# Celanese Corp (CE)

Informational only - not investment advice.

CIK: 0001306830
SIC: 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass)
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass)](/industry/2820/)
Latest 10-K filed: 2026-02-24
SEC page: https://www.sec.gov/edgar/browse/?CIK=1306830
Filing source: https://www.sec.gov/Archives/edgar/data/1306830/000130683026000031/ce-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-24 · accession 0001306830-26-000031 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001306830.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 9,544,000,000 USD | 2025 | verified |
| Net income | -1,165,000,000 USD | 2025 | verified |
| Assets | 21,695,000,000 USD | 2025 | verified |
| Free cash flow | 803,000,000 USD | 2025 | computed |
| Net margin | -12.21% | 2025 | computed |
| Operating margin | -8.24% | 2025 | computed |
| Revenue YoY | -7.05% | 2025 | computed |
| ROE | -28.77% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | CE | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -12.2% | 1.2% | 32 | 219 |
| Operating margin | -8.2% | 3.0% | 38 | 201 |
| Revenue growth | -7.1% | 8.0% | 16 | 251 |
| FCF margin | 8.4% | -1.7% | 66 | 251 |
| ROE | -28.8% | -23.2% | 45 | 314 |
| ROA | -5.4% | -12.1% | 58 | 340 |
| Liabilities / equity | 4.36 | 0.61 | 90 | 319 |
| Current ratio | 1.55 | 3.93 | 13 | 341 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 28 Chemicals And Allied Products, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 9544000000 | USD | 2025 | 2026-02-24 |
| Net income | -1165000000 | USD | 2025 | 2026-02-24 |
| Assets | 21695000000 | USD | 2025 | 2026-02-24 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-24. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001306830.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 5,389,000,000 | 6,140,000,000 | 7,155,000,000 | 6,297,000,000 | 5,655,000,000 | 8,537,000,000 | 9,673,000,000 | 10,926,000,000 | 10,268,000,000 | 9,544,000,000 |
| Net income |  | 900,000,000 | 843,000,000 | 1,207,000,000 | 852,000,000 | 1,985,000,000 | 1,890,000,000 | 1,894,000,000 | 1,943,000,000 | -1,542,000,000 | -1,165,000,000 |
| Operating income |  | 934,000,000 | 857,000,000 | 1,334,000,000 | 834,000,000 | 664,000,000 | 1,946,000,000 | 1,378,000,000 | 1,665,000,000 | -720,000,000 | -786,000,000 |
| Gross profit |  | 1,405,000,000 | 1,511,000,000 | 1,972,000,000 | 1,606,000,000 | 1,293,000,000 | 2,682,000,000 | 2,380,000,000 | 2,583,000,000 | 2,336,000,000 | 1,952,000,000 |
| Diluted EPS |  | 6.18 | 6.09 | 8.91 | 6.84 | 16.75 | 16.86 | 17.34 | 17.76 | -14.11 | -10.64 |
| Operating cash flow |  | 893,000,000 | 803,000,000 | 1,558,000,000 | 1,454,000,000 | 1,343,000,000 | 1,757,000,000 | 1,819,000,000 | 1,899,000,000 | 966,000,000 | 1,146,000,000 |
| Capital expenditures |  | 246,000,000 | 267,000,000 | 337,000,000 | 370,000,000 | 364,000,000 | 467,000,000 | 543,000,000 | 568,000,000 | 435,000,000 | 343,000,000 |
| Dividends paid |  | 201,000,000 | 241,000,000 | 280,000,000 | 300,000,000 | 293,000,000 | 304,000,000 | 297,000,000 | 305,000,000 | 307,000,000 | 13,000,000 |
| Share buybacks | 420,000,000 | 500,000,000 | 500,000,000 | 805,000,000 | 996,000,000 | 650,000,000 | 1,000,000,000 | 17,000,000 | 0.00 | 0.00 |  |
| Assets |  | 8,357,000,000 | 9,538,000,000 | 9,313,000,000 | 9,476,000,000 | 10,909,000,000 | 11,975,000,000 | 26,272,000,000 | 26,597,000,000 | 22,838,000,000 | 21,695,000,000 |
| Stockholders' equity |  | 2,588,000,000 | 2,887,000,000 | 2,984,000,000 | 2,507,000,000 | 3,526,000,000 | 4,189,000,000 | 5,637,000,000 | 7,065,000,000 | 5,129,000,000 | 4,049,000,000 |
| Free cash flow |  | 647,000,000 | 536,000,000 | 1,221,000,000 | 1,084,000,000 | 979,000,000 | 1,290,000,000 | 1,276,000,000 | 1,331,000,000 | 531,000,000 | 803,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 16.70% | 13.73% | 16.87% | 13.53% | 35.10% | 22.14% | 19.58% | 17.78% | -15.02% | -12.21% |
| Operating margin |  | 17.33% | 13.96% | 18.64% | 13.24% | 11.74% | 22.79% | 14.25% | 15.24% | -7.01% | -8.24% |
| Return on equity |  | 34.78% | 29.20% | 40.45% | 33.98% | 56.30% | 45.12% | 33.60% | 27.50% | -30.06% | -28.77% |
| Return on assets |  | 10.77% | 8.84% | 12.96% | 8.99% | 18.20% | 15.78% | 7.21% | 7.31% | -6.75% | -5.37% |
| Liabilities / equity |  | 2.23 | 2.30 | 2.12 | 2.78 | 2.09 | 1.86 | 3.66 | 2.76 | 3.45 | 4.36 |
| Current ratio |  | 2.30 | 1.79 | 1.62 | 1.58 | 1.91 | 1.52 | 1.63 | 1.53 | 1.32 | 1.55 |

