Tronox Holdings plc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Tronox Holdings plc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	1,309	1,698	1,819	2,642	2,758	3,572	3,454	2,850	3,074	2,898
Cost of revenue	1,176	1,309	1,321
Gross profit	133	389	498	464	621	895	832	462	515	269
Research and development	9	8	11	17	12	13	12	12	14	15
Selling, general and administrative	185	249	267	347	347	318	289	276	296	290
Operating income	-53	141	200	95	271	577	458	186	219	-253
Interest expense	185	188	193	201	189	157	125	158	167	189
Other non-operating income	-33	-22	33	3	26	12	-13	3	14	-22
Pre-tax income	-264	-87	43	-88	114	374	308	49	73	-458
Income tax	-125	6	13	14	-881	71	-192	363	127	15
Net income to minority interests	1	13	37	12	26	17	3	2	-6	-3
Net income	-61	-285	-7	-109	969	286	497	-316	-48	-470
EBITDA	124	323	395	375	575	874	727	461	504	49
EPS, basic	-0.52	-2.39	-0.06	-0.78	6.76	1.88	3.21	-2.02	-0.31	-2.97
EPS, diluted	-0.52	-2.39	-0.06	-0.78	6.69	1.81	3.16	-2.02	-0.31	-2.97
Shares, basic (weighted)	116	120	123	140	143	152	155	156	158	158
Shares, diluted (weighted)	116	120	123	140	145	158	157	156	158	158
Dividend per share			0.05	0.18	0.28	0.36	0.50	0.50	0.50	0.35

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	248	1,116	1,034	302	619	228	164	273	151	199
Receivables	278	328	317	482	540	631	377	290	266	289
Inventory	499	473	479	1,131	1,137	1,048	1,278	1,421	1,551	1,652
Other current assets	49	61	50	143	200	132	135	141	184	112
Total current assets	2,738	2,639	2,544	2,073	2,529	2,049	1,960	2,135	2,155	2,265
Property, plant and equipment	1,092	1,115	1,004	1,762	1,759	1,710	1,830	1,835	1,927	2,007
Lease right-of-use assets			0	101	81	85	136	132	140	173
Goodwill			0
Intangible assets	223	198	176	208	201	217	250	243	244	214
Other non-current assets	20	23	85	162	175	194	196	218	126	117
Total assets	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038	6,217
Accounts payable	136	165	133	342	356	438	486	461	499	481
Accrued liabilities	150	163	140	283	350	328	252	230	247	274
Deferred revenue		3		1	4	2	1	1	1	4
Short-term debt	16	0	0	38	58	18	24	27	35	39
Total current liabilities	564	353	300	702	805	822	850	753	874	919
Long-term debt	2,888	3,125	3,139	2,988	3,263	2,558	2,464	2,786	2,759	3,132
Lease liabilities			0	62	41	55	110	103	107	148
Other non-current liabilities	20	18	16	49	42	32	33	39	36	43
Total liabilities	3,811	3,849	3,780	4,352	4,697	3,945	3,903	4,154	4,247	4,768
Total debt	2,940	3,125	3,139	3,026	3,321	18	24	27	35	39
Paid-in capital	1,524	1,558	1,579	1,846	1,873	2,067	2,043	2,064	2,084	2,103
Retained earnings	-19	-327	-357	-493	434	663	1,080	684	555	30
Other comprehensive income	-497	-403	-540	-606	-610	-738	-768	-814	-880	-717
Shareholders' equity	1,009	829	683	748	1,698	1,994	2,357	1,936	1,761	1,418
Minority interests	144	186	179	168	173	48	46	44	30	31
Total equity	1,153	1,015	862	916	1,871	2,042	2,403	1,980	1,791	1,449
Total liabilities and equity	4,964	4,864	4,642	5,268	6,568	5,987	6,306	6,134	6,038	6,217
Shares outstanding			123	142	144	154	154	157	158	159

