What is Tronox's operating income?

Tronox's total operating income in 2025 was -$253 million, based on the following breakdown: Total Gross Profit: $269 million Total Operating Expenses: $522 million

Tronox (TROX) Financials

$7.92 -0.38 (-4.54%)

Closing price 03:59 PM Eastern

Extended Trading

$7.95 +0.03 (+0.33%)

As of 04:10 PM Eastern

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Annual Income Statements for Tronox

This table shows Tronox's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-329	-61	-285	-7.00	-109	969	286	497	-316	-48	-470
Consolidated Net Income / (Loss)	-317	-60	-272	30	-97	995	303	500	-314	-54	-473
Net Income / (Loss) Continuing Operations	-372	-139	-93	30	-102	995	303	500	-314	-54	-473
Total Pre-Tax Income	-349	-264	-87	43	-88	114	374	308	49	73	-458
Total Operating Income	-201	-53	141	200	95	271	577	458	186	219	-253
Total Gross Profit	19	133	389	498	464	621	895	832	462	515	269
Total Revenue	1,510	1,309	1,698	1,819	2,623	2,758	3,572	3,454	2,850	3,074	2,898
Operating Revenue	1,510	1,309	1,698	1,819	2,623	2,758	3,572	3,454	2,850	3,074	2,898
Total Cost of Revenue	1,491	1,176	1,309	1,321	2,159	2,137	2,677	2,622	2,388	2,559	2,629
Operating Cost of Revenue	1,491	1,176	1,309	1,321	2,159	2,137	2,677	2,622	2,388	2,559	2,629
Total Operating Expenses	220	186	248	298	369	350	318	374	276	296	522
Selling, General & Admin Expense	199	185	249	267	347	347	318	289	276	296	290
Restructuring Charge	21	1.00	-1.00	0.00	22	3.00	-	-	0.00	0.00	232
Total Other Income / (Expense), net	-148	-211	-228	-157	-183	-157	-203	-150	-137	-146	-205
Interest Expense	176	181	216	223	204	191	222	146	158	170	189
Interest & Investment Income	-	3.00	10	33	18	8.00	7.00	9.00	18	10	6.00
Other Income / (Expense), net	28	-33	-22	33	3.00	26	12	-13	3.00	14	-22
Income Tax Expense	23	-125	6.00	13	14	-881	71	-192	363	127	15
Net Income / (Loss) Attributable to Noncontrolling Interest	12	1.00	13	37	12	26	17	3.00	2.00	-6.00	-3.00
Basic Earnings per Share	($2.84)	($0.52)	($2.39)	($0.06)	($0.78)	$6.76	$1.88	$3.21	($2.02)	($0.31)	($2.97)
Weighted Average Basic Shares Outstanding	115.57M	116.16M	119.50M	122.88M	139.86M	143.36M	152.06M	154.87M	156.40M	157.82M	158.48M
Diluted Earnings per Share	($2.84)	($0.52)	($2.39)	($0.06)	($0.78)	$6.69	$1.81	$3.16	($2.02)	($0.31)	($2.97)
Weighted Average Diluted Shares Outstanding	115.57M	116.16M	119.50M	122.88M	139.86M	144.91M	157.95M	157.11M	156.40M	157.82M	158.48M
Weighted Average Basic & Diluted Shares Outstanding	115.57M	116.16M	119.50M	122.88M	139.86M	143.56M	153.94M	154.50M	156.79M	157.94M	158.56M
Cash Dividends to Common per Share	$1.00	$0.39	$0.18	$0.05	$0.05	$0.28	$0.36	$0.50	$0.50	$0.50	$0.35

This table shows Tronox's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-14	-56	-9.00	16	-25	-30	-111	-84	-99	-176	-103
Consolidated Net Income / (Loss)	-14	-56	-9.00	10	-25	-30	-111	-85	-100	-177	-104
Net Income / (Loss) Continuing Operations	-14	-56	-9.00	10	-25	-30	-111	-85	-100	-177	-104
Total Pre-Tax Income	-6.00	-32	2.00	55	1.00	15	-106	-81	-92	-179	-104
Total Operating Income	32	8.00	41	76	54	48	-61	-35	-43	-114	-41
Total Gross Profit	94	78	120	150	128	117	99	79	52	39	44
Total Revenue	662	686	774	820	804	676	738	731	699	730	760
Operating Revenue	662	686	774	820	804	676	738	731	699	730	760
Total Cost of Revenue	568	608	654	670	676	559	639	652	647	691	716
Operating Cost of Revenue	568	608	654	-	676	559	639	652	647	-	716
Total Operating Expenses	62	70	79	74	74	69	160	114	95	153	85
Selling, General & Admin Expense	62	70	79	74	74	69	74	72	70	74	71
Restructuring Charge	-	-	0.00	0.00	0.00	-	86	42	25	79	14
Total Other Income / (Expense), net	-38	-40	-39	-21	-53	-33	-45	-46	-49	-65	-63
Interest Expense	42	45	42	42	45	41	42	45	48	54	53
Interest & Investment Income	4.00	8.00	4.00	2.00	3.00	1.00	2.00	1.00	1.00	2.00	2.00
Other Income / (Expense), net	0.00	-3.00	-1.00	19	-11	7.00	-5.00	-2.00	-2.00	-13	-12
Income Tax Expense	8.00	24	11	45	26	45	5.00	4.00	8.00	-2.00	0.00
Net Income / (Loss) Attributable to Noncontrolling Interest	0.00	-	0.00	-6.00	0.00	-	0.00	-1.00	-1.00	-1.00	-1.00
Basic Earnings per Share	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)	($0.53)	($0.63)	($1.11)	($0.65)
Weighted Average Basic Shares Outstanding	156.82M	156.40M	157.33M	158.12M	158.10M	157.82M	158.14M	158.56M	158.60M	158.48M	158.89M
Diluted Earnings per Share	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)	($0.53)	($0.63)	($1.11)	($0.65)
Weighted Average Diluted Shares Outstanding	156.82M	156.40M	157.33M	159.29M	158.10M	157.82M	158.14M	158.56M	158.60M	158.48M	158.89M
Weighted Average Basic & Diluted Shares Outstanding	156.79M	156.79M	157.84M	157.92M	157.92M	157.94M	158.46M	158.52M	158.55M	158.56M	159.52M
Cash Dividends to Common per Share	$0.13	-	$0.13	-	$0.13	-	$0.13	-	$0.05	-	$0.05