## As-reported value updates

5 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/CE/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001306830.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 1.75 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.83 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 2.01 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 2,723,000,000 | 951,000,000 | 8.69 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 2,569,000,000 | 698,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 2,611,000,000 | 121,000,000 | 1.10 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 2,651,000,000 | 155,000,000 | 1.41 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 2,648,000,000 | 116,000,000 | 1.06 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 2,370,000,000 | -1,914,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 2,389,000,000 | -21,000,000 | -0.19 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 2,532,000,000 | 199,000,000 | 1.81 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 2,419,000,000 | -1,357,000,000 | -12.39 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 2,204,000,000 | 19,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 2,337,000,000 | 44,000,000 | 0.40 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 2,752,000,000 | 125,000,000 | 1.13 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from CE's latest 10-K: [/company/CE/business/](/company/CE/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from CE's latest 10-K: [/company/CE/risk-factors/](/company/CE/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1306830/000130683026000117/ce-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

In this Quarterly Report on Form 10-Q ("Quarterly Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The terms the "Company," "we," "our" and "us," refer to Celanese and its subsidiaries on a consolidated basis. The term "Celanese U.S." refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries.

The following discussion should be read in conjunction with the Celanese Corporation and Subsidiaries consolidated financial statements as of and for the year ended December 31, 2025 filed on February 24, 2026 with the Securities and Exchange Commission ("SEC") as part of the Company's Annual Report on Form 10-K ("2025 Form 10-K") and the unaudited interim consolidated financial statements and notes to the unaudited interim consolidated financial statements herein, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Investors are cautioned that the forward-looking statements contained in this section and other parts of this Quarterly Report involve both risk and uncertainty. Several important factors could cause actual results to differ materially from those anticipated by these statements. Many of these statements are macroeconomic in nature and are, therefore, beyond the control of management. See "Forward-Looking Statements" below and at the beginning of our 2025 Form 10-K.

Forward-Looking Statements

Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and other parts of this Quarterly Report contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, us. Generally, words such as "believe," "expect," "intend," "estimate," "anticipate," "project," "plan," "may," "can," "could," "might," and "will," and similar expressions, as they relate to us are intended to identify forward-looking statements. These statements reflect our current views and beliefs with respect to future events as of the date hereof, are not historical facts or guarantees of future performance and involve risks and uncertainties that are difficult to predict and many of which are outside of our control. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. All forward-looking statements made in this Quarterly Report are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this Quarterly Report will increase with the passage of time. We undertake no obligation, and disclaim any duty, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in our expectations or otherwise.

