# OLIN Corp (OLN)

Informational only - not investment advice.

CIK: 0000074303
SIC: 2800 Chemicals & Allied Products
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2800 Chemicals & Allied Products](/industry/2800/)
Latest 10-K filed: 2026-02-20
SEC page: https://www.sec.gov/edgar/browse/?CIK=74303
Filing source: https://www.sec.gov/Archives/edgar/data/74303/000007430326000027/oln-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-20 · accession 0000074303-26-000027 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074303.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 6,780,800,000 USD | 2025 | verified |
| Net income | -101,100,000 USD | 2025 | verified |
| Assets | 7,325,800,000 USD | 2025 | verified |
| Free cash flow | 247,900,000 USD | 2025 | computed |
| Net margin | -1.49% | 2025 | computed |
| Operating margin | 0.08% | 2025 | computed |
| Revenue YoY | +3.68% | 2025 | computed |
| ROE | -5.50% | 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 | OLN | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -1.5% | -5.0% | 60 | 11 |
| Operating margin | 0.1% | 0.1% | 50 | 9 |
| Revenue growth | 3.7% | 0.4% | 70 | 11 |
| FCF margin | 3.7% | 3.7% | 50 | 11 |
| ROE | -5.5% | -10.3% | 60 | 11 |
| ROA | -1.4% | -4.0% | 60 | 11 |
| Liabilities / equity | 2.97 | 1.48 | 60 | 11 |
| Current ratio | 1.21 | 1.78 | 0 | 11 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2800 Chemicals & 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 | 6780800000 | USD | 2025 | 2026-02-20 |
| Net income | -101100000 | USD | 2025 | 2026-02-20 |
| Assets | 7325800000 | USD | 2025 | 2026-02-20 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-20. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074303.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 5,550,600,000 | 6,268,400,000 | 6,946,100,000 | 6,110,000,000 | 5,758,000,000 | 8,910,600,000 | 9,376,200,000 | 6,833,000,000 | 6,540,100,000 | 6,780,800,000 |
| Net income | -3,900,000 | 549,500,000 | 327,900,000 | -11,300,000 | -969,900,000 | 1,296,700,000 | 1,326,900,000 | 452,000,000 | 105,000,000 | -101,100,000 |
| Operating income | 107,800,000 | 296,600,000 | 676,900,000 | 177,800,000 | -746,700,000 | 1,850,800,000 | 1,779,000,000 | 712,100,000 | 296,500,000 | 5,300,000 |
| Gross profit |  |  |  |  |  |  | 2,181,900,000 | 1,165,500,000 | 737,500,000 | 501,500,000 |
| Diluted EPS | -0.02 | 3.26 | 1.95 | -0.07 | -6.14 | 7.96 | 8.94 | 3.57 | 0.91 | -0.88 |
| Operating cash flow | 603,200,000 | 648,800,000 | 907,800,000 | 617,300,000 | 433,000,000 | 1,741,000,000 | 1,921,900,000 | 974,300,000 | 503,200,000 | 474,200,000 |
| Capital expenditures | 278,000,000 | 294,300,000 | 385,200,000 | 385,600,000 | 298,900,000 | 200,600,000 | 236,900,000 | 236,000,000 | 195,100,000 | 226,300,000 |
| Dividends paid | 132,100,000 | 133,000,000 | 133,600,000 | 129,300,000 | 126,300,000 | 127,800,000 | 116,200,000 | 101,000,000 | 94,200,000 | 91,600,000 |
| Share buybacks | 0.00 | 0.00 | 50,000,000 | 145,900,000 | 0.00 | 251,900,000 | 1,350,700,000 | 711,300,000 | 300,300,000 | 50,500,000 |
| Assets | 8,762,600,000 | 9,218,300,000 | 8,997,400,000 | 9,187,800,000 | 8,270,900,000 | 8,517,700,000 | 8,044,200,000 | 7,713,200,000 | 7,579,100,000 | 7,325,800,000 |
| Liabilities | 6,489,600,000 | 6,464,600,000 | 6,165,200,000 | 6,770,300,000 | 6,820,100,000 | 5,865,500,000 | 5,500,600,000 | 5,444,900,000 | 5,523,700,000 | 5,455,200,000 |
| Stockholders' equity | 2,273,000,000 | 2,753,700,000 | 2,832,200,000 | 2,417,500,000 | 1,450,800,000 | 2,652,200,000 | 2,543,600,000 | 2,232,400,000 | 2,023,100,000 | 1,838,900,000 |
| Cash and cash equivalents | 184,500,000 | 218,400,000 | 178,800,000 | 220,900,000 | 189,700,000 | 180,500,000 | 194,000,000 | 170,300,000 | 175,600,000 | 167,600,000 |
| Free cash flow | 325,200,000 | 354,500,000 | 522,600,000 | 231,700,000 | 134,100,000 | 1,540,400,000 | 1,685,000,000 | 738,300,000 | 308,100,000 | 247,900,000 |

