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The Chemours Company Reports First Quarter ResultsMay 5, 2026 4:58 PM
PR Newswire (US) WILMINGTON, Del., May 5, 2026 /PRNewswire/ -- The Chemours Company ("Chemours" or "the Company") (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions ("TSS"), Titanium Technologies ("TT"), and Advanced Performance Materials ("APM"), today announced its financial results for the first quarter 2026.Key First Quarter 2026 Results & Recent Highlights1Net Sales of $1.4 billion, slightly up compared to the corresponding prior-year quarter, with TSS reporting record first quarter results, with continued double-digit year-over-year sales growth in Opteon™ RefrigerantsNet Loss attributable to Chemours of $29 million, or $0.19 per diluted share, compared with Net Loss attributable to Chemours of $5 million, or $0.03 per diluted share, in the corresponding prior-year quarterAdjusted Net Income2 of $8 million, or $0.05 per diluted share, compared to Adjusted Net Income of $19 million, or $0.13 per diluted share, in the corresponding prior-year quarterAdjusted EBITDA2,3 of $169 million compared to $166 million in the corresponding prior-year quarterAnnounced a global TiO2 price increase effective April 1, 2026, as a continuation of our December price actions; achieved a sequential TiO2 price increase of 3% in Net SalesReceived ~$287 million initial net proceeds from the sale of the Kuan Yin site, positioning the Company to paydown €140 million of outstanding debt"Chemours exceeded overall expectations in the first quarter, achieving strong outcomes from both our TSS and TT businesses, paired with the more recent receipt of cash through the completion of a substantial portion of our Kuan Yin property sales enabling us to reduce our debt," stated Denise Dignam, Chemours President and CEO. "These achievements demonstrate our dedication to our Pathway to Thrive strategy and highlight the importance we place on effective execution. While the wider economic landscape remains uncertain, Chemours continues to drive full-year growth while remaining steadfast in prioritizing flexible commercial and operational strategies to ensure Chemours is able to capitalize on opportunities in our key markets." Total Chemours
Q1 2026Q1 2025Y-o-Y % ?Q4 2025Q-o-Q % ?Net Sales (millions)$1,381$1,3681 %$1,3294 %Net Loss (millions)($29)($5)(480 %)($47)38 %Loss Per Share4($0.19)($0.03)(533 %)($0.31)39 %Adjusted Net Income$8$19(58 %)$714 %Adjusted EPS$0.05$0.13(62 %)$0.050 %Adjusted EBITDA (millions)$169$1662 %$12832 %First quarter 2026 Net Sales were $1.4 billion, an increase of 1% compared to the prior-year quarter. Reported Net Sales were primarily driven by a 2% increase in price and a 3% increase in currency, partially offset by a 4% decrease in volumes. The overall increase in price was driven by automotive Freon™ pricing for TSS in North America, partially offset by TT and APM. The decrease in volume was primarily driven by constraints in production due to an operational outage in APM and weaker cyclical end markets impacting both TT and APM, partially offset by continued strength in TSS volume tied to increased Opteon™ Refrigerants adoption and Freon™ sales. First quarter 2026 Net Loss attributable to Chemours was $29 million, or $0.19 per diluted share, compared to Net Loss attributable to Chemours of $5 million, or $0.03 per diluted share in the prior-year quarter. The larger first quarter Net Loss attributable to Chemours was driven by increased financing costs associated with a recent debt offering and higher Selling, General and Administrative costs. Adjusted EBITDA for the first quarter of 2026 was $169 million, compared to $166 million in the prior-year quarter with the referenced higher pricing, currency and other income more than offsetting overall higher costs paired with lower sales volumes in APM and TT.Thermal & Specialized Solutions
Q1 2026Q1 2025Y-o-Y % ?Q4 2025Q-o-Q % ?Net Sales (millions)$568$46622 %$44428 %Opteon™ Refrigerants$313$27912 %$24329 %Freon™ Refrigerants$162$9767 %$11343 %Foam, Propellants & Other (FP&O)$93$903 %$877 %Adjusted EBITDA (millions)$190$14135 %$12848 %Adjusted EBITDA Margin33 %30 %3 ppts29 %4 pptsFor the first quarter of 2026, TSS segment results reflected both record sales, inclusive of a 12% year-over-year growth in Opteon™ Refrigerants, and Adjusted EBITDA.TSS segment first quarter 2026 Net Sales were $568 million, an increase of 22% versus the prior-year quarter, driven by an 11% increase in price and a 9% increase in volume, with a 2% currency tailwind. Increased pricing was primarily driven by automotive Freon™ Refrigerant sales in North America. Volume growth was driven by the continued transition to Opteon™ Refrigerants as well as automotive Freon™ Refrigerant sales in North America.Adjusted EBITDA for the quarter increased 35% to $190 million, while Adjusted EBITDA Margin increased three points to 33%. The increase in Adjusted EBITDA was driven by higher pricing associated with the referenced automotive Freon™ sales and a transition to a more favorable product mix in Opteon™ Refrigerant blends, partially offset by higher input costs associated with R32, a key component of our stationary Opteon™ Refrigerant blends, in the quarter.Sequentially, Net Sales increased 28%, driven by a 22% seasonal volume increase supported by a 6% pricing increase. Volumes followed seasonal patterns, increasing across all refrigerants. Titanium Technologies
Q1 2026Q1 2025Y-o-Y % ?Q4 2025Q-o-Q % ?Net Sales (millions)$559$597(6 %)$561(0 %) TiO2 Pigment$541$575(6 %)$5341 % Minerals$18$22(18 %)$27(33 %)Adjusted EBITDA (millions)$18$50(64 %)$23(22 %)Adjusted EBITDA Margin3 %8 %(5) ppts4 %(1) pptsTT segment first quarter 2026 Net Sales were $559 million, a 6% decrease compared to the prior-year quarter. This decrease was the result of a 7% decline in volumes globally, with favorable currency of 3% more than offsetting lower pricing of 2%. The decrease in volumes was driven by lower TiO2 sales concentrated in North America and certain non-western markets, which also negatively impacted product mix.TT segment first quarter 2026 Adjusted EBITDA decreased 64% to $18 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased five percentage points to 3%. The decline in Adjusted EBITDA was primarily driven by the decline in sales as well as an unfavorable ore mix with Q1 production paired with decisions to adjust TT's mining footprint.Sequentially, TT segment first quarter 2026 Net Sales were approximately flat, with a 3% increase in price, reflective of pricing actions announced in the fourth quarter of 2025, offset by a 3% decrease in volume.Advanced Performance Materials
Q1 2026Q1 2025Y-o-Y % ?Q4 2025Q-o-Q % ? Net Sales (millions)$243$294(17 %)$312(22 %)Advanced Materials$143$178(20 %)$172(17 %)Performance Solutions$100$116(14 %)$141(29 %)Adjusted EBITDA (millions)$5$32(84 %)$12(58 %)Adjusted EBITDA Margin2 %11 %(9) ppt4 %(2) pptsAPM segment first quarter 2026 Net Sales were $243 million, a 17% decrease compared to the prior-year quarter. This decrease was primarily driven by a 19% decrease in volume with favorable currency of 3% further offsetting a 1% decrease in price. The volume decline was primarily driven by sales constraints due to the Washington Works plant outage in Q1 and recent closure of APM's Advanced Materials SPS Capstone™ line, completed in the third quarter of 2025.APM segment first quarter 2026 Adjusted EBITDA decreased 84% to $5 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased nine percentage points to 2%. The decrease in Adjusted EBITDA was primarily driven by the referenced lower sales volumes and related additional costs from the outage which combined for approximately $25 million for the quarter.Sequentially, APM segment first quarter 2026 Net Sales were down approximately 22%, driven by a 22% decrease in volumes, related to decreased volumes across both Performance Solutions and Advanced Materials. The decline in volumes was due to the referenced first quarter Washington Works outage as well as contractual sales timing.Other Non-Reportable SegmentThe Performance Chemicals and Intermediates business in the Company's Other Non-Reportable Segment had Net Sales and Adjusted EBITDA for the first quarter 2026 of $11 million and $3 million, respectively.Corporate ExpensesCorporate Expenses were $47 million in the first quarter of 2026, a decrease of approximately $10 million compared to the prior-year quarter. This was primarily due to lower costs associated with legacy litigation activities.Liquidity and Capital AllocationAs of March 31, 2026, consolidated gross debt was $4.2 billion5. Debt, net of $563 million in unrestricted cash and cash equivalents, was $3.6 billion, resulting in a net leverage ratio of approximately 4.9x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.5 billion, comprised of $563 million in unrestricted6 cash and cash equivalents and $953 million of revolving credit facility capacity, net of outstanding letters of credit.In April 2026, the Company completed the sale of nine of the ten parcels of land at the Company's Kuan Yin site which are classified as held-for-sale and received net cash proceeds of approximately $287 million. The sale of the tenth parcel of land is expected to be completed by the end of 2026 for a remaining gross purchase price of approximately $55 million. Using part of the initial cash proceeds received, as well as cash on hand, in April 2026, the Company paid down €140 million of the outstanding tranche B-3 Euro Term loans due August 2028. The Company expects further debt repayments in 2026.Operating cash usage for the first quarter of 2026 was $44 million, compared to a usage of $112 million in the prior-year quarter highlighting improvements in net working capital performance.Capital expenditures for the first quarter of 2026 amounted to $49 million, a decrease in spend compared to $84 million in the prior-year quarter, driven by lower capital expenditures in TSS.Free Cash Flows for the first quarter of 2026 reflected a usage of $93 million, compared to a usage of $196 million in the first quarter of 2025.Second Quarter 2026 OutlookIn the second quarter, the Company anticipates consolidated Net Sales to increase in the range of 15% to 20%, sequentially, driven by favorable seasonal trends, with consolidated Adjusted EBITDA expected to range between $220 million and $250 million. Corporate Expenses are expected to approximate $45 million to $50 million. The Company also anticipates capital expenditures to approximate $50 million, with Free Cash Flows of at least $100 million.TSS projects Net Sales will sequentially increase in the low-to-mid teens percentage range, driven by seasonality in connection with the 2026 cooling season in the northern hemisphere with strength in both Freon™ and Opteon™ Refrigerants. Adjusted EBITDA is expected to be between $210 million and $225 million.TT expects an overall sequential Net Sales increase in the mid-to high teens percentage range, driven by seasonal volume strength and a favorable mix for TiO2 pigment, supported by recent pricing actions, paired with increased minerals sales. Adjusted EBITDA is expected to range between $40 million and $50 million.APM expects a sequential Net Sales increase in the low-to-high thirties percentage range, driven by a return to normal operating levels at the Washington Works facility while reflecting some limited residual impacts from the outage. Adjusted EBITDA for APM is expected to be between $12 million and $18 million.Full Year 2026 OutlookThe Company continues to expect 2026 Net Sales to grow in the range of 3% to 5% over 2025, with Adjusted EBITDA between $800 million and $900 million. This outlook is supported by higher TSS and APM Performance Solutions demand, anticipated TT pricing momentum, and ongoing cost improvements in each business. Capital expenditures are anticipated to be between $275 million and $325 million, with overall Free Cash Flow Conversion above 20%, due to increased earnings and improvements in working capital throughout the year. This revised estimate now reflects the approximate $30 million estimated full year income tax cash outflow related to the expected proceeds to be distributed on the sale of land at the former Kuan Yin TiO2 site. As an update to previous expectations, the Company anticipates that these cash flow dynamics will produce a net leverage ratio of less than 3.8x by the end of 2026.Conference CallAs previously announced, Chemours will hold a conference call and webcast on May 6, 2026, at 8:00 AM Eastern Time. The webcast and materials can be accessed by visiting the Events & Presentations page of Chemours' investor website, investors.chemours.com. A webcast replay of the conference call will be available on Chemours' investor website.About The Chemours CompanyThe Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers' biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn.Non-GAAP Financial MeasuresWe prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management uses Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, which adjust for (i) certain non-cash items, (ii) certain items we believe are not indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items to evaluate the Company's performance in order to have comparable financial results to analyze changes in our underlying business from period to period. Additionally, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio are utilized as liquidity measures to assess the cash generation of our businesses and on-going liquidity position.Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company's financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. The Company does not provide a reconciliation of certain forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)" and materials posted to the Company's website at investors.chemours.com.Forward-Looking StatementsThis press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, guidance on Company and segment performance for the second quarter of 2026, the full year 2026 and the Company's corporate strategy. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties including the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, our ability to maintain an effective internal control over financial reporting and disclosure controls and procedures, changes in environmental regulations in the United States or other jurisdictions that affect demand for or adoption of our products, changes in regulations in the United States or other jurisdictions that could impose tariffs or additional costs on products we either sell or need to purchase, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, efforts to resolve outstanding or potential litigation, including claims related to legacy PFAS liabilities, plans for dividends, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to develop and commercialize new products or technologies and obtain necessary regulatory approvals, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements also may involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions, global conflicts, changes in laws and regulations in the United States or other jurisdictions in which we operate, and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 and the Annual Report on Form 10-K for the year ended December 31, 2025. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.CONTACTS:INVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3309
investor@chemours.com NEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
media@chemours.com
1Certain prior period amounts have been revised to correct for certain immaterial errors as further described in our Annual Report on Form 10-K for the year ended December 31, 2025.2Non-GAAP measures, including Adjusted Net Income, Adjusted EPS and Adjusted EBITDA referred to throughout, principally exclude the impact of recent litigation settlements for legacy environmental matters and associated fees, in addition to other unallocated items – please refer to the attached "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)".3Adjusted EBITDA excludes net income attributable to noncontrolling interests, net interest expense, depreciation and amortization, and all remaining provision for income taxes from Adjusted Net Income. See the corresponding reconciliation referenced in footnote #2.4On a diluted earnings per share basis.5This amount does not reflect the €140 million used to reduce outstanding debt, which occurred in April of 2026.6Restricted cash approximated $53 million of the end of the first quarter of 2026, reflecting primarily escrow payments Chemours has made related to the MOU agreement with DuPont, Corteva and EID as further described in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026. The Chemours CompanyConsolidated Statements of Operations (Unaudited)1(Dollars in millions, except per share amounts)
Three Months Ended March 31,
2026
2025
Net sales
$1,381
$1,368
Cost of goods sold
1,169
1,132
Gross profit
212
236
Selling, general, and administrative expense
147
123
Research and development expense
26
27
Restructuring, asset-related, and other charges
13
33
Total other operating expenses
186
183
Equity in earnings of affiliates
8
8
Interest expense, net
(69)
(66)
Loss on extinguishment of debt
(9)
—
Other income, net
22
5
Loss before income taxes
(22)
—
Provision for income taxes
7
5
Net loss
(29)
(5)
Net loss attributable to Chemours
$(29)
$(5)
Per share data
Basic (loss) earnings per share of common stock
$(0.19)
$(0.03)
Diluted (loss) earnings per share of common stock
(0.19)
(0.03)
The Chemours CompanyConsolidated Balance Sheets (Unaudited)1(Dollars in millions, except per share amounts)
March 31, 2026
December 31, 2025
Assets
Current assets:
Cash and cash equivalents
$563
$670
Restricted cash and restricted cash equivalents
—
2
Accounts and notes receivable, net
759
679
Inventories
1,536
1,569
Prepaid expenses and other
69
80
Assets held for sale
1
1
Total current assets
2,928
3,001
Property, plant, and equipment
9,925
9,920
Less: Accumulated depreciation
(6,885)
(6,842)
Property, plant, and equipment, net
3,040
3,078
Operating lease right-of-use assets
274
271
Goodwill
46
46
Other intangible assets, net
2
2
Investments in affiliates
166
160
Assets held for sale, non-current
21
21
Restricted cash and restricted cash equivalents
52
52
Other assets
738
751
Total assets
$7,267
$7,382
Liabilities
Current liabilities:
Accounts payable
$891
$954
Compensation and other employee-related cost
122
96
Short-term and current maturities of long-term debt
37
42
Current environmental remediation
97
88
Other accrued liabilities
462
506
Total current liabilities
1,609
1,686
Long-term debt, net
4,100
4,099
Operating lease liabilities
192
191
Long-term environmental remediation
520
530
Deferred income taxes
40
37
Other liabilities
590
588
Total liabilities
7,051
7,131
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized;
199,180,562 shares issued and 150,355,228 shares outstanding at March 31,
2026; 198,720,786 shares issued and 149,893,993 shares outstanding at
December 31, 2025)
2
2
Treasury stock, at cost (48,825,334 shares at March 31, 2026 and 48,826,793 at
December 31, 2025)
(1,802)
(1,802)
Additional paid-in capital
1,081
1,074
Retained earnings
1,178
1,220
Accumulated other comprehensive loss
(244)
(244)
Total Chemours stockholders' equity
215
250
Non-controlling interests
1
1
Total equity
216
251
Total liabilities and equity
$7,267
$7,382
The Chemours CompanyConsolidated Statements of Cash Flows (Unaudited)1(Dollars in millions)
Three Months Ended March 31,
2026
2025
Cash flows from operating activities
Net loss
$(29)
$(5)
Adjustments to reconcile net income to cash used for operating activities:
Depreciation and amortization
79
88
Loss (gain) on sales of assets and businesses
—
(1)
Equity in earnings of affiliates, net
(6)
(7)
Loss on extinguishment of debt
9
—
Amortization of debt issuance costs and issue discounts
3
3
Deferred tax benefit
(11)
(14)
Asset-related charges
1
1
Stock-based compensation expense
7
5
Net periodic pension cost (income)
—
—
Defined benefit plan contributions
(1)
(4)
Other operating charges and credits, net
(14)
37
Decrease (increase) in operating assets:
Accounts and notes receivable, net
(77)
(111)
Inventories and other current operating assets
32
(51)
Other non-current operating assets
17
48
(Decrease) increase in operating liabilities:
Accounts payable
(58)
(105)
Other current operating liabilities
12
(5)
Other non-current operating liabilities
(8)
9
Cash used for operating activities
(44)
(112)
Cash flows from investing activities
Purchases of property, plant, and equipment
(49)
(84)
Proceeds from life insurance policies
1
—
Proceeds from sales of assets and businesses
7
—
Foreign exchange contract settlements, net
(3)
(2)
Cash used for investing activities
(44)
(86)
Cash flows from financing activities
Proceeds from issuance of debt
700
—
Debt repayments
(689)
(8)
Payments on finance leases
(3)
(3)
Payments of debt issuance cost
(10)
—
Proceeds from supplier financing program
16
27
Payments to supplier financing program
(14)
(35)
Proceeds from exercised stock options, net
2
—
Payments related to tax withholdings on vested stock awards
(2)
(1)
Payments of dividends to the Company's common shareholders
(13)
(37)
Debt extinguishment payments
(6)
—
Cash used for financing activities
(19)
(57)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash
equivalents
(2)
6
Decrease in cash, cash equivalents, restricted cash and restricted cash equivalents
(109)
(249)
Cash, cash equivalents, restricted cash and restricted cash equivalents at January 1,
724
763
Cash, cash equivalents, restricted cash and restricted cash equivalents at March 31,
$615
$514
Supplemental cash flows information
Non-cash investing and financing activities:
Purchases of property, plant, and equipment included in accounts payable
$27
$26
The Chemours CompanySegment Financial and Operating Data (Unaudited)(Dollars in millions)
Segment Net Sales1
Three Months
Ended
Sequential
Three Months Ended March 31,
Increase /
December 31,
Increase /
2026
2025
(Decrease)
2025
(Decrease)
Thermal & Specialized Solutions$
568
$
466
$
102
$
444
$
124
Titanium Technologies
559
597
(38)
561
(2)
Advanced Performance
Materials
243
294
(51)
312
(69)
Other Non-Reportable Segment
11
11
0
12
(1)
Total Net Sales$
1,381
$
1,368
$
13
$
1,329
$
52
Segment Adjusted EBITDA1
Three Months
Ended
Sequential
Three Months Ended March 31,
Increase /
December 31,
Increase /
2026
2025
(Decrease)
2025
(Decrease)
Thermal & Specialized Solutions$
190
$
141
$
49
$
128
$
62
Titanium Technologies$
18
$
50
$
(32)
$
23
$
(5)
Advanced Performance
Materials$
5
$
32
$
(27)
$
12
$
(7)
Other Non-Reportable Segment$
3
$
1
$
2
$
1
$
2
Quarterly Change in Net Sales from the three months ended March 31, 2025
March 31, 2026
Percentage Change
vs.
Percentage Change Due To
Net Sales
March 31, 2025
Price
Volume
Currency
Portfolio
Total Company$
1,381
1%
2%
(4)%
3%
—%
Thermal & Specialized Solutions$
568
22%
11%
9%
2%
—%Titanium Technologies
559
(6)%
(2)%
(7)%
3%
—%Advanced Performance
Materials
243
(17)%
(1)%
(19)%
3%
—%Other Non-Reportable Segment
11
—%
(2)%
2%
—%
—%
Quarterly Change in Net Sales from the three months ended December 31, 2025
March 31, 2026
Percentage Change
vs.
Percentage Change Due To
Net Sales
December 31, 2025
Price
Volume
Currency
Portfolio
Total Company$
1,381
4%
3%
1%
—%
—%
Thermal & Specialized Solutions$
568
28%
6%
22%
—%
—%Titanium Technologies
559
—%
3%
(3)%
—%
—%Advanced Performance
Materials
243
(22)%
—%
(22)%
—%
—%Other Non-Reportable Segment
11
(2)%
5%
(7)%
—%
—% The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions)GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation1Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; (gains) losses on sales of businesses or assets; and, other items not considered indicative of the Company's ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts. Net Leverage Ratio is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.
