TROX

MKT CAP:$2B

Tronox Holdings plc

Market Cap

$2B

Basic Materials·Chemicals·🇺🇸 United States·NYSE

Materials·Chemicals·🇺🇸·NYSE

Stock Price

$9.60+$5.33 (+124.82%)

Apr 21, 2026

Company Details

Tronox Holdings plc operates as a vertically integrated manufacturer of TiO2 pigment in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific. The company operates titanium-bearing mineral sand mine...

CEO

John D. Romano

IPO Date

Dec 1, 2010

Website

www.tronox.com

Key Metrics TTM

Revenue

$2.9B

+1.1% YoY

Net Income

-$342M

EPS (Diluted)

-$2.16

Free Cash Flow

-$138M

Revenue / Share

$18.59

Gross Margin

12.7%

Operating Margin

0.2%

Net Margin

-11.6%

FCF Margin

-4.7%

P/S

0.5x

P/E

—

Earnings Reports

Q1 2026

Apr 29, 2026

PENDING

Q4 2025

Feb 20, 2026

$730M+8.0%EPS -$1.11

Q1 2025

May 1, 2025

$738M-4.7%EPS -$0.70

FY 2024

Feb 19, 2025

$3.1B+7.9%EPS -$0.30

Q4 2024

Feb 19, 2025

$676M-1.5%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q2 20	$578M	$129M	$49M
Q1 21	$891M	$206M	$125M
Q2 21	$927M	$227M	$150M
Q3 21	$870M	$244M	$168M
Q1 22	$965M	$232M	$69M
Q2 22	$945M	$263M	$190M
Q1 23	$708M	$133M	$62M
Q2 23	$794M	$157M	$84M
Q3 23	$662M	$94M	$32M
Q4 23	$686M	$78M	$8M
Q1 24	$774M	$120M	$41M
Q3 24	$804M	$119M	$54M
Q4 24	$676M	$117M	$48M
Q1 25	$738M	$99M	-$61M
Q4 25	$730M	$39M	-$35M

Valuation

Quarter	P/S	P/E
Q2 20	—	—
Q1 21	—	—
Q2 21	—	—
Q3 21	0.5x	7.9x
Q1 22	0.4x	7.2x
Q2 22	0.4x	2.8x
Q1 23	0.5x	3.0x
Q2 23	0.5x	10.9x
Q3 23	0.5x	13.8x
Q4 23	0.6x	—
Q1 24	0.5x	—
Q3 24	0.5x	—
Q4 24	0.5x	—
Q1 25	0.5x	—
Q4 25	0.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q2 20	$100M	$56M
Q1 21	$135M	$77M
Q2 21	$210M	$150M
Q3 21	$256M	$191M
Q1 22	$189M	$86M
Q2 22	$32M	-$67M
Q1 23	-$79M	-$172M
Q2 23	$136M	$81M
Q3 23	$17M	-$37M
Q4 23	$110M	$51M
Q1 24	-$29M	-$105M
Q3 24	$87M	-$14M
Q4 24	$82M	-$35M
Q1 25	-$32M	-$142M
Q4 25	$121M	$53M

Capital Expenditures

Quarter	CapEx
Q2 20	$44M
Q1 21	$58M
Q2 21	$60M
Q3 21	$65M
Q1 22	$103M
Q2 22	$99M
Q1 23	$93M
Q2 23	$55M
Q3 23	$54M
Q4 23	$59M
Q1 24	$76M
Q3 24	$101M
Q4 24	$117M
Q1 25	$110M
Q4 25	$68M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+67.0%	+69.4%
Q2 22	+6.1%	-1.4%
Q1 23	-23.6%	-16.9%
Q2 23	-8.7%	+1.1%
Q3 23	-31.4%	-29.7%
Q4 23	-27.4%	-10.2%
Q1 24	+9.3%	+13.5%
Q3 24	+1.3%	+5.6%
Q4 24	+2.1%	-0.3%
Q1 25	+7.6%	+17.8%
Q4 25	-5.7%	+4.4%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q2 20	$2M	0.3%
Q1 21	$9M	1.0%
Q2 21	$7M	0.8%
Q3 21	$0	0.0%
Q1 22	$7M	0.7%
Q2 22	$7M	0.7%
Q1 23	$6M	0.8%
Q2 23	$5M	0.6%
Q3 23	$4M	0.6%
Q4 23	$6M	0.9%
Q1 24	$6M	0.8%
Q3 24	$7M	0.9%
Q4 24	$4M	0.6%
Q1 25	$5M	0.7%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q2 20	—	$80M	—
Q1 21	—	—	$81M
Q2 21	—	—	$77M
Q3 21	—	$76M	—
Q1 22	—	$78M	—
Q2 22	—	—	$65M
Q1 23	—	$71M	—
Q2 23	—	$73M	—
Q3 23	—	$62M	—
Q4 23	—	$70M	—
Q1 24	—	$79M	—
Q3 24	—	—	$65M
Q4 24	$14M	—	$69M
Q1 25	—	—	$74M
Q4 25	—	—	$74M

