TROX — what changed in the latest 10-Q
A section-by-section comparison of TROX's newest periodic SEC filing (10-K/10-Q) against the prior same-form filing: paragraphs added and removed per section, with verbatim excerpts. Purely a deterministic text diff — no similarity scores, no directional read, not investment advice.
Comparing 10-Q · 2026-05-07 vs the prior 10-Q · 2025-11-06
| Section | Outcome | Added | Removed | Minor | Unchanged |
|---|---|---|---|---|---|
| MD&A | Text added/removed | +40 | −71 | ~32 | 28 |
| Market risk (Item 3) | Text added/removed | +3 | −5 | ~4 | 4 |
| Controls & procedures | Text added/removed | 0 | 0 | ~2 | 3 |
| Legal proceedings | No paragraph-level changes | 0 | 0 | 0 | 2 |
| Risk factors | No material changes reported (points to the 10-K) | — | — | — | — |
| Other information | Text added/removed | 0 | 0 | ~1 | 0 |
Counts are paragraphs; added/removed means text added or removed vs the prior filing — no direction or judgement implied.
Representative excerpts
Up to 5 excerpts of about 300 characters per section, quoted verbatim from the two SEC filings.
MD&A
Text added vs the prior filing · source: 10-Q · 2026-05-07
First quarter revenue increased 3% compared to the prior year, primarily driven by higher sales volumes of TiO2 and zircon and favorable exchange rate impacts partially offset by lower average selling prices of TiO2 and zircon including mix and lower sales volumes of pig iron. For the first quarter …
selling prices including mix. Zircon revenue increased 14% sequentially driven by a 14% increase in sales volumes while average selling prices remained flat to the fourth quarter of 2025. Revenue from other products decreased by 27% from the fourth quarter of 2025 to the first quarter of 2026 primar…
•the unfavorable impact of 3 points due to changes in foreign currency exchanges rates, primarily as a result of the South Africa Rand and Australian dollar, partially offset by
•the favorable impact of 2 points due to increased volumes of zircon.
Other expense, net for the three months ended March 31, 2026 primarily consisted of approximately $7 million of net realized and unrealized foreign currency losses, $3 million of fees associated with the utilization of the Securitization Facility and $1 million pension expense related to pension rel…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
Third quarter revenue decreased 13% compared to the prior year, primarily driven by lower TiO2, zircon, and other product sales volumes and lower average selling prices of TiO2 and zircon including mix. For the third quarter of 2025 as compared to the third quarter of 2024, TiO2 revenue decreased 11…
decrease in sales volume and a 3% decrease in average selling prices, partly offset by a 1% favorable exchange rate impact. Zircon revenue decreased 13% sequentially driven by a 7% decrease in sales volumes and a 6% decrease in average selling prices including mix. Revenue from other products increa…
•the unfavorable impact of 2 points due to decreased volumes of zircon, TiO2 and other products, mainly lower sales of heavy mineral concentrate tailings, partially offset by
•the favorable impact of 1 point due to lower production and freight costs.
Interest income was $1 million for the three months ended September 30, 2025 compared to $3 million in the prior year period which is primarily due to the overall decrease in cash balances quarter over quarter.
Market risk (Item 3)
Text added vs the prior filing · source: 10-Q · 2026-05-07
As of March 31, 2026, the Company maintains a total of $950 million of interest rate swaps (with $450 million maturing in March 2028 and $500 million maturing in September 2031) with the objective in using the interest-rate swap agreements to add stability to interest expense and to manage the Compa…
At March 31, 2026 and December 31, 2025, the net unrealized gain of $7 million and the net unrealized loss of less than $1 million, respectively, was recorded in "Accumulated other comprehensive loss" on the unaudited Condensed Consolidated
Balance Sheet. For the three months ended March 31, 2026 and 2025, the amounts recorded in interest expense related to the interest-rate swap agreements were $1 million and $2 million, respectively, of which less than $1 million and less than $1 million, respectively, was reclassified from "Accumula…
Text removed vs the prior filing · source: 10-Q · 2025-11-06
As a result of the 2024 Amendment (discussed in Note 13), the Company noted that the hedged transaction associated with the interest rate swap with a notional value of $200 million (which converted the variable rate to a fixed rate for a portion of the 2022 Term Loan Facility) had changed as the hed…
In line with the original maturity date, one of the interest rate swap agreements (notional value of $250 million) expired in September 2024. As a result of this, on September 26, 2024, the Company entered into two new interest-rate swap agreements for a notional of $125 million each with two counte…
Additionally, on September 26, 2024, the counterparty bank associated with one of the existing interest rate swap contracts (notional value of $250 million) novated its rights and obligations in the interest rate swap contracts to a new counterparty. No other terms and conditions of the interest rat…
As of September 30, 2025, the Company maintains a total of $950 million of interest rate swaps (with $450 million maturing in March 2028 and $500 million maturing in September 2031) with the objective in using the interest-rate swap agreements to add stability to interest expense and to manage the C…
At September 30, 2025 and December 31, 2024, the net unrealized gain of $1 million and the unrealized gain of $26 million, respectively, was recorded in "Accumulated other comprehensive loss" on the unaudited Condensed Consolidated Balance Sheet. For the three and nine months ended September 30, 202…
How to read Risk Factors (Item 1A) in a 10-Q
A 10-Q risk-factor section usually takes one of three forms; this page classifies it as one of:
- Pointer — the filer states there have been no material changes and points back to the annual 10-K risk factors; there is no own risk text to compare this quarter.
- Partial update — the filer carves out specific updated risks ("except as set forth below"); the excerpts show exactly what is new this quarter.
- Restated in full — the quarter carries the complete risk-factor text. When the prior quarter was only a pointer there is no prior full text to diff against, so the page flags the section as restated instead.
This describes the filing structure only — it is never a judgement on whether risk went up or down.
Source: text-level diff of the two SEC EDGAR filings · deterministic (no AI-generated content) · for reference only · not investment advice