Chemours Q3 Sales Rise 3% as Adjusted EBITDA Reaches $200 Million

Chemours announced its third-quarter 2026 results on November 2, 2026, reporting net sales of $1.54 billion, up 3% from $1.495 billion a year earlier, and adjusted EBITDA of $200 million, compared with $189 million.

Net income attributable to Chemours was $196 million, or $1.29 per diluted share, against $46 million, or $0.31, in the third quarter of 2025. Adjusted net income was $31 million, or $0.21 per diluted share, versus $26 million, or $0.17. Current-quarter GAAP net income included a $150 million receipt under the PFAS insurance proceeds memorandum of understanding executed in connection with finalization of the judicial consent order with New Jersey. Chemours presented the receipt as a reduction to selling, general and administrative expense.

Chemours defines adjusted EBITDA as income or loss before income taxes, excluding interest, depreciation and amortization, specified pension and currency items, restructuring and asset-related charges, gains or losses on sales of businesses or assets, and other items it does not consider indicative of ongoing operations and expects to occur infrequently, including certain litigation and environmental charges. Consolidated sales growth reflected a 5% increase in pricing, partly offset by a 2% decrease in volumes and a slight currency headwind. Chemours attributed the pricing increase primarily to Titanium Technologies price actions and a favorable mix shift toward Advanced Performance Materials’ Performance Solutions products.

Segment Results

The three reportable segments posted the following year-over-year results:

Lower volumes and a slight price decrease drove Thermal & Specialized Solutions’ sales decline, while Opteon refrigerant sales fell 22% to $287 million. Chemours attributed the volume weakness primarily to reduced North American stationary air-conditioning aftermarket sales, against a prior-year quarter that benefited from initial channel filling tied to the stationary AC technology transition under the US AIM Act; it also cited those lower Opteon sales and higher costs for the 30% adjusted EBITDA decline.

Titanium Technologies recorded a 10% increase in global pricing and a 1% increase in global volumes, partly offset by a slight currency headwind. Pricing rose across all regions, while volume growth in North America, Latin America and APAC excluding China more than offset lower volumes across EMEA and China. Chemours attributed the segment’s adjusted EBITDA improvement to pricing and higher volumes, partly offset by modest cost inflation.

Advanced Performance Materials recorded a 6% price increase and a 2% volume increase, partly offset by a slight currency headwind. Performance Solutions sales rose 26% to $153 million. Chemours linked that growth to order-book strength and specialty products serving data-center and semiconductor markets; higher costs partly offset the favorable product mix in adjusted EBITDA.

Cash Flow, Liquidity and Outlook

Third-quarter operating cash flow was $149 million, compared with $146 million a year earlier, while capital expenditures rose to $51 million from $41 million. Free cash flow was $98 million, versus $105 million. Chemours defines free cash flow as operating cash flow less purchases of property, plant and equipment. Operating cash flow included the restricted-cash insurance receipt, partly offset by approximately $100 million of restricted cash used for payments associated with the 2025 New Jersey settlement and approximately $25 million of taxes related to the Kuan Yin sale.

Chemours completed the Kuan Yin property sale for total net consideration of approximately $340 million, including $56 million of gross proceeds for the remaining land parcel.

At September 30, 2026, consolidated gross debt was $3.9 billion, and debt net of $698 million in unrestricted cash and cash equivalents was $3.2 billion. The resulting reported net leverage ratio was approximately 4.3 times trailing-12-month adjusted EBITDA. Total liquidity was $1.7 billion, comprising that cash balance and $953 million of revolving-credit capacity net of outstanding letters of credit.

For the fourth quarter of 2026, Chemours expects consolidated net sales to decline 5% to 10% sequentially, citing seasonality in Thermal & Specialized Solutions and Titanium Technologies, with adjusted EBITDA of $160 million to $185 million, capital expenditures of $75 million to $85 million, and positive free cash flow.

Its segment outlook calls for Thermal & Specialized Solutions sales to fall sequentially by a high-teens to low-twenties percentage range, with adjusted EBITDA of $105 million to $115 million. Titanium Technologies sales are expected to decline sequentially by a high-single-digit to low-teens percentage range, with adjusted EBITDA of $60 million to $65 million. Advanced Performance Materials sales are expected to rise sequentially by a low-to-mid-teens percentage range, with adjusted EBITDA of $40 million to $45 million, supported by Performance Solutions order-book strength and certain customer contractual obligations.

For full-year 2026, Chemours expects net-sales growth of approximately 2% over 2025, adjusted EBITDA of $775 million to $800 million, capital expenditures of $220 million to $230 million, free-cash-flow conversion above 15%, and net leverage below 4.2 times. The company defines free-cash-flow conversion as free cash flow as a percentage of adjusted EBITDA; the outlook includes the insurance receipt, legal settlement payments and Kuan Yin sale taxes. Its full-year reconciliation estimates a GAAP net loss attributable to Chemours of $90 million to $100 million and adjusted net income of $110 million to $120 million.