Revenue: As of FY2026 Q1, the actual value is USD 1.583 B, missing the estimate of USD 1.621 B.EPS: As of FY2026 Q1, the actual value is USD -0.73.EBIT: As of FY2026 Q1, the actual value is USD -36.2 M.<h4>Consolidated Financial Performance</h4>Olin Corporation reported a net loss of - $83.0 million for the three months ended March 31, 2026, compared to a net income of $1.4 million in the prior year period, with diluted net loss per share at - $0.73, down from $0.01. Total sales decreased by 4% to $1,583.0 million in 2026 from $1,644.2 million in 2025. The gross margin percentage declined to 5% in 2026 from 9% in 2025, a decrease of $72.9 million. Selling and administrative expenses rose by $44.0 million to $145.0 million, mainly due to $37.2 million in legal and legal-related settlement expenses and $10.0 million in increased stock-based compensation costs. Restructuring charges increased to $9.1 million in 2026 from $4.0 million in 2025.<h4>Chlor Alkali Products and Vinyls Segment</h4>Sales for this segment were $756.9 million in 2026, an 18% decrease from $924.5 million in 2025, primarily due to lower sales volumes and pricing. The segment reported a loss of - $44.5 million in 2026, a $122.8 million decrease from segment income of $78.3 million in 2025. This decline was driven by lower pricing (- $63.5 million), lower volumes (- $44.0 million), higher raw material costs (- $29.6 million), and a $36.1 million charge for legacy litigation matters, partially offset by lower operating costs (+$43.5 million) and reduced costs from product purchases (+$6.9 million). Depreciation and amortization expense was $93.2 million in 2026, down from $107.2 million in 2025. Capital spending decreased to $30.0 million in 2026 from $37.6 million in 2025. Segment assets were $5,067.9 million in 2026, down from $5,358.5 million in 2025. Caustic soda sales were $328.5 million in 2026 compared to $386.8 million in 2025, while Chlorine, chlorine-derivatives and other products sales were $428.4 million in 2026 compared to $537.7 million in 2025.<h4>Epoxy Segment</h4>Sales for the Epoxy segment increased by 7% to $355.6 million in 2026 from $331.7 million in 2025, driven by higher volumes (+$32.9 million) and a favorable foreign currency translation effect (+$15.5 million), partially offset by lower product pricing (- $24.5 million). The segment reported a loss of - $2.9 million in 2026, an improvement of $25.5 million from a loss of - $28.4 million in 2025. This improvement was attributed to lower operating costs (+$24.7 million) and higher volumes (+$5.6 million), with lower product pricing partially offset by lower raw material costs (+$19.7 million). Global epoxy demand remains weak, and U.S. and European Epoxy businesses face challenges from subsidized Asian competition. Depreciation and amortization expense was $11.9 million in 2026, down from $12.8 million in 2025. Capital spending was $4.5 million in 2026, down from $10.8 million in 2025. Segment assets were $898.0 million in 2026, down from $965.0 million in 2025. Aromatics and allylics sales were $144.5 million in 2026 compared to $141.0 million in 2025, and Epoxy resins and formulated solutions sales were $211.1 million in 2026 compared to $190.7 million in 2025.<h4>Winchester Segment</h4>Winchester segment sales increased by 21% to $470.5 million in 2026 from $388.0 million in 2025, primarily due to higher sales to military customers and military project revenue (+$74.4 million) and increased commercial sales (+$12.9 million), partially offset by lower sales to law enforcement agencies (- $4.8 million). Segment income decreased by $7.6 million to $15.2 million in 2026 from $22.8 million in 2025. This decrease was mainly due to higher raw material and operating costs (- $14.2 million), including commodity metal and propellant costs, partially offset by higher product pricing (+$5.1 million) and increased sales volume and military project revenue (+$1.5 million). Depreciation and amortization expense was $8.9 million in 2026, down from $9.5 million in 2025. Capital spending was $7.8 million in 2026, down from $11.1 million in 2025. Segment assets increased to $831.7 million in 2026 from $825.3 million in 2025. Commercial sales were $168.8 million in 2026 compared to $155.9 million in 2025, and Military and law enforcement sales were $301.7 million in 2026 compared to $232.1 million in 2025. Revenue recognized over time from governmental contracts within Winchester was $120.8 million in 2026, compared to $58.4 million in 2025.<h4>Corporate/Other</h4>Environmental expense was $5.2 million in 2026, slightly up from $5.0 million in 2025. Other corporate and unallocated costs increased by $13.2 million to $33.2 million in 2026 from $20.0 million in 2025, driven by higher stock-based compensation costs (+$10.0 million) and an unfavorable foreign currency impact (+$3.8 million).<h4>Consolidated Cash Flow</h4>Net cash used in operating activities was - $48.6 million in 2026, an improvement from - $86.0 million in 2025, mainly due to a smaller use of cash for working capital, partially offset by lower operating results. Capital expenditures were - $43.7 million in 2026, down from - $61.4 million in 2025. Net cash used in investing activities was - $43.0 million in 2026, compared to - $62.4 million in 2025. Long-term debt borrowings, net, were $170.3 million in 2026, compared to $199.9 million in 2025. Dividends paid were - $22.8 million in 2026, compared to - $23.0 million in 2025. Distributions to noncontrolling interests were - $31.3 million in 2026, related to the liquidation of Blue Water Alliance working capital, with none in 2025. Net cash from financing activities was $116.2 million in 2026, compared to $146.6 million in 2025.<h4>Outlook</h4>Olin Corporation anticipates its second-quarter 2026 operating results to be higher than first-quarter 2026 levels across all segments, driven by seasonally stronger demand and improved pricing for its Chemical businesses, and increased commercial and military demand for the Winchester business. The company forecasts 2026 capital spending to be approximately $200 million and depreciation and amortization expense to be around $475 million.

OLIN | 10-Q: FY2026 Q1 Revenue Misses Estimate at USD 1.583 B