Titan International, Inc. Reports Third Quarter Financial Results

Titan intends to use ITM sale proceeds to reduce debt and support its wheel and tire strategy, with closing expected in early January 2027.

Rhea-AI Summary

Titan International (TWI) reported third-quarter 2026 continuing-operations revenue of $335 million, with declines in agricultural and consumer segment sales.

Gross margin was 14.7%, adjusted EBITDA was $16 million, and free cash flow generated was $23 million. Including discontinued operations, revenue was $454 million and adjusted EBITDA was $28 million. Earthmoving/construction sales grew 5% with improved margins; consumer sales fell 3% and agricultural sales fell 12%.

Titan expects its pending ITM sale to USCO to close in early January 2027, with the regulatory process underway, and intends to use proceeds to reduce debt and support its wheel and tire strategy. Including ITM, fourth-quarter guidance is $410 million–$430 million in sales and break-even to $7 million in adjusted EBITDA. Full-year guidance is $1.85 billion–$1.87 billion in sales and $91 million–$101 million in adjusted EBITDA.

7 points · 0 major

PositiveiHow this balance works

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It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

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0 major · 3 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointThird-quarter revenue of $454 million including ITM exceeded the midpoint of Titan's guidance.
• Moderate pointAdjusted EBITDA was $16 million from continuing operations; $28 million including discontinued operations was within guidance.
• Moderate pointFree cash flow generated was $23 million in the third quarter.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter guidance including ITM targets $410 million–$430 million sales and break-even to $7 million adjusted EBITDA.
• Moderate point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 guidance including ITM targets $1.85 billion–$1.87 billion sales and $91 million–$101 million adjusted EBITDA.

2 minor points

• Minor pointEarthmoving/construction sales grew 5% with improved margins during the quarter.
• Minor point. Forward-looking: it has not happened yet and may not happen.ITM sale proceeds are intended to reduce debt and support Titan's wheel and tire strategy.

Negative

• Moderate pointAgricultural segment sales declined 12% amid high interest rates, diesel and fertilizer costs, and macroeconomic concerns.
• Moderate pointITM's sale to USCO remains pending, with regulatory processing underway and closing expected in early January 2027.
• Minor pointConsumer segment sales fell 3% versus a prior-year quarter Titan characterized as abnormally strong.

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Details

Market move: TWI -22.66% vs previous close. Q3 2026 earnings report

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$5.00 – $6.54 Day Range

$330.46M Mkt Cap at Last Price

On Oct 29, the day this news came out, the latest delayed price for TWI is 22.66% below the previous close. Argus tracked a trough of -14.3% from its starting point during tracking. Our momentum scanner has recorded 4 alerts for this stock so far that day. The latest delayed price is $5.12. Relative volume is exceptionally heavy at 12.5x the average.

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Key Figures

Continuing-operations revenue: $335 million Gross margin: 14.7% Adjusted EBITDA: $16 million +5 more

Continuing-operations revenue

$335 million

Q3 2026

Gross margin

14.7%

Q3 2026 continuing operations

Adjusted EBITDA

$16 million

Q3 2026 continuing operations

Free cash flow

$23 million

Q3 2026

Q4 sales guidance

$410 million–$430 million

FY 2026 outlook; inclusive of ITM operations

Q4 Adjusted EBITDA guidance

Break-even to $7 million

FY 2026 outlook; inclusive of ITM operations

FY 2026 sales guidance

$1.85 billion–$1.87 billion

Inclusive of ITM operations

FY 2026 Adjusted EBITDA guidance

$91 million–$101 million

Inclusive of ITM operations

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

1. Jul 30

   Q2 earnings

   24h Move

   -3.8%

   Q2 report set Q3 sales and Adjusted EBITDA guidance used as the current quarter’s benchmark.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

non-gaap, discontinued operations, oems

3 terms

non-gaap financial

"reconciliation of GAAP to Non-GAAP figures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

discontinued operations financial

"reported in our Q3 financials as discontinued operations"

Discontinued operations are parts of a company that it has decided to sell or shut down, and no longer plans to run in the future. This matters to investors because it helps them understand which parts of the business are ongoing and which are being phased out, providing a clearer picture of the company’s current performance and future prospects. Think of it like a store closing a department—it no longer contributes to sales or profits.

oems technical

"specifications of original equipment manufacturers (OEMs)"

OEMs, or Original Equipment Manufacturers, are companies that produce the main components or products that other companies use to build finished goods. For investors, OEMs are important because their performance can influence the supply chain, manufacturing costs, and overall market trends in industries like technology, automotive, and electronics. Their success often reflects broader economic health and consumer demand.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WEST CHICAGO, Ill., Oct. 29, 2026 /PRNewswire/ -- Titan International, Inc. (NYSE: TWI) ("Titan" or the "Company"), a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products, today reported financial results for the third quarter ended September 30, 2026.  The full earnings release including a reconciliation of GAAP to Non-GAAP figures can be found in the investor relations section of the Company's website at https://ir.titan-intl.com/news-and-events/news-releases/default.aspx. 

Q3 2026 Key Figures for Continuing Operations

• Revenues of $335 million ($454 million, inclusive of discontinued operations)
• Gross margin of 14.7%
• Adjusted EBITDA of $16 million ($28 million, inclusive of discontinued operations)
• Generated Free Cash Flows of $23 million

Paul Reitz, President and Chief Executive Officer, commented, "Inclusive of ITM, which is reported in our Q3 financials as discontinued operations, our revenues for the quarter of $454 million were above the midpoint of our guidance while Adjusted EBITDA of $28 million was also within our guidance range.  Our One Stop Shop strategy enabled us to deliver solid financial results despite current market conditions.  Focusing on our reported results which exclude ITM from continuing operations, EMC sales grew 5% with improved margins during the quarter while Consumer segment sales were down 3% albeit versus an abnormally strong Q3 last year.  Our Ag segment declined 12% as farmers remained on the sidelines due to high interest rates, diesel and fertilizer costs and other macro concerns that continue to impact overall economic activity."

