Tronox Reports Third Quarter 2026 Financial Results

Fourth-quarter guidance reflects approximately $15–$20 million of higher-than-expected input costs and lower titanium dioxide sales revenue than anticipated.

Rhea-AI Summary

Tronox (NYSE:TROX) reported third-quarter 2026 revenue of $827 million, with improved operating earnings but a continued net loss. Revenue rose 18% year over year but fell 5% sequentially. Operating income was $12 million, versus a $43 million loss a year earlier. The net loss attributable to Tronox narrowed to $55 million, or $0.34 per diluted share. Adjusted EBITDA rose 36% year over year to $101 million, with a 12.2% margin.

Free cash flow was $5 million; total debt was $3.2 billion. Tronox expects fourth-quarter adjusted EBITDA of $80–$90 million and approximately $25–$50 million of full-year free cash outflow, citing higher input costs and weaker volumes. It targets more than $175 million in year-end run-rate cost savings. A cooperation and investment agreement with JX Advanced Metals provides for approximately $32 million of aggregate funding, split equally, for rare-earth studies and pilot development.

23 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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1 major · 14 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue of $827 million rose 18% year over year, although it fell 5% sequentially.
• Moderate pointQ3 operating income of $12 million reversed losses of $43 million a year earlier and $21 million sequentially.
• Moderate pointQ3 net loss of $55 million narrowed from $99 million a year earlier and $171 million sequentially.
• Moderate pointQ3 adjusted EBITDA of $101 million rose 36% year over year and 38% sequentially.
• Moderate pointQ3 free cash flow of $5 million improved from negative $137 million a year earlier, versus $60 million sequentially.
• Moderate point. Forward-looking: it has not happened yet and may not happen.More than $175 million in year-end 2026 run-rate savings remains Tronox's target, exceeding its original target range.
• Moderate pointJX Advanced Metals agreement establishes equal funding for rare-earth feasibility studies and US pilot-facility development.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 free cash flow is expected to be positive $20–$45 million.

15 minor points

• Minor pointQ3 diluted loss per share of $0.34 improved from $0.63 a year earlier and $1.07 sequentially.
• Minor pointQ3 adjusted EBITDA margin of 12.2% increased 160 basis points year over year and 380 sequentially.
• Minor pointQ3 titanium dioxide revenue of $653 million rose 19% year over year, but declined 7% sequentially.
• Minor pointQ3 titanium dioxide price/mix increased 9% year over year and 4% sequentially.
• Minor pointQ3 titanium dioxide volumes rose 10% year over year but fell 11% sequentially.
• Minor pointQ3 zircon revenue of $93 million rose 58% year over year, but declined 4% sequentially.
• Minor pointQ3 zircon price/mix increased 9% both year over year and sequentially.
• Minor pointQ3 zircon volumes increased 49% year over year but declined 13% sequentially.
• Minor pointQ3 capital expenditures of $57 million declined from $80 million a year earlier.
• Minor pointQ3 selling, general and administrative expenses of $65 million declined from $70 million a year earlier.
• Minor pointNamakwa furnace and West Mine ramp-ups were completed; the Yanbu pigment facility resumed operations after downtime.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 pricing outlook anticipates sustained titanium dioxide gains and mid-single-digit sequential zircon price increases.
• Minor point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 capital expenditures are being reduced by approximately $30 million from anticipated levels.
• Minor point. Forward-looking: it has not happened yet and may not happen.2027 and 2028 cost-improvement targets are planned at levels similar to those of the past two years.
• Minor point$509 million of quarter-end liquidity included $136 million cash and $373 million available revolving credit.

Negative

• Major point$3.2 billion of total debt accompanied $3.1 billion net debt and 10.5x trailing-twelve-month net leverage.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 free cash outflow is now expected at approximately $25–$50 million amid input-cost and volume pressures.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Q4 adjusted EBITDA of $80–$90 million is expected, below Q3's $101 million.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Approximately $15–$20 million of higher-than-expected Q4 input costs reflect prolonged Middle East conflict impacts.
• Moderate pointApproximately $32 million aggregate funding under the JX agreement creates a 50/50 investment commitment. 5.9% of market cap
• Moderate pointNine-month net loss attributable to Tronox of $329 million widened from $294 million a year earlier.

