KRONOS WORLDWIDE, INC. REPORTS FOURTH QUARTER 2025 RESULTS
Rhea-AI Summary
Kronos Worldwide (NYSE:KRO) reported a Q4 2025 net loss of $82.8M ($0.72 per share) and a full‑year 2025 net loss of $110.9M ($0.96), versus 2024 net income of $86.2M ($0.75).
Net sales were $418.3M in Q4 and $1.9B for 2025 (both down ~1%). The company cited lower TiO2 selling prices, production curtailments (≈$54M Q4, ≈$111M FY unabsorbed costs), lower utilization (77% FY vs 96% FY2024), and tax valuation allowances.
Positive
- None.
Negative
- Full‑year net loss of $110.9M versus $86.2M net income in 2024
- Quarterly net loss of $82.8M ($0.72 per share)
- EBITDA fell to $16.1M in 2025 from $252.9M in 2024
- Approximately $111M of unabsorbed fixed production costs recognized in 2025
- Q4 included ~$54M of unabsorbed fixed production and manufacturing costs
- Average TiO2 selling prices down ~10% year‑start to year‑end
Market Reaction – KRO
Following this news, KRO has declined 5.54%, reflecting a notable negative market reaction. The stock is currently trading at $5.12. This price movement has removed approximately $37M from the company's valuation. Trading volume is above average at 1.7x the average, suggesting increased trading activity.
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Key Figures
Market Reality Check
Peers on Argus
KRO fell 6.7% with above-average volume, while several specialty chemical peers (e.g., MATV, OEC, ECVT) also declined but without momentum-scanner confirmation of a coordinated sector move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 06 | Q3 2025 earnings | Negative | -6.8% | Q3 2025 net loss, lower TiO2 prices and reduced production absorption. |
| Aug 06 | Q2 2025 earnings | Negative | -7.9% | Q2 2025 net loss and unabsorbed fixed costs from lower capacity use. |
| May 07 | Q1 2025 earnings | Positive | -1.6% | Q1 2025 net income doubled with higher sales and segment profit. |
| Mar 06 | Q4 2024 earnings | Positive | -8.1% | Return to full-year profitability and higher net sales in 2024. |
| Nov 06 | Q3 2024 earnings | Positive | -3.9% | Strong Q3 2024 profit, higher volumes and LPC acquisition gain. |
Earnings releases have often been followed by negative price reactions, even when results were strong, suggesting a pattern of cautious or selling behavior around reports.
Over the past year, Kronos reported a mix of strong 2024 profitability and a clear deterioration through 2025. Earlier quarters showed solid TiO2 volumes, gains from the Louisiana Pigment acquisition, and improved capacity utilization in 2024, but 2025 earnings updates highlighted falling TiO2 prices, lower operating rates, and rising unabsorbed fixed costs. Price reactions to these earnings headlines were mostly negative, aligning with the current fourth-quarter and full-year 2025 loss profile detailed in this release.
Historical Comparison
In the last five earnings releases, KRO moved on average -5.67%. Today’s -6.7% reaction to deeper Q4/FY 2025 losses is consistent with that pattern.
Earnings history shows strong profitability and demand in 2024 transitioning to 2025 quarters marked by net losses, weaker TiO2 pricing, and lower operating rates.
Market Pulse Summary
The stock is down -5.5% following this news. The decline reflects a continuation of past patterns, as earnings headlines have historically produced an average move of about -5.67%. Today’s -6.7% reaction to a larger Q4 and full-year 2025 net loss, weaker EBITDA and heavy unabsorbed fixed costs fits that history. Risks include ongoing low TiO2 prices, reduced capacity utilization and higher interest expense, which could keep pressure on margins if operating conditions fail to improve.
Key Terms
ebitda financial
non-gaap financial
valuation allowance financial
capacity utilization technical
titanium dioxide medical
forward-looking statements regulatory
AI-generated analysis. Not financial advice.
