4 unchanged sentences
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Net sales $ 480,479 $ 442,914
2 unchanged sentences
Selling, general and administrative expenses 135,765 119,046
−Removed: Impairment charges — — 88,840 —
Restructuring and related charges, net 7,381 14,590
Operating income 33,589 27,624
−Removed: Other (expense) income, net ( 270 ) 783 ( 1,632 ) 2,285
+Added: Other expense, net ( 23 ) ( 709 )
Interest expense ( 9,879 ) ( 9,545 )
−Removed: Income (loss) before taxes and equity in net income of associated companies 35,430 42,154 ( 13,142 ) 136,053
+Added: Income before taxes and equity in net income of associated companies 23,687 17,370
Taxes on income before equity in net income of associated companies 7,145 7,542
−Removed: Income (loss) before equity in net income of associated companies 26,164 29,987 ( 35,422 ) 95,600
+Added: Income before equity in net income of associated companies 16,542 9,828
Equity in net income of associated companies 3,200 3,089
−Removed: Net income (loss) 30,486 32,372 ( 23,160 ) 102,540
−Removed: Net income attributable to noncontrolling interest 17 26 29 82
−Removed: Net income (loss) attributable to Quaker Chemical Corporation $ 30,469 $ 32,346 $ ( 23,189 ) $ 102,458
+Added: Net income 19,742 12,917
+Added: Net income (loss) attributable to noncontrolling interest 73 ( 5 )
+Added: Net income attributable to Quaker Chemical Corporation $ 19,669 $ 12,922
Per share data:
−Removed: Net income (loss) attributable to Quaker Chemical Corporation common shareholders – basic $ 1.75 $ 1.81 $ ( 1.32 ) $ 5.71
−Removed: Net income (loss) attributable to Quaker Chemical Corporation common shareholders – diluted $ 1.75 $ 1.81 $ ( 1.32 ) $ 5.70
+Added: Net income attributable to Quaker Chemical Corporation common shareholders – basic $ 1.13 $ 0.73
+Added: Net income attributable to Quaker Chemical Corporation common shareholders – diluted $ 1.13 $ 0.73
Dividends declared $ 0.508 $ 0.485
5 unchanged sentences
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
−Removed: Net income (loss) $ 30,486 $ 32,372 $ ( 23,160 ) $ 102,540
−Removed: Other comprehensive (loss) income, net of tax
+Added: Net income $ 19,742 $ 12,917
+Added: Other comprehensive income, net of tax
Currency translation adjustments ( 9,913 ) 27,129
1 unchanged sentence
Current period change in fair value of derivatives ( 13 ) ( 592 )
−Removed: Unrealized gain (loss) on available-for-sale securities 362 325 ( 149 ) 326
+Added: Unrealized loss on available-for-sale securities ( 166 ) ( 304 )
Other comprehensive (loss) income ( 9,689 ) 25,968
Comprehensive income 10,053 38,885
−Removed: Comprehensive income attributable to noncontrolling interest ( 21 ) ( 20 ) ( 164 ) ( 4 )
+Added: Comprehensive income (loss) attributable to noncontrolling interest ( 82 ) 1
Comprehensive income attributable to Quaker Chemical Corporation $ 9,971 $ 38,886
4 unchanged sentences
Dollars in thousands, except par value)
−Removed: September 30,
2026 December 31,
36 unchanged sentences
issued and outstanding
−Removed: September 30, 2025 – 17,367,942 shares;
+Added: March 31, 2026 – 17,365,508 shares;
December 31, 2025 – 17,331,779 shares
12 unchanged sentences
Dollars in thousands)
−Removed: Nine Months Ended
−Removed: September 30,
+Added: Three Months Ended
Cash flows from operating activities
−Removed: Net (loss) income $ ( 23,160 ) $ 102,540
−Removed: Adjustments to reconcile net (loss) income to net cash provided by operating activities:
+Added: Net income $ 19,742 $ 12,917
+Added: Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization 25,640 20,599
2 unchanged sentences
Share-based compensation 3,170 3,182
−Removed: Impairment charges 88,840 —
Restructuring and related charges, net 7,381 14,590
−Removed: Inventory step-up amortization 6,022 —
Gain on disposal of property, plant and equipment and other assets — ( 2,148 )
6 unchanged sentences
Accounts payable and accrued liabilities 6,845 ( 15,712 )
−Removed: Net cash provided by operating activities 89,909 141,514
+Added: Net cash provided by (used in) operating activities 3,786 ( 3,050 )
Cash flows from investing activities
7 unchanged sentences
Borrowings on revolving credit facilities, net 14,053 30,000
−Removed: Payments on other debt, net ( 525 ) ( 842 )
+Added: Borrowings (payments) on other debt, net 1,857 ( 773 )
Dividends paid ( 8,805 ) ( 8,572 )
−Removed: Shares purchased under share repurchase programs ( 36,496 ) ( 22,906 )
Other stock related activity ( 1,749 ) ( 1,176 )
−Removed: Net cash provided by (used in) financing activities 79,268 ( 67,002 )
+Added: Net cash (used in) provided by financing activities ( 3,414 ) 10,956
Effect of foreign exchange rate changes on cash ( 943 ) 2,849
−Removed: Net (decrease) increase in cash and cash equivalents ( 16,842 ) 17,547
+Added: Net decrease in cash and cash equivalents ( 10,101 ) ( 2,657 )
Cash and cash equivalents at the beginning of the period 179,829 188,880
2 unchanged sentences
Non-cash activities:
−Removed: Change in accrued purchases of property, plant and equipment, net $ ( 2,983 ) $ 2,620
+Added: Accrued purchases of property, plant and equipment, net $ 7,794 $ 5,549
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
7 unchanged sentences
Balance as of December 31, 2024 $ 17,674 $ 903,781 $ 633,731 $ ( 201,619 ) $ 616 $ 1,354,183
−Removed: Net income — — 35,227 — 31 35,258
−Removed: Amounts reported in other comprehensive loss — — — ( 22,572 ) ( 73 ) ( 22,645 )
−Removed: Dividends ($ 0.455 per share)
−Removed: — — ( 8,186 ) — — ( 8,186 )
−Removed: Share issuance and equity-based compensation plans, net ( 2 ) 2,445 — — — 2,443
−Removed: Balance as of March 31, 2024 $ 17,990 $ 942,546 $ 577,682 $ ( 146,987 ) $ 561 $ 1,391,792
−Removed: Net income — — 34,885 — 25 34,910
−Removed: Amounts reported in other comprehensive loss — — — ( 18,775 ) 1 ( 18,774 )
−Removed: Dividends ($ 0.455 per share)
−Removed: — — ( 8,163 ) — — ( 8,163 )
−Removed: Shares purchased under share repurchase program, net of excise taxes ( 49 ) ( 8,306 ) — — — ( 8,355 )
−Removed: Share issuance and equity-based compensation plans, net — 4,196 — — — 4,196
−Removed: Balance as of June 30, 2024 $ 17,941 $ 938,436 $ 604,404 $ ( 165,762 ) $ 587 $ 1,395,606
−Removed: Net income — — 32,346 — 26 32,372
−Removed: Amounts reported in other comprehensive income — — — 37,314 ( 6 ) 37,308
−Removed: Dividends ($ 0.485 per share)
−Removed: — — ( 8,647 ) — — ( 8,647 )
−Removed: Shares purchased under share repurchase program, net of excise taxes ( 89 ) ( 14,624 ) — — — ( 14,713 )
−Removed: Share issuance and equity-based compensation plans — 4,344 — — — 4,344
−Removed: Balance as of September 30, 2024 $ 17,852 $ 928,156 $ 628,103 $ ( 128,448 ) $ 607 $ 1,446,270
−Removed: Quaker Chemical Corporation
−Removed: Condensed Consolidated Statements of Changes in Equity
−Removed: Dollars in thousands, except per share amounts)
−Removed: Stock Capital in Excess of Par Value Retained
−Removed: Earnings Accumulated Other
−Removed: Comprehensive Loss Noncontrolling
−Removed: Interest Total
−Removed: Balance as of December 31, 2024 $ 17,674 $ 903,781 $ 633,731 $ ( 201,619 ) $ 616 $ 1,354,183
Net income (loss) — — 12,922 — ( 5 ) 12,917
2 unchanged sentences
— — ( 8,574 ) — — ( 8,574 )
−Removed: Shares purchased under share repurchase program, net of excise taxes — — — — — —
Share issuance and equity-based compensation plans, net 6 2,000 — — — 2,006
Balance as of March 31, 2025 $ 17,680 $ 905,781 $ 638,079 $ ( 175,655 ) $ 615 $ 1,386,500
−Removed: Net (loss) income — — ( 66,580 ) — 17 ( 66,563 )
−Removed: Amounts reported in other comprehensive income — — — 60,474 127 60,601
−Removed: Noncontrolling interest from acquisition — — — — 2,451 2,451
−Removed: Dividends ($ 0.485 per share)
−Removed: — — ( 8,436 ) — — ( 8,436 )
−Removed: Shares purchased under share repurchase program, net of excise taxes ( 296 ) ( 32,686 ) — — — ( 32,982 )
−Removed: Share issuance and equity-based compensation plans, net 10 3,874 — — — 3,884
−Removed: Balance as of June 30, 2025 $ 17,394 $ 876,969 $ 563,063 $ ( 115,181 ) $ 3,210 $ 1,345,455
+Added: Balance as of December 31, 2025 $ 17,332 $ 874,826 $ 596,616 $ ( 115,661 ) $ 3,386 $ 1,376,499
Net income — — 19,669 — 73 19,742
2 unchanged sentences
— — ( 8,822 ) — — ( 8,822 )
−Removed: Shares purchased under share repurchase program, net of excise taxes ( 30 ) ( 3,806 ) — — — ( 3,836 )
Share issuance and equity-based compensation plans, net 34 1,387 — — — 1,421
−Removed: Balance as of September 30, 2025 $ 17,368 $ 876,911 $ 584,706 $ ( 115,333 ) $ 3,231 $ 1,366,883
+Added: Balance as of March 31, 2026 $ 17,366 $ 876,213 $ 607,463 $ ( 125,359 ) $ 3,468 $ 1,379,151
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
10 unchanged sentences
Pension and Other Postretirement Benefits
−Removed: Other (Expense) Income, net
+Added: Other Expense , net
Earnings Per Share
8 unchanged sentences
Note 1 – Basis of Presentation and Description of Business
−Removed: As used in these Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for the period ended September 30, 2025 (the “Report”), the terms “Quaker Houghton,” the “Company,” “we,” and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires.
