Revenue grew 12.9% YoY in Q2 2026 to $558.1M, with gross margin recovering to 18.4% from a -0.9% trough in Q4 2025, though net margin remains thin at 2.7%.
Kronos Worldwide, Inc. (KRO) annual income statement — 24-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 |
|---|
| Sales/Revenue | 1.94B | 1.86B | 1.89B | 1.67B | 1.93B | 1.94B | 1.64B | 1.73B | 1.66B | 1.73B | 1.36B | 1.35B | 1.65B | 1.73B | 1.98B | 1.94B | 1.45B | 1.14B | 1.32B | 1.31B | 1.28B | 1.2B | 1.13B | 1.01B | 875.2M |
| Revenue Growth % | 2.7% | -1.47% | 13.24% | -13.66% | -0.47% | 18.34% | -5.33% | 4.16% | -3.88% | 26.73% | 1.15% | -18.35% | -4.65% | -12.34% | 1.7% | 34.05% | 26.94% | -13.28% | 0.5% | 2.41% | 6.91% | 6.04% | 11.94% | 15.19% | - |
| Cost of Goods Sold | 1.71B | 1.65B | 1.53B | 1.5B | 1.54B | 1.49B | 1.29B | 1.34B | 1.1B | 1.17B | 1.11B | 1.16B | 1.3B | 1.62B | 1.42B | 1.19B | 1.1B | 1.01B | 1.1B | 1.06B | 968.91M | 869.88M | 866.31M | 739.24M | 0 |
| COGS % of Revenue | - | 88.54% | 80.96% | 90.11% | 79.74% | 76.99% | 78.57% | 77.69% | 66.17% | 67.67% | 81.16% | 85.74% | 78.83% | 93.52% | 71.64% | 61.49% | 76.18% | 88.59% | 83.25% | 80.81% | 75.73% | 72.69% | 76.76% | 73.32% | - |
| Gross Profit | 229.5M | 213M | 359.3M | 164.9M | 391.1M | 446.2M | 351.2M | 386.2M | 562.2M | 558.9M | 257M | 192.3M | 349.7M | 112.2M | 560.4M | 748.4M | 345.3M | 130.3M | 220.6M | 251.4M | 310.53M | 326.85M | 262.29M | 268.94M | 875.2M |
| Gross Margin % | 11.81% | 11.46% | 19.04% | 9.89% | 20.26% | 23.01% | 21.43% | 22.31% | 33.83% | 32.32% | 18.84% | 14.26% | 21.17% | 6.48% | 28.36% | 38.51% | 23.82% | 11.41% | 16.75% | 19.19% | 24.27% | 27.31% | 23.24% | 26.68% | 100% |
| Gross Profit Growth % | - | -40.72% | 117.89% | -57.84% | -12.35% | 27.05% | -9.06% | -31.31% | 0.59% | 117.47% | 33.65% | -45.01% | 211.68% | -79.98% | -25.12% | 116.74% | 165% | -40.93% | -12.25% | -19.04% | -4.99% | 24.62% | -2.47% | -69.27% | - |
| Operating Expenses | 256.5M | 254.9M | 236.4M | 220.9M | 231.5M | 259.1M | 235M | 240.4M | 242.2M | 221M | 181.4M | 193.3M | 204M | 240.2M | 198.8M | 195M | 166.7M | 146M | 173.4M | 166.5M | 167.32M | 151.52M | 147.33M | 136.45M | 0 |
| OpEx % of Revenue | - | 13.71% | 12.53% | 13.26% | 11.99% | 13.36% | 14.34% | 13.89% | 14.57% | 12.78% | 13.3% | 14.33% | 12.35% | 13.87% | 10.06% | 10.03% | 11.5% | 12.78% | 13.17% | 12.71% | 13.08% | 12.66% | 13.05% | 13.53% | - |
| Selling, General & Admin | 233.6M | 229.2M | 211.6M | 211.2M | 231.3M | 248.9M | 251.8M | 258.5M | 242.8M | 221.1M | 185.3M | 191.6M | 202.4M | 239.1M | 197.3M | 195M | 166.7M | 148.2M | 167.4M | 162.1M | 163.84M | 150.73M | 148.91M | 128.59M | 0 |
