Valhi (VHI) Q3 FY2026 earnings: revenue $589 million, up 17.0% on the year

Valhi Inc. (VHI) reported revenue of $589 million for Q3 FY2026, the quarter ended 30 September 2026, up 17.0% on the same quarter a year earlier. Net income was $30 million, and diluted earnings per share $1.06. The figures are the company's own, from the 10-Q it filed with the SEC on 5 November 2026.

Revenue

$589 million

+17.0% on the year · -2.8% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

11.4%

1.7% a year earlier

Q4 FY2024Q3 FY2026

Net income

$30 million

+35.4% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.06

+35.9% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Third-quarter net income turned positive: Net income for the third quarter was $30.2 million, or $1.06 per share, against a $22.2 million loss, or $.78 per share, a year earlier.
Chemicals net sales rose 18%: Chemicals net sales were $541.1 million in the third quarter, up $84.2 million, or 18%, from a year earlier.
Market share gains and anti-dumping duties: Management tied the sales increase to market share gains in Europe and North America, to anti-dumping duties still in effect in some markets, and to changing supply conditions.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	589	606	504	-2.8%	+17.0%
Cost of revenue	447	486	443	-8.0%	+0.9%
Gross profit	142	120	60.6	+18.3%	+134.5%
Gross margin	24.1%	19.8%	12.0%
Selling, general and administrative	82.0	78.8	77.6	+4.1%	+5.7%
Operating income	67.4	67.7	8.6	-0.4%	+683.7%
Operating margin	11.4%	11.2%	1.7%
Interest expense	13.8	14.7	14.9	-6.1%	-7.4%
Pre-tax income	48.8	47.3	-7.6	+3.2%
Income tax	8.0	11.8	14.3	-32.2%	-44.1%
Effective tax rate	16.4%	24.9%	n/a
Net income	30.2	22.3	-22.2	+35.4%
Net margin	5.1%	3.7%	-4.4%
Diluted EPS	$1.06	$0.78	-$0.78	+35.9%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	58.7	59.1	-1.9	-0.7%
Capital expenditure	15.1	17.2	10.4	-12.2%	+45.2%
Free cash flow	43.6	41.9	-12.3	+4.1%
Free cash flow margin	7.4%	6.9%	-2.4%
Cash from investing	-15.5	-11.7	-12.1
Cash from financing	-37.0	-40.1	14.8
Depreciation and amortisation	16.8	17.1	17.1	-1.8%	-1.8%
Dividends paid	2.3	2.2	2.3	+4.5%	0.0%
Dividend per share	$0.08	$0.08	$0.08	0.0%	0.0%
Diluted shares, weighted	29m	28m	28m	+0.4%	+0.4%
Shares outstanding at period end	28m	28m	28m	0.0%	+0.1%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	1,075	1,044	1,048	+2.9%	+2.6%
Non-controlling interest	357	355	353	+0.5%	+1.0%
Debt	555	587	662	-5.5%	-16.1%
Operating lease liabilities	15.8	16.0	16.5	-1.2%	-4.2%
Other liabilities	580	573	637	+1.2%	-9.0%
Total liabilities and equity	2,582	2,575	2,716	+0.3%	-4.9%
Fixed assets	734	732	754	+0.2%	-2.7%
Goodwill	382	382	382	0.0%	0.0%
Investments	9.6	9.2	8.9	+4.3%	+7.9%
Cash and equivalents	217	210	184	+3.4%	+18.2%
Receivables	440	434	367	+1.3%	+20.0%
Inventory	515	531	691	-2.9%	-25.4%
Other assets	284	276	330	+3.0%	-13.8%
Total assets	2,582	2,575	2,716	+0.3%	-4.9%

Questions

What was Valhi's revenue in Q3 FY2026?

Valhi (VHI) reported revenue of $589 million for Q3 FY2026, the quarter ended 30 September 2026, up 17.0% on the same quarter a year earlier.

