Chemours Co (CC) · Nov 2, 2026 · Earnings
Miss — Adjusted EPS $0.21 vs ~$0.27 consensus
Chemours earnings show pricing and AI-linked APM growth, but a sharp TSS downturn drives an adjusted EPS miss and lower full-year EBITDA ceiling.
Chemours is trying to shift its earnings mix toward TiO2 pricing power and higher-value APM products tied to data centers and semiconductors, while absorbing weaker refrigerant aftermarket demand and legacy PFAS costs. That setup was already visible before this report: second-quarter guidance explicitly called for TSS weakness, stronger APM demand, and full-year Adjusted EBITDA of $775 million to $825 million.
The quarter missed the clean earnings benchmark. Adjusted EPS was $0.21 versus published consensus of roughly $0.26-$0.27, while revenue of $1.54 billion was only modestly above the roughly $1.53 billion expectation. The headline $1.29 GAAP EPS is inflated by a $150 million PFAS insurance receipt, so the adjusted result is the better measure of ongoing performance. 〔0〕
| Metric | Q3 2026 | Q3 2025 | Consensus / prior guide |
|---|---|---|---|
| Net sales (Financial Highlights) | $1,540M (+3%) | $1,495M | ~$1,530M |
| Adjusted EPS (Financial Highlights) | $0.21 (+24%) | $0.17 | ~$0.27 |
| Adjusted EBITDA (Financial Highlights) | $200M (+6%) | $189M | $175M-$205M Q3 guide |
| TSS Adjusted EBITDA (Segment results — TSS) | $136M (-30%) | $194M | $125M-$140M Q2 guide |
| TT Adjusted EBITDA (Segment results — TT) | $85M (+240%) | $25M | — |
| APM Adjusted EBITDA (Segment results — APM) | $24M (+71%) | $14M | — |
| FY2026 Adjusted EBITDA outlook (Full Year 2026 Outlook) | $775M-$800M | — | $775M-$825M |
TT is executing, but not enough to carry the portfolio alone. Titanium Technologies produced 11% sales growth and lifted Adjusted EBITDA to $85 million from $25 million, powered by a 10% price increase and slightly higher volumes. APM also supports the intended mix shift: Performance Solutions sales rose 26% on order strength in data centers and semiconductors, although total APM EBITDA remains small at $24 million. 〔1〕
TSS remains the decisive weakness. TSS sales fell 9%, Opteon refrigerant sales dropped 22%, and segment EBITDA declined 30% with margin down eight points to 27%. The company had already warned that the 2025 channel-fill comparison would fade, so the direction was known; the deterioration still leaves the legacy profit base under pressure.
Management lowered the quality of the full-year outlook. The FY2026 EBITDA range was narrowed from $775 million-$825 million to $775 million-$800 million, while the year-end net-leverage target moved from around 3.8x to below 4.2x. The lower capex plan helps cash preservation, but the revised leverage ambition signals that the balance-sheet repair is progressing more slowly than previously expected. The company also says Q4 sales will fall 5%-10% sequentially as TSS and TT enter seasonal weakness, partly offset by a low-to-mid-teens APM sales increase.
Bottom line: Pricing and AI-linked APM demand are validating the strategic direction, but they are not yet large enough to offset the TSS earnings hole. The adjusted EPS miss and lower full-year EBITDA ceiling make this a modest setback rather than a reset of the broader story.
Q3 earnings call, November 3
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