Revenue: As of FY2026 Q2, the actual value is USD 868 M, beating the estimate of USD 837.25 M.

EPS: As of FY2026 Q2, the actual value is USD -1.07.

EBIT: As of FY2026 Q2, the actual value is USD -11 M.

Tronox Holdings plc reported total revenue of $868 million for the second quarter of 2026, marking a 14% increase compared to the prior quarter and a 19% increase year-over-year .

Revenue by Segment

• TiO2 Sales: Revenue from TiO2 sales was $700 million, up 19% year-over-year, driven by an 18% increase in sales volumes and a 1% favorable exchange rate impact, while average selling prices remained flat . Sequentially, TiO2 sales increased 14%, with a 9% increase in sales volumes and a 5% increase in average selling prices .
• Zircon Sales: Zircon revenue increased 43% year-over-year to $97 million, primarily due to a 61% increase in sales volumes, partially offset by an 18% decrease in average selling prices . Sequentially, zircon revenue rose 9%, driven by a 4% increase in sales volumes and a 5% increase in average selling prices .
• Other Products: Revenue from other products was $71 million, a -7% decline year-over-year, but a 29% increase sequentially, primarily due to higher sales volumes of pig iron .

Profitability Metrics

• Loss from Operations: Tronox Holdings plc reported a loss from operations of -$21 million for Q2 2026, compared to -$35 million in Q2 2025 and -$41 million in Q1 2026 .
• Gross Profit: Gross profit was $55 million for the quarter, down from $79 million in Q2 2025 .
• Net Loss Attributable to Tronox Holdings plc: Net loss attributable to Tronox Holdings plc was -$171 million, or -$1.07 per diluted share, which included a $103 million tax valuation allowance . This compares to a net loss of -$84 million, or -$0.53 per diluted share, in the prior-year period .
• Adjusted Net Loss Attributable to Tronox Holdings plc: Adjusted net loss attributable to Tronox Holdings plc (non-GAAP) was -$82 million, or -$0.51 per diluted share .
• Adjusted EBITDA: Adjusted EBITDA for the quarter was $73 million, representing a -22% decrease year-over-year, primarily due to unfavorable exchange rate movements, lower average selling prices, and higher production costs, partially offset by higher sales volumes . Sequentially, Adjusted EBITDA increased 18% .
• Adjusted EBITDA Margin: The Adjusted EBITDA margin was 8.4% .

Operating Expenses

• Selling, General and Administrative Expenses: These expenses were $72 million for the quarter .
• Net Interest Expense: Net interest expense amounted to $56 million .
• Depreciation, Depletion and Amortization Expense: This expense was $76 million .

Cash Flow and Capital Allocation

• Free Cash Flow: Tronox Holdings plc generated $60 million in free cash flow for the second quarter .
• Capital Expenditures: Capital expenditures were $45 million .
• Cash Flow from Operating Activities: For the six months ended June 30, 2026, cash provided by operating activities was $37 million .
• Cash Flow from Investing Activities: For the six months ended June 30, 2026, cash used in investing activities was -$97 million .
• Liquidity: At the end of the quarter, available liquidity totaled $527 million, comprising $194 million in cash and cash equivalents and $333 million available under revolving credit agreements .
• Debt: Total debt was $3.2 billion, with net debt at $3.0 billion, and a net leverage ratio of 11.4x on a trailing twelve-month basis .

Unique Operational Metrics

• Inventory Management: The company reduced total inventory by approximately $120 million from first-quarter levels, reaching its lowest value since June 2024 .
• Cost Improvement Program: The cost improvement program is on track to achieve the higher end of its $125-$175 million annual run-rate savings target by the end of 2026 .
• Rare Earths Strategy: The definitive feasibility study for the cracking and leaching facility is expected to conclude by the third quarter of 2027 .

Outlook and Guidance

Tronox Holdings plc expects meaningful positive free cash flow generation for the full year 2026, with the third quarter anticipated to be relatively neutral . Q3 2026 TiO2 volumes are projected to moderate moderately in the mid-single-digit percentage range, consistent with seasonal patterns, while zircon volumes are expected to moderate slightly due to inventory availability . TiO2 pricing is expected to improve sequentially in the mid-single-digit percentage range, and zircon pricing is forecast to improve in the mid- to high single-digit percentage range in Q3 2026, contributing to an expected Adjusted EBITDA of $95-$115 million for the quarter .