Track market-moving stories before they get noisy

Tronox (NYSE:TROX – Get Free Report) and Neo Performance Materials (OTCMKTS:NOPMF – Get Free Report) are both small-cap materials companies, but which is the better business? We will compare the two companies based on the strength of their valuation, institutional ownership, analyst recommendations, risk, profitability, dividends and earnings.

Dividends Tronox pays an annual dividend of $0.20 per share and has a dividend yield of 5.2%. Neo Performance Materials pays an annual dividend of $0.29 per share and has a dividend yield of 1.4%. Tronox pays out -5.8% of its earnings in the form of a dividend. Neo Performance Materials pays out -2,900.0% of its earnings in the form of a dividend. Both companies have healthy payout ratios and should be able to cover their dividend payments with earnings for the next several years.

Earnings and Valuation This table compares Tronox and Neo Performance Materials”s gross revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Tronox $2.90 billion 0.21 -$470.00 million ($3.46) -1.12 Neo Performance Materials $478.79 million 2.04 -$9.98 million ($0.01) -2,130.00 Neo Performance Materials has lower revenue, but higher earnings than Tronox. Neo Performance Materials is trading at a lower price-to-earnings ratio than Tronox, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares Tronox and Neo Performance Materials’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Tronox -17.96% -24.34% -5.51% Neo Performance Materials 0.26% 11.52% 6.47% Institutional & Insider Ownership 73.4% of Tronox shares are owned by institutional investors. 2.0% of Tronox shares are owned by company insiders. Strong institutional ownership is an indication that large money managers, endowments and hedge funds believe a company is poised for long-term growth.

Analyst Recommendations This is a summary of current ratings and recommmendations for Tronox and Neo Performance Materials, as reported by MarketBeat.com.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Tronox 4 4 1 0 1.67 Neo Performance Materials 0 1 2 1 3.00 Tronox presently has a consensus price target of $6.25, indicating a potential upside of 61.12%. Given Tronox’s higher probable upside, research analysts plainly believe Tronox is more favorable than Neo Performance Materials.

Summary Neo Performance Materials beats Tronox on 10 of the 16 factors compared between the two stocks.

About Tronox (Get Free Report)

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mines; and engages in beneficiation and smelting operations. It offers TiO2 pigment; ultrafine specialty TiO2; zircon; feedstock; pig iron; monazite; titanium tetrachloride; and other products. The company’s products are used for the manufacture of paints, coatings, plastics, and paper, as well as various other applications. Tronox Holdings plc is based in Stamford, Connecticut.

(Get Free Report)

Neo Performance Materials Inc. engages in the manufacture and sale of rare earth, magnetic powders, magnets, and rare metal-based functional materials in Canada and internationally. The company operates in three segments: Magnequench, Chemicals and Oxides, and Rare Metals. The Magnequench segment produces magnetic powders that are used in bonded and hot deformed fully dense neodymium-iron-boron magnets; and bonded magnets. Its powders are used in the production of bonded permanent magnets that are components in automotive motors, pumps, micro motors, traction motors, sensors, and other applications. The Chemicals and Oxides segments manufactures and distributes a range of industrial materials for use in auto catalysts, consumer electronics, petroleum refining, hybrid and electric vehicles, and municipal and industrial wastewater treatment applications. The Rare Metals segment sources, produces, reclaims, refines, and markets high-temperature metals that include tantalum, niobium, hafnium, and rhenium; and electronic metals, such as gallium and indium for jet engines, medical imaging, wireless technologies, and LED lightings, as well as flat panel displays, solar, steel additives, batteries, and electronic applications. The company was founded in 1994 and is headquartered in Toronto, Canada.

Receive News & Ratings for Tronox Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Tronox and related companies with MarketBeat.com's FREE daily email newsletter.

Key Takeaways Tronox and JXAM will each fund 50% of roughly $32M for rare earth project development. TROX plans feasibility studies and a U.S. pilot facility for high-purity rare earth oxides. Proposed Australian and U.S. facilities could produce up to 10,000 tons of rare earth oxides annually. Tronox Holdings plc (TROX - Free Report) has entered into a cooperation and investment agreement with JX Advanced Metals Corporation (“JXAM”) to jointly advance rare earth and critical minerals opportunities in Australia and the United States. The agreement is aimed at developing additional value from Tronox’s mineral resources while supporting the diversification of rare earth supply chains for applications such as semiconductors, advanced electronics, robotics, automotive and defense. 

Tronox and JXAM Advance Rare Earth ProjectsUnder the agreement, Tronox and JXAM will each fund 50% of approximately $32 million in planned investment. The funding will support several development activities, including a definitive feasibility study for a proposed rare earth cracking and leaching facility in Australia, a pre-feasibility study for a proposed rare earth oxide refinery in the United States and the development of a U.S.-based pilot facility capable of producing initial quantities of high-purity rare earth oxides. 

The Australian facility is being considered for the Rockingham Industrial Zone in Western Australia, near Tronox’s existing Kwinana titanium dioxide facility. The U.S. refinery is proposed for Tronox-owned land adjacent to its Hamilton, MS, facility. The proximity of these projects to Tronox’s existing operations could allow it to leverage its established infrastructure, mineral resources and processing expertise. 

The proposed Australian and U.S. facilities are expected to have the potential to produce up to 10,000 tons per year of total rare earth oxides. 

Tronox Eyes Joint Venture for Rare Earth ProjectsThe current agreement focuses on determining the technical, economic and commercial feasibility of the proposed projects. If the studies demonstrate sufficient viability, Tronox and JXAM intend to explore establishing a joint venture to finance, construct and operate the facilities. 

The companies are also engaging with government-backed financing institutions, including the U.S. Export-Import Bank, Export Finance Australia and relevant Japanese financial institutions, as they evaluate potential funding alternatives for the projects. 

The cooperation could also provide a framework for evaluating additional critical minerals and materials contained in Tronox’s mineral resources, including niobium, scandium, zirconium and hafnium. 

Price Performance of TROXShares of TROX are up 2.1% over the past year compared with the industry’s 2.1% fall.

Image Source: Zacks Investment Research

TROX’s Zacks Rank & Key PicksTROX currently carries a Zacks Rank #3 (Hold). 

Some better-ranked stocks in the Basic Materials space are Ternium S.A. (TX - Free Report) , Avient Corporation (AVNT - Free Report) and Innospec Inc. (IOSP - Free Report) . TX and AVNT currently sport a Zacks Rank #1 (Strong Buy), while IOSP carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here. 

The Zacks Consensus Estimate for TX’s current-year earnings is $6.54 per share, implying a 201.4% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in two of the trailing four quarters and missed twice, with the negative average surprise being 11.1%.

The Zacks Consensus Estimate for AVNT’s current-year earnings is pegged at $3.2 per share, indicating a 13.5% year-over-year increase. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 3.4%. 

The Zacks Consensus Estimate for IOSP’s current-year earnings has moved up 3.9% over the past 60 days. Its earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, with the average surprise being 12.9%.

A SPECIAL WELCOME GIFT FROM ZACKS.COM Zacks' 7 Strongest Buys for September, 2026 See our "best of the best" short-term stocks. Hand-picked from 220 new Strong Buys, they could be the most profitable stocks you own over the next 90 days. Recent picks have climbed as much as +97.3% within 30 days. Our new recommendations may soar just as high.

