Axalta Coating Systems (NYSE:AXTA) delivered a historic set of full-year results on Tuesday, February 10, 2026, reporting record profitability even as the company prepares for its transformative $25 billion merger with AkzoNobel.
The Philadelphia-based coatings leader posted full-year adjusted EBITDA of $1.13 billion, a milestone for the company that reflects aggressive cost management and a 22.0% margin—surpassing its long-term "A Plan" targets a year ahead of schedule.
For the fourth quarter, net sales reached $1.26 billion, supported by record performance in the Mobility Coatings segment, which saw margins expand to 19.4%.
While volume headwinds persisted in North America, Axalta’s focus on high-value "Refinish" wins and favorable price-mix helped deliver an adjusted diluted EPS of $2.49 for the year.
The company’s balance sheet also reached its strongest point since its IPO, with net leverage falling to 2.3x following $230 million in debt repayments.
CEO Chris Villavarayan characterized 2025 as a year of "operational excellence," but the focus is now firmly on the upcoming combination with Dutch rival AkzoNobel.
The all-stock merger, announced in late 2025, is expected to create a global powerhouse with $17 billion in annual revenue.
The deal aims to unlock $600 million in synergies by 2029, primarily through procurement scale and footprint optimization.
Looking ahead, Axalta provided a confident 2026 outlook, projecting adjusted EPS between $2.55 and $2.70 and free cash flow exceeding $500 million.