Minerals Technologies (NYSE: MTX) hit by $290M talc reserve but grows sales
Rhea-AI Filing Summary
Minerals Technologies reported 2026 second-quarter net sales of $548.4 million, up 4% from a year earlier and 7% year-to-date to $1.10 billion. The company recorded a loss per share of ($5.90), driven by a $290.0 million provision to increase reserves for a trust to resolve talc-related claims and fund Chapter 11 cases and related costs. Excluding special items, earnings per share were $1.60, a 3% increase over the prior year, and operating income was $75 million. Adjusted EBITDA was $99.2 million, 18.1% of sales.
Consumer & Specialties sales were $274.5 million, roughly flat year-over-year, with lower high-margin Household & Personal Care volumes and higher input costs compressing margins. Engineered Solutions sales rose 9% to $273.9 million, with High-Temperature Technologies up 7% and Environmental & Infrastructure up 15%; segment operating income excluding special items grew 12% and reached a record margin of 17.8%. Operating cash flow was $63.0 million and free cash flow $35.8 million. Adjusted net leverage stood at 1.6x. The company published its 18th Sustainability Report, highlighting multi-year reductions in emissions, water use, and waste, and plans an Investor Day on September 22, 2026.
Positive
- None.
Negative
- Recorded a $290.0 million talc-related litigation and credit-loss reserve.
- Second-quarter GAAP EPS declined to ($5.90), producing a $183.6 million net loss.
Filing Explained
At July 5, the filing reports higher liabilities alongside a $290.0 million reserve for talc claims, BMI OldCo cases, and related costs.
Minerals Technologies used this Form 8-K to report its second-quarter results through Item 2.02 and an attached press release, an event disclosure that is current as of July 30, 2026.
The filing records a
8-K Event Classification
5 items: 0.0, 2.02, 5.8, 9.01, 11.3
5 items
Item 0.0
Item 0.0
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.8
Item 5.8
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Item 11.3
Item 11.3
Key Figures
Net sales Q2 2026: $548.4 million
Litigation and credit-loss provision: $290.0 million
Diluted EPS Q2 2026 (GAAP): ($5.90)
+5 more
8 metrics
Net sales Q2 2026
$548.4 million
Worldwide net sales for the quarter ended July 5, 2026, up 4% year-over-year
Litigation and credit-loss provision
$290.0 million
Charge to increase reserves for talc-related claims, Chapter 11 cases, and related costs in Q2 2026
Diluted EPS Q2 2026 (GAAP)
($5.90)
Loss per share attributable to MTI for the quarter ended July 5, 2026
Diluted EPS excluding special items
$1.60
Second-quarter 2026 earnings per share excluding special items, up 3% vs prior year
Adjusted EBITDA Q2 2026
$99.2 million
Adjusted EBITDA for Q2 2026, representing 18.1% of sales
Operating cash flow Q2 2026
$63.0 million
Cash flow from operations for the quarter ended July 5, 2026
Free cash flow Q2 2026
$35.8 million
Free cash flow for the quarter ended July 5, 2026
Adjusted net leverage
1.6x
Net debt of $618.7 million versus TTM adjusted EBITDA of $379.7 million
Key Terms
Adjusted EBITDA, talc-related claims, Chapter 11, free cash flow, +2 more
6 terms
Adjusted EBITDA financial
"Adjusted EBITDA $ 99.2 ... % of sales 18.1 %"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Chapter 11 regulatory
"fund the Chapter 11 cases of its subsidiary BMI OldCo Inc. and affiliated debtors"
Chapter 11 is a U.S. bankruptcy process that lets a financially distressed company keep operating while it reorganizes its debts and business plan under court supervision. Think of it as a formal pause that allows the company to renegotiate payments, shed contracts or assets, and seek a path to profitability instead of being liquidated; investors watch it because it can change the value and priority of claims, equity dilution, or the likelihood of recovery.
free cash flow financial
"Free cash flow $ 35.8 ... $ 33.8 ... $ 44.8 ... $ 11.1"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
Scope 1 emissions technical
"Key accomplishments included a 34 percent reduction in Scope 1 emissions"
Direct greenhouse gas emissions that come from sources a company owns or controls, such as fuel burned in boilers, on-site manufacturing processes, or emissions from company vehicles. Investors care because these emissions create regulatory, cost and reputation risks and signal how efficiently a business runs—think of them as the pollution coming from a household’s own car and furnace, versus emissions from the electricity it buys.
PFAS remediation technical
"address environmental challenges such as PFAS remediation"
PFAS remediation is the process of identifying, containing, treating, or removing persistent synthetic chemicals called PFAS (per- and polyfluoroalkyl substances) from soil, groundwater, drinking water, and industrial sites. It matters to investors because remediation can create regulatory obligations, cleanup costs, legal liabilities, and changes in property or operational value—like paying to remove a permanent stain that affects the use and resale value of an asset.
Earnings Snapshot
Net sales: $548.4 million · Guidance included
Second quarter ended July 5, 2026
Net sales
$548.4 million
up 4% vs prior-year quarter
Diluted EPS excluding special items
$1.60
up 3% vs prior-year quarter
Reported diluted EPS
($5.90)
includes $290.0 million litigation and credit-loss provision
Adjusted EBITDA
$99.2 million
18.1% of sales in Q2 2026
Guidance
Management indicated sales are on track for mid-single digit full-year growth and referenced pricing actions intended to restore margins in the second half of 2026.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Minerals Technologies (MTX) net sales and earnings for Q2 2026?
