Tronox Holdings plc (TROX) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	-$0.37	-$0.51	-37.8%	—	$868M	—
Q1 26	-$0.41	-$0.55	-34.1%	—	$760M	—
Q4 25	-$0.58	-$0.6	-3.4%	—	$730M	—
Q3 25	-$0.21	-$0.46	-119.0%	—	$699M	—
Q2 25	-$0.12	-$0.28	-133.3%	—	$731M	—
Q1 25	$0.02	-$0.15	-850.0%	—	$738M	—
Q4 24	$0.06	$0.03	-50.0%	—	$676M	—
Q3 24	$0.17	-$0.13	-176.5%	—	$804M	—
Q2 24	$0.19	$0.07	-63.2%	—	$820M	—
Q1 24	$0.01	-$0.05	-600.0%	—	$774M	—
Q4 23	-$0.04	-$0.38	-850.0%	—	$686M	—
Q3 23	$0.05	-$0.08	-260.0%	—	$662M	—
Q2 23	$0.28	$0.16	-42.9%	—	$794M	—
Q1 23	$0.1	$0.15	+50.0%	—	$708M	—
Q4 22	$0.11	-$0.17	-254.5%	—	$649M	—
Q3 22	$0.75	$0.69	-8.0%	—	$895M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	-$2.97	—	—	$2.9B	—
FY24	—	-$0.31	—	—	$3.1B	—
FY23	—	-$2.02	—	—	$2.9B	—
FY22	—	$3.21	—	—	$3.5B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$1.3B	$1.7B	$1.8B	$2.6B	$2.8B	$3.6B	$3.5B	$2.9B	$3.1B	$2.9B
YoY change	-13.3%	+29.7%	+7.13%	+45.2%	+4.39%	+29.5%	-3.3%	-17.5%	+7.86%	-5.73%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	1.3B	1.7B	1.8B	2.6B	2.8B	3.6B	3.5B	2.9B	3.1B	2.9B
Cost of revenue	1.2B	1.3B	1.3B	2.2B	2.1B	2.7B	2.6B	2.4B	2.6B	2.6B
Gross profit	133M	389M	498M	464M	621M	895M	832M	462M	515M	269M
Gross margin	10.2%	22.9%	27.4%	17.6%	22.5%	25.1%	24.1%	16.2%	16.8%	9.28%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	189M	252M	266M	347M	344M	313M	305M	276M	296M	290M
Operating expenses	189M	252M	266M	347M	344M	313M	305M	276M	296M	290M
Operating income	-56M	137M	232M	117M	277M	582M	527M	186M	219M	-21M
Operating margin	-4.28%	8.07%	12.8%	4.43%	10%	16.3%	15.3%	6.53%	7.12%	-0.72%
Non-operating income, net	-26M	-46M	-29M	-22M	18M	-58M	-103M	3M	11M	-254M
Pretax income	-264M	-87M	43M	-88M	114M	374M	308M	49M	73M	-458M
Income tax	-125M	6M	13M	14M	-881M	71M	-192M	363M	127M	15M
Net income	-60M	-272M	30M	-97M	995M	303M	500M	-314M	-54M	-473M
Net margin	-4.58%	-16%	1.65%	-3.67%	36.1%	8.48%	14.5%	-11%	-1.76%	-16.3%
EBITDA	115M	330M	452M	405M	587M	884M	803M	467M	489M	259M
EPS	-0.5	-2.39	-0.06	-0.78	6.76	1.88	3.21	-2.02	-0.31	-2.97
Diluted EPS	-0.5	-2.39	-0.06	-0.78	6.69	1.81	3.16	-2.02	-0.31	-2.97

