Chemours Co
For the period ended Jun 30, 2026. Filed Aug 5, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2026 · Filed Aug 5, 2026
CC$12.750.0%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2026-03-31; filed 2026-05-05.
0001627223-26-000011
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2026-06-30; filed 2026-08-05.
0001627223-26-000024
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 190 previous paragraphs and 193 current paragraphs.
117 unchanged; 53 reworded; 23 added; 18 removed; 2 previous and 0 current paragraphs rearranged.
Tables are not compared: 13 previous and 13 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (23)
Current report
Our net sales were relatively flat at $3 billion for the six months ended June 30, 2026 and 2025, as a 4% decrease in volume was offset by a 2% increase in price and favorable currency movements adding a 2% tailwind to the segment’s net sales as compared to the same period in the prior year. The decrease in volume was primarily driven by lower volumes in our APM and TT segment, while the increase in price was attributable to our TSS segment.
Current report
Our cost of goods sold (“COGS”) was relatively flat at $1.3 billion and $2.5 billion for the three and six months ended June 30, 2026, respectively, compared with COGS of $1.3 billion and $2.5 billion for the same periods in 2025.
Current report
There was a $142 million increase in our provision for income taxes for the three months ended June 30, 2026 as compared to the three months ended June 30, 2025. Our provision for income taxes for the three months ended June 30, 2026 was primarily attributable to the geographical mix of earnings and the recognition of a full valuation allowance against our U.S. federal and state deferred tax assets, inclusive of approximately $208 million related to prior year deferred tax assets, as a result of matters discussed in "Note 17 - Commitments and Contingent Liabilities". Additionally, our provision for income taxes was impacted by profit in inventory, withholding taxes on the repatriation of earnings, the non-taxable gain on the Company’s sale of land for local Taiwanese tax purposes, and a foreign derived deduction eligible income tax benefit resulting from tax law changes pursuant to the 2025 Tax Act. Our provision for the three months ended June 30, 2025 was primarily attributable to $169 million tax expense to record a valuation allowance against our deferred tax asset for U.S. federal and state interest carryforwards, as well as $9 million tax expense to record valuation allowances against certain U.S. state and foreign net operating loss carryforwards. These were partially offset by a $66 million tax benefit related to environmental and litigation reserve, both recorded during the quarter.
Current report
We had a provision for income taxes of $281 and $135 million for the six months ended June 30, 2026 and 2025, respectively. There was a $146 million increase in our provision for income taxes for the six months ended June 30, 2026 as compared to the six months ended June 30, 2025. Our provisions for the six months ended June 30, 2026 and for the six months ended June 30, 2025 were primarily attributable to the same factors discussed above.
Current report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Thermal & Specialized Solutions segment’s net sales for the three and six months ended June 30, 2026.
Current report
Our Thermal & Specialized Solutions segment’s net sales decreased by $6 million (or 1%) to $591 million for the three months ended June 30, 2026, compared with segment net sales of $597 million for the same period in 2025. The decrease in segment net sales for the three months ended June 30, 2026 was primarily attributable to a 4% decrease in volume, partially offset by a 2% increase in price and favorable currency movements adding a 1% tailwind to the segment’s net sales. The decrease in volumes was primarily attributable to lower stationary AC aftermarket refrigerant sales of TSS Opteon™ blends in North America, compared with elevated demand in the second quarter of 2025 driven by the stationary technology transition under the U.S. AIM Act, partially offset by higher Freon™ prices, primarily in the automotive segment.
Current report
For the six months ended June 30, 2026, segment Adjusted EBITDA increased by $55 million (or 16%) to $403 million and Adjusted EBITDA margin increased by approximately 200 basis points to 35%, compared with segment Adjusted EBITDA of $348 million and Adjusted EBITDA margin of 33% for the same period in 2025. The increases in segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2026 were primarily attributable to the aforementioned increase in refrigerant prices, as well as cost timing favorability.
Current report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Titanium Technologies segment’s net sales for the three and six months ended June 30, 2026.
Current report
Our Titanium Technologies segment’s net sales increased by $4 million (or 1%) to $661 million for the three months ended June 30, 2026 compared with segment net sales of $657 million for the same period in 2025. The increase in segment net sales for the three months ended June 30, 2026 was primarily attributable to an increase in price of 2% and favorable currency movements adding a 1% tailwind to the segment’s net sales, partially offset by a decrease in volumes of 2% as compared to the same period in the prior year. Volume decreases were primarily driven by lower TiO 2 sales across key end markets, with the exception of Asia, excluding China and Latin America.
Current report
Our Titanium Technologies segment’s net sales decreased by $34 million (or 3%) to $1.2 million for the six months ended June 30, 2026 compared with segment net sales of $1.3 billion for the same period in 2025. The decrease in segment net sales for the six months ended June 30, 2026 was primarily attributable to a decrease in volume of 5%, partially offset by favorable currency movements adding a 2% tailwind to the segment’s net sales.
Current report
For the three months ended June 30, 2026 segment Adjusted EBITDA was relatively flat at $48 million and Adjusted EBITDA margin stayed flat at 7%, compared with segment Adjusted EBITDA of $47 million and Adjusted EBITDA margin of 7% for the same period in 2025.
Current report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Advanced Performance Materials segment’s net sales for the three and six months ended June 30, 2026.
Current report
Our Advanced Performance Materials segment’s net sales decreased by $20 million (or 6%) to $326 million for the three months ended June 30, 2026, compared with segment net sales of $346 million for the same period in 2025. The decrease in segment net sales for the three months ended June 30, 2026 was primarily attributable to a decrease in volumes of 9%, partially offset by an increase in price of 2% and favorable currency movements adding a 1% tailwind to the segment’s net sales as compared to the same period in the prior year. Volumes decreased primarily due to lower sales associated with the SPS Capstone TM product line closure that was completed in the third quarter of 2025, partially offset by beginning signs of recovery in semiconductors and aerospace, as well as growth in electric vehicles and data centers.
Current report
For the three months ended June 30, 2026, segment Adjusted EBITDA decreased by $24 million (or 48%) to $26 million and Adjusted EBITDA margin decreased by approximately 600 basis points to 8%, compared with segment Adjusted EBITDA of $50 million and Adjusted EBITDA margin of 14% for the same period in 2025. The decrease in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2026 was primarily attributable to lower volumes due to the exit of the SPS Capstone TM product line and operational impacts related to the previously disclosed and resolved outage at the Washington Works site.
Current report
For the six months ended June 30, 2026, segment Adjusted EBITDA decreased by $51 million (or 62%) to $31 million and Adjusted EBITDA margin decreased by approximately 800 basis points to 5%, compared with segment Adjusted EBITDA of $82 million and Adjusted EBITDA margin of 13% for the same period in 2025. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2026 were primarily attributable to lower volumes due to the exit of the SPS Capstone TM product line and operational impacts related to the previously disclosed and resolved outage at the Washington Works site.
Current report
For the three and six months ended June 30, 2026, loss on extinguishments of debt includes $2 million and $11 million, respectively, related to the partial early redemption of the senior secured Euro term loan due August 2028, along with costs associated with early redemption of the senior unsecured notes due May 2027 and partial early redemption of the senior unsecured notes due November 2028, which is discussed in further detail in "Note 15 - Debt"
Current report
For three and six months ended June 30, 2026, Gain on sales of assets and businesses, net, includes a $266 million gain on sale of assets related to the sale of nine parcels of land in Kuan Yin, Taiwan. Refer to “Note 10 – Property, Plant and Equipment" for further details.
