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Valhi (VHI) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · Valhi (VHI) Q3 2026 earnings results →
Q3 2026 Revenue up 17% year over year to $589M · 5¢ of every $1 of revenue kept as net profit · operating margin 11.4%
Valhi made $589M in Q3 2026 (+17% Y/Y): Chemicals $541M, Component products $44.0M, Real estate management and development $3.9M. Operating margin 11.4%, net earnings $30.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
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What changed this quarter
Revenue was $589.0M in Q3 2026, up 17% year over year and down 3% from the previous quarter. Chemicals was the largest line at 92% of revenue. Chemicals added $84.2M year over year (up 18%), 98% of the total change. Real estate management and development declined 41%.
Gross margin was 24.1%, up 12.1 points from Q3 2025. Operating profit was $67.4M, a 11.4% margin (up 9.7 points year over year). Of the extra revenue versus Q3 2025, 69% reached operating profit, above the 2% margin then. Operating expenses grew 44% against revenue growth of 17%. Net earnings were $30.2M. The effective tax rate was 16.4%.
Operating cash flow was $58.7M, 144% of net income including minority interests. Non-cash charges added back $16.8M of depreciation and amortization. Capital expenditures of $15.1M left free cash flow of $43.6M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $589M | +17% | 11.4% | $30.2M | $58.7M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $606M | +12% | 11.2% | $22.3M | $59.1M |
| Q1 2026 | 10-Q | May 7, 2026 | $560M | +4% | 5.9% | $2.0M | −$46.1M |
| Q4 2025 | 10-K | Mar 10, 2026 | $494M | +3% | -6.2% | −$63.3M | $101M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $504M | -6% | 1.7% | −$21.9M | −$1.9M |
| Q2 2025 | 10-Q | Aug 7, 2025 | $540M | -3% | 6.6% | $900K | $21.7M |
| Q1 2025 | 10-Q | May 8, 2025 | $539M | +2% | 9.3% | $16.9M | −$156M |
Charts
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Valhi
Valhi, Inc. (NYSE: VHI) is primarily a holding company. We operate through our wholly-owned and majority-owned subsidiaries, including NL Industries, Inc., Kronos Worldwide, Inc., CompX International Inc., Basic Management, Inc. and The LandWell Company. Kronos (NYSE: KRO), NL (NYSE: NL) and CompX (NYSE American: CIX) each file periodic reports with the U.S. Securities and Exchange Commission (SEC). Our principal executive offices are located at Three Lincoln Center 5430 LBJ Freeway, Suite 1700, Dallas, Texas 75240-2620. Our telephone number is (972) 233-1700. We maintain a website at www.valhi.net.
In its own words, from its 10-K, filed Mar 10, 2026.
Valhi against its Industrial Inorganic Chemicals peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +17% against the peers' median +10%. Operating margin: 11.4% against the peers' median 11.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| VHI Valhi | Q3 2026 | $589M | +17% | 11.4% |
| LIN Linde | Q3 2026 | $9.4B | +9% | 22.9% |
| APD Air Products & Chemicals | Q4 FY26 | $3.6B | +12% | 17.8% |
| TROX Tronox Holdings | Q3 2026 | $827M | +18% | 1.5% |
| MTX Minerals Technologies | Q3 2026 | $555M | +4% | 11.7% |
| KRO Kronos Worldwide | Q3 2026 | $541M | +18% | 10.7% |
| LXU LSB Industries | Q3 2026 | $159M | +2% | 16.9% |
| LXFR Luxfer Holdings | Q3 2026 | $91.7M | -4% | 3.1% |
| NL NLI Holdings | Q3 2026 | $44.0M | +10% | 7.1% |
Source: Valhi 10-Q on SEC EDGAR · CIK 59255 · Industrial Inorganic Chemicals
Guidance and outlook
13F: who owns VHI and who is buying
More on VHI
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Valhi guidance history: guided vs reported
- Valhi gross margin by quarter
- Valhi operating margin by quarter
- Valhi net income by quarter
- Valhi free cash flow by quarter
- Valhi capital expenditures by quarter
- Valhi Chemicals revenue by quarter
- Valhi Component products revenue by quarter
- Valhi Real estate management and development revenue by quarter