Westlake Corporation

11/04/2026 | Press release | Distributed by Public on 11/04/2026 08:26

Quarterly Report for Quarter Ending September 30, 2026 (Form 10-Q)

Management's Discussion and Analysis of Financial Condition and Results of Operations
This discussion and analysis should be read in conjunction with information contained in the accompanying unaudited consolidated interim financial statements of Westlake Corporation and the notes thereto and the consolidated financial statements and notes thereto of Westlake Corporation included in Westlake Corporation's Annual Report on Form 10-K for the fiscal year ended December 31, 2025 (the "2025 Form 10-K"). Unless otherwise indicated, references in this report to "we," "our," "us" or like terms refer to Westlake Corporation ("Westlake" or the "Company"). The following discussion contains forward-looking statements. Please read "Forward-Looking Statements" for a discussion of limitations inherent in such statements.
Overview
We are a vertically integrated global manufacturer and marketer of both housing and infrastructure products and performance and essential materials. We operate in two principal operating segments, Housing and Infrastructure Products ("HIP") and Performance and Essential Materials ("PEM"). The HIP segment includes Westlake Royal Building Products, Westlake Pipe & Fittings and Westlake Global Compounds. The PEM segment includes Westlake North American Chlorovinyls, Westlake European & Asian Chlorovinyls, Westlake Olefins and Polyethylene and Westlake Epoxy. We are highly integrated along our materials chain with significant downstream integration from ethylene and chlor-alkali ("chlorine and caustic soda") into vinyls, polyethylene ("PE") and epoxy. We also have substantial downstream integration from polyvinyl chloride ("PVC") into our HIP segment for our residential building products, PVC pipe and fittings, and PVC compounds.
Recent Developments
Acquisition of a Roofing Business
On October 1, 2026, the Company's subsidiary, Westlake Royal Roofing LLC, completed the acquisition of a rolled steel metal panel business for a preliminary purchase price of approximately $36 million, subject to various adjustments. The assets acquired and liabilities assumed and the results of operations of the acquired business will be included in the Housing and Infrastructure Products segment from the acquisition date. Due to the timing of the acquisition, the opening balance for the acquisition will be accounted for in our Annual Report on Form 10-K for the fiscal year ending December 31, 2026.
Cologne Facility Closure
On September 29, 2026, the Company announced a plan to cease operation of its PVC production plant located in Cologne, Germany, subject to completion of local consultation obligations. The plant has an annual production capacity of approximately 365 million pounds. The production at the Cologne plant is expected to cease in the first quarter of 2027. The Company plans to continue supplying customers with PVC from its other chlorovinyl facilities, including the recently acquired production site located in Wilhelmshaven, Germany. The total costs recognized for the three and nine months ended September 30, 2026 were $51 million, of which $50 million was included in the restructuring, transaction and integration-related costs and the rest in the cost of sales in the Company's consolidated statements of operations and Performance and Essential Materials segment operating results. The total cost of $51 million consisted of accelerated depreciation and amortization and asset write-downs of $34 million and severance and separation costs of $17 million. These plant shutdown related costs recorded represent management's best estimate based on information currently available and are subject to change as additional information becomes available. The Company expects to recognize additional charges of $150 million primarily consisting of accelerated depreciation and amortization, and asset write-down charges of $84 million, contract termination costs of $57 million and other plant shutdown costs of $9 million in future periods in connection with the closure. We expect to complete the closure of the facility by the end of 2027.
Middle East Conflict
In February 2026, a military conflict primarily involving the United States, Israel and Iran commenced in the Middle East. As a result, the global energy, petrochemical and transportation markets have experienced significant volatility and supply constraints with naphtha-based petrochemical producers in particular facing significantly higher production costs and feedstock supply limitations. Although we do not have operations in the Middle East and the substantial majority of our energy and feedstock requirements are sourced from North America and do not use naphtha-based supply, the ongoing disruptions to global shipping and elevated logistical costs continue to create inflationary pressures across our broader supply-chain. These disruptions may continue for an undeterminable period of time and may continue to increase costs for feedstocks, energy, and logistics services. We are actively assessing these conditions and their potential impact on our global operations. Please also see our Outlook section below for discussion of potential impacts on our HIP and PEM segments.
Outlook
Housing and Infrastructure Products
Our HIP segment is primarily comprised of residential building products, PVC pipe and fittings, and compound products made from PVC and other polymers. Our sales are affected by the level of new home construction and home repair and remodeling activity, particularly in North America, water infrastructure spending for our pipe and fittings business, as well as the decisions of distributors and dealers on the levels of inventory they carry, their views on product demand, their financial condition and the manner in which they choose to manage inventory risk, and customer decision on product selection based on price, aesthetics, and performance among other characteristics. Performance of our HIP businesses generally reflects the trends of building permits and housing starts in the New Residential Construction Survey by the U.S. Census Bureau and the Remodeling Market Index (RMI) provided by the National Association of Home Builders (the "NAHB") among others. We also expect that the preceding historically low level of residential housing construction that has resulted in an undersupply of existing housing and recent water infrastructure demands may benefit our HIP segment in the medium- to long-term. The ongoing geopolitical volatility in the Middle East has impacted the global supply and price of crude oil, contributing to an increase in diesel fuel prices. The increase in oil and diesel prices has resulted in higher raw material and freight costs globally. The resulting increase in inflation expectations contributed to higher borrowing costs which, together with the U.S. Federal Reserve's increase in interest rates in September 2026, have impacted the outlook for North American housing demand, which already faced supply constraints and affordability limitations. Several of our pipe and fittings customers chose to increase their inventory levels at the onset of the Middle East conflict to secure supply in anticipation of cost inflation. The resulting excess inventory contributed to lower pipe and fittings sales volume in the third quarter of 2026, which may continue until customer inventory levels normalize. A prolonged Middle East conflict and other uncertainties may create sustained inflationary pressures, which may in turn lead to additional interest rate increases that could continue to adversely affect demand for our products and our margins.
