kwr-20260331

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C. 20549

FORM 10-Q


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

For the quarterly period ended March 31, 2026


o			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 001-12019

QUAKER CHEMICAL CORPORATION

(Exact name of registrant as specified in its charter)


Pennsylvania			23-0993790
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)


901 E. Hector Street, Conshohocken, Pennsylvania			19428 – 2380
(Address of principal executive offices)			(Zip Code)

Registrant’s telephone number, including area code: 610-832-4000

Not Applicable

Former name, former address and former fiscal year, if changed since last report.

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, $1 par value

KWR

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 x 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 x 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

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. o

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

Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.


Number of Shares of Common Stock Outstanding on April 27, 2026			17,366,444

Table of Contents

Quaker Chemical Corporation

Table of Contents


		Page
PART I.	FINANCIAL INFORMATION	2
Item 1.	Financial Statements (Unaudited)	2
	Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and March 31, 2025	2
	Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and March 31, 2025	3
	Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025	4
	Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and March 31, 2025	5
	Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and March 31, 2025	6
	Notes to Condensed Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations.	24
Item 3.	Quantitative and Qualitative Disclosures about Market Risk.	35
Item 4.	Controls and Procedures.	35
PART II	OTHER INFORMATION.
Item 1.	Legal Proceedings.	36
Item 1A.	Risk Factors.	36
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds.	37
Item 5.	Other Information.	37
Item 6.	Exhibits.	38
Signatures.		39

Table of Contents

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited).

Quaker Chemical Corporation

Condensed Consolidated Statements of Operations

(Unaudited; Dollars in thousands, except per share data)


	Three Months Ended March 31,
	2026		2025
Net sales	$	480,479	$	442,914
Cost of goods sold (excluding amortization expense - See Note 13)	303,744		281,654
Gross profit	176,735		161,260
Selling, general and administrative expenses	135,765		119,046

Restructuring and related charges, net	7,381		14,590

Operating income	33,589		27,624
Other expense, net	(23)		(709)
Interest expense	(9,879)		(9,545)
Income before taxes and equity in net income of associated companies	23,687		17,370
Taxes on income before equity in net income of associated companies	7,145		7,542
Income before equity in net income of associated companies	16,542		9,828
Equity in net income of associated companies	3,200		3,089
Net income	19,742		12,917
Less: Net income (loss) attributable to noncontrolling interest	73		(5)
Net income attributable to Quaker Chemical Corporation	$	19,669	$	12,922
Per share data:
Net income attributable to Quaker Chemical Corporation common shareholders – basic	$	1.13	$	0.73
Net income attributable to Quaker Chemical Corporation common shareholders – diluted	$	1.13	$	0.73
Dividends declared	$	0.508	$	0.485

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Quaker Chemical Corporation

Condensed Consolidated Statements of Comprehensive Income

(Unaudited; Dollars in thousands)


	Three Months Ended March 31,
	2026		2025
Net income	$	19,742	$	12,917

Other comprehensive income, net of tax
Currency translation adjustments	(9,913)		27,129
Defined benefit retirement plans	403		(265)
Current period change in fair value of derivatives	(13)		(592)
Unrealized loss on available-for-sale securities	(166)		(304)
Other comprehensive (loss) income	(9,689)		25,968

Comprehensive income	10,053		38,885
Less: Comprehensive income (loss) attributable to noncontrolling interest	(82)		1
Comprehensive income attributable to Quaker Chemical Corporation	$	9,971	$	38,886

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Quaker Chemical Corporation

Condensed Consolidated Balance Sheets

(Unaudited; Dollars in thousands, except par value)


	March 31, 2026		December 31, 2025
ASSETS
Current assets
Cash and cash equivalents	$	169,728	$	179,829
Accounts receivable, net	441,167		417,157
Inventories
Raw materials and supplies	128,739		124,751
Work-in-process and finished goods	153,769		141,025
Prepaid expenses and other current assets	59,196		58,428
Total current assets	952,599		921,190
Property, plant and equipment, at cost	611,149		604,787
Less: Accumulated depreciation	(299,727)		(291,364)
Property, plant and equipment, net	311,422		313,423
Right-of-use lease assets	38,534		38,737
Goodwill	502,005		501,720
Other intangible assets, net	847,994		873,540
Investments in associated companies	106,192		106,915
Deferred tax assets	12,182		12,128
Other non-current assets	30,999		30,283
Total assets	$	2,801,927	$	2,797,936
LIABILITIES AND EQUITY
Current liabilities
Short-term borrowings and current portion of long-term debt	$	37,301	$	35,657
Accounts payable	205,386		198,929
Dividends payable	8,822		8,804
Accrued compensation	30,299		41,192
Accrued restructuring	9,482		8,351
Accrued pension and postretirement benefits	2,119		2,126
Other accrued liabilities	95,086		85,097
Total current liabilities	388,495		380,156
Long-term debt	837,132		834,901
Long-term lease liabilities	22,134		22,759
Deferred tax liabilities	131,922		140,814
Non-current accrued pension and postretirement benefits	20,191		20,615
Other non-current liabilities	22,902		22,192
Total liabilities	1,422,776		1,421,437
Commitments and contingencies (Note 18)
Equity
Common stock $1 par value; authorized 30,000,000 shares; issued and outstanding March 31, 2026 – 17,365,508 shares; December 31, 2025 – 17,331,779 shares	17,366		17,332
Capital in excess of par value	876,213		874,826
Retained earnings	607,463		596,616
Accumulated other comprehensive loss	(125,359)		(115,661)
Total Quaker shareholders’ equity	1,375,683		1,373,113
Noncontrolling interest	3,468		3,386
Total equity	1,379,151		1,376,499
Total liabilities and equity	$	2,801,927	$	2,797,936

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

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Quaker Chemical Corporation

Condensed Consolidated Statements of Cash Flows

(Unaudited; Dollars in thousands)


	Three Months Ended March 31,
	2026		2025
Cash flows from operating activities
Net income	$	19,742	$	12,917
Adjustments to reconcile net income to net cash provided by (used in) operating activities:

Depreciation and amortization	25,640		20,599
Equity in undistributed earnings of associated companies, net of dividends	(2,830)		(2,769)

Deferred income taxes	(7,517)		(3,340)
Share-based compensation	3,170		3,182




Restructuring and related charges, net	7,381		14,590

Gain on disposal of property, plant and equipment and other assets	—		(2,148)

Other adjustments	492		2,190
Increase (decrease) in cash from changes in current assets and current liabilities, net of acquisitions:
Accounts receivable	(25,480)		(10,302)
Inventories	(18,437)		(13,457)
Prepaid expenses and other current assets	(1,340)		245
Accrued restructuring	(3,880)		(9,045)
Accounts payable and accrued liabilities	6,845

SEC Form 10-Q filed by Quaker Houghton