### 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 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | -0.07% | 8.77% | 4.72% | -0.18% | -16.84% | 14.55% | 14.15% | 6.61% | 1.61% | -1.49% |
| Operating margin | 1.94% | 4.73% | 9.75% | 2.91% | -12.97% | 20.77% | 18.97% | 10.42% | 4.53% | 0.08% |
| Return on equity | -0.17% | 19.95% | 11.58% | -0.47% | -66.85% | 48.89% | 52.17% | 20.25% | 5.19% | -5.50% |
| Return on assets | -0.04% | 5.96% | 3.64% | -0.12% | -11.73% | 15.22% | 16.50% | 5.86% | 1.39% | -1.38% |
| Liabilities / equity | 2.86 | 2.35 | 2.18 | 2.80 | 4.70 | 2.21 | 2.16 | 2.44 | 2.73 | 2.97 |
| Current ratio | 1.68 | 1.78 | 1.53 | 1.58 | 1.43 | 1.34 | 1.38 | 1.29 | 1.27 | 1.21 |

## As-reported value updates

3 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/OLN/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-31. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000074303.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 |  |  | 2.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 1.16 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 1.13 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,671,400,000 | 104,500,000 | 0.82 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,614,600,000 | 48,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,635,300,000 | 47,800,000 | 0.40 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,644,000,000 | 72,300,000 | 0.62 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 1,589,500,000 | -25,200,000 | -0.21 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,671,300,000 | 10,100,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,644,200,000 | 1,200,000 | 0.01 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,758,300,000 | -2,800,000 | -0.01 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,713,200,000 | 43,700,000 | 0.37 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,665,100,000 | -143,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,583,000,000 | -83,000,000 | -0.73 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,741,900,000 | -13,300,000 | -0.12 | reported discrete quarter |

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

## Business

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

## Risk Factors

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

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/74303/000007430326000077/oln-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-31
Report date: 2026-06-30

ITEM 2.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS BACKGROUND

Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer (VCM), methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, along with contracted U.S. military project revenue.

EXECUTIVE SUMMARY

Overview

Net (loss) income for the three and six months ended June 30, 2026 was $(13.3) million and $(96.3) million, respectively, compared to $(1.3) million and $0.1 million, for the prior year periods, respectively. The lower earnings for the three and six months ended June 30, 2026 were primarily due to lower Chlor Alkali Products and Vinyls operating results, partially offset by improved operating results from our Epoxy segment. Diluted net (loss) income per share was $(0.12) and $(0.85) for the three and six months ended June 30, 2026, respectively, compared to $(0.01) and $0.00 in the prior year periods, respectively.