Performance and Essential Materials
Our PEM segment manufactures products such as ethylene, PE, chlor-alkali, chlorinated derivative products, ethylene dichloride, VCM and PVC, many of which are used in our integrated vinyls production chain. The chlor-alkali and petrochemical industries exhibit cyclical commodity characteristics, and margins are influenced by changes in the balance between global supply and demand and the resulting operating rates, the level of general economic activity, turnaround activities, and the price of raw materials. From 2022 through 2025, we experienced lower prices, increased supply, and weaker demand for most of our PEM products globally. The geopolitical volatility in the Middle East has created feedstock shortages and higher production costs for naphtha-based manufacturers in Asia, which drove up global prices for many performance and essential material products in 2026. PEM production in Europe continues to face difficult conditions, including weak demand, elevated energy costs, and increased import pressure from Asia. Our North American operations have been less affected by the higher global oil and feedstock costs resulting from the Middle East conflict and hold a competitive advantage due to lower natural gas and power costs, creating opportunities to increase price and margins while supplying domestic and global markets. The recent heightened volatility in global oil and feedstock prices is creating a very fluid environment that may impact our ability to maintain and/or further increase prices and margins. We remain cautious of headwinds impacting the profitability of our operations globally, including slower economic growth in China, margin compression, and trade disruptions from tariffs. Significant uncertainties remain regarding the duration of the war in Ukraine, the resolution of the Middle East conflict, the subsequent recovery period, return of supply-chain stability in the Middle East and potential broader demand destruction due to inflationary pressures.
Non-GAAP Financial Measures
The body of accounting principles generally accepted in the United States is commonly referred to as "GAAP." For this purpose, a non-GAAP financial measure is generally defined by the Securities and Exchange Commission ("SEC") as one that purports to measure historical or future financial performance, financial position or cash flows that (1) excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statement of operations, balance sheet or statement of cash flows (or equivalent statements) of the registrant; or (2) includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. In this report, we disclose non-GAAP financial measures, primarily earnings before interest, taxes, depreciation and amortization ("EBITDA") and Free Cash Flow. We define EBITDA as net income (loss) before interest expense, income taxes, depreciation and amortization. We define Free Cash Flow as net cash provided by operating activities less additions to property, plant and equipment. The non-GAAP financial measures described in this Form 10-Q are not substitutes for the GAAP measures of earnings and cash flows.
EBITDA is included in this Form 10-Q because our management considers it an important supplemental measure of our performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry, some of which present EBITDA when reporting their results. We regularly evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates by using EBITDA. In addition, we utilize EBITDA in evaluating acquisition targets. Management also believes that EBITDA is a useful tool for measuring our ability to meet our future debt service and satisfy capital expenditure and working capital requirements, and EBITDA is commonly used by us and our investors to measure our ability to service indebtedness.
Free Cash Flow is included in this Form 10-Q because our management considers it an important supplemental measure of our performance and believes that it is frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry, some of which present Free Cash Flow when reporting their results. We regularly evaluate our performance as compared to other companies in our industry that have different financing and capital structures and/or tax rates by using Free Cash Flow. Management also believes that Free Cash Flow is useful to investors and securities analysts to evaluate our liquidity, evaluate strategic investment, evaluate our stock buyback plan and measure our ability to meet our future debt service.
EBITDA and Free Cash Flow are not substitutes for the GAAP measures of net income (loss), income (loss) from operations and net cash provided by operating activities and are not necessarily measures of our ability to fund our cash needs. In addition, companies calculate EBITDA and Free Cash Flow differently and, therefore, EBITDA and Free Cash Flow as presented for us may not be comparable to EBITDA and Free Cash Flow reported by other companies. EBITDA has material limitations as a performance measure because it excludes interest expense, depreciation and amortization and income taxes. Free Cash Flow has material limitations as a performance measure because it only considers net cash provided by operating activities, and not net income (loss) or income (loss) from operations. For instance, it applies to the entire cost of capital expenditure in the period in which the property or equipment is acquired, rather than spreading it over several periods as is the case with net loss and loss from operations.
Reconciliations of EBITDA to net income (loss), income (loss) from operations and net cash provided by operating activities, and Free Cash Flow to net cash provided by operating activities are included in the "Results of Operations" section below.
Results of Operations
Segment Data
The table below and descriptions that follow represent the consolidated results of operations of the Company for the three and nine months ended September 30, 2026 and 2025.
Net External Sales
The table below presents net external sales on a disaggregated basis for our two principal operating segments. Housing Products net external sales primarily consist of sales of housing exterior and interior products, residential pipes and fittings and residential products utilizing PVC compounds. Infrastructure Products net external sales primarily consist of sales of infrastructure related pipes and fittings and infrastructure products utilizing compounds. Performance Materials net external sales primarily consist of sales of PVC, polyethylene and epoxy. Essential Materials net external sales primarily consist of sales of caustic soda, chlorine, styrene, and related derivative materials.
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(in millions of dollars, except per share data)
Net external sales
Housing and Infrastructure Products
Housing Products $ 846 $ 928 $ 2,645 $ 2,746
Infrastructure Products 241 163 687 501
Total Housing and Infrastructure Products 1,087 1,091 3,332 3,247
Performance and Essential Materials
Performance Materials 1,176 1,010 3,415 3,088
Essential Materials 718 737 2,157 2,302
Total Performance and Essential Materials 1,894 1,747 5,572 5,390
$ 2,981 $ 2,838 $ 8,904 $ 8,637
Income (loss) from operations
Housing and Infrastructure Products $ 128 $ 151 $ 396 $ 521
Performance and Essential Materials (64) (902) (90) (1,383)
Corporate and other (21) (15) (71) (45)
Total income (loss) from operations 43 (766) 235 (907)
Interest expense (52) (41) (163) (120)
Other income, net 17 32 84 93
Provision for (benefit from) income taxes (10) (3) 24 4
Net income (loss) 18 (772) 132 (938)
Net income attributable to noncontrolling interests 12 10 35 26
Net income (loss) attributable to Westlake Corporation $ 6 $ (782) $ 97 $ (964)
Earnings (loss) per share $ 0.05 $ (6.06) $ 0.75 $ (7.48)
EBITDA (1)
$ 350 $ (431) $ 1,179 $ 67
Free Cash Flow (2)
$ 220 $ (57) $ 28 $ (514)
_____________
(1)See above for discussions on non-GAAP financial measures. See "Reconciliation of EBITDA to Net Income (Loss), Income (Loss) from Operations and Net Cash Provided by Operating Activities" below.
