconcile Net Income	22	508	14	19	29	22	12	23	752	340	13
Changes in Operating Assets and Liabilities, net	102	270	-303	-384	44	112	-337	-52	-101	121	-234
Net Cash From Investing Activities	-251	-287	-272	-223	-241	-265	-434	-292	-242	-255	-271
Net Cash From Continuing Investing Activities	-251	-287	-272	-223	-241	-265	-434	-292	-242	-255	-271
Purchase of Property, Plant & Equipment	-245	-282	-272	-231	-220	-285	-248	-267	-239	-241	-209
Acquisitions	-	-	-1.00	-	-	-	0.00	-16	-1.00	-10	-62
Purchase of Investments	-16	-	0.00	-	-	-	-189	-9.00	-6.00	-74	-35
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	33
Other Investing Activities, net	10	-23	1.00	8.00	2.00	-4.00	3.00	-	4.00	2.00	2.00
Net Cash From Financing Activities	-44	-70	-74	-72	-371	-133	-115	-82	-88	815	-82
Net Cash From Continuing Financing Activities	-44	-70	-74	-72	-371	-133	-115	-82	-88	815	-82
Repurchase of Common Equity	-	-	0.00	-	-	-60	-30	-	-	-33	0.00
Payment of Dividends	-73	-86	-75	-76	-77	-85	-78	-81	-78	-86	-78
Issuance of Debt	-	11	-	-	-	12	-	-	-	-	-4.00
Other Net Changes in Cash	-	-	-	-	-	-	-	-	-	-	-5.00

This table presents Westlake's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,569	10,890	12,076	11,602	13,261	13,835	18,459	20,550	21,035	20,750	19,961
Total Current Assets	2,175	2,408	3,463	2,842	2,742	3,477	5,263	5,973	6,609	6,214	6,216
Cash & Equivalents	663	459	1,531	753	728	1,313	1,908	2,228	3,304	2,919	2,724
Short-Term Investments	520	-	-	-	-	-	-	-	-	0.00	204
Accounts Receivable	509	939	1,001	1,037	1,036	1,214	1,868	1,801	1,601	1,483	1,504
Inventories, net	434	801	900	1,014	936	918	1,407	1,866	1,622	1,697	1,653
Prepaid Expenses	14	48	31	38	42	32	80	78	82	115	131
Plant, Property, & Equipment, net	3,004	6,420	6,412	6,595	6,912	6,920	7,606	8,477	8,519	8,633	8,605
Total Noncurrent Assets	390	2,062	2,201	2,165	3,084	3,438	5,590	6,100	5,907	5,903	5,140
Long-Term Investments	-	-	-	253	1,112	1,059	1,007	1,142	1,115	1,081	1,062
Goodwill	62	947	1,012	1,002	1,074	1,083	2,024	2,161	2,041	2,031	1,314
Intangible Assets	151	787	777	134	187	612	1,580	1,565	1,403	1,282	1,182
Other Noncurrent Operating Assets	177	328	412	776	711	684	979	1,232	1,348	1,509	1,582
Total Liabilities & Shareholders' Equity	5,569	10,890	12,076	11,602	13,261	13,835	18,459	20,550	21,035	20,750	19,961
Total Liabilities	2,007	6,998	6,707	5,526	6,858	7,257	9,931	10,085	10,271	9,707	10,666
Total Current Liabilities	523	1,183	1,967	1,183	1,241	1,357	2,344	2,298	2,790	2,219	2,770
Short-Term Debt	0.00	149	710	-	-	0.00	269	0.00	299	6.00	497
Accounts Payable	235	496	600	507	473	536	879	889	877	851	783
Accrued Expenses	287	538	657	676	768	821	1,196	1,409	1,614	1,362	1,490
Total Noncurrent Liabilities	1,485	5,815	4,740	4,343	5,617	5,900	7,587	7,787	7,481	7,488	7,896
Long-Term Debt	758	3,679	3,127	2,668	3,445	3,566	4,911	4,879	4,607	4,556	5,087
Noncurrent Deferred & Payable Income Tax Liabilities	576	1,650	1,111	1,159	1,255	1,368	1,681	1,735	1,560	1,553	1,343
Noncurrent Employee Benefit Liabilities	123	365	344	337	360	391	291	355	363	304	286
Other Noncurrent Operating Liabilities	28	121	158	179	557	575	704	818	951	1,075	1,180
Commitments & Contingencies	0.00	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	3,562	3,892	5,369	6,076	6,403	6,578	8,528	10,465	10,764	11,043	9,295
Total Preferred & Common Equity	3,266	3,524	4,874	5,590	5,860	6,043	7,955	9,931	10,241	10,527	8,792
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	3,266	3,524	4,874	5,590	5,860	6,043	7,955	9,931	10,241	10,527	8,792
Common Stock	543	552	556	557	554	570	582	602	631	657	684
Retained Earnings	3,110	3,412	4,613	5,477	5,757	5,938	7,808	9,885	10,143	10,481	8,701
Treasury Stock	-258	-319	-302	-382	-377	-401	-399	-467	-435	-467	-513
Accumulated Other Comprehensive Income / (Loss)	-129	-121	7.00	-62	-74	-64	-36	-89	-98	-144	-80
Noncontrolling Interest	296	368	495	486	543	535	573	534	523	516	503

