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Dec 31, 2025
Chemours Q4 2025 Earnings Report
Chemours reported a slight decrease in net sales for the fourth quarter of 2025, with strong performance in Opteon™ Refrigerants offsetting declines in other segments, while net loss increased significantly.
Key Takeaways
The Chemours Company experienced a slight 2% decrease in net sales to $1.3 billion in Q4 2025 compared to the prior year, primarily due to a 4% decrease in volume. Despite this, the Thermal & Specialized Solutions (TSS) segment achieved record fourth-quarter growth of 37% in Opteon™ Refrigerants. The company reported a net loss of $47 million, or $0.31 per diluted share, a significant increase from the $11 million net loss in Q4 2024, mainly due to lower cost absorption, an unfavorable product mix in APM, and higher income tax provisions. Adjusted EBITDA for the quarter was $128 million, down 24% year-over-year.
Net Sales for Q4 2025 were $1.3 billion, a 2% decrease year-over-year, primarily due to a 4% volume decrease.
TSS segment reported a record fourth quarter with 37% year-over-year growth in Opteon™ Refrigerants, driven by strong demand and the U.S. AIM Act stationary AC transition.
Net Loss attributable to Chemours increased to $47 million ($0.31 per diluted share) in Q4 2025, compared to $11 million ($0.08 per diluted share) in Q4 2024, due to lower cost absorption, unfavorable product mix, and higher income taxes.
Adjusted EBITDA for Q4 2025 was $128 million, a 24% decrease from $168 million in the prior-year quarter, impacted by similar factors affecting net loss.
Revenue by Segment
Forward Guidance
For the first quarter of 2026, Chemours anticipates consolidated Net Sales to increase by 3% to 5% sequentially, driven by TSS, with Adjusted EBITDA expected to range between $120 million and $150 million. For the full year 2026, the company projects Net Sales growth of 3% to 5% and Adjusted EBITDA between $800 million and $900 million, with Free Cash Flow Conversion above 25%.
Positive Outlook
- Q1 2026 consolidated Net Sales expected to increase by 3% to 5% sequentially, driven by TSS.
- Q1 2026 Adjusted EBITDA expected to range between $120 million and $150 million.
- Full Year 2026 Net Sales growth projected at 3% to 5%, primarily from increased TSS and APM Performance Solutions demand.
- Full Year 2026 Adjusted EBITDA expected to be between $800 million and $900 million, benefiting from pricing strength in TT and continued cost improvement.
- Full Year 2026 Free Cash Flow Conversion anticipated to be above 25% from improved earnings and working capital.
Challenges Ahead
- Q1 2026 TT total minerals sales anticipated to decline 60% due to sales timing and changes in mining efforts.
- Q1 2026 TT TiO2 pigment revenues expected to be down low-single digits sequentially due to weaker seasonal volumes in non-western markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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