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of Contents](#i2aef629ae28d4ab08017402fb32766d6_7)\n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWashington, D.C. 20549\n\n \n\nFORM 10-K\n\n☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the fiscal year ended December 31, 2025\n\nOR\n\n☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\nFor the transition period from ____________________ to ____________________\n\n Commission File Number: 1-1463\n\n \n\nUNION CARBIDE CORPORATION\n\n(Exact name of registrant as specified in its charter)\n\nNew York13-1421730\n\nState or other jurisdiction of incorporation or organizationI.R.S. Employer Identification No.\n\n7501 State Highway 185 North, Seadrift, TX 77983\n\n(Address of principal executive offices)   (Zip Code)\n\nRegistrant's telephone number, including area code: 361-553-2769\n\nSecurities registered pursuant to Section 12(b) of the Act: None\n\nSecurities registered pursuant to section 12(g) of the Act: None\n\nIndicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.\n\n☐ Yes    R No\n\nIndicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.\n\n☐ Yes    R No\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.\n\nR Yes    ☐ No\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).\n\nR Yes    ☐ No\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of \"large accelerated filer,\" \"accelerated filer,\" \"smaller reporting company,\" and \"emerging growth company\" in Rule 12b-2 of the Exchange Act.\n\nLarge accelerated filer\n☐\nAccelerated filer\n☐\n\nNon-accelerated filer\n☑\nSmaller reporting company\n☐\n\nEmerging growth company\n☐\n\n[Table of Contents](#i2aef629ae28d4ab08017402fb32766d6_7)\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐\n\nIndicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.    ☐\n\nIf securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    ☐\n\nIndicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).    ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).\n\n☐ Yes    R No\n\nAt February 3, 2026, 935.51 shares of common stock were outstanding, all of which were held by the registrant’s parent, The Dow Chemical Company.\n\nThe registrant meets the conditions set forth in General Instruction I(1)(a) and (b) of Form 10-K and is therefore filing this Form with the reduced disclosure format.\n\nDOCUMENTS INCORPORATED BY REFERENCE\n\nNone\n\n[Table of Contents](#i2aef629ae28d4ab08017402fb32766d6_7)\n\nUnion Carbide Corporation\n\nANNUAL REPORT ON FORM 10-K\n\nFor the Fiscal Year Ended December 31, 2025\n\nTABLE OF CONTENTS\n\nPAGE\n\n[PART I](#i2aef629ae28d4ab08017402fb32766d6_16)\n\n[Item 1.](#i2aef629ae28d4ab08017402fb32766d6_16)\n\n[Business.](#i2aef629ae28d4ab08017402fb32766d6_16)\n\n[5](#i2aef629ae28d4ab08017402fb32766d6_16)\n\n[Item 1A.](#i2aef629ae28d4ab08017402fb32766d6_19)\n\n[Risk Factors.](#i2aef629ae28d4ab08017402fb32766d6_19)\n\n[7](#i2aef629ae28d4ab08017402fb32766d6_19)\n\n[Item 1B.](#i2aef629ae28d4ab08017402fb32766d6_22)\n\n[Unresolved Staff Comments.](#i2aef629ae28d4ab08017402fb32766d6_22)\n\n[13](#i2aef629ae28d4ab08017402fb32766d6_22)\n\n[Item 1C](#i2aef629ae28d4ab08017402fb32766d6_25).\n\n[Cybersecurity](#i2aef629ae28d4ab08017402fb32766d6_25).\n\n[13](#i2aef629ae28d4ab08017402fb32766d6_25)\n\n[Item 2.](#i2aef629ae28d4ab08017402fb32766d6_28)\n\n[Properties.](#i2aef629ae28d4ab08017402fb32766d6_28)\n\n[15](#i2aef629ae28d4ab08017402fb32766d6_28)\n\n[Item 3.](#i2aef629ae28d4ab08017402fb32766d6_34)\n\n[Legal Proceedings.](#i2aef629ae28d4ab08017402fb32766d6_34)\n\n[15](#i2aef629ae28d4ab08017402fb32766d6_34)\n\n[Item 4.](#i2aef629ae28d4ab08017402fb32766d6_37)\n\n[Mine Safety Disclosures.](#i2aef629ae28d4ab08017402fb32766d6_37)\n\n[15](#i2aef629ae28d4ab08017402fb32766d6_37)\n\n[PART II](#i2aef629ae28d4ab08017402fb32766d6_40)\n\n[Item 5.](#i2aef629ae28d4ab08017402fb32766d6_43)\n\n[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.](#i2aef629ae28d4ab08017402fb32766d6_43)\n\n[16](#i2aef629ae28d4ab08017402fb32766d6_43)\n\n[Item 7.](#i2aef629ae28d4ab08017402fb32766d6_46)\n\n[Management's Discussion and Analysis of Financial Condition and Results of Operations.](#i2aef629ae28d4ab08017402fb32766d6_46)\n\n[16](#i2aef629ae28d4ab08017402fb32766d6_46)\n\n[Item 