second quarter 2026
Filed Aug 4, 2026Second quarter Net Sales were $1,591 million, Adjusted EBITDA was $247 million, and Net Loss attributable to Chemours was ($274) million.
Pricing, sequential sales growth, improved operating cash flows, and lower net leverage were offset by lower year-over-year sales, Adjusted EBITDA, Adjusted Net Income, and an ongoing GAAP net loss.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net SalesGAAP | $1,591 million | 15% | (1%) |
| Net Income (Loss) attributable to ChemoursGAAP | ($274) million | (845%) | 28% |
| Earnings (Loss) Per ShareGAAP | ($1.81) | (853%) | 28% |
| Adjusted Net Incomenon-GAAP | $64 million | 700% | (30%) |
| Adjusted EPSnon-GAAP | $0.42 | 740% | (31%) |
| Adjusted EBITDAnon-GAAP | $247 million | 46% | (5%) |
| Free Cash Flow Conversionnon-GAAP | 46% | – | – |
| Operating cash flowsGAAP | $158 million | – | – |
| Corporate Expensesother | $42 million | – | – |
| Opteon™ Refrigerants Net Salesother | $337 million | 8% | (10%) |
| Freon™ Refrigerants Net Salesother | $150 million | (7%) | 22% |
| Foam, Propellants & Other (FP&O) Net Salesother | $104 million | 12% | 5% |
| TSS Adjusted EBITDAnon-GAAP | $213 million | 12% | 3% |
| TSS Adjusted EBITDA Marginnon-GAAP | 36% | 3 ppts | 1 ppts |
| TiO 2 Pigment Net Salesother | $639 million | 18% | 2% |
| Minerals Net Salesother | $22 million | 22% | (21%) |
| TT Adjusted EBITDAnon-GAAP | $48 million | 167% | 2% |
| TT Adjusted EBITDA Marginnon-GAAP | 7% | 4 ppts | 0 ppts |
| Advanced Materials Net Salesother | $184 million | 29% | (14%) |
| Performance Solutions Net Salesother | $142 million | 42% | 8% |
| APM Adjusted EBITDAnon-GAAP | $26 million | 420% | (48%) |
| APM Adjusted EBITDA Marginnon-GAAP | 8% | 6 ppts | (6) ppt |
| Other Non-Reportable Segment Net Salesother | $13 million | – | – |
| Other Non-Reportable Segment Adjusted EBITDAnon-GAAP | $2 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Thermal & Specialized SolutionsLower stationary AC aftermarket refrigerant sales of TSS Opteon™ blends in North America compared with elevated Q2 2025 demand were partly offset by higher Freon™ prices, primarily in automotive applications. | $591 million | 4% | (1%) |
| Titanium TechnologiesA 2% increase in global pricing and a 1% currency tailwind more than offset a 2% decline in global volumes. | $661 million | 18% | 1% |
| Advanced Performance MaterialsThe APM SPS Capstone™ line closure completed in the third quarter of 2025 reduced volumes, while Performance Solutions benefited from order book strength and high-value specialty products serving data center and semiconductor end markets. | $326 million | 34% | (6%) |
| Other Non-Reportable SegmentThe segment includes the Performance Chemicals and Intermediates business. | $13 million | – | – |
Capital returns
- During the quarter, the Company paid down €230 million of the outstanding tranche of the B-3 Euro-denominated Term Loan due August 2028, using a mixture of proceeds from the previously announced Kuan Yin land sale and organic cash.
What drove it
- Pricing increased across all three segments, including price increases in TT.
- Total Net Sales volume declined 4%, partially offset by a 2% increase in price and a 1% currency tailwind.
- TSS Adjusted EBITDA increased on higher pricing and the timing of certain costs in the quarter.
- TT pricing increased across all regions.
- APM Performance Solutions Net Sales grew 8% year-over-year, supported by order book strength and momentum in high-value specialty products serving data center and semiconductor end markets.
- APM sequential volumes reflected more normalized operations at the Washington Works site.
Concerns
- Total Net Sales declined 1% year-over-year as a 4% volume decrease exceeded pricing and currency benefits.
- Adjusted EBITDA declined 5% year-over-year and Adjusted Net Income declined 30% year-over-year.
- APM Adjusted EBITDA decreased 48% year-over-year and Adjusted EBITDA Margin declined to 8% from 14%.
- The second-quarter GAAP loss included legal and environmental reserves related to the announced settlement with the EPA and WVDEP as well as ongoing litigation, and corresponding tax impacts.
- TT global volumes declined 2% year-over-year, with lower TiO 2 sales across key end markets except Asia excluding China and Latin America.
