0001489393-26-000028
SEC filingOperating income more than doubled on improved margins and lower costs, but net income fell 29% due to discontinued operations and higher interest expense.
Revenue decreased 6.3% to $7.2 billion in the first quarter of 2026 compared to $7.7 billion in the same period last year. The decline was primarily driven by lower sales volumes reflecting reduced demand across several product lines, as well as lower average selling prices. Higher average sales prices for many products partially offset the decline, but the net effect was a top-line contraction.
Net cash used in operating activities was $269 million, an improvement from $579 million used in the prior year. Capital expenditures decreased to $269 million from $483 million. Free cash flow was negative $538 million, reflecting the operating cash outflow and ongoing investment spending. The negative operating cash flow was driven by working capital build, partially offset by higher earnings.