This table presents Westlake's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	20,806	20,981	21,396	20,960	21,083	21,109	20,711	20,806	19,814	19,707
Total Current Assets	6,146	6,296	6,757	6,526	6,609	6,549	6,021	5,946	5,751	5,952
Cash & Equivalents	2,414	2,677	3,057	3,108	3,042	2,915	2,297	2,085	1,927	2,271
Short-Term Investments	-	-	-	-	-	-	183	192	198	205
Accounts Receivable	1,835	1,855	1,939	1,691	1,812	1,754	1,656	1,832	1,763	1,690
Inventories, net	1,842	1,671	1,672	1,661	1,684	1,747	1,781	1,731	1,727	1,677
Prepaid Expenses	55	93	89	66	71	133	104	106	136	109
Plant, Property, & Equipment, net	8,518	8,550	8,570	8,523	8,541	8,602	8,674	8,827	8,825	8,579
Total Noncurrent Assets	6,142	6,135	6,069	5,911	5,933	5,958	6,016	6,033	5,238	5,176
Long-Term Investments	1,131	1,120	1,117	1,104	1,085	1,099	1,075	1,074	1,063	1,049
Goodwill	2,167	2,167	2,161	2,037	2,035	2,039	2,032	2,044	1,314	1,345
Intangible Assets	1,539	1,507	1,471	1,370	1,338	1,312	1,259	1,239	1,208	1,215
Other Noncurrent Operating Assets	1,305	1,341	1,320	1,400	1,475	1,508	1,650	1,676	1,653	1,567
Total Liabilities & Shareholders' Equity	20,806	20,981	21,396	20,960	21,083	21,109	20,711	20,806	19,814	19,707
Total Liabilities	9,978	9,904	10,111	10,107	9,989	9,923	9,790	10,015	9,876	10,656
Total Current Liabilities	2,159	2,131	2,659	2,655	2,537	2,351	2,285	2,403	2,897	2,743
Short-Term Debt	-	-	299	300	300	0.00	-	-	750	496
Accounts Payable	828	802	811	891	885	898	955	926	799	811
Accrued Expenses	1,331	1,329	1,549	1,464	1,352	1,453	1,330	1,477	1,348	1,436
Total Noncurrent Liabilities	7,819	7,773	7,452	7,452	7,452	7,572	7,505	7,612	6,979	7,913
Long-Term Debt	4,892	4,894	4,574	4,590	4,585	4,616	4,588	4,654	3,906	5,074
Noncurrent Deferred & Payable Income Tax Liabilities	1,716	1,692	1,680	1,544	1,515	1,514	1,546	1,524	1,578	1,388
Noncurrent Employee Benefit Liabilities	357	358	349	353	348	356	309	325	323	279
Other Noncurrent Operating Liabilities	854	829	849	965	1,004	1,086	1,062	1,109	1,172	1,172
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	10,828	11,077	11,285	10,853	11,094	11,186	10,921	10,791	9,938	9,051
Total Preferred & Common Equity	10,291	10,544	10,754	10,331	10,574	10,662	10,410	10,278	9,426	8,547
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	10,291	10,544	10,754	10,331	10,574	10,662	10,410	10,278	9,426	8,547
Common Stock	591	602	620	625	636	646	651	663	674	686
Retained Earnings	10,232	10,484	10,705	10,252	10,500	10,541	10,373	10,163	9,313	8,464
Treasury Stock	-465	-463	-440	-414	-413	-408	-484	-484	-484	-504
Accumulated Other Comprehensive Income / (Loss)	-67	-79	-131	-132	-149	-117	-130	-64	-77	-99
Noncontrolling Interest	537	533	531	522	520	524	511	513	512	504