A SPECIAL WELCOME GIFT FROM ZACKS.COM Zacks' 7 Strongest Buys for September, 2026 See our "best of the best" short-term stocks. Hand-picked from 220 new Strong Buys, they could be the most profitable stocks you own over the next 90 days. Recent picks have climbed as much as +97.3% within 30 days. Our new recommendations may soar just as high. Today's market dip makes now an ideal time to get in.

loading...

Primed to grow right now with long-term potential gains of 2X and more.

Primed to grow right now with long-term potential gains of 2X and more.

The pharmaceutical industry continues to grow thanks to an aging population and rising demand for new treatments. Which pharma stocks are best?

The pharmaceutical industry continues to grow thanks to an aging population and rising demand for new treatments. Which pharma stocks are best?

The airline industry covers a wide range of business models and opportunities. See our picks for the Best Airline Stocks to buy now.

The airline industry covers a wide range of business models and opportunities. See our picks for the Best Airline Stocks to buy now.

Here are our picks for the best publicly traded companies in the cryptocurrency business.

Here are our picks for the best publicly traded companies in the cryptocurrency business.

This oil and natural gas company has seen the Zacks Consensus Estimate for its current year earnings increase 241.2% over the last 60 days.

This oil and natural gas company has seen the Zacks Consensus Estimate for its current year earnings increase 241.2% over the last 60 days.

SPCX briefly reclaimed a $2 trillion market cap as Starlink growth, launch dominance and AI ambitions fueled investor optimism despite execution risks.

SPCX briefly reclaimed a $2 trillion market cap as Starlink growth, launch dominance and AI ambitions fueled investor optimism despite execution risks.

The consensus for today is expected to show August jobs up 55,000 (up 53K in the private sector and 2K in the public sector), while the unemployment rate is forecast at 4.2%.

The consensus for today is expected to show August jobs up 55,000 (up 53K in the private sector and 2K in the public sector), while the unemployment rate is forecast at 4.2%.

Amazon, AbbVie and Alibaba face contrasting growth drivers and challenges, from AI investment and drug launches to costly spending cycles.

Amazon, AbbVie and Alibaba face contrasting growth drivers and challenges, from AI investment and drug launches to costly spending cycles.

›

‹

Featured Zacks Rank Stocks Learn to Profit from the Zacks Rank

#1 Rank After transitioning from a crypto miner to an AI company, things are looking good.

#5 Rank Tobacco stocks have had a bit of a resurgence with the introduction of new products but analysts are starting to pump the b

Zacks #1 Rank Top Movers for Zacks #1 Rank Top Movers Zacks #1 Rank Top Movers for Value Growth Momentum VGM Income Company Symbol Price %Chg Motorsport... MSGM 4.45 +10.70% EuroDry EDRY 56.06 +7.70% Abercrombie... ANF 149.94 +4.46% TAL Educati... TAL 12.38 +3.25% Polaris PII 63.06 +3.23% Zacks #1 Rank Top Movers7/16 The Zacks #1 Rank List is the best place to start your stock search each morning. It's made up of the top 5% of stocks with the most potential. Each weekday, you can quickly see the Zacks #1 Rank Top Movers from Value to Growth, Momentum and Income, even VGM Score.

Go to Zacks Rank #1 Top Movers

Full Zacks #1 Rank List8/16 You can see the full Zacks #1 Rank List or narrow it down to Zacks #1 Rank Stocks with a Value, Growth, Momentum or Income Style Score of A or B. Plus, you can see the Zacks #1 Rank Stocks with a VGM of A or B. You can also sort the list with criteria you choose, view Additions and Deletions by day, and Performance.

Go to the Zacks #1 Rank List

Zacks #1 Rank Additions Company (Symbol) Research Caterpillar (CAT) Analyst Report Dell Technologies (DELL) Analyst Report Robinhood Markets (HOOD) Analyst Report MongoDB (MDB) Analyst Report Aurora Cannabis (ACB) Snapshot Report Investment Ideas Earnings Analysis More Analysis Reported Earnings Surprises View All Positive Negative Symbol Time Expected Reported %Surprise KNOP 16:24 -0.03 0.10 +433.33 DLTH 05:49 -0.05 0.06 +220.00 PL 16:08 -0.02 0.02 +200.00 EGAN 16:19 0.03 0.08 +166.67 AOUT 16:15 -0.24 0.03 +112.50 EPS Positive Surprises for Sep 04, 2026

Symbol Time Expected Reported %Surprise CURV 16:06 -0.03 -0.04 -33.33 VBNK 07:04 0.34 0.27 -20.59 LE 06:46 0.10 0.09 -10.00 CPB 07:15 0.40 0.39 -2.50 EPS Negative Surprises for Sep 04, 2026

Upcoming Earnings ESP View More Symbol ESP Most Accurate Estimate Consensus Estimate AVO 21.74% 0.14 0.12 INNV 5.88% 0.09 0.09 LMNR 5.26% 0.20 0.19 Featured Stock Picks

Best Airline Stocks to Buy Now September 2026 The airline industry covers a wide range of business models and opportunities. See our picks for the Best Airline Stocks to buy now.

Best Crypto Stocks to Buy for September 2026 Here are our picks for the best publicly traded companies in the cryptocurrency business.

Best Pharmaceutical Stocks to Buy for September 2026 The pharmaceutical industry continues to grow thanks to an aging population and rising demand for new treatments. Which pharma stocks are best?

Best Biotech Stocks to Buy for September 2026 Biotech stocks are one of the most dynamic sectors in the market, combining scientific innovation with substantial financial opportunity. Here are some top current buys.

Best Gold Stocks to Buy for September 2026 Gold stocks, or shares of companies involved in mining or streaming the precious metal, offer investors a way to participate indirectly in gold price booms.

Key Takeaways Kronos is gaining TiO2 market share while pursuing price increases and cost reductions to improve margins.TROX posted higher TiO2 volumes and pricing, with cost savings and vertical integration supporting efficiency.KRO has lower leverage, while TROX faces elevated debt and interest costs. Kronos Worldwide, Inc. (KRO - Free Report) and Tronox Holdings plc (TROX - Free Report) are major U.S.-based producers of titanium dioxide (TiO2) pigment and direct competitors in the global TiO2 market. Both companies share overlapping end-markets and are exposed to similar cyclical demand, pricing and capacity dynamics.

Let’s dive deep and closely compare the fundamentals of these two major TiO2 producers to determine which is the better investment now.

The Case for KROKronos is expected to benefit from favorable long-term demand fundamentals across the key end markets. The company continues to see growth opportunities supported by global industrial activity, infrastructure development and rising demand across developing regions. Expanding consumption trends in emerging markets, along with steady long-term growth in coatings, plastics and construction applications, are likely to support demand.

KRO’s TiO2 sales volumes increased 16% year over year to 153 thousand metric tons from 132 thousand metric tons in the second quarter of 2026. The company attributed the increase primarily to market share gains across all markets.

Management is also taking actions to reduce costs as well as align production and inventories to expected demand levels, which are expected to support its margins. Its cost actions and process improvement initiatives are aimed at improving the long-term cost structure.