Minerals Technologies reported Q2 2026 net sales of $548.4 million, up 4% year-over-year. It posted a GAAP loss per share of ($5.90), but delivered $1.60 EPS excluding special items, a 3% increase over the prior-year quarter.
How did MTX’s business segments perform in Q2 2026?
Consumer & Specialties sales were $274.5 million, roughly flat, with margins pressured by mix and inflation. Engineered Solutions sales rose to $273.9 million, up 9%, and delivered segment operating income excluding special items of $48.8 million with a record 17.8% margin.
What were Minerals Technologies (MTX) cash flow and leverage metrics in Q2 2026?
In Q2 2026, MTX generated $63.0 million of operating cash flow and $35.8 million of free cash flow. Total debt was $964.9 million, with cash and investments of $346.2 million, resulting in an adjusted net leverage ratio of 1.6x TTM adjusted EBITDA.
What sustainability milestones did MTX report alongside its Q2 2026 results?
MTX’s 18th Sustainability Report shows it met all 12 environmental targets set in 2018 by 2025. Achievements include a 34% reduction in Scope 1 emissions, 42% lower Scope 2 emissions, and significant cuts in water use and landfill waste, plus a majority of recent products with sustainable profiles.
When will Minerals Technologies (MTX) hold its 2026 Investor Day and earnings call?
MTX plans a 2026 Investor Day on September 22, 2026, at its Bethlehem, Pennsylvania R&D facility, with a webcast. It will also host a Q2 2026 earnings conference call on July 31, 2026, at 11 a.m. Eastern Time.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant To Section 13 OR 15(d) of The Securities Exchange Act of 1934
Pursuant To Section 13 OR 15(d) of The Securities Exchange Act of 1934
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| Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions. | |
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| | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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| | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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| | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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| | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company |
| If 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. [ ] |
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Item 2.02
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Other Events
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On July 30, 2026, Minerals Technologies Inc. issued a press release regarding its financial performance for the second quarter of 2026. A copy of the press release is attached hereto as Exhibit 99.1 and incorporated by reference herein.
The information in this Item 2.02 and Exhibit 99.1 shall not be deemed filed for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing.
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Item 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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Press Release dated July 30, 2026
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104
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Cover Page Interactive Data File (formatted as inline XBRL)
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SIGNATURES
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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MINERALS TECHNOLOGIES INC.
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(Registrant)
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By:
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/s/ Timothy J. Jordan
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Name:
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Timothy J. Jordan
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Title:
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Vice President, General Counsel, Secretary and Chief Compliance Officer
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Date: July 30, 2026
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| EXHIBIT 99.1 | |
 | News Release |
Minerals Technologies Inc. Announces 2026 Second Quarter Financial Results
●
Sales up 4 percent versus
prior year and up 7 percent year-to-date; on track for mid-single digit growth
for full year
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Strong cash flow generation,
up significantly year-to-date versus prior year
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Balance sheet remains solid, adjusted
net leverage ratio at 1.6x
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Published 18th
Sustainability Report and established new 10-year environmental targets
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Company will host Investor Day
event on September 22, 2026
NEW YORK, July 30, 2026 (GLOBE
NEWSWIRE) -- Minerals Technologies Inc. (NYSE: MTX) (“MTI”), a leading,
technology-driven specialty minerals company, today reported a loss per share
for the second quarter ended July 5, 2026, of $5.90, or earnings per share of
$1.60 excluding special items, representing a 3 percent increase over the prior
year.
“Our sales momentum
continued in the second quarter, resulting in 7 percent growth in the first half
of the year. This trend is being driven by our growth initiatives and strong market conditions, and we are on track to hit our full year revenue targets,” said
Douglas T. Dietrich, Chairman and Chief Executive Officer. “We absorbed
significant inflationary cost increases that temporarily impacted margins, primarily in the Consumer & Specialties segment, but have pricing actions into place to restore them
through the back half of the year.”
Consolidated Results
In the second quarter, MTI’s
worldwide net sales were $548 million, up 4 percent over the prior year. Foreign exchange had a favorable
impact of $7 million on sales. For the first half of 2026, consolidated sales were
$1.1 billion, up 7 percent over prior year.
Reported operating loss in the
second quarter was $220 million, or operating income of $75 million excluding
special items. The special items include a $290 million charge to increase the company’s
reserve for estimated costs to fund a trust to resolve all current and future
talc-related claims as well as fund the Chapter 11 cases of its subsidiary BMI
OldCo Inc. and affiliated debtors and related litigation costs.
Second Quarter 2026 Segment Results
Consumer & Specialties segment sales were $275
million, down 1 percent from the prior year. Sales in the Household &
Personal Care product line were $123 million, down 3 percent from the prior
year due to lower sales in high-margin consumer specialty products. Sales in
the Specialty Additives product line were $151 million, up 1 percent over the prior
year, primarily driven by higher sales to paper and packaging customers.
Segment reported operating
income was $29 million, down 21 percent excluding special items, due to
unfavorable volume mix as well as higher energy, transportation, and raw
material costs that were not fully recovered within the quarter due to the
timing of contractual pricing adjustments.
MTI’s Consumer &
Specialties segment provides functional components that become part of a
variety of consumer and industrial products and touch millions of lives every
day. It includes two product lines: Household & Personal Care, which
delivers mineral-to-market products for improved performance and enhanced
consumer experiences in end markets including cat litter, household and
personal care, edible oil and renewable fuel purification, animal health, and
agriculture; and Specialty Additives, which offers mineral-based technologies
for improved functionality in end markets including paper and packaging, food
and pharmaceuticals, sealants and adhesives, paints and coatings, and
residential construction.
Engineered Solutions
segment sales were $274 million, up 9 percent over the prior year. Sales
in the High-Temperature Technologies product line were $190 million, up 7
percent over the prior year, driven by continued higher sales to steel
customers in the U.S. and foundry businesses in Asia. In the Environmental & Infrastructure
product line, sales were $84 million, up 15 percent over the prior year, driven
by stronger sales related to building materials, large-scale project activity,
and infrastructure drilling.
Segment reported operating
income was $49 million, up 12 percent excluding special items, representing a
record operating margin of 17.8 percent of sales.
MTI’s Engineered Solutions
segment provides advanced technologies and solutions designed to improve
customers’ manufacturing processes and projects. It includes two product lines:
High-Temperature Technologies, which delivers mineral-based blends,
technologies, and systems that solve complex challenges in the foundry, steel,
and other high-temperature processing industries; and Environmental &
Infrastructure, which offers solutions for water treatment, fluid management, building
materials, and environmental, remediation, and infrastructure-related projects.
Publication
of the 18th Annual Sustainability Report
MTI published the 18th edition of its annual Sustainability
Report, highlighting the company's environmental, safety, and community
achievements and establishing a new set of 10-year environmental targets
through 2035. It also shared that by 2025, the company had successfully
achieved all 12 environmental targets it established in 2018. Key
accomplishments included a 34 percent reduction in Scope 1 emissions, a 42
percent reduction in Scope 2 emissions, a 31 percent reduction in water
withdrawals, a 56 percent reduction in water discharge, and a 44 percent
reduction in landfill waste.
MTI continues to support its customers' sustainability objectives
through innovative solutions that help reduce emissions and waste, improve
resource efficiency, and address environmental challenges such as PFAS
remediation. In 2025, 67 percent of the company’s products commercialized
during the previous five years had a sustainable profile.
The Sustainability Report
is available at www.mineralstech.com/sustainability.
Company
to Host 2026 Investor Day Event
MTI will host an
Investor Day event on September 22, 2026, starting at 1 p.m. Eastern Time (EST)
at its Bethlehem, Pennsylvania R&D facility. A live webcast with management
will be followed by a tour for in-person attendees of the R&D facility,
with a focus on the company’s Crystal Engineering and Engineered Blends technologies.
“We are excited to
welcome investors to our 2026 Investor Day, where we will provide an update on
the strategic growth initiatives driving MTI’s performance today and discuss
the opportunities that will shape our future,” said Dietrich. “Our team will
showcase MTI’s unique combination of mineral resources, technologies, and
application expertise and highlight how we develop innovative solutions that align
with emerging customer and market trends. We will also preview some of the new
applications that we believe will open up new markets in the next few years and
continue to create long-term shareholder value.”
Conference Call
MTI will host a
conference call tomorrow, July 31, 2026, at 11 a.m. Eastern Time. The live earnings webcast
can be accessed at https://investors.mineralstech.com/quarterly-results-conference-calls. A presentation for the
call will be available at the same location at approximately 10:30 a.m. Eastern Time on July
31, 2026.
FORWARD-LOOKING STATEMENTS
This press release may contain
"forward‐looking
statements" within the meaning of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements provide current expectations and
forecasts of future events such as new products, revenues, and financial
performance, and are not limited to describing historical or current facts.
They can be identified by the use of words such as “believes,” “expects,”
“plans,” “intends,” “anticipates,” and other words and phrases of similar
meaning. Forward-looking statements are necessarily based on assumptions,
estimates, and limited information available at the time they are made. A broad
variety of risks and uncertainties, both known and unknown, as well as the
inaccuracy of assumptions and estimates, can affect the realization of the
expectations or forecasts in these statements. Actual future results may vary
materially. Significant factors that could affect the expectations and
forecasts include worldwide general economic, business, and industry
conditions; the cyclicality of our customers’ businesses and their changing
regional demands; our ability to compete in very competitive industries;
consolidation in customer industries, principally paper, foundry, and steel;
our ability to renew or extend long term sales contracts for our satellite
operations; our ability to generate cash to service our debt; our ability to
comply with the covenants in the agreements governing our debt; our ability to
effectively achieve and implement our growth initiatives or consummate the
transactions described in the statements; our ability to successfully develop
new products; our ability to defend our intellectual property; the increased
risks of doing business abroad; the availability of raw materials and access to
ore reserves at our mining operations, or increases in costs of raw materials,
energy, or shipping; compliance with or changes to regulation in the areas of
environmental, health and safety, and tax; risks and uncertainties related to
the voluntary petitions for relief under Chapter 11 of the U.S. Bankruptcy Code
filed by our subsidiaries BMI OldCo Inc. (f/k/a Barretts Minerals Inc.) and
Barretts Ventures Texas LLC; claims for legal, environmental, and tax matters
or product stewardship issues; operating risks and capacity limitations
affecting our production facilities; seasonality of some of our businesses;
cybersecurity and other threats relating to our information technology systems;
and other risk factors and cautionary statements in our 2025 Annual Report on
Form 10‐K,
Quarterly Reports on Form 10-Q, Current Reports on Form 8-K, and other reports
filed with the Securities and Exchange Commission. The Company undertakes no
obligation to publicly update any forward‐looking statement, whether as
a result of new information, future events, or otherwise.
