Koppers Holdings Inc. (KOP) · Nov 6, 2026 · Earnings

Koppers earnings miss as cost pressure forces 2026 guide cut

Miss — Adjusted EPS $0.77 vs ~$1.35 consensus

Koppers’ third-quarter earnings missed sharply as raw-material and logistics costs crushed margins, forcing another 2026 guidance cut despite stronger cash flow.

Koppers is in the late stage of its Catalyst transformation, trying to shift the portfolio toward higher-margin Performance Chemicals while closing or idling structurally weak CMC and RUPS facilities. The plan was already supposed to create meaningful benefits from the Stickney closure and other network actions, but raw-material volatility and weak end markets remain the immediate operating reality.

Metric	Q3 2026 / FY26 current	Q3 2025 / FY26 prior	Consensus or prior guide
Net sales (Financial Highlights)	$499.1M	$485.3M	~$518M
Adjusted EPS (Financial Highlights)	$0.77	$1.21	~$1.35
Adjusted EBITDA (Financial Highlights)	$58.0M	$70.9M	—
FY26 adjusted EBITDA (Forecast)	$220M-$225M	—	$240M-$250M
FY26 adjusted EPS (Forecast)	$3.10-$3.25	—	$3.80-$4.20
FY26 operating cash flow (Forecast)	$165M-$185M	—	$165M-$185M
FY26 free cash flow (Forecast)	$115M-$135M	—	$110M-$130M

The quarter missed badly on earnings, not sales. Revenue rose 2.8% to $499.1 million, but adjusted EPS fell 36.4% to $0.77, versus published consensus of roughly $1.35; the gap shows that the problem is conversion of sales into profit, not simply demand. The company attributed the EBITDA decline to higher raw-material and logistics costs, with SG&A also up year over year.

The weakness is concentrated in the businesses Catalyst is supposed to repair. Performance Chemicals was the clear bright spot: sales increased 11.9% and adjusted EBITDA rose 13.4% on 10% volume growth and market-share gains. But RUPS EBITDA fell 23.6% as lower crosstie pricing and higher costs offset volume gains, while CMC EBITDA collapsed 60.9% as raw-material costs, poor utilization, feedstock quality issues and the accelerated Stickney closure weighed on results. 〔0〕

Management cut the earnings outlook again, confirming that the margin pressure is lasting longer than expected. FY2026 adjusted EBITDA guidance fell to $220-$225 million from $240-$250 million, and adjusted EPS fell to $3.10-$3.25 from $3.80-$4.20. Sales guidance was effectively maintained at about $1.9 billion, so the downgrade is almost entirely a profitability problem rather than a top-line collapse. 〔1〕

Cash generation is the important offset, but it does not erase the earnings reset. Nine-month operating cash flow reached $126.9 million and free cash flow $92.0 million, both records, helped by working-capital actions and lower inventory; Koppers also reduced net debt by $35.8 million while returning $56.2 million to shareholders. That improves financial flexibility, but the cash improvement is partly working-capital-driven while underlying EBITDA is deteriorating.

The 2027 recovery case is now doing more of the work. Management says commercial actions, the Stickney closure and the Florence plant idling should reset earnings meaningfully higher in 2027, consistent with the transformation plan's previously disclosed focus on cost savings and portfolio rationalization. The filing, however, shows that those benefits have not yet offset current input-cost inflation and weaker demand.

Bottom line: This is a clear earnings miss and another material guidance cut, with Performance Chemicals and cash flow providing only partial offsets. The business is still pursuing the right restructuring path, but the near-term story has worsened because the promised margin recovery is being pushed into 2027.

What to watch next

Catalyst actions take effect in 2027

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

58% bullish

Bull 58%Neu 27%Bear 15%

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Koppers earnings miss as cost pressure forces 2026 guide cut

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