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…
Earnings analysis · 10-Q
TROX earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.65
- Gross margin
- 5.8%
- Segment
- TiO2
- Segment
- Zircon
- Segment
- Other Products
What stood out
-
Revenue Growth Year-over-Year
Revenue increased by 3% from $738 million in Q1 2025 to $760 million in Q1 2026.
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Improved Operational Loss
Loss from operations reduced from $61 million in Q1 2025 to $41 million in Q1 2026.
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TiO2 Revenue Growth
TiO2 revenue rose 5% year-over-year, amounting to $616 million from $584 million.
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Zircon Revenue Surge
Zircon revenue increased 29%, reaching $89 million compared to $69 million in the prior year.
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Stable Cash Flow from Financing
Net cash provided by financing activities remained significant at $67 million, albeit lower than $108 million last year.
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Liquidity Maintained
Total available liquidity is $406 million as of March 31, 2026, compared to $674 million at the end of last year.
What to watch
-
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.
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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.
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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.
Management's outlook
Management did not provide explicit forward guidance for revenue or EPS.
Earlier filings 4
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 itself. Analysis can contain errors; check the source document for full context.