Updated Jul 24, 2026
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GrafTech posts $40 million Q2 loss as electrode pricing slides

BROOKLYN HEIGHTS, Ohio, July 24. GrafTech International Ltd. (NYSE: EAF) reported a net loss of $40 million, or $1.54 per share, for the second quarter of 2026, as a 7% year-over-year decline in its weighted-average realized price for graphite electrodes erased the benefit of an 8% rise in sales volume. Net sales fell 3% to $127 million, the company disclosed in an 8-K filing.

By Tomas Reyes2 min readEAF
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Key takeaways

  • GrafTech reported a Q2 2026 net loss of $40 million, or $1.54 per share, as a 7% year-over-year drop in graphite electrode pricing outweighed an 8% rise in sales volume.
  • Net sales fell 3% year-over-year to $127 million, with the realized price averaging about $3,900 per metric ton, flat sequentially but down 7% from a year earlier.
  • Sales volume rose to 30.8 thousand metric tons and capacity utilization reached 74%, up from 65% a year earlier, with U.S. volume up 29%.
  • Total liquidity was $253 million as of June 30, gross debt was $1,225 million, and net debt was about $1,080 million with no material maturities until December 2029.
  • GrafTech reaffirmed full-year sales volume growth of 5% to 10%, with more than 90% of anticipated volume already committed in its order book.

BROOKLYN HEIGHTS, Ohio, July 24. GrafTech International Ltd. (NYSE: EAF) reported a net loss of $40 million, or $1.54 per share, for the second quarter of 2026, as a 7% year-over-year decline in its weighted-average realized price for graphite electrodes erased the benefit of an 8% rise in sales volume. Net sales fell 3% to $127 million, the company disclosed in an 8-K filing.

Volume climbs; price stays underwater

Sales volume for the quarter was 30.8 thousand metric tons, up from 28.6 thousand MT in Q2 2025 and 28.1 thousand MT in the first quarter of 2026. Production volume reached 33.4 thousand MT, pushing capacity utilization to 74%, compared with 65% a year earlier.

The realized price averaged approximately $3,900 per metric ton, flat sequentially but down 7% from the year-ago quarter. GrafTech cited persistent competitive pressure across most principal commercial regions. One partial offset: U.S. volume grew 29% year-over-year, and the United States carries the strongest realized pricing of any region in GrafTech's electrode business.

For the first half of 2026, net sales were $252 million and the net loss was $83.7 million, or $3.20 per share. In the comparable period of 2025, the net loss was $126.2 million, or $4.88 per share, a figure that included a $43 million non-cash income tax charge related to a valuation allowance against deferred tax assets in the United States and Switzerland.

Cash usage and debt position

Net cash used in operating activities was $69 million for the quarter. Adjusted free cash flow was negative $75 million, reflecting semi-annual interest payments and a planned inventory build. GrafTech said the second quarter represents the peak quarterly cash requirement for 2026, with second-half demands expected to be significantly lower.

In June 2026, the company drew the remaining $100 million available under a delayed draw first lien term loan closed in December 2024, ahead of the July 23 expiration of the commitments. Total liquidity stood at $253 million as of June 30, comprising $145 million in cash and $108 million of revolving credit availability. Gross debt was $1,225 million, and net debt was approximately $1,080 million. No material maturities are due until December 2029.

Pricing actions and full-year view

Chief Executive Officer Timothy Flanagan said GrafTech is pushing price increases on uncommitted volume and directing its commercial mix toward higher-value business. The company is also pursuing trade policy reform in key markets, according to the release.

GrafTech reaffirmed full-year sales volume growth of 5% to 10%, with more than 90% of anticipated volume already committed in the order book. U.S. steel production is up 6% year-to-date, aided by favorable trade policies, the company reported. European steel production is flat for the period, though market conditions there have improved following approved increases in trade protections. Adjusted EBITDA for the second quarter was $2 million, down from $3 million in Q2 2025.

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Frequently asked

Why did GrafTech post a loss despite selling more electrodes?

A 7% year-over-year decline in the weighted-average realized price for graphite electrodes erased the benefit of an 8% rise in sales volume, cutting net sales 3% to $127 million.

How much cash did GrafTech use in the second quarter?

Net cash used in operating activities was $69 million and adjusted free cash flow was negative $75 million, which the company described as the peak quarterly cash requirement for 2026.

What is GrafTech's debt and liquidity position?

As of June 30, total liquidity was $253 million ($145 million cash and $108 million revolving credit), gross debt was $1,225 million, and net debt was approximately $1,080 million, with no material maturities until December 2029.

What actions is GrafTech taking to address weak pricing?

CEO Timothy Flanagan said the company is pushing price increases on uncommitted volume, directing its commercial mix toward higher-value business, and pursuing trade policy reform in key markets.

How did GrafTech's first-half 2026 results compare to 2025?

First-half 2026 net sales were $252 million with a net loss of $83.7 million, or $3.20 per share, improved from a $126.2 million loss, or $4.88 per share, in the same period of 2025.