About Minerals Technologies Inc.
Minerals Technologies
Inc. (NYSE:MTX) is a global, technology-driven specialty minerals company that sources,
manufactures, sells, and distributes a wide range of minerals and mineral-based
products and services. We utilize our global mineral reserves, combined with
our core technologies and applications, to deliver innovative products that are
an essential part of everyday life. We serve customers in consumer and
industrial markets worldwide, have 4,000 employees in 34 countries, and
reported global sales of $2.1 billion in 2025. For further information, visit
www.mineralstech.com.
| Investor Relations Contact |
| Lydia Kopylova |
| lydia.kopylova@mineralstech.com |
| Media Contact |
| Stephanie Heise |
| stephanie.heise@mineralstech.com |
###
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(in millions of dollars, except per share data)
(unaudited)
| Quarter Ended | % Growth | Six Months Ended | % Growth | ||||||||||||||||||||||||||||
| Jul. 5, | Apr. 5, | Jun. 29, | Prior | Prior | Jul. 5, | Jun. 29, | Prior | ||||||||||||||||||||||||
| 2026 | 2026 | 2025 | Qtr. | Year | 2026 | 2025 | Year | ||||||||||||||||||||||||
| Net sales | $ | 548.4 | $ | 546.9 | $ | 528.9 | 0 | % | 4 | % | $ | 1,095.3 | $ | 1,020.7 | 7 | % | |||||||||||||||
| Cost of goods sold | 414.6 | 415.8 | 392.0 | 0 | % | 6 | % | 830.4 | 764.2 | 9 | % | ||||||||||||||||||||
| Production margin | 133.8 | 131.1 | 136.9 | 2 | % | (2 | )% | 264.9 | 256.5 | 3 | % | ||||||||||||||||||||
| Marketing and administrative expenses | 53.3 | 57.5 | 52.2 | (7 | )% | 2 | % | 110.8 | 102.8 | 8 | % | ||||||||||||||||||||
| Research and development expenses | 5.9 | 6.1 | 5.7 | (3 | )% | 4 | % | 12.0 | 11.5 | 4 | % | ||||||||||||||||||||
| Provision for litigation accrual and credit losses | 290.0 | 0.0 | 0.0 | * | * | 290.0 | 215.0 | * | |||||||||||||||||||||||
| Restructuring and other items | 0.0 | 0.0 | 5.8 | * | * | 0.0 | 11.3 | * | |||||||||||||||||||||||
| Gain on sale of assets, net | 0.0 | 0.0 | (5.6 | ) | * | * | 0.0 | (5.6 | ) | * | |||||||||||||||||||||
| Litigation expenses | 4.9 | 8.8 | 4.2 | (44 | )% | 17 | % | 13.7 | 7.0 | 96 | % | ||||||||||||||||||||
| Income (loss) from operations | (220.3 | ) | 58.7 | 74.6 | * | * | (161.6 | ) | (85.5 | ) | * | ||||||||||||||||||||
| Interest expense, net | (12.1 | ) | (13.3 | ) | (13.6 | ) | (9 | )% | (11 | )% | (25.4 | ) | (27.8 | ) | (9 | )% | |||||||||||||||
| Other non-operating income (deductions), net | 1.1 | 0.5 | (1.9 | ) | 120 | % | * | 1.6 | (3.9 | ) | * | ||||||||||||||||||||
| Total non-operating deductions, net | (11.0 | ) | (12.8 | ) | (15.5 | ) | (14 | )% | (29 | )% | (23.8 | ) | (31.7 | ) | (25 | )% | |||||||||||||||
| Income (loss) before tax and equity in earnings | (231.3 | ) | 45.9 | 59.1 | * | * | (185.4 | ) | (117.2 | ) | * | ||||||||||||||||||||
| Provision (benefit) for taxes on income | (46.2 | ) | 9.9 | 13.9 | * | * | (36.3 | ) | (18.2 | ) | 99 | % | |||||||||||||||||||
| Equity in earnings of affiliates, net of tax | 2.5 | 1.3 | 1.1 | 92 | % | 127 | % | 3.8 | 2.3 | 65 | % | ||||||||||||||||||||
| Net income (loss) | (182.6 | ) | 37.3 | 46.3 | * | * | (145.3 | ) | (96.7 | ) | * | ||||||||||||||||||||
| Less: Net income attributable to non-controlling interests | 1.0 | 1.1 | 0.9 | (9 | )% | 11 | % | 2.1 | 1.9 | 11 | % | ||||||||||||||||||||
| Net income (loss) attributable to Minerals Technologies Inc. (MTI) | $ | (183.6 | ) | $ | 36.2 | $ | 45.4 | * | * | $ | (147.4 | ) | $ | (98.6 | ) | * | |||||||||||||||
| Weighted average number of common shares outstanding: | |||||||||||||||||||||||||||||||
| Basic | 31.1 | 31.0 | 31.6 | 31.1 | 31.7 | ||||||||||||||||||||||||||
| Diluted | 31.1 | 31.0 | 31.6 | 31.1 | 31.7 | ||||||||||||||||||||||||||
| Earnings (loss) per share attributable to MTI: | |||||||||||||||||||||||||||||||
| Basic | $ | (5.90 | ) | $ | 1.17 | $ | 1.44 | * | * | $ | (4.74 | ) | $ | (3.11 | ) | * | |||||||||||||||
| Diluted | $ | (5.90 | ) | $ | 1.17 | $ | 1.44 | * | * | $ | (4.74 | ) | $ | (3.11 | ) | * | |||||||||||||||
| Cash dividends declared per common share | $ | 0.12 | $ | 0.12 | $ | 0.11 | $ | 0.24 | $ | 0.22 | |||||||||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
NOTES TO CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