Revenue Segments

Quarter	Feedstock and Other Products	Ti O2	Zircon	Other Products
Q2 20	$44M	$466M	$68M	—
Q1 21	$72M	$696M	$123M	—
Q2 21	$66M	$740M	$121M	—
Q3 21	$72M	$682M	$116M	—
Q1 22	$84M	$773M	$108M	—
Q2 22	$65M	$769M	$111M	—
Q1 23	$76M	$560M	$72M	—
Q2 23	—	$611M	$95M	$88M
Q3 23	—	$558M	$33M	$71M
Q1 24	—	$605M	$88M	$81M
Q3 24	—	$616M	$74M	$114M
Q1 25	—	$584M	$69M	$85M

Revenue by Geography

Quarter	Asia Pacific	Europe, Middle-East and Africa	North America	South and Central America
Q2 20	$202M	$201M	$154M	$21M
Q1 21	$302M	$357M	$169M	$63M
Q2 21	$308M	$357M	$194M	$68M
Q3 21	$279M	$345M	$183M	$63M
Q1 22	$326M	$377M	$195M	$67M
Q2 22	$306M	$361M	$205M	$73M
Q1 23	$195M	$282M	$189M	$42M
Q2 23	$230M	$319M	$204M	$41M
Q3 23	$178M	$256M	$191M	$37M
Q1 24	$227M	$309M	$192M	$46M
Q3 24	$206M	$332M	$212M	$54M
Q1 25	$182M	$312M	$198M	$46M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$292M	$0	$292M
Q2 22	$112M	$0	$112M
Q3 22	$91M	$0	$91M
Q4 22	$164M	$0	$164M
Q1 23	$115M	$0	$115M
Q2 23	$167M	$0	$167M
Q3 23	$246M	$0	$246M
Q4 23	$273M	$0	$273M
Q1 24	$152M	$0	$152M
Q2 24	$201M	$0	$201M
Q3 24	$167M	$0	$167M
Q4 24	$151M	$0	$151M
Q1 25	$138M	$0	$138M
Q2 25	$132M	$0	$132M
Q3 25	$185M	$0	$185M
Q4 25	$211M	$0	$211M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q2 20	143M	—	—
Q1 21	154M	+7.3%	—
Q2 21	159M	+3.3%	—
Q3 21	159M	+0.0%	—
Q1 22	160M	+0.4%	+11.2%
Q2 22	158M	-0.7%	+2.9%
Q1 23	157M	-1.1%	-1.5%
Q2 23	157M	+0.1%	-1.4%
Q3 23	157M	+0.0%	-1.7%
Q4 23	157M	+0.0%	-1.0%
Q1 24	157M	+0.3%	+0.4%
Q3 24	158M	+0.5%	+0.8%
Q4 24	158M	-0.0%	+0.8%
Q1 25	158M	+0.1%	+0.8%
Q4 25	159M	+0.3%	+0.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q2 20	$86.8K	7K
Q1 21	$137.1K	7K
Q2 21	$142.6K	7K
Q3 21	$133.8K	7K
Q1 22	$148.5K	7K
Q2 22	$145.4K	7K
Q1 23	$108.9K	7K
Q2 23	$122.2K	7K
Q3 23	$101.8K	7K
Q4 23	$105.5K	7K
Q1 24	$119.1K	7K
Q3 24	$123.7K	7K
Q4 24	$104.0K	7K
Q1 25	$113.5K	7K
Q4 25	$128.1K	6K

Revenue / Employee