8 minor points

• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 titanium dioxide volumes are expected to decline sequentially in the high-single to low double-digit percentage range.
• Minor point. Forward-looking: it has not happened yet and may not happen.Q4 zircon volumes are expected to soften moderately sequentially, primarily because of inventory availability.
• Minor pointQ3 other-product revenue of $81 million declined 10% year over year, although it increased 14% sequentially.
• Minor pointHigher production and freight costs partly offset Q3 adjusted EBITDA gains year over year.
• Minor pointYanbu unplanned downtime followed a temporary Saudi East-West natural gas pipeline closure.
• Minor pointQ3 net interest expense was $55 million.
• Minor pointNine-month gross profit of $176 million declined from $230 million a year earlier.
• Minor pointNine-month income tax provision of $112 million increased from $17 million a year earlier.

News Explained

The release adds a Tronox liquidity and leverage snapshot as of September 30, 2026: $509 million of available liquidity, including $136 million in cash and $373 million available under revolving credit agreements, alongside $3.2 billion of total debt, $3.1 billion of net debt and 10.5x trailing-twelve-month net leverage.

Key Figures

Revenue: $827 million; +18% YoY Net loss attributable to Tronox: $55 million Adjusted EBITDA: $101 million; +36% YoY +4 more

Revenue

$827 million; +18% YoY

Q3 2026

Net loss attributable to Tronox

$55 million

Q3 2026

Adjusted EBITDA

$101 million; +36% YoY

Q3 2026

Free cash flow

$5 million

Q3 2026

Adjusted EBITDA outlook

$80–$90 million

Q4 2026

Full-year free cash flow

$25–$50 million use

FY 2026

Cost improvement program

More than $175 million run-rate savings

Target by end of 2026

Previous Earnings Reports

1 past event · Latest: Aug 05

Same Type 1 event

1. Aug 05

   Q2 earnings

   24h Move

   +18.8%

   Q2 set Q3 Adjusted EBITDA guidance at $95–$115 million; Q3 actual was $101 million.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

tio2, ebitda, non-gaap

3 terms

tio2 technical

"Revenue from TiO2 sales was $653 million"

TiO2, short for titanium dioxide, is a white mineral powder widely used as the primary pigment and UV‑blocker in products like paint, plastics, paper, cosmetics and sunscreens, and as a whitening agent in some foods. Investors care because its price, availability and any safety or regulatory actions (for example over nanoparticle or food use) can affect manufacturing costs, product demand and profitability across multiple industries—think of it as a ubiquitous building block whose supply or regulation can ripple through many company balance sheets.

ebitda financial

"Adjusted EBITDA of $101 million"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

non-gaap financial

"Adjusted diluted loss per share was $0.34 (non-GAAP)"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

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Third quarter financial results in-line with prior guidance

STAMFORD, Conn., Nov. 4, 2026 /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX) ("Tronox" or the "Company"), the world's leading integrated manufacturer of titanium dioxide ("TiO₂") pigment, today reported its financial results for the quarter ending September 30, 2026, as follows:

Third Quarter 2026 Financial Highlights:

• Revenue of $827 million, an 18% increase compared to the prior year and a 5% decrease compared to the prior quarter
• Income from operations of $12 million; net loss attributable to Tronox of $55 million; and adjusted net loss attributable to Tronox was $54 million (non-GAAP)
• GAAP diluted loss per share was $0.34; Adjusted diluted loss per share was $0.34 (non-GAAP)
• Adjusted EBITDA of $101 million; Adjusted EBITDA margin of 12.2% (non-GAAP)
• Capital expenditures of $57 million
• Generated free cash flow of $5 million (non-GAAP)

Outlook:

• Expect Q4 2026 TiO₂ volumes to decline sequentially in the high-single to low double-digit percentage range, primarily driven by seasonality
• Expect Q4 2026 zircon volume levels to soften moderately sequentially, primarily due to inventory availability
• Expect Q3 TiO₂ pricing gains to be sustained in Q4 and zircon pricing to increase sequentially in the mid-single-digit percentage range
• Q4 2026 Adjusted EBITDA expected to be $80-$90 million
• Expect free cash flow to be a source of $20-$45 million for Q4 2026, resulting in a free cash flow use of $25-50 million for full year 2026, updated from previous expectations primarily due to the unforeseen prolonged conflict in the Middle East, driving unanticipated raw material price headwinds and weaker sales volumes

This outlook is based on Tronox's views on current global economic activity and is subject to changes and impacts associated with the general macroeconomic and industry-related conditions, global supply chain, and inflation-related challenges, among others.

------
Note: For the Company's guidance with respect to fourth quarter 2026 Adjusted EBITDA and free cash flow, we are not able to provide without unreasonable effort the most directly comparable GAAP financial measure, or reconciliation to such GAAP financial measure, because certain items that impact such measures are uncertain, out of the Company's control or cannot be reasonably predicted.

