Avient is buying back shares again. What changed in its cash flow?
Faster sales growth supports a higher earnings outlook and renewed buybacks, alongside debt repayments.
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Avient Corporation
Avient makes specialty polymers, colorants, additives and high-performance fibers for packaging, healthcare, construction and other industrial uses.
- Ticker
- AVNT
- Exchange
- XNYS
- SEC CIK
- 0001122976
Avient's latest results show stronger demand across its specialty-materials businesses. Packaging, building and construction, industrial applications and high-performance computing contributed to growth.
Quarterly operating record
| Measure | 2026 | 2025 |
|---|---|---|
| Revenue | 891.2 | 806.5 |
| Operating income | 82.6 | 67.1 |
| Net income attributable to common shareholders | 42.7 | 32.6 |
| Reported diluted EPS | 0.46 | 0.36 |
| Adjusted diluted EPS | 0.86 | 0.70 |
Adjusted EPS adds back 23 cents of special items and 17 cents of intangible amortization. Environmental costs, restructuring and other specified items account for the difference.
Higher expectations and renewed capital returns
| Measure | August 6 outlook | November 4 outlook |
|---|---|---|
| Adjusted EPS | $3.10–$3.25 | $3.22–$3.32 |
| Adjusted EBITDA | $575–$603 | $593–$603 |
| Free cash flow | $210–$230 | $215–$230 |
| Capital spending | $120–$130 | About $120 |
The analysis of Avient's growth and capital returns follows its improved cash generation and the resumption of share repurchases.
October purchases totaled about 281,000 shares for $10.9 million. There were no program repurchases during the third quarter. Voluntary term-loan repayments were $100 million through September, including $50 million in that quarter.
Cash and borrowing
| Measure | 2026 | 2025 |
|---|---|---|
| Operating cash flow | 180.0 | 133.8 |
| Capital expenditures | 66.4 | 64.2 |
| Cash after capital spending | 113.6 | 69.6 |
Cash and cash equivalents were $445.7 million at September 30, compared with $510.5 million at the previous year-end. Debt had a carrying value of $1.827 billion and principal of $1.849 billion. The term loan's principal was $470.7 million. The company reported $486.7 million available under its $500 million revolving facility and compliance with its debt covenants.
Environmental and tax obligations
The total environmental reserve was $142.9 million, including $133.9 million for Calvert City. A $19.1 million quarterly charge primarily reflected further studies and an extended cleanup timetable, with barrier-wall completion now assumed in 2032. Further costs are probable but not yet estimable.
Avient is also contesting an IRS adjustment concerning a prior capital loss. A separate draft adjustment for another tax year arrived in September and remained under discussion. The company had recorded no reserve for either dispute.
Leadership
Michael J. Frank became president and chief executive officer on October 7, 2026.
Latest reporting