The severe EPS and revenue miss likely to drive a sharp sell-off. Watch for further downside as the company remains deeply unprofitable with high leverage. The Q2 guidance suggests only marginal improvement, so any bounce may be short-lived. Monitor TiO2 pricing and volume trends for signs of a sustained recovery.
Price Chart
Executive Summary
Tronox reported Q1 2026 adjusted EPS of -$0.55, significantly missing consensus of -$0.26, and revenue of $760M missed $812M consensus. Adjusted EBITDA fell 45% YoY to $62M. Guidance for Q2 2026 Adjusted EBITDA of $65-$85M suggests only modest sequential improvement. The continued losses and high leverage (11.1x net debt/EBITDA) reinforce a bearish outlook.
Key Financial Metrics
Key Facts
- Revenue $760M (+3% YoY, -6.4% vs consensus $812.2M)
- GAAP diluted EPS -$0.65, Adjusted diluted EPS -$0.55 (consensus -$0.26, -111% miss)
- Adjusted EBITDA $62M (-45% YoY, margin 8.2%)
- Q2 2026 Adjusted EBITDA guidance $65-$85M (improving but still weak)
- Net loss attributable to Tronox $103M; free cash flow -$135M
- Net debt $3.17B; net leverage 11.1x TTM Adjusted EBITDA
- Restructuring charges of $14M related to plant closures
Financial Impact
Adjusted EPS miss of -111% and revenue miss of -6.4% represent a significant earnings disappointment.
Risk Factors
- Continued net losses and negative free cash flow
- High net leverage (11.1x) increases financial risk
- Pricing headwinds and input cost inflation persist
- Geopolitical uncertainty and trade policy changes
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001140361-26-019589 |
| Document: ef20072648_8k.htm | 0001140361-26-019589 |
| Document: 0001140361-26-019589-index-headers.html | 0001140361-26-019589 |
| Document: 0001140361-26-019589-index.html | 0001140361-26-019589 |
| Document: 0001140361-26-019589.txt | 0001140361-26-019589 |
| 8-K Data (Synthetic) | 0001140361-26-019589 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 5, 2026 21d ago | Press Release | $3.87 | awaiting T+60 | — | $3.47 (−10.34%) |
Aug 6, 2026 11w ago | 8-K | $6.95 | awaiting T+60 | — | $3.47 (−50.07%) |
May 7, 2026 24w ago | 8-K | $8.77 $5.94 | ▲ +32.27% | ▲ +37.11% | $3.47 (+60.43%) |
Mar 6, 2026 33w ago | Insider Cluster | $6.50 $8.04 | ▼ −23.64% | ▼ −10.86% | $3.47 (+46.64%) |
US Market Status
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