Short answer
CABOT CORP (CBT) filed its fiscal 2025 10-K annual report with the SEC on Nov 24, 2025. It reported revenue of $3.7B (−7.0% year over year) and net income of $331M.
- Top risk flagged: Environmental compliance risk due to stricter global emission limits on nitrogen oxides, sulfur dioxide, and particulates, requiring costly capital improvements
FY2025 key financial metrics · XBRL
- Revenue
- $3.7B
- −7.0% YoY
- Net income
- $331M
- −12.9% YoY
- Operating margin
- 16.7%
- +1.4 pp YoY
- Gross margin
- 25.3%
- +1.3 pp YoY
- EPS (diluted)
- $6.02
- −10.4% YoY
- ROE
- 21.4%
- −5.3 pp YoY
- Operating cash flow
- $665M
- −3.9% YoY
Source: XBRL data from the CABOT CORP (CBT) FY2025 10-K on SEC EDGAR. USD.
CABOT CORP FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global specialty chemicals and performance materials focused on engineered fine particles for reinforcement and performance applications
- New product platform launched: EVOLVE® Sustainable Solutions targeting renewable, recovered, and reduced GHG emission products in Reinforcement Materials
- Strategic emphasis on growth areas: E2C® composites for superior tire performance and conductive additives/battery materials in Performance Chemicals
- Capacity expansion: Added ~80,000 metric tons reinforcing carbons capacity at Cilegon, Indonesia plant in fiscal 2025
- Geographic significance: China operations represent ~25% of revenues and 21% of property, plant & equipment as of September 30, 2025
Management Discussion & Analysis
- Revenue $3.713B, down $281M YoY; Reinforcement Materials sales -$269M to $2.341B, Performance Chemicals flat at $1.25B
- Operating margin 18.9% (Total segment EBIT $702M on $3.713B) vs 17.5% (Total segment EBIT $701M on $3.994B) with EBIT Reinforcement Materials $508M (-$29M) and Performance Chemicals $194M (+$30M)
- Best performing segment by EBIT growth: Performance Chemicals +$30M to $194M; worst: Reinforcement Materials EBIT down $29M to $508M due to lower volumes and pricing
- Cash flow from operations $665M vs $692M; Capex $274M vs $241M; Stock buybacks $168M; Dividends to shareholders $96M and to noncontrolling interests $57M
- FY2026 outlook expects Reinforcement Materials EBIT decline on weaker tire customer agreements; Performance Chemicals EBIT growth from battery materials and alternative energy; Operating tax rate guidance 27%-29%
Risk Factors
- Environmental compliance risk due to stricter global emission limits on nitrogen oxides, sulfur dioxide, and particulates, requiring costly capital improvements
- Geopolitical exposure to tire production shifts from Americas/Europe to Asia reducing demand for Reinforcement Materials in higher-margin regions
- Contractor dispute and arbitration demand after terminating Ville Platte plant pollution control equipment contract due to poor contractor performance
- Competitive threat from specialty chemical companies with environmentally superior substitute products impacting demand for Cabot's products
- Pricing pressure and lower margins from regional overcapacity, especially excess tire exports from China and India affecting supply dynamics
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