| SG&A % of Revenue | - | 12.33% | 11.21% | 12.67% | 11.98% | 12.83% | 15.36% | 14.93% | 14.61% | 12.79% | 13.58% | 14.21% | 12.25% | 13.8% | 9.98% | 10.03% | 11.5% | 12.98% | 12.71% | 12.37% | 12.81% | 12.6% | 13.19% | 12.75% | - |
| Research & Development | 0 | 16M | 14M | 18M | 0 | 0 | 0 | 0 | 16M | 18M | 13M | 16M | 19M | 18M | 19M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 0.86% | 0.74% | 1.08% | - | - | - | - | 0.96% | 1.04% | 0.95% | 1.19% | 1.15% | 1.04% | 0.96% | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3.7M | 9.7M | 10.8M | -8.3M | 200K | 10.2M | -16.8M | -18.1M | -15M | -500K | -4.2M | 900K | 700K | 1.1M | 1.5M | 0 | 0 | -2.2M | 6M | 166.5M | 3.48M | 788K | -1.57M | 7.86M | 0 |
| Operating Income | -27M | -41.9M | 122.9M | -56M | 159.6M | 187.1M | 116.2M | 145.8M | 330.1M | 330.4M | 81.1M | -1.1M | 149.7M | -132.6M | 359.6M | 546.5M | 178.4M | -15.7M | 47.2M | 84.9M | 143.21M | 175.34M | 114.95M | 132.49M | 875.2M |
| Operating Margin % | -1.39% | -2.25% | 6.51% | -3.36% | 8.27% | 9.65% | 7.09% | 8.42% | 19.86% | 19.11% | 5.94% | -0.08% | 9.06% | -7.65% | 18.2% | 28.12% | 12.31% | -1.37% | 3.58% | 6.48% | 11.19% | 14.65% | 10.19% | 13.14% | 100% |
| Operating Income Growth % | - | -134.09% | 319.46% | -135.09% | -14.7% | 61.02% | -20.3% | -55.83% | -0.09% | 307.4% | 7472.73% | -100.73% | 212.9% | -136.87% | -34.2% | 206.33% | 1236.31% | -133.26% | -44.41% | -40.72% | -18.32% | 52.53% | -13.24% | -84.86% | - |
| EBITDA | 22.9M | 22.9M | 187.3M | -2.9M | 215.8M | 245M | 180.8M | 200.7M | 379.8M | 371.6M | 121.6M | 41M | 198.9M | -82.4M | 407.4M | 594M | 223.1M | 31.3M | 98.5M | 133.8M | 187.46M | 218.87M | 159.01M | 171.91M | 875.2M |
| EBITDA Margin % | 1.18% | 1.23% | 9.93% | -0.17% | 11.18% | 12.63% | 11.03% | 11.59% | 22.85% | 21.49% | 8.91% | 3.04% | 12.04% | -4.76% | 20.61% | 30.57% | 15.39% | 2.74% | 7.48% | 10.21% | 14.65% | 18.29% | 14.09% | 17.05% | 100% |
| EBITDA Growth % | -87.38% | -87.77% | 6558.62% | -101.34% | -11.92% | 35.51% | -9.92% | -47.16% | 2.21% | 205.59% | 196.59% | -79.39% | 341.38% | -120.23% | -31.41% | 166.25% | 612.78% | -68.22% | -26.38% | -28.63% | -14.35% | 37.65% | -7.51% | -80.36% | - |
| D&A (Non-Cash Add-back) | 50.4M | 64.8M | 64.4M | 53.1M | 56.2M | 57.9M | 64.6M | 54.9M | 49.7M | 41.2M | 40.5M | 42.1M | 49.2M | 50.2M | 47.8M | 47.5M | 44.7M | 47M | 51.3M | 48.9M | 44.25M | 43.54M | 44.05M | 39.42M | 0 |
| EBIT | -39.4M | -44.4M | 192.5M | -55.8M | 150.8M | 173M | 99M | 139.8M | 305.2M | 324.7M | 71.6M | -11.7M | 146.6M | -140.3M | 357.5M | 549.8M | 179.1M | -15.5M | 48.2M | 84.9M | 143.21M | 176.04M | 113.83M | 132.49M | 875.2M |