This table displays calculated financial ratios and metrics derived from Westlake's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	1.08%	13.74%	58.41%	7.39%	-5.99%	-7.56%	56.96%	34.10%	-20.55%	-3.24%	-8.01%
EBITDA Growth	-6.57%	-18.41%	81.38%	14.12%	-33.03%	-11.44%	196.39%	13.16%	-53.05%	12.69%	-111.22%
EBIT Growth	-10.99%	-36.17%	94.66%	17.74%	-52.47%	-31.84%	503.17%	9.46%	-72.30%	26.82%	-229.99%
NOPAT Growth	-6.67%	-33.81%	245.79%	-28.08%	-51.28%	-9.08%	347.86%	9.84%	-77.14%	11.02%	-283.02%
Net Income Growth	-2.92%	-36.84%	218.81%	-22.78%	-55.32%	-19.26%	454.96%	10.97%	-77.27%	23.95%	-327.36%
EPS Growth	-4.14%	-37.04%	226.80%	-23.80%	-57.35%	-21.23%	508.59%	11.30%	-78.66%	25.41%	-352.16%
Operating Cash Flow Growth	4.52%	-19.65%	76.24%	-7.79%	-7.67%	-0.31%	84.58%	41.81%	-31.19%	-43.75%	-64.61%
Free Cash Flow Firm Growth	442.55%	-741.27%	126.74%	9.12%	-23.69%	-74.97%	-535.71%	239.86%	5.81%	-80.30%	-255.72%
Invested Capital Growth	3.75%	126.30%	8.10%	0.82%	-3.27%	3.83%	38.87%	10.94%	-6.04%	3.15%	-6.17%
Revenue Q/Q Growth	-3.24%	17.32%	3.53%	-0.17%	-1.36%	1.10%	15.06%	0.00%	-3.63%	0.14%	-2.70%
EBITDA Q/Q Growth	-7.85%	5.80%	12.88%	-6.37%	-5.25%	7.79%	25.27%	0.00%	-30.33%	41.73%	-151.35%
EBIT Q/Q Growth	-9.90%	-4.41%	20.26%	-9.82%	-12.37%	20.97%	32.57%	0.00%	-50.00%	146.52%	-110.01%
NOPAT Q/Q Growth	-10.74%	3.74%	106.73%	-39.80%	-7.44%	1.38%	33.47%	0.00%	-57.96%	373.02%	-87.63%
Net Income Q/Q Growth	-9.68%	-2.48%	113.07%	-39.85%	-9.06%	11.34%	35.12%	0.00%	-58.47%	358.87%	-60.07%
EPS Q/Q Growth	-10.99%	-4.08%	117.39%	-40.61%	-10.71%	13.78%	35.83%	0.00%	-60.51%	553.52%	-57.89%
Operating Cash Flow Q/Q Growth	-1.69%	10.89%	18.93%	-18.13%	6.46%	8.17%	15.76%	0.00%	-10.08%	-9.57%	-31.01%
Free Cash Flow Firm Q/Q Growth	-23.47%	3.56%	51.14%	-2.98%	307.80%	-78.64%	-182.05%	-85.89%	111.85%	-22.88%	-88.00%
Invested Capital Q/Q Growth	3.66%	-0.05%	6.39%	-2.87%	-10.35%	-1.69%	27.20%	0.00%	-6.12%	-1.55%	-4.53%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	26.55%	19.37%	21.90%	23.01%	15.52%	13.63%	29.67%	25.79%	17.68%	16.12%	7.28%
EBITDA Margin	27.87%	20.00%	22.90%	24.33%	17.33%	16.60%	31.36%	26.46%	15.64%	18.21%	-2.22%
Operating Margin	21.51%	11.49%	15.23%	16.31%	8.08%	5.72%	23.77%	19.31%	5.81%	7.21%	-14.13%
EBIT Margin	22.36%	12.55%	15.42%	16.91%	8.55%	6.30%	24.22%	19.77%	6.89%	9.03%	-12.77%
Profit (Net Income) Margin	14.90%	8.27%	16.65%	11.97%	5.69%	4.97%	17.58%	14.54%	4.16%	5.33%	-13.17%
Tax Burden Percent	69.06%	75.27%	123.87%	77.51%	81.05%	112.69%	77.33%	77.97%	74.57%	68.98%	92.11%
Interest Burden Percent	96.49%	87.60%	87.18%	91.37%	82.13%	69.98%	93.83%	94.33%	80.92%	85.51%	111.99%
Effective Tax Rate	30.95%	24.73%	-23.87%	22.49%	18.95%	-12.69%	22.67%	22.03%	25.43%	31.02%	0.00%
Return on Invested Capital (ROIC)	21.52%	8.57%	20.54%	14.16%	6.99%	6.34%	23.32%	20.89%	4.68%	5.28%	-9.82%
ROIC Less NNEP Spread (ROIC-NNEP)	20.83%	7.22%	14.07%	11.27%	1.91%	-3.37%	17.83%	16.59%	2.51%	13.57%	-43.81%
Return on Net Nonoperating Assets (RNNOA)	-1.86%	2.70%	8.38%	3.91%	0.42%	-0.59%	4.08%	3.30%	0.24%	0.65%	-4.64%
Return on Equity (ROE)	19.66%	11.27%	28.92%	18.07%	7.40%	5.75%	27.41%	24.19%	4.92%	5.93%	-14.47%
Cash Return on Invested Capital (CROIC)	17.84%	-68.84%	12.76%	13.34%	10.31%	2.58%	-9.22%	10.52%	10.91%	2.18%	-3.46%
Operating Return on Assets (OROA)	18.51%	7.74%	10.80%	12.33%	5.58%	3.49%	17.67%	16.01%	4.16%	5.25%	-7.01%
Return on Assets (ROA)	12.33%	5.10%	11.66%	8.73%	3.72%	2.75%	12.82%	11.78%	2.51%	3.10%	-7.23%
Return on Common Equity (ROCE)	17.96%	10.27%	26.22%	16.52%	6.79%	5.27%	25.40%	22.78%	4.67%	5.65%	-13.74%
Return on Equity Simple (ROE_SIMPLE)	20.36%	11.92%	27.47%	18.50%	7.88%	6.17%	26.02%	23.13%	5.10%	6.15%	0.00%
Net Operating Profit after Tax (NOPAT)	663	439	1,517	1,091	532	483	2,165	2,378	544	604	-1,105
NOPAT Margin	14.85%	8.64%	18.87%	12.64%	6.55%	6.44%	18.38%	15.06%	4.33%	4.97%	-9.89%
Net Nonoperating Expense Percent (NNEP)	0.69%	1.35%	6.47%	2.89%	5.08%	9.70%	5.50%	4.30%	2.17%	-8.29%	33.99%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.50%	3.47%	3.87%	-7.42%
Cost of Revenue to Revenue	73.45%	80.63%	78.10%	76.99%	84.48%	86.37%	70.33%	74.21%	82.32%	83.88%	92.72%
SG&A Expenses to Revenue	4.88%	5.08%	4.96%	5.15%	5.64%	5.98%	4.68%	5.29%	6.89%	7.20%	8.06%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	5.04%	7.88%	6.67%	6.71%	7.44%	7.92%	5.90%	6.48%	11.87%	8.91%	21.41%
Earnings before Interest and Taxes (EBIT)	998	637	1,240	1,460	694	473	2,853	3,123	865	1,097	-1,426
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,244	1,015	1,841	2,101	1,407	1,246	3,693	4,179	1,962	2,211	-248
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.93	1.85	2.57	1.41	1.44	1.64	1.51	1.28	1.73	1.40	1.08
Price to Tangible Book Value (P/TBV)	2.06	3.63	4.06	1.77	1.83	2.28	2.75	2.06	2.60	2.05	1.51
Price to Revenue (P/Rev)	1.41	1.28	1.56	0.91	1.04	1.32	1.02	0.81	1.41	1.22	0.85
Price to Earnings (P/E)	9.75	16.30	9.61	7.90	20.00	30.09	5.94	5.68	36.91	24.51	0.00
Dividend Yield	1.44%	1.47%	0.83%	1.51%	1.56%	1.37%	1.21%	1.31%	1.24%	1.79%	2.85%
Earnings Yield	10.26%	6.13%	10.40%	12.66%	5.00%	3.32%	16.82%	17.61%	2.71%	4.08%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.97	1.42	2.00	1.29	1.41	1.50	1.37	1.24	1.66	1.36	1.06
Enterprise Value to Revenue (EV/Rev)	1.38	1.99	1.91	1.16	1.30	1.55	1.26	0.94	1.49	1.30	1.04
Enterprise Value to EBITDA (EV/EBITDA)	4.96	9.93	8.33	4.77	7.51	9.36	4.01	3.54	9.53	7.16	0.00
Enterprise Value to EBIT (EV/EBIT)	6.18	15.83	12.37	6.86	15.23	24.65	5.19	4.74	21.61	14.43	0.00
Enterprise Value to NOPAT (EV/NOPAT)	9.30	22.97	10.11	9.18	19.87	24.12	6.84	6.22	34.38	26.24	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	5.72	11.63	10.04	7.11	8.12	8.99	6.19	4.36	8.00	12.05	24.91
Enterprise Value to Free Cash Flow (EV/FCFF)	11.22	0.00	16.27	9.74	13.47	59.35	0.00	12.36	14.75	63.45	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.21	0.98	0.71	0.44	0.54	0.54	0.61	0.47	0.46	0.41	0.60
Long-Term Debt to Equity	0.21	0.95	0.58	0.44	0.54	0.54	0.58	0.47	0.43	0.41	0.55
Financial Leverage	-0.09	0.37	0.60	0.35	0.22	0.18	0.23	0.20	0.09	0.05	0.11
Leverage Ratio	1.59	2.21	2.48	2.07	1.99	2.09	2.14	2.05	1.96	1.92	2.00
Compound Leverage Factor	1.54	1.93	2.16	1.89	1.64	1.46	2.01	1.94	1.59	1.64	2.24
