# KRONOS WORLDWIDE INC (KRO)

Informational only - not investment advice.

CIK: 0001257640
SIC: 2810 Industrial Inorganic Chemicals
SIC breadcrumb: [Manufacturing](/division/D/) > [Chemicals And Allied Products](/major-group/28/) > [SIC 2810 Industrial Inorganic Chemicals](/industry/2810/)
Latest 10-K filed: 2026-03-09
SEC page: https://www.sec.gov/edgar/browse/?CIK=1257640
Filing source: https://www.sec.gov/Archives/edgar/data/1257640/000110465926025219/kro-20251231x10k.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-03-09 · accession 0001104659-26-025219 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001257640.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 1,859,400,000 USD | 2025 | verified |
| Net income | -110,900,000 USD | 2025 | verified |
| Assets | 1,816,800,000 USD | 2025 | verified |
| Free cash flow | -40,400,000 USD | 2025 | computed |
| Net margin | -5.96% | 2025 | computed |
| Operating margin | -1.96% | 2025 | computed |
| Revenue YoY | -1.47% | 2025 | computed |
| ROE | -14.77% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | KRO | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -6.0% | -2.8% | 25 | 9 |
| Operating margin | -2.0% | 3.0% | 25 | 9 |
| Revenue growth | -1.5% | -1.3% | 38 | 9 |
| FCF margin | -2.2% | -2.2% | 50 | 9 |
| ROE | -14.8% | -4.1% | 11 | 10 |
| ROA | -6.1% | -1.6% | 33 | 10 |
| Liabilities / equity | 1.42 | 1.24 | 67 | 10 |
| Current ratio | 2.70 | 2.58 | 56 | 10 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 2810 Industrial Inorganic Chemicals, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 1859400000 | USD | 2025 | 2026-03-09 |
| Net income | -110900000 | USD | 2025 | 2026-03-09 |
| Assets | 1816800000 | USD | 2025 | 2026-03-09 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-03-09. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001257640.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue | 1,364,300,000 | 1,729,000,000 | 1,661,900,000 | 1,731,100,000 | 1,638,800,000 | 1,939,400,000 | 1,930,200,000 | 1,666,500,000 | 1,887,100,000 | 1,859,400,000 |
| Net income | 43,300,000 | 354,500,000 | 205,000,000 | 87,100,000 | 63,900,000 | 112,900,000 | 104,500,000 | -49,100,000 | 86,200,000 | -110,900,000 |
| Operating income | 92,900,000 | 347,800,000 | 330,100,000 | 145,800,000 | 116,200,000 | 187,100,000 | 159,600,000 | -56,000,000 | 122,900,000 | -36,500,000 |
| Gross profit | 264,700,000 | 569,700,000 | 562,200,000 | 386,200,000 | 351,200,000 | 446,200,000 | 391,100,000 | 164,900,000 | 359,300,000 | 213,000,000 |
| Diluted EPS |  |  |  | 0.75 | 0.55 | 0.98 | 0.90 | -0.43 | 0.75 | -0.96 |
| Operating cash flow | 89,600,000 | 276,100,000 | 188,500,000 | 160,300,000 | 102,500,000 | 206,500,000 | 81,700,000 | 5,500,000 | 72,500,000 | 2,500,000 |
| Capital expenditures | 53,000,000 | 64,300,000 | 56,300,000 | 55,100,000 | 62,800,000 | 58,600,000 | 63,200,000 | 47,400,000 | 29,500,000 | 42,900,000 |
| Dividends paid | 69,500,000 | 69,500,000 | 78,800,000 | 83,400,000 | 83,200,000 | 83,200,000 | 87,800,000 | 87,500,000 | 55,200,000 | 23,000,000 |
| Assets | 1,179,600,000 | 1,824,400,000 | 1,898,100,000 | 1,965,800,000 | 2,036,700,000 | 2,012,800,000 | 1,934,400,000 | 1,838,000,000 | 1,913,500,000 | 1,816,800,000 |
| Stockholders' equity | 395,000,000 | 754,300,000 | 839,800,000 | 816,100,000 | 796,500,000 | 870,200,000 | 957,200,000 | 808,300,000 | 817,000,000 | 751,100,000 |
| Cash and cash equivalents | 50,700,000 | 322,000,000 | 373,300,000 | 390,800,000 | 355,300,000 | 406,000,000 | 327,800,000 | 194,700,000 | 106,700,000 | 33,200,000 |
| Free cash flow | 36,600,000 | 211,800,000 | 132,200,000 | 105,200,000 | 39,700,000 | 147,900,000 | 18,500,000 | -41,900,000 | 43,000,000 | -40,400,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin | 3.17% | 20.50% | 12.34% | 5.03% | 3.90% | 5.82% | 5.41% | -2.95% | 4.57% | -5.96% |
| Operating margin | 6.81% | 20.12% | 19.86% | 8.42% | 7.09% | 9.65% | 8.27% | -3.36% | 6.51% | -1.96% |
| Return on equity | 10.96% | 47.00% | 24.41% | 10.67% | 8.02% | 12.97% | 10.92% | -6.07% | 10.55% | -14.77% |
| Return on assets | 3.67% | 19.43% | 10.80% | 4.43% | 3.14% | 5.61% | 5.40% | -2.67% | 4.50% | -6.10% |
| Liabilities / equity | 1.99 | 1.42 | 1.26 | 1.41 | 1.56 | 1.31 | 1.02 | 1.27 | 1.34 | 1.42 |
| Current ratio | 3.57 | 4.59 | 5.15 | 4.51 | 4.68 | 4.36 | 3.80 | 3.01 | 2.32 | 2.70 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/KRO/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-05. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001257640.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.18 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.13 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.07 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 396,900,000 | -20,400,000 | -0.18 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 400,100,000 | -5,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 478,800,000 | 8,100,000 | 0.07 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 500,500,000 | 19,500,000 | 0.17 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 484,700,000 | 71,800,000 | 0.62 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 423,100,000 | -13,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 489,800,000 | 18,100,000 | 0.16 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 494,400,000 | -9,200,000 | -0.08 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 456,900,000 | -37,000,000 | -0.32 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 418,300,000 | -82,800,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 509,800,000 | -4,800,000 | -0.04 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 558,100,000 | 15,200,000 | 0.13 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from KRO's latest 10-K: [/company/KRO/business/](/company/KRO/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from KRO's latest 10-K: [/company/KRO/risk-factors/](/company/KRO/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1257640/000110465926091093/kro-20260630x10q.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-05
Report date: 2026-06-30