| Net Interest Income | -56.1M | -51.8M | -37.4M | -10.2M | -11.8M | -19.2M | -17.2M | -12M | -14M | -17.6M | -19.9M | -17.7M | -16M | -18.4M | -17.7M | -25.7M | -38.1M | -41.2M | -41.2M | -36.9M | -39.59M | -42.63M | -50.44M | -33.22M | 0 |
| Interest Income | 1M | 1.2M | 5.5M | 6.9M | 5.1M | 400K | 1.8M | 6.7M | 5.5M | 1.4M | 600K | 800K | 1M | 1.2M | 9M | 7M | 700K | 200K | 1M | 2.5M | 3.67M | 2.06M | 2.17M | 1.67M | 0 |
| Interest Expense | 57.1M | 53M | 42.9M | 17.1M | 16.9M | 19.6M | 19M | 18.7M | 19.5M | 19M | 20.5M | 18.5M | 17M | 19.6M | 26.7M | 32.7M | 38.8M | 41.4M | 42.2M | 39.4M | 43.26M | 44.69M | 52.61M | 34.89M | 0 |
| Other Income/Expense | -69.5M | -55.5M | 26.7M | -16.9M | -25.7M | -33.7M | -36.2M | -24.7M | -36.3M | -42.1M | -31.7M | -29.7M | -16M | -27.3M | -28.8M | -29.4M | -38.1M | -41.2M | -41.2M | -36.9M | -61.9M | -37.19M | -51.55M | -33.22M | -875.2M |
| Pretax Income | -96.5M | -97.4M | 149.6M | -72.9M | 133.9M | 153.4M | 80M | 121.1M | 293.8M | 305.7M | 61.2M | -30.8M | 133.7M | -159.9M | 330.8M | 517.1M | 140.3M | -56.9M | 6M | 48M | 81.31M | 138.14M | 64.52M | 99.28M | 0 |
| Pretax Margin % | -4.97% | -5.24% | 7.93% | -4.37% | 6.94% | 7.91% | 4.88% | 7% | 17.68% | 17.68% | 4.49% | -2.28% | 8.09% | -9.23% | 16.74% | 26.61% | 9.68% | -4.98% | 0.46% | 3.66% | 6.36% | 11.54% | 5.72% | 9.85% | - |
| Income Tax | 12.9M | 13.5M | 63.4M | -23.8M | 29.4M | 40.5M | 16.1M | 34M | 88.8M | -48.8M | 17.9M | 142.8M | 34.5M | -57.9M | 112.3M | 196.1M | 9.7M | -22.2M | -3M | 114.7M | -667K | 67.13M | -250.39M | 11.66M | -66.4M |
| Effective Tax Rate % | -13.37% | -13.86% | 42.38% | 32.65% | 21.96% | 26.4% | 20.13% | 28.08% | 30.22% | -15.96% | 29.25% | -463.64% | 25.8% | 36.21% | 33.95% | 37.92% | 6.91% | 39.02% | -50% | 238.96% | -0.82% | 48.59% | -388.1% | 11.74% | - |
| Net Income | -109.4M | -110.9M | 86.2M | -49.1M | 104.5M | 112.9M | 63.9M | 87.1M | 205M | 354.5M | 43.3M | -173.6M | 99.2M | -102M | 218.5M | 321M | 130.6M | -34.7M | 9M | -66.7M | 81.97M | 71.01M | 314.85M | 87.55M | 66.4M |
| Net Margin % | -5.63% | -5.96% | 4.57% | -2.95% | 5.41% | 5.82% | 3.9% | 5.03% | 12.34% | 20.5% | 3.17% | -12.87% | 6.01% | -5.89% | 11.06% | 16.52% | 9.01% | -3.04% | 0.68% | -5.09% | 6.41% | 5.93% | 27.9% | 8.68% | 7.59% |
| Net Income Growth % | -262.07% | -228.65% | 275.56% | -146.99% | -7.44% | 76.68% | -26.64% | -57.51% | -42.17% | 718.71% | 124.94% | -275% | 197.25% | -146.68% | -31.93% | 145.79% | 476.37% | -485.56% | 113.49% | -181.37% | 15.44% | -77.45% | 259.63% | 31.85% | - |