+Added: As used in these Notes to Condensed Consolidated Financial Statements of this Quarterly Report on Form 10-Q for the period ended March 31, 2026 (the “Report”), the terms “Quaker Houghton,” the “Company,” “we,” and “our” refer to Quaker Chemical Corporation (doing business as Quaker Houghton), its subsidiaries, and associated companies, unless the context otherwise requires.
Basis of Presentation
4 unchanged sentences
In the opinion of management, the financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the financial position, results of operations, and cash flows for the interim periods.
−Removed: The results for the nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.
+Added: The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year.
These financial statements should be read in conjunction with the Company’s Annual Report filed on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”).
11 unchanged sentences
GAAP effective July 1, 2018 and April 1, 2022, respectively.
−Removed: As of and for the three and nine months ended September 30, 2025, the Company’s Argentine and Turkish subsidiaries together represented approximately 1 % and 2 % of the Company’s consolidated total assets and net sales, respectively.
−Removed: During the three and nine months ended September 30, 2025, the Company recorded $ 0.9 million and $ 2.1 million of remeasurement losses associated with the applicable currency conversions, respectively.
−Removed: Comparatively, during the three and nine months ended September 30, 2024, the Company recorded $ 0.6 million and $ 0.3 million of remeasurement losses associated with the applicable currency conversions, respectively.
−Removed: These losses were recorded within Other (expense) income, net, in the Company’s Condensed Consolidated Statements of Operations.
+Added: As of and for the three months ended March 31, 2026, the Company’s Argentine and Turkish subsidiaries together represented approximately 1 % and 2 % of the Company’s consolidated total assets and net sales, respectively.
+Added: During the three months ended March 31, 2026 and March 31, 2025, the Company recorded $ 0.2 million and $ 0.5 million of remeasurement losses associated with the applicable currency conversions, respectively.
+Added: These losses were recorded within Other expense, net, in the Company’s Condensed Consolidated Statements of Operations.
Note 2 – Business Acquisitions
−Removed: In April 2025, the Company acquired Dipsol Chemicals Co., Ltd.
+Added: Previous Acquisitions
+Added: In April 2025, the Company acquired 100 % of the outstanding equity interests of Dipsol Chemicals Co., Ltd.
and its subsidiaries, (“Dipsol”) for approximately $ 185.6 million ( 27.7 billion JPY), which included approximately $ 30.1 million ( 4.5 billion JPY) of acquired cash for a net purchase price of approximately $ 155.5 million ( 23.2 billion JPY).
1 unchanged sentence
The Company funded the acquisition purchase price with borrowings under its existing credit facility.
−Removed: In connection with the acquisition of Dipsol, the Company entered into foreign currency forward contracts, which resulted in a $ 187.0 million cash payment and a $ 1.4 million foreign currency loss recognized during the nine months ended September 30, 2025.
+Added: In connection with the acquisition of Dipsol, the Company entered into foreign currency forward contracts, which resulted in a $ 187.0 million cash payment and a $ 1.4 million foreign currency loss recognized during the year ended December 31, 2025.
Dipsol is headquartered in Japan and is a leading supplier of surface treatment and plating solutions and services primarily for the automotive and other industrial applications end markets.
Dipsol has operations in several countries and these operations are reported within the Company’s respective Americas, EMEA, and Asia/Pacific segments.
−Removed: This acquisition expands the Company’s advanced solutions businesses in attractive end markets with solid growth characteristics and high barriers to entry.
+Added: This acquisition expands the Company’s advanced solutions businesses in attractive end markets with solid growth characteristics.
Dipsol also provides significant cross-selling opportunities and enhances the Company’s ability to meet the needs of our customers across the globe.
2 unchanged sentences
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: The following table presents the preliminary estimated fair values of Dipsol assets acquired and liabilities assumed as of the acquisition date:
+Added: The following table presents the fair values of Dipsol assets acquired and liabilities assumed as of the acquisition date:
Dipsol Assets Acquired and Liabilities Assumed
10 unchanged sentences
Investments in associated companies 5,096
+Added: Deferred tax assets 989
Other non-current assets 4,165
10 unchanged sentences
Total Consideration $ 185,612
−Removed: The Company recorded approximately $ 0.2 million of measurement period adjustments in the third quarter of 2025 to reflect changes in net working capital.
+Added: (1) The Company recorded approximately $ 0.2 million of measurement period adjustments during the year ended December 31, 2025 to reflect changes in net working capital and tax balances.
All measurement period adjustments were offset against goodwill.
−Removed: As of September 30, 2025, the allocation of the purchase price has not been finalized and the one-year measurement period has not ended.
−Removed: Further adjustments may be necessary as a result of the Company’s ongoing assessment of additional information related to the fair value of assets acquired and liabilities assumed.
+Added: As of March 31, 2026, the allocation of the purchase price has been finalized.
The Company allocated $ 55.0 million of the purchase price to intangible assets across the Americas, EMEA, and Asia/Pacific segments.
9 unchanged sentences
The goodwill is primarily attributable to expected synergies.
−Removed: Total sales included in the Condensed Consolidated Statement of Operations for the three and nine months ended September 30, 2025 are $ 20.6 million and $ 41.5 million, respectively.
+Added: Total sales included in the Condensed Consolidated Statement of Operations for the three months ended March 31, 2026 is $ 19.1 million.
Quaker Chemical Corporation
1 unchanged sentence
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: In April 2025, the Company acquired Natech, Ltd., (“Natech”) for approximately $ 6.5 million, which includes an initial cash payment of $ 6.0 million and a deferred payment of $ 0.5 million, subject to routine and customary post-closing adjustments, including an adjustment for working capital.
+Added: In April 2025, the Company acquired 100 % of the outstanding equity interests of Natech, Ltd., (“Natech”) for approximately $ 6.5 million, which includes an initial cash payment of $ 6.0 million and a deferred payment of $ 0.5 million, subject to routine and customary post-closing adjustments, including an adjustment for working capital.
Assets acquired included cash and cash equivalents of $ 1.5 million.
5 unchanged sentences
During the third quarter of 2025, the Company settled the working capital adjustment for an immaterial amount.
−Removed: As of September 30, 2025, the allocation of the purchase price has not been finalized.
−Removed: In February 2025, the Company acquired Chemical Solutions & Innovations (Pty) Ltd.
+Added: As of March 31, 2026, the allocation of the purchase price has been finalized.
+Added: In February 2025, the Company acquired 100 % of the outstanding equity interests of Chemical Solutions & Innovations (Pty) Ltd.
(“CSI”), for approximately $ 3.9 million, subject to routine and customary post-closing adjustments, including an adjustment for working capital.
5 unchanged sentences
During the third quarter of 2025, the Company settled the working capital adjustment for an immaterial amount.
−Removed: As of September 30, 2025, the allocation of the purchase price has not been finalized.
−Removed: Previous Acquisitions
−Removed: In July 2024, the Company acquired the Sutai Group (“Sutai”), for approximately $ 16.2 million, including an initial cash payment of $ 14.6 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels, as well as earn-out provisions with an initial estimated payout of $ 1.6 million related to the finalization of 2024 and 2025 earnings.
−Removed: Assets acquired included cash and cash equivalents of $ 5.5 million.
−Removed: The Company recorded incremental income of $ 0.8 million during the three and nine months ended September 30, 2025 relating to adjustments to earnout provisions in Other (expense) income, net on the Condensed Consolidated Statements of Operations.
−Removed: As of September 30, 2025, the Company does not have any remaining earnout liabilities recorded on its Condensed Consolidated Balance Sheets.
−Removed: Sutai is based in Japan and provides impregnation treatment products and services to the automotive and other industries.
−Removed: Sutai is reported as part of the Asia/Pacific segment.
−Removed: This acquisition strengthens Quaker Houghton’s technology portfolio, enabling the Company to better support and optimize production processes for customers across the Japanese, Asia Pacific and global markets.
−Removed: The Company allocated $ 3.1 million of the purchase price to intangible assets and recognized $ 5.5 million of goodwill in the Asia/Pacific segment, none of which is deductible for tax purposes.
−Removed: During the first quarter of 2025, the Company settled the working capital adjustment for an immaterial amount which impacted the residual goodwill recorded.
−Removed: The goodwill is primarily attributable to expected growth synergies.
−Removed: As of September 30, 2025, the allocation of the purchase price has been finalized.
−Removed: During February 2024, the Company acquired I.K.V.
