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Dec 31, 2025
GrafTech Q4 2025 Earnings Report
GrafTech reported a decrease in net sales and a higher net loss for the fourth quarter of 2025, primarily due to lower realized prices, despite flat sales volume year-over-year.
Key Takeaways
GrafTech International Ltd. announced its unaudited financial results for the fourth quarter and full year ended December 31, 2025, reporting a net loss of $65 million for the quarter, or $2.50 per share, on net sales of $116 million. This represents a decrease in net sales and an increased net loss compared to the same period in the prior year, primarily driven by a decline in weighted-average realized prices. Despite these challenges, the company achieved a 2% year-over-year reduction in cash cost of goods sold per metric ton for the quarter and maintained total liquidity of $340 million.
Net sales for Q4 2025 were $116 million, a 13% decrease compared to $134 million in Q4 2024, mainly due to lower weighted-average realized prices.
The company reported a net loss of $65 million, or $2.50 per share, for Q4 2025, compared to a net loss of $49 million, or $1.92 per share, in Q4 2024.
Adjusted EBITDA for Q4 2025 was negative $22 million, a decline from negative $7 million in Q4 2024, reflecting the impact of lower realized prices.
Cash cost of goods sold per metric ton decreased by 2% year-over-year in Q4 2025, demonstrating effective cost control.
Revenue by Geographic Location
Forward Guidance
GrafTech anticipates a modest recovery in global steel demand (excluding China) in 2026, leading to a projected 5-10% year-over-year increase in sales volume for the company. However, competitive pricing pressures are expected to persist, impacting profitability.
Positive Outlook
- Modest recovery in global (excluding China) steel demand is expected for 2026.
- Steel production in the United States is expected to increase, supported by favorable domestic trade policies.
- Signs of potential recovery in the European Union steel industry, with anticipated growth in steel demand and increased trade protections.
- GrafTech expects a 5-10% year-over-year increase in sales volume for 2026, aiming to gain market share.
- Anticipates a low single-digit percentage-point decline in cash cost of goods sold per MT for 2026 compared to 2025, building on prior cost reduction initiatives.
Challenges Ahead
- Competitive pricing pressures for graphite electrodes have intensified and are expected to continue into 2026.
- Industry-wide pricing levels remain unsustainably low, posing a challenge to profitability.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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