| 1) | For comparative purposes, the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025 consisted of 91 days, 95 days, and 91 days, respectively. The six month periods ended July 5, 2026 and June 29, 2025 consisted of 186 days and 180 days, respectively. | |||||||||||||||||||
| 2) | To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP earnings per share, excluding special items, for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025, and the six month periods ended July 5, 2026 and June 29, 2025 and a reconciliation to reported earnings per share for such periods. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of the ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends. | |||||||||||||||||||||||||||||||||||||||
| (in millions of dollars, except per share data) | Quarter Ended | Six Months Ended | ||||||||||||||||||
| Jul. 5, | Apr. 5, | Jun. 29, | Jul. 5, | Jun. 29, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net income (loss) attributable to MTI | $ | (183.6 | ) | $ | 36.2 | $ | 45.4 | $ | (147.4 | ) | $ | (98.6 | ) | |||||||
| % of sales | * | 6.6 | % | 8.6 | % | * | * | |||||||||||||
| Special items: | ||||||||||||||||||||
| Provision for litigation accrual and credit losses | 290.0 | 0.0 | 0.0 | 290.0 | 215.0 | |||||||||||||||
| Restructuring and other items | 0.0 | 0.0 | 5.8 | 0.0 | 11.3 | |||||||||||||||
| Gain on sale of assets, net | 0.0 | 0.0 | (5.6 | ) | 0.0 | (5.6 | ) | |||||||||||||
| Litigation expenses | 4.9 | 8.8 | 4.2 | 13.7 | 7.0 | |||||||||||||||
| Related tax effects on special items | (61.5 | ) | (2.2 | ) | (0.9 | ) | (63.7 | ) | (43.8 | ) | ||||||||||
| Net income attributable to MTI, excluding special items | $ | 49.8 | $ | 42.8 | $ | 48.9 | $ | 92.6 | $ | 85.3 | ||||||||||
| % of sales | 9.1 | % | 7.8 | % | 9.2 | % | 8.5 | % | 8.4 | % | ||||||||||
| Diluted earnings per share, excluding special items | $ | 1.60 | $ | 1.38 | $ | 1.55 | $ | 2.98 | $ | 2.69 | ||||||||||
| * Percentage not meaningful | ||||||||||||||||||||
| In the second quarter of 2025, the Company recorded a $5.6 million net gain on the final installment for the sale of refractories manufacturing assets in China. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In the second quarter of 2025, the Company recorded a $5.8 million charge in restructuring and other items primarily for the write-down of assets and other charges relating to the consolidation of two facilities. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| In the first quarter of 2025, the Company recorded a $215 million provision to establish a reserve for estimated costs to fund a trust to resolve all current and future talc-related settlements as well as fund the bankruptcy of BMI Oldco Inc.’s (f/k/a Barretts Minerals Inc.) (“Oldco”) and Barretts Ventures Texas LLC, and related litigation costs. Included in this provision is $30 million of additional debtor-in-possession financing by Minerals Technologies Investments LLC to the Debtors, which was committed in Q2 2025. In addition, the Company initiated a cost savings program and recorded a $5.5 million charge relating to severance and other costs in the first quarter of 2025. The Company incurred litigation and settlement expenses of $4.9 million, $8.8 million, and $4.2 million for the quarterly periods ending July 5, 2026, April 5, 2026, and June 29, 2025, respectively, in connection with the bankruptcy of Oldco and lawsuits related to talc products sold by Oldco. | ||||||||||||||||||||
| In the second quarter of 2026, the Company filed a Plan of Reorganization in the Chapter 11 cases of its subsidiary BMI Oldco Inc. which would present a viable, efficient, and advantageous resolution of these Chapter 11 cases. Accordingly, the Company recorded a charge of $290 million to increase the Company's reserve for estimated costs. |