−Removed: Tribologie IKVT and its subsidiaries (“IKV”) for $ 35.2 million, including an initial cash payment of $ 29.7 million, subject to routine and customary post-closing adjustments related to working capital and net indebtedness levels as well as earn-out provisions related to the finalization of 2023 earnings.
−Removed: Assets acquired included approximately $ 4.8 million of cash and cash equivalents.
−Removed: IKV, which is part of the Company’s EMEA segment, specializes in high-performance lubricants and greases, including original equipment manufacturer first-fill greases that are primarily used in the automotive, aerospace, electronics, and other industrial markets.
−Removed: The acquisition of IKV strengthens the Company’s position in first-fill greases.
−Removed: The Company allocated $ 15.0 million of the purchase price to intangible assets, comprised of approximately $ 11.1 million of customer relationships to be amortized over 16 years;
−Removed: $ 3.2 million of product technologies to be amortized over 14 years;
−Removed: and $ 0.7 million of trademarks to be amortized over 5 years.
−Removed: In addition, the Company recognized $ 16.4 million of goodwill in the EMEA segment, none of which is deductible for tax purposes.
−Removed: The goodwill is primarily attributable to expected cost and growth synergies.
−Removed: In July 2024, the 2023 earnings were finalized, and the Company made a payment of $ 5.5 million in connection with the post-closing adjustments and earn-out provision.
−Removed: As of September 30, 2025, the allocation of the purchase price has been finalized.
−Removed: The results of operations of Dipsol, Natech, CSI, Sutai and IKV subsequent to the acquisition dates are included in the unaudited Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025.
−Removed: During the three and nine months ended September 30, 2025, the Company recognized $ 0.6 million and $ 4.8 million, respectively, of acquisition-related expenses including legal, financial, consulting and other costs, compared to $ 0.4 million and $ 0.9 million, respectively, during the three and nine months ended September 30, 2024.
+Added: As of March 31, 2026, the allocation of the purchase price has been finalized.
+Added: The results of operations of Dipsol, Natech, and CSI subsequent to the acquisition dates are included in the unaudited Condensed Consolidated Statements of Operations for the three months ended March 31, 2026.
+Added: During the three months ended March 31, 2026 and 2025, the Company recognized $ 0.7 million and $ 3.3 million, respectively, of acquisition-related expenses including legal, financial, consulting and other costs.
These costs are included in Selling, general and administrative expenses (“SG&A”) in the Condensed Consolidated Statements of Operations.
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
+Added: Certain pro forma and other information is not presented, as the operations of the acquired assets and businesses are not considered material to the overall operations of the Company for the periods presented.
Note 3 – Recently Issued Accounting Standards
Recently Adopted Accounting Standards
−Removed: The Company has adopted Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures beginning with the 2024 Form 10-K and the Form 10-Q for the period ended March 31, 2025.
−Removed: This ASU expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, defined as those expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included in the reported measure of segment profit or loss.
−Removed: The Company disclosed that the CODM assesses segment performance and makes decisions about allocating resources to its operating segments using segment operating earnings.
−Removed: Based on the Company’s assessment, the Company determined that product costs are significant segment expenses that are regularly provided to the CODM and included in segment operating earnings.
−Removed: The Company disclosed product costs and other operating expenses included in segment operating earnings by reportable segment.
−Removed: See Note 4, Business Segments , for additional information.
+Added: The Company has adopted ASU 2023-09, Income Taxes (Topic 740) :
+Added: Improvements to Income Tax Disclosures on a prospective basis in the 2025 Form 10-K.
+Added: Pursuant to this ASU, the Company disclosed additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes, which required greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeded a specified threshold.
+Added: Additionally, the Company disclosed income taxes paid disaggregated by federal, state, and foreign taxes and further disaggregated these disclosures in certain jurisdictions where income taxes paid exceeded a certain threshold.
+Added: See Note 10, Income Taxes , within the 2025 Form 10-K for additional information.
Recently Issued Accounting Standards Not Yet Adopted
−Removed: The FASB issued ASU 2023-09, Income Taxes (Topic 740) :
−Removed: Improvements to Income Tax Disclosures in December 2023.
−Removed: This ASU requires public business entities (“PBEs”) to disclose additional information in specified categories with respect to the reconciliation of the effective tax rate to the statutory rate (the “rate reconciliation”) for federal, state, and foreign income taxes, requiring greater detail about individual reconciling items in the rate reconciliation to the extent the impact of those items exceeds a specified threshold.
−Removed: The ASU also requires PBEs to disclose income taxes paid disaggregated by federal, state, and foreign taxes.
−Removed: Further disaggregation is also required in jurisdictions where income taxes paid exceeds a certain threshold.
−Removed: ASU 2023-09 is effective for fiscal years beginning after December 15, 2024.
−Removed: The Company will adopt ASU 2023-09 beginning with the Form 10-K for the year ended December 31, 2025 using a retrospective transition approach.
The FASB issued ASU 2024-03, Income Statement- Reporting Comprehensive Income- Expense Disaggregation Disclosures (Subtopic 220-40):
4 unchanged sentences
The Company is currently evaluating the disclosure requirements of this standard and the impact on its condensed consolidated financial statements.
+Added: Quaker Chemical Corporation
+Added: Notes to Condensed Consolidated Financial Statements - Continued
+Added: Dollars in thousands, except per share amounts, unless otherwise stated)
The FASB issued ASU 2025-06, Intangibles- Goodwill and Other- Internal-Use Software (Subtopic 350-40):
4 unchanged sentences
The Company is currently evaluating the disclosure requirements of this standard and the impact on its condensed consolidated financial statements.
+Added: The FASB issued ASU 2025-11, Interim Reporting (Topic 270):
+Added: Narrow-Scope Improvements in December 2025.
+Added: This ASU amends Topic 270, by improving the navigability of the required interim disclosures and clarifying when that guidance is applicable.
+Added: The amendments also provide additional guidance on what disclosures should be provided in interim reporting periods.
+Added: Additionally, the amendment requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity.
+Added: ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted.
+Added: The Company is currently evaluating the disclosure requirements of this standard and the impact on its consolidated financial statements.
Note 4 – Business Segments
1 unchanged sentence
The CODM evaluates performance for the Company’s operating segments based on segment operating earnings.
−Removed: Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other operating expenses.
+Added: Segment operating earnings for each of the Company’s reportable segments are comprised of the segment’s net sales less directly related product costs and other segment items.
Operating expenses not directly attributable to the net sales of each respective segment, such as certain corporate and administrative costs and restructuring charges, are not included in segment operating earnings.
−Removed: Other items not specifically identified with the Company’s reportable segments include Interest expense and Other (expense) income, net.
+Added: Other items not specifically identified with the Company’s reportable segments include Interest expense and Other expense, net.
The CODM uses segment operating earnings to allocate resources for each segment predominantly in the annual budget and forecasting process.
1 unchanged sentence
The CODM also uses segment operating earnings to assess the performance for each segment and in the compensation of certain employees.
+Added: Segment asset information is not regularly provided to or reviewed by the CODM.
+Added: Therefore, the Company does not disclose segment asset information for each reportable segment.
Quaker Chemical Corporation
1 unchanged sentence
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: Segment asset information is not regularly provided to or reviewed by the CODM.
−Removed: Therefore, the Company does not disclose segment asset information for each reportable segment.
−Removed: The following table presents information about the performance of the Company’s reportable segments for the three and nine months ended September 30, 2025 and 2024:
+Added: The following table presents information about the performance of the Company’s reportable segments for the three months ended March 31, 2026 and 2025:
Americas EMEA Asia/Pacific Totals
−Removed: Three Months Ended September 30, 2025
+Added: Three Months Ended March 31, 2026
Net sales (1)
−Removed: Significant segment expenses
−Removed: Product costs (1) (4) (5)
$ 213,728 $ 142,083 $ 124,668 $ 480,479
−Removed: Other operating expenses (2)
−Removed: 52,777 39,877 25,940 118,594
−Removed: Segment operating earnings $ 58,913 $ 26,479 $ 35,569 $ 120,961
−Removed: Nine Months Ended September 30, 2025
−Removed: Net sales $ 657,560 $ 413,101 $ 349,495 $ 1,420,156
Significant segment expenses
1 unchanged sentence
106,087 73,030 64,411 243,528
−Removed: Other operating expenses (2)
+Added: Other segment items (3)
53,694 43,492 25,981 123,167
1 unchanged sentence
Americas EMEA Asia/Pacific Totals
−Removed: Three Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Net sales (1)
−Removed: Significant segment expenses
−Removed: Product costs (1)
$ 213,711 $ 129,278 $ 99,925 $ 442,914
−Removed: Other operating expenses (2)
−Removed: 52,890 37,318 21,227 111,435
−Removed: Segment operating earnings $ 62,121 $ 24,644 $ 30,656 $ 117,421
−Removed: Nine Months Ended September 30, 2024
−Removed: Net sales $ 673,546 $ 410,558 $ 311,496 $ 1,395,600
Significant segment expenses
1 unchanged sentence
104,505 70,102 53,098 227,705
−Removed: Other operating expenses (2)
+Added: Other segment items (3)
50,744 35,783 20,897 107,424
Segment operating earnings $ 58,462 $ 23,393 $ 25,930 $ 107,785
+Added: (1) Net sales relate to external customers only.
+Added: All intersegment sales are eliminated in consolidation.
(2) Product costs include the costs of raw materials and are recorded in Cost of goods sold in the Company’s Condensed Consolidated Statements of Operations.
−Removed: (2) Other operating expenses include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A.
