avnt-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 1-16091

________________________________________________

AVIENT CORPORATION

(Exact name of registrant as specified in its charter)

________________________________________________


Ohio									34-1730488
(State or other jurisdiction									(I.R.S. Employer Identification No.)
of incorporation or organization)


33587 Walker Road									44012
Avon Lake, Ohio
(Address of principal executive offices)									(Zip Code)

Registrant’s telephone number, including area code: (440) 930-1000

Former name, former address and former fiscal year, if changed since last report: Not Applicable

_______________________________________________

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 Shares, par value $.01 per share	AVNT	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 ☐ No

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 ☐ No

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	☒	Accelerated filer	☐
Non-accelerated filer	☐	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. ☐

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

The number of the registrant’s outstanding common shares, par value $.01 per share, as of September 30, 2025 was 91,563,628.

AVIENT CORPORATION

PART I — FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

Avient Corporation

Condensed Consolidated Statements of Income (Unaudited)

(In millions, except per share data)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Sales	$	806.5	$	815.2	$	2,499.6	$	2,493.9
Cost of sales	561.6		553.8		1,713.6		1,696.7
Gross margin	244.9		261.4		786.0		797.2
Selling and administrative expense	177.8		184.2		622.1		553.5


Operating income	67.1		77.2		163.9		243.7
Interest expense, net	(24.2)		(26.9)		(75.8)		(80.1)

Other expense, net	—		(0.3)		(0.9)		(2.1)
Income before income taxes	42.9		50.0		87.2		161.5
Income tax expense	(10.1)		(11.3)		(20.8)		(39.3)


Net income	$	32.8	$	38.7	$	66.4	$	122.2
Net income attributable to noncontrolling interests	(0.2)		(0.5)		(1.4)		(1.0)
Net income attributable to Avient common shareholders	$	32.6	$	38.2	$	65.0	$	121.2

Earnings per share attributable to Avient common shareholders - Basic:	$	0.36	$	0.42	$	0.71	$	1.33




Earnings per share attributable to Avient common shareholders - Diluted:	$	0.36	$	0.41	$	0.71	$	1.32




Weighted-average shares used to compute earnings per common share:
Basic	91.6		91.3		91.5		91.3
Plus dilutive impact of share-based compensation	0.2		1.0		0.3		0.7
Diluted	91.8		92.3		91.8		92.0

Anti-dilutive share-based compensation awards	1.5		0.4		1.5		0.4

Cash dividends declared per share of common stock	$	0.2700	$	0.2575	$	0.8100	$	0.7725

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

1 AVIENT CORPORATION

Avient Corporation

Condensed Consolidated Statements of Comprehensive Income (Unaudited)

(In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net income	$	32.8	$	38.7	$	66.4	$	122.2
Other comprehensive income (loss), net of tax:
Translation adjustments and related hedging instruments	4.3		28.6		63.2		(15.8)


Total other comprehensive income (loss)	4.3		28.6		63.2		(15.8)
Total comprehensive income	37.1		67.3		129.6		106.4
Comprehensive income attributable to noncontrolling interests	(0.2)		(0.5)		(1.4)		(1.0)
Comprehensive income attributable to Avient common shareholders	$	36.9	$	66.8	$	128.2	$	105.4

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

2 AVIENT CORPORATION

Avient Corporation

Condensed Consolidated Balance Sheets

(In millions)


	(Unaudited) September 30, 2025		December 31, 2024
ASSETS
Current assets:
Cash and cash equivalents	$	445.6	$	544.5
Accounts receivable, net	484.5		399.5
Inventories, net	392.1		346.8

Other current assets	101.7		131.3
Total current assets	1,423.9		1,422.1
Property, net	980.8		955.3
Goodwill	1,754.6		1,659.7
Intangible assets, net	1,509.8		1,450.4



Other non-current assets	386.7		323.6
Total assets	$	6,055.8	$	5,811.1

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Short-term and current portion of long-term debt	$	0.5	$	7.7
Accounts payable	392.7		417.4


Accrued expenses and other current liabilities	308.4		331.0
Total current liabilities	701.6		756.1
Non-current liabilities:
Long-term debt	1,971.4		2,059.3

Deferred income taxes	307.7		260.4


Other non-current liabilities	686.7		405.7
Total non-current liabilities	2,965.8		2,725.4

SHAREHOLDERS' EQUITY
Avient shareholders’ equity	2,372.5		2,313.8
Noncontrolling interest	15.9		15.8
Total equity	2,388.4		2,329.6
Total liabilities and equity	$	6,055.8	$	5,811.1

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

3 AVIENT CORPORATION

Avient Corporation

Condensed Consolidated Statements of Cash Flows (Unaudited)

(In millions)


	Nine Months Ended September 30,
	2025		2024
Operating activities
Net income	$	66.4	$	122.2
Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization	138.8		134.3

Cloud-based enterprise resource planning system impairment	71.6		—



Share-based compensation expense	6.9		12.5


Changes in assets and liabilities:
Increase in accounts receivable	(66.4)		(65.7)
Increase in inventories	(25.4)		(30.2)
Decrease in accounts payable	(43.5)		(5.7)



