Titan International (NYSE: TWI) Q1 2026 loss, guidance reaffirmed
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Titan International, Inc. reported first quarter 2026 net sales of $505.1 million, up 2.9% from $490.7 million a year ago, driven mainly by foreign currency tailwinds and pricing, partly offset by lower volumes in agricultural and consumer markets. Gross margin edged up to 14.1%. The company posted a net loss attributable to common shareholders of $24.2 million, or ($0.38) per share, compared with a loss of $0.6 million, largely due to $25.1 million of restructuring and impairment charges tied to closing the Jackson, Tennessee plant. Adjusted EBITDA was $31.4 million, slightly above $30.8 million in 2025, and adjusted net income was roughly break-even. By segment, earthmoving/construction sales rose 11.3% with margin improvement, agriculture was flat, and consumer sales declined 1.6% but kept strong margins. Titan ended the quarter with $171.3 million in cash and $612.6 million of total debt, for net debt of $441.3 million, and used $46.5 million of cash in operating activities, mainly from seasonal working capital. Management guided Q2 2026 sales to $470–$490 million and adjusted EBITDA to $25–$30 million, and reaffirmed full-year 2026 sales guidance of $1.85–$1.95 billion with adjusted EBITDA of $105–$115 million.
Positive
- None.
Negative
- None.
Insights
Q1 showed modest growth, one-time charges, and reaffirmed 2026 guidance.
Titan International grew Q1 2026 net sales 2.9% to $505.1 million, with gross margin at 14.1%. Earthmoving/construction led segment performance, while agriculture was flat and consumer slightly lower but with stable profitability.
GAAP results were weighed down by $25.1 million of restructuring and impairment related to closing the Jackson, Tennessee plant, driving a net loss of $24.2 million. Excluding these items, adjusted EBITDA was $31.4 million, slightly above the prior year.
Net debt increased to $441.3 million as cash declined and working capital absorbed $46.5 million of operating cash flow. Management guided Q2 2026 sales to $470–$490 million and maintained full-year sales of $1.85–$1.95 billion with adjusted EBITDA of $105–$115 million, indicating confidence in the full-year outlook despite near-term restructuring effects.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Net sales: $505.1 million
Net loss attributable to common shareholders: $24.2 million
Adjusted EBITDA: $31.4 million
+5 more
8 metrics
Net sales
$505.1 million
Three months ended March 31, 2026
Net loss attributable to common shareholders
$24.2 million
Q1 2026, equivalent to ($0.38) per share
Adjusted EBITDA
$31.4 million
Three months ended March 31, 2026
Restructuring and impairment expenses
$25.1 million
Related to Jackson, Tennessee plant closure in Q1 2026
Net debt
$441.3 million
As of March 31, 2026
Cash used in operating activities
$46.5 million
Three months ended March 31, 2026
Q2 2026 sales guidance
$470–$490 million
Management outlook for second quarter 2026
Full-year 2026 adjusted EBITDA guidance
$105–$115 million
Maintained company guidance for 2026
Key Terms
Adjusted EBITDA, restructuring and impairment expenses, net debt, constant currency, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA was $31.4 million for the first quarter of 2026, compared to $30.8 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
restructuring and impairment expenses financial
"We recorded approximately $2 million in restructuring and $23 million in non-cash impairment expenses related to the closure."
Restructuring and impairment expenses are charges a company records when it reorganizes its operations (layoffs, closing facilities, or other one-time costs) and when assets lose value and must be written down. Think of it like cleaning out a garage: you pay to reorganize the space and throw away items that no longer work; those costs reduce reported profit now and can signal either short-term pain or long-term efficiency gains, so investors watch them to judge future cash flow and true earning power.
net debt financial
"Net debt (total debt less cash and cash equivalents) was $441.3 million at March 31, 2026"
Net debt is the total amount a company owes after subtracting the cash and assets it has that can be used to pay off that debt. It shows how much debt is truly a burden, helping investors understand if a company is financially healthy or heavily borrowed. Think of it like calculating how much money you owe after using your savings to pay part of it.
constant currency financial
"The table below sets forth, for the three-month ended March 31, 2026, the impact to net sales of currency translation (constant currency)"
Constant currency is a way of measuring financial results that removes the effects of changes in currency exchange rates. It allows for a clearer comparison of a company's performance over time by showing what the numbers would look like if exchange rates had stayed the same. This helps investors understand whether growth comes from actual business improvements or just currency fluctuations.
non-GAAP financial measures financial
"The Company utilizes EBITDA and adjusted EBITDA, which are non-GAAP financial measures, as a means to measure its operating performance."
