Filing Flows › Valhi (VHI) › Q1 2026
Valhi (VHI) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 7, 2026
Valhi (VHI) reported revenue of $560M for the first quarter 2026 (Q1 2026), +4% from a year earlier and +13% from the quarter before. Operating margin was 5.9%, net earnings $2.0M (0.4% of revenue).
Valhi, Q1 2026: revenue $560M (+4% year over year), operating margin 5.9%, net earnings $2.0M, operating cash flow −$46.1M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $560M | +13% | +4% |
| Gross profit | $103M | +201% | -16% |
| Operating profit | $32.9M | — | -34% |
| Net earnings | $2.0M | — | -88% |
| Operating cash flow | −$46.1M | -146% | — |
What changed
Revenue was $560.1M in Q1 2026, up 4% year over year and up 13% from the previous quarter. Chemicals was the largest line at 91% of revenue. Chemicals added $20.0M year over year (up 4%), 93% of the total change.
Gross margin was 18.4%, down 4.4 points from Q1 2025. Operating profit was $32.9M, a 5.9% margin (down 3.4 points year over year). Operating profit fell $17.2M even though revenue rose $21.5M versus Q1 2025, so costs grew faster than sales. Operating expenses fell 3% while revenue rose 4%. Net earnings were $2.0M, down 88% year over year. The effective tax rate was 44.7%.
Operating cash flow was −$46.1M. Non-cash charges added back $16.9M of depreciation and amortization. Working capital and other items used $70.8M. Capital expenditures of $10.6M exceeded it, leaving free cash flow of −$56.7M.
Questions
What was Valhi's revenue in the first quarter 2026?
Valhi (VHI) reported revenue of $560M for the first quarter 2026 (Q1 2026), +4% from a year earlier and +13% from the quarter before.
Was Valhi profitable in the first quarter 2026?
Operating profit was $32.9M (5.9% of revenue) and net earnings $2.0M.
Source: Valhi 10-Q on SEC EDGAR.