Key Highlights

  • Tronox Holdings (NYSE:TROX) is scheduled to release third quarter 2026 results after the market close on November 4, 2026, with a webcast call on November 5, 2026.
  • Net Leverage reached 11.4 times trailing twelve-month adjusted EBITDA at June 30, 2026, up from 9.0 times at year-end 2025, on total Debt of USD 3.2 billion.
  • Third quarter adjusted EBITDA guidance is USD 95 million to USD 115 million, versus USD 73 million in the second quarter, when Revenue was USD 868 million.
  • Published market data from an undated snapshot showed the shares at USD 3.59, up 5.44%, with a one year EPS change of 133.02% that was not verified.

Third Quarter Report Arrives After the Close

Tronox Holdings (NYSE:TROX) produces titanium dioxide pigment and mineral sands products including zircon. The company said it will publish third quarter 2026 results after the market close on Wednesday, November 4, 2026, and hold its call on November 5, 2026. This is a preview, as no third quarter figures were available in the material reviewed, and an earlier estimate or consensus was not verified. Second quarter 2026 revenue was USD 868 million, up 19% year over year and 14% from the first quarter, with adjusted EBITDA of USD 73 million, down 22% from a year earlier.

Leverage Rises as EBITDA Shrinks

Net leverage is net debt divided by trailing twelve-month adjusted EBITDA, so it rises when Earnings fall even if debt is unchanged. Total debt was USD 3.2 billion and net debt about USD 3.0 billion, Liquidity USD 527 million including USD 194 million of cash, and the next significant Maturity is in 2029. The term loans and bonds carry no financial covenants. The second quarter net loss attributable was USD 171 million, including a USD 103 million tax valuation allowance, and GAAP diluted EPS was negative USD 1.07, with adjusted EPS negative USD 0.51.

Guidance Midpoint and the EPS Screen Conflict

Management guided third quarter adjusted EBITDA to USD 95 million to USD 115 million, with TiO2 prices up in the mid-single digits and volumes down in the mid-single digits. The USD 105 million midpoint is about 44% above the second quarter figure (own arithmetic), and free Cash Flow was expected to be roughly neutral. The 133.02% one year EPS change in published market data conflicts with the reported wider loss, so it is not treated as growth. First-half free cash flow was negative USD 75 million after a negative USD 135 million first quarter and a positive USD 60 million second quarter. The company also cited a cost program targeting the higher end of USD 125 million to USD 175 million in annual run-rate savings by the end of 2026, and a rare earths feasibility study due by the third quarter of 2027. Market cap was not verified.

Where Things Stand

Net leverage at Tronox Holdings (NYSE:TROX) is heavy at 11.4 times, a level driven by lower trailing EBITDA rather than new borrowing, with total debt of USD 3.2 billion. Liquidity of USD 527 million and no maturity until 2029 reduce near-term pressure. The guided EBITDA recovery to USD 95 million to USD 115 million is what would start to bring the ratio down, and the actual figure arrives with the November 4 report. The risks are weaker pigment demand, ongoing losses and a thin cushion if earnings miss guidance.