−Removed: (3) Product costs includes the $ 6.0 million amortization of the fair value step-up in Dipsol's inventories as a result of the acquisition for the nine months ended September 30, 2025, which is comprised of approximately $ 2.6 million in the Americas segment, $ 3.0 million in the Asia/Pacific segment, and $ 0.4 million in the EMEA segment.
−Removed: (4) Product costs includes a $ 0.7 million loss and a $ 2.9 million gain related to immaterial out-of-period adjustments for inventory for the three and nine months ended September 30, 2025, respectively.
−Removed: The $ 0.7 million loss was recognized in the Americas segment during the three months ended September 30, 2025.
−Removed: The $ 2.9 million gain recognized during the nine months ended September 30, 2025 was comprised of a $ 0.7 million gain in the Americas segment and a $ 2.2 million gain in the EMEA segment.
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: The following table presents a reconciliation of the Company’s segment operating earnings to income (loss) before taxes and equity in net income of associated companies in the Company’s Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
−Removed: 2025 2024 2025 2024
+Added: (3) Other segment items include overhead costs of operating the Company’s production facilities and providing chemical management services to customers and direct SG&A costs.
+Added: The following table presents a reconciliation of the Company’s segment operating earnings to income before taxes and equity in net income of associated companies in the Company’s Condensed Consolidated Statements of Operations for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Segment operating earnings $ 113,784 $ 107,785
Restructuring and related charges, net ( 7,381 ) ( 14,590 )
−Removed: Impairment charges — — ( 88,840 ) —
Non-operating and administrative expenses ( 55,087 ) ( 50,717 )
1 unchanged sentence
Operating income 33,589 27,624
−Removed: Other (expense) income, net ( 270 ) 783 ( 1,632 ) 2,285
+Added: Other expense, net ( 23 ) ( 709 )
Interest expense ( 9,879 ) ( 9,545 )
−Removed: Income (loss) before taxes and equity in net income of associated companies $ 35,430 $ 42,154 $ ( 13,142 ) $ 136,053
−Removed: The following table presents information regarding the Company’s reportable segments’ depreciation for the three and nine months ended September 30, 2025 and 2024:
−Removed: Three Months Ended September 30, Nine Months Ended September 30,
+Added: Income before taxes and equity in net income of associated companies $ 23,687 $ 17,370
+Added: The following table presents information regarding the Company’s reportable segments’ depreciation for the three months ended March 31, 2026 and 2025:
+Added: Three Months Ended March 31,
Depreciation 2026 2025
3 unchanged sentences
Total segment depreciation $ 7,913 $ 5,745
+Added: Quaker Chemical Corporation
+Added: Notes to Condensed Consolidated Financial Statements - Continued
+Added: Dollars in thousands, except per share amounts, unless otherwise stated)
Note 5 – Net Sales and Revenue Recognition
3 unchanged sentences
Contract Assets and Liabilities
−Removed: The Company had no material contract assets recorded on its Condensed Consolidated Balance Sheets as of September 30, 2025 or December 31, 2024.
−Removed: The Company had approximately $ 2.8 million and $ 4.2 million of deferred revenue as of September 30, 2025 and December 31, 2024, respectively.
−Removed: For the nine months ended September 30, 2025, the Company satisfied materially all of the associated performance obligations and recognized into revenue materially all advance payments received and recorded as of December 31, 2024.
+Added: The Company had no material contract assets recorded on its Condensed Consolidated Balance Sheets as of March 31, 2026 or December 31, 2025.
+Added: The Company had approximately $ 7.4 million and $ 3.6 million of deferred revenue as of March 31, 2026 and December 31, 2025, respectively.
+Added: For the three months ended March 31, 2026, the Company satisfied materially all of the associated performance obligations and recognized into revenue materially all advance payments received and recorded as of December 31, 2025.
Disaggregated Revenue
2 unchanged sentences
Net sales of each of the Company’s major product lines are generally spread throughout all three of the Company’s reportable segments, and in most cases, are approximately proportionate to the level of total sales in each reportable segment.
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
The following tables disaggregate the Company’s net sales by segment and customer industry.
−Removed: Three Months Ended September 30, 2025
−Removed: Customer Industries Americas EMEA Asia/Pacific Consolidated
−Removed: Metals $ 66,807 $ 37,227 $ 56,230 $ 160,264
−Removed: Metalworking and other 155,980 106,673 70,925 333,578
−Removed: $ 222,787 $ 143,900 $ 127,155 $ 493,842
−Removed: Nine Months Ended September 30, 2025
−Removed: Customer Industries Americas EMEA Asia/Pacific Consolidated
−Removed: Metals $ 193,928 $ 106,535 $ 161,879 $ 462,342
−Removed: Metalworking and other 463,632 306,566 187,616 957,814
−Removed: $ 657,560 $ 413,101 $ 349,495 $ 1,420,156
−Removed: Three Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2026
Customer Industries Americas EMEA Asia/Pacific Consolidated
2 unchanged sentences
$ 213,728 $ 142,083 $ 124,668 $ 480,479
−Removed: Nine Months Ended September 30, 2024
+Added: Three Months Ended March 31, 2025
Customer Industries Americas EMEA Asia/Pacific Consolidated
6 unchanged sentences
In addition, the Company has certain land use leases with remaining lease terms up to 89 years.
−Removed: The Company had no material variable lease costs, sublease income, or finance leases for the three and nine months ended September 30, 2025 and 2024.
+Added: The Company had no material variable lease costs, sublease income, or finance leases for the three months ended March 31, 2026 and 2025.
The components of the Company’s lease expense are as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Operating lease expense $ 4,091 $ 3,708
5 unchanged sentences
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Cash paid for amounts included in the measurement of lease liabilities:
3 unchanged sentences
Supplemental balance sheet information related to the Company’s leases is as follows:
−Removed: September 30,
2026 December 31,
5 unchanged sentences
Weighted average discount rate 6.65 % 6.58 %
−Removed: Maturities of operating lease liabilities as of September 30, 2025 were as follows:
+Added: Maturities of operating lease liabilities as of March 31, 2026 were as follows:
For the remainder of 2026 $ 11,303
9 unchanged sentences
The lease for one portion of the laboratory space is expected to commence in the second quarter of 2026.
−Removed: The lease for the remaining portions of laboratory and office space is expected to commence upon the completion of the lessor owned leasehold improvements, which is expected to be in the second half of 2026.
+Added: The lease for the remaining portions of laboratory and office space is expected to commence upon the completion of the lessor owned leasehold improvements, which is expected to be in the fourth quarter of 2026 or the first quarter of 2027.
The cumulative future lease commitment for the laboratory and office space is $ 79.7 million.
−Removed: The future lease commitments relating to this lease were not included in the lease liabilities balance as of September 30, 2025.
−Removed: Note 7 – Restructuring and Related Activities
−Removed: In 2022, the Company initiated a global cost and optimization program to improve its cost structure and drive a more profitable and productive organization.
−Removed: As of September 30, 2025, the program included restructuring and associated severance costs to reduce headcount by approximately 420 positions globally.
−Removed: These actions are expected to be substantially complete by the end of 2026.
+Added: The future lease commitments relating to this lease were not included in the lease liabilities balance as of March 31, 2026.
Quaker Chemical Corporation
1 unchanged sentence
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: Employee separation benefits vary depending on local regulations across countries.
−Removed: The timing to finalize costs associated with all actions will depend on a number of factors and is subject to change.
−Removed: In addition to the global cost and optimization program described above, the Company continues to take actions to optimize its facility footprint.
−Removed: Restructuring costs incurred during the three and nine months ended September 30, 2025 and 2024 include employee severance and asset-related and facility closure costs, including non-cash asset write-offs, which are recorded in Restructuring and related charges, net in the Company’s Condensed Consolidated Statements of Operations.
−Removed: Activity in the Company’s accrual for its restructuring program and facility closure actions are as follows:
+Added: Note 7 – Restructuring and Related Activities
+Added: The Company records restructuring liabilities that represent nonrecurring charges in connection with simplifying certain organizational structures and operations.
+Added: Restructuring costs incurred during the three months ended March 31, 2026 and 2025 include employee severance and asset-related and facility closure costs, including non-cash asset write-offs, which are recorded in Restructuring and related charges, net in the Company’s Condensed Consolidated Statements of Operations.
+Added: Restructuring activity primarily consists of the following programs:
+Added: 2026 Global Business Transformation Program
+Added: In 2026, the Company initiated a global business transformation program (the “2026 program”), encompassing several strategic transformation and restructuring initiatives.
+Added: The 2026 program primarily involves simplifying the organizational structure of legal entities, projects associated with information technology infrastructure initiatives, the optimization of specific product portfolios through targeted rationalization efforts, the optimization of certain supply chain activities and related workforce reductions.
+Added: The 2026 program began in the first quarter of 2026 and is expected to be complete in 2028.
+Added: Costs relating to employee termination benefits costs and asset related charges are expected to be recognized in Restructuring and related charges, net in the Company’s Condensed Consolidated Statements of Operations.
+Added: Costs relating to other transformation initiatives described above are expected to be recognized within SG&A and Cost of goods sold in the Company’s Condensed Consolidated Statements of Operations.
+Added: As of March 31, 2026, the 2026 program included approximately 20 headcount reductions globally.
+Added: The Company recorded $ 4.4 million of restructuring and related charges relating to the program during the three months ended March 31, 2026.
+Added: 2022 Global Cost and Optimization Program
+Added: In 2022, the Company initiated a global cost and optimization program (the “2022 program”) to improve its cost structure and drive a more profitable and productive organization.