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Business overview

We are a leading global producer and marketer of value-added titanium dioxide pigments (“TiO2”). TiO2 is used for a variety of manufacturing applications, including paints, plastics, paper and other industrial and specialty products. For the six months ended June 30, 2026, approximately 45% of our sales volumes were sold into European markets. Our production facilities are located in Europe and North America.

We consider TiO2 to be a “quality of life” product, with demand affected by gross domestic product, or GDP, and overall economic conditions in our markets located in various regions of the world. Over the long-term, we expect demand for TiO2 will grow by 2% to 3% per year, consistent with our expectations for the long-term growth in GDP. However, even if we and our competitors maintain consistent shares of the worldwide market, demand for TiO2 in any interim or annual period may not change in the same proportion as the change in GDP, in part due to relative changes in the TiO2 inventory levels of our customers. We believe our customers’ inventory levels are influenced in part by their expectation for future changes in TiO2 selling prices as well as their expectation for future availability of product. Although certain of our TiO2 grades are considered specialty pigments, the majority of our grades and substantially all of our production are considered commodity pigment products with price and availability being the most significant competitive factors along with product quality and customer and technical support services.

The factors having the most impact on our reported operating results are:

[[GREPCENT_TABLE]]
[["","\u25cf","TiO2 selling prices,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","TiO2 sales and production volumes,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Manufacturing costs, particularly raw materials such as third-party feedstock, maintenance and energy-related expenses, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Currency exchange rates (particularly the exchange rate for the U.S. dollar relative to the euro, the Norwegian krone and the Canadian dollar and the euro relative to the Norwegian krone)."]]
[[/GREPCENT_TABLE]]

Our key performance indicators are our TiO2 average selling prices, our level of TiO2 sales and production volumes and the cost of titanium-containing feedstock purchased from third parties. TiO2 selling prices generally follow industry trends, and selling prices will increase or decrease generally as a result of competitive market pressures.