The company has emphasized continued execution on pricing and cost initiatives as key priorities following the restructuring actions implemented in late 2025. It expects additional price increases as selling prices remain below the 2025 levels. Kronos expects gross margin to improve as lower-cost inventory produced during 2026 flows through the system and more favorable selling prices take hold, though higher production, energy and logistics costs remain a pressure point.

Kronos has sufficient liquidity, which allows it to fund investment in capital projects, meet debt obligations and drive shareholder value. It is actively managing working capital to drive cash flow and maintain financial flexibility. At the end of the second quarter, KRO had cash, cash equivalents and restricted cash on hand of $34.5 million. It had total availability for borrowing of roughly $261 million under its revolving credit facility at the end of the quarter.

KRO paid dividends worth $23 million to its shareholders in 2025 and $11.5 million in the first half of 2026. It offers a dividend yield of 2.4% at the current stock price.

However, Kronos continues to face pressure from lower TiO2 selling prices and competitive market conditions. Average TiO2 selling prices remained below year-ago levels and reduced the year-over-year change in second-quarter net sales by 3%. The company entered 2026 with average TiO2 selling prices below early-2025 levels.

Demand has strengthened from 2025 levels but remains below historical norms, particularly in North America, where elevated interest rates, economic uncertainty and subdued consumer spending continue to weigh on activity. Kronos expects full-year 2026 net sales to exceed the 2025 levels, with gross margin and operating income margin also improving year over year, although geopolitical instability, tariffs, shipping disruptions and energy costs remain sources of uncertainty.

The Case for TROXTronox, a vertically integrated producer of TiO2, is gaining traction as TiO2 volumes and pricing improve, supported by trade defense measures, tighter industry supply and its global footprint.

In second-quarter 2026, TiO2 volumes rose 9% sequentially and 18% year over year, reaching the highest level since second-quarter 2022. TiO2 pricing rose 5% sequentially. India’s trade authority recommended reinstating duties on Chinese TiO2, while measures in Europe, Brazil and Saudi Arabia remain supportive. For third-quarter 2026, the company expects TiO2 pricing to be up in the mid-single digits sequentially.

Cost actions and completed outages should help operating efficiency, while inventory reduction and positive second-quarter free cash flow have strengthened liquidity. The Botlek and Fuzhou pigment facility closures and cost program continue to reduce operating costs.

TROX now expects year-end 2026 run-rate savings at the higher end of the $125-$175 million target. Planned Stallingborough and synthetic rutile kiln outages were completed in second-quarter 2026, allowing higher operating rates in the third quarter. Vertical feedstock integration and a mostly chloride-based pigment network should support absorption and cost efficiency as utilization rises.

Meanwhile, second-quarter free cash flow was a source of $60 million after a $135 million use in the first quarter. Liquidity rose to $527 million, including $194 million of cash. Tronox expects full-year 2026 free cash flow to remain positive, with third-quarter free cash flow relatively neutral. The new $75 million long-term financing arrangement also adds flexibility as cash generation recovers.

However, input and logistics costs remain volatile, and seasonal volume moderation is expected in the third quarter. Middle East volatility is raising sulfuric acid, diesel, utilities and other input costs. Elevated production, freight and other costs weighed on profitability in the second quarter and are expected to remain as headwinds in the third quarter.

Leverage and interest expense also constrain financial flexibility. Tronox ended second-quarter 2026 with $3.2 billion of total debt and $3 billion of net debt, while trailing 12-month net leverage was 11.4X. Net interest expense was $56 million in the second quarter, and TROX expects about $190 million of net cash interest for full-year 2026.

KRO & TROX: Price Performance, Valuation & Other ComparisonsThe KRO stock is up 30.2% over a year, while TROX has rallied 41.6% compared with the Zacks Chemicals Diversified industry’s increase of 6.6%.

Image Source: Zacks Investment Research

KRO is currently trading at a forward price-to-sales ratio of 0.46, below the industry’s 0.95. 

Image Source: Zacks Investment Research

TROX is currently trading at a forward price-to-sales ratio of 0.28, below KRO and the industry. 

Image Source: Zacks Investment Research

KRO’s long-term debt-to-capitalization is around 43.1%, lower than TROX’s 72.4%.  

Image Source: Zacks Investment Research

How the Zacks Consensus Estimate Compares for KRO & TROXThe Zacks Consensus Estimate for Kronos’ 2026 sales implies a year-over-year increase of 8.9%. The same for EPS suggests a 65.6% year-over-year rise. The EPS estimates for 2026 have been stable over the past 60 days.

Image Source: Zacks Investment Research

The consensus estimate for Tronox’s 2026 sales and EPS implies a year-over-year increase of 12.8% and 11.3%, respectively. The EPS estimates for 2026 have been trending southward over the past 60 days.

Image Source: Zacks Investment Research

KRO or TROX: Which Stock Holds the Edge?Both KRO and TROX currently carry a Zacks Rank #3 (Hold), so picking one stock is not easy. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

KRO is gaining market share, pursuing cost reductions and targeting higher prices, which could drive margin recovery despite weak demand and elevated costs. TROX benefits from vertical integration, stronger volumes, pricing gains and cost savings, but its heavy debt load and high interest expense constrain financial flexibility.

KRO's higher earnings growth projections suggest that it may offer better investment prospects in the current market environment. KRO’s lower leverage also suggests lower financial risks. Investors seeking exposure to the TiO2 space might consider Kronos as the more favorable option at this time.

Value Alert: 3 High-Yield Stocks Trading at 52-Week Lows Tronox NYSE: TROX reported second-quarter 2026 revenue of $868 million, up 19% from a year earlier, as higher titanium dioxide, or TiO2, and zircon volumes helped offset lower average zircon selling prices, including mix. The company posted a $21 million operating loss and a net loss attributable to Tronox of $171 million, which included a $103 million valuation allowance related to certain U.S. state deferred-tax assets.

Adjusted EBITDA was $73 million, down 22% year over year but up 18% sequentially, while adjusted EBITDA margin was 8.4%. Adjusted diluted earnings per share was a loss of $0.51. The company generated $60 million of free cash flow during the quarter and reduced inventory by roughly $120 million from the first quarter, reaching its lowest inventory level since June 2024.

Get Tronox alerts:

Volumes and Pricing Improve Sequentially Chemical Maker Tronox Holds Above 10-Day Line After $4.3 Billion Buyout OfferChief Executive Officer John Romano said TiO2 volumes reached the high end of the company’s guidance range and were at their highest level since the second quarter of 2022. Zircon volumes exceeded expectations and surpassed the strong first-quarter level as industry supply remained constrained.

Sequentially, TiO2 revenue rose 14%, reflecting a 9% volume increase and a 5% increase in average selling prices, including mix. Zircon revenue increased 9%, with volumes rising 4% and pricing increasing 5%. Romano said the pricing gains were primarily driven by base-price increases rather than temporary surcharges.

The company has implemented additional TiO2 and zircon price increases in the third quarter. Romano said Tronox is increasingly shifting away from temporary surcharge mechanisms toward “more sustainable pricing actions” that account for market conditions, higher input costs and the value of reliable supply. Remaining targeted surcharges are largely tied to sulfur-related costs in Brazil and Thann.

