Adjusted EBITDA was $506 million, down 24%, with margin at 12%, down 300 basis points due to lower gross profit and reduced operating leverage.
Adjusted EPS was $2.38, down 32%, with share repurchases adding approximately $0.18 per share benefit.
Adjusted SG&A was $818 million, up $4 million, mainly from acquired operations, with 30% fixed and 70% variable costs.
Capital expenditures were $86 million; $61 million deployed on acquisitions; repurchased 3.3 million shares for $391 million.
Gross profit was $1.3 billion, down 11% year-over-year, with gross margin at 30.7%, down 210 basis points due to margin normalization and low starts environment.
Net debt to adjusted EBITDA ratio was about 2.3x, fixed charge coverage ratio roughly 6x; no long-term debt maturities until 2030.
Net sales decreased 5% to $4.2 billion in Q2, driven by lower organic sales and commodity deflation, partially offset by acquisitions.
Operating cash flow was $341 million, down $111 million mainly due to lower net income; free cash flow was $255 million.
Adjusted earnings per share of $1.78 exceeded the high end of guidance, with a pretax margin in the top 3 of the industry.
Alaska Air Group reported a second quarter GAAP net income of $172 million and adjusted net income of $215 million, excluding special items and fuel hedge adjustments.
Fuel price averaged $2.39 per gallon in Q2, trending down through June, with an expected $2.45 average in Q3.
Liquidity ended the quarter at $3 billion, net leverage at 2.4x, and debt to capital at 60%.
Second quarter unit costs were up 6.5% year-over-year, driven by airport real estate cost growth, maintenance, and new labor contracts.
The company generated a record $3.7 billion in revenue, with year-over-year unit revenue performance expected to lead the industry.
The company repurchased $428 million in shares in Q2, totaling $535 million year-to-date.
Caustic soda demand remained stable with robust global alumina demand and Latin American pulp and paper capacity expansion offsetting US reductions.
Epoxy resin volume improved year over year despite weak building, automotive, and consumer electronics markets, supported by reliability and security of supply as the last fully integrated producer in North America and Europe.
Operating cash flow of more than $212 million was generated, funding the Winchester acquisition, paying down $39 million of debt, and buying back $10 million of Olin shares.
Second quarter adjusted EBITDA declined by 5% compared to 2025, primarily due to a headwind of $32 million of planned maintenance turnaround costs in our chemicals businesses.
Winchester's defense business grew due to strong military ammunition demand, while the commercial ammunition business faced margin weakness from customer destocking, lower pricing, and higher raw material costs.
Dafinchi