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Net sales: $505.1 million · Guidance included
Q1 2026
Net sales
$505.1 million
+2.9% YoY
Net loss attributable to common shareholders
$24.2 million
vs. $0.6 million loss prior year
Adjusted EBITDA
$31.4 million
vs. $30.8 million prior year
Gross margin
14.1%
vs. 14.0% prior year
Guidance
Q2 2026 sales expected at $470–$490 million with adjusted EBITDA of $25–$30 million; full-year 2026 sales guided to $1.85–$1.95 billion with adjusted EBITDA of $105–$115 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): April 30, 2026
(Exact name of Registrant as specified in its Charter)
| (State of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of principal executive offices) (Zip Code)
(Registrant's telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol | Name of each exchange on which registered | ||||||
Item 2.02 RESULTS OF OPERATIONS AND FINANCIAL CONDITION
On April 30, 2026, Titan International, Inc. issued a press release reporting its first quarter 2026 financial results. A copy of the press release is furnished herewith as Exhibit 99.
Item 9.01 FINANCIAL STATEMENTS AND EXHIBITS
(d)Exhibits
99Press release dated April 30, 2026, reporting first quarter 2026 financial results for Titan International, Inc.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| TITAN INTERNATIONAL, INC. | |||||
| (Registrant) | |||||
| Date: | April 30, 2026 | By: | /s/ TONY C. EHELI | ||||||||
| Tony C. Eheli | |||||||||||
| SVP and Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
FOR IMMEDIATE RELEASE
Thursday, April 30, 2026
Titan International, Inc. Reports First Quarter Financial Results
WEST CHICAGO, ILLINOIS, April 30, 2026 - 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 first quarter ended March 31, 2026.
Q1 2026 Key Figures
•Revenues grew 2.9% to $505 million
•Gross margin improved to 14.1%
•Adjusted EBITDA increased to $31 million
Paul Reitz, President and Chief Executive Officer, commented, “Our Q1 2026 results were at the high end of our expectations as our team executed well against a macro backdrop that continued to be very dynamic. EMC was our best-performing segment, with growth over 11% versus the prior year period. Gross margin in the segment improved 90 basis points to 11.3% as top-line growth allowed for improved fixed cost leverage. Our Ag segment also recorded modest growth while Consumer fell by only 1.6%. Notwithstanding the geopolitical and tariff volatility, we had a strong quarter with revenues up nearly 3% with increased gross margin and Adjusted EBITDA.”
Mr. Reitz continued, “Titan is built to be resilient in market conditions such as this. We have a diversified portfolio of products, strategically positioned global plants, and a one-stop shop distribution channel that is surrounded by a team that is highly energized for our customers. In times like this, we help our customers remain flexible in serving their end markets. With purchasers of equipment remaining hesitant, inventory management continues to be paramount with many OEMs and dealers working from lean positions to limit their investment in working capital. This naturally limits their ability to be responsive to customer ordering and by working with Titan, those OEMs and dealers know they have a trusted partner that can get them the wheel, tire and undercarriage products they need quickly.”
Mr. Reitz concluded, “We continue to be hopeful that the underlying causes of the current market volatility will subside but remain resolute in knowing Titan is well-positioned however our markets unfold. Our terrific One Titan Team is focused on producing high-quality products and serving our customers to the best of their ability on a daily basis and as we do that, I firmly believe in our continued success.”
Tony Eheli, Chief Financial Officer added, “We currently expect second quarter sales to be between $470 million and $490 million with Adjusted EBITDA between $25 million and $30 million. We are also maintaining our previously communicated full year guidance of sales between $1.85 and $1.95 billion with Adjusted EBITDA between $105 million and $115 million.
Mr. Eheli continued, “During the quarter, we announced the closure of our Jackson, Tennessee plant.We expect to complete the closure by the end of October, and execution is on a solid pace. With the acquisition of Carlstar, we knew we had excess manufacturing capacity in the US and identified this as a long-term synergy opportunity that would be accretive to our earnings. This action will streamline our manufacturing footprint by improving our capacity utilization, reducing costs and improving our ability to serve our customers effectively over the long term.
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We recorded approximately $2 million in restructuring and $23 million in non-cash impairment expenses related to the closure. We are confident that we will see cash benefits next year.”
Results of Operations
Net sales for the three months ended March 31, 2026 were $505.1 million, compared to $490.7 million in the comparable period of 2025. The increase was driven by foreign currency translation, which contributed approximately 3.7% to net sales growth, largely due to the strengthening of the Brazilian real and euro against the U.S. dollar, and favorable pricing related to higher input costs. These increases were partially offset by lower sales volumes resulting from reduced customer demand in the consumer and agricultural segments due to challenging market conditions.
