The Chemours Company

What they do

Chemours sells titanium dioxide pigments and other minerals, low global warming potential refrigerants and thermal management fluids, and specialty performance chemicals. Its products serve end markets including paints and coatings, refrigeration and air conditioning, automotive, data center and semiconductor applications, and clean energy technologies such as EV batteries. The company has stated 2030 goals of a 60% absolute reduction in Scope 1 and Scope 2 GHG emissions, a 25% reduction in Scope 3 emissions intensity, and at least a 99% reduction in air and water process emissions of fluorinated organic chemicals.

Revenue drivers

• Titanium Technologies (TiO2 and other minerals) — Sells titanium dioxide pigments and other minerals, with pricing actions including an additional global TiO2 price increase effective June 1, 2026 that contributed to an approximately 5% year-to-date TiO2 price increase in Net Sales.
• Thermal & Specialized Solutions (TSS) — Includes Opteon low-GWP refrigerants and thermal management fluids tied to HFC phase-down regulations such as the EU F-Gas Directive, EU Mobile Air Conditioning Directive and the US AIM Act; Q2 2026 volume declined on lower Opteon blends aftermarket refrigerant sales against elevated prior-year demand.
• Advanced Performance Materials (APM) — Sells high-value specialty products serving data center and semiconductor end markets; APM Performance Solutions Net Sales grew 8% year-over-year in Q2 2026.
• Other / non-reportable — A residual category outside the three main segments included in the company's segment disclosure.

Recent performance

Q2 2026 Net Sales were $1,591 million, down about 1% from $1,615 million in Q2 2025, as a 4% volume decline was partly offset by a 2% price increase and a 1% currency tailwind. Net Loss attributable to Chemours was $274 million, or $1.81 per diluted share, versus a $380 million loss, or $2.53 per share, a year earlier. Adjusted Net Income was $64 million, or $0.42 per diluted share, compared with $91 million, or $0.61 per diluted share, and Adjusted EBITDA was $247 million versus $260 million. Management said Free Cash Flows improved 128% year-over-year with 46% conversion and net leverage declining to 4.4x.

Strategy

Management frames the direction as its Pathway to Thrive strategy, tied to commercial excellence, pricing actions and growth in higher-value products. The company is pushing TiO2 pricing, growing APM Performance Solutions for data center and semiconductor applications, and citing continued traction in liquid cooling solutions. It also says it is strengthening the balance sheet through improved cash generation and reduced gross debt while advancing resolution of legacy litigation, with a long-term target of sustaining leverage below 3x. Sustainability goals remain part of the strategy, including the 2030 emissions targets and the Opteon portfolio of low global warming potential refrigerants.

Risks

• Legacy PFAS and environmental litigation — The company's own risk disclosures point to Note 22 Commitments and Contingent Liabilities and environmental proceedings, and Q2 2026 non-GAAP measures principally exclude recent litigation settlements for legacy environmental matters and associated fees.
• Balance sheet and leverage — At June 30, 2026 total liabilities were $7.20 billion against total assets of $7.15 billion, producing shareholder equity of negative $49.0 million, with $3.84 billion of long-term debt and net leverage of 4.4x.
• Refrigerant regulation and demand timing — TSS results depend on HFC phase-down rules such as the EU F-Gas Directive and the US AIM Act, and Q2 2026 volumes fell on lower Opteon blends aftermarket sales against elevated Q2 2025 channel-fill demand.
• TiO2 pricing and cyclical end markets — Titanium Technologies results are tied to TiO2 pricing actions and volumes serving cyclical paints, coatings and other end markets, with Q2 2026 net sales roughly flat despite price increases.

Outlook

Management said Q2 2026 Adjusted EBITDA was near the high end of its guidance range and Free Cash Flows were above expectations despite a dynamic macroeconomic environment. For the second half of 2026, CEO Denise Dignam said the company remains focused on the actions within its control and committed to executing against its Pathway to Thrive strategy. The company cited advancing toward its long-term target of sustaining leverage below 3x.