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-60	-272	30	-97	995	303	500	-314	-54	-473
Depreciation and amortization	177	182	195	280	304	297	269	275	285	302
Stock-based compensation	24	31	21	32	-4	3	26	4	21	20
Deferred income tax	-9	2	-21	-9	-899	15	-261	330	110	12
Change in receivables	-25	-50	-11	78	-49	-108	233	84	11	-9
Change in inventory	106	57	-47	-59	-21	53	-255	-151	-115	-26
Change in payables	16	7	-51	67	17	53	-5	-84	-11	-26
Cash from operations	84	165	170	412	355	740	598	184	300	60
Capital expenditures	-86	-91	-117	-198	-195	-272	-428	-261	-370	-341
Acquisitions	0	0	0	-1,675	0	0
Purchases of investments								0	0	-6
Cash from investing	-84	1,234	-174	-1,185	-229	-269	-415	-255	-343	-328
Debt issued	0	2,589	615	222	500	2,472	396	347	217	400
Debt repaid	-31	-2,342	-606	-387	-233	-3,212	-516	-17	-228	-29
Stock issued			4		0	8	1	0	0
Share buybacks		0	0	-288	0	0	-50	0	0
Dividends paid	-46	-23	-23	-27	-40	-65	-87	-89	-80	-48
Cash from financing	-78	24	-46	-638	214	-877	-250	176	-71	321
Exchange rate effect	2	13	-23	-2	-3	-10	-1	4	-7	6
Net change in cash	17	1,518	-73	-1,385	337	-416	-68	109	-121	59
Free cash flow	-2	74	53	214	160	468	170	-77	-70	-281
Interest paid	171	186	184	188	159	138	114	143	151	157
Income taxes paid	2	10	28	34	17	47	60	-54	-10	-4

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $4.03 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	6.2%	Gross profit / revenue.
Operating margin	-7.2%	Operating income / revenue.
EBITDA margin	1.8%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-14.5%	Pre-tax income / revenue.
Net margin	-18.0%	Net income / revenue.
FCF margin	-5.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	3.3%	Cash from operations / revenue.
Return on equity (ROE)	-47.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-9.2%	Net income / average total assets.
Return on invested capital (ROIC)	-17.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	9.4%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.7%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.5%	Capital expenditures / revenue.
D&A / revenue	9.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-5.7%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-5.7%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	1.0%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-47.8%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-31.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	-15.4%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-215.5%	Operating income vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-90.3%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-59.3%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-38.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-80.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-53.5%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-29.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	-30.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-11.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	4.6%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-19.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-15.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-3.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	3.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-0.5%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-1.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.4%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	1.8%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.55x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.23x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.03x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	0.7%	Total debt / total assets.
Liabilities / assets	80.0%	Total liabilities / total assets.
Net debt	-$155.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	-2.77x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	-1.04x	Operating income / interest expense.
Working capital	$1.30B	Current assets - current liabilities.
Goodwill and intangibles / assets	3.4%	(Goodwill + intangible assets) / total assets.
Tangible book value	$958.0M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.51x	Revenue / average total assets.
Fixed asset turnover	1.54x	Revenue / average property, plant and equipment.
Receivables turnover	8.42x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
Capex / operating cash flow	257.4%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$3.43	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$19.13	Revenue / diluted weighted shares.
FCF per share	-$0.99	Free cash flow / diluted weighted shares.
Operating cash flow per share	$0.63	Cash from operations / diluted weighted shares.
Book value per share	$7.27	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.00	Tangible book value / shares outstanding.
Cash per share	$1.21	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$643.6M	Share price x shares outstanding.
Enterprise value	$488.6M	Market cap + total debt - cash - short-term investments.
P/S	0.21x	Market cap / revenue.
P/B	0.55x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.67x	Market cap / tangible book value, when positive.
P/OCF	6.37x	Market cap / cash from operations, when positive.
EV/Sales	0.16x	Enterprise value / revenue.
EV/EBITDA	8.72x	Enterprise value / EBITDA, when both are positive.
FCF yield	-24.7%	Free cash flow / market cap.
Earnings yield	-85.3%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was Tronox Holdings plc's revenue in fiscal 2025?

Tronox Holdings plc reported revenue of $2.90B for fiscal 2025, 5.7% lower than the year before.

Was Tronox Holdings plc profitable in fiscal 2025?

No. It reported a net loss of $470.0M.

How much free cash flow did Tronox Holdings plc generate in fiscal 2025?

Cash from operations of $60.0M minus capital expenditures of $341.0M left free cash flow of -$281.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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