(2)See above for discussions on non-GAAP financial measures. See "Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities" below.
Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026
Average
Sales Price 		Volume Average
Sales Price 		Volume
Net sales percentage change from prior-year period due to average sales price and volume
Housing and Infrastructure Products +1 % -2 % -1 % +4 %
Performance and Essential Materials +9 % -1 % +7 % -4 %
Company average
+6 % -1 % +4 % -1 %
Three Months Ended September 30, 2026 Nine Months Ended September 30, 2026
Domestic US prices percentage change from prior-year period for fuel cost and feedstock
Fuel cost (Natural Gas) -5 % +5 %
Feedstock (Ethane) +5 % -7 %
Reconciliation of EBITDA to Net Income (Loss), Income (Loss) from Operations and Net Cash Provided by Operating Activities
The following table presents the reconciliation of EBITDA to net income (loss), income (loss) from operations and net cash provided by operating activities, the most directly comparable GAAP financial measures, for each of the periods indicated.
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(in millions of dollars)
Net cash provided by operating activities $ 408 $ 182 $ 619 $ 240
Changes in operating assets and liabilities and other (509) (895) (592) (1,138)
Deferred income taxes 119 (59) 105 (40)
Net income (loss) 18 (772) 132 (938)
Less:
Other income, net
17 32 84 93
Interest expense
(52) (41) (163) (120)
Benefit from (provision for) income taxes 10 3 (24) (4)
Income (loss) from operations 43 (766) 235 (907)
Add:
Depreciation and amortization 290 303 860 881
Other income, net 17 32 84 93
EBITDA $ 350 $ (431) $ 1,179 $ 67
Reconciliation of Free Cash Flow to Net Cash Provided by Operating Activities
The following table presents the reconciliation of Free Cash Flow to net cash provided by operating activities, the most directly comparable GAAP financial measure, for each of the periods indicated.
Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(in millions of dollars)
Net cash provided by operating activities $ 408 $ 182 $ 619 $ 240
Less:
Additions to property, plant and equipment 188 239 591 754
Free cash flow
$ 220 $ (57) $ 28 $ (514)
Summary
For the third quarter ended September 30, 2026, net income attributable to Westlake Corporation was $6 million, or $0.05 per diluted share, on net sales of $2,981 million. This represents an increase in net income attributable to Westlake Corporation of $788 million, or $6.11 per diluted share, compared to the third quarter ended September 30, 2025, net loss attributable to Westlake Corporation of $782 million, or $6.06 per diluted share, on net sales of $2,838 million. Income from operations was $43 million for the quarter ended September 30, 2026, as compared to loss from operations of $766 million for the quarter ended September 30, 2025, an increase of $809 million. The increase in net income and income from operations was primarily due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin, higher sales volumes for PVC resin and chlor-alkali derivatives, and lower fuel costs. Additionally, the increase in net income and income from operations included contribution from the global compounding solutions businesses of the ACI/Perplastic Group (collectively, "ACI"), which was acquired in January 2026. These positive contributions were partially offset by lower building products, pipe and fittings and caustic soda sales volumes and higher distribution and ethane feedstock costs in the third quarter ended September 30, 2026, as compared to the third quarter ended September 30, 2025. The net loss and loss from operations for the third quarter ended September 30, 2025 were impacted due to a non-cash impairment charge of $727 million related to North American Chlorovinyls goodwill under the Performance and Essential Materials segment. The net income and income from operations for the third quarter ended September 30, 2026 were also negatively impacted by the recognition of a charge of $51 million related to the announced closure of the Cologne plant in Germany. The net income attributable to Westlake Corporation was also negatively affected by higher interest expense in the third quarter ended September 30, 2026, which resulted from higher average interest rate debt that was issued in November 2025, compared to the third quarter ended September 30, 2025.
For the nine months ended September 30, 2026, net income attributable to Westlake Corporation was $97 million, or $0.75 per diluted share, on net sales of $8,904 million. This represents an increase in net income attributable to Westlake Corporation of $1,061 million, or $8.23 per diluted share, compared to the nine months ended September 30, 2025, net loss attributable to Westlake Corporation of $964 million, or $7.48 per diluted share, on net sales of $8,637 million. Income from operations was $235 million for the nine months ended September 30, 2026, as compared to loss from operations of $907 million for the nine months ended September 30, 2025, an increase of $1,142 million. The increase in net income and income from operations in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin, higher sales volumes for pipe and fittings, ACI related compounds sales volumes, and lower ethane feedstock costs. These positive contributions were negatively impacted by higher distribution and fuel costs, the recognition of a $51 million charge in September 2026 related to the announced closure of the Cologne plant in Germany and a litigation charge of $67 million in March 2026 related to the settlement of certain PVC pipe antitrust litigation, lower pipe and fittings sales prices and lower sales volumes for several of our products. The net loss and loss from operations for the nine months ended September 30, 2025 were impacted by a non-cash impairment charge of $727 million related to North American Chlorovinyls goodwill. The net income attributable to Westlake Corporation was also negatively affected by higher interest expense in the nine months ended September 30, 2026, which resulted from higher average interest rate debt that was issued in November 2025, compared to the nine months ended September 30, 2025.
