Tronox Holdings plc reported its financial results for the second quarter ending June 30, 2025, with revenue of $731 million, an 11% decrease year-over-year and a 1% sequential decline. The company posted a net loss of $84 million, or $0.53 per diluted share, a significant drop from a net income of $16 million in the prior year's quarter.
Adjusted EBITDA for Q2 2025 was $93 million, representing a 42% decrease year-over-year and a 17% sequential decline, with an Adjusted EBITDA margin of 12.7%. Free cash flow for the quarter was a use of $55 million, reflecting weaker demand across most end markets and a softer-than-anticipated coatings season.
In response to prolonged market weakness, Tronox significantly revised its full-year 2025 financial outlook. The company now expects revenue between $3.0 billion and $3.1 billion (down from $3.0B-$3.4B) and Adjusted EBITDA between $410 million and $460 million (down from $525M-$625M). Free cash flow is now projected to be a use of $100 million to $170 million, a substantial change from the previous expectation of positive free cash flow.
To bolster balance sheet flexibility, the Board of Directors reduced the quarterly cash dividend by 60% to $0.05 per share for the third quarter of 2025, payable on October 3, 2025. The company also further reduced capital expenditures to less than $330 million for the year, while continuing its cost improvement program targeting $125 million to $175 million in savings by the end of 2026.
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