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Financial Information by Segment | 9 Months Ended
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Jun. 30, 2026
Segment Reporting [Abstract] |
Financial Information by Segment | L. Financial Information by Segment Segment Information The Company identifies a product line as an operating segment if: i) it engages in business activities from which it may earn revenues and incur expenses; ii) its operating results are regularly reviewed by the Chief Operating Decision Maker (“CODM”), who is Cabot’s President and Chief Executive Officer, to make decisions about resources to be allocated to the segment and assess its performance; and iii) it has available discrete financial information. Operating segments are aggregated into a reportable segment if the operating segments are determined to have similar economic characteristics and if the operating segments are similar in the following areas: i) nature of products and services; ii) nature of production processes; iii) type or class of customer for their products and services; iv) methods used to distribute the products or provide services; and v) if applicable, the nature of the regulatory environment. The Company has two reportable segments: Reinforcement Materials and Performance Chemicals. The Performance Chemicals reporting segment aggregates the specialty carbons, specialty compounds, fumed metal oxides, battery materials, inkjet colorants and aerogel product lines. The CODM reviews Segment earnings before interest and taxes (“Segment EBIT”) at the operating segment level to allocate resources and to assess operating results and financial performance. The CODM reviews the change in the actual results compared to the same period forecast, the same period year-ago, and the preceding period on a quarterly basis. Segment EBIT includes all items that are controlled by the business segment and those management considers are representative of the fundamental on-going segment results. Details of Segment EBIT including segment revenue and significant segment expenses regularly reviewed by the CODM are as follows:
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |
|  | (In millions) |
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |
Segment revenues from external customers |  | $ | 599 |  |  | $ | 351 |  |  | $ | 950 |
Segment cost of sales(1) |  |  | (468 | ) |  |  | (248 | ) |  |  | (716 | )
Segment operating expenses(1)(2) |  |  | (35 | ) |  |  | (36 | ) |  |  | (71 | )
Other Segment Items(3) |  |  | 1 |  |  |  | 1 |  |  |  | 2 |
Segment EBIT |  | $ | 97 |  |  | $ | 68 |  |  | $ | 165 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |
|  | (In millions) |
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Segment revenues from external customers |  | $ | 573 |  |  | $ | 320 |  |  | $ | 893 |
Segment cost of sales(1) |  |  | (415 | ) |  |  | (229 | ) |  |  | (644 | )
Segment operating expenses(1)(2) |  |  | (31 | ) |  |  | (34 | ) |  |  | (65 | )
Other Segment Items(3) |  |  | 1 |  |  |  | — |  |  |  | 1 |
Segment EBIT |  | $ | 128 |  |  | $ | 57 |  |  | $ | 185 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |
|  | (In millions) |
Nine Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |
Segment revenues from external customers |  | $ | 1,663 |  |  | $ | 979 |  |  | $ | 2,642 |
Segment cost of sales(1) |  |  | (1,271 | ) |  |  | (699 | ) |  |  | (1,970 | )
Segment operating expenses(1)(2) |  |  | (102 | ) |  |  | (108 | ) |  |  | (210 | )
Other Segment Items(3) |  |  | 2 |  |  |  | 3 |  |  |  | 5 |
Segment EBIT |  | $ | 292 |  |  | $ | 175 |  |  | $ | 467 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |
|  | (In millions) |
Nine Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |
Segment revenues from external customers |  | $ | 1,778 |  |  | $ | 942 |  |  | $ | 2,720 |
Segment cost of sales(1) |  |  | (1,292 | ) |  |  | (689 | ) |  |  | (1,981 | )
Segment operating expenses(1)(2) |  |  | (99 | ) |  |  | (104 | ) |  |  | (203 | )
Other Segment Items(3) |  |  | 2 |  |  |  | 3 |  |  |  | 5 |
Segment EBIT |  | $ | 389 |  |  | $ | 152 |  |  | $ | 541 |
(1) Segment cost of sales and Segment operating expenses exclude the items described in the reconciliation of segment earnings before interest and income taxes to Income (loss) from operations before income taxes and equity in earnings of affiliated companies. (2) Segment operating expenses include Selling and administrative expenses and Research and technical expenses. (3) Other segment items include Equity in earnings of affiliated companies, net of tax. Reconciliation of Segment earnings before interest and income taxes to Income (loss) from operations before income taxes and equity in earnings of affiliated companies is as follows:
|  | Three Months Ended June 30 |  |  | Nine Months Ended June 30 |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In millions) |
Segment EBIT |  | $ | 165 |  |  | $ | 185 |  |  | $ | 467 |  |  | $ | 541 |
Interest Expense |  |  | (18 | ) |  |  | (19 | ) |  |  | (54 | ) |  |  | (56 | )
Certain items (1) |  |  | (78 | ) |  |  | (3 | ) |  |  | (94 | ) |  |  | (13 | )
Unallocated corporate costs (2) |  |  | (14 | ) |  |  | (13 | ) |  |  | (41 | ) |  |  | (39 | )
General unallocated income (expense) (3) |  |  | 5 |  |  |  | 6 |  |  |  | 23 |  |  |  | 22 |
Less: Equity in earnings of affiliated companies, net of tax(4) |  |  | 2 |  |  |  | 1 |  |  |  | 5 |  |  |  | 5 |
Income (loss) from operations before income taxes and equity in earnings of affiliated companies |  | $ | 58 |  |  | $ | 155 |  |  | $ | 296 |  |  | $ | 450 |