| Net Income (Continuing) | -109.4M | -110.9M | 86.2M | -49.1M | 104.5M | 112.9M | 63.9M | 87.1M | 205M | 354.5M | 43.3M | -173.6M | 99.2M | -102M | 218.5M | 321M | 130.6M | -34.7M | 9M | -66.7M | 81.98M | 71.45M | 314.91M | 87.55M | 66.4M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 41K | 75K | 76K | 525K | 0 |
| EPS (Diluted) | -0.95 | -0.96 | 0.75 | -0.43 | 0.90 | 0.98 | 0.55 | 0.75 | 1.77 | 3.06 | 0.37 | -1.50 | 0.86 | -0.88 | 1.89 | 2.77 | 1.29 | -0.35 | 0.09 | -0.68 | 0.84 | 0.73 | 3.21 | 0.91 | 0.68 |
| EPS Growth % | -261.31% | -228% | 274.42% | -147.78% | -8.16% | 78.18% | -26.67% | -57.63% | -42.16% | 727.03% | 124.67% | -274.42% | 197.73% | -146.56% | -31.77% | 114.73% | 468.57% | -488.89% | 113.24% | -180.95% | 15.07% | -77.26% | 252.75% | 33.82% | - |
| EPS (Basic) | - | -0.96 | 0.75 | -0.43 | 0.90 | 0.98 | 0.55 | 0.75 | 1.77 | 3.06 | 0.37 | -1.50 | 0.86 | -0.88 | 1.89 | 2.77 | 1.29 | -0.35 | 0.09 | -0.68 | 0.84 | 0.73 | 3.21 | 0.91 | 0.68 |
| Diluted Shares Outstanding | 115.1M | 115M | 115M | 115.1M | 115.5M | 115.5M | 115.6M | 115.8M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 100.8M | 98M | 98M | 98M | 98M | 98M | 97.85M | 96.74M | 97.65M |
| Basic Shares Outstanding | 115.1M | 115M | 115M | 115.1M | 115.5M | 115.5M | 115.6M | 115.8M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 115.9M | 100.8M | 98M | 98M | 98M | 98M | 98M | 97.85M | 96.74M | 97.65M |
| Dividend Payout Ratio | - | - | 64.04% | - | 84.02% | 73.69% | 130.2% | 95.75% | 38.44% | 19.61% | 160.51% | - | 70.06% | - | 31.81% | 38.82% | 11.1% | - | 544.44% | - | 59.72% | 68.94% | 15.55% | 8% | - |
Quick answers to the most common questions about buying KRO stock.
For fiscal year 2025, Kronos Worldwide, Inc. (KRO) reported total revenue of $1.86B. This represents a 112.5% increase compared to $875.2M in 2002.
Kronos Worldwide, Inc. (KRO) reported a net loss of $110.9M for the fiscal year ending 2025.
Kronos Worldwide, Inc. (KRO) reported an operating income of $-41.9M, resulting in an operating profit margin of -2.3%. This margin reflects the operational efficiency of the business before interest and taxes.
Kronos Worldwide, Inc. (KRO) generated $213.0M in gross profit for the year, representing a gross profit margin of 11.5%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Persistent negative margins and cyclicality
Metrics are mathematically derived from official filings.
Revenue Recovery Amidst Cyclical Pressures
Revenue grew 12.9% YoY in Q2 2026 to $558.1M, marking the strongest quarter in the series, yet the prior year showed declines, indicating a volatile recovery trajectory.