Chlor Alkali Products and Vinyls reported segment income of $53.4 million and $8.9 million for the three and six months ended June 30, 2026, respectively. Second quarter 2026 segment results were negatively impacted by $40.1 million from operating issues with the VCM plant at the Freeport, TX facility resulting in higher costs and reduced profit from lost sales. The remaining increase in segment results for the three months ended June 30, 2026 from the comparable prior year period was primarily due to higher caustic soda and EDC pricing and lower operating costs. The remaining decrease in segment results for the six months ended June 30, 2026 from the comparable prior year period was primarily due to lower product pricing and volumes, a $36.1 million charge associated with legacy litigation matters and higher raw material costs, primarily natural gas and electrical power costs, partially offset by lower operating costs.

Epoxy reported a segment income of $16.0 million and $13.1 million for the three and six months ended June 30, 2026, respectively. Epoxy segment results for the three months ended June 30, 2026 were higher than the comparable prior year period primarily due to higher product pricing and lower operating costs, partially offset by higher raw material costs. Epoxy segment results for the six months ended June 30, 2026 were higher than the comparable prior year period primarily due to lower operating costs and higher volumes. Global epoxy demand remains weak, and our U.S. and European Epoxy businesses remain significantly challenged by subsidized Asian competition.

Winchester reported segment income of $28.1 million and $43.3 million for the three and six months ended June 30, 2026, respectively. Winchester segment results for the three months ended June 30, 2026 were higher than the comparable prior year period primarily due to higher commercial ammunition pricing, higher volumes and improved military project revenue, partially offset by higher raw material costs, primarily commodity metals costs, and higher operating costs. Winchester segment results for the six months ended June 30, 2026 were lower than the comparable prior year period as higher raw material and operating costs were partially offset by increased commercial ammunition pricing, higher volumes and improved military project revenue.

Proposed Merger

On June 15, 2026, Olin entered into a definitive agreement with Huntsman Corporation (Huntsman) to combine in an all-stock merger of equals transaction (the Merger Agreement) to form a combined company, OlinHuntsman Corporation.

Pursuant to the terms of the Merger Agreement, at the effective time of the transaction, each issued and outstanding share of Huntsman common stock will be converted into the right to receive 0.5476 shares of Olin common stock. Upon completion of the transaction, existing Olin shareholders are expected to own approximately 54.5% of the combined company and existing Huntsman stockholders are expected to own approximately 45.5% of the combined company.

27

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The consummation of the merger is subject to the satisfaction of customary closing conditions, including the receipt of required regulatory approvals and approval of the merger by both Olin shareholders and Huntsman stockholders. The transaction is expected to close in the first half of 2027.

For both the three and six months ended June 30, 2026, we incurred acquisition-related costs of $10.6 million which included costs associated with advisory, legal, accounting, and other professional fees.

Liquidity

On February 19, 2026, we executed an amendment to our existing $1,850.0 million senior credit facility (Senior Secured Credit Facility) which, among other things, modified the financial covenants to be less restrictive and incorporated guarantees and collateral by certain of our domestic subsidiaries. The maturity date for the Senior Secured Credit Facility remains March 14, 2030.

During the six months ended June 30, 2026, we had net borrowings of $202.3 million, with $210.0 million borrowed under our Senior Secured Revolving Credit Facility (defined below), which was partially used to satisfy the $109.7 million remaining principal amortization payments under the Secured Term Loan Facility (defined below).

International Trade

Tariffs and trade flows continue to influence the demand outlook amid varying market responses. Following the February 20, 2026, U.S. Supreme Court ruling that struck down broad emergency‑based tariffs issued under the International Emergency Economic Powers Act (IEEPA), the U.S. administration has begun recalibrating its tariff strategy through other legal alternatives, including expanded use of Section 301 investigations. Following the U.S. Supreme Court ruling, certain importers have begun pursuing tariff‑recovery claims related to previously assessed duties. While we continue to monitor these developments, the financial impact of tariff‑recovery opportunities or obligations has not been significant to our businesses. We also continue to monitor the direct and indirect impact from tariffs on goods being imported into the United States and the competitiveness of our export products in markets that implement retaliatory tariffs.