Chief Financial Officer John Srivisal said pricing is expected to be the largest contributor to expected third-quarter earnings improvement. He also cited expected cost benefits from the completion of planned outages and from the company’s cost-improvement program, partly offset by elevated costs associated with the Middle East conflict and foreign-exchange headwinds.

Outages, Costs and Balance Sheet Tronox said its second-quarter costs included the effects of a regulatory outage at its Stallingborough facility and an extended shutdown of its SR kiln. Romano said the SR kiln outage lasted more than 50 days, while the Stallingborough outage extended to 29 days from an originally scheduled 24 days. Both outages have now been completed.

Management said the company remains on track to achieve the high end of its $125 million to $175 million cost-improvement run-rate target by the end of 2026. Sales of lower-cost inventory, program savings and plant closures partially offset higher production costs, freight expenses and currency effects during the quarter.

At June 30, Tronox had $3.2 billion of total debt and $3 billion of net debt. Liquidity totaled $527 million, including $194 million of cash and cash equivalents. The company’s weighted average interest rate was approximately 6%, with about 75% of interest rates fixed through 2028. Its next significant debt maturity is not until 2029, according to Srivisal.

During the quarter, the company replaced an expired short-term Emirates revolving facility with a new $75 million long-term financing arrangement. Tronox also paid $45 million in capital expenditures, primarily for maintenance and safety, and returned $8 million to shareholders through dividends.

Third-Quarter Outlook and India Trade Measures For the third quarter, Tronox expects TiO2 volumes to decline moderately in the mid-single-digit percentage range due to seasonal patterns. Zircon volumes are expected to moderate slightly after a strong first half, primarily because of the company’s inventory availability.

TiO2 pricing is expected to rise sequentially by a mid-single-digit percentage range, while zircon pricing is projected to increase by a mid- to high-single-digit percentage range. Tronox forecast third-quarter adjusted EBITDA of $95 million to $115 million and expects sequential margin improvement.

The company expects third-quarter free cash flow to be relatively neutral because of semiannual interest payments, but it reaffirmed expectations for meaningful positive free cash flow for full-year 2026. Its assumptions include approximately $190 million of net cash interest, less than $10 million of net cash taxes, less than $260 million of capital expenditures and working capital as a cash source of well above $100 million.

Romano highlighted developments in India, where the Indian Trade Defense Agency on Aug. 3 recommended reinstating duties on Chinese-made TiO2 at levels unchanged from those originally imposed in May 2025. The recommendation now goes to India’s Minister of Finance, which has 90 days to decide.

Romano said the duties, ranging from $460 to $681, would not eliminate Chinese imports but could help create a more competitive market. He said Chinese exports into India have increased, potentially as customers build inventory ahead of a possible reinstatement, though Tronox’s own India volumes rose from the first quarter to the second quarter.

The company is also monitoring anti-dumping investigations in Australia and the United Kingdom and is evaluating possible anti-absorption actions in markets where duties already exist.

Rare Earths Project Remains Under Evaluation Tronox continues to advance its rare-earth strategy while seeking financing sources, potential customers and strategic partners. The company expects its definitive feasibility study for an Australian cracking and leaching facility producing mixed rare earth carbonate, or MREC, to conclude in the third quarter of 2027.

The planned Australian facility would have expected capacity of 10,000 tons annually on a total rare-earth-oxide basis, with a potential late-2029 startup if the project continues on its current path. Tronox is also evaluating a downstream refinery for separated rare-earth oxides, including a potential location at its Hamilton, Mississippi, site.

Romano said the company does not currently need a technology partner for the initial Australian MREC phase, but it continues to assess potential partners for a separated-oxides facility. He said the company is prioritizing completion of the Australian feasibility study before providing more detailed capital estimates.

About Tronox (NYSE:TROX)Tronox Holdings plc is a vertically integrated global producer of titanium dioxide (TiO₂) pigment and specialty materials. The company's operations encompass the full supply chain for TiO₂, from mining and processing titanium-bearing ores—such as ilmenite and rutile—to the production of high-purity pigment for use in paints, coatings, plastics, paper and other industrial applications. In addition to TiO₂, Tronox's product portfolio includes zircon, rare earth byproducts and other specialty minerals that serve a range of industrial markets.

Tronox operates a network of mines, processing facilities and pigment plants located across North America, Europe, the Middle East, Australia and South Africa.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Should You Invest $1,000 in Tronox Right Now?Before you consider Tronox, you'll want to hear this.

MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Tronox wasn't on the list.

While Tronox currently has a Reduce rating among analysts, top-rated analysts believe these five stocks are better buys.

View The Five Stocks Here

Discover the next wave of investment opportunities with our report, 7 Stocks That Will Be Magnificent in 2026. Explore companies poised to replicate the growth, innovation, and value creation of the tech giants dominating today's markets.

Get This Free Report

Tronox (TROX - Free Report) reported $868 million in revenue for the quarter ended June 2026, representing a year-over-year increase of 18.7%. EPS of -$0.51 for the same period compares to -$0.28 a year ago.

The reported revenue compares to the Zacks Consensus Estimate of $848.78 million, representing a surprise of +2.26%. The company delivered an EPS surprise of -30.77%, with the consensus EPS estimate being -$0.39.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Tronox performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue by product- TiO2: $700 million versus $691.24 million estimated by two analysts on average.Revenue by product- Other products: $71 million versus the two-analyst average estimate of $77.38 million.Revenue by product- Zircon: $97 million versus the two-analyst average estimate of $92.67 million.View all Key Company Metrics for Tronox here>>>

Shares of Tronox have returned -2.9% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

, /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 June 30, 2026, as follows:

Second Quarter 2026 Financial Highlights:

Revenue of $868 million, a 14% increase compared to the prior quarter and a 19% increase compared to the prior year Loss from operations of $21 million; net loss attributable to Tronox of $171 million (including $103 million tax valuation allowance); adjusted net loss attributable to Tronox was $82 million (non-GAAP) GAAP diluted loss per share was $1.07; Adjusted diluted loss per share was $0.51 (non-GAAP) Adjusted EBITDA of $73 million; Adjusted EBITDA margin of 8.4% (non-GAAP) Capital expenditures of $45 million  Generated free cash flow of $60 million Outlook:

Expect to deliver meaningful positive free cash flow for full year 2026, with Q3 relatively neutral Expect Q3 2026 TiO2 volumes to be down moderately, in the mid-single-digit percentage range, in-line with normal, seasonal patterns Expect Q3 zircon volumes to moderate slightly compared to Q2, due to inventory availability following a very strong first half TiO2 pricing expected to improve sequentially in the mid-single-digit percentage range and zircon pricing to improve in the mid- to high single-digit percentage range in Q3 2026 Q3 2026 Adjusted EBITDA expected to be $95-$115 million 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 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 June 30, 2026 

($M unless otherwise noted)

Q2 2026

Q2 2025

Y-o-Y % ∆

Q1 2026

Q-o-Q % ∆

Revenue

$868

$731

19 %

$760

14 %

TiO2

$700

$587

19 %

$616

14 %

Zircon

$97

$68

43 %

$89

9 %

Other products

$71

$76

(7) %

$55

29 %

(Loss) from operations

($21)

($35)

n/m

($41)

n/m

Net (loss) attributable to Tronox

($171)

($84)

n/m

($103)

n/m

GAAP diluted (loss) per share

($1.07)

