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Sep 30, 2025
Tronox Q3 2025 Earnings Report
Tronox reported a decrease in revenue and a net loss in the third quarter of 2025, primarily due to weaker demand and competitive market dynamics.
Key Takeaways
Tronox experienced a challenging third quarter in 2025, with revenue declining by 13% year-over-year to $699 million and a net loss attributable to Tronox of $99 million. The company's performance was impacted by weaker demand, downstream destocking, and heightened competitive dynamics in both the TiO2 and zircon markets. Despite these headwinds, Tronox is implementing cost improvement programs and operational adjustments to manage cash flow and expects positive free cash flow in Q4 2025 and 2026.
Revenue for Q3 2025 was $699 million, a 13% decrease compared to the prior year, driven by lower sales volumes and average selling prices for TiO2 and zircon.
The company reported a net loss attributable to Tronox of $99 million, or $0.63 per diluted share, which included $27 million in restructuring and other charges.
Adjusted EBITDA decreased by 48% year-over-year to $74 million, with an Adjusted EBITDA margin of 10.6%.
Tronox ended the quarter with $664 million in available liquidity, including $185 million in cash and cash equivalents, and successfully raised $400 million in senior secured notes.
The company anticipates Q4 2025 revenue and Adjusted EBITDA to be relatively flat to Q3 2025, with expected TiO2 volume growth of 3-5% and zircon volume growth of 15-20% sequentially, despite pricing headwinds.
Revenue by Segment
Forward Guidance
Tronox expects Q4 2025 revenue and Adjusted EBITDA to be relatively flat compared to Q3 2025, driven by anticipated volume growth in TiO2 and zircon, partially offset by weaker pricing. The company also projects positive free cash flow for Q4 2025 and 2026 due to cost improvement programs and operational adjustments.
Positive Outlook
- Expected TiO2 volume growth of 3-5% sequentially in Q4 2025.
- Expected zircon volume growth of 15-20% sequentially in Q4 2025.
- Anticipated positive free cash flow in Q4 2025 and throughout 2026.
- Cost improvement program is ahead of schedule, targeting over $60 million in annualized savings by end of 2025 and $125–$175 million by end of 2026.
- Implementation of definitive anti-dumping duties in key regions (EU, India, Brazil, Saudi Arabia) is expected to improve market share and rebalance supply/demand.
Challenges Ahead
- Unanticipated headwinds on TiO2 pricing of approximately 2% compared to Q3 2025.
- Unanticipated headwinds on zircon pricing of approximately 6% compared to Q3 2025.
Revenue & Expenses
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Historical Earnings Impact
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Avg. Return Before/After Earnings
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