Additionally, although Winchester procures the majority of metals domestically, we have realized price inflation that we believe is partially tariff‑driven for the domestic supply of copper, steel, and tungsten products. Winchester has also experienced secondary effects from suppliers consuming tariff‑impacted metals in their end products. Winchester continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in procurement and efficient sourcing practices.

Middle East Conflict

The escalation of conflict in the Middle East, including escalating tensions with Iran, and the international response to these developments, has increased the level of economic and political uncertainty across global markets. The conflict has contributed to heightened volatility in global supply and demand fundamentals, particularly within energy‑linked and regionally sensitive markets. Sanctions and policy actions from the U.S. and other governments continue to evolve, and the broader implications of the conflict on global economic conditions remain fluid. We continue to closely monitor the changing environment. As of now, the direct impact on our operations has not been significant; however, we are unable to determine the future impact that the conflict and the corresponding global response may have on our business.

Other Items

On September 18, 2025, we announced a mutual decision with Mitsui & Co., Ltd. (Mitsui) to end our joint venture, Blue Water Alliance (BWA), by the end of 2025. This decision was made to evolve our EDC participation by emphasizing longer-term structural opportunities that enhance value and optionality. In connection with the continued cessation of the joint venture, during the first quarter 2026, we paid a cash distribution of $31.3 million to Mitsui for the liquidation of BWA working capital.

28

Table of Contents

CONSOLIDATED RESULTS OF OPERATIONS

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Six Months Ended June 30,"],["","2026","","2025","","2026","","2025"],["","($ in millions, except per share data)"],["Sales","$","1,741.9","","","$","1,758.3","","","$","3,324.9","","","$","3,402.5"],["Cost of goods sold","1,571.7","","","1,620.2","","","3,078.9","","","3,115.7"],["Gross margin","170.2","","","138.1","","","246.0","","","286.8"],["Selling and administrative","102.7","","","95.2","","","247.7","","","196.2"],["Restructuring charges","10.5","","","7.4","","","19.6","","","11.4"],["Acquisition-related costs","10.6","","","\u2014","","","10.6","","","\u2014"],["Other operating income (expense)","0.1","","","(0.2)","","","0.1","","","(0.2)"],["Operating income (loss)","46.5","","","35.3","","","(31.8)","","","79.0"],["Losses of non-consolidated affiliates","(1.0)","","","(1.4)","","","(2.4)","","","(1.4)"],["Interest expense, net","(44.3)","","","(45.6)","","","(86.4)","","","(92.9)"],["Non-operating pension income","2.6","","","4.9","","","6.1","","","10.6"],["Income (loss) before taxes","3.8","","","(6.8)","","","(114.5)","","","(4.7)"],["Income tax provision (benefit)","17.1","","","(4.0)","","","(18.2)","","","(3.1)"],["Net loss","(13.3)","","","$","(2.8)","","","(96.3)","","","(1.6)"],["Net loss attributable to noncontrolling interests","\u2014","","","(1.5)","","","\u2014","","","(1.7)"],["Net (loss) income attributable to Olin Corporation","$","(13.3)","","","$","(1.3)","","","$","(96.3)","","","$","0.1"],["Net (loss) income attributable to Olin Corporation per common share:"],["Basic","$","(0.12)","","","$","(0.01)","","","$","(0.85)","","","$","\u2014"],["Diluted","$","(0.12)","","","$","(0.01)","","","$","(0.85)","","","$","\u2014"]]
[[/GREPCENT_TABLE]]

Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025

Sales for the three months ended June 30, 2026 were $1,741.9 million compared to $1,758.3 million in the same period last year, a decrease of $16.4 million, or 1%. Chlor Alkali Products and Vinyls sales decreased by $160.0 million primarily due to lower sales volumes, partially offset by higher pricing. Epoxy sales increased by $90.9 million, primarily due to higher volumes and higher pricing. Winchester sales increased by $52.7 million, primarily due to higher ammunition sales to commercial and military customers and increased military project revenue.

