Tronox Q2 Revenue Jumps 19% to $868M, Guides Q3 EBITDA $95-$115M
TROX has more than doubled off its 52-week low of $2.86.
Summary
Tronox reported Q2 2026 revenue of $868 million, up 19% year-over-year, with adjusted EBITDA of $73 million and free cash flow of $60 million. Q3 adjusted EBITDA is guided to $95-$115 million.
Key Events · Earnings and Guidance · TROX
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Q2 Revenue Up 19% to $868M
Revenue rose 19% year-over-year to $868 million, driven by an 18% increase in TiO2 volumes and a 61% surge in zircon volumes. TiO2 volumes reached their highest level since Q2 2022.
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Adjusted EBITDA of $73M, Margin 8.4%
Adjusted EBITDA was $73 million, down 22% year-over-year due to unfavorable FX and higher costs, but up 18% sequentially. Adjusted EBITDA margin was 8.4%.
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Free Cash Flow Turns Positive at $60M
Generated $60 million in free cash flow in Q2, driven by a $120 million inventory reduction. Full-year 2026 free cash flow is expected to be meaningfully positive.
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Q3 Guidance: EBITDA $95-$115M
Q3 2026 adjusted EBITDA is expected to be $95-$115 million, with TiO2 volumes down mid-single-digit sequentially (normal seasonality) and mid-single-digit price increases for both TiO2 and zircon.
Analysis · TROX · Industrial Applications And Services
Tronox delivered its highest TiO2 volumes since Q2 2022, driving a 19% revenue increase to $868 million. Adjusted EBITDA of $73 million came in within guidance, and the company generated $60 million in free cash flow. The balance sheet remains highly leveraged at 11.4x net debt, but liquidity is ample at $527 million with no near-term maturities. Q3 guidance calls for $95-$115 million in adjusted EBITDA, supported by mid-single-digit price increases for both TiO2 and zircon. The results show commercial momentum and cash generation, but the heavy debt load and ongoing net losses keep the risk profile elevated.
At the time of this filing, TROX was trading at $6.25 on NYSE in the Industrial Applications And Services sector, with a market capitalization of approximately $933.2M. The 52-week trading range was $2.86 to $10.59. This filing was assessed with neutral market sentiment and an importance score of 7 out of 10.