--- title: "Quaker Houghton | 10-K: FY2025 Revenue Beats Estimate at USD 1.889 B" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/276648544.md" datetime: "2026-02-23T21:43:47.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/276648544.md) - [en](https://longbridge.com/en/news/276648544.md) - [zh-HK](https://longbridge.com/zh-HK/news/276648544.md) --- > 支持的語言: [简体中文](https://longbridge.com/zh-CN/news/276648544.md) | [English](https://longbridge.com/en/news/276648544.md) # Quaker Houghton | 10-K: FY2025 Revenue Beats Estimate at USD 1.889 B Revenue: As of FY2025, the actual value is USD 1.889 B, beating the estimate of USD 1.883 B. EPS: As of FY2025, the actual value is USD -0.14, missing the estimate of USD 0.11. EBIT: As of FY2025, the actual value is USD 94.41 M. #### Consolidated Financial Performance - **Net Sales**: Quaker Chemical Corporation reported net sales of $1,888.6 million in 2025, a 3% increase from $1,839.7 million in 2024, primarily driven by acquisitions (approximately 4%) and favorable foreign currency translation (approximately 1%), partially offset by a 2% decrease in selling price and product mix. Organic sales volumes remained consistent year-over-year due to new business wins in Asia/Pacific, counteracting soft end market conditions in the Americas and EMEA segments. - **Net Income/Loss**: The company recorded a net loss of - $2.5 million in 2025, a significant decline from a net income of $116.6 million in 2024, primarily reflecting a - $88.8 million non-cash impairment charge related to the goodwill of the EMEA reportable segment. - **Non-GAAP Net Income**: Non-GAAP net income decreased to $123.2 million in 2025 from $133.5 million in 2024, mainly due to lower gross margins and increased selling, general, and administrative expenses (SG&A), partially offset by higher net sales. - **Adjusted EBITDA**: Adjusted EBITDA for 2025 was $299.2 million, down from $310.9 million in 2024, as higher net sales were offset by lower operating margins and increased SG&A. - **Gross Profit**: Gross profit was $679.4 million in 2025, a 1% decrease from $686.0 million in 2024. The gross margin was 36.0% in 2025, down from 37.3% in 2024, primarily due to higher raw material and manufacturing costs, and a - $6.0 million amortization of fair value step-up in Dipsol’s inventories, partially offset by a $2.9 million gain from an out-of-period inventory adjustment. - **Operating Income**: Operating income significantly decreased to $53.0 million in 2025 from $194.7 million in 2024, largely due to the - $88.8 million non-cash impairment charge and increased restructuring charges. - **Non-GAAP Operating Income**: Non-GAAP operating income was $199.4 million in 2025, compared to $213.7 million in 2024, reflecting lower gross profit and higher SG&A related to acquisitions. - **Restructuring Charges**: Restructuring and related charges increased to $35.1 million in 2025 from $6.5 million in 2024, linked to headcount reductions and facility closures under the company’s optimization program. - **Research and Development Expenses**: Research and development expenses were $60.7 million in 2025, $57.3 million in 2024, and $50.3 million in 2023. - **Capital Expenditures for Regulatory Compliance**: Capital expenditures specifically for regulatory compliance were $9.4 million in 2025, $6.0 million in 2024, and $3.5 million in 2023. #### Segmented Performance (2025 vs. 2024) - **Americas Segment**: - **Net Sales**: $865.3 million in 2025, a 2% decrease from 2024, due to a 2% decline in sales volumes, a 1% decrease in selling price and product mix, and a 1% unfavorable foreign currency impact, partially offset by a 2% increase from the Dipsol acquisition. - **Operating Earnings**: $227.6 million, a 7% decrease, primarily due to lower net sales and reduced gross margins. - **EMEA Segment**: - **Net Sales**: $548.1 million in 2025, a 2% increase from 2024, resulting from a 3% increase from acquisitions (Dipsol, Natech, CSI, IKV) and a 4% favorable foreign currency translation, partially offset by a 3% decrease in selling price and product mix and a 2% decrease in organic sales volumes. - **Operating Earnings**: $96.6 million, a 3% decrease, as increased net sales were offset by lower operating margins, mainly due to higher SG&A from acquisitions. - **Asia/Pacific Segment**: - **Net Sales**: $475.2 million in 2025, a 13% increase from 2024, driven by a 12% contribution from Dipsol and Sutai acquisitions and a 5% increase in organic sales volumes, partially offset by a 4% decrease in selling price and product mix. - **Operating Earnings**: $124.2 million, a 1% increase, as higher net sales were offset by lower gross margins and increased SG&A related to acquisitions. #### Cash Flow - **Net Cash from Operating Activities**: $136.5 million in 2025, down from $204.6 million in 2024, due to lower operating performance, higher cash outflows from restructuring activities, and increased working capital outflows. - **Net Cash Used in Investing Activities**: - $214.1 million in 2025, compared to - $76.4 million in 2024, mainly due to - $164.2 million in payments for acquisitions and a - $14.1 million increase in capital expenditures. - **Net Cash from Financing Activities**: $61.8 million in 2025, a significant change from - $122.7 million used in 2024, driven by $174.2 million in net borrowings on the revolving credit facility and a - $22.5 million decrease in term loan debt payments compared to the prior year. Share repurchases amounted to - $41.5 million in 2025, a - $7.7 million decrease from 2024. #### Outlook / Guidance Quaker Chemical Corporation expects its existing cash, anticipated cash flows from operations, and available liquidity to be sufficient for operating requirements and business objectives for at least the next twelve months and beyond, including dividends, share repurchases, capital expenditures, and potential acquisitions. The company is evaluating the potential impacts of certain provisions of the One Big Beautiful Bill Act effective in 2026 and 2027. ### 相關股票 - [Quaker Houghton (KWR.US)](https://longbridge.com/zh-HK/quote/KWR.US.md) ## 相關資訊與研究 - [There's Been No Shortage Of Growth Recently For Quaker Chemical's (NYSE:KWR) Returns On Capital](https://longbridge.com/zh-HK/news/270289913.md) - [A Look at Quaker Houghton's Upcoming Earnings Report](https://longbridge.com/zh-HK/news/276462700.md) - [Apple releases iOS 18.7.7 update to counter DarkSword exploit chain: Report](https://longbridge.com/zh-HK/news/281502524.md) - [Sri Lotus Developers Grants 1.2 Million ESOPs Under 2024 Scheme](https://longbridge.com/zh-HK/news/281348606.md) - [The Warren Buffett Stock That Has Compounded at 18.5% Annually for 18 Years](https://longbridge.com/zh-HK/news/281416391.md)