Risk Factors

See Part I - Item 1A. Risk Factors of our 2025 Form 10-K for a description of certain risk factors that you should consider which could significantly affect our business and/or financial results. In addition, the following factors, among others, could cause our actual results to differ materially from those results, performance or achievements that may be expressed or implied by such forward-looking statements:

•the ability to successfully achieve planned cost reductions;

•changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate;

•the length and depth of product and industry business cycles particularly in the automotive, electrical, textiles, electronics and construction industries;

•potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate;

•our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades;

•volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources;

37

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•the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases;

•the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities;

•additional impairment of goodwill or intangible assets;

•increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies;

•risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all;

•the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance;

•the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants;

•increased price competition and the introduction of competing products by other companies;

•the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with our strategy;

•market acceptance of our products and technology;

•compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises;

•the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to us;

•changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States ("U.S.") and other jurisdictions;

•changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property;

•potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters;

•changes in currency exchange rates and interest rates;

•tax rates and changes thereto; and

•various other factors, both referenced and not referenced in this Quarterly Report.

Many of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, affect us in ways or to an extent that we currently do not expect or consider to be significant, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this Quarterly Report as anticipated, believed, estimated, expected, intended, planned or projected. We neither intend nor assume any obligation to update these forward-looking statements, which speak only as of the date hereof.

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Overview

We are a global chemical and specialty materials company. We are a global producer of high performance engineered polymers that are used in a variety of high-value applications, as well as one of the world's largest producers of acetyl products, which are intermediate chemicals for nearly all major industries. As a recognized innovator in the chemicals industry, we engineer and manufacture a wide variety of products essential to everyday living. Our broad product portfolio serves a diverse set of end-use applications including automotive, chemical additives, construction, consumer and industrial adhesives, medical, consumer electronics, energy storage, filtration, paints and coatings, paper and packaging, industrial applications and textiles. Our products enjoy leading global positions due to our differentiated business models, large global production capacity, operating efficiencies, proprietary technology and competitive cost structures.

Our large and diverse global customer base primarily consists of major companies across a broad array of industries. We hold geographically balanced global positions and participate in diversified end-use applications. We combine a demonstrated track record of execution, strong performance built on differentiated business models and a clear focus on growth and value creation. Known for operational excellence, reliability and execution of our business strategies, we partner with our customers around the globe to deliver best-in-class technologies and solutions.

Impact of Tariffs

As we are a global company, tariffs, uncertainty regarding potential future tariffs and their potential effects may impact our business. We continue to analyze the impact of these tariffs and actions we can take to minimize their impact.

39

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Results of Operations

Financial Highlights

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1306830/000130683026000031/ce-20251231.htm
Complete FY 2025 MD&A: /company/CE/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-02-24
Report date: 2025-12-31

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations

In this Annual Report on Form 10-K ("Annual Report"), the term "Celanese" refers to Celanese Corporation, a Delaware corporation, and not its subsidiaries. The terms the "Company," "we," "our" and "us," refer to Celanese and its subsidiaries on a consolidated basis. The term "Celanese U.S." refers to the Company's subsidiary, Celanese US Holdings LLC, a Delaware limited liability company, and not its subsidiaries.

The following discussion should be read in conjunction with the accompanying consolidated financial statements and notes to the consolidated financial statements, which are prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP").

Investors are cautioned that the forward-looking statements contained in this section and other parts of this Annual Report involve both risk and uncertainty. Several important factors could cause actual results to differ materially from those anticipated by these statements. Many of these statements are macroeconomic in nature and are, therefore, beyond the control of management. See "Forward-Looking Statements" below.

Forward-Looking Statements

Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") and other parts of this Annual Report contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and information relating to us that are based on the beliefs of our management as well as assumptions made by, and information currently available to, us. Generally, words such as "believe," "expect," "intend," "estimate," "anticipate," "project," "plan," "may," "can," "could," "might," and "will," and similar expressions, as they relate to us are intended to identify forward-looking statements. These statements reflect our current views and beliefs with respect to future events as of the date hereof, are not historical facts or guarantees of future performance and involve risks and uncertainties that are difficult to predict and many of which are outside of our control. Further, certain forward-looking statements are based upon assumptions as to future events that may not prove to be accurate. See "Special Note Regarding Forward-Looking Statements" at the beginning of this Annual Report for further discussion. All forward-looking statements made in this Annual Report are made as of the date hereof, and the risk that actual results will differ materially from expectations expressed in this Annual Report will increase with the passage of time. We undertake no obligation, and disclaim any duty, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changes in our expectations or otherwise.