Summary of Select Financial Results for the Quarter Ending September 30, 2026

($M unless otherwise noted)		Q3 2026	Q3 2025	Y-o-Y % ∆	Q2 2026	Q-o-Q % ∆
Revenue		$827	$699	18 %	$868	(5) %
TiO2		$653	$550	19 %	$700	(7) %
Zircon		$93	$59	58 %	$97	(4) %
Other products		$81	$90	(10) %	$71	14 %
(Loss) from operations		$12	($43)	n/m	($21)	n/m
Net (loss) attributable to Tronox		($55)	($99)	n/m	($171)	n/m
GAAP diluted (loss) per share		($0.34)	($0.63)	n/m	($1.07)	n/m
Adjusted diluted (loss) per share		($0.34)	($0.46)	n/m	($0.51)	n/m
Adjusted EBITDA		$101	$74	36 %	$73	38 %
Adjusted EBITDA Margin %		12.2 %	10.6 %	160  bps	8.4 %	380  bps
Free cash flow		$5	($137)	n/m	$60	n/m
	Y-o-Y % ∆			Q-o-Q % ∆
	Volume	Price / Mix	FX	Volume	Price / Mix	FX
TiO2	10 %	9 %	0 %	(11) %	4 %	0 %
Zircon	49 %	9 %	— %	(13) %	9 %	— %

CEO's Remarks
Chief Executive Officer John Romano commented, "During the third quarter, we strengthened our commercial position through pricing actions across all markets, as increases announced during the second quarter were successfully implemented during the third quarter, supported by antidumping initiatives, evolving industry supply dynamics, and the value customers continue to place on reliable, long-term supplier relationships. The unforeseen prolonged conflict in the Middle East caused broader macro uncertainty, unfavorably impacting third quarter demand and driving supply chain disruptions, that resulted in higher than anticipated raw material input costs including natural gas, sulfur, and sulfuric acid. Our sales prices remained resilient against this more challenging demand backdrop. We are encouraged by the reinstatement of anti-dumping duties in India and the announcement of the launch of the EU's anti-absorption investigation, both of which represent a meaningful step toward establishing a more level competitive environment in our key markets.

"Operationally, we successfully ramped up both the Namakwa furnace and the West Mine to support customer demand and improve future inventory availability, particularly for zircon. On the pigment side, operating rates increased sequentially, although we adjusted production levels in response to lower-than-anticipated demand in the quarter, reflecting our continued focus on disciplined cash management. Additionally, operating rates at our Yanbu pigment facility were impacted as we incurred unplanned downtime following a temporary closure of Saudi Arabia's East-West natural gas pipeline due the ongoing conflict in the region. The site is back up and running, and I want to take a moment to recognize our team there who continue to demonstrate tremendous resilience and commitment against an extraordinarily challenging backdrop. We continue to take actions to mitigate external cost and operational pressures. With two months left in the year, our cost improvement program remains on track to deliver more than $175 million of run-rate savings by the end of 2026, exceeding the high end of our original target. Despite the macro challenges, Adjusted EBITDA increased to $101 million from $73 million in the second quarter, within our guided range, and our Adjusted EBITDA margin improved to 12.2%, reflecting the benefit of price realization across our markets.

"We also took an important step forward in advancing our rare earths and critical minerals strategy through our recently announced cooperation and investment agreement with JX Advanced Metals ("JXAM"). Under the agreement, the companies will fund on a 50/50 basis approximately $32 million in aggregate to support a definitive feasibility study for the proposed Australian cracking and leaching facility, a pre-feasibility study for a proposed US refinery, and development of a US-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. The partnership brings together Tronox's mining, mineral separation and chemical processing capabilities with JXAM's refining and advanced materials experience as the companies evaluate a more integrated rare earth platform. This is an important milestone for our strategy and one that strengthens the long-term opportunity associated with the platform, including a framework to evaluate a broader range of critical minerals opportunities."

Mr. Romano concluded, "Cash generation, working capital and liquidity remain key priorities. Free cash flow for the third quarter was consistent with our expectations. With the unforeseen prolonged conflict in the Middle East causing both supply chain disruptions and weaker demand in some markets, we now anticipate full year free cash flow to be a use of cash, driven by raw material price headwinds and lower sales volumes resulting in less earnings and lower cash from working capital in the fourth quarter than previously anticipated. Against this backdrop, we remain focused on the actions within our control. Cost discipline is an ongoing commitment, and as we look ahead, we plan to set cost improvement targets for 2027 and 2028 similar to those of the past two years. We continue to actively manage inventory while maintaining a proactive approach to the balance sheet by minimizing adverse impacts from external influences. Preserving the financial flexibility needed to support our customers, operations, and long-term strategic objectives remains a top priority. Across the business, we remain focused on positioning Tronox to capture the longer-term earnings potential of both our core business and future rare earths and critical minerals platforms."

