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Dec 31, 2025
LSB Industries Q4 2025 Earnings Report
LSB Industries Q4 2025 Earnings Report
Key Takeaways
LSB Industries delivered a strong fourth quarter, returning to profitability with net income of $16.1 million compared to a loss in the prior year. The results were driven by higher selling prices and increased production volumes due to improved plant reliability and the absence of planned turnarounds.
Net sales increased 22% year-over-year to $165.0 million driven by higher pricing and volumes.
Adjusted EBITDA grew to $54.1 million, a significant increase from $37.6 million in Q4 2024.
The company achieved record low safety incident rates (TRIR of 0.40) for the full year 2025.
Low carbon ammonia projects remain on track with the El Dorado CCS project expected to begin operations by the end of 2026.
Revenue by Segment
Forward Guidance
LSB expects continued strong demand in industrial and agricultural markets for 2026, though production volumes will be impacted by planned turnarounds at three facilities.
Positive Outlook
- Strong demand for AN from copper and gold miners due to record metal prices.
- Robust demand for domestic nitric acid supported by anti-dumping duties on imports.
- Constrained global ammonia supply supporting favorable pricing.
- Low levels of domestic UAN inventory supporting price improvements.
- Expected start of El Dorado CCS operations by the end of 2026.
Challenges Ahead
- Planned turnaround activity at El Dorado, Pryor, and Cherokee facilities in 2026.
- Turnarounds expected to reduce ammonia production by approximately 60,000 tons.
- Turnarounds expected to reduce UAN production by approximately 50,000 tons.
- Ammonia sales volume forecast to decrease from 316,000 tons in 2025 to 260,000-290,000 tons in 2026.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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