($0.53)

n/m

($0.65)

n/m

Adjusted diluted (loss) per share

($0.51)

($0.28)

n/m

($0.55)

n/m

Adjusted EBITDA

$73

$93

(22) %

$62

18 %

Adjusted EBITDA Margin %

8.4 %

12.7 %

    (430) bps

8.2 %

        20 bps

Free cash flow

$60

($55)

n/m

($135)

n/m

Y-o-Y % ∆

Q-o-Q % ∆

Volume

Price / Mix

FX

Volume

Price / Mix

FX

TiO2

18 %

0 %

1 %

9 %

5 %

0 %

Zircon

61 %

(18) %

—

4 %

5 %

—

CEO's Remarks
Chief Executive Officer John Romano stated, "The strong commercial momentum we experienced during the first quarter continued into the second quarter. TiO2 volumes came in at the high end of our guidance and at the highest level since the second quarter of 2022. Our ability to reliably serve customers through our global footprint supported volume performance during the quarter, and we continue to benefit from trade defense measures and structural shifts across the industry. Zircon volumes continued to strengthen in the second quarter, exceeding expectations and outperforming the already strong volumes delivered in the first quarter as supply remained constrained across the industry. Pricing for both TiO2 and zircon increased 5% sequentially, as previously announced increases were implemented across our markets. During the quarter, we also announced additional pricing increases for both TiO2 and zircon that are in effect for the third quarter.

"Operationally, we continued to realize benefits from our cost improvement program, which remains on track to deliver at the higher end of the $125-$175 million annual run-rate savings target by the end of 2026. Our second quarter cost profile was in-line with our expectations, as higher costs, primarily related to the successful completion of two planned outages, were partially offset by the sale of more lower-cost inventory during the quarter. As a result, we delivered Adjusted EBITDA within our guided range."

Mr. Romano concluded, "Cash generation remains a key priority for our business and we delivered $60 million of positive free cash flow in the second quarter. We continued to execute on working capital initiatives, reducing total inventory approximately $120 million from first quarter levels to its lowest value since June 2024. These actions improved liquidity and further strengthened our financial position. While geopolitical developments in the Middle East continue to create uncertainty across portions of the industry, we remain focused on the factors within our control, including disciplined working capital management, commercial and operational execution, and strengthening our balance sheet. At the same time, we are making targeted operating decisions to support future demand and product availability, including the restart of a furnace and advancing plans to bring production back online at our West Mine, both at Namakwa, to support inventory levels, including zircon, to meet demand. Based on our outlook today, we continue to expect meaningful positive free cash flow generation for the full year."

Second Quarter 2026 Results

(Comparisons are to prior year (Q2 2026 vs. Q2 2025) unless otherwise noted)

The Company recorded second quarter revenue of $868 million, an increase of 19% primarily driven by higher sales volumes of TiO2 and zircon, and a favorable exchange rate impact, partially offset by lower average selling prices of zircon including mix.

Revenue from TiO2 sales was $700 million, an increase of 19% driven by a 18% increase in sales volumes and a 1% favorable exchange rate impact, while average selling prices including mix remained flat. Sequentially, TiO2 sales increased 14%, driven by a 9% increase in sales volumes and a 5% increase in average selling prices including mix.

Zircon revenue increased 43% to $97 million, driven by a 61% increase in sales volumes, partially offset by a 18% decrease in average selling prices including mix. Sequentially, zircon revenue increased 9%, driven by a 4% increase in sales volumes, and a 5% increase in average selling prices including mix.

Revenue from other products was $71 million, a decline of 7% year-over-year, driven by lower sales volumes. Sequentially, revenue from other products increased 29% primarily due to higher sales volumes of pig iron.

Net loss attributable to Tronox in the quarter was $171 million, or a loss of $1.07 per diluted share, compared to net loss attributable to Tronox of $84 million, or a loss of $0.53 per diluted share in the year-ago period. Non-recurring adjustments totaled $89 million, or $0.56 per diluted share. Excluding these items, adjusted net loss attributable to Tronox (non-GAAP) was $82 million, or a loss of $0.51 per diluted share.

Adjusted EBITDA of $73 million represented a 22% decrease, driven by unfavorable exchange rate movements, lower average selling prices including mix, higher production costs, freight and other costs, partially offset by higher sales volumes. Adjusted EBITDA margin was 8.4%.

Sequentially, Adjusted EBITDA increased 18% due to higher average TiO2 and zircon selling prices including mix and higher sales volumes, partly offset by higher production costs, unfavorable exchange rate impacts, and higher freight and other costs.

The Company's selling, general and administrative expenses were $72 million for the quarter. Tronox's net interest expense in the quarter was $56 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, $3.0 billion of net debt and a net leverage ratio of 11.4x on a trailing twelve-month basis. Available liquidity at the end of the quarter totaled $527 million, including $194 million in cash and cash equivalents and $333 million available under revolving credit agreements. The Company replaced an expired short-term revolving credit facility with a new long-term financing arrangement providing the Company with greater financial flexibility. 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 $60 million. Capital expenditures were $45 million.

Rare Earths

Tronox continued to advance its rare earths strategy during the quarter, with a clear focus on moving further downstream in a disciplined manner. The definitive feasibility study for the cracking and leaching facility is expected to conclude by third quarter 2027. The Company continued to evaluate development pathways that prioritize returns and limit incremental leverage. Tronox remains actively engaged with potential customers, partners, and funding sources as it assesses the most responsible and value-accretive path forward, leveraging its existing mining footprint and expertise in hydrometallurgical and chemical operations. The Company believes this strategy positions Tronox to participate in longer‑term efforts to diversify rare earth supply chains.

Outlook
Following a strong first half of the year, Tronox expects TiO2 volumes in the third quarter of 2026 to moderate sequentially in the mid-single-digit percentage range compared to the second quarter, consistent with normal seasonal patterns. Zircon volumes in the second quarter are expected to moderate slightly following a very strong first half, primarily due to inventory availably. Pricing for TiO2 is expected to increase sequentially in the mid-single-digit percentage range and zircon is expected to increase sequentially in the mid- to high single-digit percentage range as pricing actions announced during the second quarter have taken effect and are having a positive impact on our margins. Adjusted EBITDA for the third quarter of 2026 is expected to be in the range of $95-$115 million and margins are expected to improve sequentially. This range reflects the continued realization of pricing actions implemented during the first half of the year and higher operating rates as the second quarter extended outages are complete. These benefits are expected to be partially offset by elevated input costs resulting from continued volatility in the Middle East. The Company continues to evaluate opportunities to recover these higher costs through pricing and other commercial and operating initiatives over time. The Company expects free cash flow to be relatively neutral in the third quarter. Tronox continues to expect meaningful positive free cash flow generation for the full year 2026.