Third Quarter 2026 Results
(Comparisons are to prior year (Q3 2026 vs. Q3 2025) unless otherwise noted) 

The Company recorded third quarter revenue of $827 million, an increase of 18% primarily driven by higher sales volumes and higher average selling prices, including mix, partially offset by unfavorable foreign exchange impacts.

Revenue from TiO₂ sales was $653 million, an increase of 19% driven by a 10% increase in sales volumes and a 9% increase in average selling prices including mix. Sequentially, TiO₂ sales declined 7%, driven by an 11% decrease in sales volumes partially offset by a 4% increase in average selling prices including mix.

Zircon revenue increased 58% to $93 million, driven by a 49% increase in sales volumes and a 9% increase in average selling prices including mix. Sequentially, zircon revenue decreased 4%, driven by a 13% decrease in sales volumes partially offset by a 9% increase in average selling prices including mix.

Revenue from other products was $81 million, a decline of 10%, driven by lower sales volumes. Sequentially, revenue from other products increased 14% primarily due to higher sales volumes.

Net loss attributable to Tronox in the quarter was $55 million, or a loss of $0.34 per diluted share, compared to net loss attributable to Tronox of $99 million, or a loss of $0.63 per diluted share in the year-ago period. Adjusted net loss attributable to Tronox (non-GAAP) was $54 million, or a loss of $0.34 per diluted share.

Adjusted EBITDA of $101 million represented a 36% increase, driven by higher average selling prices including mix, partially offset by unfavorable exchange rate movements, higher production costs, and higher freight costs. Adjusted EBITDA margin was 12.2%.

Sequentially, Adjusted EBITDA increased 38% due to higher average TiO₂ and zircon selling prices including mix and lower corporate costs partly offset by lower sales volumes and higher production costs.

The Company's selling, general and administrative expenses were $65 million for the quarter. Tronox's net interest expense in the quarter was $55 million. Depreciation, depletion and amortization expense was $76 million.

Balance Sheet, Cash Flow and Capital Allocation
Tronox ended the quarter with $3.2 billion of total debt, $3.1 billion of net debt and a net leverage ratio of 10.5x on a trailing twelve-month basis. Available liquidity at the end of the quarter totaled $509 million, including $136 million in cash and cash equivalents and $373 million available under revolving credit agreements. The next significant debt maturity for the Company is not until 2029. Tronox does not have any financial covenants on its term loans or bonds. The Company has ample liquidity and does not expect to trigger the springing covenant on the US revolving credit facility.

The Company generated free cash flow of $5 million. Capital expenditures were $57 million.

Outlook
Following a strong first half of the year, Tronox expects TiO₂ volumes in the fourth quarter of 2026 to decline sequentially in the high-single to low double-digit percentage range compared to the third quarter, primarily reflecting seasonality as well as lower demand in Europe and Asia Pacific. Zircon volume levels are expected to soften moderately compared to the third quarter, primarily due to inventory availability. TiO₂ pricing gains realized in the third quarter are expected to be sustained in the fourth quarter, while zircon pricing is expected to increase sequentially in the mid-single-digit percentage range. Adjusted EBITDA for the fourth quarter of 2026 is expected to be in the range of $80-$90 million. This range reflects the unforeseen prolonged impacts of the conflict in the Middle East, which has continued longer than anticipated, including approximately $15-20 million of higher than expected input costs, primarily from natural gas, sulfur, and sulfuric acid, as well as lower TiO₂ sales revenue than previously anticipated. Tronox expects positive free cash flow for the fourth quarter of $20-$45 million, resulting in a use of free cash for the full year 2026 of approximately $25-$50 million. The Company remains focused on the factors within its control, including reducing anticipated capital expenditures by approximately $30 million for full year 2026, actively managing working capital, and preserving financial flexibility.

Webcast Conference Call
Tronox will conduct a webcast conference call on Thursday, November 5, 2026, at 9:00 AM ET (New York). The live call is open to the public and can be accessed via live webcast and teleconference. Please visit investor.tronox.com for a link to register for the live webcast and to view the accompanying slides.