Current report
For the three and six months ended June 30, 2026, Litigation-related charges includes $223 million and $235 million related to PFOA and PFAS legal reserves. Refer to “Note 17 – Commitments and Contingent Liabilities" for further details.
Current report
For both the three and six months ended June 30, 2026, Environmental charges includes $141 million related to expanded off-site drinking water program requirements at Washington Works and Chambers Works pursuant to the 2026 Consent Decree, as well as the impact of the 2026 Consent Decree on other long-term OM&M projects at Washington Works. Refer to “Note 17 – Commitments and Contingent Liabilities" for further details.
Current report
For the three and six months ended June 30, 2026, we recognized a loss on extinguishments of debt of $2 million and $11 million, respectively, related to the partial early redemption of the senior secured Euro term loan due August 2028, along with costs associated with early redemption of the senior unsecured notes due May 2027 and partial early redemption of the senior unsecured notes due November 2028.
Current report
We generated $114 million in cash flows for our operating activities during the six months ended June 30, 2026. Comparatively, we used $19 million in cash flows for our operating activities during the six months ended June 30, 2025. The increase in our operating cash inflows was primarily attributable to changes in net working capital as a result of fewer inventory purchases made in 2026, in addition to higher earnings in the second quarter of 2026.
Current report
We generated $195 million in cash flows for our investing activities during the six months ended June 30, 2026. Comparatively, we used $128 million in cash flows for our investing activities during the six months ended June 30, 2025. The increase in our investing cash inflows was primarily attributable to $294 million in proceeds from sales of assets and business, primarily due to the net proceeds of the Kuan Yin land sale. This cash generation was partially offset by purchases of property, plant, and equipment of $93 million during the six months ended June 30, 2026, compared to $127 million for the six months ended June 30, 2025. The decrease in cash spending related to property, plant, and equipment is due to timing of payments, as there were more payments in 2025, partially offset by increased capital project spend incurred year-over-year.
Current report
Further, as a result of the expanded off-site drinking water program requirements at Washington Works and Chambers Works as referenced in Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements, pursuant to the 2026 Consent Decree, we recognized additional environmental remediation reserves of $29 million in the second quarter of 2026 for Chamber Works, inclusive of $22 million that were included in Accrued Litigation liabilities as of December 31, 2025 that were reclassified to Accrued Environmental Remediation as of June 30, 2026.
Removed paragraphs (18)
Previous report
Senior Unsecured Notes Due March 2034
Previous report
Subsequent to the date of these financial statements, in April 2026, the Company used €140 million of cash to pay down a portion of the outstanding tranche B-3 euro term loan due August 2028.
Previous report
Sale of Former Taiwan Titanium Technologies Site
Previous report
In January 2026, the Company entered into four separate Real Estate Sale and Purchase Agreements with four entities affiliated with each other, to sell the remaining ten parcels of land in Kuan Yin, Taiwan, for a total purchase price of approximately $360 million. Subsequent to the date of these financial statements, in April 2026, the Company completed the sale of nine of the ten parcels and received net cash proceeds locally of $287 million. The net cash proceeds include approximately $300 million of gross cash proceeds, less approximately $12 million of transfer taxes and approximately $1 million of transaction costs. The net cash proceeds received in April do not include expected withholding taxes the Company would incur when it distributes cash out of the country. The Company expects to recognize a gain on sale of these nine parcels of approximately $265 million in the second quarter of 2026. The sale of the tenth parcel of land is expected to be completed by the end of 2026, subject to the satisfaction of certain closing conditions set forth in the respective Purchase Agreement and local regulatory approval, including environmental conditions. The purchase price for the tenth parcel of land is expected to be approximately $55 million.
Previous report
Washington Works Operational Disruption
Previous report
In January 2026, our Washington Works site experienced a disruption that necessitated a temporary shutdown, limiting our capacity at this key manufacturing facility in our Advanced Performance Materials business. This event was traced to equipment affected by a local utility service outage in August of 2025, which is integral to our fluoropolymer supply chain and involves complex chemical processing technology. Although operations have resumed, the unplanned outage coincided with challenging winter weather, resulting in delays to the restart. This unplanned outage had negative earnings impact of $25 million for our Advanced Performance Materials business in the first quarter of 2026.
Previous report
Iran Conflict
Previous report
We are closely monitoring the ongoing conflict in the Middle East and the resulting volatility across energy markets and global chemical supply chains, which is adding uncertainty to the broader macro environment with the potential to weigh on demand, particularly in more impacted regions. While we have not experienced a material impact from the conflict in Iran on our U.S. operations during the period, as conditions evolve we are actively working to mitigate cost headwinds going forward. We are experiencing increased energy costs in our European operations, which have increased operating expenses during the period but did not have a material impact on our results of operations for the period. If elevated energy prices persist, we expect continued pressure on margins in those markets. The conflict is also causing global sulfur supply disruptions which is creating measurable price inflation for sulfate-based titanium dioxide producers. We are continuing to evaluate the extent to which these and other indirect effects of the conflict could have a material impact on our results of operations, financial condition, and cash flows.
Previous report
Our cost of goods sold (“COGS”) increased by $37 million (or 3%) to $1.2 billion for the three months ended March 31, 2026, compared with COGS of $1.1 billion for the same period in 2025. The increase in our COGS for the three months ended March 31, 2026 was primarily attributable to higher raw materials costs.
Previous report
There was a $2 million increase in our provision for income taxes for the three months ended March 31, 2026 as compared to the prior period; however, our provision for income taxes for the three months ended March 31, 2026 was primarily impacted by our geographic mix of earnings, profit in inventory, a continued build in US Federal, state, and foreign valuation allowances, as well as certain legal accruals deemed non-deductible for tax purposes. These were offset by a foreign derived deduction eligible income tax benefit. Our provision for the three months ended March 31, 2025 was primarily impacted by mix of earnings, a build in valuation allowance against certain state net operating losses and deferred tax assets, and profit in inventory.
Previous report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Thermal & Specialized Solutions segment’s net sales for the three months ended March 31, 2026, compared with the same period in 2025.
Previous report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Titanium Technologies segment’s net sales for the three months ended March 31, 2026, compared with the same period in 2025.
Previous report
Our Titanium Technologies segment’s net sales decreased by $38 million (or 6%) to $559 million for the three months ended March 31, 2026 compared with segment net sales of $597 million for the same period in 2025. The decrease in segment net sales for the three months ended March 31, 2026 was primarily attributable to a decrease in volumes of 7% and a decrease in price of 2%, partially offset by favorable currency movements adding a 3% tailwind to the segment’s net sales as compared to the same period in the prior year.
Previous report
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our Advanced Performance Materials segment’s net sales for the three months ended March 31, 2026, compared with the same period in 2025.
