Albemarle (ALB) reported net income of US$ 297 mi (US$ 296.8 mi) in the third quarter of 2026, versus a loss of US$ 160.7 mi in the same period of 2025. Diluted earnings per share (EPS) were US$ 2.15, versus a loss of US$ 1.72 a year earlier. Revenue totaled US$ 1.6 bi (US$ 1.55 bi), up 18.8%, driven by higher prices in Energy Storage and by higher prices and volumes in Specialties.
Adjusted net income (non-GAAP, excludes items the company considers non-recurring) was US$ 354 mi, or US$ 2.58 per share adjusted, excluding mainly restructuring costs and other items. Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization, with adjustments) was US$ 646 mi, up 186.1%, versus US$ 225.6 mi in 3Q25.
In Energy Storage, revenue was US$ 1.1 bi, up 57.9%, with an average realized price of US$ 20.02 per kg of lithium carbonate equivalent (LCE), versus US$ 10.28. Sales volume fell 18.8% to 56 thousand metric tons (kT) LCE, due to one-time events in 3Q25, such as inventory reductions and high spodumene shipments. The segment's adjusted EBITDA was US$ 560 mi. In Specialties, revenue was US$ 389 mi, up 12.7%, and adjusted EBITDA was US$ 99 mi, up 30.7%.
Cash from operations was US$ 406 mi in the quarter, and free cash flow (non-GAAP) was US$ 325 mi. The company had liquidity of about US$ 3.4 bi and total debt of US$ 1.9 bi as of September 30, 2026.
For 2026, Albemarle raised its Specialties adjusted EBITDA guidance to US$ 350 mi to US$ 375 mi, versus US$ 275 mi to US$ 325 mi. It also lowered its capital expenditures (capex) outlook to US$ 300 mi to US$ 350 mi, versus about US$ 500 mi. CEO Kent Masters said global lithium demand rose 48% year to date through August.