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	662M	686M	774M	820M	804M	676M	738M	731M	699M	730M	760M	868M
Cost of revenue	568M	608M	654M	670M	676M	559M	639M	652M	647M	691M	716M	813M
Gross profit	94M	78M	120M	150M	128M	117M	99M	79M	52M	39M	44M	55M
Gross margin	14.2%	11.4%	15.5%	18.3%	15.9%	17.3%	13.4%	10.8%	7.44%	5.34%	5.79%	6.34%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	62M	70M	79M	74M	74M	69M	74M	72M	70M	74M	71M	72M
Operating expenses	62M	70M	79M	74M	74M	69M	74M	72M	70M	74M	71M	72M
Operating income	32M	8M	41M	76M	54M	48M	25M	7M	-18M	-35M	-27M	-17M
Operating margin	4.83%	1.17%	5.3%	9.27%	6.72%	7.1%	3.39%	0.96%	-2.58%	-4.79%	-3.55%	-1.96%
Non-operating income, net	—	-3M	-1M	19M	-14M	7M	-91M	-44M	-27M	-92M	-26M	6M
Pretax income	-6M	-32M	2M	55M	1M	15M	-106M	-81M	-92M	-179M	-104M	-67M
Income tax	8M	24M	11M	45M	26M	45M	5M	4M	8M	-2M	0	106M
Net income	-14M	-56M	-9M	10M	-25M	-30M	-111M	-85M	-100M	-177M	-104M	-173M
Net margin	-2.11%	-8.16%	-1.16%	1.22%	-3.11%	-4.44%	-15%	-11.6%	-14.3%	-24.2%	-13.7%	-19.9%
EBITDA	103M	67M	116M	169M	116M	88M	93M	80M	56M	30M	38M	69M
EPS	-0.09	-0.36	-0.06	0.1	-0.16	-0.19	-0.7	-0.53	-0.63	-1.11	-0.65	-1.07
Diluted EPS	-0.09	-0.36	-0.06	0.1	-0.16	-0.19	-0.7	-0.53	-0.63	-1.11	-0.65	-1.07

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	1.2B	2.5B	956M	—	2.1B	3.7B	2.1B	2.2B	1.6B	660.9M	634M
Enterprise value	4B	4.5B	3.1B	—	4.9B	6.1B	4.6B	4.9B	4.4B	3.9B	4B
Shares outstanding	116.2M	119.5M	122.9M	139.9M	143.4M	152.1M	154.9M	156.4M	157.8M	158.5M	158.5M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	31.9	—	2.11	12.1	4.25	—	—	—	3.87
P/S	0.91	1.44	0.53	—	0.76	1.02	0.61	0.78	0.52	0.23	0.21
P/B	1.04	2.41	1.11	—	1.12	1.79	0.88	1.12	0.89	0.46	0.55
EV/EBITDA	34.8	13.6	6.82	—	8.31	6.88	5.76	10.5	9.06	14.9	22.8
EV/Sales	3.06	2.64	1.69	—	1.77	1.7	1.34	1.72	1.44	1.33	1.31
Earnings yield	—	—	3.14%	—	47.5%	8.29%	23.5%	—	—	—	25.8%
FCF yield	10.4%	7.38%	5.54%	—	7.63%	12.8%	8.01%	-3.48%	-4.4%	-42.5%	-3.65%
PEG	—	—	—	—	—	—	—	—	—	—	0.04