Previous report
For the three months ended March 31, 2026, segment Adjusted EBITDA decreased by $27 million (or 84%) to $5 million and Adjusted EBITDA margin decreased by approximately 900 basis points to 2%, compared with segment Adjusted EBITDA of $32 million and Adjusted EBITDA margin of 11% for the same period in 2025. The decrease in Segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 was primarily attributable to lower volumes, as a result of operational impacts related to the outage at the Washington Works site, as well as contractual sales timing, partially offset by favorable currency movements.
Previous report
For the three months ended March 31, 2026, loss on extinguishments of debt includes $9, associated with our senior unsecured notes, which are discussed in further detail in "Note 15 - Debt".
Previous report
We used $44 million and $112 million in cash flows for our operating activities during the three months ended March 31, 2026 and 2025, respectively. The decrease in our operating cash outflows was primarily attributable to the timing of accounts payable related to major plant turnaround activities that took place in the fourth quarter of 2024 that do not occur annually. These turnaround activities in the fourth quarter of 2024 resulted in an increase to payables during the period, that were subsequently paid in the first quarter of 2025. These changes were partially offset by lower earnings in the first quarter of 2026.
Previous report
We used $44 million and $86 million in cash flows for our investing activities during the three months ended March 31, 2026 and 2025, respectively, which was primarily attributable to purchases of property, plant, and equipment amounting to $49 million and $84 million, respectively. This was primarily driven by the timing of when payments occurred for capital expenditures. For the three months ended March 31, 2026, this usage was partially offset by $7 million in proceeds from the sales of assets.
Reworded paragraphs (53)
Previous wording
The chemicals sector has been and continues to be impacted by changes in U.S. and foreign trade policies, particularly the introduction and adjustment of tariffs by the United States as well as foreign retaliatory tariffs. We actively monitor changes and adjust our operations accordingly to enhance supply chain flexibility, including taking certain pricing actions and evaluating opportunities to source products not directly impacted by existing or potential tariffs. In February 2026, the U.S. Supreme Court ruled that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President of the United States to impose tariffs. The Court of International Trade has ordered U.S. Customs and Border Protection to begin the process of returning paid tariffs to importers. Importers of record can seek refunds for paid IEEPA tariffs, though the process is expected to involve complex, phased, or potentially prolonged procedures, and additional legal challenges. Subsequent to the date of these financial statements, in April 2026, the Company filed its IEEPA refund request. The Company has not received any IEEPA refunds to date. The receipt and timing of any IEEPA tariff refund is unknown. The long-term impact of tariffs, including potential changes to existing tariffs or the imposition of further retaliatory trade measures, as well as possible tariff refunds, on our business, financial condition and results of operations remains uncertain.
Current wording
The chemicals sector has been and continues to be impacted by changes in U.S. and foreign trade policies, particularly the introduction and adjustment of tariffs by the United States as well as foreign retaliatory tariffs. We actively monitor changes and adjust our operations accordingly to enhance supply chain flexibility, including taking certain pricing actions and evaluating opportunities to source products not directly impacted by existing or potential tariffs. After the U.S. Supreme Court ruled in February 2026 that the International Emergency Economic Powers Act (“IEEPA”) does not authorize the President of the United States (the “President”) to impose tariffs, U.S. Customs and Border Protection established a process to return paid IEEPA tariffs to importers. The Company began receiving IEEPA refunds during the second quarter of 2026. In July 2026, the President imposed additional tariffs under Section 301 of the Trade Act of 1974 and Section 338 of the Tariff Act of 1930, which apply to the vast majority of U.S. imports. The President also has imposed additional tariffs on certain products under Section 232 of the Trade Expansion Act of 1962. The long-term impact of tariffs, including potential changes to existing tariffs or the imposition of further retaliatory trade measures, as well as possible tariff refunds, on our business, financial condition and results of operations remains uncertain.
Previous wording
The following table sets forth our results of operations for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth our results of operations for the three and six months ended June 30, 2026 and 2025.
Previous wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our net sales for the three months ended March 31, 2026.
Current wording
The following table sets forth the impacts of price, volume, currency, and portfolio changes on our net sales for the three and six months ended June 30, 2026.
Previous wording
Our net sales were relatively flat at $1.4 billion for the three months ended March 31, 2026 and 2025 as a decrease in volume of 4% was offset by an increase in price of 2% and favorable currency movements of 3%. The decrease in volume was attributed to our Advanced Performance Materials segment, while the increase in price was attributed to our Thermal & Specialized Solutions segment.
Current wording
Our net sales were relatively flat at $1.6 billion for the three months ended June 30, 2026 and 2025, as a decrease in volume of 4% was offset by an increase in price of 2% and favorable currency movements of 1%. The decrease in volume was primarily driven by lower volumes in Thermal & Specialized Solutions ("TSS") and Advanced Performance Materials ("APM") segments, while the increase in price was attributable to our TSS and Titanium Technologies ("TT") segments.
Previous wording
Our selling, general, and administrative (“SG&A”) expense increased by $24 million (or 20%) to $147 million for the three months ended March 31, 2026, compared with SG&A expense of $123 million for the same period in 2025. The increase in our SG&A expense for the three months ended March 31, 2026 was primarily attributable to higher litigation related charges and legacy legal fees in the period of approximately $15 million, as well as a decrease of approximately $8 million in the MOU benefit related to litigation costs.
Current wording
Our selling, general, and administrative (“SG&A”) expense increased by $45 million (or 11%) and $69 million (or 13%) to $469 million and $616 million for the three and six months ended June 30, 2026, respectively, compared with SG&A expense of $424 million and $547 million for the same periods in 2025. The increase in our SG&A expense for the three months ended June 30, 2026 was primarily attributable to an increase of approximately $120 million related to adjustments to environmental reserves, as well as a decrease of approximately $10 million in the MOU benefit related to litigation costs. This was partially offset by lower corporate litigation related charges and legacy legal fees in the period of approximately $90 million. The increase in our SG&A expense for the six months ended June 30, 2026 was primarily attributable to an increase of approximately $120 million related to adjustments to environmental reserves, and a decrease of approximately $20 million in the MOU benefit related to litigation costs. This was partially offset by lower corporate litigation related charges and legacy legal fees in the period of approximately $60 million.
Previous wording
Our research and development (“R&D”) expense was relatively flat at $26 million for the three months ended March 31, 2026 compared with R&D expense of $27 million for the same period in 2025.
Current wording
Our research and development (“R&D”) expense was largely unchanged at $27 million and $53 million for the three and six months ended June 30, 2026, respectively, compared with R&D expense of $28 million and $55 million for the same periods in 2025.
Previous wording
Our restructuring, asset-related, and other charges decreased by $20 million (or 61%) to $13 million for the three months ended March 31, 2026, compared with restructuring, asset-related, and other charges of $33 million for the same period in 2025. Our restructuring, asset-related, and other charges for the three months ended March 31, 2026 were attributable to $9 million of employee separation charges related to the 2026 Restructuring Program and $4 million of charges related to our decision to exit our SPS Capstone TMbusiness. Our restructuring, asset-related, and other charges for the three months ended March 31, 2025 were primarily attributable to $27 million of charges related to our decision to exit our SPS Capstone TM business, $5 million of decommissioning and other charges related to the Titanium Technologies Transformation Plan and $1 million of decommissioning and other charges related to the 2024 Restructuring Program.
