Key Highlights

  • Third-quarter 2026 numbers from the company are due after the November 4, 2026 market close, with a webcast on November 5.
  • Leverage stands at 11.4 times trailing adjusted EBITDA as of June 30, 2026, climbing from 9.0 times at the end of 2025, against total Debt of USD 3.2 billion.
  • Management's third-quarter guide calls for adjusted EBITDA between USD 95 million and USD 115 million, following USD 73 million in the second quarter on USD 868 million of revenue.
  • An undated market snapshot had the shares at USD 3.59, up 5.44%, while the one-year EPS change of 133.02% was not verified.

The Report Lands After the Closing Bell

Tronox Holdings (NYSE:TROX) manufactures titanium dioxide pigment and mineral sands output, zircon among them. Second-quarter adjusted EBITDA of USD 73 million is the base the new guidance has to beat. The release comes after the close on Wednesday, November 4, 2026, with the call the following day. Third-quarter figures were not in the reviewed material, so this piece is a preview, and no earlier estimate or consensus was verified. Revenue in the second quarter reached USD 868 million, up 19% year on year and 14% sequentially, while adjusted EBITDA slid 22% to USD 73 million.

Leverage Climbs as Earnings Contract

Because the ratio is built on trailing earnings, it climbs when those earnings drop even if borrowing holds steady. Total debt stood at USD 3.2 billion and net debt near USD 3.0 billion, while Liquidity of USD 527 million included USD 194 million in cash. The next major Maturity falls in 2029, and neither the term loans nor the bonds carry financial covenants. The second quarter produced a USD 171 million net loss attributable to the company, including a USD 103 million tax valuation allowance, which left GAAP diluted EPS at negative USD 1.07 and adjusted EPS at negative USD 0.51.

Guidance Midpoint Set Against the EPS Screen

Third-quarter guidance points to TiO2 prices rising in the mid-single digits while volumes fall by a similar margin, and free Cash Flow is expected to be roughly neutral. The USD 105 million midpoint sits about 44% above the second quarter, by our arithmetic. The 133.02% EPS change in market data clashes with the wider loss, so it does not signal growth. First-half free cash flow totaled negative USD 75 million: negative USD 135 million in the opening quarter, then positive USD 60 million in the second. A cost program is aimed at the higher end of a USD 125 million to USD 175 million annual run-rate savings target for late 2026, while a rare earths feasibility study is due by the third quarter of 2027. Market Capitalization was not verified.

Where Things Stand

Net Leverage reads heavy at 11.4 times, and the cause is shrinking trailing EBITDA rather than new borrowing, set against USD 3.2 billion of total debt. Liquidity of USD 527 million, with USD 194 million of it in cash, and nothing due before 2029 ease the near-term squeeze. Second-quarter GAAP diluted EPS of negative USD 1.07 against adjusted negative USD 0.51 underlines how far reported and adjusted results diverged. Only a recovery toward the guided range would bring the ratio down, and the real figure arrives with the November 4 report. Key risks are softer pigment demand, continuing losses and little Margin for error if results miss guidance.