What to watch
- Further TiO 2 pricing actions and their effect on TT pricing, volumes, and inflation-related costs.
- TSS aftermarket refrigerant demand following the elevated Q2 2025 initial channel fill associated with the stationary technology AC transition under the U.S. AIM Act.
- APM recovery following the resolved Washington Works outage and the impact of the SPS Capstone™ line closure.
- Performance Solutions order book strength and sales into data center and semiconductor end markets.
- Further debt repayments anticipated in 2026 and progress toward sustaining leverage below 3x.
Balance sheet and cash flow
- As of June 30, 2026, consolidated gross debt was $3.9 billion.
- Debt, net of $671 million in unrestricted cash and cash equivalents, was $3.2 billion.
- Net leverage ratio was approximately 4.4x on a trailing twelve-month Adjusted EBITDA basis.
- Total liquidity was $1.6 billion, comprised of $671 million in unrestricted cash and cash equivalents and $953 million of revolving credit facility capacity, net of outstanding letters of credit.
- Operating cash flows for the second quarter of 2026 were $158 million, compared to $93 million in the prior-year quarter.
- Free Cash Flows improved 128% year-over-year.
Analysis
Chemours reported second-quarter Net Sales of $1,591 million, down 1% year-over-year, while Adjusted EBITDA declined 5% to $247 million. A 4% volume reduction was only partly offset by a 2% price increase and a 1% currency tailwind. The primary consolidated volume pressures were lower TSS Opteon™ blends aftermarket refrigerant sales following elevated prior-year channel-fill demand and lower APM volumes associated with the SPS Capstone™ line closure.
The segment mix was uneven. TSS sales declined 1%, but Adjusted EBITDA increased 3% to $213 million and margin improved to 36%, supported by pricing and cost timing. TT sales grew 1% and Adjusted EBITDA rose to $48 million as pricing and currency benefits outweighed lower global volumes. TT also recorded 18% sequential sales growth, driven by higher global volumes and price. APM was the principal earnings drag: sales fell 6%, Adjusted EBITDA fell 48% to $26 million, and margin declined to 8%, reflecting the Capstone closure and costs from the Washington Works outage.
Performance Solutions was a constructive element within APM, with Net Sales up 8% year-over-year and 42% sequentially. The company cited order book strength and demand for high-value specialty products serving data center and semiconductor end markets. Pricing strength across all three segments also mitigated the effect of lower volumes, while the approximately 5% year-to-date TiO 2 price increase in Net Sales underscores the role of TT pricing actions in the period.
GAAP results remained materially affected by legal and environmental matters. Net Loss attributable to Chemours was ($274) million, versus ($380) million in the prior-year quarter, with the current-year loss including reserves related to the announced EPA and WVDEP settlement and ongoing litigation, plus corresponding tax impacts. Adjusted Net Income declined to $64 million from $91 million, which the company attributed primarily to additional income tax impacts related to Kuan Yin property sales completed during the quarter.
Cash generation and debt reduction improved. Operating cash flows increased to $158 million from $93 million, Free Cash Flows improved 128% year-over-year, and Free Cash Flow Conversion was 46%. Chemours paid down €230 million of its B-3 Euro-denominated Term Loan, reported $3.9 billion of gross debt and approximately 4.4x net leverage, and stated that it anticipates further debt repayments in 2026. No numerical forward guidance was included in the provided filing text.
Management, verbatim
Our second quarter results reflect disciplined execution across our portfolio, with Adjusted EBITDA near the high end of our guidance range and Free Cash Flows above our expectations despite a dynamic macroeconomic environment.
Denise Dignam, Chemours President and CEO
Progress on pricing actions in Titanium Technologies to drive value, and increased sales in APM’s high-value Performance Solutions portfolio supporting our momentum serving data center and semiconductor applications, and continued traction in our liquid cooling solutions, highlight our efforts to drive commercial excellence and growth.
Denise Dignam, Chemours President and CEO
Not in the filing
stated, not guessed- Numerical forward guidance for revenue, gross margin, operating expenses, tax rate, Adjusted EBITDA, earnings, free cash flow, or other metrics
- Previous-period outlook for comparison with actual results
- GAAP gross profit and gross margin
- GAAP operating income or loss and operating margin
- GAAP tax rate
- Absolute Free Cash Flow amount and prior-year Free Cash Flow amount
- Share repurchases and dividend declarations or payments
- Prior-year and prior-quarter comparisons for Other Non-Reportable Segment Net Sales and Adjusted EBITDA
- Prior-year and prior-quarter amounts for Corporate Expenses
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.