Risk Factors

Item 1A. Risk Factors of this Annual Report also contains a description of certain risk factors that you should consider which could significantly affect our business and/or financial results. In addition, the following factors, among others, could cause our actual results to differ materially from those results, performance or achievements that may be expressed or implied by such forward-looking statements:

•the ability to successfully achieve planned cost reductions;

•changes in general economic, business, political and regulatory conditions in the countries or regions in which we operate;

•the length and depth of product and industry business cycles particularly in the automotive, electrical, textiles, electronics and construction industries;

•potential liability resulting from pending or future claims or litigation, including investigations or enforcement actions, or from changes in the laws, regulations or policies of governments or other governmental activities, in the countries in which we operate;

•our level of indebtedness and our financial condition, each of which could diminish our ability to raise additional capital to fund operations, reduce our business and strategic flexibility, increase our interest expense, limit the success of our deleveraging efforts, and impact changes to our credit ratings, which could increase our interest expense in the event of additional downgrades;

•volatility or changes in the price and availability of raw materials and energy, particularly changes in the demand for, supply of, and market prices of ethylene, methanol, natural gas, carbon monoxide, wood pulp, hexamethylene diamine, Polyamide 66 ("PA66"), polybutylene terephthalate, ethanol, natural gas and fuel oil, and the prices for electricity and other energy sources;

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•the ability to pass increases in raw materials prices, logistics costs and other costs on to customers or otherwise improve margins through price increases;

•the possibility that we will not be able to realize the anticipated benefits of the Mobility & Materials business (the "M&M Business") we acquired from DuPont de Nemours, Inc. (the "M&M Acquisition"), including synergies and growth opportunities, whether as a result of difficulties arising from the operation of the M&M Business or other unanticipated delays, costs, inefficiencies or liabilities;

•additional impairment of goodwill or intangible assets;

•increased commercial, legal or regulatory complexity of entering into, or expanding our exposure to, certain end markets and geographies;

•risks in the global economy and equity and credit markets and their potential impact on our ability to pay down debt in the future and/or refinance at suitable rates, in a timely manner, or at all;

•the ability to maintain plant utilization rates and to implement planned capacity additions, expansions and maintenance;

•the ability to reduce or maintain current levels of production costs and to improve productivity by implementing technological improvements to existing plants;

•increased price competition and the introduction of competing products by other companies;

•the ability to identify desirable potential acquisition or divestiture opportunities and to complete such transactions, including obtaining regulatory approvals, consistent with our strategy;

•market acceptance of our products and technology;

•compliance and other costs and potential disruption or interruption of production or operations due to accidents, interruptions in sources of raw materials, transportation, logistics or supply chain disruptions, cybersecurity incidents, AI-related vulnerabilities, terrorism or political unrest, public health crises, or other unforeseen events or delays in construction or operation of facilities, including as a result of geopolitical conditions, the direct or indirect consequences of acts of war or conflict (such as the Russia-Ukraine conflict or conflicts in the Middle East) or terrorist incidents or as a result of fire, flood, hurricanes, other severe weather, natural disasters, other catastrophic events or other crises;

•the ability to obtain governmental approvals and to construct facilities on terms and schedules acceptable to us;

•changes in applicable tariffs, duties, treaties and trade agreements, tax rates or legislation throughout the world including, but not limited to, anti-dumping and countervailing duties, adjustments, changes in estimates or interpretations or the resolution of tax examinations or audits that may impact recorded or future tax impacts and potential regulatory and legislative tax developments in the United States ("U.S.") and other jurisdictions;

•changes in the degree of intellectual property and other legal protection afforded to our products or technologies, or the theft of such intellectual property;

•potential liability for remedial actions and increased costs under existing or future environmental, health and safety regulations, including those relating to climate change or other sustainability matters;

•changes in currency exchange rates and interest rates;

•tax rates and changes thereto; and

•various other factors, both referenced and not referenced in this Annual Report.

Many of these factors are macroeconomic in nature and are, therefore, beyond our control. Should one or more of these risks or uncertainties materialize, affect us in ways or to an extent that we currently do not expect or consider to be significant, or should underlying assumptions prove incorrect, our actual results, performance or achievements may vary materially from those described in this Annual Report as anticipated, believed, estimated, expected, intended, planned or projected. We neither intend nor assume any obligation to update these forward-looking statements, which speak only as of the date hereof.