Three Months Ended
Twelve Months Ended
March 31,
December 31,
March 31,
2026
2025
2025
2026
2025
(Loss) income before income taxes
$
(22)
$
—
$
(67)
$
(299)
$
38
Net (loss) income attributable to Chemours
$
(29)
$
(5)
$
(47)
$
(409)
$
12
Non-operating pension and other post-retirement
employee benefit (income) cost
(2)
(2)
(3)
(11)
(5)
Exchange (gains) losses, net
(1)
3
4
8
13
Restructuring, asset-related, and other charges (1)
13
32
4
39
85
Goodwill impairment charge (2)
—
—
—
—
56
Loss (gain) on extinguishment of debt (3)
9
—
5
14
1
Gain on sales of assets and businesses, net (4)
—
(1)
—
(7)
(1)
Transaction costs (5)
2
—
4
8
2
Qualified spend recovery (6)
(5)
(9)
(7)
(38)
(28)
Litigation-related charges (7)
20
—
19
340
2
Environmental charges (8)
7
—
20
100
15
Adjustments made to income taxes (9)
1
1
19
181
9
(Benefit from) provision for income taxes relating to
reconciling items (10)
(7)
—
(11)
(92)
(9)
Adjusted Net Income
8
19
7
133
152
Net income attributable to non-controlling interests
—
—
(1)
—
—
Interest expense, net
69
66
68
272
267
Depreciation and amortization (11)
79
77
81
319
299
All remaining provision for income taxes (10)
13
4
(27)
22
25
Adjusted EBITDA
$
169
$
166
$
128
$
746
$
743
Total debt principal
$
4,183
$
4,147
Less: Cash and cash equivalents
(563)
(464)
Total debt principal, net
$
3,620
$
3,683
Net Leverage Ratio (calculated using GAAP
earnings) (12)
(12.1)x
96.9x
Net Leverage Ratio (calculated using Non-GAAP
earnings) (12)
4.9x
5x
GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation (Continued)1(1)For the twelve months ended March 31, 2026, restructuring, asset-related and other charges primarily includes employee separation charges related to the 2026 Restructuring Program as well as charges related to our decision to exit our SPS CapstoneTM business. For the twelve months ended March 31, 2025, restructuring, asset-related and other charges primarily include charges related to our decision to exit our SPS CapstoneTM business and the 2024 Restructuring Program. See "Note 4 –Restructuring, Asset-Related and Other Charges" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.(2)For the twelve months ended March 31, 2025, this represents a non-cash goodwill impairment charge in the Advanced Performance Materials unit, which is discussed further in "Note 15 – Goodwill and Other Intangibles, Net" to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.(3)For the twelve months ended March 31, 2026, loss on extinguishments of debt reflects costs associated with early redemption of the 2027 senior unsecured notes and partial early redemption of our 2028 senior unsecured notes during the first quarter of 2026. See "Note 15 - Debt" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.(4)For the twelve months ended March 31, 2026, gain on sales of assets and businesses, net includes a gain on sale of $7 million related to certain parcels of land at the Company's manufacturing site in Kuan Yin, Taiwan.(5)For the twelve months ended March 31, 2025, transaction costs include $4 million of costs associated with the Senior Secured Credit Facilities. See "Note 15 - Debt" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details. (6)Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026.(7)Litigation-related charges pertain to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the twelve months ended March 31, 2026, litigation-related charges primarily includes $266 million related to the Company's portion of Chemours, DuPont, Corteva, EID and the State of New Jersey's settlement agreement reached in August 2025, $12 million in third-party legal fees directly related to the New Jersey Settlement agreement, $14 million related to the Company's portion of Chemours, DuPont, Corteva, EID's settlement agreement to resolve the Hoosick Falls class action lawsuit, $15 million related to alleged violations and discharge exceedances and $18 million related to reserves for asbestos and production liability matters. For the twelve months ended March 31, 2025, litigation-related charges include a $29 million accrual associated with the Ohio MDL and $27 million of benefits from insurance recoveries. See "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.(8)Environmental charges pertain to management's assessment of estimated liabilities associated with certain remediation expenses at various sites. For the twelve months ended March 31, 2026, environmental charges primarily include changes to remediation reserves at the four sites covered by the New Jersey settlement agreement. See "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2026 for further details.(9)Includes the removal of certain discrete income tax impacts within our provision for income taxes, such as shortfalls and windfalls on our share-based payments, certain return-to-accrual adjustments, valuation allowance adjustments, unrealized gains and losses on foreign exchange rate changes, and other discrete income tax items.(10)The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred for each of the reconciling items and represent both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.(11)For the twelve months ended March 31, 2026 and March 31, 2025, accelerated depreciation charges of $12 million and $11 million, respectively, incurred as part of our decision to exit our SPS CapstoneTM business are included within the "Restructuring, asset-related and other charges" caption above, and therefore are not included as separate adjustment within this caption.(12)Net Leverage Ratio calculated using GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by income (loss) before income taxes. Net Leverage Ratio calculated using non-GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)GAAP Earnings per Share to Adjusted Earnings per Share Reconciliation1Adjusted earnings per share ("Adjusted EPS") is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which include unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.
Three Months Ended
March 31,
December 31,
2026
2025
2025Numerator:
Net (loss) income attributable to Chemours
$(29)
$(5)
$(47)Adjusted Net Income
8
19
7Denominator:
Weighted-average number of common shares outstanding -
basic
150,767,077
149,918,386
150,464,150Dilutive effect of the Company's employee compensation plans
(1)
819,728
491,194
398,511Weighted-average number of common shares outstanding -
diluted (1)
151,586,805
150,409,579
150,862,661
Basic (loss) earnings per share of common stock (2)
$(0.19)
$(0.03)
$(0.31)Diluted (loss) earnings per share of common stock (1) (2)
(0.19)
(0.03)
(0.31)Adjusted basic earnings per share of common stock (2)
0.05
0.13
0.05Adjusted diluted earnings per share of common stock (1) (2)
0.05
0.13
0.05
(1)In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of EPS under U.S. GAAP, as their inclusion would have an anti-dilutive effect. As such, with respect to the U.S. GAAP measure of diluted EPS, the impact of potentially dilutive securities is excluded from our calculation for the three months ended March 31, 2026, three months ended March 31, 2025 and the three months ended December 31, 2025. With respect to the non-GAAP measure of adjusted diluted EPS, the impact of potentially dilutive securities is included in our calculation for the three months ended March 31, 2026, three months ended March 31, 2025 and the three months ended December 31, 2025 as Adjusted Net Income was in a net income position.(2)Figures may not recalculate exactly due to rounding. Basic and diluted earnings (loss) per share are calculated based on unrounded numbers.GAAP Cash Flow Provided by Operating Activities to Free Cash Flows and Free Cash Flow Conversion ReconciliationFree Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.
Three Months Ended
March 31,
December 31,
2026
2025
2025
Cash flows (used for) provided by operating activities
$
(44)
$
(112)
$
137
Less: Purchases of property, plant, and equipment
(49)
(84)
(45)
Free Cash Flows
$
(93)
$
(196)
$
92
Adjusted EBITDA
169
166
128
Free Cash Flow Conversion
(55)%
(118)%
72%2026 Estimated GAAP Cash Flow Provided by Operating Activities to Estimated Free Cash Flows and Estimated Free Cash Flow Conversion Reconciliation (1)Free Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.
Estimated
Year Ended December 31, 2026
Low
High
Cash flows provided by (used for) operating activities
$
445
$
565
Less: Purchases of property, plant, and equipment
(275)
(325)
Free Cash Flows
$
170
$
240
Adjusted EBITDA
800
900
Free Cash Flow Conversion
21%
27%
(1)Cash flows provided by operating activities is inclusive of the anticipated $30 million cash taxes associated with the sale of the Kuan Yin site.The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)2026 Estimated GAAP Net Income Attributable to Chemours to Estimated Adjusted Net Income and Estimated Adjusted EBITDA Reconciliation (1)
(Estimated)
Year Ending December 31, 2026
Low
HighNet income attributable to Chemours
$165
$225Restructuring, transaction, and other costs, net (2)
(35)
(45)Adjusted Net Income
130
180Interest expense, net
275
285Depreciation and amortization
315
325All remaining provision for income taxes
80
110Adjusted EBITDA
$800
$900
(1)The Company's estimates reflect its current visibility and expectations based on market factors, such as currency movements, macro-economic factors, and end-market demand. Actual results could differ materially from these estimates.(2)Restructuring, transaction, and other costs, net includes the net benefit from income taxes relating to reconciling items and adjustments made to income taxes for the removal of certain discrete income tax impacts. View original content to download multimedia:https://www.prnewswire.com/news-releases/the-chemours-company-reports-first-quarter-results-302763268.htmlSOURCE The Chemours Company Original: The Chemours Company Reports First Quarter Results
US Market News
3月前
Following Successful Fluid Qualification Chemours & 2CRSi Join Forces to Accelerate Deployment of Two-Phase Liquid Cooling for High-Density Servers & IT EquipmentFebruary 24, 2026 4:30 PM
PR Newswire (US)
Successful qualification of Opteon™ fluid in 2CRSi server sparks broader collaboration to drive innovation in new and existing technologies across respective portfoliosWILMINGTON, Del. and STRASBOURG, France, Feb. 24, 2026 /PRNewswire/ -- The Chemours Company (NYSE: CC), a global chemistry company, and 2CRSi (ISIN code: FR0013341781), a pioneer in high-performance, eco-responsible server technology, today announced a Joint Development Agreement (JDA)1 following the successful qualification of Chemours' Opteon™ two-phase immersion cooling fluid in current-generation 2CRSi servers. This milestone sets the stage for accelerating the development and deployment of advanced two-phase cooling technologies—including direct-to-chip and immersion systems—for high-density IT infrastructure, supporting AI and next-generation chips.
Building on this qualification success, the partnership will combine Chemours' advanced thermal management expertise and 2CRSi's server design leadership to deliver substantial end-user and environmental benefits, meeting near- and long-term data center and IT cooling demands."At Chemours, we firmly believe two-phase liquid cooling is the key to unlocking the next generation of high-performance computing, and we're thrilled to partner with 2CRSi to meet the unprecedented demands of AI and advanced IT workloads—while dramatically reducing energy and water consumption," said Nathan Blom, Vice President of Liquid Cooling at Chemours. "This partnership will not only deliver innovative cooling solutions; it will empower customers to future-proof their infrastructure and accelerate the transition to more efficient, resilient digital ecosystems."Chemours' Opteon™ two-phase liquid cooling solutions can deliver up to a 90% reduction in data center cooling energy compared to traditional air cooling, a power usage effectiveness (PUE) approaching 1, dramatic reductions in water consumption, and a circular solution through fluid recovery and reuse. Additionally, accelerated life cycle testing confirms compatibility with industry-standard IT components.These environmental and operational advantages align with 2CRSi's commitment to decarbonizing digital infrastructure. Leveraging Chemours' next-generation fluids, 2CRSi has successfully commercialized ultra-high-density servers—such as the Atlas 1.8GG 2PIC model—housing 8 NVIDIA H200 GPUs in a 1U format, a technical achievement enabled by two-phase cooling."2CRSi has always been a pioneer in server cooling. As the industry embraces liquid cooling, we are proud to collaborate with Chemours to deliver some of the most efficient and innovative solutions available today," said Alain Wilmouth, CEO at 2CRSi. "This partnership reflects a shared vision to address the surging energy demands of AI and GPU-accelerated computing. Together, Chemours and 2CRSi are paving the way for compact, energy-efficient edge data centers capable of powering low-latency applications such as autonomous vehicles, 5G/6G networks, and intelligent embedded systems."The companies will focus on pushing technological boundaries to deliver efficient, high-density servers for AI and HPC, targeting advanced formats like 15 kW, 1U servers powered by Nvidia GPUs.About The Chemours Company
The Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers' biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn.About 2CRSi
Founded in 2005 in Strasbourg (France), 2CRSi designs, develops, and manufactures high-performance computer servers and innovative solutions for Artificial Intelligence, high-performance computing, and data storage. Committed to a responsible and sustainable approach, the group operates across multiple continents and delivers energy-efficient technological solutions to sectors including tech, industry, gaming, scientific research, and datacenters.