+Added: As of March 31, 2026, the 2022 program included restructuring and associated severance costs to reduce headcount by approximately 440 positions globally.
+Added: In addition, the Company took actions to optimize its facility footprint under this program.
+Added: These actions are expected to be substantially complete by the end of 2026.
+Added: The Company recorded $ 3.0 million and $ 14.6 million of restructuring and related charges relating to the 2022 program during the three months ended March 31, 2026 and 2025, respectively.
+Added: Activity in the Company’s accrual for its ongoing restructuring plans and facility closure actions are as follows:
+Added: 2022 Program 2026 Program Total
Accrued restructuring as of December 31, 2025 $ 8,351 $ — $ 8,351
4 unchanged sentences
Currency translation adjustments ( 139 ) — ( 139 )
−Removed: Accrued restructuring as of September 30, 2025 $ 9,717
−Removed: The total liability related to the restructuring program and facility closure actions was $ 9.7 million as of September 30, 2025, which consisted of $ 4.8 million recognized in Accrued restructuring in the Condensed Consolidated Balance Sheets and $ 4.9 million recognized in Other non-current liabilities in the Condensed Consolidated Balance Sheets.
−Removed: The total liability was $ 2.3 million as of December 31, 2024, which was recognized in Accrued restructuring in the Condensed Consolidated Balance Sheets.
−Removed: In connection with the plans for closure of certain manufacturing and non-manufacturing facilities, the Company has made available for sale certain facilities and properties.
−Removed: As of September 30, 2025, the Company classified properties in the Americas segment with an aggregate book value of approximately $ 1.2 million as held-for-sale.
+Added: Accrued restructuring as of March 31, 2026 $ 7,281 $ 2,201 $ 9,482
+Added: In connection with the plans for the closure of certain manufacturing and non-manufacturing facilities, the Company has made available for sale certain facilities and properties.
+Added: As of March 31, 2026, the Company classified properties in the Americas segment with an aggregate book value of approximately $ 1.2 million as held-for-sale.
These assets are recorded in Prepaid expenses and other current assets in the Company’s Condensed Consolidated Balance Sheets.
The Company expects to complete the sale of these properties over the next 12 months.
−Removed: During the nine months ended September 30, 2025, the Company completed the sale of certain property previously classified as held for sale for a gain of $ 2.2 million, which is recorded in Other (expense) income, net in the Company’s Condensed Consolidated Statements of Operations.
Note 8 – Share-Based Compensation
−Removed: The Company recognized $ 3.5 million and $ 10.4 million, respectively, of share-based compensation expense in its Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2025, compared to $ 4.3 million and $ 12.4 million, respectively, for the three and nine months ended September 30, 2024.
+Added: The Company recognized $ 3.2 million of share-based compensation expense in its Condensed Consolidated Statements of Operations for each of the three months ended March 31, 2026 and 2025.
Restricted Stock Awards
−Removed: As of September 30, 2025, unrecognized compensation expense related to non-vested restricted shares was $ 0.2 million, to be recognized over a weighted average remaining period of 0.4 years.
+Added: During the quarter ended March 31, 2026, the remaining unrecognized compensation expense related to non-vested restricted shares was fully recognized.
+Added: Quaker Chemical Corporation
+Added: Notes to Condensed Consolidated Financial Statements - Continued
+Added: Dollars in thousands, except per share amounts, unless otherwise stated)
Restricted Stock Units
−Removed: During the nine months ended September 30, 2025, the Company granted 80,100 restricted stock units under its LTIP , which are subject to time-based vesting, generally over one to three years .
+Added: During the three months ended March 31, 2026, the Company granted 74,235 restricted stock units under its LTIP , which are subject to time-based vesting, generally over one to three years .
The fair value of these grants is based on the closing price of the Company’s common stock on the date of grant.
−Removed: As of September 30, 2025, unrecognized compensation expense related to non-vested restricted stock units was $ 9.1 million, to be recognized over a weighted average remaining period of 1.5 years.
+Added: As of March 31, 2026, unrecognized compensation expense related to non-vested restricted stock units was $ 13.4 million, to be recognized over a weighted average remaining period of 1.7 years.
Performance Stock Units
1 unchanged sentence
The number of shares that may ultimately be issued as settlement for each award may range from 0 % up to 200 % of the target award, subject to the achievement of the Company’s market-based total shareholder return (“TSR”) metric relative to the performance of a selected peer group, and separately the achievement of a performance-based return on invested capital (“ROIC”) measure.
−Removed: The service vesting period required for the PSUs is generally three years and the measurement period of the market-based and performance objectives is generally from January 1 of the year of grant through December 31 of the year prior to issuance of the shares.
+Added: The service vesting period required for the PSUs is generally three years and the measurement period of the market-based and performance-based objectives is generally from January 1 of the year of grant through December 31 of the year prior to issuance of the shares.
As mentioned above, a portion of the Company’s PSUs are subject to the achievement of the Company’s TSR relative to the performance of a selected peer group.
−Removed: For PSUs subject to relative TSR performance granted in 2025 and 2024, the Company’s peer group was the S&P Composite 1500 Chemicals index.
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
+Added: For PSUs subject to relative TSR performance granted in 2026, the Company’s peer group was the S&P Composite 1500 Chemicals index.
Compensation expense for PSUs is measured based on the grant date fair value and is recognized on a straight-line vesting method basis over the applicable vesting period.
−Removed: During the nine months ended September 30, 2025, the Company granted 26,658 PSUs with a ROIC condition.
+Added: During the three months ended March 31, 2026, the Company granted 28,842 PSUs with a ROIC condition.
The fair value of these grants is based on the closing trading price of the Company’s common stock on the date of grant.
−Removed: During the nine months ended September 30, 2025, the Company granted 26,608 PSUs with a relative TSR condition.
+Added: During the three months ended March 31, 2026, the Company granted 28,733 PSUs with a relative TSR condition.
These PSUs are valued using a Monte Carlo simulation on the grant date and had a grant-date fair value of $ 109.28 per unit, which was developed based on the assumptions set forth in the table below:
2 unchanged sentences
Expected term (years) 3.0
−Removed: As of September 30, 2025, there was approximately $ 7.6 million of total unrecognized compensation cost related to PSUs, which the Company expects to recognize over a weighted-average period of 2.1 years.
+Added: As of March 31, 2026, there was approximately $ 10.9 million of total unrecognized compensation cost related to PSUs, which the Company expects to recognize over a weighted-average period of 2.5 years.
Note 9 – Pension and Other Postretirement Benefits
The components of net periodic benefit cost (income) are as follows:
−Removed: Three Months Ended September 30,
−Removed: Nine Months Ended September 30,
−Removed: Pension Benefits Other Postretirement Benefits Pension Benefits Other Postretirement Benefits
+Added: Three Months Ended March 31,
+Added: Pension Benefits Other Postretirement Benefits
2026 2025 2026 2025
6 unchanged sentences
Employer Contributions
−Removed: During the nine months ended September 30, 2025, $ 4.0 million of contributions have been made to the Company’s U.S.
+Added: During the three months ended March 31, 2026, $ 0.8 million of contributions have been made to the Company’s U.S.
and foreign pension plans.
−Removed: Contributions to other postretirement benefit plans were $ 0.2 million.
+Added: Contributions to other postretirement benefit plans were less than $ 0.1 million.
Taking into consideration current minimum cash contribution requirements, the Company currently expects to make full year cash contributions of approximately $ 4.9 million to its U.S.
3 unchanged sentences
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: Note 10 – Other (Expense) Income, net
−Removed: The components of Other (expense) income, net are as follows:
+Added: Note 10 – Other Expense, net
+Added: The components of Other expense, net are as follows:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Non-income tax refunds and other related credits $ 11 $ 168
2 unchanged sentences
Pension and postretirement benefit costs, non-service components ( 251 ) ( 434 )
−Removed: Business interruption insurance proceeds — 1,000 — 1,000
−Removed: Product liability claim costs, net — — — ( 896 )
−Removed: Earnout liability adjustment 794 400 454 400
Interest income 623 660
−Removed: Multiemployer plan withdrawal charge ( 923 ) — ( 923 ) —
−Removed: Other non-operating (loss) income, net ( 291 ) 125 350 687
−Removed: Total other (expense) income, net $ ( 270 ) $ 783 $ ( 1,632 ) $ 2,285
−Removed: Non-income tax refunds and other related credits includes $ 1.8 million of indirect tax credits and interest received during the three and nine months ended September 30, 2025 relating to the Brazil Supreme Court ruling in regard to certain non-income (indirect) taxes that have been previously charged and paid.
−Removed: (Loss) gain on disposals of property, plant, equipment and other assets, net, includes the gain of $ 2.2 million recognized for the sale of certain property previously classified as held for sale during the nine months ended September 30, 2025.
−Removed: See Note 7, Restructuring and Related Activities , for more information.
−Removed: Foreign exchange losses, net includes a $ 1.4 million foreign exchange loss, respectively, during the nine months ended September 30, 2025 relating to the change in fair value of the foreign exchange forward contracts entered into in connection with the acquisition of Dipsol.
+Added: Other non-operating income, net 274 267
+Added: Total other expense, net $ ( 23 ) $ ( 709 )
+Added: (Loss) gain on disposals of property, plant, equipment and other assets, net, includes the gain of $ 2.2 million recognized for the sale of certain property previously classified as held for sale during the three months ended March 31, 2025.