Debt to Total Capital	17.55%	49.59%	41.68%	30.51%	34.98%	35.15%	37.79%	31.80%	31.31%	29.23%	37.53%
Short-Term Debt to Total Capital	0.00%	1.93%	7.71%	0.00%	0.00%	0.00%	1.96%	0.00%	1.91%	0.04%	3.34%
Long-Term Debt to Total Capital	17.55%	47.66%	33.97%	30.51%	34.98%	35.15%	35.83%	31.80%	29.40%	29.20%	34.19%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	6.85%	4.77%	5.38%	5.56%	5.51%	5.27%	4.18%	3.48%	3.34%	3.31%	3.38%
Common Equity to Total Capital	75.60%	45.65%	52.94%	63.93%	59.50%	59.57%	58.03%	64.72%	65.35%	67.46%	59.09%
Debt to EBITDA	0.61	3.77	2.08	1.27	2.45	2.86	1.40	1.17	2.50	2.06	-22.52
Net Debt to EBITDA	-0.34	3.16	1.25	0.79	1.14	0.96	0.61	0.36	0.25	0.25	-6.43
Long-Term Debt to EBITDA	0.61	3.62	1.70	1.27	2.45	2.86	1.33	1.17	2.35	2.06	-20.51
Debt to NOPAT	1.14	8.72	2.53	2.44	6.48	7.38	2.39	2.05	9.02	7.56	-5.06
Net Debt to NOPAT	-0.64	7.31	1.52	1.52	3.02	2.47	1.05	0.63	0.90	0.93	-1.44
Long-Term Debt to NOPAT	1.14	8.38	2.06	2.44	6.48	7.38	2.27	2.05	8.47	7.55	-4.61
Altman Z-Score	4.41	1.79	2.81	2.85	2.27	2.26	2.65	2.92	2.66	2.61	1.67
Noncontrolling Interest Sharing Ratio	8.67%	8.91%	9.32%	8.57%	8.25%	8.30%	7.33%	5.83%	4.98%	4.76%	5.01%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	4.16	2.04	1.76	2.40	2.21	2.56	2.25	2.60	2.37	2.80	2.24
Quick Ratio	3.24	1.18	1.29	1.51	1.42	1.86	1.61	1.75	1.76	1.98	1.60
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	549	-3,524	942	1,028	785	196	-856	1,197	1,267	250	-389
Operating Cash Flow to CapEx	219.76%	137.84%	264.82%	200.71%	165.31%	247.05%	363.83%	306.41%	225.92%	130.36%	46.73%
Free Cash Flow to Firm to Interest Expense	15.70	-44.60	5.93	8.16	6.33	1.38	-4.86	6.76	7.68	1.57	-2.27
Operating Cash Flow to Interest Expense	30.83	10.97	9.61	11.18	10.49	9.13	13.60	19.18	14.16	8.26	2.72
Operating Cash Flow Less CapEx to Interest Expense	16.80	3.01	5.98	5.61	4.15	5.44	9.86	12.92	7.89	1.92	-3.10
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.83	0.62	0.70	0.73	0.65	0.55	0.73	0.81	0.60	0.58	0.55
Accounts Receivable Turnover	8.35	7.01	8.29	8.47	7.83	6.67	7.64	8.61	7.38	7.87	7.48
Inventory Turnover	6.83	6.63	7.38	6.95	7.03	6.99	7.13	7.16	5.92	6.14	6.18
Fixed Asset Turnover	1.55	1.08	1.25	1.33	1.20	1.09	1.62	1.96	1.48	1.42	1.30
Accounts Payable Turnover	13.21	11.19	11.46	12.01	14.00	12.85	11.71	13.26	11.70	11.79	12.68
Days Sales Outstanding (DSO)	43.72	52.04	44.03	43.07	46.60	54.72	47.76	42.40	49.48	46.35	48.80
Days Inventory Outstanding (DIO)	53.44	55.07	49.43	52.54	51.89	52.21	51.23	50.96	61.63	59.47	59.03
Days Payable Outstanding (DPO)	27.64	32.61	31.85	30.39	26.08	28.41	31.18	27.53	31.20	30.96	28.79
Cash Conversion Cycle (CCC)	69.52	74.50	61.61	65.23	72.42	78.52	67.81	65.83	79.90	74.86	79.04
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,137	7,100	7,675	7,738	7,485	7,772	10,793	11,974	11,251	11,605	10,889
Invested Capital Turnover	1.45	0.99	1.09	1.12	1.07	0.98	1.27	1.39	1.08	1.06	0.99
Increase / (Decrease) in Invested Capital	113	3,963	575	63	-253	287	3,021	1,181	-723	354	-716
Enterprise Value (EV)	6,168	10,081	15,335	10,014	10,567	11,659	14,817	14,800	18,688	15,834	11,582
Market Capitalization	6,297	6,505	12,534	7,866	8,419	9,930	11,979	12,757	17,678	14,756	9,485
Book Value per Share	$25.00	$27.34	$37.75	$43.28	$45.66	$47.31	$62.24	$77.60	$79.92	$81.79	$68.54
Tangible Book Value per Share	$23.36	$13.89	$23.89	$34.48	$35.83	$34.04	$34.04	$48.49	$53.04	$56.05	$49.08
Total Capital	4,320	7,720	9,206	8,744	9,848	10,144	13,708	15,344	15,670	15,605	14,879
Total Debt	758	3,828	3,837	2,668	3,445	3,566	5,180	4,879	4,906	4,562	5,584
Total Long-Term Debt	758	3,679	3,127	2,668	3,445	3,566	4,911	4,879	4,607	4,556	5,087
Net Debt	-425	3,208	2,306	1,662	1,605	1,194	2,265	1,509	487	562	1,594
Capital Expenditures (CapEx)	491	629	577	702	787	525	658	1,108	1,034	1,008	995
Debt-free, Cash-free Net Working Capital (DFCFNWC)	470	754	675	906	773	807	1,280	1,447	814	1,082	1,015
Debt-free Net Working Capital (DFNWC)	1,653	1,374	2,206	1,659	1,501	2,120	3,188	3,675	4,118	4,001	3,943
Net Working Capital (NWC)	1,653	1,225	1,496	1,659	1,501	2,120	2,919	3,675	3,819	3,995	3,446
Net Nonoperating Expense (NNE)	-2.07	19	178	57	70	110	95	81	22	-43	366
Net Nonoperating Obligations (NNO)	-425	3,208	2,306	1,662	1,082	1,194	2,265	1,509	487	562	1,594
Total Depreciation and Amortization (D&A)	246	378	601	641	713	773	840	1,056	1,097	1,114	1,178
Debt-free, Cash-free Net Working Capital to Revenue	10.53%	14.85%	8.39%	10.49%	9.52%	10.75%	10.87%	9.16%	6.49%	8.91%	9.09%
Debt-free Net Working Capital to Revenue	37.03%	27.07%	27.43%	19.21%	18.49%	28.25%	27.07%	23.27%	32.82%	32.95%	35.30%
Net Working Capital to Revenue	37.03%	24.13%	18.60%	19.21%	18.49%	28.25%	24.78%	23.27%	30.44%	32.90%	30.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$4.88	$3.07	$10.05	$7.66	$3.26	$2.57	$15.66	$17.46	$3.73	$4.66	($11.70)
Adjusted Weighted Average Basic Shares Outstanding	131.82M	129.37M	129.09M	129.40M	128.40M	127.85M	128.00M	127.97M	127.81M	128.54M	128.26M
Adjusted Diluted Earnings per Share	$4.86	$3.06	$10.00	$7.62	$3.25	$2.56	$15.58	$17.34	$3.70	$4.64	($11.70)
Adjusted Weighted Average Diluted Shares Outstanding	132.30M	129.97M	129.54M	129.99M	128.76M	128.09M	128.70M	128.85M	128.60M	129.21M	128.26M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	130.22M	128.93M	129.42M	128.47M	128.39M	127.83M	127.92M	127.36M	128.22M	128.23M	127.91M
Normalized Net Operating Profit after Tax (NOPAT)	663	517	878	1,117	562	326	2,181	2,404	919	666	-148
Normalized NOPAT Margin	14.85%	10.19%	10.92%	12.94%	6.92%	4.34%	18.52%	15.22%	7.32%	5.49%	-1.32%
Pre Tax Income Margin	21.58%	10.99%	13.44%	15.45%	7.02%	4.41%	22.73%	18.65%	5.58%	7.73%	-14.30%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	28.51	8.06	7.80	11.59	5.60	3.33	16.21	17.64	5.24	6.90	-8.34
NOPAT to Interest Expense	18.94	5.55	9.54	8.66	4.29	3.40	12.30	13.44	3.29	3.80	-6.46
EBIT Less CapEx to Interest Expense	14.49	0.10	4.17	6.02	-0.75	-0.37	12.47	11.38	-1.02	0.56	-14.16
NOPAT Less CapEx to Interest Expense	4.91	-2.41	5.91	3.09	-2.06	-0.29	8.56	7.18	-2.97	-2.54	-12.28
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	16.09%	27.14%	9.78%	15.96%	39.39%	51.47%	9.32%	9.97%	52.68%	48.38%	-21.96%
Augmented Payout Ratio	40.60%	43.10%	9.78%	26.21%	45.89%	65.95%	10.77%	14.37%	57.09%	57.65%	-26.24%

