Kronos Worldwide (KRO) Q4 2025 earnings summary

Executive summary

• Reported a net loss of $82.8 million ($0.72/share) in Q4 2025, compared to a net loss of $13.2 million ($0.12/share) in Q4 2024.

• Full-year 2025 net loss was $110.9 million ($0.96/share), versus net income of $86.2 million ($0.75/share) in 2024.

• Losses driven by higher unabsorbed fixed production costs from curtailments, lower TiO2 selling prices, and increased distribution/warehousing costs.

• Acquisition of the remaining 50% of Louisiana Pigment Company (LPC) completed in July 2024; LPC now fully consolidated.

Financial highlights

• Q4 2025 net sales were $418.3 million, down 1% year-over-year; full-year 2025 net sales were $1.86 billion, also down 1%.

• Gross margin turned negative in Q4 2025 at -$3.6 million, compared to $86.4 million in Q4 2024.

• EBITDA for Q4 2025 was -$57.9 million, down from $41.7 million in Q4 2024; full-year 2025 EBITDA was $16.1 million, down from $252.9 million in 2024.

• Q4 2025 included a $9.0 million settlement loss from U.S. pension plan termination.

• Non-cash deferred income tax expense of $19.3 million in 2025 due to German tax legislation and valuation allowance.

Outlook and guidance

• Management highlights substantial risks and uncertainties, including supply/demand, integration of acquisitions, raw material costs, and global economic conditions.

• No specific quantitative guidance provided.