2CRSi has been listed since June 2018 on the Euronext Paris regulated market (ISIN code: FR0013341781) and transferred to Euronext Growth in November 2022.For more information: www.2crsi.comForward-Looking Statements
This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, new product development, expected contributions to advancing the data center energy efficiency, addressing new innovative markets, such as AI, improving sustainability, circularity, decreasing environmental footprint, plans to continue investment in research and development, advancements in liquid cooling technology, partnerships in the liquid cooling and data center industry, and development agreements with partners all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions and global health events, and changes in environmental regulations in the U.S. or other jurisdictions that affect demand for or adoption of our products, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products or increase raw material, energy or other input costs, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2025. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.Chemours ContactsINVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3300
investor@chemours.comNEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
media@chemours.com 2CRSi Contacts2CRSiJean-Philippe LLOBERADirector Francepress@2crsi.com 03 68 41 10 70Seitosei.ActifinFoucauld CharavayFinancial communicationfoucauld.charavay@seitosei-actifin.com06 37 83 33 19Seitosei.ActifinPress Relationspresse@seitosei-actifin.com06 85 36 85 111 This agreement formalizes an in-depth technological collaboration between the two companies, following several years of successful testing conducted on 2CRSi's Atlantis™ and Octopus™ servers with the Opteon™ 2P50 fluid developed by Chemours.
View original content to download multimedia:https://www.prnewswire.com/news-releases/following-successful-fluid-qualification-chemours--2crsi-join-forces-to-accelerate-deployment-of-two-phase-liquid-cooling-for-high-density-servers--it-equipment-302696261.htmlSOURCE The Chemours Company
Original: Following Successful Fluid Qualification Chemours & 2CRSi Join Forces to Accelerate Deployment of Two-Phase Liquid Cooling for High-Density Servers & IT Equipment
US Market News
3月前
The Chemours Company Reports Fourth Quarter and Full Year 2025 ResultsFebruary 19, 2026 4:38 PM
PR Newswire (US)
WILMINGTON, Del., Feb. 19, 2026 /PRNewswire/ -- The Chemours Company ("Chemours" or "the Company") (NYSE: CC), a global chemistry company with leading market positions in Thermal & Specialized Solutions ("TSS"), Titanium Technologies ("TT"), and Advanced Performance Materials ("APM"), today announced its financial results for the fourth quarter and full year 2025.Key Fourth Quarter 2025 Results & Recent Highlights1Net Sales of $1.3 billion, slightly down compared to the corresponding prior-year quarter, with TSS reporting a record fourth quarter with double-digit year-over-year growth of 37% in Opteon™ RefrigerantsNet Loss attributable to Chemours of $47 million, or $0.31 per diluted share, compared with Net Loss attributable to Chemours of $11 million, or $0.08 per diluted share, in the corresponding prior-year quarterAdjusted Net Income2 of $7 million, or $0.05 per diluted share, compared to Adjusted Net Income of $14 million, or $0.09 per diluted share, in the corresponding prior-year quarterAdjusted EBITDA2,3 of $128 million compared to $168 million in the corresponding prior-year quarterImplemented a global TiO2 price increase which became effective December 1, 2025Announced the sale of the former Kuan Yin TiO2 site on January 15, 2026, for approximately $3004 million in net proceedsKey Full Year 2025 Results & Highlights1Net Sales of $5.8 billion, flat compared to the prior year, with TSS reporting record annual sales with double-digit year-over-year growth in Opteon™ RefrigerantsNet Loss attributable to Chemours of $386 million, or $2.57 per diluted share, compared with Net Income attributable to Chemours of $69 million, or $0.46 per diluted share, in the prior yearAdjusted Net Income2 of $143 million, or $0.95 per diluted share, compared to $179 million, or $1.19 per diluted share, in the prior yearAdjusted EBITDA2,3 of $742 million compared to $768 million in the prior yearKey Full Year 2026 Outlook5Consolidated Net Sales growth in the range of 3 to 5%Adjusted EBITDA between $800 million and $900 millionFree Cash Flow Conversion above 25%"Our consolidated fourth quarter results delivered robust cash flow and achieved revenue performance that met our expectations, highlighted by the continued transition to Opteon™ Refrigerants – concluding a record setting year for TSS. However, as a result of short-term cyclical end market headwinds experienced in our APM business, we elected to prioritize cash flow, leading to strong cash generation in the quarter. In connection with this approach APM incurred a sizable non-cash inventory charge and unfavorable product mix driving our consolidated Adjusted EBITDA slightly below our expected range," said Denise Dignam, Chemours President and CEO. "Although macroeconomic conditions remain tepid, our pricing actions have begun to take effect in TiO2, and we remain focused on executing our broader Pathway to Thrive strategy. The sale of our Kuan Yin TiO2 site, along with increased organic cash flow generation in 2026, will provide significant cash inflow in 2026. These actions align with our capital allocation priorities under Pathway to Thrive, specifically improving our debt profile and progressing Chemours closer to our long-term objective of net leverage below three times adjusted EBITDA across economic cycles."Total Chemours
Q4 2025Q4 2024Y-o-Y %
?Q3 2025Q-o-Q %
?FY 2025FY 2024Y-o-Y %
?Net Sales (millions)$1,329$1,359(2 %)$1,495(11 %)$5,808$5,7820 %Net Income (Loss) (millions)($47)($11)(327 %)$46(202 %)($386)$69(659 %)EPS6($0.31)($0.08)(288 %)$0.31(200 %)($2.57)$0.46(659 %)Adjusted EPS$0.05$0.09(46 %)$0.17(71 %)$0.95$1.19(20 %)Adjusted EBITDA (millions)$128$168(24 %)$189(32 %)$742$768(3 %)Fourth quarter 2025 Net Sales were $1.3 billion, down 2% compared to the prior-year quarter. Reported Net Sales were primarily driven by a 4% decrease in volume, partially offset by a 1% increase in price and a 1% currency tailwind. The decrease in volume was primarily driven by weaker cyclically-sensitive end markets impacting both TT and APM, partially offset by the continued strength in TSS volume tied to increased Opteon™ Refrigerants adoption.Fourth quarter 2025 Net Loss attributable to Chemours was $47 million, or $0.31 per diluted share, compared to Net Loss attributable to Chemours of $11 million, or $0.08 per diluted share in the prior-year quarter. The larger fourth quarter Net Loss attributable to Chemours was driven by lower cost absorption tied to decreased production levels across APM and TT, a non-cash inventory charge along with an unfavorable product mix in APM, and a higher provision for income taxes. Adjusted EBITDA for the fourth quarter of 2025 was $128 million, compared to $168 million in the prior-year quarter driven by the same higher costs impacting the current quarter Net Loss attributable to Chemours.Full year 2025 Net Sales were $5.8 billion, flat compared to the prior year. Net Sales were primarily driven by higher volume and price in TSS and favorable currency movements, partially offset by lower TT pricing.Full year 2025 Net Loss attributable to Chemours was $386 million, or $2.57 per diluted share, compared to Net Income attributable to Chemours of $69 million, or $0.46 per diluted share in the prior year, primarily driven by litigation-related charges inclusive of the announced settlement with the State of New Jersey. Adjusted EBITDA for the year was $742 million, compared to $768 million in the prior year. This decrease was primarily driven by lower TT pricing and lower cost absorption tied to lower production levels concentrated in APM and TT partially offset by volume and price increases in TSS and global net cost reduction efforts7.Thermal & Specialized Solutions
Q4 2025Q4 2024Y-o-Y %
?Q3 2025Q-o-Q %
?FY 2025FY 2024Y-o-Y %
?Net Sales (millions)$444$39014 %$560(21 %)$2,066$1,83013 %Opteon™ Refrigerants$243$17837 %$368(34 %)$1,264$81056 %Freon™ Refrigerants$113$124(10 %)$9419 %$428$614(30 %)Foam, Propellants & Other (FP&O)$87$880 %$98(10 %)$374$406(8 %)Adjusted EBITDA (millions)$128$1225 %$194(34 %)$670$57118 %Adjusted EBITDA Margin29 %31 %(3) ppts35 %(6) ppts32 %31 %1 pptsTSS segment fourth quarter 2025 Net Sales were $444 million, an increase of 14% versus the prior-year quarter, driven by a 10% increase in price and a 3% increase in volume, with a 1% currency tailwind.Increased pricing was driven by a favorable Opteon™ Refrigerant blends mix paired with higher pricing associated with opportunistic Freon™ refrigerant sales. Volume growth was driven by sustained robust demand for Opteon™ Refrigerant blends associated with the U.S. AIM Act stationary AC transition, which more than compensated for lower total Freon™ Refrigerant volumes.Adjusted EBITDA for the quarter increased 5% to $128 million, while Adjusted EBITDA Margin declined three points to 29%. The increase in Adjusted EBITDA was driven by a favorable Opteon™ Refrigerant blends mix in pricing paired with higher pricing associated with opportunistic Freon™ sales, partially offset by higher input costs associated with R32, a key component of our stationary Opteon™ Refrigerant blends, in the quarter.Sequentially, Net Sales declined 21%, driven by a 22% seasonal volume decrease, partially offset by a 1% price increase. Volumes followed seasonal patterns, declining across refrigerants with some offset in increased demand in certain Freon™ refrigerants.TSS segment full year 2025 Net Sales were a record of $2.1 billion, an increase of 13% from 2024, reflecting sustained robust Opteon™ Refrigerants adoption, with 56% growth, associated with the U.S. AIM Act stationary AC transition. Full year Adjusted EBITDA increased 18% to $670 million, driven by increased Opteon™ volumes and higher prices throughout the portfolio; however, this was partially offset by the referenced increased input costs related to R32.Titanium Technologies
Q4 2025Q4 2024Y-o-Y %
?Q3 2025Q-o-Q %
?FY 2025FY 2024Y-o-Y %
?Net Sales (millions)$561$632(11 %)$612(8 %)$2,429$2,572(6 %) TiO2 Pigment$534$598(11 %)$591(10 %)$2,331$2,446(5 %) Minerals$27$34(18 %)$2133 %$98$126(22 %)Adjusted EBITDA (millions)$23$70(67 %)$25(8 %)$145$301(52 %)Adjusted EBITDA Margin4 %11 %(7) ppts4 %0 ppts6 %12 %(6) pptsTT segment fourth quarter 2025 Net Sales were $561 million, an 11% decrease compared to the prior-year quarter. This decrease was primarily driven by a 6% decrease in price globally, partially offset by favorable currency movements adding a slight 1% tailwind. Lower TiO2 pigment pricing and volumes were paired with lower minerals sales compared to the prior-year quarter. The decrease in TiO2 pigment pricing was mostly concentrated in non-western markets, while pricing declines in protected western markets were less pronounced. Volumes showed a 6% decrease globally, driven by lower sales in non-western markets as the overall TiO2 market continues to remain challenged.TT segment fourth quarter 2025 Adjusted EBITDA decreased 67% to $23 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased seven percentage points to 4%. The decline in Adjusted EBITDA was primarily driven by the referenced pricing trends, combined with lower cost absorption tied to lower production levels. These adjustments to production levels were made to prioritize cash generation given the challenged near-term demand environment.Sequentially, TT segment fourth quarter 2025 Net Sales decreased 8%, driven by an 8% decrease in volume due to seasonality in western markets paired with some destocking activity by North American customers and weaker demand conditions in non-western markets. Global pricing showed stability in connection with the positive results we have seen from the pricing action announced in December of 2025, setting a strong foundation for 2026. Currency fluctuations were approximately flat.TT segment full year 2025 Net Sales were $2.4 billion, a 6% decrease compared to full year 2024. The decrease in Net Sales was primarily driven by global pricing stemming from a weaker demand environment. TT segment full year Adjusted EBITDA decreased 52% from the prior year to $145 million. This decrease was also primarily driven by global pricing tied to the weaker demand environment, paired with lower cost absorption related to decisions to reduce production levels to promote cash flow generation and operational disruption impacts that occurred in the year.Advanced Performance Materials