How much did Valhi earn in Q3 FY2026?

Net income for Q3 FY2026 was $30 million, and diluted earnings per share $1.06.

When did Valhi report Q3 FY2026 results?

Valhi filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 5 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	683	629	635	556	403	493	507	469	453	531	560	534	481	539	540	504	494	560	606	589
Cost of revenue	490	458	488	436	350	439	442	408	388	444	438	417	380	416	462	443	460	457	486	447
Gross profit	194	171	147	120	52.6	54.1	65.5	60.6	65.0	86.3	121	116	101	122	78.1	60.6	34.2	103	120	142
Gross margin	28%	27%	23%	22%	13%	11%	13%	13%	14%	16%	22%	22%	21%	23%	14%	12%	7%	18%	20%	24%
SG&A	80.3	77.2	79.0	81.9	65.9	68.8	68.4	69.1	71.1	68.6	74.9	74.2	38.5	78.5	79.2	77.6	77.0	77.5	78.8	82.0
Operating income	130	101	71.9	69.4	-2.6	2.5	12.0	2.5	17.2	31.5	54.8	67.7	56.7	50.1	35.5	8.6	-30.9	32.9	67.7	67.4
Operating margin	19%	16%	11%	12%	-1%	1%	2%	1%	4%	6%	10%	13%	12%	9%	7%	2%	-6%	6%	11%	11%
Interest expense	7.3	6.9	7.0	7.0	7.0	7.0	7.2	7.2	6.9	11.3	11.9	13.4	13.3	13.2	13.8	14.9	15.2	14.7	14.7	13.8
Pre-tax income	113	83.3	56.4	49.0	-18.8	-9.8	-7.1	-9.5	6.9	18.0	37.6	120	68.7	30.8	15.5	-7.6	-81.7	14.1	47.3	48.8
Tax rate	22%	24%	25%	17%	n/a	n/a	n/a	n/a	-55%	24%	21%	29%	53%	26%	52%	n/a	n/a	45%	25%	16%
Net income	52.0	45.4	28.0	26.2	-9.4	-4.9	-3.2	-5.8	3.9	7.8	19.9	57.5	22.8	16.9	0.9	-22.2	-53.2	2.0	22.3	30.2
Net margin	8%	7%	4%	5%	-2%	-1%	-1%	-1%	1%	1%	4%	11%	5%	3%	0%	-4%	-11%	0%	4%	5%
Diluted EPS	$1.83	$1.59	$0.98	$0.92	-$0.33	-$0.17	-$0.11	-$0.21	$0.14	$0.27	$0.70	$2.01	$0.81	$0.59	$0.03	-$0.78	-$1.86	$0.07	$0.78	$1.06
Operating cash flow	270	-22.8	50.6	0.1	7.0	-127	31.7	33.9	65.1	-48.8	33.5	13.5	45.8	-156	21.7	-1.9	101	-46.1	59.1	58.7
Capital expenditure	24.9	16.2	17.0	14.8	19.6	16.7	17.7	8.3	5.8	5.0	3.8	9.6	12.5	12.8	12.6	10.4	10.8	10.6	17.2	15.1
Free cash flow	246	-39.0	33.6	-14.7	-12.6	-144	14.0	25.6	59.3	-53.8	29.7	3.9	33.3	-169	9.1	-12.3	89.8	-56.7	41.9	43.6
Buybacks	0.7	1.1	1.7	0.0	1.2	1.4	1.5	0.0	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Dividends paid	2.2	2.2	2.3	2.2	2.3	2.3	2.2	2.3	2.3	2.3	2.2	2.3	2.3	2.3	2.2	2.3	2.3	2.3	2.2	2.3
Shares outstanding	30m	28m	28m	28m	30m	28m	28m	28m	30m	28m	28m	28m	30m	28m	28m	28m	30m	28m	28m	28m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 5 November 2026: the filing.