Webcast Conference Call

Tronox will conduct a webcast conference call on Thursday, August 6, 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; inflationary pressures and energy costs; 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; 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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net sales

$                            868

$                            731

$                         1,628

$                         1,469

Cost of goods sold

813

652

1,529

1,291

Gross profit

55

79

99

178

Restructuring and other charges

4

42

18

128

Selling, general and administrative expenses

72

72

143

146

Loss from operations

(21)

(35)

(62)

(96)

Interest expense

(56)

(45)

(109)

(87)

Interest income

—

1

2

3

Other income (expense), net

10

(2)

(2)

(7)

Loss before income taxes

(67)

(81)

(171)

(187)

Income tax provision

(106)

(4)

(106)

(9)

Net loss

(173)

(85)

(277)

(196)

Net loss attributable to noncontrolling interest

(2)

(1)

(3)

(1)

Net loss attributable to Tronox Holdings plc

$                           (171)

$                             (84)

$                           (274)

$                           (195)

Loss per share:

Basic 

$                          (1.07)

$                          (0.53)

$                          (1.72)

$                          (1.23)

Diluted

$                          (1.07)

$                          (0.53)

$                          (1.72)

$                          (1.23)

Weighted average shares outstanding, basic (in thousands)

159,841

158,561

159,444

158,358

Weighted average shares outstanding, diluted (in thousands)

159,841

158,561

159,444

158,358

Other Operating Data:

Capital expenditures

45

83

112

193

Depreciation, depletion and amortization expense

76

74

151

145

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss attributable to Tronox Holdings plc (U.S. GAAP)

$                       (171)

$                         (84)

$                   (274)

$                   (195)

Gain on sale of Fuzhou (a)

(20)

—

(20)

—

Restructuring and other charges (b)

4

38

18

124

Tax valuation allowance (c)

103

—

103

—

Other (d)

2

1

3

2

Adjusted net loss attributable to Tronox Holdings plc (non-U.S. GAAP)

$                         (82)

$                         (45)

$                   (170)

$                     (69)

Diluted net loss per share (U.S. GAAP)

$                      (1.07)

$                      (0.53)

$                  (1.72)

$                  (1.23)

Gain on sale of Fuzhou, per share

(0.13)

—

(0.13)

—

Restructuring and other charges, per share

0.03

0.24

0.12

0.78

Tax valuation allowance, per share

0.65

—

0.65

—

Other, per share

0.01

0.01

0.01

0.01

Diluted adjusted net loss per share attributable to Tronox Holdings plc (non-U.S. GAAP) (1)

$                      (0.51)

$                      (0.28)

$                  (1.07)

$                  (0.44)

Weighted average shares outstanding, diluted (in thousands)

159,841

158,561

159,444

158,358

(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)

June 30, 2026

December 31, 2025

ASSETS

Current Assets

Cash and cash equivalents

$                                      194

$                                      199

Restricted cash

12

12

Accounts receivable (net of allowance for credit losses of $1 and $1 as of June 30, 2026 and December 31, 2025, respectively)

363

289

Inventories, net

1,458

1,652

Prepaid and other assets

113

112

Income taxes receivable

1

1

Total current assets

2,141

2,265

Noncurrent Assets

Property, plant and equipment, net

1,988

2,007

Mineral leaseholds, net

595

608

Intangible assets, net

203

214

Lease right of use assets, net

180

173

Deferred tax assets

727

833

Other long-term assets

116

117

Total assets

$                                   5,950

$                                   6,217

LIABILITIES AND EQUITY

Current Liabilities

Accounts payable

$                                      404

$                                      481

Accrued liabilities

254

274

Short-term lease liabilities

24

22

Obligations under inventory financing arrangement

50

50

Short-term debt

68

51

Long-term debt due within one year

39

39

Income taxes payable

1

2

Total current liabilities

840

919

Noncurrent Liabilities

Long-term debt, net

3,123

3,132

Pension and postretirement healthcare benefits

80

81

Asset retirement obligations

209

198

Environmental liabilities

30

39

Long-term lease liabilities

156

148

Deferred tax liabilities

212

208

Other long-term liabilities

109

43

Total liabilities

4,759

4,768

Commitments and Contingencies 

Shareholders' Equity

Tronox Holdings plc ordinary shares, par value $0.01 — 159,700,029 shares issued and outstanding at June 30, 2026 and  158,557,858 shares issued and outstanding at December 31, 2025

2

2

Capital in excess of par value

2,097

2,103

(Accumulated deficit) retained earnings 

(244)

30

Accumulated other comprehensive loss

(694)

(717)

Total Tronox Holdings plc shareholders' equity

1,161

1,418

Noncontrolling interest

30

31

Total equity

1,191

1,449

Total liabilities and equity

$                                   5,950

$                                   6,217

TRONOX HOLDINGS PLC

CONSOLIDATED STATEMENTS OF CASH FLOWS

 (UNAUDITED)

(Millions of U.S. dollars)

Six Months Ended June 30,

2026

2025

Cash Flows from Operating Activities:

Net loss

$               (277)

$               (196)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

Depreciation, depletion and amortization

151

145

Deferred income taxes 

106

7

Share-based compensation expense

11

9

Amortization of deferred debt issuance costs and discount on debt

6

5

Restructuring and other charges

18

128

Other non-cash items affecting net loss

9

29

Changes in assets and liabilities:

Increase in accounts receivable, net of allowance for credit losses

(74)

(19)

Decrease (increase) in inventories, net

191

(76)

Decrease in prepaid and other assets

21

29

Restructuring payments

(29)

(27)

Decrease in accounts payable and accrued liabilities

(84)

(23)

Net changes in income tax payables and receivables

-

(5)

Changes in other non-current assets and liabilities

(12)

(10)

Cash provided by (used in) operating activities 

37

(4)

Cash Flows from Investing Activities:

Capital expenditures

(112)

(193)

Loans

-

15

Proceeds from dispositions and asset sales

15

2

Cash used in investing activities

(97)

(176)

Cash Flows from Financing Activities:

Repayments of short-term debt

(99)

(11)

Repayments of long-term debt

(16)

(14)

Repayments of inventory financing arrangement

(50)

-

Proceeds from inventory financing arrangement

50

-

Proceeds from sale and leaseback transaction

75

-

Proceeds from short-term debt

116

203

Debt issuance costs

(2)

(1)

Sale and leaseback transaction costs

(1)

-

Dividends paid

(16)

(20)

Restricted stock and performance-based shares settled in cash for withholding taxes

-

(1)

Cash provided by financing activities

57

156

Effects of exchange rate changes on cash and cash equivalents and restricted cash

(2)

5

Net decrease in cash and cash equivalents and restricted cash

(5)

(19)

Cash and cash equivalents and restricted cash at beginning of period

211

152

Cash and cash equivalents and restricted cash at end of period

$                 206

$                 133

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 June 30,

Six Months Ended June 30,

2026

2025

2026

2025

Net loss (U.S. GAAP)

$                          (173)

$                          (85)

$                      (277)

$                        (196)

Interest expense

56

45

109

87

Interest income

—

(1)

(2)

(3)

Income tax provision

106

4

106

9

Depreciation, depletion and amortization expense

76

74

151

145

EBITDA (non-U.S. GAAP)

65

37

87

42

Gain on sale of Fuzhou (a)

(20)

—

(20)

—

Share-based compensation (b)

5

4

11

9

Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (c)

6

7

10

14

Accounts receivable securitization program (d)

4

3

7

7

Foreign currency remeasurement (e)

7

(2)

14

(1)

Restructuring and other charges (f)

4

42

18

128

Other items (g)

2

2

8

6

Adjusted EBITDA (non-U.S. GAAP)

