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 Highlights¹

• Net 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^™ Refrigerants
• Net 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 quarter
• Adjusted 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 quarter
• Adjusted EBITDA^2,3 of $128 million compared to $168 million in the corresponding prior-year quarter
• Implemented a global TiO₂ price increase which became effective December 1, 2025
• Announced the sale of the former Kuan Yin TiO₂ site on January 15, 2026, for approximately $300⁴ million in net proceeds

Key Full Year 2025 Results & Highlights¹

• Net 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^™ Refrigerants
• Net 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 year
• Adjusted Net Income² of $143 million, or $0.95 per diluted share, compared to $179 million, or $1.19 per diluted share, in the prior year
• Adjusted EBITDA^2,3 of $742 million compared to $768 million in the prior year

Key Full Year 2026 Outlook⁵

• Consolidated Net Sales growth in the range of 3 to 5%
• Adjusted EBITDA between $800 million and $900 million
• Free 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 TiO_2, 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

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

TSS 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

TT 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

APM 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 Segment

The 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 Expenses⁸

Corporate 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 Allocation

As 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 Outlook

In 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 Outlook

The 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 Call

As 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 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.

Non-GAAP Financial Measures

We 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 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, 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

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 Reconciliation¹

Adjusted 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.

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

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 Reconciliation¹

Adjusted 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.