Gross margin increased $32.1 million for the three months ended June 30, 2026 compared to the prior year period. Epoxy gross margin increased $39.6 million, primarily due to higher product pricing and lower operating costs, partially offset by higher raw material costs. Winchester gross margin

[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/74303/000007430326000027/oln-20251231.htm
Complete FY 2025 MD&A: /company/OLN/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-20
Report date: 2025-12-31

Item 7.  MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS BACKGROUND

Olin Corporation (Olin, the Company, we or our) is a Virginia corporation, incorporated in 1892, having its principal executive offices in Clayton, MO. We are a leading vertically integrated global manufacturer and distributor of chemical products and a leading U.S. manufacturer of ammunition. Our operations are concentrated in three business segments: Chlor Alkali Products and Vinyls, Epoxy and Winchester. All of our business segments are capital-intensive manufacturing businesses. The Chlor Alkali Products and Vinyls segment manufactures and sells chlorine and caustic soda, ethylene dichloride (EDC) and vinyl chloride monomer (VCM), methyl chloride, methylene chloride, chloroform, carbon tetrachloride, perchloroethylene, hydrochloric acid, hydrogen, bleach products and potassium hydroxide. The Epoxy segment produces and sells a full range of epoxy materials and precursors, including aromatics (acetone and phenol), allyl chloride, epichlorohydrin, liquid epoxy resins, solid epoxy resins and formulated solutions products such as converted epoxy resins and additives. The Winchester segment produces and sells sporting ammunition, reloading components, small caliber military ammunition and components, industrial cartridges and clay targets, along with contracted U.S. military project revenue. 

RECENT DEVELOPMENTS AND HIGHLIGHTS

Overview

Net loss was $(100.5) million for 2025 compared to net income of $108.6 million for 2024, a decrease of $209.1 million. The decrease in results from the prior year was primarily due to lower operating results across all of our business segments. Diluted net loss per share was $(0.88) for 2025 compared to diluted net income per share of $0.91 for 2024, a decrease of $1.79 per share, or 197%.

Chlor Alkali Products and Vinyls reported segment income was $181.1 million for 2025 compared to segment income of $296.4 million for 2024. Chlor Alkali Products and Vinyls 2025 segment income included a $75.0 million pretax charge associated with a litigation loss contingency related to a VCM customer dispute and 2024 segment income included a $93.6 million penalty associated with Hurricane Beryl. The remaining decrease of $133.9 million in segment income from the prior year was primarily due to lower pricing, primarily EDC, and higher raw material and operating costs, including planned maintenance turnaround expenses, partially offset by higher volumes and the 45V Tax Credit (defined below in Other Items).

Epoxy reported segment loss was $(103.5) million for 2025 compared to segment loss of $(85.0) million for 2024. Epoxy’s 2024 segment loss included a $32.7 million penalty associated with Hurricane Beryl. The remaining decrease of $51.2 million in Epoxy segment results, as compared to the prior year, was primarily due to higher operating costs, including unabsorbed fixed manufacturing costs incurred from planned inventory reductions and planned maintenance turnarounds, partially offset by improved volumes. Global epoxy demand remains challenged, with continued market saturation from subsidized Asian competition.

Winchester reported segment income of $67.7 million for 2025 compared to segment income of $237.9 million for 2024. Winchester segment results were lower than in the prior year primarily due to decreased commercial ammunition sales volumes and pricing, along with higher raw material and operating costs, including commodity metal and propellant costs, partially offset by higher military project revenue.

Liquidity and Share Repurchases

During 2025, we repurchased and retired 2.2 million shares of common stock at a total value of $50.5 million. As of December 31, 2025, we had $1.9 billion of remaining authorization to repurchase shares of our common stock under our 2022 Repurchase Authorization and 2024 Repurchase Authorization (both defined in Liquidity and Capital Resources) programs.