Current wording
Our restructuring, asset-related, and other charges decreased by $15 million (or 83%) and $35 million (or 69%) to $3 million and $16 million for the three and six months ended June 30, 2026, respectively, compared with restructuring, asset-related, and other charges of $18 million and $51 million for the same periods in 2025. Our restructuring, asset-related, and other charges for the three and six months ended June 30, 2026 were attributable to $2 million and $6 million, respectively, of charges related to our decision to exit our SPS Capstone TMbusiness, along with $1 million and $1 million, respectively, of decommissioning and other charges related to the Titanium Technologies Transformation Program. Additionally, for the six months ended June 30, 2026, our restructuring, asset-related, and other charges were attributable to employee separation charges of $9 million related to the 2026 Restructuring Program. Our restructuring, asset-related, and other charges for the three and six months ended June 30, 2025 were primarily attributable to $17 million and $45 million, respectively, of charges related to our decision to exit our SPS Capstone TM business, along with $1 million and $5 million, respectively, of decommissioning and other charges related to the Titanium Technologies Transformation Program.
Previous wording
Our equity in earnings of affiliates was flat at $8 million for the three months ended March 31, 2026, compared with equity in earnings of affiliates of $8 million for the same period in 2025.
Current wording
Our equity in earnings of affiliates was flat at $9 million and $17 million for the three and six months ended June 30, 2026, respectively, compared with equity in earnings of affiliates of $9 million and $17 million for the same periods in 2025.
Previous wording
Our interest expense, net increased by $3 million (or 5%) to $69 million for the three months ended March 31, 2026, compared with interest expense, net of $66 million for the same period in 2025. The increase in our interest expense, net was primarily attributable to higher interest rates on our variable rate debt and higher debt principal following the amendment to the Amended and Restated Credit Agreement related to the 2032 U.S. Dollar Term Loan in October 2025 and the issuance of the 2034 Notes in March 2026.
Current wording
Our interest expense, net increased by $1 million (or 1%) and $4 million (or 3%) to $68 million and $137 million for the three and six months ended June 30, 2026, respectively, compared with interest expense, net of $67 million and $133 million for the same periods in 2025. The increase in our interest expense, net was primarily attributable to higher interest rates on our variable rate debt following the amendment to the Amended and Restated Credit Agreement related to the 2032 U.S. Dollar Term Loan in October 2025 and higher interest rates on the issuance of the 2034 Notes in March 2026.
Previous wording
For the three months ended March 31, 2026, we recognized a net loss on extinguishment of debt, which reflects costs associated with early redemption of the senior unsecured notes due May 2027 and partial early redemption of the senior unsecured notes due November 2028, during the first quarter of 2026. See "Note 15 - Debt" to the Interim Consolidated Financial Statements for further details.
Current wording
For the three and six months ended June 30, 2026, we recognized a loss on extinguishment of debt of $2 million and $11 million, respectively, related to the partial early redemption of the senior secured Euro term loan due August 2028, along with costs associated with early redemption of the senior unsecured notes due May 2027 and partial early redemption of the senior unsecured notes due November 2028, respectively. See "Note 15 - Debt" to the Interim Consolidated Financial Statements for further details.
Previous wording
Our other income, net increased by $17 million (or 340%) to $22 million for the three months ended March 31, 2026, compared with other income, net of $5 million for the same period in 2025. The increase in our other income, net was primarily attributable to the gain on sale related to the licensing of certain intellectual property and sale of related assets associated with Zelan™ repellents, which is part of the Advanced Performance Materials business.
Current wording
Our other income, net increased by $271 million (or over 100%) and $290 million (or over 100%) to $273 million and $296 million for the three and six months ended June 30, 2026, respectively, compared with other income, net of $2 million and $6 million for the same periods in 2025. The increase in our other income, net was primarily attributable to the gain on sale of nine parcels of land sold in Kuan Yin, Taiwan in the second quarter of 2026. See "Note 10 - Property, Plant, and Equipment, Net" related to the to the Interim Consolidated Financial Statements for further details.
Previous wording
We recognized a provision for income taxes of $7 million and $5 million for the three months ended March 31, 2026 and 2025, respectively.
Current wording
We recognized a provision for income taxes of $273 million and $131 million for the three months ended June 30, 2026 and 2025, respectively.
Previous wording
A reconciliation of Segment Adjusted EBITDA to the Company's consolidated income (loss) before income taxes for the three months ended March 31, 2026 and 2025 is included in “Note 23 – Segment Information” to the Interim Consolidated Financial Statements.
Current wording
A reconciliation of Segment Adjusted EBITDA to our consolidated income (loss) before income taxes for the three and six months ended June 30, 2026 and 2025 is included in “Note 23 – Segment Information” to the Interim Consolidated Financial Statements.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Thermal & Specialized Solutions segment for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Thermal & Specialized Solutions segment for the three and six months ended June 30, 2026 and 2025.
Previous wording
Our Thermal & Specialized Solutions segment’s net sales increased by $102 million (or 22%) to $568 million for the three months ended March 31, 2026, compared with segment net sales of $466 million for the same period in 2025. The increase in segment net sales for the three months ended March 31, 2026 was primarily attributable to an increase in prices of 11%, volumes of 9%, and favorable currency movements adding a 2% tailwind to the segment’s net sales as compared to the same period in the prior year. The increase in volume was primarily attributable to stronger demand for Opteon™ Refrigerants as well as higher volumes for Freon™ Refrigerant products. The increase in price was primarily related to stronger prices across our refrigerant portfolio.
Current wording
Our Thermal & Specialized Solutions segment’s net sales increased by $95 million (or 9%) to $1.2 billion for the six months ended June 30, 2026, compared with segment net sales of $1.1 billion for the same period in 2025. The increase in segment net sales for the six months ended June 30, 2026 was primarily attributable to an increase in prices of 6%, volumes of 1%, and favorable currency movements adding a 2% tailwind to the segment’s net sales as compared to the same period in the prior year. The increase in volume and price was primarily attributable to the aforementioned higher Freon™ sales.
Previous wording
For the three months ended March 31, 2026, segment Adjusted EBITDA increased by $49 million (or 35%) to $190 million and Adjusted EBITDA margin increased by approximately 300 basis points to 33%, compared with segment Adjusted EBITDA of $141 million and Adjusted EBITDA margin of 30% for the same period in 2025. The increase in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 was primarily attributable to the aforementioned increase in price and volumes primarily related to stronger demand across our refrigerant portfolio, as well as favorable currency movements, partially offset by the input cost headwinds.
Current wording
For the three months ended June 30, 2026, segment Adjusted EBITDA increased by $6 million (or 3%) to $213 million and Adjusted EBITDA margin increased by approximately 100 basis points to 36%, compared with segment Adjusted EBITDA of $207 million and Adjusted EBITDA margin of 35% for the same period in 2025. The increase in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended June 30, 2026 was primarily attributable to the aforementioned increase in refrigerant prices, as well as cost timing favorability.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Titanium Technologies segment for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Titanium Technologies segment for the three and six months ended June 30, 2026 and 2025.