7A.](#i2aef629ae28d4ab08017402fb32766d6_55)\n\n[Quantitative and Qualitative Disclosures About Market Risk.](#i2aef629ae28d4ab08017402fb32766d6_55)\n\n[25](#i2aef629ae28d4ab08017402fb32766d6_55)\n\n[Item 8.](#i2aef629ae28d4ab08017402fb32766d6_58)\n\n[Financial Statements and Supplementary Data.](#i2aef629ae28d4ab08017402fb32766d6_58)\n\n[26](#i2aef629ae28d4ab08017402fb32766d6_58)\n\n[Consolidated Statements of Income.](#i2aef629ae28d4ab08017402fb32766d6_64)\n\n[28](#i2aef629ae28d4ab08017402fb32766d6_64)\n\n[Consolidated Statements of Comprehensive Income.](#i2aef629ae28d4ab08017402fb32766d6_67)\n\n[29](#i2aef629ae28d4ab08017402fb32766d6_67)\n\n[Consolidated Balance Sheets.](#i2aef629ae28d4ab08017402fb32766d6_70)\n\n[30](#i2aef629ae28d4ab08017402fb32766d6_70)\n\n[Consolidated Statements of Cash Flows.](#i2aef629ae28d4ab08017402fb32766d6_73)\n\n[31](#i2aef629ae28d4ab08017402fb32766d6_73)\n\n[Consolidated Statements of Equity.](#i2aef629ae28d4ab08017402fb32766d6_76)\n\n[32](#i2aef629ae28d4ab08017402fb32766d6_76)\n\n[Notes to the Consolidated Financial Statements.](#i2aef629ae28d4ab08017402fb32766d6_79)\n\n[33](#i2aef629ae28d4ab08017402fb32766d6_79)\n\n[Item 9.](#i2aef629ae28d4ab08017402fb32766d6_169)\n\n[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.](#i2aef629ae28d4ab08017402fb32766d6_169)\n\n[61](#i2aef629ae28d4ab08017402fb32766d6_169)\n\n[Item 9A.](#i2aef629ae28d4ab08017402fb32766d6_172)\n\n[Controls and Procedures.](#i2aef629ae28d4ab08017402fb32766d6_172)\n\n[61](#i2aef629ae28d4ab08017402fb32766d6_172)\n\n[Item 9B.](#i2aef629ae28d4ab08017402fb32766d6_175)\n\n[Other Information.](#i2aef629ae28d4ab08017402fb32766d6_175)\n\n[61](#i2aef629ae28d4ab08017402fb32766d6_175)\n\n[PART III](#i2aef629ae28d4ab08017402fb32766d6_178)\n\n[Item 10.](#i2aef629ae28d4ab08017402fb32766d6_181)\n\n[Directors, Executive Officers and Corporate Governance.](#i2aef629ae28d4ab08017402fb32766d6_181)\n\n[62](#i2aef629ae28d4ab08017402fb32766d6_181)\n\n[Item 11.](#i2aef629ae28d4ab08017402fb32766d6_184)\n\n[Executive Compensation.](#i2aef629ae28d4ab08017402fb32766d6_184)\n\n[62](#i2aef629ae28d4ab08017402fb32766d6_184)\n\n[Item 12.](#i2aef629ae28d4ab08017402fb32766d6_187)\n\n[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.](#i2aef629ae28d4ab08017402fb32766d6_187)\n\n[62](#i2aef629ae28d4ab08017402fb32766d6_187)\n\n[Item 13.](#i2aef629ae28d4ab08017402fb32766d6_190)\n\n[Certain Relationships and Related Transactions, and Director Independence.](#i2aef629ae28d4ab08017402fb32766d6_190)\n\n[62](#i2aef629ae28d4ab08017402fb32766d6_190)\n\n[Item 14.](#i2aef629ae28d4ab08017402fb32766d6_193)\n\n[Principal Accounting Fees and Services.](#i2aef629ae28d4ab08017402fb32766d6_193)\n\n[62](#i2aef629ae28d4ab08017402fb32766d6_193)\n\n[PART IV](#i2aef629ae28d4ab08017402fb32766d6_196)\n\n[Item 15.](#i2aef629ae28d4ab08017402fb32766d6_199)\n\n[Exhibits, Financial Statement Schedules.](#i2aef629ae28d4ab08017402fb32766d6_199)\n\n[63](#i2aef629ae28d4ab08017402fb32766d6_199)\n\n[Item 16.](#i2aef629ae28d4ab08017402fb32766d6_202)\n\n[Form 10-K Summary.](#i2aef629ae28d4ab08017402fb32766d6_202)\n\n[65](#i2aef629ae28d4ab08017402fb32766d6_202)\n\n[SIGNATURES](#i2aef629ae28d4ab08017402fb32766d6_208)\n\n[67](#i2aef629ae28d4ab08017402fb32766d6_208)\n\n3\n\n[Table of Contents](#i2aef629ae28d4ab08017402fb32766d6_7)\n\nUnion Carbide Corporation and Subsidiaries\n\nThroughout this Annual Report on Form 10-K, except as otherwise indicated by the context, the terms \"Corporation\" or \"UCC\" as used herein mean Union Carbide Corporation and its subsidiaries.\n\nCAUTIONARY STATEMENT ABOUT FORWARD-LOOKING STATEMENTS\n\nCertain statements in this report are \"forward-looking statements\" within the meaning of the federal securities laws, including Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements often address expected future business and financial performance, financial condition, and other matters, and often contain words or phrases such as “anticipate,” “believe,” \"could,\" “estimate,” “expect,” “intend,” “may,” “opportunity,” “outlook,” “plan,” “project,” “seek,” “should,” “strategy,” “target,” “will,” “will be,” “will continue,” “will likely result,” “would” and similar expressions, and variations or negatives of these words or phrases.