Despite a revenue growth re-acceleration to 18.7% in 2026Q2, the company is experiencing severe structural margin compression, with gross margins collapsing to 6.3% from a 17.4% peak in 2024Q2, leading to an operating loss of $21.0M.
Tronox Holdings plc (TROX) annual income statement — 22-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'10 | Dec'09 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'01 |
|---|
| Sales/Revenue | 3.18B | 2.89B | 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 % | 11.81% | -6.08% | 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 | 2.98B | 2.66B | 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 | - | 92.07% | 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 | 196M | 229M | 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 % | 6.16% | 7.93% | 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 % | - | -55.53% | 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 | 273M | 259M | 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 | - | 8.97% | 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 | 269M | 244M | 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 | - | 8.45% | 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 | 15M | 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 | - | 0.52% | 0.46% | 0.42% | 0.35% | 0.36% | - | - | - | 0.47% | - | - | - | - | 0.49% | - | - | - | - | - | 0.48% | - | - |
| Other Operating Expenses | 1000K | 0 | 31M | -12M | 73M | -13M | 3M | 22M | 31M | -9M | 24M | 28M | 27M | 0 | -7M | 0 | 0 | 0 | 0 | 0 | 113M | 0 | 7.7M |
| Operating Income | -77M | -30M | 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 % | -2.42% | -1.04% | 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 % | - | -113.7% | 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 | 232M | 293M | 473M | 476M | 739M | 886M | 587M | 385M | 400M | 328M | 124M | 135M | 310M | 336M | 236M | 259.7M | 78.6M | 100M | 158.3M | 191M | 9.8M | 116M | 70.1M |
| EBITDA Margin % | 7.3% | 10.15% | 15.39% | 16.7% | 21.4% | 24.8% | 21.28% | 14.57% | 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 % | -12.45% | -38.05% | -0.63% | -35.59% | -16.59% | 50.94% | 52.47% | -3.75% | 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) | 309M | 323M | 254M | 290M | 281M | 309M | 316M | 290M | 200M | 187M | 177M | 253M | 295M | 333M | 211M | 50.1M | 53.1M | 112.3M | 103M | 103.1M | 104.6M | 81.9M | 119.9M |
| EBIT | -181M | -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 | -214M | -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 | 5M | 6M | 10M | 18M | 9M | 7M | 8M | 18M | 33M | 10M | 3M | 7M | 13M | 8M | 63M | 600K | 400K | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 219M | 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 | -323M | -428M | -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 | -400M | -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 % | -12.58% | -15.86% | 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 | 110M | 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 % | -27.5% | -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 | -505M | -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 % | -15.88% | -16.28% | -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 % | -55.86% | -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) | -510M | -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 | 29K | 31M | 30M | 44M | 46M | 48M | 173M | 168M | 179M | 186M | 144M | 112M | 178M | 199M | 233M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -3.16 | -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 % | -54.63% | -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 | 159.7M | 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 | 159.7M | 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% | - | - | - |
Quick answers to the most common questions about buying TROX stock.
For fiscal year 2025, Tronox Holdings plc (TROX) reported total revenue of $2.89B. This represents a 182.3% 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 $-30.0M, resulting in an operating profit margin of -1.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Tronox Holdings plc (TROX) generated $229.0M in gross profit for the year, representing a gross profit margin of 7.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Severe margin compression
Metrics are mathematically derived from official filings.
Topline Rebound Masking Deep Profitability Erosion
Revenue growth re-accelerated to 18.7% in 2026Q2, a sharp reversal from the -13.1% trough in 2025Q3, yet this rebound is entirely volume-driven as gross margins have collapsed to single digits, suggesting pricing power has evaporated.
The dramatic year-over-year revenue growth in recent quarters appears driven by volume recovery or market share gains in a weak pricing environment. However, this top-line momentum has failed to translate into earnings recovery, indicating the growth is of low quality and potentially cyclical, tied to a temporary restocking or a weak prior-year comparison rather than sustainable demand.
Gross Margin Freefall to Unprofitable Levels
Structural gross margin erosion is severe, with 2026Q2 margins collapsing to 6.3% from a peak of 17.4% in 2024Q2, as rising COGS outpace revenue recovery, indicating severe input cost inflation or aggressive pricing concessions.
The gross margin trajectory has deteriorated consistently, falling from the mid-teens to single digits over the past year. This compression is more severe than the -0.1% operating margin reported by peer Chemours, suggesting TROX faces outsized cost headwinds or is engaged in aggressive volume-over-price tactics to maintain market share, which is not sustainable long-term.
Negative Operating Leverage Amplifies Losses
Operating leverage is decisively negative, as the 18.7% revenue growth in 2026Q2 coincided with an operating loss of $21M, compared to a $76M profit in 2024Q2, demonstrating that fixed costs are overwhelming marginal revenue gains.
SG&A expenses have remained relatively stable in absolute terms, around $66M-$72M, but as a percentage of revenue, they are not declining. The core issue is the collapse in gross profit dollars, which now fail to cover the fixed SG&A burden, converting what should be profitable revenue growth into deeper operating losses.
Net Losses Driven by Non-Operating Charges
Reported net losses are significantly deeper than operating losses, with 2026Q2 showing a $171M net loss on a $21M operating loss, implying substantial non-operating charges or impairments that are distorting underlying operational performance.
The persistent gap between operating income and net income, which widened dramatically in 2025Q4 and 2026Q2, points to significant non-cash charges, likely related to asset impairments, debt extinguishment, or foreign exchange losses. This suggests the core business is generating more cash than the GAAP net income figure indicates, but also highlights balance sheet vulnerabilities requiring investor scrutiny.
The Case for a Structural Margin Reset
The most critical risk is that the margin compression is not cyclical but structural, with TROX's 6.3% gross margin in 2026Q2 being well below peers like Chemours, potentially indicating a permanent loss of pricing power or competitive position.
Short-sellers would argue that the revenue recovery is an illusion if it comes at the cost of margins that are now among the worst in the industry. If TROX cannot restore gross margins to at least peer levels (11-15%), the company may be trapped in a cycle of high-volume, low-profit operations, making its debt burden and capital structure increasingly unsustainable. The sharp increase in stock-based compensation to $11M in 2026Q2, from near-zero earlier, also warrants investigation as a potential dilutive offset to weak performance.