The company has generated a cumulative negative free cash flow of approximately $334M over the last four quarters, with capital expenditures consistently outpacing volatile operating cash flow, exemplified by a $75.0M negative FCF in 2026Q2.
Tronox Holdings plc (TROX) cash flow statement — 22-year operating, investing & financing cash flows
| 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'10 | Dec'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 |
|---|
| Cash from Operations | 220M | 60M | 300M | 184M | 598M | 740M | 355M | 441M | 170M | 273M | 211M | 216M | 141M | 337M | 118M | 76.9M | -54.5M | 95.3M | 111.6M | 61.5M | 190.8M | 0 | 0 |
| Operating CF Margin % | - | 2.08% | 9.76% | 6.46% | 17.31% | 20.72% | 12.87% | 16.69% | 9.35% | 16.08% | 10.08% | 10.23% | 8.12% | 17.53% | 6.44% | 6.32% | -5.09% | 6.68% | 7.91% | 4.51% | 14.66% | - | - |
| Operating CF Growth % | 418.83% | -80% | 63.04% | -69.23% | -19.19% | 108.45% | -19.5% | 159.41% | -37.73% | 29.38% | -2.31% | 53.19% | -58.16% | 185.59% | 53.45% | 241.1% | -157.19% | -14.61% | 81.46% | -67.77% | - | - | - |
| Net Income | -505M | -473M | -48M | -316M | 500M | 286M | 995M | -102M | 30M | -93M | -58M | -307M | -417M | -90M | 1.13B | 5.8M | -38.5M | -106.4M | -200K | 18.8M | -127.6M | -92.7M | -107.4M |
| Depreciation & Amortization | 309M | 323M | 254M | 290M | 281M | 309M | 316M | 290M | 200M | 187M | 177M | 294M | 333K | 333K | 211M | 50.1M | 61.1M | 112.3M | 103M | 103.1M | 104.6M | 0 | 119.9M |
| Stock-Based Compensation | 23M | 20M | 21M | 21M | 26M | 0 | 30M | 32M | 21M | 31M | 25M | 22M | 22M | 17M | 31M | 500K | 200K | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 107M | 12M | 110M | 330M | -261M | 15M | -899M | -9M | -21M | 2M | -116M | 14M | 237M | 33M | -162M | -5.1M | -1.9M | 24.8M | -5.5M | -31.9M | -38.2M | 0 | 0 |
| Other Non-Cash Items | 100M | 204M | 66M | 33M | 67M | 148M | 65M | 172M | 58M | 125M | 104M | -6M | 329.67M | 287.67M | -870M | -79.5M | -173.3M | 44.4M | 29M | 128.1M | 275.5M | 92.7M | -12.5M |
| Working Capital Changes | 191M | -26M | -103M | -174M | -15M | -18M | -152M | 58M | -118M | 21M | 79M | 199M | -31M | 89M | -225M | 105.1M | 97.9M | 20.2M | -14.7M | -156.6M | -23.5M | 0 | 0 |
| Change in Receivables | -44M | -9M | 11M | 84M | 233M | -108M | -49M | 78M | -11M | -50M | -27M | 20M | 23M | 58M | 83M | -11.9M | -22.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 261M | -26M | -115M | -151M | -255M | 53M | -21M | -59M | -47M | 60M | 111M | 157M | -101M | 75M | -222M | -6.6M | 55.4M | -20.7M | -1.5M | -42.7M | 59.9M | 0 | 0 |
| Change in Payables | 11M | 0 | -11M | -84M | -5M | 53M | -12M | 67M | -51M | 1M | 8M | -12M | 22M | -11M | -107M | -364.5M | -418.4M | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -227M | -328M | -343M | -255M | -415M | -269M | -229M | -1.19B | -174M | 558M | -117M | -1.84B | -187M | -171M | -52M | -45M | -22.8M | -69.2M | -75M | 83.3M | -91.4M | -99.4M | -153.3M |
| Capital Expenditures | -237M | -341M | -370M | -261M | -428M | -272M | -195M | -198M | -117M | -91M | -119M | -191M | -187M | -172M | -166M | -45M | -24M | -70.9M | -79.5M | -87.6M | -92.5M | -99.4M | -153.3M |
