TROX earnings analysis
What we found in TROX'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
Tronox Holdings plc reported Q1 2026 revenue of $760 million, a 3% increase from the prior year, driven by higher TiO2 and zircon sales volumes. However, the company experienced a net loss of $104 million, with a significant decline in gross margin, resulting in an EPS loss of $0.65. Despite the revenue beat, management highlighted ongoing challenges with cost structures and pricing pressures in their outlook.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Growth Year-over-Year
- Revenue increased by 3% from $738 million in Q1 2025 to $760 million in Q1 2026.
- Improved Operational Loss
- Loss from operations reduced from $61 million in Q1 2025 to $41 million in Q1 2026.
- TiO2 Revenue Growth
- TiO2 revenue rose 5% year-over-year, amounting to $616 million from $584 million.
- Zircon Revenue Surge
- Zircon revenue increased 29%, reaching $89 million compared to $69 million in the prior year.
- Stable Cash Flow from Financing
- Net cash provided by financing activities remained significant at $67 million, albeit lower than $108 million last year.
- Liquidity Maintained
- Total available liquidity is $406 million as of March 31, 2026, compared to $674 million at the end of last 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.
- Declining Gross Margin
- Gross margin fell to 5.8% in Q1 2026 from 13.4% in Q1 2025, primarily due to lower selling prices and increased costs.
- Significant Net Loss
- Net loss of $104 million in Q1 2026 presents ongoing profitability challenges, worsening from a net loss of $111 million in Q1 2025.
- High Debt Levels
- Total debt increased to $3.3 billion with a net debt to trailing-twelve months adjusted EBITDA ratio of 11.1x as of March 31, 2026.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.65
- Gross margin
- 5.8%
- Segment
- TiO2
- Segment
- Zircon
- Segment
- Other Products
What they said about what is next.
Management did not provide explicit forward guidance for revenue or EPS.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 20, 2026
- Tronox positions itself as the world’s leading vertically integrated TiO2 pigment producer with seven pigment facilities and ~1,200 TiO2 customers, pursuing lower cost through vertical integration and a Sustainable Cost…
- 10-Q · November 6, 2025
- Tronox reported third-quarter net sales of $699 million (Q3 2024: $804 million) and a net loss of $100 million (Q3 2024: $25 million). Gross profit compressed to $52 million (from $128 million) and the company recorded…
- 10-Q · July 31, 2025
- Tronox reported Q2 net sales of $731 million (down $89 million vs. Q2 2024's $820 million) and a Q2 net loss attributable to Tronox of $84 million (diluted EPS $(0.53) vs. $0.10 a year ago). Gross profit fell to $79…
- 10-Q · May 1, 2025
- Tronox reported Q1 net sales of $738 million, down $36 million (-4.7%) versus Q1 2024 ($774 million) but up $62 million versus the prior quarter (Q4 2024 $676 million). Gross margin compressed to 13.4% and the company…
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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