Replay: A webcast replay will be available at investor.tronox.com following the call.

About Tronox
Tronox Holdings plc is one of the world's leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 5,700 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world. For more information about how our products add brightness and durability to paints, plastics, paper and other everyday products, visit tronox.com.

Cautionary Statement about Forward-Looking Statements
Statements in this release that are not historical are forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance, our operating rates, anticipated completion of extensions and upgrades to our mining operations, anticipated trends in our business and industry, including trade defense measures in specific jurisdictions and their timing and effectiveness, market penetration and growth rates, anticipated costs, competitive landscape, benefits and timing of capital projects including planned mining expansions, the Company's anticipated capital allocation strategy including future capital expenditures, the benefits and timing of the Company's cost improvement and other cost saving, inventory reduction and asset rationalization plans, our rare earths and critical minerals strategy and our sustainability goals, commitments and programs. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, actual costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements to differ materially from the results, level of activity, performance, anticipated costs, benefits and timing of capital projects, or the cost improvement plan and other cost saving, inventory reduction and asset rationalization plans, or achievements expressed or implied by the forward-looking statements. Significant risks and uncertainties may relate to, but are not limited to, macroeconomic conditions; policy changes affecting international trade, including import/export restrictions and tariffs; continuing inflationary pressures and energy costs, including as it relates to, among other things, natural gas; currency movements; interest rate and debt market volatility, including in respect of our debt securities; political instability, including the ongoing conflicts in Eastern Europe and the Middle East and any expansion of such conflicts, and other geopolitical events; continuing supply chain disruptions; market conditions and price volatility for titanium dioxide, zircon and other feedstock materials, as well as global and regional economic downturns, that adversely affect the demand for our end-use products; disruptions in production at our mining and manufacturing facilities; and other financial, economic, competitive, environmental, political, legal and regulatory factors. These and other risk factors are discussed in the Company's filings with the Securities and Exchange Commission.

Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for our management to predict all risks and uncertainties, nor can management assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance, synergies or achievements. Neither we nor any other person assumes responsibility for the accuracy or completeness of any of these forward-looking statements. You should not rely upon forward-looking statements as predictions of future events. Unless otherwise required by applicable laws, we undertake no obligation to update or revise any forward-looking statements, whether because of new information or future developments.

Use of Non-GAAP Information
To provide investors and others with additional information regarding the financial results of Tronox Holdings plc, we have disclosed in this release certain non-U.S. GAAP operating performance measures of EBITDA, Adjusted EBITDA, Adjusted EBITDA margin and Adjusted net income attributable to Tronox, including its presentation on a per share basis, and a non-U.S. GAAP liquidity measure of Free Cash Flow and net leverage ratio on a trailing twelve-month basis. These non-U.S. GAAP financial measures are a supplement to and not a substitute for or superior to, the Company's results presented in accordance with U.S. GAAP. The non-U.S. GAAP financial measures presented by the Company may be different from non-U.S. GAAP financial measures presented by other companies. Specifically, the Company believes the non-U.S. GAAP information provides useful measures to investors regarding the Company's financial performance by excluding certain costs and expenses that the Company believes are not indicative of its core operating results. The presentation of these non-U.S. GAAP financial measures is not meant to be considered in isolation or as a substitute for results or guidance prepared and presented in accordance with U.S. GAAP. A reconciliation of the non-U.S. GAAP financial measures to U.S. GAAP results is included herein.

Investor Relations and Media Contact: Jennifer Guenther
     +1.203.705.3701 extension: 103701 (Media)
     +1.646.960.6598 (Investor Relations)

TRONOX HOLDINGS PLC
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (U.S. GAAP)
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
	Three Months Ended September 30,			Nine Months Ended September 30,
	2026	2025		2026	2025
Net sales	$                           827	$                       699		$                        2,455	$                        2,168
Cost of goods sold	750	647		2,279	1,938
Gross profit	77	52		176	230
Restructuring and other charges	—	25		18	153
Selling, general and administrative expenses	65	70		208	216
Income (Loss) from operations	12	(43)		(50)	(139)
Interest expense	(56)	(48)		(165)	(135)
Interest income	1	1		3	4
Other expense, net	(7)	(2)		(9)	(9)
Loss before income taxes	(50)	(92)		(221)	(279)
Income tax provision	(6)	(8)		(112)	(17)
Net loss	(56)	(100)		(333)	(296)
Net loss attributable to noncontrolling interest	(1)	(1)		(4)	(2)
Net loss attributable to Tronox Holdings plc	$                            (55)	$                        (99)		$                          (329)	$                          (294)
Loss per share:
Basic	$                         (0.34)	$                     (0.63)		$                         (2.06)	$                         (1.85)
Diluted	$                         (0.34)	$                     (0.63)		$                         (2.06)	$                         (1.85)
Weighted average shares outstanding, basic (in thousands)	159,701	158,600		159,524	158,439
Weighted average shares outstanding, diluted (in thousands)	159,701	158,600		159,524	158,439
Other Operating Data:
Capital expenditures	57	80		169	273
Depreciation, depletion and amortization expense	76	75		227	220