| CapEx % of Revenue | 7.45% | 11.81% | 12.04% | 9.16% | 12.39% | 7.61% | 7.07% | 7.49% | 6.43% | 5.36% | 5.69% | 9.04% | 10.77% | 8.95% | 9.06% | 3.7% | 2.24% | 4.97% | 5.63% | 6.42% | 7.11% | 8.54% | 14.99% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 2M | 1M | -974M | 6M | 1.32B | -1.65M | -1.65B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10M | 19M | 27M | 6M | 13M | 1M | -35M | -14M | -63M | -676M | 3.65M | 1M | 1K | 1M | 114M | 0 | 1.2M | 1.7M | 4.5M | 170.9M | 1.1M | 0 | 0 |
| Cash from Financing | -24M | 321M | -71M | 176M | -250M | -877M | 214M | -638M | -46M | 24M | -77M | 603M | -132M | 614M | 490M | -32.2M | 171.6M | -71.9M | -19.6M | -103.3M | -131.1M | 0 | 0 |
| Debt Issued (Net) | 11M | 327M | 26M | 268M | -91M | -777M | 267M | -165M | 9M | 97M | -31M | 732M | -20M | 756M | 1.12B | -15.4M | 217.2M | -64.9M | -11.1M | 550M | 0 | 0 | 0 |
| Equity Issued (Net) | 0 | -1M | -1M | 0 | -50M | 8M | -3M | -288M | -6M | -12M | 0 | 0 | 0 | 0 | -340M | 0 | 0 | 1.6M | 0 | 226M | 0 | 0 | 0 |
| Dividends Paid | -32M | -48M | -80M | -89M | -87M | -65M | -40M | -27M | -23M | -23M | -46M | -117M | -116M | -115M | -61M | 0 | 0 | -8.3M | -6.2M | -761.8M | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | -1M | 0 | -50M | 0 | -3M | -288M | 0 | 0 | -1M | -1M | 0 | 0 | -341M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -3M | 43M | -16M | -3M | -22M | -43M | -10M | -158M | -26M | -38M | -1M | -12M | 4M | -27M | -231M | -16.6M | -45.6M | -300K | -2.3M | -117.5M | -131.1M | 0 | 0 |
| Net Change in Cash | -32M | 59M | -121M | 109M | -68M | -416M | 337M | -1.39B | -73M | 868M | 19M | -1.05B | -199M | 762M | 562M | -1.6M | 93.5M | -55.6M | 7.6M | 45.2M | -35.5M | -99.4M | -153.3M |
| Free Cash Flow | -17M | -281M | -70M | -77M | 170M | 468M | 160M | 243M | 53M | 182M | 92M | 25M | -46M | 165M | -48M | 31.9M | -78.5M | 24.4M | 32.1M | -26.1M | 98.3M | -99.4M | -153.3M |
| FCF Margin % | -0.53% | -9.73% | -2.28% | -2.7% | 4.92% | 13.1% | 5.8% | 9.2% | 2.91% | 10.72% | 4.4% | 1.18% | -2.65% | 8.58% | -2.62% | 2.62% | -7.34% | 1.71% | 2.27% | -1.91% | 7.55% | -8.54% | -14.99% |
| FCF Growth % | 95.39% | -301.43% | 9.09% | -145.29% | -63.68% | 192.5% | -34.16% | 358.49% | -70.88% | 97.83% | 268% | 154.35% | -127.88% | 443.75% | -250.47% | 140.64% | -421.72% | -23.99% | 222.99% | -126.55% | 198.89% | 35.16% | - |
| FCF per Share | -0.11 | -1.77 | -0.44 | -0.49 | 1.08 | 2.96 | 1.10 | 1.74 | 0.43 | 1.52 | 0.79 | 0.22 | -0.40 | 1.45 | -0.47 | 0.19 | -0.38 | 0.12 | 0.16 | -0.21 | 0.86 | -0.45 | -0.74 |
| FCF Conversion (FCF/Net Income) | 0.03x | -0.13x | -6.25x | -0.58x | 1.20x | 2.59x | 0.37x | -4.05x | -24.29x | -0.96x | -3.46x | -0.68x | -0.33x | -2.67x | 0.10x | 12.82x | 1.42x | -0.90x | -558.00x | 3.27x | -1.50x | - | - |
| Interest Paid | 194M | 157M | 151M | 143M | 114M | 138M | 0 | 188M | 84M | 186M | 171M | 152M | 126M | 123M | 34M | 40M | 24.6M | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 3M | 4M | 10M | 54M | 60M | 47M | 17M | 34M | 28M | 10M | 2M | 23M | 3M | 25M | 26M | 6M | 2.6M | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying TROX stock.
