Tronox Holdings PLC
tronox.comWhat Do They Do?
Makes titanium dioxide pigment for manufacturers of paint, coatings, plastics and paper, and produces titanium chemicals and mineral-sands co-products for industrial customers.
10-K for FY2025, filed Feb 20, 2026Tronox is the world’s leading vertically integrated manufacturer of TiO2 pigment. We operate titanium-bearing mineral sand mines and…View ↗
TiO2 pigment is used in a wide range of products due to its ability to impart whiteness, brightness, and opacity. TiO2 pigment is used…View ↗
We sell titanium tetrachloride (“TiCl4”) from our facilities in Thann, France and Yanbu, KSA. At our Thann facility in France, we produce…View ↗
In 2025, we generated $326 million in revenue from the sale of high purity pig iron, monazite, titanium tetrachloride and other products.View ↗
How Do They Make Money?
Sells TiO2 pigment and related co-products to customers, generally invoicing them when products ship or reach the agreed destination; customers with poor credit may pay in advance.
10-K for FY2025, filed Feb 20, 2026We primarily generate revenue from selling TiO2 pigment products and related co-products, primarily zircon and pig iron, to our customers.…View ↗
Sales and similar taxes we collect on behalf of governmental authorities are excluded from the transaction price for the determination of…View ↗
We recognize revenue at a point in time when the customer obtains control of the promised products. For most transactions this occurs when…View ↗
Contract liabilities represent our obligations to transfer products to a customer for which we have received consideration from the…View ↗
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10-K for FY2025, filed Feb 20, 2026
FY2025 revenue by product or service ↗
$2.9B
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10-K for FY2025, filed Feb 20, 2026
$2.9B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
TiO2
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
79%
FY2022: 78%
|
TiO2, FY2025
$2.3B Sources
|
Sold outright |
|
Zircon
Sold outright
|
9.5%
FY2022: 13%
|
Zircon, FY2025
$274M Sources
|
Sold outright |
|
Product and Service, Other
Sold outright
10-K for FY2025, filed Feb 20, 2026 |
11%
FY2022: 9.4%
|
Product and Service, Other, FY2025
$326M Sources
|
Sold outright |
Who Are Their Customers?
TiO2 buyers include manufacturers of paint, coatings, plastics and paper; Tronox sells through its own sales teams and through third-party agents and distributors.
10-K for FY2025, filed Feb 20, 2026TiO2 pigment is used in a wide range of products due to its ability to impart whiteness, brightness, and opacity. TiO2 pigment is used…View ↗
We supply and market TiO2 under the brand name TIONA® and CristalActiv® to approximately 1,200 customers in approximately 120 countries…View ↗
In addition to price and product quality, we compete on the basis of technical support and customer service. We sell our products through…View ↗
Do Revenues Turn Into Profits?
No. It lost $470M in FY2025.
10-K for FY2025, filed Feb 20, 2026
−$253MView ↗
10-K for FY2025, filed Feb 20, 2026
−$470MView ↗
10-K for FY2025, filed Feb 20, 2026
−$281MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 6, 2026
−$171MView ↗
- ▲ +104% (Loss)
- vs −$84M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 6, 2026
Open tableView ↗
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Aug 6, 2026
Forecast third-quarter adjusted earnings and full-year cash flow
Forecast $95-$115 million in adjusted earnings before interest, taxes, depreciation and amortization for Q3, and meaningful positive free cash flow for full-year 2026.
Sources
8-K, filed Aug 6, 2026
Q3 2026 Adjusted EBITDA expected to be $95-$115 millionView ↗
Shrinking. Revenue fell 19% in 4 years, from $3.6B in FY2021 to $2.9B in FY2025, about 5% a year.
Who Do They Compete With?
Competes with Chemours, LB Group, Kronos Worldwide, and INEOS
10-K for FY2025, filed Feb 20, 2026We face competition from global competitors with headquarters in Europe, the United States and China, including Chemours, LB Group, Kronos…View ↗
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