The Chemours Co

Latest Results (19.05.2026):

The Chemours Company — Q4 2025: Chemours reported consolidated Q4 2025 net sales of $1.3 billion (down 2% y/y) and a GAAP net loss attributable to Chemours of $47 million ($0.31 diluted). On a non‑GAAP basis, Adjusted Net Income was $7 million ($0.05) and Adjusted EBITDA was $128 million (down 24% y/y). The quarter featured record TSS Opteon™ Refrigerants growth but headwinds in Titanium Technologies (TT) and Advanced Performance Materials (APM) that pressured margins; liquidity remained available but net leverage was elevated at ~4.7x on a trailing 12‑month Adjusted EBITDA basis.

Top-line and earnings

Q4 2025 net sales: $1,329M (-2% y/y). Q4 GAAP net loss: $47M (-$0.31/sh). Adjusted Net Income: $7M ($0.05/sh). Adjusted EBITDA: $128M (vs. $168M in Q4 2024).

Thermal & Specialized Solutions (TSS)

TSS had a strong quarter — Q4 sales $444M (+14% y/y) and Adjusted EBITDA $128M (+5% y/y). Opteon™ Refrigerants grew 37% y/y in Q4 and 56% for FY2025, driven by adoption tied to the U.S. AIM Act stationary AC transition.

Titanium Technologies (TT)

TT sales weakened: Q4 sales $561M (‑11% y/y). Q4 Adjusted EBITDA fell to $23M (‑67% y/y) as lower global TiO2 pricing, reduced volumes and lower cost absorption hit results; company implemented a TiO2 price increase effective Dec 1, 2025.

Advanced Performance Materials (APM)

APM Q4 sales $312M (‑4% y/y) and Adjusted EBITDA dropped sharply to $12M (‑74% y/y). Management prioritized cash generation, taking a non‑cash inventory charge (~$17M) and reduced‑mix sales (~$10M) related to the SPS Capstone™ line closure.

One‑time items, litigation and full‑year impact

FY2025 showed a GAAP net loss of $386M largely driven by litigation‑related charges (including the New Jersey settlement) and other one‑time items. FY Adjusted EBITDA was $742M (down modestly y/y).

Cash flow, liquidity and balance sheet

Q4 operating cash flow $137M and Free Cash Flow $92M (72% conversion of Adjusted EBITDA in Q4). As of Dec 31, 2025: gross debt ~$4.2B, unrestricted cash $670M, net debt ~$3.5B and net leverage ~4.7x (trailing 12‑month Adjusted EBITDA). Total liquidity ~$1.6B.

Asset sale & capital allocation

Announced sale of the former Kuan Yin TiO2 site (closing announced Jan 15, 2026) for net proceeds reported in the release (company figures referenced). Management cites the sale and improved organic cash generation as priorities to reduce debt and move toward target net leverage below 3x.

Outlook for 2026

Full‑year 2026 guidance: consolidated net sales growth of 3–5%, Adjusted EBITDA $800–$900M, capital expenditures $275–$325M and Free Cash Flow conversion above 25%. Q1 2026 guidance: sequential sales +3–5% and Adjusted EBITDA $120–$150M (company gave segment‑level expectations as well).