Q4 2025Q4 2024Y-o-Y %
?Q3 2025Q-o-Q %
?FY 2025FY 2024Y-o-Y %
? Net Sales (millions)$312$324(4 %)$3110 %$1,263$1,326(5 %)Advanced Materials$172$191(10 %)$190(10 %)$753$808(7 %)Performance Solutions$141$1336 %$12116 %$510$518(2 %)Adjusted EBITDA (millions)$12$47(74 %)$14(12 %)$108$160(32 %)Adjusted EBITDA Margin4 %15 %(11) ppt4 %0 ppts9 %12 %(3) pptsAPM segment fourth quarter 2025 Net Sales were $312 million, a 4% decrease compared to the prior-year quarter. This decrease was primarily driven by an 8% decrease in volume which was partially offset by a 3% increase in price. The volume decline was primarily driven by the recent closure of APM's Advanced Materials SPS Capstone™ line, completed in the third quarter.APM segment fourth quarter 2025 Adjusted EBITDA decreased 74% to $12 million compared to the prior-year quarter, while Adjusted EBITDA Margin decreased eleven percentage points to 4%. The decrease in Adjusted EBITDA was primarily driven by a decision to prioritize cash generation in the business given cyclical end market weakness, which lead to a non-cash inventory charge of approximately $17 million, a smaller idling charge, as well as approximately $10 million tied to product sales at a less favorable mix to reduce inventory and promote cash flow.Sequentially, APM segment fourth quarter 2025 Net Sales were roughly flat, with increased volumes in Performance Solutions more than offsetting lower sequential Advanced Materials volumes due to the recent line closure.APM segment full year 2025 Net Sales were $1.3 billion, a 5% decrease compared to full year 2024. This decrease was primarily driven by weaker global demand across cyclically sensitive end markets. Adjusted EBITDA decreased 32% from the prior year to $108 million. This decrease was primarily driven by lower cost absorption tied to lower production and operational disruption impacts during the year.Other Non-Reportable SegmentThe Performance Chemicals and Intermediates business in the Company's Other Non-Reportable Segment had Net Sales and Adjusted EBITDA for the fourth quarter 2025 of $12 million and $1 million, respectively. Full year results for the Company's Other Non-Reportable Segment amounted to Net Sales of $50 million and Adjusted EBITDA of $8 million.Corporate Expenses8Corporate Expenses were $33 million in the fourth quarter 2025, a decrease of approximately $36 million compared to the prior-year quarter. This was primarily due to lower costs associated with litigation activities and the Company's continued cost reduction efforts under its Pathway to Thrive strategy.Liquidity and Capital AllocationAs of December 31, 2025, consolidated gross debt was $4.2 billion. Debt, net of $670 million in unrestricted cash and cash equivalents, was $3.5 billion, resulting in a net leverage ratio of approximately 4.7x on a trailing twelve-month Adjusted EBITDA basis. Total liquidity was $1.6 billion, comprised of $670 million in unrestricted9 cash and cash equivalents and $955 million of revolving credit facility capacity, net of outstanding letters of credit.Cash provided by operating activities for the fourth quarter of 2025 was $137 million, compared to $138 million in the prior-year quarter.Capital expenditures for the fourth quarter of 2025 amounted to $45 million, a decrease in spend compared to $109 million in the prior-year quarter, driven by lower capital expenditures in APM and TSS.Free Cash Flows for the fourth quarter of 2025 were $92 million, reflecting Free Cash Flow Conversion of 72%, compared to $29 million, or 17% Free Cash Flow Conversion, in the fourth quarter of 2024.First Quarter 2026 OutlookIn the first quarter, the Company anticipates consolidated Net Sales to increase in the range of 3 to 5% sequentially driven by TSS, with consolidated Adjusted EBITDA expected to range between $120 million and $150 million. Corporate Expenses are expected to approximate $45 million to $50 million. The Company also anticipates capital expenditures to be in the $50 million range, with Free Cash Flows reflecting a use of cash not to exceed $100 million.TSS projects Net Sales will rise sequentially in the mid-twenty to thirty percentage range, mainly due to more favorable seasonal refrigerant demand and an expected 30 to 40% increase in Opteon™ Refrigerants sales from ongoing adoption in North America's stationary market. Adjusted EBITDA is expected to be between $170 million and $185 million, also driven by the referenced seasonality strength and continued equipment transition.TT expects an overall sequential Net Sales decrease in the low-to-mid-single digits percentage range. Total minerals sales are anticipated to decline 60% in the first quarter due to sales timing and impacts from recent changes in mining efforts. TiO2 pigment revenues are anticipated to be down low-single digits sequentially, due to weaker seasonal volumes in non-western markets more than offsetting volume increases in western markets and the global pricing efforts highlighted last quarter. Adjusted EBITDA is expected to be between break-even and $5 million driven by the timing of mining sales paired with approximately $17 million in net higher cost impacts for the quarter related to changes in production levels as well as ore mix.APM expects a sequential Net Sales decrease in the high-teens percentage range, driven by weakness in key end markets, combined with customer timing and constraints from an outage at our Washington Works facility. Adjusted EBITDA for APM is expected to be between break even and $5 million, driven by the referenced outage, which is anticipated to approximate $20 million to $25 million of earnings impacts in the first quarter, the majority of which is driven by sales constraints tied to the facility outage.Full Year 2026 OutlookThe Company expects to deliver 2026 Net Sales growth in the range of 3 to 5% and Adjusted EBITDA of $800 million to $900 million, primarily driven by increased TSS and APM Performance Solutions demand, expected pricing strength in TT, and further benefitted by continued cost improvement realization in TT and APM throughout the year. Capital expenditures are anticipated to range from $275 million to $325 million, with an overall Free Cash Flow Conversion above 25% from improved earnings and working capital improvements throughout the year.Conference CallAs previously announced, Chemours will hold a conference call and webcast on February 20, 2026, at 8:00 AM Eastern Time. The webcast and materials can be accessed by visiting the Events & Presentations page of Chemours' investor website, investors.chemours.com. A webcast replay of the conference call will be available on Chemours' investor website.About The Chemours CompanyThe Chemours Company (NYSE: CC) is a global leader in providing industrial and specialty chemicals products for markets, including coatings, plastics, refrigeration and air conditioning, transportation, semiconductor and advanced electronics, general industrial, and oil and gas. Through our three businesses – Thermal & Specialized Solutions, Titanium Technologies, and Advanced Performance Materials – we deliver application expertise and chemistry-based innovations that solve customers' biggest challenges. Our flagship products are sold under prominent brands such as Opteon™, Freon™, Ti-Pure™, Nafion™, Teflon™, Viton™, and Krytox™. Headquartered in Wilmington, Delaware and listed on the NYSE under the symbol CC, Chemours has approximately 5,700 employees and 28 manufacturing sites and serves approximately 2,400 customers in approximately 110 countries. For more information, visit chemours.com or follow us on LinkedIn.Non-GAAP Financial MeasuresWe prepare our financial statements in accordance with Generally Accepted Accounting Principles (GAAP). Within this press release, we may make reference to Adjusted Net Income, Adjusted EPS, Adjusted EBITDA, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio which are non-GAAP financial measures. The Company includes these non-GAAP financial measures because management believes they are useful to investors in that they provide for greater transparency with respect to supplemental information used by management in its financial and operational decision making. Management uses Adjusted Net Income, Adjusted EPS and Adjusted EBITDA, which adjust for (i) certain non-cash items, (ii) certain items we believe are not indicative of ongoing operating performance or (iii) certain nonrecurring, unusual or infrequent items to evaluate the Company's performance in order to have comparable financial results to analyze changes in our underlying business from period to period. Additionally, Free Cash Flows, Free Cash Flows Conversion, Total Debt Principal, Net and Net Leverage Ratio are utilized as liquidity measures to assess the cash generation of our businesses and on-going liquidity position.Accordingly, the Company believes the presentation of these non-GAAP financial measures, when used in conjunction with GAAP financial measures, is a useful financial analysis tool that can assist investors in assessing the Company's operating performance and underlying prospects. This analysis should not be considered in isolation or as a substitute for analysis of our results as reported under GAAP. This analysis, as well as the other information in this press release, should be read in conjunction with the Company's financial statements and footnotes contained in the documents that the Company files with the U.S. Securities and Exchange Commission. The non-GAAP financial measures used by the Company in this press release may be different from the methods used by other companies. The Company does not provide a reconciliation of certain forward-looking non-GAAP financial measures to the most directly comparable GAAP reported financial measures on a forward-looking basis because it is unable to predict with reasonable certainty the ultimate outcome of unusual gains and losses, potential future asset impairments and pending litigation without unreasonable effort. