Union Carbide sold more in Q3 2026, yet kept less profit

Union Carbide, a US chemicals producer, reported consolidated revenue of USD 1.5bn for Q3 2026 (US GAAP, USD), up 38.4% on Q3 2025. Profit went the other way. Net profit fell to USD 356m from USD 782m a year earlier, so the net margin narrowed to 23.7% from 71.9%. That is a drop of 48.3 pp in one year. Revenue grew by USD 417m, yet the company kept far less profit from it than in the same quarter of 2025.

A net margin of 71.9% is unusual for a chemicals producer, which makes the earlier quarter the odd one out. Margins that high often include a gain outside regular trading. The figures do not say what lifted the profit in Q3 2025. The balance sheet moved the other way: equity rose 14.4% to USD 2.4bn, and the equity ratio, the share of assets funded by owners, reached 49.5% from 43.6%. Cash stood at USD 12.0m, small against assets of USD 4.9bn. I would not read the fall as a collapse until the earlier quarter is explained.