 

TRONOX HOLDINGS PLC
RECONCILIATION OF NON-U.S. GAAP FINANCIAL MEASURES
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
RECONCILIATION OF NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC  (U.S. GAAP)
TO ADJUSTED NET LOSS ATTRIBUTABLE TO TRONOX HOLDINGS PLC (NON-U.S. GAAP)
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net loss attributable to Tronox Holdings plc (U.S. GAAP)	$                 (55)		$                 (99)		$           (329)		$           (294)
Gain on sale of Fuzhou (a)	—		—		(20)		—
Restructuring and other charges (b)	—		25		18		150
Tax valuation allowance (c)	—		—		103		—
Other (d)	1		2		4		3
Adjusted net loss attributable to Tronox Holdings plc (non-U.S. GAAP)	$                 (54)		$                 (72)		$           (224)		$           (141)
Diluted net loss per share (U.S. GAAP)	$              (0.34)		$              (0.63)		$          (2.06)		$          (1.85)
Gain on sale of Fuzhou, per share	—		—		(0.13)		—
Restructuring and other charges, per share	—		0.16		0.12		0.94
Tax valuation allowance, per share	—		—		0.65		—
Other, per share	—		0.01		0.02		0.02
Diluted adjusted net loss per share attributable to Tronox Holdings plc (non-U.S. GAAP) (1)	$              (0.34)		$              (0.46)		$          (1.40)		$          (0.89)
Weighted average shares outstanding, diluted (in thousands)	159,701		158,600		159,524		158,439
(1) Diluted adjusted net loss per share attributable to Tronox Holdings plc was calculated from exact, not rounded Adjusted net loss attributable to Tronox Holdings plc and share information.
(a) Represents the gain on the sale of Fuzhou.
(b) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.
(c) Represents the establishment of a valuation allowance against certain state deferred tax assets within our US jurisdiction.
(d) Represents other activity not representative of the ongoing operations of the Company.

 

TRONOX HOLDINGS PLC
CONDENSED CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(Millions of U.S. dollars, except share and per share data)
	September 30, 2026		December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$                     136		$                   199
Restricted cash	18		12
Accounts receivable (net of allowance for credit losses of $1 and $1 as of September 30, 2026 and December 31, 2025, respectively)	348		289
Inventories, net	1,435		1,652
Prepaid and other assets	176		112
Income taxes receivable	2		1
Total current assets	2,115		2,265
Noncurrent Assets
Property, plant and equipment, net	1,978		2,007
Mineral leaseholds, net	588		608
Intangible assets, net	197		214
Lease right of use assets, net	175		173
Deferred tax assets	723		833
Other long-term assets	115		117
Total assets	$                  5,891		$                6,217
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$                     437		$                   481
Accrued liabilities	239		274
Short-term lease liabilities	24		22
Obligations under inventory financing arrangement	49		50
Short-term debt	47		51
Long-term debt due within one year	39		39
Income taxes payable	3		2
Total current liabilities	838		919
Noncurrent Liabilities
Long-term debt, net	3,116		3,132
Pension and postretirement healthcare benefits	79		81
Asset retirement obligations	213		198
Environmental liabilities	19		39
Long-term lease liabilities	152		148
Deferred tax liabilities	211		208
Other long-term liabilities	109		43
Total liabilities	4,737		4,768
Commitments and Contingencies
Shareholders' Equity
Tronox Holdings plc ordinary shares, par value $0.01 — 159,704,662 shares issued and outstanding at September 30, 2026 and 158,557,858 shares issued and outstanding at December 31, 2025	2		2
Capital in excess of par value	2,095		2,103
(Accumulated deficit) retained earnings	(299)		30
Accumulated other comprehensive loss	(673)		(717)
Total Tronox Holdings plc shareholders' equity	1,125		1,418
Noncontrolling interest	29		31
Total equity	1,154		1,449
Total liabilities and equity	$                  5,891		$                6,217