This table details how cash moves in and out of Tronox's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1,047	17	1,518	-73	-1,385	337	-416	-68	109	-121	59
Net Cash From Operating Activities	67	84	165	170	412	355	740	598	184	300	60
Net Cash From Continuing Operating Activities	67	84	165	170	412	355	740	598	184	300	60
Net Income / (Loss) Continuing Operations	-372	-139	-93	30	-102	995	303	500	-314	-54	-473
Consolidated Net Income / (Loss)	-317	-60	-272	30	-97	995	303	500	-314	-54	-473
Depreciation Expense	253	177	182	195	280	304	297	269	275	285	302
Amortization Expense	11	11	15	11	8.00	10	11	8.00	9.00	10	10
Non-Cash Adjustments To Reconcile Net Income	5.00	-44	93	73	177	97	132	97	58	52	311
Changes in Operating Assets and Liabilities, net	170	79	-32	-139	49	-1,051	-3.00	-276	156	7.00	-90
Net Cash From Investing Activities	-1,814	-84	1,234	-174	-1,185	-229	-269	-415	-255	-343	-328
Net Cash From Continuing Investing Activities	-1,814	-84	1,234	-174	-1,185	-229	-269	-415	-255	-343	-328
Purchase of Property, Plant & Equipment	-165	-86	-91	-117	-198	-195	-272	-428	-261	-370	-341
Purchase of Investments	-	-	-	-	-	-	-	-	0.00	0.00	-6.00
Sale of Property, Plant & Equipment	1.00	2.00	0.00	1.00	2.00	1.00	2.00	13	6.00	27	4.00
Sale and/or Maturity of Investments	-	-	-	-	-	-	-	-	0.00	0.00	15
Net Cash From Financing Activities	602	-78	24	-46	-638	214	-877	-250	176	-71	321
Net Cash From Continuing Financing Activities	602	-78	24	-46	-638	214	-877	-250	176	-71	321
Repayment of Debt	-33	-31	-2,529	-616	-391	-256	-3,249	-633	-168	-262	-180
Payment of Dividends	-117	-46	-23	-23	-175	-40	-65	-87	-89	-80	-48
Issuance of Debt	750	0.00	2,589	615	222	513	2,472	538	433	272	500
Other Financing Activities, net	2.00	-1.00	-13	-22	-6.00	-3.00	-35	-18	0.00	-1.00	49
Other Net Changes in Cash	124	93	82	0.00	28	-	-10	-1.00	-	-7.00	6.00
Cash Interest Paid	152	171	186	184	188	159	138	114	143	151	157
Cash Income Taxes Paid	23	2.00	10	28	34	17	47	60	54	10	4.00

This table details how cash moves in and out of Tronox's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	79	27	-119	47	-33	-16	-14	-5.00	53	25	-73
Net Cash From Operating Activities	17	110	-29	160	87	82	-32	28	-57	121	-68
Net Cash From Continuing Operating Activities	17	110	-29	160	87	82	-32	28	-57	121	-68
Net Income / (Loss) Continuing Operations	-14	-56	-9.00	10	-25	-30	-111	-85	-100	-177	-104
Consolidated Net Income / (Loss)	-14	-56	-9.00	10	-25	-30	-111	-85	-100	-177	-104
Depreciation Expense	67	69	72	72	70	71	71	74	75	82	75
Amortization Expense	2.00	3.00	2.00	3.00	2.00	3.00	2.00	3.00	2.00	3.00	3.00
Non-Cash Adjustments To Reconcile Net Income	12	9.00	22	1.00	21	8.00	103	63	44	101	36
Changes in Operating Assets and Liabilities, net	-50	85	-116	74	19	30	-97	-27	-78	112	-78
Net Cash From Investing Activities	-54	-56	-76	-60	-90	-117	-95	-81	-79	-73	-67
Net Cash From Continuing Investing Activities	-54	-56	-76	-60	-90	-117	-95	-81	-79	-73	-67
Purchase of Property, Plant & Equipment	-54	-59	-76	-76	-101	-117	-110	-83	-80	-68	-67
Sale and/or Maturity of Investments	-	-	0.00	-	-	-	15	-	-	-	0.00
Net Cash From Financing Activities	115	-31	-12	-51	-34	26	108	48	189	-24	67
Net Cash From Continuing Financing Activities	115	-31	-12	-51	-34	26	108	48	189	-24	67
Repayment of Debt	-93	-16	-11	-11	-225	-15	-12	-14	-138	-16	-107
Payment of Dividends	-19	-20	-1.00	-40	-20	-19	0.00	-20	-20	-8.00	-8.00
Issuance of Debt	227	5.00	0.00	-	212	60	121	82	297	-	182
Other Financing Activities, net	-	-	0.00	-	-	-	-1.00	-	50	-	0.00
Effect of Exchange Rate Changes	1.00	4.00	-	-2.00	4.00	-	-	-	-	-	-5.00
Cash Interest Paid	52	30	52	26	51	22	51	27	55	24	71
Cash Income Taxes Paid	5.00	25	3.00	8.00	-	-1.00	4.00	1.00	-1.00	-	0.00

This table presents Tronox's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	5,027	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038	6,217
Total Current Assets	1,301	2,738	2,639	2,544	2,073	2,529	2,049	1,960	2,135	2,155	2,265
Cash & Equivalents	229	248	1,116	1,034	302	619	228	164	273	151	199
Restricted Cash	5.00	3.00	653	662	9.00	29	4.00	-	0.00	1.00	12
Accounts Receivable	391	278	328	317	482	540	631	377	290	266	289
Inventories, net	630	499	473	479	1,131	1,137	1,048	1,278	1,421	1,551	1,652
Prepaid Expenses	46	28	61	50	143	200	132	135	141	184	112
Current Deferred & Refundable Income Taxes	-	11	8.00	2.00	6.00	4.00	6.00	6.00	10	2.00	1.00
Plant, Property, & Equipment, net	1,843	1,092	1,115	1,004	1,762	1,759	1,710	1,830	1,835	1,927	2,007
Total Noncurrent Assets	1,883	1,134	1,110	1,094	1,433	2,280	2,228	2,516	2,164	1,956	1,945
Intangible Assets	244	223	198	176	208	201	217	250	243	244	214
Noncurrent Deferred & Refundable Income Taxes	-	-	1.00	37	110	1,020	985	1,233	917	830	833
Other Noncurrent Operating Assets	1,639	911	911	881	1,115	1,059	1,026	1,033	1,004	882	898
Total Liabilities & Shareholders' Equity	5,027	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038	6,217
Total Liabilities	3,917	3,811	3,849	3,780	4,352	4,697	3,945	3,903	4,154	4,247	4,768
Total Current Liabilities	548	564	353	300	702	805	822	850	753	874	919
Short-Term Debt	166	166	22	22	38	58	18	74	38	100	90
Accounts Payable	159	136	165	133	342	356	438	486	461	499	481
Accrued Expenses	180	150	163	140	283	350	328	252	230	247	274
Current Deferred & Payable Income Tax Liabilities	43	1.00	3.00	5.00	1.00	2.00	12	18	0.00	4.00	2.00
Other Current Liabilities	-	-	-	0.00	38	39	26	20	24	24	72
Total Noncurrent Liabilities	3,369	3,247	3,496	3,480	3,650	3,892	3,123	3,053	3,401	3,373	3,849
Long-Term Debt	2,910	2,888	3,125	3,139	2,988	3,263	2,558	2,464	2,786	2,759	3,132
Asset Retirement Reserve & Litigation Obligation	77	73	79	69	207	224	205	204	220	212	237
Noncurrent Deferred & Payable Income Tax Liabilities	143	151	171	163	184	176	157	153	149	174	208
Noncurrent Employee Benefit Liabilities	141	115	103	93	160	146	116	89	104	85	81
Other Noncurrent Operating Liabilities	98	20	18	16	111	83	87	143	142	143	191
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	1,110	1,153	1,015	862	916	1,871	2,042	2,403	1,980	1,791	1,449
Total Preferred & Common Equity	998	1,009	829	683	748	1,698	1,994	2,357	1,936	1,761	1,418
Total Common Equity	998	1,009	829	683	748	1,698	1,994	2,357	1,936	1,761	1,418
Common Stock	1,501	1,525	1,559	1,580	1,847	1,874	2,069	2,045	2,066	2,086	2,105
Retained Earnings	93	-19	-327	-357	-493	434	663	1,080	684	555	30
Accumulated Other Comprehensive Income / (Loss)	-596	-497	-403	-540	-606	-610	-738	-768	-814	-880	-717
Noncontrolling Interest	112	144	186	179	168	173	48	46	44	30	31