RESULTS OF OPERATIONS
Third Quarter 2026 and Nine Months Ended September 30, 2026, Compared with Third Quarter 2025 and Nine Months Ended September 30, 2025
(Amounts in tables are in millions of dollars)
Change
Net sales 2026 2025 $ %
Third Quarter ended September 30, $ 2,981 $ 2,838 $ 143 5 %
Nine Months ended September 30, 8,904 8,637 267 3 %
Net sales increased by $143 million in the third quarter of 2026 compared to the third quarter of 2025. Average sales prices for the third quarter of 2026 increased by 6% as compared to the third quarter of 2025, primarily because of higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin. Sales volumes decreased by 1% in the third quarter of 2026 as compared to the third quarter of 2025, primarily due to lower sales volumes for building products, pipe and fittings and caustic soda, partially offset by higher PVC resin and ACI related compounds sales volumes. These decreases in volumes were also negatively impacted by the closures of certain North American chlorovinyl facilities and a styrene facility in December 2025 as part of our footprint optimization actions.
Net sales increased by $267 million in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Average sales prices for the nine months ended September 30, 2026 increased by 4%, as compared to the nine months ended September 30, 2025, primarily as a result of higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin, partially offset by lower pipe and fittings sales prices. Sales volumes decreased by 1% in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to lower sales volumes for building products, PVC resin, chlorine, caustic soda and styrene, which were partially offset by higher pipe and fittings and ACI related compounds sales volumes.
Change
Gross profit 2026 2025 $ %
Third Quarter ended September 30, $ 382 $ 236 $ 146 62 %
Nine Months ended September 30, 1,146 726 420 58 %
Gross profit margin
Third Quarter ended September 30, 13 % 8 %
Nine Months ended September 30, 13 % 8 %
The increase in gross profit margin in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to higher sales prices for polyethylene, PVC resin, epoxy resin and caustic soda, and ACI related compounds sales volumes, and lower fuel costs. These positive contributions were partially offset by higher distribution and ethane feedstock costs.
The increase in gross profit margin in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin, higher sales volumes for pipe and fittings and ACI related compounds, and lower ethane feedstock costs. These increases were negatively impacted by higher distribution and fuel costs, the recognition of a litigation charge of $67 million related to the settlement of certain PVC pipe antitrust litigation in March 2026 and lower sales volumes for several of our products.
Change
Selling, general and administrative expenses 2026 2025 $ %
Third Quarter ended September 30, $ 250 $ 228 $ 22 10 %
Nine Months ended September 30, 739 676 63 9 %
The increase in selling, general and administrative expenses in the third quarter of 2026 compared with the third quarter of 2025 and in the nine months ended September 30, 2026, compared with the nine months ended September 30, 2025, was primarily due to higher employee compensation, legal and other consulting and technology-related expenses. The higher selling, general and administrative expenses were also partially due to ACI and Wilhelmshaven plant related expenses.
Change
Amortization of intangibles 2026 2025 $ %
Third Quarter ended September 30, $ 31 $ 30 $ 1 3 %
Nine Months ended September 30, 93 91 2 2 %
Amortization expenses related to intangible assets were consistent for all the periods presented.
Change
Impairment of goodwill 2026 2025 $ %
Third Quarter ended September 30, $ - $ 727 $ (727) (100) %
Nine Months ended September 30, - 727 (727) (100) %
The impairment of goodwill of $727 million represents a North American Chlorovinyls goodwill impairment charge recognized in the third quarter of 2025, within the Performance and Essential Materials segment.
Change
Restructuring, transaction and integration-related costs 2026 2025 $ %
Third Quarter ended September 30, $ 58 $ 17 $ 41 241 %
Nine Months ended September 30, 79 139 (60) (43) %
Restructuring, transaction and integration-related costs in the third quarter of 2026 primarily consisted of a $50 million charge in September 2026 related to the announced closure of the PVC facility in Cologne, Germany and costs related to the closures of certain North American chlorovinyl facilities and a styrene facility in December 2025, which are recognized over time. The restructuring, transaction and integration-related costs in the third quarter of 2025 primarily consisted of $15 million related to the closure of the Pernis facility located in the Netherlands.
Restructuring, transaction and integration-related costs in the nine months ended September 30, 2026, primarily consisted of a $50 million charge in September 2026 related to the announced closure of the PVC facility in Cologne, Germany and costs related to the closures of certain North American chlorovinyl facilities and a styrene facility in December 2025, which are recognized over time. The restructuring, transaction and integration-related costs in the nine months ended September 30, 2025, primarily consisted of $130 million related to the closure of the Pernis facility located in the Netherlands and $9 million related to the closure of the PVC resin unit at the Suzhou Huasu Plastics plant located in China.
Change
Interest expense 2026 2025 $ %
Third Quarter ended September 30, $ (52) $ (41) $ 11 27 %
Nine Months ended September 30, (163) (120) 43 36 %
Interest expense in the third quarter of 2026 as compared to the third quarter of 2025, and in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was higher due to a higher average debt balance as a result of the issuance of $600 million aggregate principal amount of 5.550% 2035 Senior Notes and $600 million aggregate principal amount of 6.375% 2055 Senior Notes. The 5.550% 2035 Senior Notes and the 6.375% 2055 Senior Notes bear higher interest rates compared to the 3.60% 2026 Senior Notes, of which $254 million aggregate principal amount of the 3.60% 2026 Senior Notes were repurchased pursuant to a tender offer in November 2025 and the remaining $496 million aggregate principal amount of the 3.60% 2026 Senior Notes were redeemed in May 2026.
Change
Other income, net 2026 2025 $ %
Third Quarter ended September 30, $ 17 $ 32 $ (15) (47) %
Nine Months ended September 30, 84 93 (9) (10) %
Other income, net for all the periods presented consisted primarily of interest income. Other income, net, was lower due to lower cash and cash equivalent balances in the 2026 periods compared to the 2025 periods.