This table displays calculated financial ratios and metrics derived from Westlake's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	127,910,338.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	127,910,338.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-1.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-21.26%	-14.34%	-11.35%	-1.35%	0.06%	0.60%	-4.34%	-7.92%	-8.95%	-10.90%	-6.82%
EBITDA Growth	-15.17%	-137.96%	-33.82%	7.83%	-25.95%	277.02%	-47.25%	-71.77%	-185.35%	-175.72%	-47.92%
EBIT Growth	-25.00%	-248.56%	-51.08%	10.98%	-44.69%	126.11%	-98.17%	-118.28%	-427.68%	-553.33%	-2,780.00%
NOPAT Growth	-34.19%	-245.32%	-58.12%	-4.09%	-58.61%	103.38%	-112.65%	-124.67%	-559.25%	-3,695.79%	-437.50%
Net Income Growth	-28.40%	-296.37%	-54.55%	5.21%	-59.32%	103.90%	-118.92%	-140.56%	-743.33%	-2,905.26%	-348.57%
EPS Growth	-29.03%	-313.26%	-56.07%	3.90%	-62.27%	101.81%	-123.13%	-146.25%	-830.12%	-6,128.57%	-322.58%
Operating Cash Flow Growth	-26.50%	-31.38%	-66.99%	-57.30%	-31.90%	-24.26%	-145.56%	-43.04%	-61.60%	-48.16%	-22.08%
Free Cash Flow Firm Growth	-231.28%	136.78%	62.34%	19.00%	102.67%	-201.29%	-154.25%	-150.42%	-149.30%	172.24%	265.60%
Invested Capital Growth	0.00%	-6.04%	-5.29%	-2.65%	-1.64%	3.15%	3.67%	2.04%	-3.24%	-6.17%	-7.18%
Revenue Q/Q Growth	-4.18%	-9.28%	5.27%	7.80%	-2.81%	-8.79%	0.11%	3.76%	-3.89%	-10.75%	4.70%
EBITDA Q/Q Growth	-1.16%	-134.46%	332.34%	36.26%	-32.12%	-17.62%	-30.77%	-27.08%	-305.24%	26.91%	147.62%
EBIT Q/Q Growth	-3.34%	-227.65%	152.80%	70.33%	-51.83%	-39.73%	-96.30%	-1,800.00%	-763.53%	16.62%	78.10%
NOPAT Q/Q Growth	-12.53%	-236.99%	145.82%	74.68%	-62.25%	-88.81%	-271.48%	-240.63%	-602.75%	12.40%	74.37%
Net Income Q/Q Growth	-3.91%	-265.08%	137.99%	74.59%	-62.85%	-84.17%	-284.21%	-274.29%	-489.31%	30.96%	70.54%
EPS Q/Q Growth	-4.76%	-275.45%	134.72%	79.10%	-65.42%	-91.57%	-542.86%	-258.06%	-445.95%	30.36%	68.96%
Operating Cash Flow Q/Q Growth	25.41%	-17.67%	-70.51%	40.24%	100.00%	-8.44%	-117.74%	275.32%	34.81%	23.63%	-141.78%
Free Cash Flow Firm Q/Q Growth	-2,305.95%	102.88%	143.93%	-23.11%	-50.46%	-209.01%	-30.64%	28.54%	51.56%	259.73%	199.47%
Invested Capital Q/Q Growth	-1.56%	-6.12%	2.49%	2.78%	-0.54%	-1.55%	3.01%	1.17%	-5.69%	-4.53%	1.90%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	18.81%	7.04%	15.66%	20.70%	16.01%	11.54%	8.15%	8.74%	8.32%	3.43%	4.22%
EBITDA Margin	21.89%	-8.32%	18.35%	23.20%	16.20%	14.63%	10.12%	7.11%	-15.19%	-12.44%	5.66%
Operating Margin	11.20%	-19.53%	7.50%	12.66%	5.77%	2.32%	-1.12%	-3.69%	-26.99%	-26.49%	-6.49%
EBIT Margin	13.00%	-18.29%	9.18%	14.50%	7.19%	4.75%	0.18%	-2.88%	-25.86%	-24.16%	-5.05%
Profit (Net Income) Margin	9.47%	-17.23%	6.22%	10.07%	3.85%	0.67%	-1.23%	-4.44%	-27.20%	-21.04%	-5.92%
Tax Burden Percent	80.82%	87.28%	79.40%	76.18%	64.86%	19.79%	102.94%	104.80%	99.61%	80.39%	82.63%
Interest Burden Percent	90.12%	107.93%	85.35%	91.18%	82.59%	71.11%	-680.00%	147.06%	105.59%	108.33%	141.79%
Effective Tax Rate	19.18%	0.00%	20.60%	23.82%	35.14%	80.21%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	19.68%	-14.77%	6.11%	9.73%	3.82%	0.49%	-0.81%	-2.54%	-18.70%	-18.42%	-4.32%
ROIC Less NNEP Spread (ROIC-NNEP)	23.38%	-24.85%	6.89%	11.21%	4.32%	1.62%	-2.28%	-7.85%	-41.49%	-24.29%	-6.70%
Return on Net Nonoperating Assets (RNNOA)	1.45%	-2.34%	0.64%	0.94%	0.25%	0.08%	-0.18%	-0.74%	-4.07%	-2.57%	-1.03%
Return on Equity (ROE)	21.13%	-17.11%	6.75%	10.67%	4.07%	0.57%	-0.98%	-3.28%	-22.77%	-20.99%	-5.36%
Cash Return on Invested Capital (CROIC)	-178.42%	10.91%	7.96%	5.10%	2.72%	2.18%	-0.24%	-2.22%	-1.78%	-3.46%	-2.99%
Operating Return on Assets (OROA)	15.82%	-11.04%	5.35%	8.36%	4.10%	2.76%	0.10%	-1.62%	-14.51%	-13.26%	-2.74%
Return on Assets (ROA)	11.53%	-10.40%	3.62%	5.81%	2.20%	0.39%	-0.71%	-2.49%	-15.26%	-11.55%	-3.22%
Return on Common Equity (ROCE)	20.13%	-16.26%	6.42%	10.16%	3.88%	0.54%	-0.94%	-3.12%	-21.65%	-19.94%	-5.08%
Return on Equity Simple (ROE_SIMPLE)	11.69%	0.00%	2.90%	2.99%	1.32%	0.00%	4.10%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	282	-386	177	309	117	13	-22	-76	-536	-470	-120
NOPAT Margin	9.06%	-13.67%	5.95%	9.64%	3.75%	0.46%	-0.79%	-2.58%	-18.89%	-18.54%	-4.54%
Net Nonoperating Expense Percent (NNEP)	-3.70%	10.08%	-0.78%	-1.48%	-0.50%	-1.13%	1.47%	5.31%	22.78%	5.87%	2.38%
Return On Investment Capital (ROIC_SIMPLE)	-	-2.47%	-	-	-	0.08%	-0.14%	-0.49%	-3.67%	-3.16%	-0.82%
Cost of Revenue to Revenue	81.19%	92.96%	84.34%	79.30%	83.99%	88.46%	91.85%	91.26%	91.68%	96.57%	95.78%
SG&A Expenses to Revenue	6.61%	7.93%	7.03%	6.98%	6.90%	7.95%	7.98%	7.48%	8.03%	8.84%	8.90%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	7.61%	26.57%	8.17%	8.04%	10.23%	9.22%	9.28%	12.43%	35.31%	29.93%	10.71%
Earnings before Interest and Taxes (EBIT)	405	-517	273	465	224	135	5.00	-85	-734	-612	-134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	682	-235	546	744	505	416	288	210	-431	-315	150
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.46	1.73	1.88	1.75	1.81	1.40	1.23	0.95	1.05	1.08	1.75
Price to Tangible Book Value (P/TBV)	2.20	2.60	2.81	2.58	2.64	2.05	1.80	1.39	1.43	1.51	2.50
Price to Revenue (P/Rev)	1.21	1.41	1.60	1.53	1.59	1.22	1.07	0.83	0.86	0.85	1.36
Price to Earnings (P/E)	12.99	36.91	75.09	67.47	197.20	24.51	33.06	0.00	0.00	0.00	0.00
Dividend Yield	1.28%	1.24%	1.22%	1.39%	1.35%	1.79%	2.07%	2.77%	2.73%	2.85%	1.81%
Earnings Yield	7.70%	2.71%	1.33%	1.48%	0.51%	4.08%	3.02%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.41	1.66	1.79	1.67	1.73	1.36	1.20	0.96	1.04	1.06	1.58
Enterprise Value to Revenue (EV/Rev)	1.30	1.49	1.70	1.64	1.69	1.30	1.20	0.98	1.03	1.04	1.59
Enterprise Value to EBITDA (EV/EBITDA)	6.01	9.53	12.27	11.42	13.11	7.16	7.36	8.14	24.56	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	9.78	21.61	35.60	31.68	45.96	14.43	17.34	41.41	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	13.09	34.38	68.99	68.35	160.28	26.24	36.42	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	6.51	8.00	10.36	11.84	14.08	12.05	13.46	11.96	17.60	24.91	39.04
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	14.75	21.89	32.40	63.20	63.45	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.43	0.46	0.45	0.44	0.41	0.41	0.42	0.43	0.47	0.60	0.62
Long-Term Debt to Equity	0.41	0.43	0.42	0.41	0.41	0.41	0.42	0.43	0.39	0.55	0.56
Financial Leverage	0.06	0.09	0.09	0.08	0.06	0.05	0.08	0.09	0.10	0.11	0.15
Leverage Ratio	1.90	1.96	1.93	1.90	1.89	1.92	1.91	1.91	1.94	2.00	2.02
Compound Leverage Factor	1.71	2.11	1.64	1.73	1.56	1.36	-13.01	2.81	2.05	2.17	2.87
Debt to Total Capital	30.16%	31.31%	31.06%	30.57%	29.21%	29.23%	29.58%	30.13%	31.90%	37.53%	38.10%