This table presents Tronox's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	9/30/2022	3/31/2023	6/30/2023	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026
Total Assets	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069	6,186	6,303	6,057
Total Current Assets	1,967	2,024	2,084	2,132	2,159	2,226	2,219	2,193	2,238	2,308	2,166
Cash & Equivalents	91	115	167	246	152	201	167	138	132	185	126
Restricted Cash	0.00	-	-	-	2.00	-	1.00	0.00	1.00	1.00	12
Accounts Receivable	584	411	372	286	378	382	373	319	294	301	331
Inventories, net	1,132	1,359	1,400	1,422	1,403	1,424	1,482	1,605	1,685	1,688	1,577
Prepaid Expenses	155	134	145	175	214	210	187	129	124	131	119
Current Deferred & Refundable Income Taxes	5.00	5.00	0.00	3.00	10	9.00	9.00	2.00	2.00	2.00	1.00
Plant, Property, & Equipment, net	1,749	1,820	1,790	1,770	1,804	1,841	1,938	1,922	1,997	2,024	1,973
Total Noncurrent Assets	2,443	2,515	2,181	2,138	2,059	2,029	2,034	1,954	1,951	1,971	1,918
Intangible Assets	251	249	246	245	243	246	247	243	227	221	208
Noncurrent Deferred & Refundable Income Taxes	1,216	1,243	929	923	915	888	874	831	833	832	834
Other Noncurrent Operating Assets	976	1,023	1,006	970	901	895	913	880	891	918	876
Total Liabilities & Shareholders' Equity	6,159	6,359	6,055	6,040	6,022	6,096	6,191	6,069	6,186	6,303	6,057
Total Liabilities	3,837	3,960	3,969	4,004	4,097	4,165	4,245	4,363	4,507	4,710	4,736
Total Current Liabilities	838	915	940	643	691	746	817	961	1,068	847	895
Short-Term Debt	106	200	226	43	31	26	51	221	304	97	172
Accounts Payable	426	410	437	370	398	457	492	478	500	433	419
Accrued Expenses	262	263	244	199	240	243	243	239	239	238	231
Current Deferred & Payable Income Tax Liabilities	26	20	10	11	-	-	11	0.00	0.00	2.00	1.00
Other Current Liabilities	18	22	23	20	22	20	20	23	25	77	72
Total Noncurrent Liabilities	2,999	3,045	3,029	3,361	3,406	3,419	3,428	3,402	3,439	3,863	3,841
Long-Term Debt	2,463	2,458	2,450	2,788	2,780	2,781	2,767	2,753	2,749	3,136	3,124
Asset Retirement Reserve & Litigation Obligation	200	201	202	202	224	229	236	232	250	244	246
Noncurrent Deferred & Payable Income Tax Liabilities	143	152	142	143	156	171	183	181	191	201	204
Noncurrent Employee Benefit Liabilities	108	91	91	90	103	101	102	86	88	90	80
Other Noncurrent Operating Liabilities	85	143	144	138	143	137	140	150	161	192	187
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	2,322	2,399	2,086	2,036	1,925	1,931	1,946	1,706	1,679	1,593	1,321
Total Preferred & Common Equity	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674	1,646	1,561	1,289
Total Common Equity	2,271	2,349	2,041	1,993	1,882	1,898	1,913	1,674	1,646	1,561	1,289
Common Stock	2,040	2,051	2,056	2,060	2,072	2,076	2,082	2,091	2,094	2,099	2,103
Retained Earnings	1,116	1,083	794	760	655	651	606	425	321	213	-73
Accumulated Other Comprehensive Income / (Loss)	-885	-785	-809	-827	-845	-829	-775	-842	-769	-751	-741
Noncontrolling Interest	51	50	45	43	43	33	33	32	33	32	32