| 3) | Free cash flow is defined as cash flow from operations less capital expenditures. The following is a presentation of the Company's non-GAAP free cash flow for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025, and the six month periods ended July 5, 2026 and June 29, 2025 and a reconciliation to cash flow from operations for such periods. The Company's management believes this non-GAAP measure provides meaningful supplemental information as management uses this measure to evaluate the Company's ability to maintain capital assets, satisfy current and future obligations, repurchase stock, pay dividends, and fund future business opportunities. Free cash flow is not a measure of cash available for discretionary expenditures since the Company has certain non-discretionary obligations such as debt service that are not deducted from the measure. The Company's definition of free cash flow may not be comparable to similarly titled measures reported by other companies. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||
| (in millions of dollars) | Jul. 5, | Apr. 5, | Jun. 29, | Jul. 5, | Jun. 29, | |||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Cash flow from operations | $ | 63.0 | $ | 32.1 | $ | 62.9 | $ | 95.1 | $ | 58.5 | ||||||||||
| Capital expenditures | 27.2 | 23.1 | 29.1 | 50.3 | 47.4 | |||||||||||||||
| Free cash flow | $ | 35.8 | $ | 9.0 | $ | 33.8 | $ | 44.8 | $ | 11.1 | ||||||||||
| Depreciation, depletion, and amortization expense | $ | 23.5 | $ | 24.9 | $ | 22.0 | $ | 48.4 | $ | 45.5 | ||||||||||
| 4) | “Adjusted EBITDA” is a non-GAAP financial measure and refers to earnings before interest, taxes, depreciation and amortization (EBITDA), excluding special items. The following is a presentation of the Company's non-GAAP EBITDA and Adjusted EBITDA for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025, and the six month periods ended July 5, 2026 and June 29, 2025, and a reconciliation to net income for such periods. “Adjusted Net Leverage” is a non-GAAP financial measure and refers to Total Debt less Cash & Cash Equivalents, divided by trailing 12-month Adjusted EBITDA. The following also presents Adjusted Net Leverage for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025. The Company's management believes these non-GAAP measures provide meaningful supplemental information regarding its performance and capital allocation strategies, and facilitates investors' understanding of historic operating trends. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Quarter Ended | Six Months Ended | |||||||||||||||||||
| (in millions of dollars) | Jul. 5, | Apr. 5, | Jun. 29, | Jul. 5, | Jun. 29, | |||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Net income (loss) attributable to MTI | $ | (183.6 | ) | $ | 36.2 | $ | 45.4 | $ | (147.4 | ) | $ | (98.6 | ) | |||||||
| Add back: | ||||||||||||||||||||
| Depreciation, depletion, and amortization expense | 23.5 | 24.9 | 22.0 | 48.4 | 45.5 | |||||||||||||||
| Interest expense, net | 12.1 | 13.3 | 13.6 | 25.4 | 27.8 | |||||||||||||||
| Equity in earnings of affiliates, net of tax | (2.5 | ) | (1.3 | ) | (1.1 | ) | (3.8 | ) | (2.3 | ) | ||||||||||
| Net income attributable to non-controlling interests | 1.0 | 1.1 | 0.9 | 2.1 | 1.9 | |||||||||||||||
| Provision (benefit) for taxes on income | (46.2 | ) | 9.9 | 13.9 | (36.3 | ) | (18.2 | ) | ||||||||||||
| EBITDA | (195.7 | ) | 84.1 | 94.7 | (111.6 | ) | (43.9 | ) | ||||||||||||
| Add special items: | ||||||||||||||||||||
| Provision for litigation accrual and credit losses | 290.0 | 0.0 | 0.0 | 290.0 | 215.0 | |||||||||||||||
| Restructuring and other items | 0.0 | 0.0 | 5.8 | 0.0 | 11.3 | |||||||||||||||
| Gain on sale of assets, net | 0.0 | 0.0 | (5.6 | ) | 0.0 | (5.6 | ) | |||||||||||||
| Litigation expenses | 4.9 | 8.8 | 4.2 | 13.7 | 7.0 | |||||||||||||||
| Adjusted EBITDA | $ | 99.2 | $ | 92.9 | $ | 99.1 | $ | 192.1 | $ | 183.8 | ||||||||||
| % of sales | 18.1 | % | 17.0 | % | 18.7 | % | 17.5 | % | 18.0 | % | ||||||||||
| Total Debt | $ | 964.9 | $ | 966.2 | $ | 983.3 | ||||||
| Less: cash, cash equivalents and short-term investments | 346.2 | 321.3 | 320.0 | |||||||||
| Total | $ | 618.7 | $ | 644.9 | $ | 663.3 | ||||||
| TTM Adjusted EBITDA | $ | 379.7 | $ | 379.6 | $ | 381.3 | ||||||
| Adjusted net leverage | 1.6 | X | 1.7 | X | 1.7 | X |
| 5) | The following table reflects the components of non-operating income and deductions: |
| (in millions of dollars) | Quarter Ended | Six Months Ended | ||||||||||||||||||
| Jul. 5, | Apr. 5, | Jun. 29, | Jul. 5, | Jun. 29, | ||||||||||||||||
| 2026 | 2026 | 2025 | 2026 | 2025 | ||||||||||||||||
| Interest income | $ | 1.5 | $ | 1.3 | $ | 1.2 | $ | 2.8 | $ | 2.4 | ||||||||||
| Interest expense | (13.6 | ) | (14.6 | ) | (14.8 | ) | (28.2 | ) | (30.2 | ) | ||||||||||