Executive summary

We reported net income of $15.2 million, or $.13 per share, in the second quarter of 2026 compared to a net loss of $9.2 million, or $.08 per share, in the second quarter of 2025. For the first six months of 2026, we reported net income of $10.4 million or $.09 per share, compared to net income of $8.9 million or $.08 per share, in the first six months of 2025. Net income increased in the second quarter and first six months of 2026 compared to the prior year periods primarily due to higher sales volumes and lower production costs resulting from cost reduction initiatives implemented in the fourth quarter of 2025, as well as lower raw material costs (primarily feedstock costs) and lower unabsorbed fixed costs. These favorable factors were partially offset by lower average TiO2 selling prices. Comparability of our results was also impacted by the effects of changes in currency exchange rates.

Our net income for the six months ended June 30, 2026 includes an income tax expense of $2.0 million ($.02 per share) to recognize an uncertain tax position related to a German tax audit.

Forward-looking information

This report contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Statements in this Quarterly Report on Form 10-Q that are not historical facts are forward-looking in nature and represent management’s beliefs and assumptions based on currently available information. In some cases you can identify forward-looking statements by the use of words such as “believes,” “intends,” “may,” “should,” “could,” “anticipates,” “expects” or comparable terminology, or by discussions of strategies or trends. Although we believe the expectations reflected in such forward-looking statements are reasonable, we do not know if these expectations will be correct. Such statements by their nature involve substantial risks and uncertainties that could significantly impact expected results. Actual future results could differ materially from those predicted. The

16

Table of Contents

factors that could cause our actual future results to differ materially from those described herein are the risks and uncertainties discussed in this Quarterly Report and those described from time to time in our other filings with the SEC and include, but are not limited to, the following:

[[GREPCENT_TABLE]]
[["","\u25cf","Future supply and demand for our products;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to realize expected cost savings from strategic and operational initiatives;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to integrate acquisitions into our operations and realize expected synergies and innovations;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The extent of the dependence of certain of our businesses on certain market sectors;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The cyclicality of our business;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Customer and producer inventory levels;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Unexpected or earlier-than-expected industry capacity expansion;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Changes in raw material and other operating costs (such as energy and ore costs);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Changes in the availability of raw materials (such as ore);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","General global economic and political conditions that harm the worldwide economy, disrupt our supply chain, increase material and energy costs or reduce demand or perceived demand for our TiO2 products or impair our ability to operate our facilities (including changes in the level of gross domestic product in various regions of the world, tariffs, natural disasters, terrorist acts, global conflicts and public health crises);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Operating interruptions (including, but not limited to, labor disputes, leaks, natural disasters, fires, explosions, unscheduled or unplanned downtime, transportation interruptions, certain regional and world events or economic conditions and public health crises);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Technology related disruptions (including, but not limited to, cyber-attacks, software implementation, upgrades or improvements, technology processing failures, or other events) related to our technology infrastructure (including manufacturing and accounting systems) that could impact our ability to continue operations, or at key vendors which could impact our supply chain, or at key customers which could impact their operations and cause them to curtail or pause orders;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Competitive products and substitute products;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Competition from Chinese suppliers with less stringent regulatory and environmental compliance requirements;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Customer and competitor strategies;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Potential consolidation of our competitors;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Potential consolidation of our customers;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The impact of pricing and production decisions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Competitive technology positions;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The introduction of new, or changes in existing tariffs, trade barriers or trade disputes;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Fluctuations in currency exchange rates (such as changes in the exchange rate between the U.S. dollar and each of the euro, the Norwegian krone and the Canadian dollar and between the euro and the Norwegian krone), or possible disruptions to our business resulting from uncertainties associated with the euro or other currencies;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to renew or refinance credit facilities or other debt instruments in the future;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Changes in interest rates;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to comply with covenants contained in our revolving bank credit facility;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to maintain sufficient liquidity;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","The ultimate outcome of income tax audits, tax settlement initiatives or other tax matters, including future tax reform;"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Our ability to utilize income tax attributes, the benefits of which may or may not have been recognized under the more-likely-than-not recognition criteria;"]]
[[/GREPCENT_TABLE]]

17

Table of Contents

[[GREPCENT_TABLE]]
[["","\u25cf","Environmental matters (such as those requiring compliance with emission and discharge standards for existing and new facilities);"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Government laws and regulations and possible changes therein including new environmental, sustainability, health and safety, or other regulations (such as those seeking to limit or classify TiO2 or its use); and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Pending or possible future litigation or other actions."]]
[[/GREPCENT_TABLE]]

Should one or more of these risks materialize (or the consequences of such a development worsen), or should the underlying assumptions prove incorrect, actual results could differ materially from those forecasted or expected. We disclaim any intention or obligation to update or revise any forward-looking statements whether as a result of changes in information, future events or otherwise.