+Added: Foreign exchange losses, net during the three months ended March 31, 2025 includes a $ 1.9 million foreign exchange loss relating to the change in fair value of the foreign exchange forward contracts entered into in connection with the acquisition of Dipsol.
See Note 17, Hedging Activities , for more information.
−Removed: Business interruption insurance proceeds during the three and nine months ended September 30, 2024 reflects an insurance recovery of $ 1.0 million related to production losses due to an electrical fire in 2021 that resulted in temporary shutdown of production at one of the Company’s production facilities.
−Removed: See Note 18, Commitments and Contingencies , for additional discussion regarding the Company’s business interruption claims.
−Removed: Product liability claim costs, net represents expense related to a payment by the Company in connection with a product liability dispute with a customer, net of insurance recoveries during the nine months ended September 30, 2024.
−Removed: Multiemployer plan withdrawal charge during the three and nine months ended September 30, 2025 represents a $ 0.9 million expense related to the Company withdrawing from the Cleveland Bakers and Teamsters Pension Fund, a multiemployer defined benefit pension plan, in connection with a site closure under the Company’s restructuring program and facility closure actions.
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
Note 11 – Income Taxes
−Removed: The Company’s effective tax rates for the three and nine months ended September 30, 2025 were 26.2 % and ( 169.5 )%, respectively, compared to 28.9 % and 29.7 %, respectively, for the three and nine months ended September 30, 2024.
−Removed: The Company’s effective tax rate for the three months ended September 30, 2025 was largely driven by our mix of pre-tax earnings and withholding taxes offset by return to provision adjustments and net favorable reductions in uncertain tax positions.
−Removed: The Company’s effective tax rate for the nine months ended September 30, 2025 was largely driven by our mix of pre-tax earnings, goodwill impairment, and withholding taxes offset by return to provision adjustments and net favorable reductions in uncertain tax positions.
−Removed: Comparatively, the effective tax rate for the three months ended September 30, 2024 was largely driven by the mix of pre-tax earnings, withholding taxes, and changes in uncertain tax positions offset by return to provision adjustments.
−Removed: The effective tax rate for the nine months ended September 30, 2024 was further impacted by certain one-time charges related to an intercompany intangible asset transfer offset by changes in uncertain tax positions.
+Added: The Company’s effective tax rates for the three months ended March 31, 2026 and 2025 were 30.2 % and 43.4 %, respectively.
+Added: The Company’s effective tax rate for the three months ended March 31, 2026 was largely driven by our mix of pre-tax earnings and withholding taxes.
+Added: Comparatively, the effective tax rate for the three months ended March 31, 2025 was largely driven by our mix of pre-tax earnings, withholding taxes and return to provision adjustments offset by net favorable reductions in uncertain tax positions.
On July 4, 2025, H.R.
1, commonly known as the One Big Beautiful Bill Act (the “OBBB”), was signed into law.
−Removed: This includes significant changes to the federal corporate tax provisions and extends certain otherwise expiring provisions of the 2017 Tax Cuts and Jobs Act.
+Added: The OBBB includes significant changes to the federal corporate tax provisions and extends certain otherwise expiring provisions of the 2017 Tax Cuts and Jobs Act.
Among other things, the legislation restores 100% bonus depreciation for eligible property, reinstates expensing for domestic research and experimental expenditures, imposes new limitations on interest expense deductibility, and expands disallowed deductions for certain employee remuneration.
−Removed: The OBBB also includes provisions that could impact our international business and which are still being evaluated.
−Removed: ASU 2023-09 Income Taxes (Topic 740) requires the effects of changes in tax rates and laws on deferred tax balances to be recognized in the period in which the relevant legislation is enacted.
−Removed: The OBBB may affect the Company’s tax assets and liabilities in future periods.
−Removed: The legislation has multiple effective dates, with certain provisions effective in 2025 and other provisions implemented through 2027.
−Removed: While the Company continues to evaluate the potential impacts of the provisions effective in 2026 and 2027, the Company does not expect the provisions effective in 2025 to have a material impact to our consolidated financial statements.
+Added: The legislation has multiple effective dates, with certain provisions effective in 2025 and other provisions implemented in 2026 and 2027 forward.
+Added: The provisions effective in 2025 did not have a material impact to our consolidated financial statements, and the provisions effective in 2026 and 2027 are not expected to have a material impact to our consolidated financial statements.
+Added: Quaker Chemical Corporation
+Added: Notes to Condensed Consolidated Financial Statements - Continued
+Added: Dollars in thousands, except per share amounts, unless otherwise stated)
Note 12 – Earnings Per Share
−Removed: The following table summarizes earnings (loss) per share calculations:
+Added: The following table summarizes earnings per share calculations:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Basic earnings per common share
−Removed: Net income (loss) attributable to Quaker Chemical Corporation $ 30,469 $ 32,346 $ ( 23,189 ) $ 102,458
−Removed: (income) loss allocated to participating securities ( 30 ) ( 85 ) 44 ( 359 )
−Removed: Net income (loss) available to common shareholders $ 30,439 $ 32,261 $ ( 23,145 ) $ 102,099
+Added: Net income attributable to Quaker Chemical Corporation $ 19,669 $ 12,922
+Added: income allocated to participating securities ( 10 ) ( 22 )
+Added: Net income available to common shareholders $ 19,659 $ 12,900
Basic weighted average common shares outstanding 17,326,847 17,639,764
−Removed: Basic earnings (loss) per common share $ 1.75 $ 1.81 $ ( 1.32 ) $ 5.71
+Added: Basic earnings per common share $ 1.13 $ 0.73
Diluted earnings per common share
−Removed: Net income (loss) attributable to Quaker Chemical Corporation $ 30,469 $ 32,346 $ ( 23,189 ) $ 102,458
−Removed: (income) loss allocated to participating securities ( 30 ) ( 85 ) 44 ( 358 )
−Removed: Net income (loss) available to common shareholders $ 30,439 $ 32,261 $ ( 23,145 ) $ 102,100
+Added: Net income attributable to Quaker Chemical Corporation $ 19,669 $ 12,922
+Added: income allocated to participating securities ( 10 ) ( 22 )
+Added: Net income available to common shareholders $ 19,659 $ 12,900
Basic weighted average common shares outstanding 17,326,847 17,639,764
1 unchanged sentence
Diluted weighted average common shares outstanding 17,411,094 17,669,965
−Removed: Diluted earnings (loss) per common share $ 1.75 $ 1.81 $ ( 1.32 ) $ 5.70
+Added: Diluted earnings per common share $ 1.13 $ 0.73
Certain stock options, restricted stock units, and PSUs are not included in the diluted earnings per share calculation when the effect would be anti-dilutive.
−Removed: The number of anti-dilutive shares were 27,037 and 41,854 , respectively, for the three and nine months ended September 30, 2025, compared to 19,374 and 31,377 , respectively, for the three and nine months ended September 30, 2024 .
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
+Added: The number of anti-dilutive shares were 61,990 and 70,771 , respectively, for the three months ended March 31, 2026 and 2025 .
Note 13 – Goodwill and Other Intangible Assets
−Removed: Changes in the carrying amount of goodwill for the nine months ended September 30, 2025 were as follows:
+Added: Changes in the carrying amount of goodwill for the three months ended March 31, 2026 were as follows:
Americas EMEA Asia/Pacific Total
Balance as of December 31, 2025 $ 287,028 $ — $ 214,692 $ 501,720
−Removed: Goodwill recognized for Dipsol acquisition
−Removed: 5,276 380 47,386 53,042
−Removed: Goodwill recognized for Natech acquisition
−Removed: — 2,625 — 2,625
−Removed: Goodwill recognized for CSI acquisition — 1,721 — 1,721
−Removed: Goodwill recognized for Sutai acquisition (1)
−Removed: — — ( 233 ) ( 233 )
Currency translation adjustments 113 — 172 285
−Removed: Goodwill impairments — ( 88,840 ) — ( 88,840 )
−Removed: Balance as of September 30, 2025 $ 286,083 $ — $ 215,684 $ 501,767
−Removed: (1) During the nine months ended September 30, 2025, the Company finalized the working capital settlements which impacted the goodwill recorded.
−Removed: See Note 2, Business Acquisitions , for additional information.
−Removed: Sep 30, 2025 Dec 31, 2024
+Added: Balance as of March 31, 2026 $ 287,141 $ — $ 214,864 $ 502,005
+Added: Mar 31, 2026 Dec 31, 2025
Goodwill, gross $ 691,788 $ 694,311
4 unchanged sentences
These amounts include the impact of currency translation.
−Removed: The Company completes its annual goodwill and indefinite-lived intangible asset impairment tests during the fourth quarter of each year, or more frequently if triggering events indicate a possible impairment in one or more of its reporting units.
−Removed: The Company continually evaluates financial performance, economic conditions and other recent developments in assessing if a triggering event indicates that the carrying value of goodwill, indefinite-lived, or long-lived assets might be impaired.
−Removed: During the second quarter of 2025, the Company concluded that the negative impacts of the lower than projected financial performance, driven by the continuation of soft end market conditions, as well as an increase in the Company’s cost of capital, driven by uncertainty around the potential negative impacts of tariffs, represented a triggering event for the Company’s EMEA reporting unit and the associated goodwill, as well as the related asset group.
−Removed: As a result of this conclusion, the Company completed an interim impairment assessment as of June 30, 2025 for its EMEA reporting unit and the related asset group.
−Removed: The Company concluded that the undiscounted cash flows exceeded the carrying value of the EMEA asset group, and therefore that the long-lived assets are not impaired.