| Foreign exchange gains (losses) | 0.7 | 1.4 | (1.7 | ) | 2.1 | (1.9 | ) | |||||||||||||
| Other income (deductions) | 0.4 | (0.9 | ) | (0.2 | ) | (0.5 | ) | (2.0 | ) | |||||||||||
| Total non-operating deductions, net | $ | (11.0 | ) | $ | (12.8 | ) | $ | (15.5 | ) | $ | (23.8 | ) | $ | (31.7 | ) | |||||
| 6) | The analyst conference call to discuss operating results for the second quarter is scheduled for Friday, July 31, 2026 at 11:00 am Eastern Time and will be broadcast over the Company's website (www.mineralstech.com). The broadcast will remain on the Company's website for no less than one year. | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
SUPPLEMENTARY DATA
(in millions of dollars)
(unaudited)
| Quarter Ended | % Growth | Six Months Ended | % Growth | |||||||||||||||||||||||||||||||||||||||||||||||||
| SALES DATA | Jul. 5, | % of | Apr. 5, | % of | Jun. 29, | % of | Prior | Prior | Jul. 5, | % of | Jun. 29, | % of | Prior | |||||||||||||||||||||||||||||||||||||||
| 2026 | Total Sales | 2026 | Total Sales | 2025 | Total Sales | Qtr. | Year | 2026 | Total Sales | 2025 | Total Sales | Year | ||||||||||||||||||||||||||||||||||||||||
| United States | $ | 275.4 | 50 | % | $ | 280.6 | 51 | % | $ | 281.9 | 53 | % | (2 | )% | (2 | )% | $ | 556.0 | 51 | % | $ | 544.3 | 53 | % | 2 | % | ||||||||||||||||||||||||||
| International | 273.0 | 50 | % | 266.3 | 49 | % | 247.0 | 47 | % | 3 | % | 11 | % | 539.3 | 49 | % | 476.4 | 47 | % | 13 | % | |||||||||||||||||||||||||||||||
| Net Sales | $ | 548.4 | 100 | % | $ | 546.9 | 100 | % | $ | 528.9 | 100 | % | 0 | % | 4 | % | $ | 1,095.3 | 100 | % | $ | 1,020.7 | 100 | % | 7 | % | ||||||||||||||||||||||||||
| Household & Personal Care | $ | 123.4 | 22 | % | $ | 142.4 | 26 | % | $ | 127.4 | 24 | % | (13 | )% | (3 | )% | $ | 265.8 | 24 | % | $ | 250.5 | 25 | % | 6 | % | ||||||||||||||||||||||||||
| Specialty Additives | 151.1 | 28 | % | 154.2 | 28 | % | 150.3 | 28 | % | (2 | )% | 1 | % | 305.3 | 28 | % | 295.5 | 29 | % | 3 | % | |||||||||||||||||||||||||||||||
| Consumer & Specialties Segment | $ | 274.5 | 50 | % | $ | 296.6 | 54 | % | $ | 277.7 | 52 | % | (7 | )% | (1 | )% | $ | 571.1 | 52 | % | $ | 546.0 | 54 | % | 5 | % | ||||||||||||||||||||||||||
| High-Temperature Technologies | $ | 190.3 | 35 | % | $ | 183.3 | 34 | % | $ | 178.4 | 34 | % | 4 | % | 7 | % | $ | 373.6 | 34 | % | $ | 347.8 | 34 | % | 7 | % | ||||||||||||||||||||||||||
| Environmental & Infrastructure | 83.6 | 15 | % | 67.0 | 12 | % | 72.8 | 14 | % | 25 | % | 15 | % | 150.6 | 14 | % | 126.9 | 12 | % | 19 | % | |||||||||||||||||||||||||||||||
| Engineered Solutions Segment | $ | 273.9 | 50 | % | $ | 250.3 | 46 | % | $ | 251.2 | 48 | % | 9 | % | 9 | % | $ | 524.2 | 48 | % | $ | 474.7 | 46 | % | 10 | % | ||||||||||||||||||||||||||
| MTI Consolidated Net Sales | $ | 548.4 | 100 | % | $ | 546.9 | 100 | % | $ | 528.9 | 100 | % | 0 | % | 4 | % | $ | 1,095.3 | 100 | % | $ | 1,020.7 | 100 | % | 7 | % | ||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
SUPPLEMENTARY DATA
(in millions of dollars)
(unaudited)
| Quarter Ended | % Growth | Six Months Ended | % Growth | ||||||||||||||||||||||||||||
| Jul. 5, | Apr. 5, | Jun. 29, | Prior | Prior | Jul. 5, | Jun. 29, | Prior | ||||||||||||||||||||||||
| SEGMENT OPERATING INCOME (LOSS) DATA | 2026 | 2026 | 2025 | Qtr. | Year | 2026 | 2025 | Year | |||||||||||||||||||||||
| Consumer & Specialties Segment | $ | 29.3 | $ | 32.5 | $ | 34.0 | (10 | )% | (14 | )% | $ | 61.8 | $ | 61.5 | 0 | % | |||||||||||||||
| % of Sales | 10.7 | % | 11.0 | % | 12.2 | % | 10.8 | % | 11.3 | % | |||||||||||||||||||||
| Engineered Solutions Segment | $ | 48.8 | $ | 39.3 | $ | 46.8 | 24 | % | 4 | % | $ | 88.1 | $ | 80.4 | 10 | % | |||||||||||||||
| % of Sales | 17.8 | % | 15.7 | % | 18.6 | % | 16.8 | % | 16.9 | % | |||||||||||||||||||||
| Unallocated and Other Corporate Expenses | $ | (298.4 | ) | $ | (13.1 | ) | $ | (6.2 | ) | * | * | $ | (311.5 | ) | $ | (227.4 | ) | * | |||||||||||||
| MTI Consolidated | $ | (220.3 | ) | $ | 58.7 | $ | 74.6 | * | * | $ | (161.6 | ) | $ | (85.5 | ) | * | |||||||||||||||
| % of Sales | * | 10.7 | % | 14.1 | % | * | * | ||||||||||||||||||||||||
| SPECIAL ITEMS | |||||||||||||||||||||||||||||||
| Consumer & Specialties Segment | $ | - | $ | - | $ | 3.3 | * | * | $ | - | $ | 5.8 | * | ||||||||||||||||||