Results of operations

Current industry conditions

We started 2026 with average TiO2 selling prices lower than at the beginning of 2025; however, our average TiO2 selling prices increased 4% during the first six months of 2026. During the second quarter of 2026, we announced and implemented various price increases and surcharges in response to higher operating costs. Our average TiO2 selling prices for the first six months of 2026 were 4% lower than our average TiO2 selling prices for the first six months of 2025. Overall, our sales volumes increased in the first six months of 2026 compared to the same period in 2025 primarily due to market share gains across all markets resulting from changing competitive and supply conditions and the continued effect of anti-dumping duties which remain in effect in certain markets.

During the fourth quarter of 2025, we implemented cost reduction initiatives, including workforce reductions and other measures, to permanently improve our cost structure and enable more efficient operation of our facilities at lower production rates for extended periods. As a result, we adjusted our normal production capacity range in 2026 to reflect our production capabilities under this new cost structure.

Excluding the effect of cha

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1257640/000110465926025219/kro-20251231x10k.htm
Complete FY 2025 MD&A: /company/KRO/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-03-09
Report date: 2025-12-31

ITEM 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

RESULTS OF OPERATIONS

Business overview

We are a leading global producer and marketer of value-added TiO2. TiO2 is used for a variety of manufacturing applications, including paints, plastics, paper and other industrial and specialty products. During 2025, 45% of our sales volumes were sold into European markets. We believe we are the largest producer of TiO2 in Europe with an estimated 15% share of European TiO2 sales volumes in 2025. In addition, we estimate we have a 19% share of North American TiO2 sales volumes in 2025. Our production facilities are located in Europe and North America.

We consider TiO2 to be a “quality of life” product, with demand affected by gross domestic product, or GDP, and overall economic conditions in our markets located in various regions of the world. Over the long-term, we expect demand for TiO2 will grow by 2% to 3% per year, consistent with our expectations for the long-term growth in GDP. However, even if we and our competitors maintain consistent shares of the worldwide market, demand for TiO2 in any interim or annual period may not change in the same proportion as the change in GDP, in part due to relative changes in the TiO2 inventory levels of our customers. We believe our customers’ inventory levels are influenced in part by their expectation for future changes in TiO2 selling prices as well as their expectation for future availability of product. Although certain of our TiO2 grades are considered specialty pigments, the majority of our grades and substantially all of our production are considered differentiated commodity pigment products with price and availability being the most significant competitive factors along with product quality and customer and technical support services.

The factors having the most impact on our reported operating results are:

[[GREPCENT_TABLE]]
[["","\u25cf","TiO2 selling prices,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","TiO2 sales and production volumes,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Manufacturing costs, particularly raw materials such as third-party feedstock, maintenance and energy-related expenses, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","Currency exchange rates (particularly the exchange rate for the U.S. dollar relative to the euro, the Norwegian krone and the Canadian dollar and the euro relative to the Norwegian krone)."]]
[[/GREPCENT_TABLE]]

Our key performance indicators are our TiO2 average selling prices, our TiO2 sales and production volumes and the cost of titanium-containing feedstock purchased from third parties. TiO2 selling prices generally follow industry trends and selling prices will increase or decrease generally as a result of competitive market pressures.

Executive summary

We reported a net loss of $110.9 million, or $.96 per share, in 2025 compared to net income of $86.2 million, or $.75 per share, in 2024. The decline in results was primarily driven by lower income from operations. In 2025, we experienced an increase in unabsorbed fixed production costs due to production curtailments, lower average TiO2 selling prices, and higher distribution and warehousing costs. Distribution and warehousing costs were elevated mainly in the first quarter of 2025 as we repositioned finished goods inventory in the U.S. ahead of anticipated U.S. federal government tariff announcements. We also incurred higher carrying costs associated with increased finished goods inventory volumes in 2025 compared to 2024. To manage inventory levels and preserve liquidity, we implemented production curtailments in 2025, most significantly during the fourth quarter. Additionally, in the fourth quarter of 2025, we implemented cost reduction initiatives, including workforce reductions and other measures, to improve our long-term cost structure and reduce overall production costs. Comparability of our results are also impacted by the effects of changes in currency exchange rates.