This table displays calculated financial ratios and metrics derived from Tronox's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-13.07%	-13.31%	29.72%	7.13%	44.20%	5.15%	29.51%	-3.30%	-17.49%	7.86%	-5.73%
EBITDA Growth	-69.36%	12.09%	209.80%	38.92%	-12.07%	58.29%	46.81%	-19.51%	-34.49%	11.63%	-92.99%
EBIT Growth	-2,062.50%	50.29%	238.37%	95.80%	-57.94%	203.06%	98.32%	-24.45%	-57.53%	23.28%	-218.03%
NOPAT Growth	0.00%	73.63%	366.04%	41.37%	-52.34%	3,456.85%	-80.24%	59.05%	-260.31%	86.41%	-9.32%
Net Income Growth	23.98%	81.07%	-353.33%	111.03%	-423.33%	1,125.77%	-69.55%	65.02%	-162.80%	82.80%	-775.93%
EPS Growth	24.06%	81.69%	-359.62%	97.49%	-1,200.00%	957.69%	-72.94%	74.59%	-163.92%	84.65%	-858.06%
Operating Cash Flow Growth	-52.48%	25.37%	96.43%	3.03%	142.35%	-13.84%	108.45%	-19.19%	-69.23%	63.04%	-80.00%
Free Cash Flow Firm Growth	-353.34%	227.56%	-93.30%	102.10%	-702.09%	217.36%	-56.93%	-43.64%	-368.34%	86.36%	-7.83%
Invested Capital Growth	36.18%	-39.37%	-0.13%	-2.76%	56.04%	25.14%	-3.48%	8.91%	-5.15%	-0.73%	-0.84%
Revenue Q/Q Growth	-23.62%	1.79%	42.69%	-1.89%	10.30%	4.11%	0.76%	-4.45%	1.32%	-0.32%	1.90%
EBITDA Q/Q Growth	-64.31%	628.57%	40.44%	6.81%	-1.03%	12.32%	8.99%	-13.95%	-12.73%	10.92%	-82.21%
EBIT Q/Q Growth	-260.42%	45.91%	283.87%	13.66%	-22.83%	23.24%	17.80%	-20.39%	-27.31%	27.32%	-195.70%
NOPAT Q/Q Growth	-136.47%	62.94%	213.33%	-73.13%	-20.17%	-30.02%	19.73%	-3.86%	4.00%	70.59%	-178.02%
Net Income Q/Q Growth	35.70%	78.72%	-80.13%	15.38%	-12.79%	6.65%	15.21%	-18.17%	-15.44%	32.50%	-45.09%
EPS Q/Q Growth	35.16%	78.69%	-77.04%	-500.00%	3.70%	5.19%	14.56%	-16.62%	-16.09%	35.42%	-44.88%
Operating Cash Flow Q/Q Growth	-30.93%	140.00%	0.00%	-20.56%	56.06%	7.25%	-7.50%	20.32%	-41.40%	-8.54%	185.71%
Free Cash Flow Firm Q/Q Growth	-4.95%	350.85%	-93.45%	-62.38%	0.42%	-44.08%	42.33%	3.26%	10.98%	75.46%	-29.16%
Invested Capital Q/Q Growth	-7.96%	-37.88%	2.48%	0.82%	-0.08%	2.88%	0.41%	-0.48%	-1.95%	-2.13%	-3.88%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	1.26%	10.16%	22.91%	27.38%	17.69%	22.52%	25.06%	24.09%	16.21%	16.75%	9.28%
EBITDA Margin	6.03%	7.79%	18.61%	24.13%	14.72%	22.15%	25.11%	20.90%	16.60%	17.18%	1.28%
Operating Margin	-13.31%	-4.05%	8.30%	11.00%	3.62%	9.83%	16.15%	13.26%	6.53%	7.12%	-8.73%
EBIT Margin	-11.46%	-6.57%	7.01%	12.81%	3.74%	10.77%	16.49%	12.88%	6.63%	7.58%	-9.49%
Profit (Net Income) Margin	-20.99%	-4.58%	-16.02%	1.65%	-3.70%	36.08%	8.48%	14.48%	-11.02%	-1.76%	-16.32%
Tax Burden Percent	90.83%	22.73%	312.64%	69.77%	110.23%	872.81%	81.02%	162.34%	-640.82%	-73.97%	103.28%
Interest Burden Percent	201.73%	306.98%	-73.11%	18.45%	-89.80%	38.38%	63.50%	69.21%	25.93%	31.33%	166.55%
Effective Tax Rate	0.00%	0.00%	0.00%	30.23%	0.00%	-772.81%	18.98%	-62.34%	740.82%	173.97%	0.00%
Return on Invested Capital (ROIC)	-4.11%	-1.17%	4.12%	5.91%	2.23%	57.87%	10.47%	16.23%	-25.61%	-3.59%	-3.95%
ROIC Less NNEP Spread (ROIC-NNEP)	-13.02%	-2.29%	-24.17%	-1.79%	-5.59%	7.00%	3.91%	5.91%	10.04%	0.52%	-14.30%
Return on Net Nonoperating Assets (RNNOA)	-17.77%	-4.13%	-29.21%	-2.72%	-13.14%	13.54%	5.02%	6.27%	11.28%	0.72%	-25.24%
Return on Equity (ROE)	-21.88%	-5.30%	-25.09%	3.20%	-10.91%	71.40%	15.49%	22.50%	-14.33%	-2.86%	-29.20%
Cash Return on Invested Capital (CROIC)	-34.74%	47.85%	4.25%	8.71%	-41.54%	35.53%	14.01%	7.69%	-20.32%	-2.86%	-3.11%
Operating Return on Assets (OROA)	-3.43%	-1.72%	2.42%	4.90%	1.98%	5.02%	9.38%	7.24%	3.04%	3.83%	-4.49%
Return on Assets (ROA)	-6.28%	-1.20%	-5.54%	0.63%	-1.96%	16.81%	4.83%	8.13%	-5.05%	-0.89%	-7.72%
Return on Common Equity (ROCE)	-19.69%	-4.70%	-21.27%	2.58%	-8.78%	62.67%	14.61%	22.02%	-14.03%	-2.81%	-28.65%
Return on Equity Simple (ROE_SIMPLE)	-31.76%	-5.95%	-32.81%	4.39%	-12.97%	58.60%	15.20%	21.21%	-16.22%	-3.07%	0.00%
Net Operating Profit after Tax (NOPAT)	-141	-37	99	140	67	2,365	467	744	-1,192	-162	-177
NOPAT Margin	-9.32%	-2.83%	5.81%	7.67%	2.54%	85.76%	13.09%	21.53%	-41.82%	-5.27%	-6.11%
Net Nonoperating Expense Percent (NNEP)	8.91%	1.12%	28.29%	7.71%	7.82%	50.87%	6.56%	10.32%	-35.65%	-4.11%	10.35%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	15.05%	-24.81%	-3.48%	-3.79%
Cost of Revenue to Revenue	98.74%	89.84%	77.09%	72.62%	82.31%	77.48%	74.94%	75.91%	83.79%	83.25%	90.72%
SG&A Expenses to Revenue	13.18%	14.13%	14.66%	14.68%	13.23%	12.58%	8.90%	8.37%	9.68%	9.63%	10.01%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	14.57%	14.21%	14.61%	16.38%	14.07%	12.69%	8.90%	10.83%	9.68%	9.63%	18.01%
Earnings before Interest and Taxes (EBIT)	-173	-86	119	233	98	297	589	445	189	233	-275
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	91	102	316	439	386	611	897	722	473	528	37
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.35	0.99	2.48	1.19	1.87	1.10	1.69	0.84	1.11	0.90	0.47
Price to Tangible Book Value (P/TBV)	0.47	1.27	3.26	1.60	2.59	1.25	1.89	0.93	1.27	1.05	0.55
Price to Revenue (P/Rev)	0.23	0.76	1.21	0.45	0.53	0.68	0.94	0.57	0.75	0.52	0.23
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	1.93	11.75	3.96	0.00	0.00	0.00
Dividend Yield	33.00%	4.50%	1.05%	2.73%	1.83%	2.15%	1.65%	4.91%	3.65%	4.97%	8.39%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	51.71%	8.51%	25.25%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.84	1.65	1.51	1.05	1.18	1.04	1.31	0.92	1.05	0.96	0.83
Enterprise Value to Revenue (EV/Rev)	2.19	3.01	2.13	1.35	1.63	1.71	1.61	1.27	1.66	1.41	1.28
Enterprise Value to EBITDA (EV/EBITDA)	36.31	38.65	11.46	5.59	11.09	7.72	6.41	6.08	10.02	8.20	100.09
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	30.43	10.53	43.68	15.89	9.77	9.86	25.09	18.57	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	36.69	17.59	64.37	2.00	12.30	5.90	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	49.32	46.93	21.95	14.44	10.39	13.30	7.77	7.34	25.77	14.42	61.72
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	2.60	35.61	11.94	0.00	3.25	9.20	12.45	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.77	2.65	3.10	3.67	3.30	1.78	1.26	1.06	1.43	1.60	2.22
Long-Term Debt to Equity	2.62	2.50	3.08	3.64	3.26	1.74	1.25	1.03	1.41	1.54	2.16
Financial Leverage	1.37	1.81	1.21	1.51	2.35	1.93	1.28	1.06	1.12	1.39	1.76
Leverage Ratio	3.48	4.41	4.53	5.06	5.57	4.25	3.21	2.77	2.84	3.23	3.78