Previous wording
For the three months ended March 31, 2026 segment Adjusted EBITDA decreased by $32 million (or 64%) to $18 million and Adjusted EBITDA margin decreased by approximately 500 basis points to 3%, compared with segment Adjusted EBITDA of $50 million and Adjusted EBITDA margin of 8% for the same period in 2025. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2026 were primarily attributable to the aforementioned decrease in price, lower costs absorption as a result of lower volumes, unfavorable production mix and higher input costs, partially offset by favorable currency movements.
Current wording
For the six months ended June 30, 2026, segment Adjusted EBITDA decreased by $30 million (or 31%) to $67 million and Adjusted EBITDA margin decreased by approximately 300 basis points to 5%, compared with segment Adjusted EBITDA of $97 million and Adjusted EBITDA margin of 8% for the same period in 2025. The decreases in segment Adjusted EBITDA and Adjusted EBITDA margin for the six months ended June 30, 2026 were primarily attributable to lower costs absorption as a result of lower volumes and higher input costs, partially offset by favorable currency movements.
Previous wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Advanced Performance Materials segment for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth the net sales, Adjusted EBITDA, and Adjusted EBITDA margin amounts for our Advanced Performance Materials segment for the three and six months ended June 30, 2026 and 2025.
Previous wording
Our Advanced Performance Materials segment’s net sales decreased by $51 million (or 17%) to $243 million for the three months ended March 31, 2026, compared with segment net sales of $294 million for the same period in 2025. The decrease in segment net sales for the three months ended March 31, 2026 was primarily attributable to a 19% decrease in volume and a 1% decrease in price, partially offset by favorable currency movements adding a 3% tailwind to the segment’s net sales in the same period of the prior year. Volumes decreased primarily due to operational impacts related to the outage at the Washington Works site, the exit of the SPS Capstone TM product line as well as weakness in cyclical end markets impacting Advanced Materials and products serving hydrogen markets under Performance Solutions.
Current wording
Our Advanced Performance Materials segment’s net sales decreased by $70 million (or 11%) to $569 million for the six months ended June 30, 2026, compared with segment net sales of $639 million for the same period in 2025. The decrease in segment net sales for the six months ended June 30, 2026 was primarily attributable to a 14% decrease in volume, partially offset by a 1% increase in price and favorable currency movements adding a 2% tailwind to the segment’s net sales in the same period of the prior year. Volumes decreased primarily due to operational impacts in the first quarter of 2026 related to the previously disclosed and resolved outage at the Washington Works site, as well as operational impacts to the SPS Capstone TM product line, partially offset by beginning signs of recovery in semiconductors and aerospace, as well as growth in electric vehicles and data centers.
Previous wording
In addition to our reportable segments, Chemours assigns certain costs to “Corporate expenses”, which is presented separately in the segment reconciliation table below and in “Note 23 – Segment Information” to the Interim Consolidated Financial Statements. Corporate expenses include certain legacy-related legal and environmental expenses, stock-based compensation expenses and other corporate costs, but excludes segment unallocated items (described below).
Current wording
In addition to our reportable segments, we assign certain costs to “Corporate expenses”, which is presented separately in the segment reconciliation table below and in “Note 23 – Segment Information” to the Interim Consolidated Financial Statements. Corporate expenses include certain legacy-related legal and environmental expenses, stock-based compensation expenses and other corporate costs, but excludes segment unallocated items (described below).
Previous wording
Corporate and Other costs decreased by $10 million (or 18%) to $47 million for the three months ended March 31, 2026, compared with Corporate and Other costs of $57 million for the same period in 2025. The decrease in Corporate and Other costs for the three months ended March 31, 2026 was primarily attributable to lower legacy legal costs (net of applicable MOU benefit) and lower environmental reserve adjustments in the first quarter of 2026, partially offset by an increase in executive office spend and an increase in costs related to our long term incentive plan.
Current wording
Corporate and Other costs decreased by $4 million (or 9%) and $13 million (or 13%) to $42 million and $90 million for the three and six months ended June 30, 2026, compared with Corporate and Other costs of $46 million and $103 million for the same periods in 2025. The decrease in Corporate and Other costs for the three and six months ended June 30, 2026 was primarily attributable to lower environmental and PFOA reserve adjustments in the second quarter of 2026, lower legacy legal costs, decreased proxy costs and a decrease in other corporate expenses due to prior year adjustments, partially offset by a decrease in the MOU benefit and an increase in executive office spend.
Previous wording
The following table sets forth our corporate and unallocated items for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth our corporate and unallocated items for the three and six months ended June 30, 2026 and 2025.
Previous wording
Qualified spend recovery represents costs and expenses that were previously excluded from the determination of segment Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of our cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 17 – Commitments and Contingent Liabilities" to the Interim Consolidated Financial Statements.
Current wording
Qualified spend recovery represents costs and expenses that were previously excluded from the determination of segment Adjusted EBITDA, reimbursable by DuPont and/or Corteva as part of the Company's cost-sharing agreement under the terms of the MOU. Terms of the MOU are discussed in further detail in "Note 17 – Commitments and Contingent Liabilities".
Previous wording
At March 31, 2026, we had total unrestricted cash and cash equivalents of $563 million, of which $357 million was held by our foreign subsidiaries. The availability under our Revolving Credit Facility as of March 31, 2026 was $953 million, net of $47 million in outstanding letters of credit, and is subject to compliance with certain covenants, including those related to the last twelve months of our consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") and senior secured net debt, both of which are defined under the Credit Agreement. At March 31, 2026, we were in compliance with the applicable covenants under the Credit Agreement. Our revolving commitments are comprised of $780 million in revolving commitments that mature on May 2, 2030 and $220 million in revolving commitments that mature on October 7, 2026; in each case, subject to springing maturity provisions. Our debt financing arrangements are described in further detail in “Note 20 – Debt” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
At June 30, 2026, we had total unrestricted cash and cash equivalents of $671 million, of which $516 million was held by our foreign subsidiaries. The availability under our Revolving Credit Facility as of June 30, 2026 was $953 million, net of $47 million in outstanding letters of credit, and is subject to compliance with certain covenants, including those related to the last twelve months of our consolidated earnings before interest, taxes, depreciation, and amortization ("EBITDA") and senior secured net debt, both of which are defined under the Credit Agreement. At June 30, 2026, we were in compliance with the applicable covenants under the Credit Agreement. Our revolving commitments are comprised of $780 million in revolving commitments that mature on May 2, 2030 and $220 million in revolving commitments that mature on October 7, 2026; in each case, subject to springing maturity provisions. Our debt financing arrangements are described in further detail in “Note 20 – Debt” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
Subject to approval by our board of directors, we may raise additional capital or borrowings from time to time, or seek to refinance our existing debt. There can be no assurances that future capital or borrowings will be available to us, and the cost and availability of new capital or borrowings could be materially impacted by market conditions. Our borrowing costs can be impacted by short- and long-term debt ratings assigned by nationally recognized ratings agencies. On August 22, 2025, Moody's affirmed our Ba3 rating with a revised negative outlook. On April 16, 2025, S&P Global affirmed our BB- credit rating with negative outlook. Our debt ratings could constrain the capital available to us and could limit our access to and/or increase the cost of funding our operation. Further, the decision to refinance our existing debt is based on a number of factors, many of which are beyond our control, including general market conditions and our ability to refinance on attractive terms at any given point in time. Any attempts to raise additional capital or borrowings or refinance our existing debt could cause us to incur significant charges, including an increase in interest expense as a result of higher interest rates on any new or refinanced borrowings.
