asix-20250930

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q


(Mark One)
☒			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025


☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _____ to _____

Commission File Number: 1-37774


AdvanSix Inc.
(Exact name of registrant as specified in its charter)


Delaware						81-2525089
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)


300 Kimball Drive, Suite 101, Parsippany, New Jersey						07054
(Address of principal executive offices)						(Zip Code)

(973) 526-1800

(Registrant’s telephone number, including area code)


Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ASIX	New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ý No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.


Large accelerated filer ý	Accelerated filer o	Non-accelerated filer o	Smaller reporting company ☐
			Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ý

The Registrant had 26,864,035 shares of common stock, $0.01 par value, outstanding at October 31, 2025.

ADVANSIX INC.

FORM 10-Q

TABLE OF CONTENTS


Part I.	FINANCIAL INFORMATION

Item 1.	Financial Statements	3
	Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024 (unaudited)	3
	Condensed Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (unaudited)	4
	Condensed Consolidated Balance Sheets as of September 30, 2025 and December 31, 2024 (unaudited)	5
	Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (unaudited)	6
	Condensed Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 (unaudited)	7
	Notes to Condensed Consolidated Financial Statements (unaudited)	9
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	17
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	27
Item 4.	Controls and Procedures	27

Part II.	OTHER INFORMATION	27
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	28
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
	Signature	30

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(Dollars in thousands, except share and per share amounts)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales	$	374,473	$	398,187	$	1,162,286	$	1,188,495
Costs, expenses and other:
Costs of goods sold	349,088		340,885		1,024,716		1,046,860
Selling, general and administrative expenses	27,425		24,265		76,250		72,290
Interest expense, net	2,322		2,924		6,119		9,137
Other non-operating (income) expense, net	(815)		368		(1,831)		1,808
Total costs, expenses and other	378,020		368,442		1,105,254		1,130,095

Income (loss) before taxes	(3,547)		29,745		57,032		58,400
Income tax expense (benefit)	(909)		7,479		4,955		14,603
Net income (loss)	$	(2,638)	$	22,266	$	52,077	$	43,797

Earnings per common share
Basic	$	(0.10)	$	0.83	$	1.94	$	1.63
Diluted	$	(0.10)	$	0.82	$	1.91	$	1.61
Weighted average common shares outstanding
Basic	26,927,305		26,790,752		26,887,489		26,836,114
Diluted	26,927,305		27,204,714		27,248,759		27,209,680

See accompanying notes to Condensed Consolidated Financial Statements.

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Unaudited)

(Dollars in thousands)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income (loss)	$	(2,638)	$	22,266	$	52,077	$	43,797
Foreign exchange translation adjustment	(189)		(24)		(154)		(66)
Cash-flow hedges	—		—		7		7

Other comprehensive loss, net of tax	(189)		(24)		(147)		(59)
Comprehensive income (loss)	$	(2,827)	$	22,242	$	51,930	$	43,738

See accompanying notes to Condensed Consolidated Financial Statements.

ADVANSIX INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(Dollars in thousands, except share and per share amounts)


	September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	23,696	$	19,564
Accounts and other receivables – net	184,490		145,673
Inventories – net	209,120		212,386
Taxes receivable	23,758		503
Other current assets	13,931		8,990
Total current assets	454,995		387,116
Property, plant and equipment – net	943,332		917,858
Operating lease right-of-use assets	155,652		153,438
Goodwill	56,192		56,192
Intangible assets	40,857		43,144
Other assets	37,319		37,172
Total assets	$	1,688,347	$	1,594,920

LIABILITIES
Current liabilities:
Accounts payable	$	236,053	$	228,761
Accrued liabilities	55,850		47,264
Income taxes payable	49		1,047
Operating lease liabilities – short-term	41,695		42,493
Deferred income and customer advances	681		37,538


Total current liabilities	334,328		357,103
Deferred income taxes	159,758		145,299
Operating lease liabilities – long-term	114,924		111,400
Line of credit – long-term	250,000		195,000

Postretirement benefit obligations	257		—
Other liabilities	10,848		11,468
Total liabilities	870,115		820,270

COMMITMENTS AND CONTINGENCIES (Note 9)

STOCKHOLDERS' EQUITY
Common stock, par value $0.01; 200,000,000 shares authorized; 33,177,824 shares issued and 26,864,035 outstanding at September 30, 2025; 32,989,165 shares issued and 26,737,036 outstanding at December 31, 2024	332		330
Preferred stock, par value $0.01; 50,000,000 shares authorized and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024	—		—
Treasury stock at par (6,313,789 shares at September 30, 2025; 6,252,129 shares at December 31, 2024)	(63)		(63)
Additional paid-in capital	141,876		136,872
Retained earnings	670,264		631,541
Accumulated other comprehensive income	5,823		5,970
Total stockholders' equity	818,232		774,650
Total liabilities and stockholders' equity	$	1,688,347	$	1,594,920

See accompanying notes to Condensed Consolidated Financial Statements.

