v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Reportable Segments Summarized Financial Information
See below for a reconciliation of segment Net sales to adjusted EBITDA by segment showing significant segment expenses regularly reviewed by the CODM for the three-month and three-month periods ended March 31, 2026 and 2025 (in thousands):
Energy StorageSpecialtiesTotal Segments
Three Months Ended March 31, 2026
Net sales(a)
$891,165 $358,413 $1,249,578 
Cost of goods sold(b)
(409,704)(242,790)(652,494)
Selling, general and administrative expenses(b)
(49,281)(27,061)(76,342)
Other segment items(c)
(901)(2,547)(3,448)
Equity in net income of unconsolidated investments(d)
120,077 — 120,077 
Net income attributable to noncontrolling interests— (9,886)(9,886)
Adjusted EBITDA by segment$551,356 $76,129 $627,485 
Three Months Ended March 31, 2025
Net sales(a)
$524,565 $321,014 $845,579 
Cost of goods sold(b)
(365,521)(231,226)(596,747)
Selling, general and administrative expenses(b)
(44,535)(20,379)(64,914)
Other segment items(c)
(2,550)(2,793)(5,343)
Equity in net income of unconsolidated investments(d)
74,396 — 74,396 
Net income attributable to noncontrolling interests— (7,950)(7,950)
Adjusted EBITDA by segment$186,355 $58,666 $245,021 
(a)Intersegment sales are not considered material. See below for reconciliation of reportable segment net sales to total Albemarle net sales.
(b)The significant expense categories and amounts align with the segment information that is regularly provided to the CODM. Excludes depreciation and amortization, and non-operating, non-recurring or unusual items as described in the reconciliation of total segment adjusted EBITDA to consolidated Net income attributable to Albemarle Corporation below.
(c)Other segment items are comprised of Research and development expenses excluding depreciation and amortization.
(d)Excludes Albemarle’s 49% ownership interest in the income tax expense of the Windfield joint venture.
The Company reconciles the total segment adjusted EBITDA to the consolidated Net income attributable to Albemarle Corporation given the impact of equity in net income from unconsolidated investments, the majority of which relates to the Windfield joint venture. This reconciliation reflects the strategic and operational significance of the Company’s joint ventures and aligns with our allocation of equity in net income from unconsolidated investments at the segment level, representing each segment's contribution to the Company's overall financial performance. See below for a reconciliation of total segment adjusted EBITDA to consolidated Net income attributable to Albemarle Corporation (in thousands):
Three Months Ended
March 31,
20262025
Total segment adjusted EBITDA$627,485 $245,021 
Corporate and all other adjusted EBITDA36,329 22,123 
Depreciation and amortization(157,805)(161,754)
Interest and financing expenses(a)
(33,121)(48,977)
Income tax (expense) benefit(21,511)3,978 
Proportionate share of Windfield income tax expense(b)
(41,534)(25,326)
Loss on sale of business/equity investment, net(c)
(52,718)— 
Acquisition and integration related costs(d)
(1,107)(1,440)
Restructuring charges and asset write-offs(e)
(25,866)833 
Non-operating pension and OPEB items(1,347)(275)
Loss in fair value of public equity securities(f)
(5,487)(5,022)
Other(g)
(4,227)12,187 
Net income attributable to Albemarle Corporation$319,091 $41,348 
(a)Includes a gain on early extinguishment of debt of $12.6 million for the three months ended March 31, 2026. See Note 6, “Long-Term Debt,” for further details.
(b)Albemarle’s 49% ownership interest in the reported income tax expense of the Windfield joint venture.
(c)Loss on sale of controlling ownership interest in Refining Solutions business included in Loss on sale of business on the consolidated statement of income. Partially offset by gain on sale of Eurecat S.A. joint venture recorded in Other income, net. See Note 2, “Divestitures,” for further details.
(d)Costs related to the acquisition, integration and divestitures for various significant projects, recorded in Selling, general and administrative expenses (“SG&A”).
(e)See Note 10, “Restructuring Charges and Asset Write-offs,” for further details.
(f)Represents the net change in fair value of investments in public equity securities for the three-month periods ended March 31, 2026 and 2025, recorded in Other income, net.
(g)Included amounts for the three months ended March 31, 2026 recorded in:
•SG&A - Primarily related to a $3.9 million charge for a non-income tax audit of a facility no longer controlled by the Company.
Included amounts for the three months ended March 31, 2025 recorded in:
•SG&A - $3.2 million of gains from the sale of assets at a site not part of our production operations, partially offset by $0.6 million of expenses related to certain historical legal matters.
•Other income, net - $9.8 million of income from PIK dividends of preferred equity in a W.R. Grace & Co. subsidiary and a $1.9 million gain primarily resulting from the adjustment of indemnification related to previously disposed businesses, partially offset by $1.9 million of charges for asset retirement obligations at a site not part of our operations.
Total assets and investments in equity method investees by segment at March 31, 2026 and December 31, 2025 were as follows (in thousands):
March 31,December 31,
20262025
Assets:
Energy Storage$11,304,071 $11,086,694 
Specialties2,004,561 2,067,191 
Total segment assets13,308,632 13,153,885 
Corporate and all other1,830,946 3,220,326 
Total assets$15,139,578 $16,374,211 
Investments in equity method investees:
Energy Storage$894,971 $737,792 
Total segment investments in equity method investees894,971 737,792 
Corporate and all other53,115 82,056 
Total investments in equity method investees$948,086 $819,848 
Additional segment information for the three-month periods ended March 31, 2026 and 2025 was as follows (in thousands):
Three Months Ended
March 31,
20262025
Net sales:
Energy Storage$891,165 $524,565 
Specialties358,413 321,014 
Total segment net sales1,249,578 845,579 
Corporate and all other179,153 231,302 
Total net sales$1,428,731 $1,076,881 
Depreciation and amortization:
Energy Storage$124,350 $120,348 
Specialties28,691 25,733 
Total segment depreciation and amortization153,041 146,081 
Corporate and all other4,764 15,673 
Total depreciation and amortization$157,805 $161,754 
Equity in net income of unconsolidated investments (net of tax):
Energy Storage$82,967 $50,845 
Total segment equity in net income of unconsolidated investments (net of tax)82,967 50,845 
Corporate and all other(a)
13,326 13,441 
Total equity in net income of unconsolidated investments (net of tax)$96,293 $64,286 
Capital expenditures:
Energy Storage$54,121 $94,443 
Specialties20,418 62,225 
Total segment capital expenditures74,539 156,668 
Corporate and all other24,137 25,956 
Total capital expenditures$98,676 $182,624 
(a)Corporate and all other equity in net income of unconsolidated investments (net of tax) relates to foreign exchange gains or losses from the Windfield joint venture and our 49% ownership interest in the Ketjen joint venture.