Gross profit for the three months ended March 31, 2026 was $71.4 million, or 14.1% of net sales, compared to $68.6 million, or 14.0% of net sales, for the three months ended March 31, 2025. The improvement in gross profit and margin was driven by focused cost reduction and productivity initiatives which continued to be executed across our global production facilities.
Selling, general and administrative expenses (SG&A) for the three months ended March 31, 2026 were $52.4 million, or 10.4% of net sales, compared to $49.9 million, or 10.2% of net sales, for the three months ended March 31, 2025. The increase in SG&A expenses was primarily attributable to inflationary cost impacts, including higher personnel‑related costs.
Loss from operations for the three months ended March 31, 2026 was $13.8 million, compared to income from operations of $11.8 million for the three months ended March 31, 2025. The change in (loss) income from operations was primarily due to the restructuring and impairment charges related to the closure of Jackson, Tennessee facility. Excluding the impact of the restructuring and non-cash impairment expenses related to the closure, income from operations would have been $11.4 million.
The Company recorded income tax expense of $4.6 million and $4.2 million for the three months ended March 31, 2026 and 2025, respectively. The Company's effective income tax rate was (23.6)% and 99.5% for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the income tax expense and tax rates differed each period due to the jurisdictional mix of earnings.
Segment Information
Agricultural Segment
| (Amounts in thousands, except percentages) | Three months ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2026 | 2025 | % Increase/ (Decrease) | |||||||||||||||
| Net sales | $ | 198,345 | $ | 197,746 | 0.3 | % | |||||||||||
| Gross profit | 24,015 | 24,487 | (1.9) | % | |||||||||||||
| Profit margin | 12.1 | % | 12.4 | % | (2.4) | % | |||||||||||
| Income from operations | 7,493 | 9,442 | (20.6) | % | |||||||||||||
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Net sales in the agricultural segment were $198.3 million for the three months ended March 31, 2026, as compared to $197.7 million for the comparable period in 2025. Foreign currency translation had a favorable impact on sales of approximately 3.1%, which was partially offset by lower sales volumes in the Americas, driven by lower farm income, higher financing costs, and continued inventory reduction initiatives by OEM customers.
Gross profit in the agricultural segment was $24.0 million for the three months ended March 31, 2026, as compared to $24.5 million in the comparable period in 2025. The change in gross profit was primarily due to lower sales volumes and the resulting reduced fixed cost leverage.
Earthmoving/Construction Segment
| (Amounts in thousands, except percentages) | Three months ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2026 | 2025 | % Increase | |||||||||||||||
| Net sales | $ | 159,514 | $ | 143,290 | 11.3 | % | |||||||||||
| Gross profit | 18,089 | 14,893 | 21.5 | % | |||||||||||||
| Profit margin | 11.3 | % | 10.4 | % | 8.7 | % | |||||||||||
| Income from operations | 2,390 | 1,676 | 42.6 | % | |||||||||||||
The Company's earthmoving/construction segment net sales were $159.5 million for the three months ended March 31, 2026, as compared to $143.3 million in the comparable period in 2025. The increase was driven by higher sales volumes in the Americas and the Europe Wheel business, reflecting increased demand from construction OEM customers. Foreign currency translation also had a favorable impact on net sales of approximately 6.1%.
Gross profit in the earthmoving/construction segment was $18.1 million for the three months ended March 31, 2026, as compared to $14.9 million for the three months ended March 31, 2025. The increase in gross profit was mainly driven by higher sales volumes and improved fixed cost leverage.
Consumer Segment
| (Amounts in thousands, except percentages) | Three months ended | ||||||||||||||||
| March 31, | |||||||||||||||||
| 2026 | 2025 | % Increase/ (Decrease) | |||||||||||||||
| Net sales | $ | 147,214 | $ | 149,672 | (1.6) | % | |||||||||||
| Gross profit | 29,345 | 29,264 | 0.3 | % | |||||||||||||
| Profit margin | 19.9 | % | 19.6 | % | 1.5 | % | |||||||||||
| (Loss) income from operations | (15,952) | 8,807 | (281.1) | % | |||||||||||||
Consumer segment net sales were $147.2 million for the three months ended March 31, 2026, as compared to $149.7 million for the three months ended March 31, 2025. The change was primarily attributable to lower sales volumes, reflecting volatile market conditions related to tariffs and higher interest rates. These declines were partially offset by favorable price reflecting higher input costs, and a positive foreign currency translation impact of approximately 2.3%, primarily due to the strengthening of the euro and Canadian dollar relative to the U.S. dollar.