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	10.2%	22.9%	27.4%	17.6%	22.5%	25.1%	24.1%	16.2%	16.8%	9.28%	6.34%
Operating margin	-4.28%	8.07%	12.8%	4.43%	10%	16.3%	15.3%	6.53%	7.12%	-0.72%	-1.96%
Net margin	-4.58%	-16%	1.65%	-3.67%	36.1%	8.48%	14.5%	-11%	-1.76%	-16.3%	-19.2%
ROE	-5.2%	-26.8%	3.48%	-10.6%	53.2%	14.8%	20.8%	-15.9%	-3.02%	-32.6%	-41.3%
ROA	-1.21%	-5.59%	0.65%	-1.84%	15.1%	5.06%	7.93%	-5.12%	-0.89%	-12%	-1.2%
ROIC	-1.41%	4.5%	5.42%	3.13%	5.95%	10.5%	10.7%	0%	0%	-0.45%	-2.2%
Return on tangible assets	-1.33%	-6.09%	0.7%	-2%	16.1%	5.46%	8.61%	-5.56%	-0.97%	-13.4%	-9.99%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	4.85	7.48	8.48	2.95	3.14	2.49	2.31	2.84	2.47	—	2.55
Quick ratio	3.97	6.14	6.88	1.34	1.73	1.22	0.8	0.95	0.69	—	0.81
Debt / equity	2.65	3.1	3.67	3.41	1.82	1.3	1.11	1.49	1.67	2.34	2.97
Debt / assets	0.62	0.65	0.68	0.59	0.52	0.44	0.42	0.48	0.5	0.86	0.57
Net debt / EBITDA	24.4	6.15	4.71	6.97	4.74	2.75	3.12	5.73	5.81	12.3	16.7
Interest coverage	-0.52	0.54	1.24	0.54	1.64	3.56	3.63	1.33	1.46	-1.59	-1.22
Effective tax rate	0%	0%	30.2%	0%	0%	19%	0%	100%	100%	0%	0%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	11.3	14.2	14.8	18.9	19.2	23.5	22.3	18.2	19.5	18.3	19.2
EPS (basic)	-0.5	-2.39	-0.06	-0.78	6.76	1.88	3.21	-2.02	-0.31	-2.97	-2.97
EPS (diluted)	-0.5	-2.39	-0.06	-0.78	6.69	1.81	3.16	-2.02	-0.31	-2.97	-3.46
Book value per share	9.93	8.49	7.01	6.55	13.1	13.4	15.5	12.7	11.3	9.14	7.27
FCF per share	1.07	1.51	0.43	1.74	1.12	3.08	1.1	-0.49	-0.44	-1.77	-0.99
Cash per share	2.13	9.34	8.41	2.16	4.32	1.5	1.06	1.75	0.96	1.26	1.34
Capex per share	—	—	—	—	—	—	—	—	—	2.15	1.63

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	—	—	—	—	—	—	—	—	—	11.8%	8.51%
Capex / operating cash flow	—	—	—	—	—	—	—	—	—	568.3%	257.4%
Payout ratio	-76.7%	-8.46%	76.7%	-27.8%	4.02%	21.5%	17.4%	-28.3%	-148.1%	-10.1%	15.6%
Dividend yield	3.84%	0.94%	2.41%	—	1.91%	1.78%	4.1%	4.02%	5.03%	7.26%	5.04%

Yield

5.04%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.05

ex-dividend Aug 10, 2026

Payout ratio

16%

of earnings

Dividend growth

0 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 10, 2026	$0.05
May 11, 2026	$0.05
Feb 23, 2026	$0.05
Nov 10, 2025	$0.05