36

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Results of Operations

Financial Highlights

[[GREPCENT_TABLE]]
[["","Year Ended December 31,"],["","2025","","2024","","Change"],["","(In $ millions, except percentages)"],["Statement of Operations Data"],["Net sales","9,544","","","10,268","","","(724)"],["Gross profit","1,952","","","2,336","","","(384)"],["Selling, general and administrative (\"SG&A\") expenses","(899)","","","(1,033)","","","134"],["Other (charges) gains, net","(1,581)","","","(1,744)","","","163"],["Gain (loss) on disposition of businesses and assets, net","(5)","","","(14)","","","9"],["Operating profit (loss)","(786)","","","(720)","","","(66)"],["Equity in net earnings (loss) of affiliates","127","","","196","","","(69)"],["Non-operating pension and other postretirement employee benefit (expense) income","55","","","(20)","","","75"],["Interest expense","(701)","","","(676)","","","(25)"],["Refinancing expense","(68)","","","\u2014","","","(68)"],["Interest income","24","","","33","","","(9)"],["Dividend income - equity investments","122","","","128","","","(6)"],["Earnings (loss) from continuing operations before tax","(1,220)","","","(1,019)","","","(201)"],["Earnings (loss) from continuing operations","(1,130)","","","(1,526)","","","396"],["Earnings (loss) from discontinued operations","(21)","","","(8)","","","(13)"],["Net earnings (loss)","(1,151)","","","(1,534)","","","383"],["Net earnings (loss) attributable to Celanese Corporation","(1,165)","","","(1,542)","","","377"],["Other Data"],["Depreciation and amortization","760","","","801","","","(41)"],["SG&A expenses as a percentage of Net sales","9.4","%","","10.1","%"],["Operating margin(1)","(8.2)","%","","(7.0)","%"],["Other (charges) gains, net"],["Restructuring","(68)","","","(107)","","","39"],["Asset impairment losses","(1,513)","","","(1,639)","","","126"],["Plant/office closures","\u2014","","","2","","","(2)"],["Total Other (charges) gains, net","(1,581)","","","(1,744)","","","163"]]
[[/GREPCENT_TABLE]]

_____________________________

(1)Defined as Operating profit (loss) divided by Net sales.

[[GREPCENT_TABLE]]
[["","As of December 31,"],["","2025","","2024"],["","(In $ millions)"],["Balance Sheet Data"],["Cash and cash equivalents","1,263","","","962"],["Short-term borrowings and current installments of long-term debt - third party and affiliates","1,204","","","1,501"],["Long-term debt, net of unamortized deferred financing costs","11,394","","","11,078"],["Total","12,598","","","12,579"]]
[[/GREPCENT_TABLE]]

37

Table of Contents

Factors Affecting Business Segment Net Sales

The percentage increase (decrease) in Net sales attributable to each of the factors indicated for each of our business segments is as follows:

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

[[GREPCENT_TABLE]]
[["","Volume","","Price","","Currency","","","","Total"],["","(In percentages)"],["Engineered Materials","(4)","","","(1)","","","1","","","","","(4)"],["Acetyl Chain","(6)","","","(6)","","","1","","","","","(11)"],["Total Company","(4)","","","(4)","","","1","","","","","(7)"]]
[[/GREPCENT_TABLE]]

Consolidated Results

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024

Net sal

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/CE/mda/fy2025/
All MD&A years: /company/CE/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/CE/mda/fy2024/): filed 2025-02-21; accession 0001306830-25-000027 (https://www.sec.gov/Archives/edgar/data/1306830/000130683025000027/ce-20241231.htm)
- [FY 2023 MD&A](/company/CE/mda/fy2023/): filed 2024-02-23; accession 0001306830-24-000029 (https://www.sec.gov/Archives/edgar/data/1306830/000130683024000029/ce-20231231.htm)
- [FY 2022 MD&A](/company/CE/mda/fy2022/): filed 2023-02-24; accession 0001306830-23-000023 (https://www.sec.gov/Archives/edgar/data/1306830/000130683023000023/ce-20221231.htm)
- [FY 2021 MD&A](/company/CE/mda/fy2021/): filed 2022-02-10; accession 0001306830-22-000017 (https://www.sec.gov/Archives/edgar/data/1306830/000130683022000017/ce-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2820 Plastic Material, Synth Resin/Rubber, Cellulos (No Glass)) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/CE.md · JSON record: /company/CE.json · verified financials: /company/CE/financials.json / /company/CE/financials.csv · machine TOC for the whole site: /llms.txt