Current wording
Subject to approval by our board of directors, we may raise additional capital or borrowings from time to time, or seek to refinance our existing debt. There can be no assurances that future capital or borrowings will be available to us, and the cost and availability of new capital or borrowings could be materially impacted by market conditions. Our borrowing costs can be impacted by short- and long-term debt ratings assigned by nationally recognized ratings agencies. On July 17, 2026, Moody’s downgraded our rating to B1 from Ba3. This action is in line with the negative outlook that Moody’s put on the global chemicals sector in March 2026. Our outlook has been changed from negative to stable, reflecting expectations for continued earnings improvement and free cash flow generation, along with net proceeds from asset sales to be applied toward debt reduction. On April 16, 2025, S&P Global affirmed our BB- credit rating with negative outlook. Our debt ratings could constrain the capital available to us and could limit our access to and/or increase the cost of funding our operation. Further, the decision to refinance our existing debt is based on a number of factors, many of which are beyond our control, including general market conditions and our ability to refinance on attractive terms at any given point in time. Any attempts to raise additional capital or borrowings or refinance our existing debt could cause us to incur significant charges, including an increase in interest expense as a result of higher interest rates on any new or refinanced borrowings.
Previous wording
Throughout the year, we utilize supply chain financing arrangements with several third-party financial institutions to manage our working capital needs and enhance liquidity. We also participate in certain customers’ supply chain financing and other early pay programs as a routine source of working capital. During the three months ended March 31, 2026 and 2025, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $66 million and $93 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. See “Note 8 – Accounts and Notes Receivable, Net” to the Interim Consolidated Financial Statementsfor further details regarding our supplier financing programs.
Current wording
Throughout the year, we utilize supply chain financing arrangements with several third-party financial institutions to manage our working capital needs and enhance liquidity. We also participate in certain customers’ supply chain financing and other early pay programs as a routine source of working capital. During the three months ended June 30, 2026 and 2025, we utilized various customer facilitated supply chain financing facilities to accelerate the collection of $89 million and $133 million, respectively, of our accounts receivable, incurring an immaterial discount amount for both periods. For the six months ended June 30, 2026 and 2025, we accelerated the collection of approximately $156 million and $226 million, respectively, of our accounts receivable, incurring an immaterial discount amount of both periods. See “Note 8 – Accounts and Notes Receivable, Net” to the Interim Consolidated Financial Statementsfor further details regarding our supplier financing programs.
Previous wording
In April 2026, the Company used €140 million of cash to pay down a portion of the outstanding tranche B-3 euro term loan due August 2028.
Current wording
In the second quarter of 2026, the Company used €230 million of cash to pay down a portion of the outstanding tranche B-3 euro term loan due August 2028.
Previous wording
Thereby, as a result of the recent debt activity as mentioned above, the anticipated annual interest expense is expected to increase approximately $9 million, which is the result of an increase of approximately $18 million, net, in relation to the issuance of the 2034 Notes and repayments of the senior unsecured notes due May 2027 and partial repayment of the senior unsecured notes due November 2028 in March 2026, partially offset by a decrease of approximately $9 million related to the April 2026 pay down of a portion of the outstanding tranche B-3 euro term loan due August 2028. For further details, see “Note 20 – Debt” to the Interim Consolidated Financial Statements.
Current wording
As a result of the Company’s 2026 debt-related activity, anticipated annual interest expense is expected to decrease approximately $1 million. This expected annual interest expense reduction reflects the positive impact of repayments of the senior unsecured notes due May 2027, partial repayment of the senior unsecured notes due November 2028, pay down of a portion of the outstanding tranche B-3 euro term loan due August 2028, and the cross-currency swap of the senior unsecured notes, partially offset by the issuance of the 2034 Notes in March 2026. For further details, see “Note 15 – Debt” and "Note 20 - Financial Instruments" to the Interim Consolidated Financial Statements.
Previous wording
A substantial majority of the $357 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at March 31, 2026, is available for local operations or is readily convertible into currencies used in our worldwide operations, including the U.S. dollar. We are subject to restrictions imposed by the local governments in certain jurisdictions where we operate, which impose certain limitations on our ability to exchange currencies, repatriate earnings or capital, or create cross-border cash pooling arrangements. During the three months ended March 31, 2026, we received approximately $93 million of net cash in the U.S. through intercompany loans and dividends. We believe we have the ability to fund U.S. operations cash requirements for working capital, dividends, investments, and other financing requirements through a mixture of repatriations, intercompany loans, and other actions. For further information related to our income tax positions, refer to “Note 9 – Income Taxes” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Current wording
A substantial majority of the $516 million of unrestricted cash and cash equivalents held by our foreign subsidiaries at June 30, 2026, is available for local operations or is readily convertible into currencies used in our worldwide operations, including the U.S. dollar. We are subject to restrictions imposed by the local governments in certain jurisdictions where we operate, which impose certain limitations on our ability to exchange currencies, repatriate earnings or capital, or create cross-border cash pooling arrangements. During the six months ended June 30, 2026, we received approximately $578 million of net cash in the U.S. through intercompany loans and dividends. We believe we have the ability to fund U.S. operations cash requirements for working capital, dividends, investments, and other financing requirements through a mixture of repatriations, intercompany loans, and other actions. For further information related to our income tax positions, refer to “Note 9 – Income Taxes” to the Consolidated Financial Statements in our Annual Report on Form 10-K for the year ended December 31, 2025.
Previous wording
Environmental remediation– We, due to the terms of our Separation-related agreements with EID, are subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances, which are attributable to EID’s activities before our spin-off. Much of this liability results from Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”), Resource Conservation and Recovery Act (“RCRA”), and similar federal, state, local, and foreign laws. These laws may require us to undertake certain investigative, remediation, and restoration activities at sites where we conduct or EID once conducted operations or at sites where waste generated by us was disposed. At March 31, 2026, our consolidated balance sheets include $617 million for environmental remediation liabilities, of which $97 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $97 million, $51 million relates to Fayetteville. Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, costs related to potential future legacy PFAS liabilities arising out of pre-July 1, 2015 conduct will subject to the cost-sharing arrangement, where we bear half of the cost of such future potential legacy PFAS liabilities and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities up to an aggregate $4 billion, of which approximately $1.3 billion is available after consideration of the funding of the payment to the State of Ohio, and supplemental payment to the State of Delaware, and the net present value of the scheduled settlement payments per the terms of the settlement agreement with the State of New Jersey, described further below. Any PFAS-related insurance recoveries, as received, will increase the future amount available under the MOU. The $1.3 billion available amount above does not include any potential future insurance proceeds not yet received under noticed insurance policies, which have policy limits that total $750 million. Refer to the “Environmental Matters” section within this MD&Afor the anticipated environmental remediation payments over the next three years. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements for further discussion of the MOU and Qualified Spend.