Gross profit from the consumer segment was $29.3 million for both the three months ended March 31, 2026, and March 31, 2025. Despite lower sales volumes, gross profit was comparable to the prior year due to cost reduction and productivity initiatives that continued to be implemented across the Company’s global manufacturing operations.
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Non-GAAP Financial Measures
Adjusted EBITDA was $31.4 million for the first quarter of 2026, compared to $30.8 million in the comparable prior year period. The Company utilizes EBITDA and adjusted EBITDA, which are non-GAAP financial measures, as a means to measure its operating performance. A reconciliation of net income to EBITDA and adjusted EBITDA can be found at the end of this release.
Adjusted net income applicable to common shareholders for the first quarter of 2026 was income of $0.0 million, equal to income of $0.00 per basic and diluted share, compared to adjusted net income of $0.7 million, equal to income of $0.01 per basic and diluted share, in the first quarter of 2025. The Company utilizes adjusted net income applicable to common shareholders, which is a non-GAAP financial measure, as a means to measure its operating performance. A reconciliation of net income applicable to common shareholders and adjusted net income applicable to common shareholders can be found at the end of this release.
Financial Condition
The Company ended the first quarter of 2026 with total cash and cash equivalents of $171.3 million, compared to $202.9 million at December 31, 2025. Long-term debt at March 31, 2026, was $578.3 million, compared to $564.7 million at December 31, 2025. Short-term debt was $34.3 million at March 31, 2026, compared to $21.2 million at December 31, 2025. Net debt (total debt less cash and cash equivalents) was $441.3 million at March 31, 2026, compared to $383.0 million at December 31, 2025.
During the three months ended March 31, 2026, cash flows used for operating activities were $46.5 million. This cash outflow was primarily driven by an increase in working capital. The increase in accounts receivable was largely attributable to seasonality, as sales increased by $94.6 million during the first quarter of 2026 compared to the fourth quarter of 2025. In response to higher operating activity, accounts payable also increased during the first quarter of 2026 compared to year end 2025. Inventory levels decreased, reflecting efforts to proactively manage inventory while supporting customer demand in the subsequent quarter.
Cash used for operating activities increased by $7.9 million when comparing the three months ended March 31, 2026 to the comparable period in 2025, primarily due to working capital changes.
Teleconference and Webcast
Titan will be hosting a teleconference and webcast to discuss the first quarter financial results on Thursday, April 30, 2026, at 9:00 a.m. Eastern Time.
The real-time, listen-only webcast can be accessed using the following link
https://events.q4inc.com/attendee/140857629 or on our website at www.titan-intl.com within the “Investor Relations” page under the “News & Events” menu (https://ir.titan-intl.com/news-and-events/events/default.aspx). Listeners should access the website at least 10 minutes prior to the live event to download and install any necessary audio software.
A webcast replay of the teleconference will be available on our website (https://ir.titan-intl.com/news-and-events/events/default.aspx) soon after the live event.
In order to participate in the real-time teleconference, with live audio Q&A, participants should use one of the following dial in numbers:
United States Toll Free: 1 833 461 5787
All other locations: https://help.events.q4inc.com/eahc/international-dial-in-numbers
Participants Access Code: 140857629
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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 the COVID-19 pandemic on our operations and financial performance; 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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Titan International, Inc.
