Gross margins have experienced a catastrophic contraction, falling from 17.4% in 2024Q2 to a negligible 0.0% in 2026Q1, reflecting an inability to manage input cost volatility.
| 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 |
|---|
| Sales/Revenue | 2.92B | 2.9B | 3.07B | 2.85B | 3.45B | 3.57B | 2.76B | 2.64B | 1.82B | 1.7B | 2.09B | 2.11B | 1.74B | 1.92B | 1.83B | 1.22B | 1.07B | 1.43B | 1.41B | 1.36B | 1.3B | 1.16B | 1.02B |
| Revenue Growth % | -3.88% | -5.73% | 7.86% | -17.49% | -3.3% | 29.51% | 4.39% | 45.24% | 7.13% | -18.87% | -0.9% | 21.59% | -9.63% | 4.91% | 50.46% | 13.78% | -24.97% | 1.04% | 3.49% | 4.78% | 11.89% | 13.78% | - |
| Cost of Goods Sold | 1.99B | 2.63B | 2.56B | 2.39B | 2.62B | 2.68B | 2.14B | 2.18B | 1.32B | 1.31B | 1.85B | 1.99B | 1.53B | 1.73B | 1.57B | 996.1M | 931.9M | 1.31B | 1.24B | 1.14B | 1.17B | 1.03B | 972.5M |
| COGS % of Revenue | - | 90.72% | 83.25% | 83.79% | 75.91% | 74.94% | 77.48% | 82.44% | 72.62% | 77.15% | 88.2% | 94.32% | 88.08% | 90.11% | 85.59% | 81.81% | 87.09% | 91.86% | 88.18% | 83.86% | 89.79% | 88.21% | 95.1% |
| Gross Profit | 170.04M | 269M | 515M | 462M | 832M | 895M | 621M | 464M | 498M | 388M | 247M | 120M | 207M | 190M | 264M | 221.5M | 138.2M | 116.1M | 166.9M | 220.2M | 132.9M | 137.2M | 50.1M |
| Gross Margin % | 5.82% | 9.28% | 16.75% | 16.21% | 24.09% | 25.06% | 22.52% | 17.56% | 27.38% | 22.85% | 11.8% | 5.68% | 11.92% | 9.89% | 14.41% | 18.19% | 12.91% | 8.14% | 11.82% | 16.14% | 10.21% | 11.79% | 4.9% |
| Gross Profit Growth % | - | -47.77% | 11.47% | -44.47% | -7.04% | 44.12% | 33.84% | -6.83% | 28.35% | 57.08% | 105.83% | -42.03% | 8.95% | -28.03% | 19.19% | 60.27% | 19.04% | -30.44% | -24.21% | 65.69% | -3.13% | 173.85% | - |
| Operating Expenses | 354M | 290M | 296M | 276M | 374M | 318M | 350M | 369M | 298M | 251M | 186M | 220M | 163M | 187M | 239M | 59.2M | 71.7M | 120.9M | 118.7M | 132.3M | 114.7M | 103.1M | 99.9M |
| OpEx % of Revenue | - | 10.01% | 9.63% | 9.68% | 10.83% | 8.9% | 12.69% | 13.97% | 16.38% | 14.78% | 8.89% | 10.42% | 9.38% | 9.73% | 13.05% | 4.86% | 6.7% | 8.48% | 8.41% | 9.7% | 8.81% | 8.86% | 9.77% |
| Selling, General & Admin | 209.07M | 290K | 251M | 276M | 289M | 318M | 347M | 347M | 267M | 251M | 153M | 217M | 192M | 187M | 239M | 59.2M | 71.7M | 118.5M | 118.7M | 132.3M | 114.7M | 103.1M | 92.2M |
| SG&A % of Revenue | - | 0.01% | 8.17% | 9.68% | 8.37% | 8.9% | 12.58% | 13.13% | 14.68% | 14.78% | 7.31% | 10.27% | 11.05% | 9.73% | 13.05% | 4.86% | 6.7% | 8.31% | 8.41% | 9.7% | 8.81% | 8.86% | 9.02% |
| Research & Development | 0 | 0 | 14M | 12M | 12M | 13M | 0 | 0 | 0 | 8M | 0 | 0 | 0 | 0 | 9M | 0 | 0 | 0 | 0 | 0 | 6.3M | 0 | 0 |
| R&D % of Revenue | - | - | 0.46% | 0.42% | 0.35% | 0.36% | - | - | - | 0.47% | - | - | - | - | 0.49% | - | - | - | - | - | 0.48% | - | - |
| Other Operating Expenses | 3M | 289.71M | 31M | -12M | 73M | -13M | 3M | 22M | 31M | -9M | 24M | 28M | 27M | 0 | -7M | 0 | 0 | 0 | 0 | 0 | 113M | 0 | 7.7M |