Tronox Holdings plc (TROX) generated $60.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Tronox Holdings plc (TROX) reported negative free cash flow of $281.0M in 2025, indicating capital requirements exceeded cash from operations.
Tronox Holdings plc (TROX) spent $341.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Tronox Holdings plc (TROX) returned $48.0M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Persistent negative FCF and margin collapse
Metrics are mathematically derived from official filings.
Earnings Quality Erodes Amid Deep Losses
The relationship between net income and operating cash flow is highly volatile, with 2026Q2 showing a $37M operating cash flow against a $171M net loss, a significant gap that may indicate non-cash impairments or unusual items are dominating reported losses.
The OCF/NI ratio has swung wildly from a high of 10.0 in 2024Q2 to -0.22 in 2026Q2, reflecting extreme volatility in earnings quality. The persistent negative net income over the last eight quarters suggests underlying operational unprofitability, while the operating cash flow, though also volatile, has not been consistently positive enough to mask the losses. This erratic conversion pattern warrants investigation into the nature of the large non-operating charges implied by the income statement analysis, as they are likely the primary driver of the widening disconnect.
FCF Deepens into Persistent Negative Territory
Free cash flow has turned decisively negative, with the trailing four quarters showing a cumulative deficit of approximately $334M, as capital expenditures consistently outpace operational cash generation that itself has weakened.
The FCF margin has plunged from a positive 10.2% in 2024Q2 to -8.6% in 2026Q2, indicating a severe deterioration in the company's ability to generate surplus cash after accounting for necessary investments. This negative trajectory is a direct consequence of both collapsing profitability and the company's commitment to a substantial capital expenditure program, which averaged over $90M per quarter over the last ten periods. The persistent negative FCF raises questions about the long-term funding of operations and growth without increasing leverage or depleting cash reserves.
Heavy CapEx Amid Operational Burn
Capital expenditures remain a significant cash drain, averaging approximately $93 million per quarter and consistently consuming 9-17% of revenue, while depreciation of $75-$151 million per quarter suggests a heavy asset base requiring constant reinvestment.
The CapEx/Rev ratio indicates TROX operates in a capital-intensive sector, and the sustained level of spending suggests management is committed to maintaining or expanding its asset base despite poor financial results. The large gap between D&A (e.g., $151M in 2026Q2) and CapEx ($112M) in some quarters could imply periods of under-investment relative to asset consumption, but the overall heavy spending in the face of negative FCF and losses appears strategically aggressive and may be straining liquidity.
Erratic WC Swings Mask Core Cash Need
Working capital changes have been highly volatile, with a massive $171M cash inflow in 2026Q2 partially offsetting operating losses, suggesting large, non-recurring movements in receivables, inventory, or payables that are not reflective of sustainable operational efficiency.
The swing from a $78M cash outflow in 2026Q1 to a $171M inflow in 2026Q2 is dramatic and makes core cash generation difficult to assess. While such inflows can provide short-term liquidity relief, their erratic nature means they cannot be relied upon to fund ongoing losses or investments. The large negative WC change in 2025Q1 (-$101M) and 2024Q1 (-$127M) further indicates that working capital is a source of cash flow volatility, not a predictable driver of operational cash.
Cash Flow Masked by Non-Cash Charges and WC Volatility
The reported operating cash flow is heavily influenced by large, volatile non-cash adjustments like depreciation and working capital swings, which obscure the true cash cost of operations during this period of severe unprofitability.
The cash flow statement shows D&A consistently in the $70-$150M range, which significantly inflates OCF relative to net income. Furthermore, the wild swings in working capital (e.g., +$171M in 2026Q2) suggest that inventory, receivables, or payables management is undergoing large, potentially non-recurring adjustments. Investors should not interpret positive OCF quarters, like 2026Q2's $37M, as operational health without stripping out these volatile components, as they may be masking the true, ongoing cash burn of the core business.