NL earnings analysis
What we found in NL's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
NL Industries, Inc. reported a solid performance for Q1 2026, achieving a net income of $4.3 million or $0.09 EPS, reversing the trend from last year that had shown a decline. Revenue slightly increased to $40.6 million from $40.3 million year-over-year, while gross margins improved to 32.8%. Key segment performance came from CompX, which showed significant profit growth, while Kronos faced challenges in TiO2 pricing.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Net Income Increase
- Net income attributable to NL stockholders was $4.3M, up from $0.7M in Q1 2025.
- EPS Improvement
- Diluted EPS rose to $0.09 in Q1 2026, compared to $0.01 in Q1 2025.
- Revenue Growth Year-over-Year
- Revenue for Q1 2026 reached $40.6M, a slight increase from $40.3M in Q1 2025.
- Better Gross Margin
- Gross margin improved to 32.8%, up from 30.2% in Q1 2025.
- CompX Segment Profit Growth
- CompX segment profit increased to $7.1M from $5.9M year-over-year.
- Improved Operating Cash Flow
- Net cash used in operating activities reduced to $3.5M in Q1 2026 from $47.5M in the previous year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Kronos Earnings Decline
- Kronos had equity losses of $1.5M for Q1 2026 compared to earnings of $5.5M in Q1 2025.
- TiO2 Pricing Weakness
- Average TiO2 selling prices decreased by 6% year-on-year, impacting Kronos's revenues.
- Economic Uncertainties
- Continued geopolitical conflict is anticipated to raise costs, affecting overall profitability.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.09
- Gross margin
- 32.8%
- Segment
- CompX segment profit: $7.1M
- Segment
- Kronos equity losses: -$1.5M
What they said about what is next.
CompX expects modest net sales growth in 2026, driven by industrial market demand.
The filing reads better than the one before it.
What came before.
- 10-K · March 9, 2026
- NL Industries, Inc. reported a challenging year in 2025, resulting in a significant net loss attributable to stockholders of $37.8 million, or a loss of $0.77 per share, down from a profit of $67.2 million in 2024. The…
- 10-Q · November 6, 2025
- NL Industries reported weak Q3 2025 results with a revenue of $40 million, flat year-over-year but a notable decline in profitability, showing a net loss of $7.8 million (-$0.16 EPS) compared to a profit of $36 million…
- 10-Q · August 6, 2025
- NL Industries reported weaker financial results in Q2 2025, with revenue flat at $40 million year-over-year and EPS down significantly from $0.16 to $0.01. While CompX's segment profit increased, overall net income…
- 10-Q · May 7, 2025
- NL Industries reported fiscal Q1 2025 results showing a significant decline in earnings, with revenues of $40M, down 7% from $43M in Q4 2024. The EPS dropped dramatically from 0.15 in Q4 2024 to just 0.01 this quarter,…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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