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$662M	$686M	$774M	$820M	$804M	$676M	$738M	$731M	$699M	$730M	$760M	$868M
YoY change	-26%	+5.7%	+9.32%	+3.27%	+21.5%	-1.46%	-4.65%	-10.9%	-13.1%	+7.99%	+2.98%	+18.7%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	248M	1.1B	1B	302M	619M	228M	164M	273M	151M	199M
Receivables	270M	328M	317M	482M	540M	631M	377M	290M	266M	289M
Inventory	499M	473M	479M	1.1B	1.1B	1B	1.3B	1.4B	1.6B	1.7B
Total current assets	2.7B	2.6B	2.5B	2.1B	2.5B	2B	2B	2.1B	2.2B	—
Property, plant & equipment	3.3B	3B	1.6B	2.4B	2.3B	2.2B	2.3B	2.2B	2.3B	2.3B
Goodwill & intangibles	446M	396M	352M	416M	402M	434M	500M	486M	488M	428M
Total assets	5B	4.9B	4.6B	5.3B	6.6B	6B	6.3B	6.1B	6B	4B
Accounts payable	136M	165M	133M	342M	356M	438M	486M	461M	499M	481M
Short-term debt	166M	22M	22M	76M	97M	44M	94M	62M	124M	112M
Total current liabilities	564M	353M	300M	702M	805M	822M	850M	753M	874M	919M
Long-term debt	2.9B	3.1B	3.1B	3B	3.3B	2.6B	2.6B	2.9B	2.9B	3.3B
Total liabilities	3.8B	3.8B	3.8B	4.4B	4.7B	3.9B	3.9B	4.2B	4.2B	4.8B
Shareholders' equity	1.2B	1B	862M	916M	1.9B	2B	2.4B	2B	1.8B	1.4B
Total debt	3.1B	3.1B	3.2B	3.1B	3.4B	2.7B	2.7B	3B	3B	3.4B
Net debt	2.8B	2B	2.1B	2.8B	2.8B	2.4B	2.5B	2.7B	2.8B	3.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	185M	199M	126M	194M
Receivables	—	—	—	—	—	—	—	—	301M	289M	331M	363M
Inventory	—	—	—	—	—	—	—	—	1.7B	1.7B	1.6B	1.5B
Total current assets	—	—	—	—	—	—	—	—	2.3B	2.3B	2.2B	2.1B
Property, plant & equipment	235M	237M	236M	241M	240M	236M	238M	243M	2.4B	2.3B	2.2B	2.3B
Goodwill & intangibles	—	—	—	—	—	—	—	—	442M	428M	416M	406M
Total assets	—	—	—	—	—	—	—	—	6.3B	6.2B	6.1B	6B
Accounts payable	—	—	—	—	—	—	—	—	433M	481M	419M	404M
Short-term debt	—	—	—	—	—	—	—	—	124M	112M	194M	140M
Total current liabilities	—	—	—	—	—	—	—	—	847M	919M	895M	840M
Long-term debt	—	—	—	—	—	—	—	—	3.3B	3.3B	3.3B	3.3B
Total liabilities	—	—	—	—	—	—	—	—	4.7B	4.8B	4.7B	4.8B
Shareholders' equity	—	—	—	—	—	—	—	—	1.6B	1.4B	1.3B	1.2B
Total debt	—	—	—	—	—	—	—	—	3.4B	3.4B	3.5B	3.4B
Net debt	—	—	—	—	—	—	—	—	3.2B	3.2B	3.3B	3.2B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-139M	-93M	30M	-102M	995M	303M	500M	-314M	-54M	-473M
Depreciation & amortization	177M	182M	195M	280M	304M	297M	269M	275M	285M	302M
Stock-based compensation	24M	31M	21M	32M	30M	31M	26M	21M	21M	20M
Change in working capital	91M	-14M	-122M	38M	-123M	-71M	-62M	-127M	-143M	-59M
Operating cash flow	91M	157M	105M	389M	382M	622M	530M	231M	259M	60M
Capital expenditure	—	—	—	—	—	—	—	—	—	-341M
Investing cash flow	2M	674M	-57M	-987M	-34M	3M	13M	6M	27M	-328M
Dividends paid	-46M	-23M	-23M	-27M	-40M	-65M	-87M	-89M	-80M	-48M
Share repurchases	—	0	0	-288M	0	0	-50M	0	0	—
Financing cash flow	-78M	-139M	-52M	-638M	201M	-885M	-363M	28M	-88M	178M
Net change in cash	15M	692M	-4M	-1.2B	549M	-260M	180M	265M	198M	-90M
Free cash flow	124M	181M	53M	243M	160M	468M	170M	-77M	-70M	-281M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-14M	-56M	-9M	10M	-25M	-30M	-111M	-85M	-100M	-177M	-104M	-173M
Depreciation & amortization	67M	69M	72M	72M	70M	71M	71M	74M	75M	82M	75M	76M
Stock-based compensation	4M	6M	6M	4M	7M	4M	5M	4M	5M	6M	6M	5M
Change in working capital	61M	-33M	-94M	-17M	-6M	-24M	-95M	-15M	-18M	69M	16M	89M
Operating cash flow	132M	8M	4M	104M	77M	76M	-28M	28M	-57M	121M	-68M	105M
Capital expenditure	—	—	—	—	—	—	—	-83M	-80M	-68M	-67M	-45M
Investing cash flow	0	3M	—	—	11M	0	15M	-81M	-79M	-67M	-67M	-45M
Dividends paid	-19M	-20M	-1M	-40M	-20M	-19M	0	-20M	-20M	-8M	-8M	-8M
Share repurchases	0	0	—	—	—	—	—	—	—	—	—	—
Financing cash flow	32M	-43M	-18M	-54M	-246M	20M	103M	44M	-336M	-32M	-30M	-12M
Net change in cash	164M	-32M	-14M	50M	-158M	96M	90M	-9M	-472M	22M	-165M	48M
Free cash flow	-37M	51M	-105M	84M	-14M	-35M	-142M	-55M	-137M	53M	-135M	60M

Tronox Holdings plc Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history