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EarningsQ2 2026 Earnings Report
TROX Q2 2026 EPS Results
Actual EPS-$0.51
Consensus EPS-$0.38
Beat/MissMissed by -$0.13
One Year Ago EPS-$0.28
TROX Q2 2026 Revenue Results
Actual Revenue$868.00M
Expected Revenue$832.59M
Beat/MissBeat by +$35.41M
YoY Revenue Growth+18.74%
Earnings Announcement Details
QuarterQ2 2026
Date08/05/2026
TimeAfter Close
Conference CallWednesday, August 5, 2026
TROX Upcoming Earnings
TRONOX's next earnings date is estimated for November 4, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
TROX Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Neutral
The call communicated clear commercial momentum (19% revenue growth, sequential pricing gains, inventory reductions and positive free cash flow in Q2) and an improving outlook (Q3 EBITDA guidance and longer-term rare earths opportunity). At the same time, notable near-term headwinds remain: a material Q2 net loss driven by a tax valuation allowance, a 22% YoY decline in adjusted EBITDA, elevated input costs (notably sulfur/sulfuric acid), FX pressure, and inventory constraints that could moderate zircon volumes in Q3. Management emphasized disciplined pricing, cost improvements and liquidity actions to navigate macro and trade uncertainties. Overall, positives and constructive guidance are balanced against significant near-term profitability and cost challenges.Company Guidance
Revenue Growth
Total revenue of $868 million, up 19% year-over-year, driven by higher TiO2 and zircon volumes.
Strong Commercial Momentum and Volumes
TiO2 volumes at the high end of guidance and the highest level since Q2 2022; zircon volumes exceeded expectations and surpassed Q1 levels amid constrained industry supply.
Sequential Pricing Improvement
Sequential pricing improvement of ~5% in Q2 for both TiO2 and zircon; announced additional pricing actions effective in Q3 with expected TiO2 price increases mid-single-digit sequentially and zircon mid- to high-single-digit sequentially.
Revenue Mix and Sequential Product Performance
TiO2 revenues increased 14% sequentially (volumes +9%, average selling prices including mix +5%); zircon revenues increased 9% sequentially (volumes +4%, ASP including mix +5%).
Positive Cash Generation and Inventory Reduction
Free cash flow was a source of $60 million in Q2; inventory reduced by approximately $120 million from Q1 to its lowest level since June 2024; working capital was a source of roughly $101 million in Q2 (excluding $10 million of restructuring payments).
Cost Improvement and Operational Recovery
Cost improvement program remains on track to deliver at the higher end of the $125M–$175M run-rate target by end of 2026; completed planned outages (Stallingborough regulatory outage and extended SR kiln outage), positioning operations for improved performance.
Balance Sheet and Liquidity Actions
Total debt $3.2B, net debt ~$3.0B; weighted average interest rate ~6% with ~75% of interest fixed through 2028; liquidity of $527M (including $194M cash); replaced expired Emirates revolver with a new $75M long-term financing facility.
Forward Guidance and Outlook
Q3 adjusted EBITDA guidance of $95M–$115M with expected sequential margin improvement; company continues to expect meaningful positive free cash flow for full-year 2026 and targets long-term net leverage <3x as earnings and cash generation recover.
Progress on Rare Earths Strategy
Advancing rare earths initiative with a definitive feasibility study for the Australian cracking/leaching (MREC) plant expected in Q3 2027 (expected capacity 10,000 tpa TREO, potential start-up late 2029); public nonbinding indications of ~ $600M from select institutions while exploring partners and funding sources.
TROX Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed