Short answer
Albemarle Corporation (ALB) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $5.1B (−4.4% year over year) and net income of −$511M.
- Top risk flagged: Ownership reduction at Wodgina lithium mine JV from 60% to 50% on October 18, 2023, impacting production share and control
FY2025 key financial metrics · XBRL
- Revenue
- $5.1B
- −4.4% YoY
- Net income
- −$511M
- +56.7% YoY
- Operating margin
- -7.1%
- +25.9 pp YoY
- Gross margin
- 13.0%
- +11.8 pp YoY
- EPS (diluted)
- −$5.76
- +48.6% YoY
- ROE
- -5.4%
- +6.5 pp YoY
- Operating cash flow
- $1.3B
- +82.6% YoY
Source: XBRL data from the Albemarle Corporation (ALB) FY2025 10-K on SEC EDGAR. USD.
Albemarle Corporation FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global specialty chemicals company focused on lithium, bromine, and refining catalysts for energy storage and industrial markets
- No new products or segments introduced; detailed emphasis on mineral resource classification and regulatory compliance under SEC subpart 1300
- Strategic focus on rigorous evaluation of mineral reserves and resources to ensure economic viability of mining projects vs prior disclosures
- Notable emphasis on mineral reserves classification by qualified persons to support detailed mine planning and economic assessment
- Highlighted risks of inferred mineral resources' high uncertainty and potential non-conversion to economically viable reserves impacting future profitability
Management Discussion & Analysis
- Revenue $5.14B, down 4% YoY (-$234.8M); Energy Storage down 10% ($2.71B vs $3.02B), Specialties up 3% ($1.37B), Ketjen up 3% ($1.07B)
- Gross profit margin 13.0% vs 1.2% in 2024; Operating margin data not explicitly stated
- Best segment: Energy Storage EBITDA $697.2M (down 8%); Worst segment: Corporate with ($25.4M) adjusted EBITDA loss vs $22.7M gain prior year
- Net loss $511M vs net loss $1.18B prior year; Adjusted EBITDA $1.10B vs $1.14B prior year (down 4%)
- No explicit cash flow figures disclosed; Capex reduced due to stopping Kemerton Trains 3 & 4 construction; $181M goodwill and $246M asset impairments mainly related to Refining Solutions divestiture
- Management highlights ongoing cost reduction and restructuring savings; key risks include lower lithium carbonate/hydroxide prices and non-cash impairment charges from divestitures
Risk Factors
- Ownership reduction at Wodgina lithium mine JV from 60% to 50% on October 18, 2023, impacting production share and control
- Exposure to geopolitical risk in Jordan due to 50% JBC JV extracting bromine from Dead Sea under concession agreement expiring in 2058
- Reliance on third-party tolling entities in China for processing lithium concentrate shipped from Greenbushes mine in Australia
- Competitive risk from Sichuan Tianqi Lithium Industries controlling 51% of Greenbushes mine via Windfield JV, partially owned by Albemarle (49%)
- Foreign currency risk due to Australian dollar denominated costs converted at AUD 1.00:$0.66 exchange rate impacting Greenbushes operation economics
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