2026 2025
Provision for (benefit from) income taxes
Income tax expense
Third Quarter ended September 30, $ (10) $ (3)
Nine Months ended September 30, 24 4
Effective Income Tax Rate
Third Quarter ended September 30, (125.0) % 0.4 %
Nine Months ended September 30, 15.4 % (0.4) %
The effective income tax rate was lower in the third quarter of 2026, primarily due to lower income before income taxes, which increased the impact of the income tax benefits from the increase in foreign losses in jurisdictions with statutory rates above 21%, income attributable to noncontrolling interests, and U.S. federal research and development credits available to the Company. These tax benefits were partially offset by reserves for uncertain tax positions, withholding tax accruals on unremitted foreign earnings, non-deductible executive compensation, and state taxes. The effective income tax rate was higher in the third quarter of 2025 primarily due to income tax benefits on loss before income taxes that were limited by the non-deductible goodwill impairment charge associated with the North American Chlorovinyls reporting unit, a valuation allowance recorded against Westlake Epoxy Netherlands's net operating loss, and the impact of earnings mix across jurisdictions.
The effective income tax rate in the nine months ended September 30, 2026, was higher primarily due to higher income before income taxes which reduced the impact of the income tax benefits from the increase in foreign losses in jurisdictions with statutory rates above 21%, income attributable to noncontrolling interests, and U.S. federal research and development credits available to the Company. These tax benefits were partially offset by reserves for uncertain tax positions, withholding tax accruals on unremitted foreign earnings, non-deductible executive compensation, and state taxes. The effective income tax rate was lower in the nine months ended September 30, 2025 primarily due to income tax benefits on loss before income taxes that were limited by the non-deductible goodwill impairment charge associated with the North American Chlorovinyls reporting unit, a valuation allowance recorded against Westlake Epoxy Netherlands's net operating loss, and the impact of earnings mix across jurisdictions.
Housing and Infrastructure Products Segment
Change
2026 2025 $ %
Housing and Infrastructure Products Net Sales
Third Quarter ended September 30,
Housing Products $ 846 $ 928 $ (82) (9) %
Infrastructure Products 241 163 78 48 %
Total Housing and Infrastructure Products $ 1,087 $ 1,091 $ (4) - %
Nine Months ended September 30,
Housing Products $ 2,645 $ 2,746 $ (101) (4) %
Infrastructure Products 687 501 186 37 %
Total Housing and Infrastructure Products $ 3,332 $ 3,247 $ 85 3 %
Net sales for the HIP segment decreased by $4 million in the third quarter of 2026 compared to the third quarter of 2025. Total sales volumes for the HIP segment decreased by 2% in the third quarter of 2026 as compared to the third quarter of 2025, due to lower pipe and fittings and building products sales volumes that were partially offset by higher ACI related compounds sales volumes. Average sales prices for the HIP segment increased by 1% in the third quarter of 2026, as compared to the third quarter of 2025, primarily due to higher sales prices for building products. Lower sales of housing products in the third quarter of 2026 were primarily due to lower sales volumes for our roofing, siding and trim, building products. Higher sales of infrastructure products in the third quarter of 2026 were largely attributable to compounds sold by ACI, which was acquired in January 2026.
Net sales for the HIP segment increased by $85 million in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Total sales volumes for the HIP segment increased by 4% in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, due to higher pipe and fittings and ACI compounds sales volumes, partially offset by lower building products sales volumes. Average sales prices for the HIP segment decreased by 1% in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to lower sales prices for pipe and fittings, partially offset by higher building products sales prices. Lower sales of housing products in the nine months ended September 30, 2026, were primarily due to lower sales volumes for our roofing building products. Higher sales of infrastructure products in the nine months ended September 30, 2026 were largely attributable to compounds sold by ACI.
Change
Income from operations 2026 2025 $ %
Third Quarter ended September 30, $ 128 $ 151 $ (23) (15) %
Nine Months ended September 30, 396 521 (125) (24) %
The decrease in income from operations for the HIP segment in the third quarter of 2026, as compared to the third quarter of 2025, was primarily due to lower sales volumes for pipe and fittings and building products and an increase in distribution costs, which was partially offset by higher ACI related compounds sales volumes.
The decrease in income from operations for the HIP segment in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to lower sales prices for pipe and fittings and lower sales volumes for building products. The HIP segment performance was also negatively impacted by the increase in distribution costs and recognition of a litigation charge of $67 million related to PVC pipe antitrust litigation settlement for certain plaintiffs in the first quarter of 2026. The impact of these decreases was partially offset by higher pipe and fittings and ACI related compounds sales volumes.
Performance and Essential Materials Segment
Change
2026 2025 $ %
Performance and Essential Materials Net Sales
Third Quarter ended September 30,
Performance Materials $ 1,176 $ 1,010 $ 166 16 %
Essential Materials 718 737 (19) (3) %
Total Performance and Essential Materials $ 1,894 $ 1,747 $ 147 8 %
Nine Months ended September 30,
Performance Materials $ 3,415 $ 3,088 $ 327 11 %
Essential Materials 2,157 2,302 (145) (6) %
Total Performance and Essential Materials $ 5,572 $ 5,390 $ 182 3 %
Net sales for the PEM segment increased by $147 million in the third quarter of 2026, compared to the third quarter of 2025. Average sales prices for the PEM segment increased by 9% in the third quarter of 2026, as compared to the third quarter of 2025, due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin. Sales volume for the PEM segment decreased by 1% in the third quarter of 2026, as compared to the third quarter of 2025, due to lower caustic soda and styrene sales volumes, offset by higher PVC resin and chlor-alkali derivative sales volumes. Lower styrene sales volumes were due to the closure of a styrene facility in December 2025 as part of our footprint optimization actions. The higher PVC resin sales volumes were driven by the PVC resin sales generated from the Wilhelmshaven plant, which was acquired in June 2026, and were partially offset by certain North American PVC resin plant closures in December 2025. The higher Performance Materials sales were primarily due to higher polyethylene and PVC resin sales prices, partially offset by the closure of certain North American chlorovinyl facilities in December 2025. The lower Essential Materials sales were primarily due to lower caustic soda sales and the closure of a styrene facility in December 2025.