$                              73

$                            93

$                        135

$                         205

Three Months Ended June 30,

2026

2025

Net sales

$                            868

$                          731

Net loss (U.S. GAAP)

$                          (173)

$                          (85)

Net loss (U.S. GAAP) as a % of Net sales

(19.9) %

(11.6) %

Adjusted EBITDA (non-U.S. GAAP) (see above) as a % of Net sales

8.4 %

12.7 %

June 30, 2026

December 31, 2025

Long-term debt, net

$                         3,123

$                       3,132

Short-term debt

68

51

Long-term debt due within one year

39

39

(Less) Cash and cash equivalents

(194)

(199)

Net debt (1)

$                         3,036

$                       3,023

Trailing-twelve month Adjusted EBITDA (non-U.S. GAAP)

$                            266

$                          336

Net debt to trailing-twelve month Adjusted EBITDA (non-U.S. GAAP) (see above)

11.4x

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 income (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 income (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 six months ended June 30, 2026: 

Six Months Ended
June 30, 2026

Three Months Ended
March 31, 2026

Three Months Ended
June 30, 2026

Cash used in operating activities 

$                          37

$                             (68)

$                         105

Capital expenditures

(112)

(67)

(45)

    Free cash flow (non-U.S. GAAP) 

$                         (75)

$                           (135)

$                           60

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

September 30, 2025

December 31, 2025

March 31, 2026

June 30, 2026

Net loss (U.S. GAAP)

$                        (100)

$                             (177)

$                             (104)

$                             (173)

$                               (554)

Interest expense

48

54

53

56

211

Interest income

(1)

(2)

(2)

—

(5)

Income tax provision (benefit)

8

(2)

—

106

112

Depreciation, depletion and amortization expense

75

82

75

76

308

EBITDA (non-U.S. GAAP)

30

(45)

22

65

72

Gain on sale of Fuzhou (a)

—

—

—

(20)

(20)

Share-based compensation (b)

5

6

6

5

22

Foreign currency remeasurement (c)

—

7

7

7

21

Accretion expense and other adjustments to asset retirement obligations and environmental liabilities (d)

6

(11)

4

6

5

Accounts receivable securitization program (e) 

3

3

3

4

13

Restructuring and other charges (f) 

25

79

14

4

122

Other items (g)

5

18

6

2

31

Adjusted EBITDA (non-U.S. GAAP)

$                           74

$                                  57

$                                  62

$                                  73

$                                266

(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 income (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 income (expense), net" in the unaudited Condensed Consolidated Statements of Operations.

SOURCE Tronox Holdings plc

Resources Investor Relations Journalists Agencies Client Login Send a Release News Products Contact , /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX), the world's leading integrated manufacturer of titanium dioxide pigment, announced today that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend is payable on October 9, 2026 to shareholders of record at the close of business on August 10, 2026.

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.

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

SOURCE Tronox Holdings plc

Also from this source

, /PRNewswire/ -- Tronox Holdings plc (NYSE: TROX) announced today the following schedule for its second quarter 2026 earnings release and webcast conference call:

Earnings Release: Wednesday, August 5, 2026, after market close via PR Newswire and the Tronox Holdings plc website: tronox.com

Webcast Conference Call: Thursday, August 6, 2026 at 9:00 AM ET (New York). The live call is open to the public via live webcast. Please visit investor.tronox.com for a link to register 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. 

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

SOURCE Tronox Holdings plc

, /PRNewswire/ -- Tronox Holdings plc (NYSE: TROX) announced today the following schedule for its first quarter 2026 earnings release and webcast conference call:

Earnings Release: Wednesday, May 6, 2026, after market close via PR Newswire and the Tronox Holdings plc website: tronox.com

Webcast Conference Call: Thursday, May 7, 2026 at 9:00 AM ET (New York). The live call is open to the public via live webcast. Please visit investor.tronox.com for a link to register 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. 

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

SOURCE Tronox Holdings plc

Key Takeaways TROX faced a 2025 downturn with weaker pricing, mix and volumes, cutting EBITDA and margins sharply.Late 2025 showed volume recovery, with TiO2 up 13% and zircon up 27% despite weaker price/mix.Cost cuts, plant closures and lower capex aim to drive over $100M working capital cash flow in 2026. Tronox Holdings plc (TROX - Free Report) is working through a titanium dioxide (TiO2) downcycle with early signs that volumes and commercial discipline improved into late 2025. The company’s vertical integration and a leaner operating footprint are central to the recovery setup.

The near-term question for investors is whether pricing and mix can stabilize as inventories normalize and whether structural cost actions translate into better cash conversion through 2026.

Tronox’s Revenue Mix and End-Market ExposureTronox’s total revenues were $2.9 billion in 2025. TiO2 was the core contributor, representing 79% of sales. Zircon represented 10% and other mineral products accounted for 11%.

End-market exposure matters because it shapes both volume stability and pricing leverage through the cycle. In 2025, paints and coatings represented 75% of TiO2 volumes, with plastics at 20% and paper/specialty at 5%.

That mix ties performance to downstream demand for coatings and durable goods. It also means that when customers work down inventories, Tronox can feel the change quickly in volumes and realized price/mix across regions and applications.

TROX’s 2025 Downturn and the Key HeadwindsThe 2025 downturn was driven by a combination of lower pricing, weaker mix and softer volumes, resulting in a 6% revenue decline versus 2024. Profitability compressed sharply as weak pricing set the base and limited operating leverage. Adjusted EBITDA fell to $336 million in 2025, with an 11.6% margin, down from $564 million and an 18.3% margin in 2024.

Pressure persisted into the fourth quarter. Fourth-quarter adjusted EBITDA was $57 million, down 56% year over year, with a 7.8% margin. Lower selling prices and higher production costs weighed on results, and additional items like idle-facility charges, freight and restructuring impacts further pressured earnings quality.

Tronox’s Early Stabilization Signals From Late 2025Late 2025 offered an early turn signal on volumes. The fourth quarter marked the strongest quarterly volumes of the year for both TiO2 and zircon, with sequential and year-over-year gains.

Financial results reflected that volume improvement even as pricing remained challenged. Fourth-quarter revenues were $730 million, up about 8% year over year, as higher TiO2 and zircon volumes and favorable currency more than offset lower average selling prices and product mix. TiO2 volumes rose 13% year over year while price/mix declined 8%. Zircon volumes rose 27% year over year while price/mix declined 23%.

As channel inventories clear, pricing initiatives heading into 2026 have a better chance to stick because customers are buying closer to real demand rather than simply destocking. That shift tends to support more consistent order patterns and improved commercial discipline.

Trade Protections and Share Gains by RegionTrade protections were a meaningful commercial tailwind in select regions. Antidumping protections supported TiO2 share wins in India, Latin America and the Middle East, helping volume performance even while broader demand was uneven.

That matters because share gains in protected markets can offset softness elsewhere and improve plant utilization. With a geographically diversified footprint, Tronox can lean into healthier regions when conditions differ across markets and the timing of recovery is not synchronized.

Tronox’s Cost Reset and Footprint ActionsTronox is pairing the demand and pricing cycle with a structural cost reset. The company closed the Botlek and Fuzhou pigment plants to improve its cost structure and boost efficiency.