\n\nForward-looking statements are based on current assumptions and expectations of future events that are subject to risks, uncertainties and other factors that are beyond the Corporation’s control, which may cause actual results to differ materially from those projected, anticipated or implied in the forward-looking statements and speak only as of the date the statements were made. These factors include, but are not limited to: sales of UCC's products; UCC's expenses, future revenues and profitability; any sanctions, export restrictions, supply chain disruptions or increased economic uncertainty related to the ongoing conflicts between Russia and Ukraine and in the Middle East; capital requirements and need for and availability of financing; unexpected barriers in the development of technology, including with respect to UCC’s contemplated capital and operating projects; significant litigation and environmental matters and related contingencies and unexpected expenses; the success of competing technologies that are or may become available; the ability to protect UCC's intellectual property in the United States and abroad; developments related to contemplated restructuring activities and proposed divestitures or acquisitions such as workforce reduction, manufacturing facility and/or asset closure and related exit and disposal activities, and the benefits and costs associated with each of the foregoing; fluctuations in energy and raw material prices; management of process safety and product stewardship; changes in public sentiment and political leadership; increased concerns about plastics in the environment and lack of a circular economy for plastics at scale; changes in consumer preferences and demand; changes in laws and regulations, political conditions, tariffs and trade policies or industry development; global economic and capital markets conditions, such as inflation, market uncertainty, interest and currency exchange rates, and equity and commodity prices; business, logistics and supply disruptions; security threats, such as acts of sabotage, terrorism or war, including the ongoing conflicts between Russia and Ukraine and in the Middle East; weather events and natural disasters; disruptions in the Corporation’s information technology networks and systems, including the impact of cyberattacks; and, since The Dow Chemical Company (\"TDCC\"), a wholly owned subsidiary of Dow Inc. (together, with TDCC and its consolidated subsidiaries, \"Dow\"), is the primary customer of UCC: Dow's ability to realize its commitment to carbon neutrality on the contemplated timeframe; the size of the markets for Dow’s products and services and its ability to compete in such markets; Dow's ability to develop and market new products and optimally manage product life cycles; the rate and degree of market acceptance of Dow’s products; changes in relationships with Dow’s significant customers and suppliers; and any global and regional economic impacts of a pandemic or other public health-related risks and events on the Corporation’s business.\n\nWhere, in any forward-looking statement, an expectation or belief as to future results or events is expressed, such expectation or belief is based on the current plans and expectations of management and expressed in good faith and believed to have a reasonable basis, but there can be no assurance that the expectation or belief will result or be achieved or accomplished. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section of this Annual Report on Form 10-K titled \"Risk Factors.\" These are not the only risks and uncertainties that the Corporation faces. There may be other risks and uncertainties that the Corporation is unable to identify at this time or that it does not currently expect to have a material impact on its business. If any of those risks or uncertainties develops into an actual event, it could have a material adverse effect on the Corporation’s business. The Corporation assumes no obligation to update or revise publicly any forward-looking statements whether because of new information, future events, or otherwise, except as required by securities and other applicable laws.\n\n4\n\n[Table of Contents](#i2aef629ae28d4ab08017402fb32766d6_7)\n\nUnion Carbide Corporation and Subsidiaries\n\nPART I"}