TROX Tronox Holdings plc

Overview and Growth

In fiscal 2025, Tronox Holdings plc recorded $2.90B of revenue, net loss of $470.00M, and an operating cash inflow of $60.00M. Revenue of $2.90B sets the scale for evaluating how effectively sales translated into profit and cash during the year. The top line contracted 5.7% from $3.07B in fiscal 2024; this top-line contraction left the company with a smaller revenue base. The company reported diluted EPS of -$2.97, adding a shareholder-level measure to the absolute income figures considered below. Total assets stood at $6.22B, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 0.47x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

Gross profit was $269.00M, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. Gross margin was 9.3%, so that share of each revenue unit remained after the cost of revenue reported for the period. Operations produced a $253.00M operating loss before non-operating and tax effects. Relative to revenue, the operating deficit measured 8.7%, showing the shortfall after operating costs. The company ended the period with a net loss of $470.00M, extending the operating result through all remaining items. The net loss equaled 16.2% of revenue, showing the bottom-line deficit relative to the company’s sales base. The company reported a pretax loss of $458.00M, before the effect of income taxes. Pretax margin was -15.8%, reflecting a pre-tax loss equal to 15.8% of revenue. Income tax expense totaled $15.00M, providing the reported tax component that separates pretax and after-tax earnings. The net loss equaled 32.4% of period-end equity, showing the deficit relative to book capital. The loss-to-assets relationship was 7.6%, placing the bottom-line deficit against the company’s resource base. Compared with a $48.00M net loss in fiscal 2024, the current loss increased to $470.00M.

Liquidity and Capital Structure

The company held $6.22B of assets against $4.77B of liabilities and $1.45B of equity, revealing how the asset base was financed. The near-term balance sheet paired $2.27B of current assets with $919.00M of current liabilities at the reporting date. Current assets covered current liabilities by 2.46x, leaving a positive buffer for near-term obligations. The company held $199.00M in cash and equivalents, a narrower liquidity measure than total current assets. The cash balance equaled 21.7% of current liabilities, showing how much near-term coverage came from cash alone. Book equity represented 23.3% of total assets, quantifying the balance-sheet share supported by shareholder capital. Liabilities represented 76.7% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 3.2%, comparing reported cash and equivalents with the full positive asset balance. Compared with $6.04B in fiscal 2024, the current asset base moved 3.0% and finished higher. Against $1.79B of equity in fiscal 2024, the current book-equity balance moved 19.1% and ended lower. Compared with $151.00M in fiscal 2024, the current cash balance moved 31.8% and finished higher.

Cash Flow and Earnings Quality

Operating activities produced a cash inflow of $60.00M, giving the cash-flow counterpart to the accrual-based profit measures reported for the year. Capital expenditures used $341.00M, identifying the reported investment outflow deducted from operating cash flow in the free-cash-flow calculation. Capital spending absorbed 568.3% of operating cash flow, quantifying the share of cash from operations directed to investment. Negative free cash flow was $281.00M, leaving a cash deficit after capital spending and reducing financial flexibility. Free-cash-flow margin was -9.7%, reflecting a cash deficit equal to 9.7% of revenue after capital spending. The cash deficit after capital spending represented 4.5% of the period-end asset base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.