24

​

As previously reported, effective July 16, 2024 (the “Acquisition Date”), we acquired the 50% joint venture interest in LPC previously held by Venator Investments, Ltd. (“Venator”). Prior to the acquisition, we held a 50% joint venture interest in LPC through a wholly-owned subsidiary. LPC was operated as a manufacturing joint venture between us and Venator. Following the acquisition, LPC became a wholly-owned subsidiary of ours. In 2025, we merged LPC into our wholly-owned subsidiary Kronos Louisiana, Inc. (the combined company is referred to as “Kronos Louisiana”). We accounted for the acquisition as a business combination. The results of operations of LPC are included in our Consolidated Statements of Operations beginning as of the Acquisition Date. See Note 5 to our Consolidated Financial Statements.

We reported net income of $86.2 million, or $.75 per share, in 2024 compared to a net loss of $49.1 million, or $.43 per share, in 2023. Net income increased in 2024 as compared to 2023 primarily due to higher income from operations as a result of the effects of higher sales and production volumes and lower production costs (primarily energy and raw materials), partially offset by lower average TiO2 selling prices. Our results of operations in 2023 were significantly impacted by reduced demand for certain of our products occurring in all major markets and unabsorbed fixed production costs as a result of production curtailments in response to the sharp decline in demand. With improved demand in all of our major markets in 2024 compared to 2023 we increased production volumes, contributing to our improved profitability. Comparability of our results was also impacted by the effects of changes in currency exchange rates.

Our net loss in 2025 includes:

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash deferred income tax expense of $19.3 million ($.17 per share) to reduce our net German deferred tax asset as a result of the rate reduction recognized in the third quarter,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","recognition in the fourth quarter, of $10.3 million ($7.6 million, or $.06 per share, net of income tax expense) related to restructuring costs associated with workforce reductions,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","recognition in the fourth quarter of $9.0 million ($7.1 million, or $.06 per share, net of income tax expense) settlement loss related to the termination and buy-out of our pension plan in the United States,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash deferred income tax expense of $8.5 million ($.07 per share) related to the recognition of a valuation allowance on our German interest deduction limitation deferred tax asset recognized in the fourth quarter, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash, pre-tax gain of $4.6 million ($3.6 million, or $.03 per share, net of income tax expense) resulting from the remeasurement of our earn-out liability recognized in the third quarter,"]]
[[/GREPCENT_TABLE]]

Our net income in 2024 includes:

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash, pre-tax gain of $64.5 million ($50.9 million, or $.44 per share, net of income tax expense) resulting from the remeasurement of our investment in LPC recognized in the third quarter,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash deferred income tax expense of $16.5 million ($.14 per share) related to final tax regulations on the treatment of certain currency translation gains and losses recognized in the fourth quarter,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","a non-cash deferred income tax expense of $8.2 million ($.07 per share) related to the recognition of a deferred income tax asset valuation allowance related to our Belgian net deferred tax assets recognized in the fourth quarter, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","an aggregate charge of $1.5 million ($1.1 million, or $.01 per share, net of income tax benefit) related to a write-off of deferred financing costs."]]
[[/GREPCENT_TABLE]]

Our net loss in 2023 includes:

[[GREPCENT_TABLE]]
[["","\u25cf","an aggregate $2.5 million ($2.0 million, or $.02 per share, net of income tax expense) pre-tax insurance settlement gain related to a business interruption insurance claim arising from Hurricane Laura in 2020, recognized in the first, second and third quarters,"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","recognition in the second quarter of a $1.3 million ($.9 million, or $.01 per share, net of income tax expense) settlement loss related to the termination and buy-out of our pension plan in the United Kingdom,"]]
[[/GREPCENT_TABLE]]

25

​

[[GREPCENT_TABLE]]
[["","\u25cf","recognition in the fourth quarter of a $3.8 million ($2.8 million, or $.02 per share, net of income tax expense) fixed asset impairment related to the write-off of certain costs resulting from a capital project termination, and"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","\u25cf","recognition, primarily in the fourth quarter, of $5.8 million ($4.3 million, or $.04 per share, net of income tax expense) of restructuring costs related to workforce reductions."]]
[[/GREPCENT_TABLE]]