−Removed: In completing a quantitative goodwill impairment test, the Company compares the reporting unit’s fair value, based on future discounted cash flows, to its carrying value in order to determine if an impairment of goodwill exists.
−Removed: The estimates of future discounted cash flows involve considerable judgment and are based upon certain significant assumptions including the weighted average cost of capital (“WACC”) as well as projected EBITDA, which includes assumptions related to revenue growth rates, gross margin levels and operating expenses.
−Removed: As a result of the impact of the uncertainty around tariffs, and continued soft end market conditions driving lower current year EMEA earnings and a decline in projected future EMEA earnings, as well as an increase in the WACC assumption utilized in the Company’s 2024 annual impairment assessment, the Company concluded that the estimated fair value of the EMEA reporting unit was less than its carrying value.
−Removed: As a result, a pre-tax, non-cash impairment charge of $ 88.8 million ($ 86.7 million after-tax) to write down the remaining carrying value amount of the EMEA reporting unit Goodwill was recorded in the second quarter of 2025, reflected in “Impairment charges” in the Consolidated Statements of Operations for the nine months ended September 30, 2025.
Quaker Chemical Corporation
5 unchanged sentences
Amortization Net Book Value
−Removed: September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024 September 30, 2025 December 31, 2024
+Added: March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025 March 31, 2026 December 31, 2025
Customer lists and rights to sell $ 895,970 $ 901,662 $ 363,102 $ 351,859 $ 532,868 $ 549,803
5 unchanged sentences
Three Months Ended
−Removed: September 30,
−Removed: Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Amortization expense $ 16,128 $ 14,237
6 unchanged sentences
For the year ended December 31, 2031 58,688
−Removed: As of September 30, 2025 and December 31, 2024, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $ 201.1 million and $ 185.3 million, respectively.
+Added: As of March 31, 2026 and December 31, 2025, the Company had indefinite-lived intangible assets for trademarks and tradenames totaling $ 198.3 million and $ 201.2 million, respectively.
Note 14 – Debt
The following table sets forth the components of the Company’s debt:
−Removed: As of September 30, 2025 As of December 31, 2024
+Added: As of March 31, 2026 As of December 31, 2025
Rate Outstanding
20 unchanged sentences
The Company has the right to increase the amount of the Credit Facility by an aggregate amount not to exceed the greater of $ 300.0 million or 100 % of Consolidated EBITDA, subject to certain conditions including the agreement to provide financing by any lender providing such increase.
−Removed: As of September 30, 2025, the Company was in compliance with all of the Credit Facility covenants.
+Added: Subsequent to the first quarter of 2026, in April 2026, the Company, and its wholly owned subsidiary, Quaker Houghton B.V., as borrowers, Bank of America, N.A., as administrative agent, U.S.
+Added: dollar swing line lender and letter of credit issuer, Bank of America Europe Designated Active Company, as Euro Swing Line Lender, certain guarantors and other lenders entered into the fourth amendment to its primary credit facility, entered into in August 2019.
+Added: The amended credit facility (the “Amended Credit Facility”) established (A) a $ 250.0 million Euro equivalent senior secured term loan (B) a $ 550.0 million senior secured term loan and (C) a $ 800.0 million senior secured revolving credit facility, each maturing in April 2031.
+Added: The Company primarily used the proceeds from the Amended Credit Facility to repay in full all outstanding loans under the existing Credit Facility and to terminate the revolving credit commitments under the existing Credit Facility.
+Added: The Company has the right to increase the amount of the Amended Credit Facility by an aggregate amount not to exceed (a) the greater of (i) $ 331.0 million and (ii) 100 % of Consolidated EBITDA, subject to certain conditions including the agreement to provide financing by any lender providing such increase.
+Added: As of March 31, 2026, the Company was in compliance with all of the Credit Facility covenants.
See Note 19, Debt, to Consolidated Financial Statements in the Company’s 2025 Form 10-K.
−Removed: The weighted average variable interest rate incurred on the outstanding borrowings under the Credit Facility during the three and nine months ended September 30, 2025 was approximately 5.2 % for both periods.
−Removed: As of September 30, 2025, the interest rate on the outstanding borrowings under the Credit Facility was approximately 5.1 %.
+Added: The weighted average variable interest rate incurred on the outstanding borrowings under the Credit Facility during the three months ended March 31, 2026 was approximately 4.8 %.
+Added: As of March 31, 2026, the weighted average variable interest rate on the outstanding borrowings under the Credit Facility was approximately 4.7 %.
As part of the Credit Facility, in addition to paying interest on outstanding principal, the Company is also required to pay an annual commitment fee ranging from 0.150 % to 0.275 % related to unutilized commitments under the Revolver, depending on the Company’s consolidated net leverage ratio.
−Removed: The Company had unused capacity under the Revolver of approximately $ 273 million, which is net of bank letters of credit of approximately $ 2 million, as of September 30, 2025.
+Added: As of March 31, 2026, the Company had unused capacity under the Revolver of approximately $ 255 million, which is net of bank letters of credit of approximately $ 2 million.
In order to manage the Company’s exposure to variable interest rate risk associated with the Credit Facility, in the first quarter of 2023, the Company entered into $ 300.0 million notional amounts of three-year interest rate swaps to convert a portion of the Company’s variable rate borrowings to an average fixed rate of 3.64 % plus an applicable margin as provided in the Credit Facility based on the Company’s consolidated net leverage ratio.
−Removed: As of September 30, 2025, the aggregate interest rate on the swaps, including the fixed base rate plus the applicable margin, was 5.0 %.
+Added: In March 2026, the Company’s interest rate swap contracts expired.
+Added: In April 2026, the Company entered into $ 400.0 million notional amounts of four-year interest rate swaps, converting a portion of the Company’s variable rate borrowings into an average fixed rate of 3.58 % plus the applicable margin.
See Note 17, Hedging Activities , for more information.
5 unchanged sentences
These capitalized costs are amortized into Interest expense over the five-year term of the Credit Facility.
−Removed: As of September 30, 2025 and December 31, 2024, the Company had $ 0.8 million and $ 1.1 million, respectively, of debt issuance costs recorded as a reduction of Long-term debt and $ 1.6 million and $ 2.4 million, respectively, of debt issuance costs recorded within Other assets.
+Added: As of March 31, 2026 and December 31, 2025, the Company had $ 0.5 million and $ 0.7 million, respectively, of debt issuance costs recorded as a reduction of Long-term debt and $ 1.2 million and $ 1.4 million, respectively, of debt issuance costs recorded within Other assets.
Industrial development bonds
−Removed: As of September 30, 2025 and December 31, 2024, the Company had fixed rate, industrial development authority bonds totaling $ 10.0 million in principal amount due in 2028.
+Added: As of March 31, 2026 and December 31, 2025, the Company had fixed rate, industrial development authority bonds totaling $ 10.0 million in principal amount due in 2028.
These bonds have similar covenants to the Credit Facility noted above.
2 unchanged sentences
The Company’s other debt obligations primarily consist of certain domestic and foreign low interest rate or interest-free municipality-related loans, local credit facilities of certain foreign subsidiaries, and finance lease obligations.
−Removed: Total unused capacity under these arrangements as of September 30, 2025 was approximately $ 57 million.
−Removed: In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company’s other off-balance sheet arrangements include certain financial and other guarantees.
−Removed: The Company’s total bank letters of credit and guarantees outstanding as of September 30, 2025 were approximately $ 7 million.
+Added: Total unused capacity under these arrangements as of March 31, 2026 was approximately $ 58 million.
Quaker Chemical Corporation
1 unchanged sentence
Dollars in thousands, except per share amounts, unless otherwise stated)
+Added: In addition to the bank letters of credit described in the “Credit facilities” subsection above, the Company maintains certain financial and other guarantees as off-balance sheet arrangements.
+Added: Collectively, the total bank letters of credit and guarantees outstanding as of March 31, 2026 were approximately $ 7 million.
Interest expense
1 unchanged sentence
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
−Removed: 2025 2024 2025 2024
Interest expense $ 9,526 $ 9,192
1 unchanged sentence
Total $ 9,879 $ 9,545
−Removed: Based on the variable interest rates associated with the Credit Facility, as of September 30, 2025 and as of December 31, 2024, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.
+Added: Based on the variable interest rates associated with the Credit Facility, as of March 31, 2026 and as of December 31, 2025, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.
Note 15 – Accumulated Other Comprehensive Income
5 unchanged sentences
Instruments Total
−Removed: Balance as of June 30, 2025 $ ( 103,831 ) $ ( 11,682 ) $ ( 224 ) $ 556 $ ( 115,181 )
+Added: Balance as of December 31, 2025 $ ( 104,697 ) $ ( 11,234 ) $ 257 $ 13 $ ( 115,661 )
Other comprehensive (loss) income before Reclassifications ( 9,426 ) 381 ( 210 ) — ( 9,255 )
1 unchanged sentence
Related tax amounts ( 496 ) ( 135 ) 44 — ( 587 )
−Removed: Balance as of September 30, 2025 $ ( 104,235 ) $ ( 11,460 ) $ 138 $ 224 $ ( 115,333 )
−Removed: Balance as of June 30, 2024 $ ( 159,574 ) $ ( 10,259 ) $ 334 $ 3,737 $ ( 165,762 )
+Added: Balance as of March 31, 2026 $ ( 114,619 ) $ ( 10,831 ) $ 91 $ — $ ( 125,359 )
+Added: Balance as of December 31, 2024 $ ( 192,841 ) $ ( 10,313 ) $ 287 $ 1,248 $ ( 201,619 )
Other comprehensive income (loss) before Reclassifications 27,125 ( 472 ) ( 391 ) ( 769 ) 25,493
1 unchanged sentence
Related tax amounts — 86 80 177 343
−Removed: Balance as of September 30, 2024 $ ( 118,039 ) $ ( 10,781 ) $ 659 $ ( 287 ) $ ( 128,448 )
+Added: Balance as of March 31, 2025 $ ( 165,716 ) $ ( 10,578 ) $ ( 17 ) $ 656 $ ( 175,655 )
(1) Includes mark-to-market impacts associated with net investment hedges.