Current wording
Environmental remediation– We, due to the terms of our Separation-related agreements with EID, are subject to contingencies pursuant to environmental laws and regulations that in the future may require further action to correct the effects on the environment of prior disposal practices or releases of chemical substances, which are attributable to EID’s activities before our spin-off. Much of this liability results from Comprehensive Environmental Response Compensation and Liability Act (“CERCLA”), Resource Conservation and Recovery Act (“RCRA”), and similar federal, state, local, and foreign laws. These laws may require us to undertake certain investigative, remediation, and restoration activities at sites where we conduct or EID once conducted operations or at sites where waste generated by us was disposed. At June 30, 2026, our consolidated balance sheets include $795 million for environmental remediation liabilities, of which $124 million was classified as current, and a portion is subject to recovery under the MOU. Of the current environmental liabilities of $124 million, $47 million relates to Fayetteville. Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, costs related to potential future legacy PFAS liabilities arising out of pre-July 1, 2015 conduct will subject to the cost-sharing arrangement, where we bear half of the cost of such future potential legacy PFAS liabilities and DuPont and Corteva will collectively bear the other half of the cost of such future potential legacy PFAS liabilities up to an aggregate $4 billion, of which approximately $1.3 billion is available after consideration of the funding of the payment to the State of Ohio, and supplemental payment to the State of Delaware, and the net present value of the scheduled settlement payments per the terms of the settlement agreement with the State of New Jersey, described further below. Any PFAS-related insurance recoveries, as received, will increase the future amount available under the MOU. The $1.3 billion available amount above does not include any potential future insurance proceeds not yet received under noticed insurance policies, which have policy limits that total $750 million. Refer to the “Environmental Matters” section within this MD&Afor the anticipated environmental remediation payments over the next three years. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statements for further discussion of the MOU and Qualified Spend.
Previous wording
PFAS escrow funding requirements– Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, the parties have agreed to establish an escrow account in order to support and manage the payments for potential future legacy PFAS liabilities. In September 2023, we entered into a supplemental agreement to the binding MOU with DuPont, Corteva, and EID, whereby the parties agreed to i) release funds held in escrow to fund, in part, the qualified settlement fund per the terms of the U.S. public water system settlement agreement, ii) waive the escrow funding obligation of each party due no later than September 30, 2023 and iii) waive the escrow funding obligation due no later than September 30, 2024 under certain conditions as agreed to by the parties. The parties agreed to fund the payments due by September 30, 2024, and we funded $50 million into the escrow account on September 30, 2024. Pursuant to the terms of the PFAS Insurance Proceeds Memorandum of Understanding ("PFAS Insurance MOU"), the parties agreed to suspend the obligation of each of the parties to fund the $50 million MOU payments due by September 30, 2025. Additionally, also pursuant to the terms of the PFAS Insurance MOU, the parties agreed that our future MOU funding requirements will be reduced by amounts released from the insurance proceeds escrow to fund the New Jersey settlement. The next escrow payment of $50 million is expected to be made on or before September 30, 2026 and the following payments are expected on or before September 30 of each subsequent year through and including 2028. As such, at March 31, 2026 and December 31, 2025, we had $50 million deposited into the escrow account. If on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, the balance of the escrow is to be restored to such amount, with Chemours making 50% of the deposits and DuPont and Corteva together making 50% of the deposits. Such payments will be made in a series of five consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Current wording
PFAS escrow funding requirements– Pursuant to the binding MOU that we entered into with DuPont, Corteva, and EID in January 2021, the parties have agreed to establish an escrow account in order to support and manage the payments for potential future legacy PFAS liabilities. In September 2023, we entered into a supplemental agreement to the binding MOU with DuPont, Corteva, and EID, whereby the parties agreed to i) release funds held in escrow to fund, in part, the qualified settlement fund per the terms of the U.S. public water system settlement agreement, ii) waive the escrow funding obligation of each party due no later than September 30, 2023 and iii) waive the escrow funding obligation due no later than September 30, 2024 under certain conditions as agreed to by the parties. The parties agreed to fund the payments due by September 30, 2024, and we funded $50 million into the escrow account on September 30, 2024. Pursuant to the terms of the PFAS Insurance Proceeds Memorandum of Understanding ("PFAS Insurance MOU"), the parties agreed to suspend the obligation of each of the parties to fund the $50 million MOU payments due by September 30, 2025. Additionally, also pursuant to the terms of the PFAS Insurance MOU, the parties agreed that our future MOU funding requirements will be reduced by amounts released from the insurance proceeds escrow to fund the New Jersey settlement. The next escrow payment of $50 million is currently due on or before September 30, 2026 and the following payments are expected on or before September 30 of each subsequent year through and including 2028. As such, at June 30, 2026 and December 31, 2025, we had $50 million deposited into the escrow account. If on December 31, 2028, the balance of the escrow account (including interest) is less than $700 million, the balance of the escrow is to be restored to such amount, with Chemours making 50% of the deposits and DuPont and Corteva together making 50% of the deposits. Such payments will be made in a series of five consecutive annual equal installments commencing on September 30, 2029 pursuant to the escrow account replenishment terms as set forth in the MOU. The parties will cooperate in good faith to enter into additional agreements reflecting the terms set forth in the MOU, including, as applicable, potential additional agreements to facilitate certain ongoing mediation or settlement discussions. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Previous wording
Other legal settlements - In addition to the legal items noted above, we have other legal settlements that we expect to pay within the next 12 months and beyond. In November 2023, we, DuPont, Corteva, and EID entered into a settlement agreement with the State of Ohio to settle claims, including for environmental releases or sales of products containing PFAS or other known contaminants. Our share of this settlement remaining, following the $45 million paid to the state in November 2025, is $10 million, representing our portion of the contribution consistent with the MOU entered into among the parties in January 2021. Following the settlement agreement with the State of Ohio and pursuant to the terms of the settlement agreement with the State of Delaware entered into in 2021, in January 2026, we contributed our portion of the supplemental payment to the State of Delaware for $13 million. The remaining amounts related to the State of Ohio were paid in April 2026. In June 2025, EID and Chemours reached an agreement in principle to resolve the Hoosick Falls class action lawsuit. Our portion of the total settlement in accordance with the MOU is $13.5 million with $11 million expected to be paid within the next 12 months and the remaining $2.5 million paid in five installments annually. In August 2025, Chemours, Chemours FC LLC, Corteva, EID, DuPont and DuPont Specialty Products (collectively, “the NJ Settling Companies”), and the State of New Jersey agreed to a Judicial Consent Order (“JCO”) on terms consistent with the recommended settlement agreement. Under the JCO, the Companies will make scheduled annual settlement payments totaling $875 million over a 25-year period. Our portion of the scheduled annual settlement payments is $266 million as of March 31, 2026 on a net present value basis. We expect that the $150 million consideration pursuant to the PFAS Insurance MOU as well as the $50 million restricted cash in the MOU escrow account will fully fund our New Jersey settlement payment obligations through at least 2030. We have accrued litigation of $491 million at March 31, 2026, which is inclusive of settlement agreements with Ohio and Delaware, of which $176 million is classified as current. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Current wording
Other legal settlements- In addition to the legal items noted above, we have other legal settlements that we expect to pay within the next 12 months and beyond. In November 2023, we, DuPont, Corteva, and EID entered into a settlement agreement with the State of Ohio to settle claims, including for environmental releases or sales of products containing PFAS or other known contaminants. Our share of this settlement was $45 million that was paid to the state in November 2025, and the remaining share of $10 million, was paid in April 2026, which represented our portion of the contribution consistent with the MOU entered into among the parties in January 2021. Following the settlement agreement with the State of Ohio and pursuant to the terms of the settlement agreement with the State of Delaware entered into in 2021, in January 2026, we contributed our portion of the supplemental payment to the State of Delaware for $13 million. In June 2025, EID and Chemours reached an agreement in principle to resolve the Hoosick Falls class action lawsuit. Our portion of the total settlement in accordance with the MOU is $13.5 million, of which, $11 million was paid in July 2026, and the remaining $2.5 million paid in five installments annually. In August 2025, Chemours, Chemours FC LLC, Corteva, EID, DuPont and DuPont Specialty Products (collectively, “the NJ Settling Companies”), and the State of New Jersey agreed to a Judicial Consent Order (“JCO”) on terms consistent with the recommended settlement agreement. Under the JCO, the Companies will make scheduled annual settlement payments totaling $875 million over a 25-year period. Our portion of the scheduled annual settlement payments is $269 million as of June 30, 2026 on a net present value basis. We expect that the $150 million consideration pursuant to the PFAS Insurance MOU as well as the $50 million restricted cash in the MOU escrow account will fully fund our New Jersey settlement payment obligations through at least 2030. In June 2026 we entered into an agreement with EPA, as well as the WVDEP, whereas we are expected to pay the EPA and WVDEP a $23 million civil penalty over a three-year period. We have accrued litigation of $658 million at June 30, 2026, of which $357 million is classified as current. Refer to “Note 17 – Commitments and Contingent Liabilities” to the Interim Consolidated Financial Statementsfor further discussion.