Mr. Reitz continued, "Toward the end of the quarter we announced an agreement to sell our ITM business.  As we noted in that announcement, our Board of Directors believe that the sale of ITM empowers Titan to focus on growing our global wheel and tire businesses while also utilizing the proceeds to reduce our debt.  ITM is a high-quality business but has limited synergies relative to our wheel and tire operations.  As we continue to execute our strategic plan, we expect to energize our value creation by extending our leadership position in our wheel and tire businesses and intend to utilize proceeds from the transaction to support that strategy.  We are progressing through the regulatory process and continue to expect the transaction to close in early January 2027."  

Mr. Reitz concluded, "Macro uncertainty along with elevated interest rates, fuel and fertilizer costs continue to weigh on activity in our end markets, which has been the story throughout 2026.  At the same time, we believe the building blocks for a resumption of growth are present.  An aging machinery fleet continues to create pent-up replacement demand, while wheel and tire inventories across our distribution channels remain at relatively low levels.  Although corn prices are down from recent highs in August, they are still above year-ago levels, as are soybean prices, which bode well for farmer incomes. I am confident that a resumption in end market demand will flow through to suppliers such as Titan rather quickly. We have also strengthened our strategic position with customers through innovative products and solutions, which we expect will support growth despite challenging market conditions."

Third Quarter and Fiscal Year 2026 Outlook

Tony Eheli, Chief Financial Officer added, "Inclusive of ITM operations, we are updating our fourth quarter and full-year guidance to reflect the effect of current market conditions.  We currently expect fourth quarter sales of between $410 million and $430 million, and Adjusted EBITDA of between break even and $7 million.  Our current expectations for FY 2026 are for sales between $1.85 and $1.87 billion and Adjusted EBITDA of between $91 million and $101 million."

Results for the 2026 third quarter and nine months reflect the classification of the Company's Italtractor ITM undercarriage business ("ITM") as discontinued operations in connection with its previously announced pending sale to USCO S.p.A. ("USCO"). The transaction is scheduled to close in January 2027.  

About Titan

Titan International, Inc. (NYSE: TWI) is a leading global manufacturer of off-highway wheels, tires, assemblies, and undercarriage products.  Headquartered in West Chicago, Illinois, the Company globally produces a broad range of products to meet the specifications of original equipment manufacturers (OEMs) and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. For more information, visit www.titan-intl.com.

Safe Harbor Statement

This press release contains forward-looking statements. These forward-looking statements are covered by the safe harbor for "forward-looking statements" provided by the Private Securities Litigation Reform Act of 1995. The words "believe," "expect," "anticipate," "plan," "would," "could," "potential," "may," "will," and other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. Although we believe the assumptions upon which these forward-looking statements are based are reasonable, these assumptions are subject to significant risks and uncertainties, and are subject to change based on various factors, some of which are beyond Titan International, Inc.'s control. As a result, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties, and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors including, but not limited to, the effect of a recession on the Company and its customers and suppliers; changes in the Company's end-user markets into which the Company sells its products as a result of domestic and world economic or regulatory influences or otherwise; changes in the marketplace, including new products and pricing changes by the Company's competitors; the Company's ability to maintain satisfactory labor relations; unfavorable outcomes of legal proceedings; the Company's ability to comply with current or future regulations applicable to the Company's business and the industry in which it competes or any actions taken or orders issued by regulatory authorities; availability and price of raw materials; levels of operating efficiencies; the effects of the Company's indebtedness and its compliance with the terms thereof; changes in the interest rate environment and their effects on the Company's outstanding indebtedness; unfavorable product liability and warranty claims; actions of domestic and foreign governments, including the imposition of additional tariffs; geopolitical and economic uncertainties relating to the countries in which the Company operates or does business; risks associated with acquisitions, including difficulty in integrating operations and personnel, disruption of ongoing business, and increased expenses; results of investments; the effects of potential processes to explore various strategic transactions, including potential dispositions; fluctuations in currency translations; risks associated with environmental laws and regulations; risks relating to our manufacturing facilities, including that any of our material facilities may become inoperable; risks relating to financial reporting, internal controls, tax accounting, and information systems; and the other risks and factors detailed in the Company's periodic reports filed with the Securities and Exchange Commission, including the disclosures under "Risk Factors" in those reports. These forward-looking statements are made only as of the date hereof. The Company cautions that any forward-looking statements included in this press release are subject to a number of risks and uncertainties, and the Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events, or for any other reason, except as required by law.

 

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SOURCE Titan International, Inc.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Titan International's third-quarter 2026 financial results?

Titan reported continuing-operations revenue of $335 million, gross margin of 14.7% and adjusted EBITDA of $16 million. Including discontinued operations, revenue was $454 million and adjusted EBITDA was $28 million. Free cash flow generated was $23 million.

What is Titan International's fourth-quarter and full-year 2026 guidance?

Including ITM, Titan expects fourth-quarter sales of $410 million to $430 million and adjusted EBITDA of break-even to $7 million. Full-year 2026 expectations are sales of $1.85 billion to $1.87 billion and adjusted EBITDA of $91 million to $101 million.