TROX (TROX) financial statements
TROX reported revenue of $2.9B in fiscal 2025, up 9.2% a year over 9 years.
Net income was -$470M and the operating margin -8.7%, against -4.0% in 2016.
Free cash flow was -$281M, and the company returned $48M in dividends.
The diluted share count rose 36% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from TROX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.3B | $1.7B | $1.8B | $2.6B | $2.8B | $3.6B | $3.5B | $2.9B | $3.1B | $2.9B |
| Cost of revenue | $1.2B | $1.3B | $1.3B | — | — | — | — | — | — | — |
| Gross profit | $133M | $389M | $498M | $464M | $621M | $895M | $832M | $462M | $515M | $269M |
| Research and development | $9M | $8M | $11M | $17M | $12M | $13M | $12M | $12M | $14M | $15M |
| Selling, general and admin | $185M | $249M | $267M | $347M | $347M | $318M | $289M | $276M | $296M | $290M |
| Operating income | -$53M | $141M | $200M | $95M | $271M | $577M | $458M | $186M | $219M | -$253M |
| Interest expense | $185M | $188M | $193M | $201M | $189M | $157M | $125M | $158M | $167M | $189M |
| Pre-tax income | -$264M | -$87M | $43M | -$88M | $114M | $374M | $308M | $49M | $73M | -$458M |
| Income tax | -$125M | $6M | $13M | $14M | -$881M | $71M | -$192M | $363M | $127M | $15M |
| Net income | -$61M | -$285M | -$7M | -$109M | $969M | $286M | $497M | -$316M | -$48M | -$470M |
| EPS (diluted) | -$0.52 | -$2.39 | -$0.06 | -$0.78 | $6.69 | $1.81 | $3.16 | -$2.02 | -$0.31 | -$2.97 |
| Diluted shares | 116M | 120M | 123M | 140M | 145M | 158M | 157M | 156M | 158M | 158M |
| Gross margin | 10.2% | 22.9% | 27.4% | 17.6% | 22.5% | 25.1% | 24.1% | 16.2% | 16.8% | 9.3% |
| Operating margin | -4.0% | 8.3% | 11.0% | 3.6% | 9.8% | 16.2% | 13.3% | 6.5% | 7.1% | -8.7% |
| Net margin | -4.7% | -16.8% | -0.4% | -4.1% | 35.1% | 8.0% | 14.4% | -11.1% | -1.6% | -16.2% |
Balance sheet
Fiscal years, from TROX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $248M | $1.1B | $1.0B | $302M | $619M | $228M | $164M | $273M | $151M | $199M |
| Receivables | $278M | $328M | $317M | $482M | $540M | $631M | $377M | $290M | $266M | $289M |
| Inventory | $499M | $473M | $479M | $1.1B | $1.1B | $1.0B | $1.3B | $1.4B | $1.6B | $1.7B |
| Total current assets | $2.7B | $2.6B | $2.5B | $2.1B | $2.5B | $2.0B | $2.0B | $2.1B | $2.2B | $2.3B |
| Property, plant and equipment | $1.1B | $1.1B | $1.0B | $1.8B | $1.8B | $1.7B | $1.8B | $1.8B | $1.9B | $2.0B |
| Goodwill | — | — | $0 | — | — | — | — | — | — | — |
| Total assets | $5.0B | $4.9B | $4.6B | $5.3B | $6.6B | $6.0B | $6.3B | $6.1B | $6.0B | $6.2B |
| Total current liabilities | $564M | $353M | $300M | $702M | $805M | $822M | $850M | $753M | $874M | $919M |
| Long-term debt | $2.9B | $3.1B | $3.1B | $3.0B | $3.3B | $2.6B | $2.5B | $2.8B | $2.8B | $3.1B |
| Total liabilities | $3.8B | $3.8B | $3.8B | $4.4B | $4.7B | $3.9B | $3.9B | $4.2B | $4.2B | $4.8B |
| Shareholders' equity | $1.0B | $829M | $683M | $748M | $1.7B | $2.0B | $2.4B | $1.9B | $1.8B | $1.4B |
| Net debt | $2.7B | $2.0B | $2.1B | $2.7B | $2.6B | $2.3B | $2.3B | $2.5B | $2.6B | $3.0B |
Cash flow
Fiscal years, from TROX's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $84M | $165M | $170M | $412M | $355M | $740M | $598M | $184M | $300M | $60M |
| Capital spending | $86M | $91M | $117M | $198M | $195M | $272M | $428M | $261M | $370M | $341M |
| Free cash flow | -$2M | $74M | $53M | $214M | $160M | $468M | $170M | -$77M | -$70M | -$281M |
| Stock-based compensation | $24M | $31M | $21M | $32M | $30M | $31M | $26M | $21M | $21M | $20M |
| Dividends paid | $46M | $23M | $23M | $27M | $40M | $65M | $87M | $89M | $80M | $48M |
| Share buybacks (net) | — | $0 | $0 | -$288M | $0 | $0 | -$50M | $0 | $0 | — |
| Net borrowing | -$31M | $247M | $9M | -$165M | $267M | -$740M | -$120M | $330M | -$11M | $371M |
| Free cash flow margin | -0.2% | 4.4% | 2.9% | 8.1% | 5.8% | 13.1% | 4.9% | -2.7% | -2.3% | -9.7% |
| Dividends per share | $0.40 | $0.19 | $0.19 | $0.19 | $0.28 | $0.41 | $0.55 | $0.57 | $0.51 | $0.30 |
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Open TROX in InvestinglyQuestions
What was TROX's revenue in 2025?
$2.9B in fiscal 2025, from its 10-K filing.
How much free cash flow does TROX generate?
-$281M in fiscal 2025 (operating cash flow minus capital spending).
From TROX's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.