Tronox Posts $176M Q4 GAAP Loss, Eyes Positive 2026 Free Cash Flow
Tronox reported a Q4 GAAP loss of $176 million ($1.11/share) on $730 million revenue, with $96 million adjusted net loss ($0.60/share). FY 2025 revenue was $2.898 billion against a $470 million net loss, including $233 million in restructuring charges for Botlek and Fuzhou plant closures.
1. Fourth Quarter Financial Performance
Tronox reported Q4 revenue of $730 million and a GAAP net loss of $176 million, or $1.11 per share, including $80 million of restructuring and other charges. Adjusted net loss was $96 million, or $0.60 per share, with adjusted EBITDA at $57 million and a 7.8% margin.
2. Full Year 2025 Results
For full-year 2025, revenue reached $2.898 billion while GAAP net loss totaled $470 million, or $2.97 per share, driven by $233 million in restructuring costs related to the closures of Botlek and Fuzhou pigment plants. Adjusted net loss was $237 million, with adjusted EBITDA of $336 million and an 11.6% margin.
3. 2026 Outlook and Strategic Actions
The company expects to generate positive free cash flow in 2026, supported by improving titanium dioxide and zircon pricing, stable volume levels, and lower capital expenditures. Strategic actions include plant closures, a $400 million senior secured notes issuance, an inventory financing program, and progress on rare earths development and new mining operations in South Africa.