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results for the guidance period. For more information on the non-GAAP financial measures, please refer to the attached schedules or the table, "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)" and materials posted to the Company's website at investors.chemours.com.Forward-Looking StatementsThis press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, which involve risks and uncertainties. Forward-looking statements provide current expectations of future events based on certain assumptions and include any statement that does not directly relate to a historical or current fact. The words "believe," "expect," "will," "anticipate," "plan," "estimate," "target," "project" and similar expressions, among others, generally identify "forward-looking statements," which speak only as of the date such statements were made. These forward-looking statements may address, among other things, guidance on Company and segment performance for the first quarter of 2026, the full year 2026 and the Company's refreshed corporate strategy. Forward-looking statements are based on certain assumptions and expectations of future events that may not be accurate or realized, such as guidance relying on models based upon management assumptions regarding future events that are inherently uncertain. These statements are not guarantees of future performance. Forward-looking statements also involve risks and uncertainties including the outcome or resolution of any pending or future environmental liabilities, the commencement, outcome or resolution of any regulatory inquiry, investigation or proceeding, the initiation, outcome or settlement of any litigation, our ability to maintain an effective internal control over financial reporting and disclosure controls and procedures, changes in environmental regulations in the United States or other jurisdictions that affect demand for or adoption of our products, changes in regulations in the United States or other jurisdictions that could impose tariffs or additional costs on products we either sell or need to purchase, anticipated future operating and financial performance for our segments individually and our company as a whole, business plans, prospects, targets, goals and commitments, capital investments and projects and target capital expenditures, efforts to resolve outstanding or potential litigation, including claims related to legacy PFAS liabilities, plans for dividends, sufficiency or longevity of intellectual property protection, cost reductions or savings targets, plans to increase profitability and growth, our ability to develop and commercialize new products or technologies and obtain necessary regulatory approvals, our ability to make acquisitions, integrate acquired businesses or assets into our operations, and achieve anticipated synergies or cost savings, all of which are subject to substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied by such statements. These statements also may involve risks and uncertainties that are beyond Chemours' control. Matters outside our control, including general economic conditions, geopolitical conditions, changes in laws and regulations in the United States or other jurisdictions in which we operate, and global health events and weather events, have affected or may affect our business and operations and may or may continue to hinder our ability to provide goods and services to customers, cause disruptions in our supply chains such as through strikes, labor disruptions or other events, adversely affect our business partners, significantly reduce the demand for our products, adversely affect the health and welfare of our personnel or cause other unpredictable events. Additionally, there may be other risks and uncertainties that Chemours is unable to identify at this time or that Chemours does not currently expect to have a material impact on its business. Factors that could cause or contribute to these differences include the risks, uncertainties and other factors discussed in our filings with the U.S. Securities and Exchange Commission, including in our Annual Report on Form 10-K for the year ended December 31, 2025. Chemours assumes no obligation to revise or update any forward-looking statement for any reason, except as required by law.CONTACTS:INVESTORS
Brandon Ontjes
Vice President, Head of Strategy & Investor Relations
+1.302.773.3309
investor@chemours.com NEWS MEDIA
Cassie Olszewski
Media Relations & Reputation Leader
+1.302.219.7140
media@chemours.com_____________________________1Certain prior period amounts have been revised to correct for certain immaterial errors which will be further described in our Annual Report on Form 10-K for the year ended December 31, 2025.2Non-GAAP measures, including Adjusted Net Income, Adjusted EPS and Adjusted EBITDA referred to throughout, principally exclude the impact of recent litigation settlements for legacy environmental matters and associated fees, in addition to other unallocated items – please refer to the attached "Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)".3Adjusted EBITDA excludes net income attributable to noncontrolling interests, net interest expense, depreciation and amortization, and all remaining provision for income taxes from Adjusted Net Income. See the corresponding reconciliation referenced in footnote #2.4Reflects TWD to USD exchange rate as of the time of this release, and reflects total proceeds net of related transaction and tax impacts5For information on our outlook non-GAAP measures, please refer to the attached "Reconciliation of GAAP Measures to Non-GAAP Financial Measures (unaudited)"6On a diluted earnings per share basis7Excluding litigation settlements recognized in the year ended December 31, 202582025 consolidated Adjusted EBITDA also reflects additional unallocated costs of $5 million and $8 million in Q4 2025 and year ended 2025, respectively. These costs are reflected in consolidated Adjusted EBITDA results only.9Restricted cash approximated $54 million as of the end of the fourth quarter of 2025, reflecting primarily escrow payments Chemours has made related to the MOU agreement with DuPont, Corteva and EID will be further described in our Annual Report on Form 10-K for the year ended December 31, 2025. The Chemours CompanyConsolidated Statements of Operations (Unaudited)1(Dollars in millions, except per share amounts)
Year Ended December 31,
2025
2024
2023
Net sales
$5,808
$5,782
$6,078
Cost of goods sold
4,906
4,640
4,776
Gross profit
902
1,142
1,302
Selling, general, and administrative expense
799
598
1,286
Research and development expense
108
109
108
Restructuring, asset-related, and other charges
59
60
153
Goodwill impairment charge
—
56
—
Total other operating expenses
966
823
1,547
Equity in earnings of affiliates
35
43
45
Interest expense, net
(269)
(263)
(208)
Loss on extinguishment of debt
(5)
(1)
(1)
Other income, net
26
8
91
(Loss) income before income taxes
(277)
106
(318)
Provision for (benefit from) income taxes
109
37
(66)
Net (loss) income
(386)
69
(252)
Less: Net income attributable to non-controlling interests
—
—
1
Net (loss) income attributable to Chemours
$(386)
$69
$(253)
Per share data
Basic (loss) earnings per share of common stock
$(2.57)
$0.46
$(1.70)
Diluted (loss) earnings per share of common stock
(2.57)
0.46
(1.70)
The Chemours CompanyConsolidated Balance Sheets (Unaudited)1(Dollars in millions, except per share amounts)
December 31,
2025
2024
Assets
Current assets:
Cash and cash equivalents
$670
$713
Restricted cash and restricted cash equivalents
2
—
Accounts and notes receivable, net
679
770
Inventories
1,569
1,463
Prepaid expenses and other
80
71
Assets held for sale
1
—
Total current assets
3,001
3,017
Property, plant, and equipment
9,920
9,577
Less: Accumulated depreciation
(6,842)
(6,389)
Property, plant, and equipment, net
3,078
3,188
Operating lease right-of-use assets
271
265
Goodwill
46
46
Other intangible assets, net
2
3
Investments in affiliates
160
152
Assets held for sale, non-current
21
—
Restricted cash and restricted cash equivalents
52
50
Other assets
751
788
Total assets
$7,382
$7,509
Liabilities
Current liabilities:
Accounts payable
$954
$1,156
Compensation and other employee-related cost
96
99
Short-term and current maturities of long-term debt
42
54
Current environmental remediation
88
115
Other accrued liabilities
506
396
Total current liabilities
1,686
1,820
Long-term debt, net
4,099
4,059
Operating lease liabilities
191
198
Long-term environmental remediation
530
456
Deferred income taxes
37
35
Other liabilities
588
369
Total liabilities
7,131
6,937
Commitments and contingent liabilities
Equity
Common stock (par value $0.01 per share; 810,000,000 shares authorized;
198,720,786 shares issued and 149,893,993 shares outstanding at December 31, 2025;
198,300,033 shares issued and 149,428,431 shares outstanding at December 31, 2024)
2
2
Treasury stock, at cost (48,826,793 shares at December 31, 2025; 48,871,602 shares at
December 31, 2024)
(1,802)
(1,804)
Additional paid-in capital
1,074
1,055
Retained earnings
1,220
1,685
Accumulated other comprehensive loss
(244)
(367)
Total Chemours stockholders' equity
250
571
Non-controlling interests
1
1
Total equity
251
572
Total liabilities and equity
$7,382
$7,509
The Chemours CompanyConsolidated Statements of Cash Flows (Unaudited)1(Dollars in millions)
Year Ended December 31,
2025
2024
2023
Cash flows from operating activities
Net (loss) income
$(386)
$69
$(252)
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation and amortization
340
292
309
Gain on sales of assets and businesses, net
(8)
(3)
(110)
Equity in earnings of affiliates, net
(7)
(1)
11
Loss (gain) on extinguishment of debt
5
1
1
Amortization of debt issuance costs and issue discounts
11
12
9
Deferred tax provision (benefit)
64
(31)
(143)
Asset-related charges
32
27
95
Stock-based compensation expense
21
15
18
Net periodic pension (income) cost
(2)
6
9
Defined benefit plan contributions
(2)
(12)
(10)
Other operating charges and credits, net
18
(42)
1
Goodwill impairment
—
56
—
Decrease (increase) in operating assets:
Accounts and notes receivable, net
106
(139)
(14)
Inventories and other current operating assets
(106)
(140)
61
Other non-current operating assets
66
(98)
—
(Decrease) increase in operating liabilities:
Accounts payable
(165)
4
(74)
Other current operating liabilities
(3)
(660)
642
Non-current operating liabilities
280
11
3
Cash provided by (used for) operating activities
264
(633)
556
Cash flows from investing activities
Purchases of property, plant, and equipment
(213)
(360)
(370)
Proceeds from sales of assets and businesses, net of cash divested
7
3
143
Foreign exchange contract settlements, net
(1)
2
(8)
Other investing activities
1
2
6
Cash used for investing activities
(206)
(353)
(229)
Cash flows from financing activities
Proceeds from issuance of debt, net
748
606
648
Debt repayments
(787)
(490)
(280)
Payments of debt issuance costs
(7)
(9)
(4)
Payments on finance leases
(14)
(12)
(11)
Proceeds from supplier financing programs
80
93
123
Payments to supplier financing program
(88)
(102)
(87)
Purchases of treasury stock, at cost
—
—
(69)
Proceeds from exercised stock options
—
9
19
Payments related to tax withheld on vested stock awards
(1)
(3)
(19)
Payments of dividends to the Company's common shareholders
(78)
(148)
(149)
(Distributions to) cash received from non-controlling interest shareholders
—
(1)
1
Other financing activities
21
21
—
Cash (used for) provided by financing activities
(126)
(36)
172
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
29
(22)
4
(Decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents
(39)
(1,044)
503
Cash, cash equivalents, restricted cash, and restricted cash equivalents at January 1,
763
1,807
1,304
Cash, cash equivalents, restricted cash, and restricted cash equivalents at December 31,
$724
$763
$1,807
Supplemental cash flows information
Cash paid during the year for:
Interest, net of amounts capitalized
$251
$267
$223
Income taxes, net of refunds
74
82
63
Non-cash investing and financing activities:
Purchases of property, plant, and equipment included in accounts payable
$33
$88
$82
Treasury stock repurchased, not settled
—
—
—
The Chemours CompanySegment Financial and Operating Data (Unaudited)(Dollars in millions) Segment Net Sales (1)
Three Months
Ended
Sequential
Three Months Ended December 31,
Increase /
September 30,
Increase /
2025
2024
(Decrease)
2025
(Decrease)
Thermal & Specialized Solutions$
444
$
390
$
54
$
560
$
(116)
Titanium Technologies
561
632
(71)
612
(51)
Advanced Performance Materials
312
324
(12)
311
1
Other Segment
12
13
(1)
12
—
Total Net Sales$
1,329
$
1,359
$
(30)
$
1,495
$
(166)
Segment Adjusted EBITDA
Three Months
Ended
Sequential
Three Months Ended December 31,
Increase /
September 30,
Increase /
2025
2024
(Decrease)
2025
(Decrease)
Thermal & Specialized Solutions$
128
$
122
$
6
$
194
$
(66)
Titanium Technologies$
23
$
70
$
(47)
$
25
$
(2)
Advanced Performance Materials$
12
$
47
$
(35)
$
14
$
(2)
Other Segment$
1
$
—
$
1
$
2
$
(1)
Quarterly Change in Net Sales from the three months ended December 31, 2024
December 31,
2025
Percentage Change
vs.
