The Q2 miss and Q3 pricing warning confirm a deteriorating agricultural cycle for ASIX. Monitor Q3 sequential pricing trend and any update on the SUSTAIN growth program. The DEF project FEED work continues with no FID until H1 2027 — no near-term catalyst. Cash burn and rising leverage ($275M drawn on revolver vs $215M YE25) warrant caution.
Price Chart
Executive Summary
AdvanSix reported Q2 2026 GAAP diluted EPS of $0.12 (adjusted $0.19), a 90% YoY decline from $1.15, and revenue of $421M (+3% YoY) missing the $452.2M consensus. Adjusted EBITDA plummeted 43% to $31.9M, driven by a 15% volume drop in Plant Nutrients (ammonium sulfate) amid weak farmer economics. The sequential improvement from Q1's loss is overshadowed by the severe YoY compression in earnings and cash flow, and the outlook warns of further sequential pricing pressure in Q3.
Key Financial Metrics
Key Facts
- GAAP diluted EPS $0.12 vs $1.15 YoY (-90%), adjusted diluted EPS $0.19 vs $1.24 (-85%)
- Revenue $421M vs $452.2M consensus (miss), +3% YoY but volume declined 15%
- Adjusted EBITDA $31.9M, down 43% YoY from $55.7M, margin collapsed 600bps to 7.6%
- Plant Nutrients segment revenue fell 16% YoY to $131M on lower volume; Nylon +26% and Chemical Intermediates +18%
- Operating cash flow $10M vs $21.1M YoY (-52%); FCF -$10.7M vs -$7.2M
- Outlook: North American ammonium sulfate fill program to drive sequential domestic pricing decline in Q3 amid competitive dynamics and higher sulfur costs
Financial Impact
Adjusted EBITDA declined $23.8M YoY; operating cash flow down $11.1M YoY; FCF shortfall vs prior year of $3.5M; Plant Nutrients revenue down 16% segment-most
Risk Factors
- Further deterioration in ammonium sulfate pricing and farmer economics into Q3
- Continued high sulfur and natural gas input costs compressing margins
- Negative free cash flow for six consecutive quarters; cash balance down to $7.2M vs $19.8M at year-end
- Revolver drawn to $275M, up $60M from YE25, increasing interest expense
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001673985-26-000045 |
| Document: asix-20260807.htm | 0001673985-26-000045 |
| Document: 0001673985-26-000045-index-headers.html | 0001673985-26-000045 |
| Document: 0001673985-26-000045-index.html | 0001673985-26-000045 |
| Document: 0001673985-26-000045.txt | 0001673985-26-000045 |
| 8-K Data (Synthetic) | 0001673985-26-000045 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 7, 2026 11w ago | 8-K | $16.48 $17.45 | ▼ −5.89% | ▼ −6.28% | $15.62 (+5.22%) |
Jun 13, 2026 19w ago | Institutional Cluster | $22.33 $20.93 | ▼ −6.27% | ▼ −5.52% | $15.62 (−30.05%) |
May 8, 2026 24w ago | 8-K | $20.32 $21.48 | ▼ −5.71% | ▼ −5.69% | $15.62 (+23.13%) |
Apr 13, 2026 28w ago | 8-K | $23.90 $22.53 | ▼ −5.73% | ▼ −13.46% | $15.62 (−34.64%) |
US Market Status
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