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(Dollars in thousands)


	Nine Months Ended September 30,
	2025		2024
Cash flows from operating activities:
Net income	$	52,077	$	43,797
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	58,966		57,197
(Gain) loss on disposal of assets	(177)		415
Deferred income taxes	14,466		3,638
Stock-based compensation	5,919		5,963
Amortization of deferred financing fees	464		464
Operational asset adjustments	—		1,200

Changes in assets and liabilities, net of business acquisitions:
Accounts and other receivables	(38,971)		15,069
Inventories	3,266		(1,603)
Taxes receivable	(23,255)		1,059
Accounts payable	16,546		(43,687)
Income taxes payable	(998)		(7,598)
Accrued liabilities	8,913		10,988
Deferred income and customer advances	(36,857)		(14,161)
Other assets and liabilities	(1,218)		(1,493)
Net cash provided by operating activities	59,141		71,248

Cash flows from investing activities:
Expenditures for property, plant and equipment	(88,849)		(99,373)


Other investing activities	(6,153)		(6,053)
Net cash used for investing activities	(95,002)		(105,426)

Cash flows from financing activities:



Borrowings from line of credit	316,500		311,500
Repayments of line of credit	(261,500)		(266,500)

Principal payments of finance leases	(740)		(762)
Dividend payments	(12,876)		(12,858)
Purchase of treasury stock	(1,658)		(10,427)
Issuance of common stock	267		755

Net cash provided by financing activities	39,993		21,708

Net change in cash and cash equivalents	4,132		(12,470)
Cash and cash equivalents at beginning of period	19,564		29,768
Cash and cash equivalents at the end of period	$	23,696	$	17,298

Supplemental non-cash investing activities:
Capital expenditures included in accounts payable	$	14,894	$	15,018

Supplemental cash activities:
Cash paid for interest	$	4,268	$	7,711
Cash paid for income taxes	$	15,201	$	19,019

See accompanying notes to Condensed Consolidated Financial Statements.

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(Dollars in thousands)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total Equity
	Shares	Amount
Balance at December 31, 2024	32,989,165	$	330	$	136,872	$	631,541	$	(63)	$	5,970	$	774,650

Net income	—	—		—		23,344		—		—		23,344
Comprehensive income
Foreign exchange translation adjustments	—	—		—		—		—		11		11
Cash-flow hedges	—	—		—		—		—		7		7

Other comprehensive income, net of tax	—	—		—		—		—		18		18
Issuance of common stock	124,214	1		153		—		—		—		154
Purchase of treasury stock (53,432 shares)	—	—		(1,486)		—		—		—		(1,486)
Stock-based compensation	—	—		1,978		—		—		—		1,978
Dividends	—	—		160		(4,450)		—		—		(4,290)
Balance at March 31, 2025	33,113,379	331		137,677		650,435		(63)		5,988		794,368

Net income	—	—		—		31,371		—		—		31,371
Comprehensive income
Foreign exchange translation adjustments	—	—		—		—		—		24		24


Other comprehensive loss, net of tax	—	—		—		—		—		24		24
Issuance of common stock	38,907	1		—		—		—		—		1
Purchase of treasury stock (2,538 shares)	—	—		(51)		—		—		—		(51)
Stock-based compensation	—	—		2,309		—		—		—		2,309
Dividends	—	—		162		(4,452)		—		—		(4,290)
Balance at June 30, 2025	33,152,286	332		140,097		677,354		(63)		6,012		823,732

Net income	—	—		—		(2,638)		—		—		(2,638)
Comprehensive income
Foreign exchange translation adjustments	—	—		—		—		—		(189)		(189)


Other comprehensive loss, net of tax	—	—		—		—		—		(189)		(189)
Issuance of common stock	25,538	—		112		—		—		—		112
Purchase of treasury stock (5,690 shares)	—	—		(121)		—		—		—		(121)
Stock-based compensation	—	—		1,632		—		—		—		1,632
Dividends	—	—		156		(4,452)		—		—		(4,296)
Balance at September 30, 2025	33,177,824	$	332	$	141,876	$	670,264	$	(63)	$	5,823	$	818,232

ADVANSIX INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Unaudited)

(Dollars in thousands)


	Common Stock			Additional Paid-In Capital		Retained Earnings		Treasury Stock		Accumulated Other Comprehensive Income (Loss)		Total Equity
	Shares	Amount
Balance at December 31, 2023	32,598,946	$	326	$	138,046	$	605,067	$	(58)	$	(4,144)	$	739,237

Net loss	—	—		—		(17,396)		—		—		(17,396)
Comprehensive income
Foreign exchange translation adjustments	—	—		—		—		—		(15)		(15)
Cash-flow hedges	—	—		—		—		—		7		7

Other comprehensive loss, net of tax	—	—		—		—		—		(8)		(8)
Issuance of common stock	323,989	3		423		—		—		—		426
Purchase of treasury stock (260,464 shares)	—

SEC Form 10-Q filed by AdvanSix Inc.