Percentage Change Due To
Net Sales
December 31, 2024
Price
Volume
Currency
Portfolio
Total Company$
1,329
(2)%
1%
(4)%
1%
—%
Thermal & Specialized Solutions$
444
14%
10%
3%
1%
—%Titanium Technologies
561
(11)%
(6)%
(6)%
1%
—%Advanced Performance Materials
312
(4)%
3%
(8)%
1%
—%Other Segment
12
(10)%
(7)%
(3)%
—%
—% Quarterly Change in Net Sales from the three months ended September 30, 2025
December 31,
2025
Percentage Change
vs.
Percentage Change Due To
Net Sales
September 30, 2025
Price
Volume
Currency
Portfolio
Total Company$
1,329
(11)%
1%
(12)%
—%
—%
Thermal & Specialized Solutions$
444
(21)%
1%
(22)%
—%
—%Titanium Technologies
561
(8)%
—%
(8)%
—%
—%Advanced Performance Materials
312
—%
—%
—%
—%
—%Other Segment
12
—%
—%
—%
—%
—% The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions)GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation1Adjusted earnings before interest, taxes, depreciation, and amortization ("Adjusted EBITDA") is defined as income (loss) before income taxes, excluding the following items: interest expense, depreciation, and amortization; non-operating pension and other post-retirement employee benefit costs, which represents the components of net periodic pension costs excluding the service cost component; exchange (gains) losses included in other income (expense), net; restructuring, asset-related, and other charges; (gains) losses on sales of businesses or assets; and, other items not considered indicative of the Company's ongoing operational performance and expected to occur infrequently, including certain litigation related and environmental charges and Qualified Spend reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU that were previously excluded from Adjusted EBITDA. Adjusted Net Income is defined as net income (loss) attributable to Chemours, adjusted for items excluded from Adjusted EBITDA, except interest expense, depreciation, amortization, and certain provision for (benefit from) income tax amounts. Net Leverage Ratio is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024
Income (loss) before income taxes
$
(67)
$
1
$
38
$
(277)
$
106
Net (loss) income attributable to Chemours
$
(47)
$
(11)
$
46
$
(386)
$
69
Non-operating pension and other post-retirement employee benefit (income) cost
(3)
1
(4)
(10)
(3)
Exchange losses, net
4
3
1
11
9
Restructuring, asset-related, and other charges (1)
4
7
4
58
58
Goodwill impairment charge (2)
—
—
—
—
56
Loss on extinguishment of debt
5
1
—
5
1
Gain on sales of assets and businesses, net (3)
—
—
(7)
(8)
(3)
Transaction costs (4)
4
2
—
6
2
Qualified spend recovery (5)
(7)
(4)
(13)
(42)
(26)
Litigation-related charges (6)
19
—
8
320
(2)
Environmental charges (7)
20
15
13
93
15
Adjustments made to income taxes (8)
19
6
(18)
182
9
Benefit from income taxes relating to reconciling items (9)
(11)
(6)
(4)
(86)
(6)
Adjusted Net Income
7
14
26
143
179
Net income attributable to non-controlling interests
(1)
—
—
—
—
Interest expense, net
68
67
68
269
263
Depreciation and amortization (10)
81
75
80
317
292
All remaining (benefit from) provision for income taxes (9)
(27)
12
15
13
34
Adjusted EBITDA
$
128
$
168
$
189
$
742
$
768
Total debt principal
$
4,182
$
4,156
Less: Cash and cash equivalents
(670)
(713)
Total debt principal, net
$
3,512
$
3,443
Net Leverage Ratio (calculated using GAAP earnings) (11)
(12.7)x
32.5x
Net Leverage Ratio (calculated using Non-GAAP earnings) (11)
4.7x
4.5x
GAAP Net Income (Loss) Attributable to Chemours to Adjusted Net Income and Adjusted EBITDA Reconciliation
GAAP Net Leverage Ratio to Non-GAAP Net Leverage Ratio Reconciliation (Continued)1(1)For the year ended December 31, 2025, restructuring, asset-related and other charges primarily includes charges related to our decision to exit our SPS Capstone™ business and the 2024 Restructuring Program. For the year ended December 31, 2024, restructuring, asset-related and other charges primarily includes charges related to the 2024 Restructuring Program and the Titanium Technologies Transformation Plan. See "Note 7 –Restructuring, Asset-Related and Other Charges" to the Consolidated Financial Statements in our Quarterly Report on Form 10-K for the year ended December 31, 2025 for further details.(2)Represents a non-cash goodwill impairment charge in the Advanced Performance Materials unit, which is discussed further in "Note 15 – Goodwill and Other Intangibles, Net" to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2024.(3)For the year ended December 31, 2025, gain on sales of assets and businesses, net includes a gain on sale of $7 million related to certain parcels of land at the Company's manufacturing site in Kuan Yin, Taiwan.(4)For the year ended December 31, 2025, transaction costs includes $4 million of costs associated with the Senior Secured Credit Facilities. See "Note 20 – Debt" to the Consolidated Financial Statements in our Quarterly Report on Form 10-K for the year ended December 31, 2025 for further details.(5)Qualified spend recovery represents costs and expenses that were previously excluded from Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU which is discussed in further detail in "Note 2 – Commitments and Contingent Liabilities" to the Consolidated Financial Statements in our Quarterly Report on Form 10-K for the year ended December 31, 2025.(6)Litigation-related charges pertains to litigation settlements, PFOA drinking water treatment accruals, and other related legal fees. For the year ended December 31, 2025, litigation-related charges primarily includes $270 million related to the Company's portion of Chemours, DuPont, Corteva, EID and the State of New Jersey's settlement agreement reached in August 2025, $12 million in third-party legal fees directly related to the New Jersey Settlement agreement, $14 million related to the Company's portion of Chemours, DuPont, Corteva, EID's settlement agreement to resolve the Hoosick Falls class action lawsuit and $18 million related to reserves for asbestos and production liability matters. For the year ended December 31, 2024, litigation-related charges includes $44 million of benefits from insurance recoveries, along with the $29 million accrual for the Ohio MDL. See "Note 22 – Commitments and Contingent Liabilities" to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for further details.(7)Environmental charges pertains to management's assessment of estimated liabilities associated with certain non-recurring environmental remediation expenses at various sites. For the year ended December 31, 2025, environmental charges primarily includes changes in remediation reserves at the four sites covered by the New Jersey settlement agreement. For the year ended December 31, 2024, environmental charges primarily includes off-site remediation costs at Dordrecht Works. See "Note 22 – Commitments and Contingent Liabilities" to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025 for further details.(8)Includes the removal of certain discrete income tax impacts within our provision for income taxes, such as shortfalls and windfalls on our share-based payments, certain return-to-accrual adjustments, valuation allowance adjustments, unrealized gains and losses on foreign exchange rate changes, and other discrete income tax items.(9)The income tax impacts included in this caption are determined using the applicable rates in the taxing jurisdictions in which income or expense occurred for each of the reconciling items and represent both current and deferred income tax expense or benefit based on the nature of the non-GAAP financial measure.(10)For the year ended December 31, 2025, accelerated depreciation charges of $23 million incurred as part of our decision to exit our SPS Capstone™ business are included within the "Restructuring, asset-related and other charges" caption above, and therefore are not included as separate adjustment within this caption.(11)Net Leverage Ratio calculated using GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by income (loss) before income taxes. Net Leverage Ratio calculated using non-GAAP measures is defined as our total debt principal, net, or our total debt principal outstanding less unrestricted cash and cash equivalents, divided by Adjusted EBITDA.The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)GAAP Earnings per Share to Adjusted Earnings per Share Reconciliation1Adjusted earnings per share ("Adjusted EPS") is calculated by dividing Adjusted Net Income by the weighted-average number of common shares outstanding. Diluted Adjusted EPS accounts for the dilutive impact of stock-based compensation awards, which includes unvested restricted shares. Diluted Adjusted EPS considers the impact of potentially-dilutive securities, except in periods in which there is a loss because the inclusion of the potentially-dilutive securities would have an anti-dilutive effect.
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024Numerator:
Net (loss) income attributable to Chemours
$(47)
$(11)
$46
$(386)
$69Adjusted Net Income
7
14
26
143
179Denominator:
Weighted-average number of common shares outstanding - basic
150,464,150
149,825,988
150,320,265
150,237,101
149,494,462Dilutive effect of the Company's employee compensation plans (1)
398,511
503,667
461,349
404,781
677,827Weighted-average number of common shares outstanding - diluted (1)
150,862,661
150,329,655
150,781,614
150,641,882
150,172,289
Basic (loss) earnings per share of common stock (2)
$(0.31)
$(0.08)
$0.31
$(2.57)
$0.46Diluted (loss) earnings per share of common stock (1) (2)
(0.31)
(0.08)
0.31
(2.57)
0.46Adjusted basic earnings per share of common stock (2)
0.05
0.09
0.17
0.95
1.20Adjusted diluted earnings per share of common stock (1) (2)
0.05
0.09
0.17
0.95
1.19
(1)In periods where the Company incurs a net loss, the impact of potentially dilutive securities is excluded from the calculation of EPS under U.S. GAAP, as their inclusion would have an anti-dilutive effect. As such, with respect to the U.S. GAAP measure of diluted EPS, the impact of potentially dilutive securities is excluded from our calculation for the three months ended December 31, 2025 and December 31, 2024, as well as the year ended December 31, 2025. With respect to the non-GAAP measure of adjusted diluted EPS, the impact of potentially dilutive securities is included in our calculation for the three months ended December 31, 2025 and December 31, 2024, as well as the year ended December 31, 2025 as Adjusted Net Income was in a net income position.(2)Figures may not recalculate exactly due to rounding. Basic and diluted earnings (loss) per share are calculated based on unrounded numbers.GAAP Cash Flow Provided by Operating Activities to Free Cash Flows and Free Cash Flow Conversion Reconciliation
Free Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.
Three Months Ended
Year Ended
December 31,
September 30,
December 31,
2025
2024
2025
2025
2024
Cash flows provided by (used for) operating activities
$
137
$
138
$
146
$
264
$
(633)
Less: Purchases of property, plant, and equipment
(45)
(109)
(41)
(213)
(360)
Free Cash Flows
$
92
$
29
$
105
$
51
$
(993)
Adjusted EBITDA
128
168
189
742
768
Free Cash Flow Conversion
72%
17%
56%
7%
(129)%The Chemours Company
Reconciliation of GAAP Financial Measures to Non-GAAP Financial Measures (Unaudited)
(Dollars in millions, except per share amounts)GAAP Cash Flow Provided by Operating Activities to Free Cash Flows and Free Cash Flow Conversion ReconciliationFree Cash Flows is defined as cash flows provided by (used for) operating activities, less purchases of property, plant and equipment as shown in the consolidated statements of cash flows. Free Cash Flow Conversion is calculated as the percentage of Free Cash Flows to Adjusted EBITDA.