Increase (decrease) in restructuring obligations	4.1		(19.1)
Decrease in environmental obligations	(1.5)		(6.6)
Environmental insurance recovery	34.0		—
(Decrease) increase in incentive accruals	(33.0)		23.1
Accrued expenses and other assets and liabilities, net	(18.2)		(30.6)

Net cash provided by operating activities	133.8		134.2

Investing activities
Capital expenditures	(64.2)		(80.8)



Proceeds from plant closures	—		3.4
Other investing activities	—		(2.1)
Net cash used by investing activities	(64.2)		(79.5)

Financing activities
Proceeds from long-term borrowings	—		650.0



Payments on long-term borrowings	(100.2)		(659.1)
Cash dividends paid	(74.1)		(70.5)


Debt financing costs	(3.9)		(9.6)


Other financing activities	(3.5)		(4.6)
Net cash used by financing activities	(181.7)		(93.8)
Effect of exchange rate changes on cash	13.2		(1.0)
Decrease in cash and cash equivalents	(98.9)		(40.1)
Cash and cash equivalents at beginning of year	544.5		545.8
Cash and cash equivalents at end of period	$	445.6	$	505.7

See accompanying Notes to the Unaudited Condensed Consolidated Financial Statements.

4 AVIENT CORPORATION

Avient Corporation

Condensed Consolidated Statements of Shareholders' Equity (Unaudited)

(In millions)


	Common Shares		Shareholders’ Equity
	Common Shares	Common Shares Held in Treasury	Common Shares		Additional Paid-in Capital		Retained Earnings		Common Shares Held in Treasury		Accumulated Other Comprehensive (Loss) Income		Total Avient Shareholders' Equity		Non-controlling Interests		Total Equity
Balance at January 1, 2025	122.2	(30.8)	$	1.2	$	1,537.5	$	1,882.5	$	(929.6)	$	(177.8)	$	2,313.8	$	15.8	$	2,329.6
Net loss	—	—	—		—		(20.2)		—		—		(20.2)		0.3		(19.9)
Other comprehensive income	—	—	—		—		—		—		29.5		29.5		—		29.5

Cash dividends declared -- $0.2700 per share	—	—	—		—		(24.7)		—		—		(24.7)		—		(24.7)


Share-based compensation and exercise of awards	—	0.1	—		(1.2)		—		1.1		—		(0.1)		—		(0.1)

Balance at March 31, 2025	122.2	(30.7)	$	1.2	$	1,536.3	$	1,837.6	$	(928.5)	$	(148.3)	$	2,298.3	$	16.1	$	2,314.4
Net income	—	—	—		—		52.6		—		—		52.6		0.9		53.5
Other comprehensive income	—	—	—		—		—		—		29.4		29.4		—		29.4
Noncontrolling interest activity	—	—	—		—		—		—		—		—		(1.3)		(1.3)
Cash dividends declared -- $0.2700 per share	—	—	—		—		(24.7)		—		—		(24.7)		—		(24.7)


Share-based compensation and exercise of awards	—	—	—		2.6		—		0.1		—		2.7		—		2.7

Balance at June 30, 2025	122.2	(30.7)	$	1.2	$	1,538.9	$	1,865.5	$	(928.4)	$	(118.9)	$	2,358.3	$	15.7	$	2,374.0
Net income	—	—	—		—		32.6		—		—		32.6		0.2		32.8
Other comprehensive income	—	—	—		—		—		—		4.3		4.3		—		4.3

Cash dividends declared -- $0.2700 per share	—	—	—		—		(24.7)		—		—		(24.7)		—		(24.7)

Share-based compensation and exercise of awards	—	0.1	—		1.8		—		0.2		—		2.0		—		2.0

Balance at September 30, 2025	122.2	(30.6)	$	1.2	$	1,540.7	$	1,873.4	$	(928.2)	$	(114.6)	$	2,372.5	$	15.9	$	2,388.4

5 AVIENT CORPORATION


	Common Shares		Shareholders’ Equity
	Common Shares	Common Shares Held in Treasury	Common Shares		Additional Paid-in Capital		Retained Earnings		Common Shares Held in Treasury		Accumulated Other Comprehensive (Loss) Income		Total Avient Shareholders' Equity		Non-controlling Interests		Total Equity
Balance at January 1, 2024	122.2	(31.0)	$	1.2	$	1,529.7	$	1,808.2	$	(932.5)	$	(87.4)	$	2,319.2	$	18.8	$	2,338.0
Net income	—	—	—		—		49.4		—		—		49.4		0.3		49.7
Other comprehensive loss	—	—	—		—		—		—		(25.9)		(25.9)		—		(25.9)
Noncontrolling interest activity	—	—	—		0.3				—		—		0.3		(2.6)		(2.3)
Cash dividends declared -- $0.2575 per share	—	—	—		—		(23.5)		—		—		(23.5)		—		(23.5)


Share-based c

SEC Form 10-Q filed by Avient Corporation