TiO₂ revenue increased to $653 million from $550 million a year earlier. The 19% increase reflected 10% higher volumes and a 9% contribution from higher average selling prices and product mix.

Sequential Volumes Decline

Compared with the second quarter, TiO₂ revenue declined 7%.

Sequential sales volumes decreased 11%, while average selling prices and mix improved 4%. The contrast indicates that year-over-year gains were accompanied by a more recent slowdown in shipments.

Tronox said it successfully implemented pricing increases announced during the second quarter. CEO John Romano attributed the pricing performance to trade actions, changing industry supply conditions and customer demand for reliable long-term suppliers.

The company also said it adjusted pigment production in response to lower-than-anticipated demand during the quarter.

Earnings Improve, Net Loss Continues

Adjusted EBITDA increased 36% year over year to $101 million. Adjusted EBITDA margin improved to 12.2% from 10.6%.

Tronox nevertheless reported a net loss attributable to the company of $55 million, or $0.34 per diluted share. That compared with a $99 million net loss in the third quarter of 2025.

The company generated $5 million in free cash flow and reported capital expenditures of $57 million during the quarter.

Middle East Conflict Affects Costs and Operations

Tronox said the prolonged conflict in the Middle East created supply-chain disruption, softer demand and higher-than-expected costs for natural gas, sulfur and sulfuric acid.

The company also experienced unplanned downtime at its Yanbu pigment facility following the temporary closure of Saudi Arabia’s East-West natural gas pipeline. Tronox said the site has returned to operation.

Elsewhere, the company increased operating rates at its Namakwa furnace and West Mine to support customer demand and improve future zircon availability.

Fourth-Quarter Volumes Expected to Soften

Tronox expects fourth-quarter TiO₂ volumes to decline sequentially in the high-single to low-double-digit percentage range. The company attributed the expected reduction primarily to seasonality and weaker demand in Europe and the Asia-Pacific region.

The company expects the TiO₂ pricing gains achieved during the third quarter to continue into the fourth quarter.

Fourth-quarter adjusted EBITDA is expected to range from $80 million to $90 million. The guidance includes an estimated $15 million to $20 million in higher-than-expected input costs associated primarily with natural gas, sulfur and sulfuric acid.

Tronox now expects full-year free cash flow to represent a use of approximately $25 million to $50 million. It plans to reduce anticipated 2026 capital expenditures by approximately $30 million while managing working capital and liquidity.

For coatings manufacturers, the results present two different TiO₂ market signals. Year-over-year sales, volume and pricing improved, but the sequential volume decline and fourth-quarter outlook indicate that regional and seasonal demand remains uneven.

The sustained third-quarter pricing gains also show that supply conditions, trade measures and input costs remain influential even as shipment volumes soften.

Sources: Tronox Reports Third-Quarter 2026 Financial Results, Tronox Form 10-Q for the Quarter Ended Sept. 30, 2026

Tronox’s results provide an updated view of TiO₂ pricing, demand, production and raw-material pressures affecting one of the coatings industry’s most important pigment markets.