Compound Leverage Factor	7.03	13.55	-3.31	0.93	-5.00	1.63	2.04	1.91	0.74	1.01	6.30
Debt to Total Capital	73.48%	72.59%	75.61%	78.57%	76.76%	63.96%	55.78%	51.37%	58.78%	61.48%	68.98%
Short-Term Debt to Total Capital	3.97%	3.95%	0.53%	0.55%	0.96%	1.12%	0.39%	1.50%	0.79%	2.15%	1.93%
Long-Term Debt to Total Capital	69.52%	68.65%	75.08%	78.03%	75.80%	62.85%	55.39%	49.87%	57.99%	59.33%	67.05%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	2.68%	3.42%	4.47%	4.45%	4.26%	3.33%	1.04%	0.93%	0.92%	0.65%	0.66%
Common Equity to Total Capital	23.84%	23.98%	19.92%	16.98%	18.98%	32.70%	43.18%	47.70%	40.30%	37.87%	30.36%
Debt to EBITDA	33.80	29.94	9.96	7.20	7.84	5.44	2.87	3.52	5.97	5.41	87.08
Net Debt to EBITDA	31.23	27.48	4.36	3.34	7.03	4.37	2.61	3.29	5.39	5.13	81.38
Long-Term Debt to EBITDA	31.98	28.31	9.89	7.15	7.74	5.34	2.85	3.41	5.89	5.23	84.65
Debt to NOPAT	-21.86	-82.32	31.88	22.65	45.50	1.40	5.51	3.41	-2.37	-17.65	-18.19
Net Debt to NOPAT	-20.20	-75.55	13.96	10.50	40.83	1.13	5.01	3.19	-2.14	-16.71	-17.00
Long-Term Debt to NOPAT	-20.68	-77.84	31.66	22.50	44.93	1.38	5.47	3.31	-2.34	-17.03	-17.68
Altman Z-Score	0.45	0.88	1.22	1.16	0.93	1.22	1.83	1.53	1.30	1.24	0.67
Noncontrolling Interest Sharing Ratio	10.01%	11.31%	15.22%	19.45%	19.52%	12.24%	5.65%	2.11%	2.05%	1.96%	1.88%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.37	4.85	7.48	8.48	2.95	3.14	2.49	2.31	2.84	2.47	2.46
Quick Ratio	1.13	0.93	4.09	4.50	1.12	1.44	1.05	0.64	0.75	0.48	0.53
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-1,191	1,519	102	206	-1,238	1,452	625	353	-946	-129	-139
Operating Cash Flow to CapEx	40.85%	100.00%	181.32%	146.55%	210.20%	182.99%	274.07%	144.10%	72.16%	87.46%	17.80%
Free Cash Flow to Firm to Interest Expense	-6.77	8.39	0.47	0.92	-6.07	7.60	2.82	2.41	-5.99	-0.76	-0.74
Operating Cash Flow to Interest Expense	0.38	0.46	0.76	0.76	2.02	1.86	3.33	4.10	1.16	1.76	0.32
Operating Cash Flow Less CapEx to Interest Expense	-0.55	0.00	0.34	0.24	1.06	0.84	2.12	1.25	-0.45	-0.25	-1.47
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.30	0.26	0.35	0.38	0.53	0.47	0.57	0.56	0.46	0.51	0.47
Accounts Receivable Turnover	4.52	3.91	5.60	5.64	6.57	5.40	6.10	6.85	8.55	11.06	10.44
Inventory Turnover	2.13	2.08	2.69	2.78	2.68	1.88	2.45	2.25	1.77	1.72	1.64
Fixed Asset Turnover	0.98	0.89	1.54	1.72	1.90	1.57	2.06	1.95	1.56	1.63	1.47
Accounts Payable Turnover	9.35	7.97	8.70	8.87	9.09	6.12	6.74	5.68	5.04	5.33	5.37
Days Sales Outstanding (DSO)	80.74	93.27	65.13	64.71	55.59	67.63	59.83	53.26	42.71	33.01	34.95
Days Inventory Outstanding (DIO)	171.36	175.21	135.52	131.52	136.09	193.69	148.96	161.90	206.27	211.95	222.35
Days Payable Outstanding (DPO)	39.05	45.78	41.97	41.17	40.15	59.61	54.13	64.31	72.37	68.46	68.03
Cash Conversion Cycle (CCC)	213.05	222.70	158.68	155.06	151.53	201.71	154.66	150.84	176.61	176.50	189.27
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	3,952	2,396	2,393	2,327	3,631	4,544	4,386	4,777	4,531	4,498	4,460
Invested Capital Turnover	0.44	0.41	0.71	0.77	0.88	0.67	0.80	0.75	0.61	0.68	0.65
Increase / (Decrease) in Invested Capital	1,050	-1,556	-3.00	-66	1,304	913	-158	391	-246	-33	-38
Enterprise Value (EV)	3,305	3,942	3,621	2,454	4,281	4,720	5,752	4,388	4,741	4,327	3,703
Market Capitalization	351	995	2,057	810	1,398	1,874	3,360	1,968	2,146	1,590	661
Book Value per Share	$8.63	$8.68	$6.92	$5.56	$5.27	$11.83	$12.96	$15.26	$12.35	$11.15	$8.94
Tangible Book Value per Share	$6.52	$6.76	$5.27	$4.12	$3.81	$10.43	$11.55	$13.64	$10.80	$9.61	$7.59
Total Capital	4,186	4,207	4,162	4,023	3,942	5,192	4,618	4,941	4,804	4,650	4,671
Total Debt	3,076	3,054	3,147	3,161	3,026	3,321	2,576	2,538	2,824	2,859	3,222
Total Long-Term Debt	2,910	2,888	3,125	3,139	2,988	3,263	2,558	2,464	2,786	2,759	3,132
Net Debt	2,842	2,803	1,378	1,465	2,715	2,673	2,344	2,374	2,551	2,707	3,011
Capital Expenditures (CapEx)	164	84	91	116	196	194	270	415	255	343	337
Debt-free, Cash-free Net Working Capital (DFCFNWC)	685	2,089	539	570	1,098	1,134	1,013	1,020	1,147	1,229	1,225
Debt-free Net Working Capital (DFNWC)	919	2,340	2,308	2,266	1,409	1,782	1,245	1,184	1,420	1,381	1,436
Net Working Capital (NWC)	753	2,174	2,286	2,244	1,371	1,724	1,227	1,110	1,382	1,281	1,346
Net Nonoperating Expense (NNE)	176	23	371	110	164	1,370	164	244	-878	-108	296
Net Nonoperating Obligations (NNO)	2,842	1,243	1,378	1,465	2,715	2,673	2,344	2,374	2,551	2,707	3,011
Total Depreciation and Amortization (D&A)	264	188	197	206	288	314	308	277	284	295	312
Debt-free, Cash-free Net Working Capital to Revenue	45.36%	159.59%	31.74%	31.34%	41.86%	41.12%	28.36%	29.53%	40.25%	39.98%	42.27%
Debt-free Net Working Capital to Revenue	60.86%	178.76%	135.92%	124.57%	53.72%	64.61%	34.85%	34.28%	49.82%	44.93%	49.55%
Net Working Capital to Revenue	49.87%	166.08%	134.63%	123.36%	52.27%	62.51%	34.35%	32.14%	48.49%	41.67%	46.45%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.88	$3.21	($2.02)	($0.31)	($2.97)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	152.06M	154.87M	156.40M	157.82M	158.48M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$1.81	$3.16	($2.02)	($0.31)	($2.97)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	157.95M	157.11M	156.40M	157.82M	158.48M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	0.00	0.00	0.00	0.00	153.94M	154.50M	156.79M	157.94M	158.56M
Normalized Net Operating Profit after Tax (NOPAT)	-126	-36	98	161	82	192	467	380	130	153	-15
Normalized NOPAT Margin	-8.34%	-2.78%	5.77%	8.86%	3.12%	6.95%	13.09%	11.00%	4.57%	4.99%	-0.51%
Pre Tax Income Margin	-23.11%	-20.17%	-5.12%	2.36%	-3.35%	4.13%	10.47%	8.92%	1.72%	2.37%	-15.80%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-0.98	-0.48	0.55	1.04	0.48	1.56	2.65	3.05	1.20	1.37	-1.46
NOPAT to Interest Expense	-0.80	-0.21	0.46	0.63	0.33	12.38	2.11	5.09	-7.54	-0.95	-0.94
EBIT Less CapEx to Interest Expense	-1.91	-0.94	0.13	0.52	-0.48	0.54	1.44	0.21	-0.42	-0.65	-3.24
NOPAT Less CapEx to Interest Expense	-1.73	-0.67	0.04	0.11	-0.63	11.37	0.89	2.25	-9.16	-2.97	-2.72
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-36.91%	-76.67%	-8.46%	76.67%	-180.41%	4.02%	21.45%	17.40%	-28.34%	-148.15%	-10.15%
Augmented Payout Ratio	-36.91%	-76.67%	-8.46%	76.67%	-477.32%	4.02%	21.45%	27.40%	-28.34%	-148.15%	-10.15%