(1) Certain items are items of expense and income that management does not consider representative of the Company’s fundamental on-going segment results and they are, therefore, excluded from Segment EBIT. Details of certain items for the three and nine months ended June 30, 2026 and 2025 are as follows:
|  | Three Months Ended June 30 |  |  | Nine Months Ended June 30 |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In millions) |  |  | (In millions) |
Global restructuring activities (Note I) |  | $ | (42 | ) |  | $ | (3 | ) |  | $ | (57 | ) |  | $ | (6 | )
Employee benefit plan settlement and other charges (Note E) |  |  | (30 | ) |  |  | — |  |  |  | (30 | ) |  |  | — |
Legal and environmental matters and reserves (Note F) |  |  | (5 | ) |  |  | — |  |  |  | (5 | ) |  |  | (6 | )
Acquisition and integration-related charges (Note C) |  |  | (1 | ) |  |  | — |  |  |  | (2 | ) |  |  | — |
Other certain items |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1 | )
Total certain items |  | $ | (78 | ) |  | $ | (3 | ) |  | $ | (94 | ) |  | $ | (13 | )
(2) Unallocated corporate costs are not controlled by the segments and primarily benefit corporate interests. (3) General unallocated income (expense) consists of gains (losses) arising from foreign currency transactions, net of other foreign currency risk management activities, interest and dividend income, the profit or loss related to the corporate adjustment for unearned revenue, and unrealized holding gains (losses) for investments. This does not include items of income or expense that are separately treated as Certain items. (4) Equity in earnings of affiliated companies, net of tax is included in Segment EBIT and is removed to reconcile to Income (loss) from operations before taxes and equity in earnings of affiliated companies. Financial information by reportable segment is as follows:
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Segment Total |  |  | Unallocated and Other |  |  | Consolidated Total |
|  | (In millions) |
Three Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(1) |  | $ | 599 |  |  | $ | 351 |  |  | $ | 950 |  |  | $ | 32 |  |  | $ | 982 |
Three Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(1) |  | $ | 573 |  |  | $ | 320 |  |  | $ | 893 |  |  | $ | 30 |  |  | $ | 923 |
Nine Months Ended June 30, 2026 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 1,663 |  |  | $ | 979 |  |  | $ | 2,642 |  |  | $ | 93 |  |  | $ | 2,735 |
Nine Months Ended June 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues from external customers(2) |  | $ | 1,778 |  |  | $ | 942 |  |  | $ | 2,720 |  |  | $ | 94 |  |  | $ | 2,814 |
(1) Consolidated Total Revenues from external customers reconciles to Net sales and other operating revenues on the Consolidated Statements of Operations. Revenues from external customers that are categorized as Unallocated and Other are summarized as follows:
|  | Three Months Ended June 30 |  |  | Nine Months Ended June 30 |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In millions) |
Shipping and handling fees |  | $ | 34 |  |  | $ | 28 |  |  | $ | 91 |  |  | $ | 85 |
Other |  |  | (2 | ) |  |  | 2 |  |  |  | 2 |  |  |  | 9 |
Total |  | $ | 32 |  |  | $ | 30 |  |  | $ | 93 |  |  | $ | 94 |
Geographic Information The Company’s segments operate globally. In addition to presenting Revenue from external customers by reportable segment, the following tables further disaggregate Revenues from external customers by geographic region.
|  | Three Months Ended June 30, 2026 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 245 |  |  | $ | 106 |  |  | $ | 351 |
Asia Pacific |  |  | 219 |  |  |  | 153 |  |  |  | 372 |
Europe, Middle East and Africa |  |  | 135 |  |  |  | 92 |  |  |  | 227 |
Segment revenues from external customers |  |  | 599 |  |  |  | 351 |  |  |  | 950 |
Unallocated and other |  |  |  |  |  |  |  |  | 32 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 982 |
|  | Three Months Ended June 30, 2025 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 230 |  |  | $ | 98 |  |  | $ | 328 |
Asia Pacific |  |  | 199 |  |  |  | 132 |  |  |  | 331 |
Europe, Middle East and Africa |  |  | 144 |  |  |  | 90 |  |  |  | 234 |
Segment revenues from external customers |  |  | 573 |  |  |  | 320 |  |  |  | 893 |
Unallocated and other |  |  |  |  |  |  |  |  | 30 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 923 |
|  | Nine Months Ended June 30, 2026 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 661 |  |  | $ | 282 |  |  | $ | 943 |
Asia Pacific |  |  | 617 |  |  |  | 445 |  |  |  | 1,062 |
Europe, Middle East and Africa |  |  | 385 |  |  |  | 252 |  |  |  | 637 |
Segment revenues from external customers |  |  | 1,663 |  |  |  | 979 |  |  |  | 2,642 |
Unallocated and other |  |  |  |  |  |  |  |  | 93 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 2,735 |
|  | Nine Months Ended June 30, 2025 |
|  | Reinforcement Materials |  |  | Performance Chemicals |  |  | Consolidated Total |
|  | (In millions) |
Americas |  | $ | 714 |  |  | $ | 283 |  |  | $ | 997 |
Asia Pacific |  |  | 659 |  |  |  | 400 |  |  |  | 1,059 |
Europe, Middle East and Africa |  |  | 405 |  |  |  | 259 |  |  |  | 664 |
Segment revenues from external customers |  |  | 1,778 |  |  |  | 942 |  |  |  | 2,720 |
Unallocated and other |  |  |  |  |  |  |  |  | 94 |
Net sales and other operating revenues |  |  |  |  |  |  |  | $ | 2,814 |

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