| Operating Income | -140M | -21M | 219M | 186M | 458M | 577M | 271M | 95M | 200M | 141M | -53M | -118M | 15M | 3M | 25M | 209.6M | 25.5M | -12.3M | 55.3M | 87.9M | -94.8M | 34.1M | -49.8M |
| Operating Margin % | -4.79% | -0.72% | 7.12% | 6.53% | 13.26% | 16.15% | 9.83% | 3.6% | 11% | 8.3% | -2.53% | -5.59% | 0.86% | 0.16% | 1.36% | 17.21% | 2.38% | -0.86% | 3.92% | 6.44% | -7.28% | 2.93% | -4.87% |
| Operating Income Growth % | - | -109.59% | 17.74% | -59.39% | -20.62% | 112.92% | 185.26% | -52.5% | 41.84% | 366.04% | 55.08% | -886.67% | 400% | -88% | -88.07% | 721.96% | 307.32% | -122.24% | -37.09% | 192.72% | -378.01% | 168.47% | - |
| EBITDA | 166M | 281M | 504M | 461M | 739M | 886M | 575M | 375M | 400M | 328M | 124M | 135M | 310M | 336M | 236M | 259.7M | 78.6M | 100M | 158.3M | 191M | 9.8M | 116M | 70.1M |
| EBITDA Margin % | 5.68% | 9.7% | 16.4% | 16.18% | 21.4% | 24.8% | 20.85% | 14.19% | 21.99% | 19.32% | 5.92% | 6.39% | 17.85% | 17.48% | 12.88% | 21.33% | 7.35% | 7.01% | 11.21% | 14% | 0.75% | 9.97% | 6.86% |
| EBITDA Growth % | -59.71% | -44.25% | 9.33% | -37.62% | -16.59% | 54.09% | 53.33% | -6.25% | 21.95% | 164.52% | -8.15% | -56.45% | -7.74% | 42.37% | -9.13% | 230.41% | -21.4% | -36.83% | -17.12% | 1848.98% | -91.55% | 65.48% | - |
| D&A (Non-Cash Add-back) | 306M | 302M | 285M | 275M | 281M | 309M | 304M | 280M | 200M | 187M | 177M | 253M | 295M | 333M | 211M | 50.1M | 53.1M | 112.3M | 103M | 103.1M | 104.6M | 81.9M | 119.9M |
| EBIT | -232M | -269M | 240M | 198M | 433M | 531M | 293M | 105M | 236M | 101M | -79M | -200M | -16M | 56M | 1.06B | 56.5M | 5.7M | -12M | 48.2M | 87.9M | 18.2M | 34.1M | -49.8M |
| Net Interest Income | -194M | -183M | -157M | -140M | -116M | -150M | -181M | -183M | -160M | -178M | -182M | -169M | -120M | -122M | 63M | -50M | -35.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 6M | 6M | 10M | 18M | 9M | 7M | 8M | 18M | 33M | 10M | 3M | 7M | 13M | 8M | 63M | 600K | 400K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 200M | 189M | 167M | 158M | 125M | 157M | 189M | 201M | 193M | 188M | 184M | 176M | 133M | 130M | 0 | 49.9M | 35.9M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -316M | -437M | -146M | -137M | -150M | -203M | -157M | -183M | -157M | -228M | -211M | -148M | -164M | -64M | 983M | -203M | -55.7M | -49.8M | -7.2M | -19.7M | -25.3M | -96.9M | -40M |
| Pretax Income | -456M | -458M | 73M | 49M | 308M | 374M | 114M | -88M | 43M | -87M | -264M | -266M | -149M | -61M | 1.01B | 6.6M | -30.2M | -62.1M | 48.1M | 68.5M | -120.1M | -62.8M | -89.8M |
| Pretax Margin % | -15.62% | -15.8% | 2.37% | 1.72% | 8.92% | 10.47% | 4.13% | -3.33% | 2.36% | -5.12% | -12.61% | -12.59% | -8.58% | -3.17% | 55.02% | 0.54% | -2.82% | -4.35% | 3.41% | 5.02% | -9.23% | -5.4% | -8.78% |
| Income Tax | 10M | 15M | 127M | 363M | -192M | 71M | -881M | 14M | 13M | 6M | -115M | 23M | 268M | 29M | -125M | 2M | -1.5M | 43M | 23.1M | 21.8M | -38.3M | -15.1M | -30.7M |