Net sales for the PEM segment increased by $182 million in the nine months ended September 30, 2026, compared to the nine months ended September 30, 2025. Average sales prices for the PEM segment increased by 7% in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, primarily due to higher polyethylene, PVC resin, caustic soda and epoxy resin sales prices. Sales volume for the PEM segment decreased by 4% in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, due to lower PVC resin, caustic soda, chlorine and styrene sales volumes. The higher Performance Materials sales were primarily due to higher polyethylene and epoxy resin and PVC resin sales from our recently acquired Wilhelmshaven plant, partially offset by lower PVC resin sales resulting from the closure of certain North American chlorovinyl facilities in December 2025. The lower Essential Materials sales were primarily due to lower chlorine sales and the closure of a styrene facility in December 2025.
Change
Loss from operations 2026 2025 $ %
Third Quarter ended September 30, $ (64) $ (902) $ 838 (93) %
Nine Months ended September 30, (90) (1,383) 1,293 (93) %
The increase of $838 million in income from operations for the PEM segment in the third quarter of 2026 as compared to the third quarter of 2025, was due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin and lower fuel costs, partially offset by the recognition of a $51 million charge in September 2026 related to the announced closure of the PVC facility in Cologne, Germany and higher ethane feedstock costs in the third quarter of 2026, as compared to the third quarter of 2025. The loss from operations for the third quarter ended September 30, 2025, included a non-cash impairment charge of $727 million related to North American Chlorovinyls goodwill.
The increase of $1,293 million in income from operations for the PEM segment for the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025, was primarily due to higher sales prices for polyethylene, PVC resin, caustic soda and epoxy resin, and higher sales volumes for polyethylene and lower ethane feedstock costs. This increase was partially offset by lower sales volumes for caustic soda and chlorine, recognition of a $51 million charge in September 2026 related to the announced closure of the PVC facility in Cologne, Germany, and higher fuel costs in the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025. The loss from operations for the nine months ended September 30, 2025 included a non-cash impairment charge of $727 million related to North American Chlorovinyls goodwill.
CASH FLOW DISCUSSION FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2026 AND 2025
Cash Flows
(Amounts in table are in millions of dollars)
Nine Months Ended September 30,
Change (unfavorable) favorable
Net cash provided by (used for): 2026 2025 $
Operating activities $ 619 $ 240 $ 379
Investing activities (779) (968) 189
Financing activities (789) (285) (504)
Operating Activities
The $379 million favorable change in net cash flows from operating activities in the first nine months of 2026, as compared to the first nine months of 2025, was mainly due to higher income, as discussed under Results of Operations above, and a favorable change attributable to the significant cash outflow in connection with the Petro 1 ethylene facility turnaround in the first nine months of 2025 and favorable changes in working capital of $60 million. The favorable changes in working capital were primarily driven by the favorable changes in accounts receivable and accounts payable balances, partially offset by unfavorable changes in inventory balances. Changes in accounts payable and inventory balances were primarily due to an increase in feedstock and raw material costs during the nine months ended September 30, 2026, as compared to the nine months ended September 30, 2025.
Investing Activities
Net cash used for investing activities in the first nine months of 2026, as compared to the first nine months of 2025, decreased by $189 million. The decrease was primarily due to a decrease in capital expenditures of $163 million, from $754 million in the first nine months of 2025 to $591 million in the first nine months of 2026, lower purchases of available-for-sale securities in the first nine months of 2026 as compared to our initial investments of $198 million in the first nine months of 2025. These decreases in cash outflows were partially offset by the payment of $171 million, net of cash acquired of $18 million, for the ACI and Wilhelmshaven plant acquisitions in the nine months ended September 30, 2026. Other investing activities during the nine months ended September 30, 2026 include the settlement of our foreign currency swap agreements, which did not have a material net impact on the cash used for investing activities.
Financing Activities
Net cash used for financing activities during the first nine months of 2026 as compared to first nine months of 2025 increased by $504 million, which was primarily due to the redemption of $496 million aggregate principal amount of outstanding 3.60% 2026 Senior Notes in May 2026. Other financing activities in the first nine months of 2026 included the payment of $205 million of cash dividends, $32 million of cash distributions to noncontrolling interests and the repurchase of $30 million of our outstanding common stock for treasury. The financing activities in the first nine months of 2025 included $204 million payment of cash dividends, $33 million of cash distributions to noncontrolling interests and the repurchase of $30 million of our outstanding common stock for treasury.
LIQUIDITY AND CAPITAL RESOURCES
Liquidity and Financing Arrangements
Our principal sources of liquidity are cash and cash equivalents, available-for-sale securities, cash from operations, short-term borrowings under our credit agreement and our long-term financing.
In November 2014, our Board of Directors authorized a $250 million stock repurchase program (the "2014 Program"). In November 2015, our Board of Directors approved the expansion of the 2014 Program by an additional $150 million. In August 2018, our Board of Directors approved the further expansion of the existing 2014 Program by an additional $150 million. In August 2022, our Board of Directors approved the further expansion of the existing 2014 Program by an additional $500 million. There were no repurchases of common stock under the 2014 Program during the three months ended September 30, 2026. As of September 30, 2026, we had repurchased 10,285,404 shares of our common stock for an aggregate purchase price of approximately $727 million under the 2014 Program. Purchases under the 2014 Program may be made either through the open market or in privately negotiated transactions. Decisions regarding the amount and the timing of purchases under the 2014 Program will be influenced by our cash on hand, our cash flows from operations, general market conditions and other factors. The 2014 Program may be discontinued by our Board of Directors at any time.
On October 4, 2018, Westlake Chemical Partners LP ("Westlake Partners") and Westlake Chemical Partners GP LLC, the general partner of Westlake Partners, entered into an Equity Distribution Agreement with UBS Securities LLC, Barclays Capital Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc., RBC Capital Markets, LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Wells Fargo Securities, LLC to offer and sell Westlake Partners common units, from time to time, up to an aggregate offering amount of $50 million. This Equity Distribution Agreement was amended on February 28, 2020 to reference a new shelf registration and subsequent renewals thereof for utilization under this agreement. No common units have been issued under this program as of September 30, 2026.