This table displays calculated financial ratios and metrics derived from Tronox's official financial filings.

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,557,858.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	158,557,858.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.65
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-26.03%	5.70%	9.32%	3.27%	21.45%	-1.46%	-4.65%	-10.85%	-13.06%	7.99%	2.98%
EBITDA Growth	-57.74%	-47.26%	-16.79%	7.59%	13.86%	67.53%	-93.86%	-76.47%	-72.17%	-132.56%	257.14%
EBIT Growth	-81.29%	-93.42%	-37.50%	7.95%	34.38%	1,000.00%	-265.00%	-138.95%	-204.65%	-330.91%	19.70%
NOPAT Growth	-84.25%	-92.38%	-504.71%	103.24%	-6,126.79%	-1,814.29%	76.86%	-277.30%	97.77%	16.88%	32.79%
Net Income Growth	-111.38%	-300.00%	-136.00%	103.72%	-78.57%	46.43%	-1,133.33%	-950.00%	-300.00%	-490.00%	6.31%
EPS Growth	-111.69%	-350.00%	-140.00%	105.81%	-77.78%	47.22%	-1,066.67%	-630.00%	-293.75%	-484.21%	7.14%
Operating Cash Flow Growth	-87.59%	-54.17%	63.29%	17.65%	411.76%	-25.45%	-10.34%	-82.50%	-165.52%	47.56%	-112.50%
Free Cash Flow Firm Growth	169.49%	179.24%	136.53%	126.47%	-757.89%	-125.04%	-101.54%	-220.44%	94.41%	33.65%	1,370.37%
Invested Capital Growth	-3.73%	-5.15%	-7.28%	-1.26%	-0.54%	-0.73%	-0.87%	1.37%	0.96%	-0.84%	-1.39%
Revenue Q/Q Growth	-16.62%	3.63%	12.83%	5.94%	-1.95%	-15.92%	9.17%	-0.95%	-4.38%	4.43%	4.11%
EBITDA Q/Q Growth	-36.08%	-23.76%	48.05%	49.12%	-32.35%	12.17%	-94.57%	471.43%	-20.00%	-231.25%	159.52%
EBIT Q/Q Growth	-63.64%	-84.38%	700.00%	137.50%	-54.74%	27.91%	-220.00%	43.94%	-21.62%	-182.22%	58.27%
NOPAT Q/Q Growth	105.25%	-75.00%	-3,394.64%	107.49%	-9,869.74%	92.89%	55.52%	42.62%	-22.86%	-165.12%	64.04%
Net Income Q/Q Growth	94.80%	-300.00%	83.93%	211.11%	-350.00%	-20.00%	-270.00%	23.42%	-17.65%	-77.00%	41.24%
EPS Q/Q Growth	94.77%	-300.00%	83.33%	266.67%	-260.00%	-18.75%	-268.42%	24.29%	-18.87%	-76.19%	41.44%
Operating Cash Flow Q/Q Growth	-87.50%	547.06%	-126.36%	651.72%	-45.63%	-5.75%	-139.02%	187.50%	-303.57%	312.28%	-156.20%
Free Cash Flow Firm Q/Q Growth	174.22%	24.93%	-30.25%	-59.08%	-1,944.94%	95.25%	95.71%	-3,103.70%	14.34%	43.59%	182.06%
Invested Capital Q/Q Growth	0.57%	-1.95%	1.13%	-0.98%	1.30%	-2.13%	0.98%	1.26%	0.89%	-3.88%	0.43%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	14.20%	11.37%	15.50%	18.29%	15.92%	17.31%	13.41%	10.81%	7.44%	5.34%	5.79%
EBITDA Margin	15.26%	11.22%	14.73%	20.73%	14.30%	19.08%	0.95%	5.47%	4.58%	-5.75%	3.29%
Operating Margin	4.83%	1.17%	5.30%	9.27%	6.72%	7.10%	-8.27%	-4.79%	-6.15%	-15.62%	-5.39%
EBIT Margin	4.83%	0.73%	5.17%	11.59%	5.35%	8.14%	-8.94%	-5.06%	-6.44%	-17.40%	-6.97%
Profit (Net Income) Margin	-2.11%	-8.16%	-1.16%	1.22%	-3.11%	-4.44%	-15.04%	-11.63%	-14.31%	-24.25%	-13.68%
Tax Burden Percent	233.33%	175.00%	-450.00%	18.18%	-2,500.00%	-200.00%	104.72%	104.94%	108.70%	98.88%	100.00%
Interest Burden Percent	-18.75%	-640.00%	5.00%	57.89%	2.33%	27.27%	160.61%	218.92%	204.44%	140.94%	196.23%
Effective Tax Rate	0.00%	0.00%	550.00%	81.82%	2,600.00%	300.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	2.02%	0.50%	-14.60%	1.09%	-112.37%	-9.67%	-3.85%	-2.16%	-2.65%	-7.07%	-2.44%
ROIC Less NNEP Spread (ROIC-NNEP)	0.58%	-2.00%	-7.85%	0.94%	-61.74%	-7.16%	-6.34%	-4.35%	-5.11%	-10.47%	-4.96%
Return on Net Nonoperating Assets (RNNOA)	0.68%	-2.25%	-9.44%	1.19%	-81.17%	-9.98%	-9.59%	-6.66%	-8.22%	-18.48%	-9.82%
Return on Equity (ROE)	2.70%	-1.75%	-24.03%	2.28%	-193.54%	-19.65%	-13.44%	-8.83%	-10.87%	-25.56%	-12.26%
Cash Return on Invested Capital (CROIC)	-22.56%	-20.32%	-63.37%	-11.22%	-11.41%	-2.86%	2.67%	-1.27%	-2.33%	-3.11%	-2.22%
Operating Return on Assets (OROA)	2.23%	0.33%	2.43%	5.61%	2.70%	4.11%	-4.49%	-2.43%	-2.93%	-8.23%	-3.36%
Return on Assets (ROA)	-0.98%	-3.74%	-0.55%	0.59%	-1.57%	-2.24%	-7.56%	-5.58%	-6.51%	-11.47%	-6.59%
Return on Common Equity (ROCE)	2.64%	-1.71%	-23.52%	2.23%	-189.85%	-19.27%	-13.17%	-8.67%	-10.67%	-25.07%	-12.00%
Return on Equity Simple (ROE_SIMPLE)	-13.65%	0.00%	-18.49%	-3.64%	-4.18%	0.00%	-9.32%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	22	5.60	-185	14	-1,350	-96	-43	-25	-30	-80	-29
NOPAT Margin	3.38%	0.82%	-23.84%	1.69%	-167.91%	-14.20%	-5.79%	-3.35%	-4.31%	-10.93%	-3.78%
Net Nonoperating Expense Percent (NNEP)	1.44%	2.50%	-6.75%	0.15%	-50.62%	-2.51%	2.49%	2.19%	2.45%	3.40%	2.51%
Return On Investment Capital (ROIC_SIMPLE)	-	0.12%	-	-	-	-2.06%	-0.91%	-0.52%	-0.62%	-1.71%	-0.62%
Cost of Revenue to Revenue	85.80%	88.63%	84.50%	81.71%	84.08%	82.69%	86.59%	89.19%	92.56%	94.66%	94.21%
SG&A Expenses to Revenue	9.37%	10.20%	10.21%	9.02%	9.20%	10.21%	10.03%	9.85%	10.01%	10.14%	9.34%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	9.37%	10.20%	10.21%	9.02%	9.20%	10.21%	21.68%	15.60%	13.59%	20.96%	11.18%
Earnings before Interest and Taxes (EBIT)	32	5.00	40	95	43	55	-66	-37	-45	-127	-53
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	101	77	114	170	115	129	7.00	40	32	-42	25
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.02	1.11	1.44	1.30	1.21	0.90	0.66	0.49	0.41	0.47	1.20
Price to Tangible Book Value (P/TBV)	1.16	1.27	1.65	1.50	1.39	1.05	0.78	0.57	0.48	0.55	1.43
Price to Revenue (P/Rev)	0.72	0.75	0.93	0.84	0.75	0.52	0.37	0.27	0.22	0.23	0.53
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	4.82%	3.65%	2.90%	3.19%	3.42%	4.97%	7.10%	9.86%	13.68%	8.39%	4.09%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.01	1.05	1.18	1.13	1.09	0.96	0.88	0.82	0.80	0.83	1.06
Enterprise Value to Revenue (EV/Rev)	1.66	1.66	1.85	1.74	1.62	1.41	1.31	1.27	1.31	1.28	1.62
Enterprise Value to EBITDA (EV/EBITDA)	8.60	10.02	12.01	11.07	10.49	8.20	9.45	12.91	17.87	100.09	86.17
Enterprise Value to EBIT (EV/EBIT)	17.93	25.09	32.74	29.74	27.29	18.57	31.34	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	48.59	894.38	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	14.85	25.77	23.09	19.83	15.22	14.42	13.40	22.77	176.97	61.72	197.46
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	32.65	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.39	1.43	1.46	1.45	1.45	1.60	1.74	1.82	2.03	2.22	2.50
Long-Term Debt to Equity	1.37	1.41	1.44	1.44	1.42	1.54	1.61	1.64	1.97	2.16	2.36
Financial Leverage	1.16	1.12	1.20	1.27	1.31	1.39	1.51	1.53	1.61	1.76	1.98
Leverage Ratio	2.80	2.84	2.86	3.02	3.07	3.23	3.33	3.40	3.53	3.78	4.01
Compound Leverage Factor	-0.52	-18.16	0.14	1.75	0.07	0.88	5.35	7.45	7.22	5.33	7.86