| Effective Tax Rate % | -2.19% | -3.28% | 173.97% | 740.82% | -62.34% | 18.98% | -772.81% | -15.91% | 30.23% | -6.9% | 43.56% | -8.65% | -179.87% | -47.54% | -12.4% | 30.3% | 4.97% | -69.24% | 48.02% | 31.82% | 31.89% | 24.04% | 34.19% |
| Net Income | -359.1M | -470M | -48M | -316M | 497M | 286M | 969M | -109M | -7M | -285M | -61M | -318M | -427M | -126M | 1.13B | 6M | -38.5M | -106.4M | -200K | 18.8M | -127.6M | -92.7M | -107.4M |
| Net Margin % | -12.3% | -16.22% | -1.56% | -11.09% | 14.39% | 8.01% | 35.13% | -4.13% | -0.38% | -16.78% | -2.91% | -15.06% | -24.58% | -6.56% | 61.9% | 0.49% | -3.6% | -7.46% | -0.01% | 1.38% | -9.8% | -7.97% | -10.5% |
| Net Income Growth % | -139.4% | -879.17% | 84.81% | -163.58% | 73.78% | -70.48% | 988.99% | -1457.14% | 97.54% | -367.21% | 80.82% | 25.53% | -238.89% | -111.11% | 18800% | 115.58% | 63.82% | -53100% | -101.06% | 114.73% | -37.65% | 13.69% | - |
| Net Income (Continuing) | -362.1M | -473M | -54M | -314M | 500M | 303M | 995M | -102M | 30M | -93M | -139M | -372M | -417M | -90M | 1.13B | 5M | -28.7M | -105.1M | 25M | 46.4M | -81.8M | -47.7M | -59.1M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5M | 0 | 0 | 79M | 0 | 0 | 0 | 0 | 1.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 32K | 31M | 30M | 44M | 46M | 48M | 173M | 168M | 179M | 186M | 144M | 112M | 178M | 199M | 233M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.26 | -2.97 | -0.30 | -2.02 | 3.16 | 1.81 | 6.69 | -0.78 | -0.06 | -2.38 | -0.50 | -2.75 | -3.74 | -1.11 | 11.10 | 0.04 | -0.19 | -0.52 | -0.00 | 0.15 | -1.11 | -0.42 | -0.52 |
| EPS Growth % | -207.37% | -890% | 85.15% | -163.92% | 74.59% | -72.94% | 957.69% | -1268.42% | 97.61% | -376% | 81.82% | 26.47% | -236.94% | -110% | 30310.96% | 119.21% | 63.46% | - | -100.67% | 113.51% | -164.29% | 19.23% | - |
| EPS (Basic) | - | -2.97 | -0.30 | -2.02 | 3.21 | 1.88 | 6.76 | -0.78 | -0.06 | -2.39 | -0.51 | -2.75 | -3.74 | -1.11 | 11.37 | 0.04 | -0.19 | -0.52 | -0.00 | 0.15 | -1.11 | -0.42 | -0.52 |
| Diluted Shares Outstanding | 158.89M | 158.48M | 157.82M | 156.4M | 157.11M | 157.94M | 144.91M | 139.86M | 122.88M | 119.5M | 116.16M | 115.57M | 114.28M | 113.42M | 101.41M | 164.26M | 205.88M | 203.46M | 204.66M | 122.59M | 114.44M | 222.84M | 206.92M |
| Basic Shares Outstanding | 158.89M | 158.48M | 157.82M | 156.4M | 154.87M | 152.06M | 143.35M | 139.86M | 122.88M | 119.1M | 116.16M | 115.57M | 114.17M | 113.42M | 98.98M | 164.26M | 205.88M | 203.46M | 201.87M | 122.59M | 114.44M | 222.84M | 206.16M |
| Dividend Payout Ratio | - | - | - | - | 17.51% | 22.73% | 4.13% | - | - | - | - | - | - | - | 5.38% | - | - | - | - | 4052.13% | - | - | - |
Persistent negative operating margins
As reported in recent financial statements, Tronox's top-line performance has exhibited significant volatility, with quarterly revenue growth oscillating between a 13.1% decline in 2025Q3 and a 21.5% surge in 2024Q3, reflecting the cyclical sensitivity of its core titanium dioxide and zircon product segments.