On March 14, 2025, we issued $600.0 million aggregate principal amount of 6.625% senior notes due April 1, 2033 (2033 Notes), in a private offering exempt from the registration requirements of the Securities Act of 1933, as amended.

On March 14, 2025, we entered into a new $1,850.0 million senior credit facility (2025 Senior Credit Facility), which increased the borrowing limit of our then-existing credit facility by $300.0 million and extended the maturity date from October 11, 2027 to March 14, 2030. Pursuant to the agreement, the aggregate principal amount under our term loan facility increased from $350.0 million to $650.0 million and the aggregate principal amount under our revolving credit facility remained at $1,200.0 million. The term loan was fully drawn on the closing date.

During 2025, we had debt repayments, net of borrowings, of $11.2 million. Proceeds from the 2033 Notes, together with borrowings under the 2025 Senior Credit Facility, were used to redeem the $108.6 million 9.50% senior notes due 2025 (2025 Notes), redeem the $500.0 million 5.125% senior notes due 2027 (2027 Notes), refinance the then-existing $1,550.0 million senior credit facility (2022 Senior Credit Facility), comprised of $505.0 million of borrowings under the revolving credit

28

Table of Contents

facility with aggregate commitments of $1,200.0 million (2022 Revolving Credit Facility) and $332.5 million of borrowings under the term loan facility with aggregate commitments of $350.0 million (2022 Term Loan Facility), and pay related fees and expenses.

Subsequent Event - Credit Facility

On February 19, 2026, we executed an amendment to the 2025 Senior Credit Facility (Senior Secured Credit Facility) which, among other things, modified the financial covenants to be less restrictive and incorporated guarantees and collateral by certain of our domestic subsidiaries. The amendment required all remaining principal amortization payments under the Secured Term Loan Facility (as defined in Liquidity and Capital Resources) to be satisfied. Borrowings under the Senior Secured Revolving Credit Facility (as defined in Liquidity and Capital Resources) were used to satisfy the $109.7 million remaining principal amortization payments under the Secured Term Loan Facility. The maturity date for the Senior Secured Credit Facility remained March 14, 2030.

The amendment requires that the obligations under the Senior Secured Credit Facility be guaranteed by certain of our domestic subsidiaries. The obligations under the Senior Secured Credit Facility are also secured by liens on substantially all of Olin’s and the subsidiary guarantors’ personal property (Collateral), other than certain principal properties and capital stock of subsidiaries, and subject to certain other exceptions. The amendment provides that substantially all guarantees under the Senior Secured Credit Facility and liens on Collateral be released automatically upon notice by Olin, or after September 30, 2027, upon which time all covenant reliefs expire.

International Trade

Tariffs and trade flows continue to impact the demand outlook amid varying market responses. While we are continuing to monitor the situation, as of the date of this filing, the direct impact from current tariffs has not been significant to our chemicals businesses. Our chemicals businesses generally source and sell where we produce. An exception to this would be potential retaliatory tariffs on caustic soda and EDC exports, which could alter the economics rapidly within the respective countries. We continue to monitor and assess the impact of tariffs on goods being imported into the United States and the competitiveness of our export products in markets which implement retaliatory tariffs. Additionally, although Winchester procures the majority of metals domestically, we have realized price inflation that we believe is partially tariff driven for the domestic supply of copper, steel and tungsten products. Winchester has also realized secondary effects from suppliers consuming tariff impacted metals in their end products. Our global supply chain organization continuously monitors market trends and works to mitigate those and other cost increases through economies of scale in global procurement and efficient sourcing practices.