The Fuzhou closure is also aimed at reducing exposure to challenging China dynamics. The site is a 46,000-metric-ton-per-year TiO2 plant, and management cited weak domestic demand, rising input costs, persistent industry overcapacity in China and unsustainable pricing from Chinese competitors as factors behind the decision. Tronox expects its diversified manufacturing footprint to help avoid customer service disruptions.

Beyond footprint actions, Tronox is advancing a cost improvement program targeting $125 million to $175 million in run-rate savings by the end of 2026, with more than $90 million achieved exiting 2025. Feedstock initiatives in South Africa are intended to support self-sufficiency and lower structural cost, strengthening the link between pricing normalization and margin recovery.

TROX’s 2026 Cash Flow SetupThe company’s 2026 free-cash-flow setup relies on two tangible levers: lower capital spending and working-capital release. Capital expenditures are guided to roughly $260 million, down about $80 million from 2025. Working capital is expected to be a source of cash of more than $100 million.

Operationally, the focus is on inventory management, cost containment and selling lower-cost tons to lift margins as volumes stabilize. TiO2 pricing is expected to improve in the first quarter of 2026, while zircon pricing is anticipated to improve in the second quarter.

For context, investors can watch adjacent chemical names that also depend on cost discipline and end-market demand, such as Avient Corporation (AVNT - Free Report) and Kronos Worldwide Inc (KRO - Free Report) .

 TROX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

, /PRNewswire/ -- Tronox Holdings plc (NYSE:TROX), the world's leading integrated manufacturer of titanium dioxide pigment, announced today that its Board of Directors declared a quarterly dividend of $0.05 per share. The dividend is payable on July 8, 2026 to shareholders of record at the close of business on May 11, 2026.

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.

Investor Relations and Media Contact: Jennifer Guenther

+1.646.960.6598 (Investor Relations)

+1.203.705.3701 extension: 103701 (Media)

SOURCE Tronox Holdings plc

Olin (OLN - Free Report) is expected to deliver a year-over-year decline in earnings on lower revenues when it reports results for the quarter ended March 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price.

The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on May 7. On the other hand, if they miss, the stock may move lower.

While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise.

Zacks Consensus EstimateThis chlor-alkali and ammunition producer' is expected to post quarterly loss of $0.67 per share in its upcoming report, which represents a year-over-year change of -1775%.

Revenues are expected to be $1.57 billion, down 4.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has been revised 88.61% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core.

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Olin?For Olin, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +7.87%.

On the other hand, the stock currently carries a Zacks Rank of #3.

So, this combination indicates that Olin will most likely beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Olin would post a loss of$0.58 per share when it actually produced a loss of -$0.58, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates two times.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Olin appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

Expected Results of an Industry PlayerAnother stock from the Zacks Chemical - Diversified industry, Tronox (TROX - Free Report) , is soon expected to post loss of $0.48 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of -220%. Revenues for the quarter are expected to be $758.54 million, up 2.8% from the year-ago quarter.

The consensus EPS estimate for Tronox has been revised 8.8% lower over the last 30 days to the current level. However, a lower Most Accurate Estimate has resulted in an Earnings ESP of -23.75%.

When combined with a Zacks Rank of #3 (Hold), this Earnings ESP makes it difficult to conclusively predict that Tronox will beat the consensus EPS estimate. The company could not beat consensus EPS estimates in any of the last four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Tronox (TROX - Free Report) came out with a quarterly loss of $0.55 per share versus the Zacks Consensus Estimate of a loss of $0.49. This compares to a loss of $0.15 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -13.43%. A quarter ago, it was expected that this producer of titanium ore and titanium dioxide would post a loss of $0.43 per share when it actually produced a loss of $0.6, delivering a surprise of -39.53%.

Over the last four quarters, the company has not been able to surpass consensus EPS estimates.

Tronox, which belongs to the Zacks Chemical - Diversified industry, posted revenues of $760 million for the quarter ended March 2026, surpassing the Zacks Consensus Estimate by 0.19%. This compares to year-ago revenues of $738 million. The company has topped consensus revenue estimates just once over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Tronox shares have added about 151.3% since the beginning of the year versus the S&P 500's gain of 6%.

What's Next for Tronox?While Tronox has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Tronox was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.30 on $778.23 million in revenues for the coming quarter and -$1.11 on $3.01 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Chemical - Diversified is currently in the bottom 39% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Innospec (IOSP - Free Report) , is yet to report results for the quarter ended March 2026. The results are expected to be released on May 7.

This specialty chemicals company is expected to post quarterly earnings of $1.02 per share in its upcoming report, which represents a year-over-year change of -28.2%. The consensus EPS estimate for the quarter has been revised 6% lower over the last 30 days to the current level.

Innospec's revenues are expected to be $432.15 million, down 2% from the year-ago quarter.

Tronox Holdings plc (TROX) Q1 2026 Earnings Call Transcript

A month has gone by since the last earnings report for Tronox (TROX - Free Report) . Shares have lost about 7.2% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Tronox due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent catalysts for Tronox Holdings PLC before we dive into how investors and analysts have reacted as of late.

Tronox’s Q1 Earnings Miss Estimates, Sales Rise Y/Y On Higher VolumesTronox logged a loss (as reported) of 65 cents per share for the first quarter of 2026, wider than a loss of 70 cents reported a year ago.

Barring one-time items, adjusted loss for the reported quarter was 55 cents per share compared with a loss of 15 cents a year ago. It was wider than the Zacks Consensus Estimate of a loss of 48 cents.

The company raked in revenues of $760 million, up around 3% year over year. It beat the Zacks Consensus Estimate of $758.5 million. Higher TiO2 and zircon sales volumes and favorable currency impact more than offset lower average selling price and product mix impact.

Adjusted EBITDA was $62 million, down 45% year over year, with an adjusted EBITDA margin of 8.2%. The downside was due to lower average selling prices, including mix, unfavorable exchange rate movements and higher freight and production costs.

Segment HighlightsTiO2 sales were $616 million in the reported quarter, up 5% year over year. TiO2 volumes rose 5% year over year, while price/mix was down 4%. Currency was 4% favorable.

Zircon sales were $89 million, up 29% year over year. Sales were supported by 57% volumes growth, offset by 28% price/mix decline.

FinancialsCash and equivalents were $126 million as of March 31, 2026. Total debt was $3.3 billion at the end of the year, while net debt was $3.2 billion.

Operating cash used was $68 million for the first quarter, while free cash flow was negative $135 million.

OutlookManagement expects a stronger second quarter with improving demand pricing and cash generation. The company expects free cash flow to turn positive in quarter two and largely offset the cash use in the first quarter while also targeting meaningful positive free cash flow for full-year 2026.

TiO2 volumes are projected to rise sequentially in the high-single-digit percentage range while zircon volumes are expected to moderate slightly from first-quarter levels. Both TiO2 and zircon pricing are expected to improve in the mid-single-digit percentage range due to announced price increases and cost-related surcharges. Supported by stronger pricing and higher TiO2 volumes, Tronox expects adjusted EBITDA of $65 million to $85 million for the second quarter of 2026.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.

The consensus estimate has shifted -20.47% due to these changes.

VGM ScoresCurrently, Tronox has a poor Growth Score of F, a grade with the same score on the momentum front. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for value investors.

Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Tronox has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.