The inconsistent revenue trajectory suggests that the company remains highly susceptible to fluctuations in global architectural coatings and plastics manufacturing demand. Investors should monitor whether the recent 3.0% growth in 2026Q1 represents a sustainable recovery or merely a temporary rebound from previous cyclical troughs.
Based on the provided income statement data, gross margins have experienced a marked contraction, falling from a peak of 17.4% in 2024Q2 to a negligible 0.0% in 2026Q1, indicating a severe inability to pass through rising input costs to end-market customers.
This collapse in gross profitability suggests that the company's high fixed-cost mining and smelting operations are currently suffering from significant under-absorption. The inability to maintain pricing power relative to peers warrants further investigation into whether the company's chloride-process advantage is being eroded by lower-cost sulfate-process competitors.
According to the company's historical income statements, operating leverage has shifted from a positive contributor in 2024Q2, when operating income reached $76.0M, to a persistent deficit, with operating margins remaining negative for every quarter since 2024Q4, excluding the brief period of positive performance.
The failure of operating income to scale with revenue suggests that the company's administrative and operational overhead remains too rigid for the current demand environment. This lack of operating flexibility implies that management may struggle to achieve profitability without a substantial and sustained increase in plant utilization rates.
Data from the last ten quarters indicates that Tronox has struggled to generate consistent net income, with the company reporting a net loss in nine of the last ten periods, which raises significant questions regarding the long-term viability of its current cost structure.
Short-sellers would likely focus on the persistent negative net margins and the potential for further inventory valuation adjustments if TiO2 prices remain depressed. The recurring losses suggest that the company's vertical integration strategy may be failing to provide the expected margin protection during this prolonged industry downturn.
Quick answers to the most common questions about buying TROX stock.
For fiscal year 2025, Tronox Holdings plc (TROX) reported total revenue of $2.90B. This represents a 183.4% increase compared to $1.02B in 2001.
Tronox Holdings plc (TROX) reported a net loss of $470.0M for the fiscal year ending 2025.
Tronox Holdings plc (TROX) reported an operating income of $-21.0M, resulting in an operating profit margin of -0.7%. This margin reflects the operational efficiency of the business before interest and taxes.
Tronox Holdings plc (TROX) generated $269.0M in gross profit for the year, representing a gross profit margin of 9.3%. This demonstrates the company's core pricing power and production efficiency.