We believe that our sources of liquidity as described above are adequate to fund our normal operations and ongoing capital expenditures and turnaround activities. Funding of any large expansions or potential future acquisitions or the redemption of debt may necessitate, and therefore depend on, our ability to obtain additional financing in the future. We may not be able to access additional liquidity at favorable interest rates due to volatility of the commercial credit markets.
Cash and Cash Equivalents and Available-For-Sale Securities
As of September 30, 2026, our cash and cash equivalents totaled $1,764 million.
As of September 30, 2026, our available-for-sale securities totaled $207 million. See Note 3 "Financial Instruments" to the unaudited consolidated financial statements appearing elsewhere in this Form 10-Q for a discussion of our available-for-sale securities.
In addition to our cash and cash equivalents and available-for-sale securities, our credit agreement is available to provide liquidity as needed, as described under "Debt" below.
Debt
As of September 30, 2026, the carrying value of our indebtedness totaled $5,064 million. See Note 8 "Long-Term Debt" to the unaudited consolidated financial statements appearing elsewhere in this Form 10-Q for more information on our long-term indebtedness, credit agreements and defined terms used in this section.
Our ability to make payments on our indebtedness and to fund planned capital expenditure will depend on our ability to generate cash in the future, which is subject to general economic, financial, competitive, legislative, regulatory and other factors that are beyond our control. Based on our current level of operations and unless we were to undertake a new expansion or large acquisition, we believe our available cash and available borrowings under our credit agreement will be adequate to meet our normal operating needs for the foreseeable future. In order to reduce future cash interest payments, as well as future amounts due at maturity or upon redemption, we or our affiliates may from time to time seek to redeem, repurchase or otherwise acquire our outstanding debt securities through open market purchases, privately negotiated transactions, tender offers or pursuant to the terms of such securities. Such acquisitions, if any, will be upon such terms and at such prices as we may determine, and will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material.
Senior Notes
The holders of the 1.625% 2029 Senior Notes, the 3.375% 2030 Senior Notes, the 3.50% 2032 tax-exempt GO Zone Refunding Senior Notes, the 5.550% 2035 Senior Notes, the 2.875% 2041 Senior Notes, the 5.00% 2046 Senior Notes, the 4.375% 2047 Senior Notes, the 3.125% 2051 Senior Notes, the 6.375% 2055 Senior Notes and the 3.375% 2061 Senior Notes may require us to repurchase the notes at a price equal to 101% of their principal amount, plus accrued and unpaid interest to, but not including, the date of repurchase, upon the occurrence of both a "change of control" and, within 60 days of such change of control, a "below investment grade rating event" (as such terms are defined in the respective indentures governing these notes).
The indenture governing the 1.625% 2029 Senior Notes, the 3.375% 2030 Senior Notes, the 3.50% 2032 tax-exempt GO Zone Refunding Senior Notes, the 5.550% 2035 Senior Notes, the 2.875% 2041 Senior Notes, the 5.00% 2046 Senior Notes, the 4.375% 2047 Senior Notes, the 3.125% 2051 Senior Notes, the 6.375% 2055 Senior Notes and the 3.375% 2061 Senior Notes contains customary events of default and covenants that, among other things and subject to certain exceptions, restrict us and certain of our subsidiaries' ability to (1) incur certain secured indebtedness, (2) engage in certain sale and leaseback transactions and (3) consolidate, merge or transfer all or substantially all of our assets.
As of September 30, 2026, we were in compliance with all of our long-term debt covenants.
Credit Agreement
On June 9, 2022, we entered into a $1.5 billion revolving credit facility that was scheduled to mature on June 9, 2027 (the "Credit Agreement"). On April 2, 2026, the Company entered into a credit agreement (the "New Credit Agreement"), by and among Westlake, the lenders from time-to-time party thereto (collectively, the "Lenders"), the issuing banks party thereto and JPMorgan Chase Bank, National Association, as administrative agent. Under the New Credit Agreement, the Lenders have committed to provide an unsecured revolving credit facility in an aggregate principal amount of up to $1.5 billion. The new revolving credit facility replaced Westlake's previous $1.5 billion revolving credit facility, which was terminated on April 2, 2026. The New Credit Agreement became effective on April 2, 2026 and borrowings thereunder will mature on April 2, 2031. The New Credit Agreement contains customary affirmative and negative covenants, including a quarterly total leverage ratio financial maintenance covenant ("financial covenant"). The calculation of the financial covenant includes, among other items, certain adjustments and add backs to debt and EBITDA definitions in the credit agreements.
As of September 30, 2026, we had no borrowings or letters of credit outstanding, had borrowing availability of $1.5 billion under the New Credit Agreement, and were in compliance with the financial covenant under the New Credit Agreement.
Westlake Chemical Partners LP Credit Arrangements
Our subsidiary, Westlake Polymers LLC, is the administrative agent to a $600 million revolving credit facility with Westlake Chemical OpCo LP ("OpCo") (the "OpCo Revolver"). As of September 30, 2026, outstanding borrowings under the credit facility totaled $23 million. On July 8, 2026, Westlake Polymers LLC entered into the Third Amendment (the "OpCo Revolver Amendment") to the OpCo Revolver. The OpCo Revolver Amendment extended the maturity date to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the OpCo Revolver's Secured Overnight Financing Rate, as administered by the Federal Reserve Bank of New York ("SOFR") based interest rate. Borrowings under the OpCo Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the OpCo Revolver is 1.75%.
