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Dec 31, 2025
Tronox Q4 2025 Earnings Report
Tronox reported an operating loss and net loss in the fourth quarter of 2025, impacted by restructuring charges and lower pricing despite higher volumes.
Key Takeaways
Tronox generated revenue of 730000000 in Q4 2025, up 8% year-over-year, driven by higher TiO and zircon volumes. The company reported a net loss of 176000000 and an operating loss of 114000000, including 79000000 of restructuring and other charges. Adjusted EBITDA was 57000000 with a margin of 7.8%. Free cash flow was positive at 53000000 in the quarter.
Revenue increased to 730000000, supported by higher TiO and zircon volumes.
Net loss attributable to Tronox was 176000000, including 79000000 in restructuring charges.
Adjusted EBITDA was 57000000 with a 7.8% margin.
Free cash flow was positive at 53000000 in Q4.
Revenue by Segment
Forward Guidance
For Q1 2026, Tronox expects relatively flat TiO and zircon volumes sequentially, improving TiO pricing, and Adjusted EBITDA in the range of 55000000 to 65000000, with full-year 2026 positive free cash flow driven by pricing improvements and lower capital expenditures.
Positive Outlook
- TiO pricing expected to increase in Q1 2026.
- Zircon pricing expected to improve in Q2 2026.
- Adjusted EBITDA guidance of 55000000 to 65000000 for Q1 2026.
- Expectation of positive free cash flow in 2026.
- Lower capital expenditures and working capital improvements expected to support cash flow.
Challenges Ahead
- Headwinds from foreign exchange rates.
- Cost absorption impacts from reduced mining and upgrading rates.
- Ongoing macroeconomic and industry volatility.
- Exposure to pricing fluctuations in TiO and zircon 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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