Short-Term Debt to Total Capital	1.85%	1.91%	1.91%	1.88%	0.00%	0.04%	0.00%	0.00%	5.14%	3.34%	3.39%
Long-Term Debt to Total Capital	28.31%	29.40%	29.16%	28.69%	29.21%	29.20%	29.58%	30.13%	26.76%	34.19%	34.70%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	3.29%	3.34%	3.32%	3.25%	3.32%	3.31%	3.29%	3.32%	3.51%	3.38%	3.45%
Common Equity to Total Capital	66.56%	65.35%	65.62%	66.17%	67.47%	67.46%	67.12%	66.55%	64.59%	59.09%	58.46%
Debt to EBITDA	1.73	2.50	2.91	2.81	2.96	2.06	2.35	3.28	9.64	-22.52	-14.43
Net Debt to EBITDA	0.25	0.25	0.40	0.44	0.39	0.25	0.53	0.92	3.04	-6.43	-5.30
Long-Term Debt to EBITDA	1.62	2.35	2.73	2.64	2.96	2.06	2.35	3.28	8.09	-20.51	-13.15
Debt to NOPAT	3.77	9.02	16.34	16.84	36.18	7.56	11.63	-200.28	-7.91	-5.06	-4.63
Net Debt to NOPAT	0.54	0.90	2.27	2.61	4.72	0.93	2.62	-56.07	-2.49	-1.44	-1.70
Long-Term Debt to NOPAT	3.54	8.47	15.34	15.80	36.18	7.55	11.63	-200.28	-6.64	-4.61	-4.22
Altman Z-Score	2.53	2.44	2.68	2.69	2.72	2.46	2.28	2.02	1.89	1.81	2.17
Noncontrolling Interest Sharing Ratio	4.71%	4.98%	4.88%	4.75%	4.69%	4.76%	4.74%	4.72%	4.90%	5.01%	5.08%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.54	2.37	2.46	2.61	2.79	2.80	2.64	2.47	1.99	2.24	2.17
Quick Ratio	1.88	1.76	1.81	1.91	1.99	1.98	1.81	1.71	1.34	1.60	1.52
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-11,702	337	821	631	313	-341	-445	-318	-154	246	738
Operating Cash Flow to CapEx	284.08%	203.19%	62.13%	102.60%	215.45%	152.28%	-31.05%	50.56%	76.15%	93.36%	-44.98%
Free Cash Flow to Firm to Interest Expense	-292.55	8.21	20.53	15.40	8.02	-8.74	-11.42	-7.96	-3.76	4.83	13.17
Operating Cash Flow to Interest Expense	17.40	13.98	4.23	5.78	12.15	11.13	-1.97	3.38	4.44	4.41	-1.68
Operating Cash Flow Less CapEx to Interest Expense	11.28	7.10	-2.58	0.15	6.51	3.82	-8.33	-3.30	-1.39	-0.31	-5.41
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.22	0.60	0.58	0.58	0.57	0.58	0.58	0.56	0.56	0.55	0.54
Accounts Receivable Turnover	0.00	7.38	6.90	6.61	6.57	7.87	7.18	6.45	6.53	7.48	6.56
Inventory Turnover	0.00	5.92	5.87	6.09	6.02	6.14	5.98	6.12	6.00	6.18	5.95
Fixed Asset Turnover	0.00	1.48	1.43	1.42	1.41	1.42	1.40	1.35	1.32	1.30	1.27
Accounts Payable Turnover	0.00	11.70	11.95	12.10	12.05	11.79	11.15	11.53	12.29	12.68	11.65
Days Sales Outstanding (DSO)	0.00	49.48	52.89	55.20	55.59	46.35	50.85	56.56	55.91	48.80	55.63
Days Inventory Outstanding (DIO)	0.00	61.63	62.22	59.98	60.60	59.47	61.05	59.69	60.81	59.03	61.37
Days Payable Outstanding (DPO)	0.00	31.20	30.54	30.16	30.29	30.96	32.74	31.65	29.70	28.79	31.34
Cash Conversion Cycle (CCC)	0.00	79.90	84.58	85.02	85.89	74.86	79.15	84.59	87.02	79.04	85.66
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	11,984	11,251	11,531	11,852	11,788	11,605	11,954	12,094	11,406	10,889	11,096
Invested Capital Turnover	2.17	1.08	1.03	1.01	1.02	1.06	1.02	0.98	0.99	0.99	0.95
Increase / (Decrease) in Invested Capital	11,984	-723	-644	-322	-196	354	423	242	-382	-716	-858
Enterprise Value (EV)	16,924	18,688	20,648	19,831	20,451	15,834	14,371	11,553	11,863	11,582	17,491
Market Capitalization	15,694	17,678	19,448	18,553	19,325	14,756	12,827	9,737	9,883	9,485	14,942
Book Value per Share	$84.22	$79.92	$80.48	$82.24	$82.92	$81.79	$81.18	$80.15	$73.50	$68.54	$66.82
Tangible Book Value per Share	$55.78	$53.04	$53.94	$56.01	$56.86	$56.05	$55.52	$54.55	$53.83	$49.08	$46.81
Total Capital	16,158	15,670	15,743	15,979	15,802	15,605	15,509	15,445	14,594	14,879	14,621
Total Debt	4,873	4,906	4,890	4,885	4,616	4,562	4,588	4,654	4,656	5,584	5,570
Total Long-Term Debt	4,574	4,607	4,590	4,585	4,616	4,556	4,588	4,654	3,906	5,087	5,074
Net Debt	699	487	678	758	602	562	1,033	1,303	1,468	1,594	2,045
Capital Expenditures (CapEx)	245	282	272	231	220	285	248	267	239	241	209
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,340	814	1,063	1,330	1,283	1,082	1,256	1,266	1,479	1,015	1,229
Debt-free Net Working Capital (DFNWC)	4,397	4,118	4,171	4,372	4,198	4,001	3,736	3,543	3,604	3,943	3,705
Net Working Capital (NWC)	4,098	3,819	3,871	4,072	4,198	3,995	3,736	3,543	2,854	3,446	3,209
Net Nonoperating Expense (NNE)	-13	101	-7.94	-14	-3.24	-5.94	13	55	236	63	37
Net Nonoperating Obligations (NNO)	699	487	678	758	602	562	1,033	1,303	1,468	1,594	2,045
Total Depreciation and Amortization (D&A)	277	282	273	279	281	281	283	295	303	297	284
Debt-free, Cash-free Net Working Capital to Revenue	10.29%	6.49%	8.74%	10.97%	10.58%	8.91%	10.46%	10.77%	12.88%	9.09%	11.20%
Debt-free Net Working Capital to Revenue	33.77%	32.82%	34.28%	36.06%	34.62%	32.95%	31.10%	30.13%	31.39%	35.30%	33.76%
Net Working Capital to Revenue	31.47%	30.44%	31.82%	33.59%	34.62%	32.90%	31.10%	30.13%	24.86%	30.85%	29.24%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.22	($3.88)	$1.35	$2.42	$0.84	$0.05	($0.31)	($1.11)	($6.06)	($4.22)	($1.31)
Adjusted Weighted Average Basic Shares Outstanding	127.85M	127.81M	128.36M	128.58M	128.64M	128.54M	128.31M	128.24M	128.25M	128.26M	127.99M
Adjusted Diluted Earnings per Share	$2.20	($3.86)	$1.34	$2.40	$0.83	$0.07	($0.31)	($1.11)	($6.06)	($4.22)	($1.31)
Adjusted Weighted Average Diluted Shares Outstanding	128.58M	128.60M	129.02M	129.35M	129.34M	129.21M	128.31M	128.24M	128.25M	128.26M	127.99M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	128.14M	128.22M	128.57M	128.59M	128.71M	128.23M	128.24M	128.25M	128.27M	127.91M	128.12M
Normalized Net Operating Profit after Tax (NOPAT)	282	-371	180	312	165	52	-18	4.20	-15	-119	-108
Normalized NOPAT Margin	9.06%	-13.13%	6.06%	9.74%	5.31%	1.82%	-0.61%	0.14%	-0.54%	-4.70%	-4.06%
Pre Tax Income Margin	11.72%	-19.75%	7.83%	13.22%	5.94%	3.38%	-1.19%	-4.23%	-27.31%	-26.17%	-7.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	10.13	-12.61	6.83	11.34	5.74	3.46	0.13	-2.13	-17.90	-12.00	-2.39
NOPAT to Interest Expense	7.05	-9.42	4.43	7.54	2.99	0.33	-0.57	-1.91	-13.08	-9.21	-2.15
EBIT Less CapEx to Interest Expense	4.00	-19.49	0.03	5.71	0.10	-3.85	-6.23	-8.80	-23.73	-16.73	-6.13
NOPAT Less CapEx to Interest Expense	0.93	-16.30	-2.37	1.91	-2.65	-6.97	-6.93	-8.58	-18.91	-13.94	-5.88
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	20.76%	52.68%	97.67%	98.10%	222.70%	48.38%	74.00%	-1,188.89%	-35.04%	-21.96%	-20.28%
Augmented Payout Ratio	25.22%	57.09%	98.00%	98.10%	222.70%	57.65%	95.08%	-1,522.22%	-44.83%	-26.24%	-22.35%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways from Westlake’s quarterly statements over the last four years (2022–2025), focused on cash flow, profitability and leverage. Items are shown with positives first, then neutral, then negatives.

