​

​

Three months ended

​

Six months ended

​

​

June 30, 

​

June 30, 

​

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​ ​

2025

  ​ ​ ​ ​

2026

​

​

(In millions)

Net sales:

​

​

​

​

​

​

​

​

​

​

​

​

Chemicals

​

$

494.4

​

$

558.1

​

$

984.2

​

$

1,067.9

Component products

​

40.3

​

43.6

​

80.6

​

84.2

Real estate management and development

​

5.7

​

4.4

​

14.2

​

14.1

Total net sales

​

$

540.4

​

$

606.1

​

$

1,079.0

​

$

1,166.2

Cost of sales:

​

  ​

​

  ​

​

  ​

​

  ​

Chemicals

​

$

432.1

​

$

455.8

​

$

815.5

​

$

882.8

Component products

​

27.4

​

28.1

​

55.5

​

55.4

Real estate management and development

​

2.8

​

2.1

​

7.4

​

4.9

Total cost of sales

​

$

462.3

​

$

486.0

​

$

878.4

​

$

943.1

Gross margin:

​

  ​

​

  ​

​

  ​

​

  ​

Chemicals

​

$

62.3

​

$

102.3

​

$

168.7

​

$

185.1

Component products

​

12.9

​

15.5

​

25.1

​

28.8

Real estate management and development

​

2.9

​

2.3

​

6.8

​

9.2

Total gross margin

​

$

78.1

​

$

120.1

​

$

200.6

​

$

223.1

Operating income:

​

  ​

​

  ​

​

  ​

​

  ​

Chemicals

​

$

10.3

​

$

40.4

​

$

51.5

​

$

54.9

Component products

​

6.3

​

8.9

​

12.2

​

16.0

Real estate management and development

​

18.9

​

18.4

​

21.9

​

29.7

Total operating income

​

35.5

​

67.7

​

85.6

​

100.6

General corporate items:

​

  ​

​

  ​

​

  ​

​

  ​

Interest income and other

​

​

3.7

​

​

4.0

​

​

8.0

​

​

7.5

Other components of net periodic pension and OPEB expense

​

(.7)

​

(.8)

​

(1.5)

​

(1.6)

Changes in market value of Valhi common stock held by subsidiaries

​

—

​

.1

​

(1.7)

​

.6

General expenses, net

​

(9.2)

​

(9.0)

​

(17.1)

​

(16.3)

Interest expense

​

(13.8)

​

(14.7)

​

(27.0)

​

(29.4)

Income before income taxes

​

$

15.5

​

$

47.3

​

$

46.3

​

$

61.4

​

​

Three months ended

​

Six months ended

​

​

June 30,

​

June 30,

​

  ​ ​ ​

2025

  ​ ​ ​

2026

  ​ ​ ​

2025

  ​ ​ ​

2026

​

​

(In millions)

Depreciation and amortization:

​

  ​

​

  ​

​

  ​

​

  ​

Chemicals

​

$

15.6

​

$

16.3

​

$

30.0

​

$

32.3

Component products

​

.9

​

.8

​

1.9

​

1.7

Real estate management and development

​

—

​

—

​

—

​

—

Total

​

$

16.5

​

$

17.1

​

$

31.9

​

$

34.0