Dallas, Texas, March 09, 2026 (GLOBE NEWSWIRE) -- Kronos Worldwide, Inc. (NYSE:KRO) today reported a net loss of
Net sales of
Our TiO2 segment loss (see description of non-GAAP information below) was
Our net income (loss) before interest expense, income taxes and depreciation and amortization expense (EBITDA) (see description of non-GAAP information below) was (
In the fourth quarter of 2025, we recognized a
The statements in this release relating to matters that are not historical facts are forward-looking statements that represent management's beliefs and assumptions based on currently available information. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we cannot give any assurances that these expectations will prove to be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results, and actual future results could differ materially from those described in such forward-looking statements. While it is not possible to identify all factors, we continue to face many risks and uncertainties. The factors that could cause actual future results to differ materially include, but are not limited to, the following:
- Future supply and demand for our products;
- Our ability to realize expected cost savings from strategic and operational initiatives;
- Our ability to integrate acquisitions into our operations and realize expected synergies and innovations;
- The extent of the dependence of certain of our businesses on certain market sectors;
- The cyclicality of our business;
- Customer and producer inventory levels;
- Unexpected or earlier-than-expected industry capacity expansion;
- Changes in raw material and other operating costs (such as energy and ore costs);
- Changes in the availability of raw materials (such as ore);
- General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for our titanium dioxide pigments (“TiO2”) products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises);
- Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);
- Technology related disruptions (including, but not limited to, cyber-attacks; software implementation, upgrades or improvements; technology processing failures; or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;
- Competitive products and substitute products;
- Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements;
- Customer and competitor strategies;
- Potential consolidation of our competitors;
- Potential consolidation of our customers;
- The impact of pricing and production decisions;
- Competitive technology positions;
- The introduction of new, or changes in existing, tariffs, trade barriers or trade disputes;
- Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;
- Our ability to renew or refinance credit facilities or other debt instruments in the future;
- Changes in interest rates;
- Our ability to comply with covenants contained in our revolving bank credit facility;
- Our ability to maintain sufficient liquidity;
- The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;
- Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;
- Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities);
- Government laws and regulations and possible changes therein including new environmental, sustainability, health and safety, or other regulations (such as those seeking to limit or classify TiO2 or its use); and
- Pending or possible future litigation or other actions.
Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. The Company disclaims any intention or obligation to update or revise any forward-looking statement whether as a result of changes in information, future events or otherwise.
In an effort to provide investors with additional information regarding the Company's results of operations as determined by accounting principles generally accepted in the United States of America (GAAP), the Company has disclosed certain non-GAAP information which the Company believes provides useful information to investors:
- The Company discloses segment profit (loss), which is used by the Company’s management to assess the performance of the Company’s TiO2 operations. The Company believes disclosure of segment profit (loss) provides useful information to investors because it allows investors to analyze the performance of the Company’s TiO2 operations in the same way that the Company’s management assesses performance. The Company defines segment profit (loss) as net income (loss) before income tax expense (expense) and certain general corporate items. These general corporate items include corporate expense and the components of other income (expense) except for trade interest income; and
- The Company discloses EBITDA, which is also used by the Company’s management to assess the performance of the Company’s TiO2 operations. The Company believes disclosure of EBITDA provides useful information to investors because it allows investors to analyze the performance of the Company’s TiO2 operations in the same way that the Company’s management assesses performance. The Company defines EBITDA as net income (loss) before interest expense, income taxes and depreciation and amortization expense.
Kronos Worldwide, Inc. is a major international producer of titanium dioxide products.