| Engineered Solutions Segment | $ | - | $ | - | $ | (3.1 | ) | * | * | $ | - | $ | (2.3 | ) | * | ||||||||||||||||
| Unallocated and Other Corporate Expenses | $ | 294.9 | $ | 8.8 | $ | 4.2 | * | * | $ | 303.7 | $ | 224.2 | * | ||||||||||||||||||
| MTI Consolidated | $ | 294.9 | $ | 8.8 | $ | 4.4 | * | * | $ | 303.7 | $ | 227.7 | * | ||||||||||||||||||
| To supplement the Company's consolidated financial statements presented in accordance with GAAP, the following is a presentation of the Company's non-GAAP operating income, excluding special items (set forth in the above table), for the quarterly periods ended July 5, 2026, April 5, 2026, and June 29, 2025, and the six month periods ended July 5, 2026 and June 29, 2025, constituting a reconciliation to GAAP operating income (loss) set forth above. The Company's management believe these non-GAAP measures provide meaningful supplemental information regarding its performance as inclusion of such special items are not indicative of ongoing operating results and thereby affect the comparability of results between periods. The Company believes inclusion of these non-GAAP measures also provides consistency in its financial reporting and facilitates investors' understanding of historic operating trends. |
| Quarter Ended | % Growth | Six Months Ended | % Growth | ||||||||||||||||||||||||||||
| SEGMENT OPERATING INCOME, | Jul. 5, | Apr. 5, | Jun. 29, | Prior | Prior | Jul. 5, | Jun. 29, | Prior | |||||||||||||||||||||||
| EXCLUDING SPECIAL ITEMS | 2026 | 2026 | 2025 | Qtr. | Year | 2026 | 2025 | Year | |||||||||||||||||||||||
| Consumer & Specialties Segment | $ | 29.3 | $ | 32.5 | $ | 37.3 | (10 | )% | (21 | )% | $ | 61.8 | $ | 67.3 | (8 | )% | |||||||||||||||
| % of Sales | 10.7 | % | 11.0 | % | 13.4 | % | 10.8 | % | 12.3 | % | |||||||||||||||||||||
| Engineered Solutions Segment | $ | 48.8 | $ | 39.3 | $ | 43.7 | 24 | % | 12 | % | $ | 88.1 | $ | 78.1 | 13 | % | |||||||||||||||
| % of Sales | 17.8 | % | 15.7 | % | 17.4 | % | 16.8 | % | 16.5 | % | |||||||||||||||||||||
| Unallocated and Other Corporate Expenses | $ | (3.5 | ) | $ | (4.3 | ) | $ | (2.0 | ) | (19 | )% | 75 | % | $ | (7.8 | ) | $ | (3.2 | ) | 144 | % | ||||||||||
| MTI Consolidated | $ | 74.6 | $ | 67.5 | $ | 79.0 | 11 | % | (6 | )% | $ | 142.1 | $ | 142.2 | 0 | % | |||||||||||||||
| % of Sales | 13.6 | % | 12.3 | % | 14.9 | % | 13.0 | % | 13.9 | % | |||||||||||||||||||||
| * Percentage not meaningful | |||||||||||||||||||||||||||||||
MINERALS TECHNOLOGIES INC. AND SUBSIDIARY COMPANIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions of dollars)
| ASSETS | ||||||||
| July 5, | December 31, | |||||||
| 2026* | 2025** | |||||||
| Current assets: | ||||||||
| Cash & cash equivalents | $ | 342.2 | $ | 329.0 | ||||
| Short-term investments | 4.0 | 3.6 | ||||||
| Accounts receivable, net | 412.6 | 400.1 | ||||||
| Inventories | 355.6 | 350.2 | ||||||
| Prepaid expenses and other current assets | 69.3 | 72.7 | ||||||
| Total current assets | 1,183.7 | 1,155.6 | ||||||
| Property, plant, and equipment | 2,329.9 | 2,308.9 | ||||||
| Less accumulated depreciation | 1,297.0 | 1,283.9 | ||||||
| Net property, plant, and equipment | 1,032.9 | 1,025.0 | ||||||
| Goodwill | 915.9 | 915.9 | ||||||
| Intangible assets | 202.4 | 208.7 | ||||||
| Other assets and deferred charges | 160.3 | 163.8 | ||||||
| Total assets | $ | 3,495.2 | $ | 3,469.0 | ||||
| LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||
| Current liabilities: | ||||||||
| Short-term debt | $ | 6.0 | $ | 0.4 | ||||
| Current maturities of long-term debt | 6.0 | 6.3 | ||||||
| Accounts payable | 202.6 | 187.9 | ||||||
| Other current liabilities | 613.9 | 360.8 | ||||||
| Total current liabilities | 828.5 | 555.4 | ||||||
| Long-term debt | 952.9 | 955.0 | ||||||
| Deferred income taxes | 29.7 | 90.7 | ||||||
| Other non-current liabilities | 107.3 | 118.2 | ||||||
| Total liabilities | 1,918.4 | 1,719.3 | ||||||
| Total MTI shareholders' equity | 1,544.9 | 1,713.4 | ||||||
| Non-controlling interests | 31.9 | 36.3 | ||||||
| Total shareholders' equity | 1,576.8 | 1,749.7 | ||||||
| Total liabilities and shareholders' equity | $ | 3,495.2 | $ | 3,469.0 | ||||
| * Unaudited | ||||||||
| ** Condensed from audited financial statements. | ||||||||