Operating cash flow remained positive across the period, with 2024 quarters showing solid cash generation (for example, net cash from continuing operating activities: 2024 Q4 about $434M; 2024 Q3 about $474M), and 2025 quarters continuing to show positive operating cash flow (2025 Q4: $225M; 2025 Q3: $182M; 2025 Q2: $135M).
The company maintained a relatively steady per-share dividend around $0.53 (cash dividends per share in 2025 Q3 were $0.53, with 2025 Q2 at roughly $0.525). This suggests continued shareholder returns despite earnings volatility.
Liquidity remained solid, with cash & equivalents generally around $2B and peaking above $3B in 2024 (for example, 2024 Q2 cash & equivalents: $3.042B; 2025 Q1–Q4 cash levels near $1.9–2.3B across quarters).
The equity base stayed sizable, with total common equity around $9.4B and total equity (including noncontrolling interests) near $9.9–10.3B across the window (2024 Q4 total common equity about $10.278B; 2025 Q3 around $9.426B; total equity roughly $9.9B in recent quarters).
Revenue generally trended in the $2.5B–$3.3B range each year, with 2025 quarterly revenue (e.g., 2025 Q4: $2.533B; 2025 Q3: $2.839B; 2025 Q2: $2.953B) lower on average than the 2022–2023 peak levels, indicating a gradual downshift in top-line performance.
2025 includes several large, non-recurring charges (impairment of $727M in 2025 Q3 and restructuring charges of $501M in 2025 Q4), which materially weighed on operating income and net income but are not indicative of ongoing recurring expenses.
Debt remained substantial, with long-term debt generally in the mid-to-high billions (roughly $4.5B–$4.6B in 2024–2025, varying by quarter), indicating a high leverage footprint that warrants close monitoring.
Net income attributable to common shareholders deteriorated in 2025, turning negative across the quarters (2025 Q1: -$35M; Q2: -$131M; Q3: -$782M; Q4: -$544M), signaling a profitability challenge even as cash flow remained positive.
Earnings per share reflected the earnings weakness in 2025 (Q1 2025 EPS -$0.31; Q2 -$1.11; Q3 -$6.06; Q4 -$4.22), highlighting the impact of the year’s losses on shareholder returns.
Investing cash outflows were repeatedly substantial, contributing to negative free cash flow in several periods (for example, 2025 Q4 net cash from investing activities around -$255M; 2025 Q3 around -$242M; 2025 Q2 around -$292M; 2025 Q1 around -$434M), reflecting ongoing capital expenditures and investments.