3 unchanged sentences
Dollars in thousands, except per share amounts, unless otherwise stated)
−Removed: Adjustments 1
−Removed: Plans Unrealized Gain
−Removed: Available-for-
−Removed: Sale Securities Derivative
−Removed: Instruments Total
−Removed: Balance as of December 31, 2024 $ ( 192,841 ) $ ( 10,313 ) $ 287 $ 1,248 $ ( 201,619 )
−Removed: Other comprehensive income (loss) before reclassifications 87,956 ( 1,917 ) ( 205 ) ( 1,330 ) 84,504
−Removed: Amounts reclassified from AOCI — 392 17 — 409
−Removed: Related tax amounts 650 378 39 306 1,373
−Removed: Balance as of September 30, 2025 $ ( 104,235 ) $ ( 11,460 ) $ 138 $ 224 $ ( 115,333 )
−Removed: Balance as of December 31, 2023 $ ( 115,417 ) $ ( 10,738 ) $ 333 $ 1,407 $ ( 124,415 )
−Removed: Other comprehensive (loss) income before reclassifications ( 2,622 ) ( 425 ) 416 ( 2,200 ) ( 4,831 )
−Removed: Amounts reclassified from AOCI — 373 ( 4 ) — 369
−Removed: Related tax amounts — 9 ( 86 ) 506 429
−Removed: Balance as of September 30, 2024 $ ( 118,039 ) $ ( 10,781 ) $ 659 $ ( 287 ) $ ( 128,448 )
−Removed: (1) Includes mark-to-market impacts associated with net investment hedges.
−Removed: See Note 17, Hedging Activities , for more information.
−Removed: All reclassifications related to unrealized gain (loss) in available-for-sale securities relate to the Company’s equity interest in Primex, a captive insurance company, and are recorded in equity in net income of associated companies.
−Removed: The amounts reported in other comprehensive income for noncontrolling interest are related to currency translation adjustments.
Note 16 – Fair Value Measurements
The Company values its company-owned life insurance policies at fair value.
−Removed: The Company owns an immaterial amount of company-owned life insurance policies as of September 30, 2025 and December 31, 2024.
−Removed: See Note 17, Hedging Activities , for a description of the Company’s derivative instruments.
+Added: The Company owns an immaterial amount of company-owned life insurance policies as of March 31, 2026 and December 31, 2025.
+Added: The Company values its long-term debt at fair value based on quoted market prices for the same or similar issues, or on current rates offered to the company for debt of the same remaining maturities and terms.
+Added: Due to the infrequency of trades, these inputs are considered to be Level 2 inputs.
+Added: Based on the variable interest rates associated with the Credit Facility, as of March 31, 2026 and December 31, 2025, the amounts at which the Company’s total debt were recorded are not materially different from their fair market value.
+Added: See Note 17, Hedging Activities , for a description of the Company’s derivative instruments including the valuation techniques used to determine fair value and support for their classification within Level 2 of the fair value hierarchy
Note 17 – Hedging Activities
5 unchanged sentences
These forward contracts are marked-to-market at each reporting date.
−Removed: Changes in the fair value of the underlying instrument and settlements are recognized in earnings in Other (expense) income, net.
+Added: Changes in the fair value of the underlying instrument and settlements are recognized in earnings in Other expense, net.
The fair value of the forward contract is determined from sources independent of the Company, including the financial institutions which are party to the derivative instruments.
−Removed: Open foreign exchange forward contracts as of September 30, 2025 were entered into as hedges of the Japanese yen and Mexican peso against the U.S.
+Added: Open foreign exchange forward contracts as of March 31, 2026 were entered into as hedges of the Japanese yen and Mexican peso against the U.S.
dollar and had the following notional U.S.
dollar values (in millions) :
−Removed: Currency September 30,
+Added: Currency March 31,
Mexican Peso $ 12,900
Japanese Yen 15,000
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
In connection with the acquisition of Dipsol as described in Note 2, Business Acquisitions , in March 2025, the Company entered into multiple foreign exchange forward contracts with various financial institutions with an aggregate notional amount totaling $ 155.3 million to hedge the variability of exchange rate impacts between the U.S.
1 unchanged sentence
These foreign exchange forward contracts settled on April 1, 2025.
−Removed: The Company recognized a $ 1.4 million foreign currency loss during the nine months ended September 30, 2025 in Other (expense) income, net relating to the change in fair value of these instruments as of the settlement date.
−Removed: Open foreign exchange forward contracts as of September 30, 2025 had maturities occurring over a period of up to one month .
+Added: The Company recognized a $ 1.9 million foreign currency loss during the three months ended March 31, 2026 in Other expense, net relating to the change in fair value of these instruments as of the settlement date.
+Added: Open foreign exchange forward contracts as of March 31, 2026 had maturities occurring over a period of up to one month .
Interest Rate Swaps
2 unchanged sentences
These interest rate swaps are designated as cash flow hedges and, as such, the contracts are marked-to-market at each reporting date with any unrealized gains or losses included in AOCI to the extent effective and reclassified to interest expense in the period during which the hedged transactions affect earnings or it becomes probable that the forecasted transaction will not occur.
+Added: During March 2026, the Company’s interest rate swap contracts expired.
+Added: In April 2026, the Company entered into $ 400.0 million notional amount of four-year interest rate swaps, converting a portion of the Company’s variable rate borrowings into an average fixed rate of 3.58 % plus the applicable margin.
+Added: These interest rate swaps are designated as cash flow hedges.
+Added: Quaker Chemical Corporation
+Added: Notes to Condensed Consolidated Financial Statements - Continued
+Added: Dollars in thousands, except per share amounts, unless otherwise stated)
Net Investment Hedges
10 unchanged sentences
The balance sheet classification and fair values of the Company’s derivative instruments, which are Level 2 measurements, are as follows:
−Removed: Derivative instruments Condensed Consolidated Balance Sheets Location September 30,
+Added: Derivative instruments Condensed Consolidated Balance Sheets Location March 31,
2026 December 31,
2 unchanged sentences
Interest rate swaps Prepaid expenses and other current assets — 16
−Removed: Interest rate swaps Other non-current assets — 1,621
Foreign currency forward contracts Other accrued liabilities 77 5
1 unchanged sentence
Derivative instruments:
−Removed: Condensed Consolidated Balance Sheets Location September 30,
+Added: Condensed Consolidated Balance Sheets Location March 31,
2026 December 31,
1 unchanged sentence
Interest rate swaps AOCI — 13
−Removed: Quaker Chemical Corporation
−Removed: Notes to Condensed Consolidated Financial Statements - Continued
−Removed: Dollars in thousands, except per share amounts, unless otherwise stated)
The following table presents the location and the amount of net gain (loss) recognized in the Company’s Condensed Consolidated Statements of Operations related to derivative instruments:
Three Months Ended
−Removed: September 30, Nine Months Ended
−Removed: September 30,
Derivative instruments Condensed Consolidated Statements of Operations 2026 2025
1 unchanged sentence
Interest rate swaps Interest expense 34 523
−Removed: Foreign exchange forward contracts Other (expense) income, net 938 ( 1,308 ) 523 ( 2,040 )
+Added: Foreign exchange forward contracts Other expense, net 393 ( 1,857 )
Total $ 1,551 $ ( 1,334 )
2 unchanged sentences
See Note 25, Commitments and Contingencies , in the Company’s 2025 Form 10-K for more information.
−Removed: During the three and nine months ended September 30, 2025, there have been no significant changes to the facts or circumstances of any of the previously disclosed matters.
+Added: During the three months ended March 31, 2026, there have been no significant changes to the facts or circumstances of any of the previously disclosed matters.
Although there can be no assurance regarding the outcome of any of the ongoing environmental matters or litigation, the Company believes that it has made adequate accruals for costs and liabilities associated with these matters.
−Removed: The Company has accrued approximately $ 5.5 million and $ 5.3 million as of September 30, 2025 and December 31, 2024, respectively, for these ongoing matters.
−Removed: The Company previously disclosed in its 2024 Form 10-K that one of its North American production facilities experienced an electrical fire in 2021 that resulted in property damage and the temporary shutdown of production.
−Removed: The Company and its insurance carrier reviewed the impact of the electrical fire on the production facility’s operations as it relates to a potential business interruption insurance claim.
−Removed: In July 2024, the Company and its insurance carrier settled this claim for $ 1.0 million.
−Removed: In addition, during the three and nine months ended September 30, 2025, there are no new environmental matters or litigation that the Company believes will have a material adverse effect on the Company’s results of operations, cash flows, or financial condition.
+Added: The Company has accrued approximately $ 5.2 million as of March 31, 2026 and December 31, 2025 for these ongoing matters.
+Added: In addition, during the three months ended March 31, 2026, there are no new environmental matters or litigation that the Company believes will have a material adverse effect on the Company’s results of operations, cash flows, or financial condition.
Quaker Chemical Corporation
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.