Short answer
Trinseo PLC (TSEOF) filed its fiscal 2025 10-K annual report with the SEC on Mar 13, 2026. It reported revenue of $3.0B (−15.3% year over year) and net income of −$546M.
- Top risk flagged: Deferred tax asset valuation allowance increased $442.7M due to cumulative losses and unreliable taxable income in Europe (France, Germany, Netherlands) as of 12/31/2025
FY2025 key financial metrics · XBRL
- Revenue
- $3.0B
- −15.3% YoY
- Net income
- −$546M
- −56.6% YoY
- Operating margin
- -8.5%
- −7.2 pp YoY
- Gross margin
- 5.6%
- −2.0 pp YoY
- EPS (diluted)
- −$15.24
- −54.6% YoY
- ROE
- 49.7%
- −6.5 pp YoY
- Operating cash flow
- −$102M
- −621.1% YoY
Source: XBRL data from the Trinseo PLC (TSEOF) FY2025 10-K on SEC EDGAR. USD.
Trinseo PLC FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model focused on manufacturing polymer and engineered material solutions with emphasis on sustainability and material substitution
- Restructuring of segment reporting: combined Engineered Materials, Plastics Solutions, and Polystyrene businesses into Polymer Solutions segment in 2024
- Recorded significant goodwill impairment charge of $349 million for Engineered Materials unit in 2023 due to weak demand and operating challenges
- Total goodwill balance reduced to $67.7 million as of December 31, 2025, allocated mainly to Polymer Solutions ($35.6M), Latex Binders, and Engineered Materials
- Ended all outstanding commodity cash flow and economic hedges by December 31, 2025, reflecting changes in commodity risk management approach
Management Discussion & Analysis
- Focus on specialty materials and sustainable solutions with PMMA and Aristech acquisitions, divestiture of synthetic rubber and polycarbonate assets
- Restructuring programs target cost reductions, workforce cuts, and streamlined operations to improve profitability and cash flow
- Raw materials (butadiene, MMA, styrene) comprise 44% of COGS; cost volatility and supply risks could materially impact margins
- Management warns of risks including restructuring costs, execution delays, and adverse market impacts on financial results and stock price
Risk Factors
- Deferred tax asset valuation allowance increased $442.7M due to cumulative losses and unreliable taxable income in Europe (France, Germany, Netherlands) as of 12/31/2025
- Exposure to income tax audits in multiple jurisdictions including Ireland, Luxembourg, and the U.S. with potential material adjustments from uncertain tax positions
- Pension plan assets $108.2M primarily invested in insurance contracts valued with unobservable Level 3 inputs, posing valuation uncertainty as of 12/31/2025
- 0.25% change in discount rate impacts 2026 pension expense for non-U.S. plans by ±$1.0M, reflecting sensitivity to interest rate fluctuations
- Concentration of deferred tax asset expirations of $42.5M between 2026 and 2030, risking loss of tax benefit if unused within period
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