Tronox Holdings plc (TROX) Earnings
Tronox Holdings plc is expected to report next earnings on July 29, 2026 (in NaN days), with a consensus EPS estimate of $-0.36. TROX has beaten EPS estimates in 0 of its last 12 reported quarters (average surprise -193.3% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.48 | $-0.55 | -14.6% | $760M | +1.1% |
| Feb 18, 2026 | $-0.43 | $-0.60 | -39.5% | $730M | +0.0% |
| Nov 5, 2025 | $-0.21 | $-0.46 | -119.0% | $699M | +1.7% |
| Jul 30, 2025 | $-0.04 | $-0.28 | -600.0% | $731M | -7.2% |
| Apr 30, 2025 | $0.02 | $-0.15 | -850.0% | $738M | -1.1% |
| Feb 12, 2025 | $0.06 | $0.03 | -50.0% | $676M | -2.2% |
| Oct 24, 2024 | $0.17 | $-0.13 | -176.5% | $804M | +14.3% |
| Aug 1, 2024 | $0.23 | $0.07 | -69.6% | $820M | -3.3% |
| May 1, 2024 | $-0.01 | $-0.05 | -814.1% | $774M | +2.6% |
| Feb 15, 2024 | $-0.05 | $-0.38 | -660.0% | $686M | +2.5% |
| Oct 25, 2023 | $0.05 | $-0.08 | -260.0% | $662M | -6.8% |
| Jul 26, 2023 | $0.27 | $0.16 | -40.7% | $794M | -6.3% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 7, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Strong top-line performance, EBITDA above guidance. Volumes exceeded expectations for TIO2 and Zircon. Benefits from anti-dumping measures. Pricing inflection in Q1, cost improvement program on track to save $125-$175M by 2026. Prioritizing free cash flow and working capital, upsized AR securitization facility. Progress on rare earths initiatives, Australian government awarded major project status.
Guidance
Q2 2026 TIO2 volumes expected to increase in high single-digit, pricing to increase mid-single-digit. Zircon volumes to moderate slightly, pricing momentum to carry through Q3. Second quarter adjusted EBITDA range $65M-$85M, free cash flow positive. Full-year 2026 expected to have meaningful positive free cash flow with assumptions like net cash interest ~$190M, net cash taxes <$10M, cap ex ~$260M, working capital source >$100M.
Segment performance
Revenue was $760 million, up 3% vs Q1 2025 due to higher TIO2 and Zircon volumes. TIO2 Q1 2026 volumes expected to increase in high single-digit range, pricing momentum building. Zircon sequential revenue up 14% due to higher volumes, pricing stable in Q1 with Q2 increases, volumes to moderate slightly in Q2. Other products revenue down sequentially and year-on-year mainly due to timing of PIG iron bonds.
Risks & headwinds
Geopolitical conflict impact on raw material prices and supply chains. Volatility in sulfur prices affecting sulfate TiO2. Uncertainty around Chinese TiO2 exports and anti-dumping measures.
Analyst Q&A
Q: On Q2 EBITDA guidance, how does low end play out?
A: Depends on volume, order books full, planned outages could impact.
Q: On Zircon strategy, why sell volume at low prices?
A: Balance customer requirements and price increases, market tightening expected.
Q: On Chinese exports, impact?
A: Exports may reverse, sulfur price impact on Chinese production.
Q: On TIO2 pricing mix, surcharge vs price?
A: Majority price increases, some surcharges for sulfur.
Q: On working capital, source?
A: Primarily inventory reduction.