 

TRONOX HOLDINGS PLC
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(Millions of U.S. dollars)
	Nine Months Ended September 30,
	2026		2025
Cash Flows from Operating Activities:
Net loss	$             (333)		$               (296)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation, depletion and amortization	227		220
Deferred income taxes	109		14
Share-based compensation expense	17		14
Amortization of deferred debt issuance costs and discount on debt	9		7
Restructuring and other charges	18		153
Other non-cash items affecting net loss	23		43
Changes in assets and liabilities:
Increase in accounts receivable, net of allowance for credit losses	(59)		(24)
Decrease (increase) in inventories, net	214		(73)
Decrease in prepaid and other assets	-		39
Restructuring payments	(35)		(57)
Decrease in accounts payable and accrued liabilities	(73)		(70)
Net changes in income tax payables and receivables	1		(2)
Changes in other non-current assets and liabilities	(19)		(29)
Cash provided by (used in) operating activities	99		(61)
Cash Flows from Investing Activities:
Capital expenditures	(169)		(273)
Loans	-		15
Proceeds from dispositions and asset sales	15		3
Cash used in investing activities	(154)		(255)
Cash Flows from Financing Activities:
Repayments of short-term debt	(102)		(136)
Repayments of long-term debt	(23)		(21)
Repayments of sale and leaseback transactions	(2)		-
Repayments of inventory financing arrangement	(100)		-
Proceeds from inventory financing arrangement	99		50
Proceeds from sale and leaseback transaction	75		-
Proceeds from short-term debt	80		100
Proceeds from long-term debt	-		400
Debt issuance costs	(2)		(7)
Sale and leaseback transaction costs	(1)		-
Dividends paid	(24)		(40)
Restricted stock and performance-based shares settled in cash for withholding taxes	-		(1)
Cash provided by financing activities	-		345
Effects of exchange rate changes on cash and cash equivalents and restricted cash	(2)		5
Net (decrease) increase in cash and cash equivalents and restricted cash	(57)		34
Cash and cash equivalents and restricted cash at beginning of period	211		152
Cash and cash equivalents and restricted cash at end of period	$              154		$                186

 

TRONOX HOLDINGS PLC
RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA, ADJUSTED EBITDA AS A % OF NET SALES AND NET DEBT TO TRAILING-TWELVE MONTHS ADJUSTED EBITDA (NON-U.S. GAAP)
(UNAUDITED)
(Millions of U.S. dollars)
	Three Months Ended September 30,			Nine Months Ended September 30,
	2026	2025		2026	2025
Net loss (U.S. GAAP)	$                            (56)	$                         (100)		$                         (333)	$                         (296)
Interest expense	56	48		165	135
Interest income	(1)	(1)		(3)	(4)
Income tax provision	6	8		112	17
Depreciation, depletion and amortization expense	76	75		227	220
EBITDA (non-U.S. GAAP)	81	30		168	72
Gain on sale of Fuzhou (a)	—	—		(20)	—
Share-based compensation (b)	6	5		17	14
Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (c)	5	6		15	20
Accounts receivable securitization program (d)	3	3		10	10
Foreign currency remeasurement (e)	2	—		16	(1)
Restructuring and other charges (f)	—	25		18	153
Other items (g)	4	5		12	11
Adjusted EBITDA (non-U.S. GAAP)	$                           101	$                            74		$                           236	$                          279
	Three Months Ended September 30,
	2026	2025
Net sales	$                           827	$                          699
Net loss (U.S. GAAP)	$                            (56)	$                         (100)
Net loss (U.S. GAAP) as a % of Net sales	(6.8) %	(14.3) %
Adjusted EBITDA (non-U.S. GAAP) (see above) as a % of Net sales	12.2 %	10.6 %
	September 30, 2026	December 31, 2025
Long-term debt, net	$                        3,116	$                       3,132
Short-term debt	47	51
Long-term debt due within one year	39	39
(Less) Cash and cash equivalents	(136)	(199)
Net debt (1)	$                        3,066	$                       3,023
Trailing-twelve month Adjusted EBITDA (non-U.S. GAAP)	$                           293	$                          336
Net debt to trailing-twelve month Adjusted EBITDA (non-U.S. GAAP) (see above)	10.5x	9.0x
(a) Represents the gain on the sale of Fuzhou.
(b) Represents non-cash share-based compensation.
(c) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities.
(d) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure.
(e) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in "Other expense, net" in the unaudited Condensed Consolidated Statements of Operations.
(f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.
(g) Includes noncash pension and postretirement costs, asset write-offs and other items included in "Selling general and administrative expenses", "Cost of goods sold" and "Other expense, net" in the unaudited Condensed Consolidated Statements of Operations.
(1) Net debt calculation excludes the other financing arrangements (inventory financing arrangement and sale leaseback transaction).