Our subsidiary, Westlake Chemical Finance Corporation, is the lender party to a $600 million revolving credit facility with Westlake Partners (the "MLP Revolver"). As of September 30, 2026, outstanding borrowings under the credit facility totaled $377 million. On July 8, 2026, Westlake Chemical Finance Corporation entered into the Fifth Amendment (the "MLP Revolver Amendment") to the MLP Revolver. The MLP Revolver Amendment extended the maturity date of the MLP Revolver to July 11, 2031 and removed the 0.10% credit spread adjustment that had previously applied to the SOFR-based interest rate. Borrowings under the MLP Revolver now bear interest at a variable rate of either (a) SOFR plus the Applicable Margin or, if SOFR is no longer available, (b) the Alternate Base Rate plus the Applicable Margin minus 1.0%. The Applicable Margin under the MLP Revolver varies between 1.75% and 2.75%, depending on Westlake Partners' Consolidated Leverage Ratio.
We consolidate Westlake Partners and OpCo for financial reporting purposes as we have a controlling financial interest. As such, the revolving credit facilities described above between our subsidiaries and Westlake Partners and OpCo are eliminated from the financial statements upon consolidation.
Off-Balance Sheet Arrangements
None.
Recent Accounting Pronouncements
See Note 1 "Description of Business and Basis of Presentation" to the unaudited consolidated financial statements included in Item 1 of this Form 10-Q for a full description of recent accounting pronouncements, including expected date of adoption and estimated effect on results of operations and financial condition.
FORWARD-LOOKING STATEMENTS
The Private Securities Litigation Reform Act of 1995 provides safe harbor provisions for forward-looking information. Certain of the statements contained in this report are forward-looking statements. All statements, other than statements of historical facts, included in this report that address activities, events or developments that we expect, project, believe or anticipate will or may occur in the future are forward-looking statements. Forward-looking statements can be identified by the use of words such as "believes," "intends," "may," "should," "could," "anticipates," "expected" or comparable terminology, or by discussions of strategies or trends. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Forward-looking statements relate to matters such as:
•the ultimate timing, outcome and results of integrating the operations of any acquisitions and the ultimate outcome of our operating efficiencies applied to the products and services; the effects of any such acquisition, including the combined company's future financial condition, results of operations, strategies and plans; and expected synergies and other benefits from any such acquisition and our ability to realize such synergies and other benefits;
•recoverability of the carrying value of our long-lived assets, including tangible assets and intangible assets with finite lives, and the fair value of our reporting units with goodwill;
•future operating rates, margins, cash flows and demand for our products;
•industry market outlook, including the price of crude oil, natural gas, ethane, housing starts and repair and remodeling activity;
•macroeconomic outlook, including elevated interest rates, inflation and possible recession;
•widespread outbreak of an illness or any other communicable disease, or any other public health crisis;
•production capacities;
•the impact of the ongoing conflict in the Middle East and other global conflicts on our operations and margins;
•currency devaluation;
•our ability to borrow under our credit agreement;
•our ability to meet our liquidity needs;
•our ability to meet debt obligations under our debt instruments;
•our intended quarterly dividends;
•future capacity additions and expansions in the industries in which we compete;
•timing, funding and results of capital projects;
•pension plan obligations, funding requirements and investment policies;
•compliance with present and future environmental regulations and costs associated with environmentally related penalties, capital expenditures, remedial actions and proceedings, including any new laws, regulations or treaties that may come into force to limit or control carbon dioxide and other greenhouse gas emissions or to address other issues of climate change;
•recovery of losses under our insurance policies;
•effects of pending legal proceedings and settlements;
•timing of and amount of capital expenditures;
•increased costs and other effects of tariffs, antidumping duties, or other trade remedies imposed by the U.S. government or other governments, and any effects on trading relationships among the United States and other countries; and
•results of the closures of certain of our facilities, including the units located in Pernis, Netherlands, the PVC production plant located in Cologne, Germany, certain of the North American chlorovinyls production assets located in Louisiana and Mississippi, and the styrene production plant located in Louisiana (such as the timing and amount of recognition of related costs and our expectations regarding our financial performance following such closures).
We have based these statements on assumptions and analyses in light of our experience and perception of historical trends, current conditions, expected future developments and other factors we believe were appropriate in the circumstances when the statements were made. Forward-looking statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. Among the factors that could cause actual future results to differ materially are the risks and uncertainties discussed under "Risk Factors" in the 2025 Form 10-K and those described from time to time in our other filings with the SEC including, but not limited to, the following:
•general economic and business conditions, including inflation, interest rates and possible recession;
•the cyclical nature of the chemical and building products industries;
•the availability, cost and volatility of raw materials and energy;
•uncertainties associated with the United States, European and worldwide economies, including those due to political tensions and conflict in the Middle East, between Russia and Ukraine and elsewhere;
•uncertainties associated with pandemic infectious diseases;
•uncertainties associated with climate change;
•the potential impact on demand for ethylene, polyethylene and polyvinyl chloride due to initiatives such as recycling and customers seeking alternatives to polymers;
•current and potential governmental regulatory actions in the United States and other countries;
•industry production capacity and operating rates;
•the supply/demand balance for our products;
•competitive products and pricing pressures;
•instability in the credit and financial markets;
•access to capital markets;
•compliance with financial covenants;
•terrorist acts;
•operating interruptions (including leaks, explosions, fires, weather-related incidents, mechanical failure, unscheduled downtime, delays in turnaround activities, labor difficulties, transportation interruptions, spills and releases and other environmental risks);
•changes in laws or regulations, including trade policies and tariffs;
•disruptions in global trade, including as a result of tariffs, trade restrictions, retaliatory trade measures or the effect of such actions on trading relationships;
•the effects of government shutdowns;
•technological developments;
•information systems failures and cyberattacks;
•foreign currency exchange risks;
•our ability to implement our business strategies; and
•creditworthiness of our customers.
Many of such factors are beyond our ability to control or predict. Any of the factors, or a combination of these factors, could materially affect our future results of operations and the ultimate accuracy of the forward-looking statements. These forward-looking statements are not guarantees of our future performance, and our actual results and future developments may differ materially from those projected in the forward-looking statements. Management cautions against putting undue reliance on forward-looking statements or projecting any future results based on such statements or present or prior earnings levels. Every forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements.
Westlake Corporation published this content on November 04, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on November 04, 2026 at 14:27 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]