The 12.9% YoY growth in Q2 2026 is a notable rebound from the -1.2% decline in Q2 2025, suggesting a cyclical upturn in TiO2 demand. However, the growth is uneven, with Q1 2026 at 4.1% and Q4 2025 at -1.1%, reflecting the industry's sensitivity to global industrial cycles. Investors should monitor whether this acceleration is sustainable, as it may be driven by inventory restocking rather than end-market strength.
Gross Margin Recovery from Trough
Gross margin improved to 18.4% in Q2 2026 from a negative -0.9% in Q4 2025, but remains below the 20%+ levels seen in mid-2024, indicating incomplete pricing power recovery.
The swing from a negative gross margin in Q4 2025 to 18.4% in Q2 2026 is dramatic, likely driven by higher sales volumes and cost reduction initiatives. However, the margin is still below the 20.0-21.8% range of 2024, suggesting that input costs or pricing have not fully normalized. The company's ability to sustain this improvement will depend on TiO2 price stability and European energy costs, which remain volatile.
Operating Leverage Emerging from Cost Cuts
Operating income swung from -$65.3M in Q4 2025 to $37.6M in Q2 2026, with operating margin at 6.7%, indicating that fixed costs are being covered as volumes recover.
The positive operating leverage is evident as revenue increased 33% from Q4 2025 to Q2 2026, while SG&A rose only 47% (from $43.9M to $64.5M), but the absolute increase is less than revenue growth. This suggests that the high fixed-cost base is now being utilized more efficiently. However, the operating margin is still below the 7-8% levels of 2024, implying that cost discipline must continue to offset any lingering input cost pressures.
Earnings Quality Marred by Tax and Non-Operating Items
Net income of $15.2M in Q2 2026 is positive, but Q4 2025's net loss of -$82.8M on a -$65.3M operating loss suggests significant non-operating charges, warranting scrutiny.
The gap between operating income and net income in several quarters indicates non-operating items, such as taxes or foreign exchange effects, are material. For instance, Q3 2024 had operating income of $38.9M but net income of $71.8M, implying a large tax benefit or other gains. Conversely, Q4 2024 had operating income of $28.6M but a net loss of -$13.2M, suggesting tax expenses or impairments. Investors should adjust for these items to assess core profitability.
Cost Structure Shows Volatility in COGS and SG&A
COGS as a percentage of revenue fell from 100.9% in Q4 2025 to 81.6% in Q2 2026, while SG&A remained relatively stable, indicating variable cost pressures are easing.
The dramatic reduction in COGS ratio suggests that input costs, particularly feedstocks and energy, have moderated or that the company has successfully passed through price increases. SG&A has been relatively stable around $60M per quarter, indicating disciplined overhead management. However, the Q4 2025 COGS spike to 100.9% of revenue highlights the risk of cost spikes, which could recur if energy prices rise again.
Q4 2025 Trough Marks Operational Inflection
Q4 2025 was the nadir with a -15.6% operating margin and -19.8% net margin, followed by sequential improvement to positive margins in Q2 2026, signaling a potential cyclical bottom.
The Q4 2025 quarter appears to be the trough of the current cycle, with gross margin negative and operating income deeply negative. The subsequent recovery in Q1 and Q2 2026 suggests that the company has passed the worst, possibly due to cost reductions and improved volumes. However, the sustainability of this inflection is uncertain, as it may be driven by temporary factors such as inventory restocking or seasonal demand. Investors should watch for confirmation in the coming quarters.
What Could Invalidate the Base Case
Despite the Q2 2026 EPS beat, persistent negative operating and net margins over the TTM, with ROE at -14.1%, suggest the recovery may be fragile and not yet structurally sound.
Short-sellers would highlight that the Q2 2026 improvement is a single quarter and that the company still reports negative operating margin (-2.3%) and net margin (-6.0%) on a TTM basis, indicating that cost reductions have not fully offset pricing or input cost pressures. The lack of formal forward guidance from management, despite qualitative optimism, may signal uncertainty about the durability of the recovery. Additionally, the company's high fixed-cost base and exposure to volatile European energy prices could reverse the recent margin gains if demand softens or costs spike again.