Previous wording
The following table sets forth a summary of the net cash provided by (used for) our operating, investing, and financing activities for the three months ended March 31, 2026 and 2025.
Current wording
The following table sets forth a summary of the net cash provided by (used for) our operating, investing, and financing activities for the six months ended June 30, 2026 and 2025.
Previous wording
We used $19 million in cash flows for our financing activities during the three months ended March 31, 2026 which was primarily attributable to our capital allocation activities, resulting in $13 million of cash dividends, $3 million of payments on finance leases, $10 million of payments of debt issuance cost, $6 million of debt extinguishment payments and $689 million of debt repayments, partially offset by $700 million of proceeds from issuance of debt and $2 million of net proceeds in connection with one of our supplier financing programs.
Current wording
We used $308 million in cash flows for our financing activities during the six months ended June 30, 2026 which was primarily attributable to our capital allocation activities, resulting in $963 million of debt repayments, $26 million of cash dividends, $5 million of payments on finance leases, $10 million of payments of debt issuance cost, $6 million of debt extinguishment payments and $2 million of payments related to tax withholdings on vested stock awards, partially offset by $700 million of proceeds from issuance of debt, $3 million of net proceeds from exercised stock options and $1 million of net proceeds in connection with one of our supplier financing programs.
Previous wording
We used $57 million in cash flows for our financing activities during the three months ended March 31, 2025 which was primarily attributable to our capital allocation activities, resulting in $37 million of cash dividends, $8 million of net payments in connection with one of our supplier financing programs, and $8 million of debt repayments.
Current wording
We used $84 million in cash flows for our financing activities during the six months ended June 30, 2025 which was primarily attributable to our capital allocation activities, resulting in $50 million of cash dividends, along with $16 million of net debt repayments.
Previous wording
Our accounts and notes receivable, net increased by $80 million (or 12%) to $759 million at March 31, 2026, compared with accounts and notes receivable, net of $679 million at December 31, 2025. This increase in our accounts and notes receivable, net at March 31, 2026 was primarily attributable to higher net sales within our Thermal & Specialized Solutions business in line with seasonality, partially offset by collections through our Accounts Receivable Securitization facility and EU factoring in the first quarter of 2026.
Current wording
Our accounts and notes receivable, net increased by $228 million (or 34%) to $907 million at June 30, 2026, compared with accounts and notes receivable, net of $679 million at December 31, 2025. This increase in our accounts and notes receivable, net at June 30, 2026 was primarily attributable to higher net sales in the second quarter of 2026, compared to the fourth quarter of 2025, as well as a higher value-added tax receivable and a larger receivable derivative balance, partially offset by collections through our Accounts Receivable Securitization facility and a lower MOU balance.
Previous wording
Our inventories decreased by $33 million (or 2%) to $1.5 billion at March 31, 2026, compared with inventories of $1.6 billion at December 31, 2025. The decrease in our inventories at March 31, 2026 was primarily attributable to a decrease in raw materials and finished goods inventories, partially offset by an increase in semi finished inventories.
Current wording
Our inventories decreased by $117 million (or 7%) to $1.5 billion at June 30, 2026, compared with inventories of $1.6 billion at December 31, 2025. The decrease in our inventories at June 30, 2026 was primarily attributable to a decrease in raw materials and finished goods inventories, partially offset by an increase in semi-finished inventories. Raw materials decreased because we consumed a portion of our high grade ore inventory. Additionally, the decrease in finished goods is a result of seasonally higher sales and lowered purchases through the first half of 2026 within our Thermal & Specialized Solutions segment, in addition to our Titanium Technologies segment right sizing finished product inventory.
Previous wording
Our prepaid expenses and other decreased by $11 million (or 14%) to $69 million at March 31, 2026, compared with prepaid expenses and other of $80 million at December 31, 2025. The decrease in our prepaid expenses and other was primarily due to decreases in prepaid tax and prepaid insurance amortization.
Current wording
Our prepaid expenses and other decreased by $17 million (or 21%) to $63 million at June 30, 2026, compared with prepaid expenses and other of $80 million at December 31, 2025. The decrease in our prepaid expenses and other was primarily due to decreases in prepaid tax and prepaid insurance amortization, partially offset by an increase in prepaid other and income tax receivable.
Previous wording
Our accounts payable decreased by $63 million (or 7%) to $891 million at March 31, 2026 compared with accounts payable of $954 million at December 31, 2025. The decrease in our accounts payable at March 31, 2026 was primarily attributable to lower spend in the first quarter of 2026, compared to the fourth quarter of 2025.
Current wording
Our accounts payable decreased by $17 million (or 2%) to $937 million at June 30, 2026 compared with accounts payable of $954 million at December 31, 2025. The decrease in our accounts payable at June 30, 2026 was primarily attributable to lower spend in the second quarter of 2026, compared to the fourth quarter of 2025.
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Previous report — wording carried elsewhere
In March 2026, we issued $700 million aggregate principal amount of 7.875% senior unsecured notes due March 2034 (the "2034 Notes"). We received proceeds of $690 million, net of underwriting fees and other expenses of $10 million, which are deferred and amortized to interest expense over the term of the 2034 Notes. The net proceeds from the 2034 Notes together with cash on hand were used in part to redeem $188 million aggregate principal amount of the Company’s 5.750% senior notes due 2028 for an aggregate redemption price of approximately $190 million, which includes payments related to extinguishments of debt. The remaining net proceeds from the Offering were used to fund the redemption of the Company’s outstanding 5.375% senior notes due 2027 of $495 million aggregate principal amount, for an aggregate redemption price of $499 million, which includes payments related to extinguishments of debt.
Previous report — wording carried elsewhere
Senior Secured Euro Term Loan due August 2028