Investor Relations Contact:
Bryan A. Hanley
Senior Vice President & Treasurer
Tel: (972) 233-1700
KRONOS WORLDWIDE, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share and metric ton data)
| Three months ended | Year ended | |||||||||||
| December 31, | December 31, | |||||||||||
| 2024 | 2025 | 2024 | 2025 | |||||||||
| (unaudited) | ||||||||||||
| Net sales | $ | 423.1 | $ | 418.3 | $ | 1,887.1 | $ | 1,859.4 | ||||
| Cost of sales | 336.7 | 421.9 | 1,527.8 | 1,646.4 | ||||||||
| Gross margin | 86.4 | (3.6) | 359.3 | 213.0 | ||||||||
| Selling, general and administrative expense | 51.2 | 59.9 | 225.6 | 245.2 | ||||||||
| Other operating income (expense): | ||||||||||||
| Currency transactions, net | (3.3) | 2.2 | 1.6 | 5.4 | ||||||||
| Other income, net | .6 | 1.6 | 2.4 | 3.7 | ||||||||
| Corporate expense | (3.9) | (3.4) | (14.8) | (13.4) | ||||||||
| Income (loss) from operations | 28.6 | (63.1) | 122.9 | (36.5) | ||||||||
| Other income (expense): | ||||||||||||
| Gain on remeasurement of investment in TiO2 manufacturing joint venture | - | - | 64.5 | - | ||||||||
| Gain on remeasurement of earn-out liability | - | - | - | 4.6 | ||||||||
| Trade interest income | .6 | .3 | 3.3 | .9 | ||||||||
| Other interest and dividend income | .4 | - | 2.2 | .3 | ||||||||
| Marketable equity securities | (1.4) | (.5) | 1.2 | (1.6) | ||||||||
| Other components of net periodic pension and OPEB cost | (.6) | (10.5) | (1.6) | (12.1) | ||||||||
| Interest expense | (12.1) | (14.5) | (42.9) | (53.0) | ||||||||
| Income (loss) before income taxes | 15.5 | (88.3) | 149.6 | (97.4) | ||||||||
| Income tax expense (benefit) | 28.7 | (5.5) | 63.4 | 13.5 | ||||||||
| Net income (loss) | $ | (13.2) | $ | (82.8) | $ | 86.2 | $ | (110.9) | ||||
| Net income (loss) per basic and diluted share | $ | (.12) | $ | (.72) | $ | .75 | $ | (.96) | ||||
| Weighted average shares used in the calculation of net income (loss) per share | 115.0 | 115.0 | 115.0 | 115.0 | ||||||||
| TiO2 data - metric tons in thousands: | ||||||||||||
| Sales volumes | 110 | 118 | 504 | 512 | ||||||||
| Production volumes | 136 | 86 | 535 | 480 | ||||||||
KRONOS WORLDWIDE, INC.
RECONCILIATION OF INCOME FROM
OPERATIONS TO SEGMENT PROFIT (LOSS)
(In millions)
| Three months ended | Year ended | ||||||||||||||
| December 31, | December 31, | ||||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||||
| (unaudited) | |||||||||||||||
| Income (loss) from operations | $ | 28.6 | $ | (63.1) | $ | 122.9 | $ | (36.5) | |||||||
| Adjustments: | |||||||||||||||
| Trade interest income | .6 | .3 | 3.3 | .9 | |||||||||||
| Corporate expense | 3.9 | 3.4 | 14.8 | 13.4 | |||||||||||
| Segment profit (loss) | $ | 33.1 | $ | (59.4) | $ | 141.0 | $ | (22.2) | |||||||
RECONCILIATION OF NET INCOME (LOSS) TO EBITDA
(In millions)
| Three months ended | Year ended | ||||||||||||
| December 31, | December 31, | ||||||||||||
| 2024 | 2025 | 2024 | 2025 | ||||||||||
| (unaudited) | |||||||||||||
| Net income (loss) | $ | (13.2) | $ | (82.8) | $ | 86.2 | $ | (110.9) | |||||
| Adjustments: | |||||||||||||
| Depreciation expense | 14.1 | 15.9 | 60.4 | 60.5 | |||||||||
| Interest expense | 12.1 | 14.5 | 42.9 | 53.0 | |||||||||
| Income tax expense (benefit) | 28.7 | (5.5) | 63.4 | 13.5 | |||||||||
| EBITDA | $ | 41.7 | $ | (57.9) | $ | 252.9 | $ | 16.1 | |||||
IMPACT OF PERCENTAGE CHANGE IN NET SALES
(unaudited)
| Three months ended | Year ended | ||||
| December 31, | December 31, | ||||
| 2025 vs. 2024 | 2025 vs. 2024 | ||||
| Percentage change in net sales: | |||||
| TiO2 sales volume | 7 | % | 2 | % | |
| TiO2 product pricing | (8) | (4) | |||
| TiO2 product mix/other | (3) | - | |||
| Changes in currency exchange rates | 3 | 1 | |||
| Total | (1) | % | (1) | % |
FAQ
Why did KRO report a net loss in Q4 2025?
How did Kronos (KRO) TiO2 selling prices change during 2025?
What was Kronos's full‑year 2025 EBITDA and how did it compare to 2024?
How did production utilization affect KRO results in 2025?
Did Kronos record any nonrecurring charges in Q4 2025 that impacted results?
