Chemours Company
Q4 2025 Earnings
Market Reaction
S&P 500 over the same 30 days: −5.26%.
Did CC Beat Earnings? Q4 2025 Results
Chemours delivered a mixed fourth quarter, posting earnings per share of just $0.05 on revenue of $1.33 billion as a sharp deterioration in two of its three core segments overshadowed a standout performance in thermal solutions. The headline story was the collapse in Titanium Technologies, where Q4 net sales fell 11% to $561 million and Adjusted EBITDA plunged 67% to $23 million on pricing and volume pressure concentrated in non-western markets, compounding a $47 million GAAP net loss for the quarter versus a $11 million loss a year ago. Against that backdrop, Thermal and Specialized Solutions was a bright spot, with record Q4 net sales of $444 million rising 14% year-over-year, powered by U.S. AIM Act-driven demand for Opteon refrigerants. Looking ahead, Chemours guided full-year 2026 Adjusted EBITDA of $800 million to $900 million on 3-5% net sales growth, though Q1 faces an additional headwind from an APM facility outage expected to cost $20 million to $25 million in earnings. Analysts have responded with cautious optimism, with at least one firm recently raising its price target to $21.
- Strong Opteon Refrigerant adoption driven by U.S. AIM Act stationary AC transition with 37% Q4 YoY growth
- TSS record Q4 and full-year sales driven by Opteon Refrigerant blends mix and pricing
- TiO2 pricing weakness concentrated in non-western markets with global demand remaining challenged
- APM prioritized cash generation leading to non-cash inventory charge of approximately $17 million and $10 million unfavorable product mix
- Lower cost absorption tied to reduced production levels across APM and TT
- Higher R32 input costs impacting TSS margins
“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.”
Chemours CEO, on the earnings call
Forward Guidance & Outlook
For full year 2026, Chemours expects consolidated Net Sales growth of 3-5%, Adjusted EBITDA of $800 million to $900 million, capital expenditures of $275 million to $325 million, and Free Cash Flow Conversion above 25%. Growth is expected to be driven by increased TSS and APM Performance Solutions demand, pricing strength in TT, and continued cost improvements. For Q1 2026, the company anticipates consolidated Net Sales to increase 3-5% sequentially with Adjusted EBITDA of $120 million to $150 million. TSS projects Q1 sequential sales growth of mid-twenty to thirty percent range with Adjusted EBITDA of $170 million to $185 million. TT expects a sequential low-to-mid-single digit sales decline with Adjusted EBITDA between break-even and $5 million. APM expects a high-teens sequential sales decline with Adjusted EBITDA between break-even and $5 million, impacted by a Washington Works facility outage expected to cost $20-$25 million in earnings.
CC YoY Financials
CC Revenue by Segment
Figures from SEC filings and company reports. Not investment advice.