Other Items

On April 18, 2025, Olin acquired AMMO, Inc.’s small caliber ammunition manufacturing assets for total consideration of $55.8 million. The acquisition, which includes AMMO Inc.’s brass shellcase capabilities and its 185,000 square foot production facility located in Manitowoc, WI, is included in Olin’s Winchester segment. The acquisition was financed with cash on hand.

On September 18, 2025, we announced a mutual decision with Mitsui & Co., Ltd. to end our joint venture, Blue Water Alliance, by the end of 2025. This decision was made to evolve our EDC participation by emphasizing longer-term structural opportunities that enhance value and optionality. On November 11, 2025, Olin announced a commercial arrangement with Braskem, one of the largest petrochemical companies in the Americas and the leading producer of PVC in South America, for Olin to supply EDC to Braskem, aligning with Braskem's transformation of its chlor alkali and vinyl assets in Brazil.

In the third quarter of 2025, Olin determined that it qualified for the clean hydrogen production tax credit under Section 45V as part of the Inflation Reduction Act of 2022 (45V Tax Credit). We received notice of our provisional carbon dioxide emissions rate from the United States Department of Energy, which was a major milestone for recognition. The 45V Tax Credit is available for qualified clean hydrogen produced and sold during the 10-year period beginning on the date the qualified clean hydrogen production facility was originally placed in service. Since the 45V Tax Credit is refundable, we account for the 45V Tax Credit under a government grant model. As a result, during 2025 Olin recorded a $34.5 million reduction to cost of goods sold primarily related to the sale and use of hydrogen produced at certain of our chlor alkali plants. We expect an annual pretax benefit of $15 million to $20 million for years 2026 through 2028, with lower amounts through 2032. The impact of the 45V Tax Credit is included within the Chlor Alkali Products and Vinyls segment results.

29

Table of Contents

Subsequent Event - Litigation Matter

In April 2023, Shintech filed a lawsuit against Olin Corporation and its wholly owned subsidiary, Blue Cube Operations LLC. Shintech alleged that Olin breached a long‑term VCM supply agreement relating to deliveries to Shintech’s PVC facility in Freeport, TX, following a pricing dispute, a 2023 maintenance turnaround at Olin’s Freeport, TX VCM facility, and Olin’s declaration of force majeure at Olin’s Freeport, TX VCM facility. After nearly three years of litigation, on February 10, 2026, the jury returned a verdict in favor of Shintech on its breach‑of‑contract claims. As a result of this verdict, the Company obtained new information related to this litigation loss contingency and recorded a pretax charge of $75.0 million in the fourth quarter 2025. During the first half of 2026, we expect to pay approximately $185 million to Shintech associated with the litigation matter, and previously recorded accruals for a VCM pricing dispute with Shintech.

CONSOLIDATED RESULTS OF OPERATIONS

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

Read the full FY 2025 MD&A: /company/OLN/mda/fy2025/
All MD&A years: /company/OLN/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/OLN/mda/fy2024/): filed 2025-02-20; accession 0000074303-25-000023 (https://www.sec.gov/Archives/edgar/data/74303/000007430325000023/oln-20241231.htm)
- [FY 2023 MD&A](/company/OLN/mda/fy2023/): filed 2024-02-22; accession 0000074303-24-000041 (https://www.sec.gov/Archives/edgar/data/74303/000007430324000041/oln-20231231.htm)
- [FY 2022 MD&A](/company/OLN/mda/fy2022/): filed 2023-02-23; accession 0000074303-23-000054 (https://www.sec.gov/Archives/edgar/data/74303/000007430323000054/oln-20221231.htm)
- [FY 2021 MD&A](/company/OLN/mda/fy2021/): filed 2022-02-24; accession 0000074303-22-000015 (https://www.sec.gov/Archives/edgar/data/74303/000007430322000015/oln-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2800 Chemicals & Allied Products) 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/OLN.md · JSON record: /company/OLN.json · verified financials: /company/OLN/financials.json / /company/OLN/financials.csv · machine TOC for the whole site: /llms.txt