05/11/26 12:46 PM ETAI Generated. May Contain Errors.

Westlake Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Westlake's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Westlake's net income appears to be on a downward trend, with a most recent value of -$1.47 billion in 2025, falling from $665 million in 2015. The previous period was $647 million in 2024. See Westlake's forecast for analyst expectations on what's next for the company.

Westlake's total operating income in 2025 was -$1.58 billion, based on the following breakdown:

Total Gross Profit: $813 million
Total Operating Expenses: $2.39 billion

Over the last 10 years, Westlake's total revenue changed from $4.46 billion in 2015 to $11.17 billion in 2025, a change of 150.3%.

Westlake's total liabilities were at $10.67 billion at the end of 2025, a 9.9% increase from 2024, and a 431.3% increase since 2015.

In the past 10 years, Westlake's cash and equivalents has ranged from $459 million in 2016 to $3.30 billion in 2023, and is currently $2.72 billion as of their latest financial filing in 2025.

Over the last 10 years, Westlake's book value per share changed from 25.00 in 2015 to 68.54 in 2025, a change of 174.2%.

Related Companies

Financial statements for NYSE:WLK last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Westlake (WLK) Financials

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Westlake (WLK) Financials

Annual Income Statements for Westlake

Quarterly Income Statements for Westlake

Annual Cash Flow Statements for Westlake

Quarterly Cash Flow Statements for Westlake

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Quarterly Balance Sheets for Westlake

Annual Metrics And Ratios for Westlake

Quarterly Metrics And Ratios for Westlake

Financials Breakdown Chart

Key Financial Trends

Westlake Financials - Frequently Asked Questions

When does Westlake's financial year end?

How has Westlake's net income changed over the last 10 years?

What is Westlake's operating income?

How has Westlake's revenue changed over the last 10 years?

How much debt does Westlake have?

How much cash does Westlake have?

How has Westlake's book value per share changed over the last 10 years?

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