Westlake Corp

westlake.com

What Do They Do?

Sells polyethylene, PVC and epoxy resins to packaging producers, downstream fabricators and industrial customers.

How Do They Make Money?

Industrial and packaging customers buy chemicals and materials, while building customers buy building products and pipe. Domestic sales are generally invoiced when products ship; export timing depends on contract terms.

revenue

Segment	Share	Revenue	How money arrives
Performance and Essential Materials Segment Sold outright	63% FY2022: 70%		Sold outright
Housing and Infrastructure Products Segment Sold outright	37% FY2022: 30%		Sold outright

Who Are Their Customers?

A dedicated sales force sells directly to customers, while distributors reach smaller buyers. Housing products also move through manufacturer representatives and distribution centers to local customers, contractors and distributors.

Do Revenues Turn Into Profits?

No. It lost $1.5B in FY2025.

Operating income, FY2025

−14% of revenue

▼ Now a loss vs FY2024 ($875M, 7%)

Net income, FY2025

−14% of revenue

▼ Now a loss vs FY2024 ($602M, 5%)

Free cash flow, FY2025

−5% of revenue

▼ Now a loss vs FY2024 ($306M, 3%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +11%; vs $3B in Q2 FY2025
Net income: ▲ Now profitable; vs −$142M in Q2 FY2025

Performance and Essential Materials Segment share of revenue vs 60.7% in Q2 FY2025

Jun 15, 2026 Acquired a PVC and VCM production site in Germany The Wilhelmshaven site adds PVC and VCM production to Westlake's European chlorovinyls business.
Apr 20, 2026 Appointed a new chief financial officer Jonathan H. Baksht succeeded M. Steven Bender, who moved to a special-advisor role.

Flat. Revenue was $11.2B in FY2025, about the same as the $11.8B of FY2021.

Styrene production The earlier report lists styrene among principal products and describes a styrene plant; the latest report says the plant ceased operations and omits styrene from its principal product list.

Wire-and-cable compounds The earlier report identifies Westlake Global Compounds in the housing-products segment; the latest report adds ACI, a specialty-compound business serving primarily wire and cable sectors.

Revenue over time

Performance and Essential Materials Segment Housing and Infrastructure Products Segment

$20B$10B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Associated Materials, CertainTeed, Cornerstone Building Brands, Diamond Plastics, IPEX, JM Eagle, Trex, James Hardie, GEON Performance Solutions, and Teknor Apex

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