Debt to Total Capital	58.17%	58.78%	59.35%	59.24%	59.15%	61.48%	63.55%	64.52%	66.99%	68.98%	71.39%
Short-Term Debt to Total Capital	0.88%	0.79%	0.65%	0.55%	1.07%	2.15%	4.72%	6.42%	2.01%	1.93%	3.73%
Long-Term Debt to Total Capital	57.28%	57.99%	58.70%	58.70%	58.08%	59.33%	58.82%	58.09%	64.98%	67.05%	67.66%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.88%	0.92%	0.91%	0.70%	0.69%	0.65%	0.68%	0.70%	0.66%	0.66%	0.69%
Common Equity to Total Capital	40.95%	40.30%	39.74%	40.06%	40.16%	37.87%	35.77%	34.78%	32.35%	30.36%	27.92%
Debt to EBITDA	5.22	5.97	6.25	6.08	5.92	5.41	7.06	10.49	15.54	87.08	59.93
Net Debt to EBITDA	4.77	5.39	5.90	5.64	5.57	5.13	6.74	10.03	14.65	81.38	57.42
Long-Term Debt to EBITDA	5.14	5.89	6.18	6.02	5.81	5.23	6.54	9.45	15.08	84.65	56.80
Debt to NOPAT	-2.28	-2.37	-0.83	-4.92	-5.12	-17.65	36.31	726.90	-50.75	-18.19	-20.21
Net Debt to NOPAT	-2.08	-2.14	-0.79	-4.57	-4.81	-16.71	34.63	695.24	-47.83	-17.00	-19.36
Long-Term Debt to NOPAT	-2.25	-2.34	-0.82	-4.88	-5.02	-17.03	33.61	654.52	-49.23	-17.68	-19.15
Altman Z-Score	1.26	1.20	1.35	1.33	1.26	1.15	0.96	0.86	0.83	0.75	0.88
Noncontrolling Interest Sharing Ratio	2.16%	2.05%	2.15%	1.94%	1.91%	1.96%	2.07%	1.83%	1.84%	1.88%	2.11%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	3.32	2.84	3.12	2.98	2.72	2.47	2.28	2.10	2.72	2.46	2.42
Quick Ratio	0.83	0.75	0.77	0.78	0.66	0.48	0.48	0.40	0.57	0.53	0.51
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	201	252	176	72	-1,325	-63	-2.70	-87	-74	-42	34
Operating Cash Flow to CapEx	31.48%	196.43%	-38.16%	266.67%	96.67%	70.09%	-29.09%	33.73%	-72.15%	180.60%	-101.49%
Free Cash Flow to Firm to Interest Expense	4.80	5.59	4.18	1.71	-29.44	-1.54	-0.06	-1.92	-1.54	-0.77	0.65
Operating Cash Flow to Interest Expense	0.40	2.44	-0.69	3.81	1.93	2.00	-0.76	0.62	-1.19	2.24	-1.28
Operating Cash Flow Less CapEx to Interest Expense	-0.88	1.20	-2.50	2.38	-0.07	-0.85	-3.38	-1.22	-2.83	1.00	-2.55
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.46	0.46	0.47	0.48	0.50	0.51	0.50	0.48	0.46	0.47	0.48
Accounts Receivable Turnover	6.47	8.55	7.39	7.80	9.36	11.06	8.72	8.72	8.44	10.44	8.98
Inventory Turnover	2.39	1.77	1.79	1.77	1.80	1.72	1.69	1.63	1.58	1.64	1.70
Fixed Asset Turnover	1.60	1.56	1.61	1.62	1.66	1.63	1.63	1.54	1.44	1.47	1.50
Accounts Payable Turnover	7.68	5.04	6.11	5.59	6.05	5.33	5.81	5.28	5.40	5.37	6.03
Days Sales Outstanding (DSO)	56.44	42.71	49.38	46.77	39.00	33.01	41.87	41.83	43.25	34.95	40.63
Days Inventory Outstanding (DIO)	152.47	206.27	204.32	206.15	203.21	211.95	215.79	224.62	231.69	222.35	214.60
Days Payable Outstanding (DPO)	47.52	72.37	59.77	65.26	60.32	68.46	62.84	69.14	67.61	68.03	60.50
Cash Conversion Cycle (CCC)	161.39	176.61	193.93	187.66	181.89	176.50	194.81	197.31	207.33	189.27	194.73
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	4,621	4,531	4,582	4,537	4,596	4,498	4,542	4,599	4,640	4,460	4,479
Invested Capital Turnover	0.60	0.61	0.61	0.64	0.67	0.68	0.67	0.65	0.62	0.65	0.65
Increase / (Decrease) in Invested Capital	-179	-246	-360	-58	-25	-33	-40	62	44	-38	-63
Enterprise Value (EV)	4,662	4,741	5,403	5,115	4,993	4,327	3,980	3,756	3,716	3,703	4,739
Market Capitalization	2,034	2,146	2,703	2,476	2,310	1,590	1,112	803	637	661	1,549
Book Value per Share	$12.71	$12.35	$11.96	$12.02	$12.11	$11.15	$10.60	$10.39	$9.85	$8.94	$8.13
Tangible Book Value per Share	$11.15	$10.80	$10.42	$10.47	$10.55	$9.61	$9.06	$8.95	$8.45	$7.59	$6.82
Total Capital	4,867	4,804	4,736	4,738	4,764	4,650	4,680	4,732	4,826	4,671	4,617
Total Debt	2,831	2,824	2,811	2,807	2,818	2,859	2,974	3,053	3,233	3,222	3,296
Total Long-Term Debt	2,788	2,786	2,780	2,781	2,767	2,759	2,753	2,749	3,136	3,132	3,124
Net Debt	2,585	2,551	2,657	2,606	2,650	2,707	2,836	2,920	3,047	3,011	3,158
Capital Expenditures (CapEx)	54	56	76	60	90	117	110	83	79	67	67
Debt-free, Cash-free Net Working Capital (DFCFNWC)	1,286	1,147	1,345	1,305	1,285	1,229	1,315	1,341	1,372	1,225	1,305
Debt-free Net Working Capital (DFNWC)	1,532	1,420	1,499	1,506	1,453	1,381	1,453	1,474	1,558	1,436	1,443
Net Working Capital (NWC)	1,489	1,382	1,468	1,480	1,402	1,281	1,232	1,170	1,461	1,346	1,271
Net Nonoperating Expense (NNE)	36	62	-176	3.82	-1,325	-66	68	61	70	97	75
Net Nonoperating Obligations (NNO)	2,585	2,551	2,657	2,606	2,650	2,707	2,836	2,920	3,047	3,011	3,158
Total Depreciation and Amortization (D&A)	69	72	74	75	72	74	73	77	77	85	78
Debt-free, Cash-free Net Working Capital to Revenue	45.72%	40.25%	46.12%	44.36%	41.67%	39.98%	43.29%	45.47%	48.24%	42.27%	44.69%
Debt-free Net Working Capital to Revenue	54.46%	49.82%	51.41%	51.19%	47.11%	44.93%	47.83%	49.98%	54.78%	49.55%	49.42%
Net Working Capital to Revenue	52.93%	48.49%	50.34%	50.31%	45.46%	41.67%	40.55%	39.67%	51.37%	46.45%	43.53%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)	($0.53)	($0.63)	($1.11)	($0.65)
Adjusted Weighted Average Basic Shares Outstanding	156.82M	156.40M	157.33M	158.12M	158.10M	157.82M	158.14M	158.56M	158.60M	158.48M	158.89M
Adjusted Diluted Earnings per Share	($0.09)	($0.36)	($0.06)	$0.10	($0.16)	($0.19)	($0.70)	($0.53)	($0.63)	($1.11)	($0.65)
Adjusted Weighted Average Diluted Shares Outstanding	156.82M	156.40M	157.33M	159.29M	158.10M	157.82M	158.14M	158.56M	158.60M	158.48M	158.89M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	156.79M	156.79M	157.84M	157.92M	157.92M	157.94M	158.46M	158.52M	158.55M	158.56M	159.52M
Normalized Net Operating Profit after Tax (NOPAT)	22	5.60	29	53	38	34	18	4.90	-13	-25	-19
Normalized NOPAT Margin	3.38%	0.82%	3.71%	6.49%	4.70%	4.97%	2.37%	0.67%	-1.80%	-3.36%	-2.49%
Pre Tax Income Margin	-0.91%	-4.66%	0.26%	6.71%	0.12%	2.22%	-14.36%	-11.08%	-13.16%	-24.52%	-13.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.76	0.11	0.95	2.26	0.96	1.34	-1.57	-0.82	-0.94	-2.35	-1.00
NOPAT to Interest Expense	0.53	0.12	-4.39	0.33	-30.00	-2.34	-1.02	-0.54	-0.63	-1.48	-0.54
EBIT Less CapEx to Interest Expense	-0.52	-1.13	-0.86	0.83	-1.04	-1.51	-4.19	-2.67	-2.58	-3.59	-2.26
NOPAT Less CapEx to Interest Expense	-0.75	-1.12	-6.20	-1.10	-32.00	-5.20	-3.64	-2.39	-2.27	-2.72	-1.81
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	-35.29%	-28.34%	-25.29%	-115.94%	-101.25%	-148.15%	-50.64%	-23.51%	-18.10%	-10.15%	-12.02%
Augmented Payout Ratio	-35.29%	-28.34%	-25.29%	-115.94%	-101.25%	-148.15%	-50.64%	-23.51%	-18.10%	-10.15%	-12.02%