Estimated
Year Ended December 31, 2026
Low
High
Cash flows provided by (used for) operating activities
$
475
$
595
Less: Purchases of property, plant, and equipment
(275)
(325)
Free Cash Flows
$
200
$
270
Adjusted EBITDA
800
900
Free Cash Flow Conversion
25%
30%2026 Estimated GAAP Net Loss Attributable to Chemours to Estimated Adjusted Net Income and Estimated Adjusted EBITDA Reconciliation (1)
(Estimated)
Year Ending December 31, 2026
Low
High
Net income attributable to Chemours
$165
$225
Restructuring, transaction, and other costs, net (2)
(35)
(45)
Adjusted Net Income
130
180
Interest expense, net
275
285
Depreciation and amortization
315
325
All remaining provision for income taxes
80
110
Adjusted EBITDA
$800
$900
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-chemours-company-reports-fourth-quarter-and-full-year-2025-results-302693114.htmlSOURCE The Chemours Company
Original: The Chemours Company Reports Fourth Quarter and Full Year 2025 Results
Enterprising Investor
10年前
The Chemours Company Announces Second Quarter Results; Reports Substantial Progress on Transformation Plan Initiatives (8/08/16)
WILMINGTON, Del., Aug. 8, 2016 /PRNewswire/ --
Second Quarter 2016 Highlights
•Net Sales of $1.4 billion
•Net Loss of $18 million, or ($0.10) per diluted share, including impairment charges of $63 million, interest expense of $50 million and restructuring costs of $9 million
•Adjusted EBITDA of $187 million
•Adjusted Net Income of $49 million, or $0.27 per diluted share
Other Year-To-Date Highlights
•Continued progress on Five-Point Transformation Plan objectives, including delivery of ~$100 million of cost reductions in the first half of 2016, completion of the strategic review of Chemical Solutions portfolio, commercial startup of Altamira TiO2 capacity expansion and announced investment in additional Opteon™ capacity
•$359 million improvement in cash flow from operating activities in the first half
•Reduced ~$100 million of long term debt year-to-date
•Completed the sale of the Sulfur business to Veolia for approximately $325 million
Today, The Chemours Company (Chemours) (NYSE: CC), a global chemistry company with leading market positions in titanium technologies, fluoroproducts and chemical solutions, announced financial results for the second quarter 2016.
Chemours President and CEO Mark Vergnano said, "Our second quarter results reflect our focused execution against our Five-Point Transformation Plan and our drive to deliver on our commitments to all our stakeholders. We have just celebrated our first anniversary as a public company, and we are pleased with the progress we have made in that time to strengthen our business model, reduce costs, and optimize our company portfolio. At this point, we have completed the strategic review of our Chemical Solutions portfolio, closed the sale of our Sulfur business for approximately $325 million and announced the sale of our Clean and Disinfect business for $230 million. We began commercial production at our new TiO2 plant in Altamira, Mexico and have been encouraged by improvement in the titanium technologies segment with increasing TiO2 prices. Overall, I am very pleased that we have delivered approximately $100 million in cost reductions, improved margins, improved our working capital, streamlined our portfolio and modestly improved our balance sheet in the first half of 2016."
Second quarter net sales were $1.4 billion, a decrease of 8 percent from $1.5 billion in the prior-year quarter. Second quarter net loss was $18 million, or ($0.10) per diluted share, versus net loss of $18 million, or ($0.10) per diluted share on a pro forma basis in the prior-year quarter. Adjusted EBITDA for the second quarter was $187 million versus $127 million in the prior-year quarter. Improved profitability in Fluoroproducts and cost reductions throughout the company were partially offset by lower average prices in Titanium Technologies and Chemical Solutions along with approximately $9 million of unfavorable currency movements versus the prior-year quarter.
Sequentially, sales increased by $86 million, an increase of 7 percent from $1.3 billion in the first quarter. Second quarter net loss was $18 million, or ($0.10) per diluted share down from net income of $51 million or $0.28 per diluted share. The net loss was primarily driven by asset impairment charges of $63 million in the second quarter. Second quarter Adjusted EBITDA increased by $59 million versus $128 million in the first quarter of 2016. The improved performance was primarily driven by higher seasonal volumes in Titanium Technologies and Fluoroproducts and supplemented by higher TiO2 pricing and lower costs. These were partially offset by unfavorable Corporate and Other expenses.
Titanium Technologies
In the second quarter, Titanium Technologies segment sales were $596 million, a 7 percent decline versus the prior-year quarter. Lower year-over-year pricing reduced net sales 6 percent and lower volume of non-TiO2 product lines and the timing of TiO2 shipments reduced net sales 1 percent. Strong demand in North America and EMEA was offset by weaker volumes in Asia and Latin America versus the prior-year quarter. Segment Adjusted EBITDA was $111 million, a 22 percent improvement compared to the prior-year quarter. Benefits from cost reductions and operational efficiencies drove the improvement in Adjusted EBITDA, but were partially offset by the lower average prices. Currency movements contributed a moderate benefit in the quarter versus the previous-year quarter.
Sequentially, versus the first quarter of 2016, sales increased 14 percent and Adjusted EBITDA increased $57 million, or 105 percent. The increase in sales was due to seasonally stronger volumes and higher global average price increase of approximately 5 percent. Volume increased 10 percent driven by sequentially higher demand in all regions except Latin America. The benefits of global average price increases, stronger volumes, transformation plan cost savings and a $4 million impact from favorable currency movements drove the increase in Adjusted EBITDA. In August 2016, Chemours communicated to customers in EMEA and Latin America that an additional $150 per tonne price increase will be effective September 1, 2016.
Fluoroproducts
Fluoroproducts segment sales in the second quarter were $573 million, a decrease of 3 percent versus the prior-year quarter. Stronger demand for Opteon™ refrigerants in both Europe and the U.S. delivered a significant increase in volume that was offset by regulated volume reductions of base refrigerants, weaker demand for fluoropolymer products into consumer electronics markets and lower pricing due to product mix. Segment Adjusted EBITDA was $105 million, a 94 percent increase versus the prior-year quarter. Transformation plan cost reductions, improved manufacturing operations and increased Opteon™ refrigerant contributions were partially offset by unfavorable mix of fluoropolymers products and approximately $11 million of unfavorable currency movements versus the prior-year quarter.
Sequentially, versus the first quarter of 2016, sales and Adjusted EBITDA increased 8 percent and 24 percent, respectively. Seasonally stronger refrigerant sales, along with continued ramp up in Opteon™ refrigerant volumes, more than offset weaker prices related to unfavorable mix of fluoropolymer sales. The increase in Adjusted EBITDA was driven by Opteon™ refrigerant growth, lower costs and approximately $4 million of benefit from currency movements in the quarter that were partially offset by the unfavorable product mix.
Chemical Solutions
In the second quarter, Chemical Solutions segment sales were $214 million, a 23 percent decline versus the prior-year quarter, primarily due to pass-through impact on prices of lower raw material costs and the portfolio impact of the Beaumont, TX aniline facility sale. Segment Adjusted EBITDA was $11 million, $7 million above the prior-year quarter, reflecting continued benefits from transformation plan initiatives that are lowering operating costs across the segment. The timing of the planned cyanide expansion has been pushed back due to permitting delays, and Chemours now expects the majority of capital expenditures related to the construction will take place in 2017.
Sequentially, sales decreased 13 percent versus the first quarter of 2016 primarily as a result of pass-through pricing, while Adjusted EBITDA was $1 million higher driven primarily by lower operating costs in the second quarter.
In the second quarter, the company completed its strategic review of the Chemicals Solutions segment. On July 29, 2016, the company completed the sale of its Sulfur business to Veolia for approximately $325 million. Chemours expects to close the sale of the Clean and Disinfect (C&D) business to LANXESS for $230 million in the second half of 2016. During the second quarter, activities to shut down the Reactive Metals business in Niagara, NY continued with expected closure by the end of this year.
Corporate and Other
Corporate and Other represented a negative $40 million of Adjusted EBITDA. Corporate and Other expenses in the second quarter of 2016 increased $18 million and $19 million versus the prior-year quarter and the first quarter 2016, respectively. The increase in expenses primarily related to performance-related compensation adjustments, litigation and other miscellaneous expenses in the quarter.
The company recognized a cash tax rate of approximately 25 percent in the quarter, excluding restructuring and other nonrecurring charges. For the full year 2016, the company expects its cash tax rate to be in the high-teens percentages, taking into consideration the company's anticipated geographic mix of earnings and additional implications anticipated with the Sulfur and C&D transactions.
Liquidity
As of June 30, 2016, gross consolidated debt was $3.9 billion. Debt, net of cash, was $3.5 billion.
Cash balances were $383 million at June 30, 2016. In the quarter, the company retired $50 million of Term Loan B and $42 million of its bonds for a combined cash amount of $85 million. An additional $8 million of bonds were retired in July 2016, completing $100 million of total long term debt repurchased year-to-date. As a result of these purchases, the company expects to save approximately $5 million annually from lower interest obligations.
Excluding the impact of interest payments in the quarter, the company continued to improve working capital performance through better inventory management and collections and payables processes. Year-to-date working capital1 performance and free cash flow improved by $219 million and $347 million, respectively, versus the prior-year, not including the benefit of the DuPont prepayment originally received in February 2016.
Outlook
"We are gaining momentum this year from the success of our transformation plan, including cost reductions, portfolio optimization, the ramp up of Opteon™ products and the expansion at Altamira," Vergnano continued. "We expect these initiatives along with our TiO2 price increases will deliver full-year Adjusted EBITDA greater than 2015 and generate modestly positive free cash flow. At this point in the year, we believe that our full-year capital expenditures are tracking slightly below $400 million, primarily due to the shift in the timing of the cyanide expansion. We intend to increase our investment in our Corpus Christi site to add flexibility for our anticipated Opteon™ expansion. We are also investing in other high-return capital projects that will enhance opportunities in our core businesses. We have gained confidence in our ability to realize our transformation plan goals of delivering $350 million of cost reductions and $150 million in Adjusted EBITDA associated with Opteon™ and Altamira through 2017. We believe that we are increasingly well-positioned to continue to strengthen our balance sheet and enhance Chemours' market leadership as we move forward."
Conference Call
As previously announced, Chemours will hold a conference call and webcast on Tuesday, August 9, 2016 at 8:30 AM EDT. The webcast and additional presentation materials can be accessed by visiting the Events & Presentations page of the Chemours investor website, investors.chemours.com. A webcast replay of the conference call will be available on the Chemours investor website.
1 Excludes $131 million of benefit from DuPont prepayment.
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About The Chemours Company
The Chemours Company (NYSE: CC) helps create a colorful, capable and cleaner world through the power of chemistry. Chemours is a global leader in titanium technologies, fluoroproducts and chemical solutions, providing its customers with solutions in a wide range of industries with market-defining products, application expertise and chemistry-based innovations. Chemours ingredients are found in plastics and coatings, refrigeration and air conditioning, mining and oil refining operations and general industrial manufacturing. Our flagship products include prominent brands such as Teflon™, Ti-Pure™, Krytox™, Viton™, Opteon™ and Nafion™. Chemours has approximately 8,000 employees across 35 manufacturing sites serving more than 5,000 customers in North America, Latin America, Asia-Pacific and Europe. Chemours is headquartered in Wilmington, Delaware and is listed on the NYSE under the symbol CC. For more information please visit chemours.com.
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