About Tronox Holdings plc
Tronox Holdings plc (NYSE:TROX) is one of the world’s leading producers of high-quality titanium products, including titanium dioxide pigment, specialty-grade titanium dioxide products and high-purity titanium chemicals, and zircon. We mine titanium-bearing mineral sands and operate upgrading facilities that produce high-grade titanium feedstock materials, pig iron and other minerals, including the rare earth-bearing mineral, monazite. With approximately 5,700 employees across six continents, our rich diversity, unmatched vertical integration model, and unparalleled operational and technical expertise across the value chain, position Tronox as the preeminent titanium dioxide producer in the world.
Fourth Quarter 2025 Financial Highlights
In the fourth quarter of 2025, Tronox reported revenue of $730 million. The company recorded a loss from operations of $114 million and a net loss attributable to Tronox of $176 million, which included $80 million of restructuring and other charges (net of taxes), mainly related to the closure of its Botlek and Fuzhou pigment plants. On an adjusted basis, the company posted a non-GAAP net loss of $96 million.
Adjusted EBITDA for the quarter was $57 million, resulting in an Adjusted EBITDA margin of 7.8%. The company reported a GAAP diluted loss per share of $1.11, while the adjusted diluted loss per share was $0.60 on a non-GAAP basis.
Full Year 2025 Financial Highlights
For the full year 2025, Tronox generated revenue of $2.898 billion. The company reported a loss from operations of $253 million and a net loss attributable to Tronox of $470 million, which included $233 million of restructuring and other charges related primarily to plant closures. The adjusted net loss for the year was $237 million on a non-GAAP basis.
Adjusted EBITDA for the year totaled $336 million, with an Adjusted EBITDA margin of 11.6%. The company recorded a GAAP diluted loss per share of $2.97, while adjusted diluted loss per share was $1.50. Capital expenditures during 2025 were $341 million.
Balance Sheet, Cash Flow and Capital Allocation
Tronox ended the year with $3.2 billion of total debt, $3.0 billion of net debt and a net leverage ratio of 9.0x on a trailing twelve-month basis. As of December 31, 2025, available liquidity totaled $674 million, including $199 million in cash and cash equivalents and $475 million under existing revolving credit agreements. The next significant debt maturity for the Company is not until 2029. Tronox does not have any financial covenants on its term loans or bonds. The Company has sufficient liquidity and does not expect to trigger the springing covenant on the US Cash Flow Revolver.
Free cash flow for the year was a use of $281 million. Capital expenditures were $341 million. The Company returned $48 million to shareholders in the form of dividends in the year.
Outlook for 2026
Tronox expects to generate positive free cash flow in 2026, driven mainly by improving TiO₂ pricing and volumes, reduced capital expenditures, and working capital initiatives. For the first quarter of 2026, TiO₂ and zircon volumes are expected to be broadly in line with strong fourth-quarter 2025 levels.
TiO₂ pricing is expected to improve in Q1 2026, while zircon pricing is anticipated to improve in Q2 2026. The company forecasts Q1 2026 Adjusted EBITDA in the range of $55 million to $65 million.
The post Tronox Reports Fourth Quarter and Full Year 2025 Financial Results first appeared on AlphaStreet News.