Financials Breakdown Chart

Key Financial Trends

Here are the key takeaways on Tronox (TROX) from the quarterly financials covering the last four years (through Q4 2025). The focus is on revenue, margins, cash flow, leverage, and liquidity for retail investors.

Positive quarterly free cash flow in Q4 2025. Free cash flow (approx. $53 million) was generated in Q4 2025 as net cash from continuing operating activities (~$121 million) minus capital expenditures on property, plant & equipment (~$68 million).
Strong operating cash flow in Q4 2025. Net cash from continuing operating activities for Q4 2025 was about $121 million, supporting liquidity and a favorable cash flow swing in that quarter.
Improved near-term liquidity indicators in late 2025. In the latest period (Q3 2025 balance sheet snapshot), total current assets were about $2.31B and total current liabilities about $0.85B, implying a current ratio around 2.7 and solid short-term liquidity. Cash also remained at a meaningful level (about $185M in earlier periods, with higher liquidity shown across the period).
Revenue has shown volatility, but 2025 remains in the mid-$0.7B range. 2025 quarterly revenue generally trended around $730–$740 million (Q1 2025: $738M; Q2 2025: $731M; Q3 2025: $699M; Q4 2025: $730M), compared with a 2022 peak around $945M. This suggests a softer top line vs the 2022 peak but a relatively stable mid-range in 2023–2025.
Ongoing capital investment pattern. Capex in 2025 quarters ranged roughly from $60–$110 million per quarter (e.g., Q1 2025 PPE about $110M; Q4 2025 about $68M), indicating continued asset investment to support capacity and operations, which can pressure short-term cash flow.
Earnings per share and near-term profitability remain negative. Basic and diluted EPS in 2025 quarters remained negative (e.g., Q4 2025 basic EPS of -$1.11 and -$1.11 diluted), reflecting ongoing profitability challenges despite cash generation in some periods.
AOCI and equity headwinds persist. Accumulated other comprehensive income (loss) is negative (around -$0.75B to -$0.85B in recent periods), and total equity has fluctuated, highlighting ongoing equity-related headwinds amid leverage and earnings volatility.
Debt financing activity during 2025. In Q3 2025 Tronox issued debt of about $297 million, with net cash from continuing financing activities around $189 million, reflecting ongoing financing activity to support operations and investments.
Net income to common has been consistently negative in recent years. Quarterly net income to common was negative in 2025 (e.g., Q4 -$176M; Q3 -$99M; Q1 2025 -$111M), signaling ongoing profitability challenges despite cash generation in certain quarters.
High leverage continues to weigh on the balance sheet. Long-term debt sits around $3.0B (mid-2025), with total debt lines including short-term debt and interest-related costs contributing to leverage and financing costs; interest expense in Q4 2025 was about $54M, underscoring ongoing debt service obligations.

05/29/26 04:11 PM ETAI Generated. May Contain Errors.

Tronox Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Tronox's fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Tronox's net income appears to be on an upward trend, with a most recent value of -$473 million in 2025, rising from -$317 million in 2015. The previous period was -$54 million in 2024. Check out Tronox's forecast to explore projected trends and price targets.

Tronox's total operating income in 2025 was -$253 million, based on the following breakdown:

Total Gross Profit: $269 million
Total Operating Expenses: $522 million

Over the last 10 years, Tronox's total revenue changed from $1.51 billion in 2015 to $2.90 billion in 2025, a change of 91.9%.

Tronox's total liabilities were at $4.77 billion at the end of 2025, a 12.3% increase from 2024, and a 21.7% increase since 2015.

In the past 10 years, Tronox's cash and equivalents has ranged from $151 million in 2024 to $1.12 billion in 2017, and is currently $199 million as of their latest financial filing in 2025.

Over the last 10 years, Tronox's book value per share changed from 8.63 in 2015 to 8.94 in 2025, a change of 3.7%.

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Financial statements for NYSE:TROX last updated on 5/10/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Tronox (TROX) Financials

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Tronox (TROX) Financials

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Quarterly Cash Flow Statements for Tronox

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Financials Breakdown Chart

Key Financial Trends

Tronox Financials - Frequently Asked Questions

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How has Tronox's revenue changed over the last 10 years?

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