Comparison of 2025 to 2024 Results of Operations

[[GREPCENT_TABLE]]
[["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","\u200b \u200b \u200b","\u200b","Years ended December 31,"],["\u200b","\u200b","\u200b","2024","\u200b","2025"],["\u200b","\u200b","\u200b","(Dollars in millions)"],["Net sales","\u200b \u200b \u200b","$","1,887.1","\u200b \u200b \u200b","100","%","$","1,859.4","\u200b \u200b \u200b","100","%"],["Cost of sales","","","1,527.8","","81","\u200b","","1,646.4","","89","\u200b"],["Gross margin","","","359.3","","19","\u200b","","213.0","","11","\u200b"],["Selling, general and administrative expense","","","225.6","","12","\u200b","","245.2","","13","\u200b"],["Other operating income (expense):","","","\u200b","","\u200b","\u200b","","\u200b","","\u200b","\u200b"],["Currency transactions, net","","","1.6","","-","\u200b","","5.4","","-","\u200b"],["Other operating expense, net","\u200b","\u200b","(12.4)","\u200b","-","\u200b","\u200b","(9.7)","\u200b","-","\u200b"],["Income (loss) from operations","\u200b","\u200b","122.9","\u200b","7","\u200b","\u200b","(36.5)","\u200b","(2)","\u200b"],["Corporate expense and trade interest income, net","","","18.1","","1","\u200b","","14.3","","1","\u200b"],["Segment profit (loss) (1)","","$","141.0","","8","%","$","(22.2)","","(1)","%"],["\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b"],["\u200b","","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","\u200b","% Change","\u200b"],["TiO2 operating statistics:","","\u200b","\u200b","","\u200b","\u200b","","\u200b","","\u200b","\u200b"],["Sales volumes*","\u200b","\u200b","504","\u200b","\u200b","\u200b","\u200b","512","\u200b","2","%"],["Production volumes*","\u200b","\u200b","535","\u200b","\u200b","\u200b","\u200b","480","\u200b","(10)","%"],["Percentage change in net sales:","","\u200b","\u200b","","\u200b","\u200b","","\u200b","","\u200b","\u200b"],["TiO2 sales volumes","","\u200b","\u200b","\u200b","\u200b","\u200b","","\u200b","","2","%"],["TiO2 product pricing","","\u200b","\u200b","","\u200b","\u200b","","\u200b","","(4)","\u200b"],["TiO2 product mix/other","","\u200b","\u200b","","\u200b","\u200b","","\u200b","","-","\u200b"],["Changes in currency exchange rates","","\u200b","\u200b","","\u200b","\u200b","","\u200b","","1","\u200b"],["Total","","\u200b","\u200b","\u200b","\u200b","\u200b","","\u200b","","(1)","%"]]
[[/GREPCENT_TABLE]]

* Thousands of metric tons

(1) We use segment profit (loss) to assess the performance of our TiO2 operations. Segment profit

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/KRO/mda/fy2025/
All MD&A years: /company/KRO/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/KRO/mda/fy2024/): filed 2025-03-06; accession 0001558370-25-002395 (https://www.sec.gov/Archives/edgar/data/1257640/000155837025002395/kro-20241231x10k.htm)
- [FY 2023 MD&A](/company/KRO/mda/fy2023/): filed 2024-03-06; accession 0001558370-24-002607 (https://www.sec.gov/Archives/edgar/data/1257640/000155837024002607/kro-20231231x10k.htm)
- [FY 2022 MD&A](/company/KRO/mda/fy2022/): filed 2023-03-08; accession 0001558370-23-003144 (https://www.sec.gov/Archives/edgar/data/1257640/000155837023003144/kro-20221231x10k.htm)
- [FY 2021 MD&A](/company/KRO/mda/fy2021/): filed 2022-03-09; accession 0001558370-22-003141 (https://www.sec.gov/Archives/edgar/data/1257640/000155837022003141/kro-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 2810 Industrial Inorganic Chemicals) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/KRO.md · JSON record: /company/KRO.json · verified financials: /company/KRO/financials.json / /company/KRO/financials.csv · machine TOC for the whole site: /llms.txt