 

TRONOX HOLDINGS PLC
FREE CASH FLOW (NON-U.S. GAAP)
(UNAUDITED)
(Millions of U.S. dollars)
The following table reconciles cash used in operating activities to free cash flow for the three and nine months ended September 30, 2026:
	Nine Months Ended September 30, 2026		Six Months Ended June 30, 2026		Three Months Ended September 30, 2026
Cash provided by operating activities	$                            99		$                            37		$                       62
Capital expenditures	(169)		(112)		(57)
Free cash flow (non-U.S. GAAP)	$                          (70)		$                          (75)		$                         5

 

TRONOX HOLDINGS PLC
RECONCILIATION OF TRAILING TWELVE MONTH NET LOSS TO EBITDA AND ADJUSTED EBITDA (NON-U.S. GAAP)
(UNAUDITED)
(Millions of U.S. dollars)
		Three Months Ended					Trailing Twelve Month Adjusted EBITDA
		December 31, 2025	March 31, 2026	June 30, 2026	September 30, 2026
Net loss (U.S. GAAP)		$                      (177)	$                      (104)	$                      (173)	$                        (56)		$                              (510)
Interest expense		54	53	56	56		219
Interest income		(2)	(2)	—	(1)		(5)
Income tax provision (benefit)		(2)	—	106	6		110
Depreciation, depletion and amortization expense		82	75	76	76		309
EBITDA (non-U.S. GAAP)		(45)	22	65	81		123
Gain on sale of Fuzhou (a)		—	—	(20)	—		(20)
Share-based compensation (b)		6	6	5	6		23
Foreign currency remeasurement (c)		7	7	7	2		23
Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (d)		(11)	4	6	5		4
Accounts receivable securitization program (e)		3	3	4	3		13
Restructuring and other charges (f)		79	14	4	—		97
Other items (g)		18	6	2	4		30
Adjusted EBITDA (non-U.S. GAAP)		$                          57	$                          62	$                          73	$                        101		$                               293
(a) Represents the gain on the sale of Fuzhou.
(b) Represents non-cash share-based compensation.
(c) Represents realized and unrealized gains and losses associated with foreign currency remeasurement related to third-party and intercompany receivables and liabilities denominated in a currency other than the functional currency of the entity holding them, which are included in "Other expense, net" in the unaudited Condensed Consolidated Statements of Operations.
(d) Primarily represents accretion expense and other noncash adjustments to asset retirement obligations and environmental liabilities.
(e) Primarily represents expenses associated with the Company's accounts receivable securitization program which is used as a source of liquidity in the Company's overall capital structure.
(f) Represents restructuring and other charges associated with the Botlek and Fuzhou plant closures.
(g) Includes noncash pension and postretirement costs, asset write-offs, severance expense and other items included in "Selling general and administrative expenses", "Cost of goods sold" and "Other expense, net" in the unaudited Condensed Consolidated Statements of Operations.

 

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SOURCE Tronox Holdings plc

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Tronox's third-quarter 2026 revenue and earnings?

Tronox reported $827 million in revenue and a net loss attributable to Tronox of $55 million, or $0.34 per diluted share. Revenue increased 18% year over year, while the net loss narrowed from $99 million. Adjusted EBITDA, a non-GAAP earnings measure, was $101 million.

What is Tronox's fourth-quarter 2026 outlook?

Tronox expects $80–$90 million of adjusted EBITDA and $20–$45 million of positive free cash flow. Titanium dioxide volumes are expected to decline sequentially in the high-single to low double-digit percentage range, while zircon volumes are expected to soften moderately. Full-year free cash outflow is expected to be approximately $25–$50 million.

When is Tronox's next significant debt maturity, and what covenants apply?

Tronox's next significant debt maturity is in 2029, and its term loans and bonds have no financial covenants. The company does not expect to trigger the springing covenant on its US revolving credit facility.

What projects will Tronox and JX Advanced Metals fund under their agreement?

The agreement funds a definitive feasibility study for a proposed Australian cracking and leaching facility, a pre-feasibility study for a proposed US refinery, and development of a US pilot facility capable of producing initial quantities of high-purity rare-earth oxides. These remain studies and pilot development, rather than completed commercial facilities.