Condensed Consolidated Statements of Operations (Unaudited)
Amounts in thousands, except per share data
| Three months ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net sales | $ | 505,073 | $ | 490,708 | |||||||
| Cost of sales | 433,624 | 422,064 | |||||||||
| Gross profit | 71,449 | 68,644 | |||||||||
| Selling, general, and administrative expenses | 52,398 | 49,855 | |||||||||
| Research and development expenses | 5,284 | 4,544 | |||||||||
| Royalty expense | 2,410 | 2,446 | |||||||||
| Restructuring and impairment expenses | 25,142 | — | |||||||||
| (Loss) income from operations | (13,785) | 11,799 | |||||||||
| Interest expense | (9,887) | (9,535) | |||||||||
| Interest income | 2,199 | 2,239 | |||||||||
| Foreign exchange gain (loss) | 910 | (1,385) | |||||||||
| Other income | 946 | 1,134 | |||||||||
| (Loss) income before income taxes | (19,617) | 4,252 | |||||||||
| Provision for income taxes | 4,633 | 4,230 | |||||||||
| Net (loss) income | (24,250) | 22 | |||||||||
| Net (loss) income attributable to noncontrolling interests | (36) | 671 | |||||||||
| Net loss attributable to Titan and applicable to common shareholders | $ | (24,214) | $ | (649) | |||||||
| Loss per common share: | |||||||||||
| Basic | $ | (0.38) | $ | (0.01) | |||||||
| Diluted | $ | (0.38) | $ | (0.01) | |||||||
| Average common shares and equivalents outstanding: | |||||||||||
| Basic | 64,072 | 63,283 | |||||||||
| Diluted | 64,072 | 63,283 | |||||||||
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Titan International, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands, except share data
| March 31, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 171,262 | $ | 202,879 | |||||||
| Accounts receivable, net of allowance of $5,007 and $5,058, respectively | 338,496 | 238,906 | |||||||||
| Inventories | 467,962 | 470,549 | |||||||||
| Prepaid and other current assets | 73,319 | 73,638 | |||||||||
| Total current assets | 1,051,039 | 985,972 | |||||||||
| Property, plant and equipment, net | 439,418 | 448,910 | |||||||||
| Operating lease assets | 101,874 | 119,225 | |||||||||
| Goodwill | 29,563 | 29,563 | |||||||||
| Intangible assets, net | 10,571 | 10,889 | |||||||||
| Deferred income taxes | 10,570 | 10,715 | |||||||||
| Other long-term assets | 71,786 | 67,386 | |||||||||
| Total assets | $ | 1,714,821 | $ | 1,672,660 | |||||||
| Liabilities | |||||||||||
| Current liabilities | |||||||||||
| Short-term debt | $ | 34,277 | $ | 21,185 | |||||||
| Accounts payable | 278,019 | 251,715 | |||||||||
| Operating leases | 14,815 | 13,830 | |||||||||
| Other current liabilities | 152,265 | 141,514 | |||||||||
| Total current liabilities | 479,376 | 428,244 | |||||||||
| Long-term debt | 578,305 | 564,717 | |||||||||
| Deferred income taxes | 6,883 | 6,138 | |||||||||
| Operating leases | 107,891 | 111,054 | |||||||||
| Other long-term liabilities | 40,819 | 40,890 | |||||||||
| Total liabilities | 1,213,274 | 1,151,043 | |||||||||
| Commitments and Contingencies | |||||||||||
| Equity | |||||||||||
| Titan shareholders' equity | |||||||||||
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 64,312,774 outstanding at March 31, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025) | — | — | |||||||||
| Additional paid-in capital | 736,818 | 738,711 | |||||||||
| Retained earnings | 76,355 | 100,569 | |||||||||
Treasury stock (at cost, 14,134,261 shares at March 31, 2026 and 14,495,541 shares at December 31, 2025) | (112,994) | (115,871) | |||||||||
| Accumulated other comprehensive loss | (205,268) | (209,029) | |||||||||
| Total Titan shareholders’ equity | 494,911 | 514,380 | |||||||||
| Noncontrolling interests | 6,636 | 7,237 | |||||||||
| Total equity | 501,547 | 521,617 | |||||||||
| Total liabilities and equity | $ | 1,714,821 | $ | 1,672,660 | |||||||
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Titan International, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
All amounts in thousands
| Three months ended March 31, | |||||||||||
| Cash flows from operating activities: | 2026 | 2025 | |||||||||
| Net (loss) income | $ | (24,250) | $ | 22 | |||||||
| Adjustments to reconcile net (loss) income to net cash used for operating activities: | |||||||||||
| Depreciation and amortization | 17,073 | 15,871 | |||||||||
| Restructuring and impairment expenses | 25,142 | — | |||||||||
| Deferred income tax provision (benefit) | 1,212 | (793) | |||||||||
| Loss on fixed asset and investment sale | 64 | 40 | |||||||||
| Stock-based compensation | 565 | (925) | |||||||||
| Issuance of stock under 401(k) plan | 419 | 396 | |||||||||
| Foreign currency (gain) loss | (2,342) | 2,759 | |||||||||
| (Increase) decrease in assets: | |||||||||||
| Accounts receivable | (98,797) | (97,101) | |||||||||
| Inventories | 3,438 | (5,339) | |||||||||
| Prepaid and other current assets | 624 | (2,358) | |||||||||
| Other assets | (4,851) | (1,443) | |||||||||
| Increase (decrease) in liabilities: | |||||||||||
| Accounts payable | 25,450 | 51,188 | |||||||||
| Other current liabilities | 9,162 | (1,154) | |||||||||
| Other liabilities | 565 | 246 | |||||||||
| Net cash used for operating activities | (46,526) | (38,591) | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (13,250) | (15,027) | |||||||||
| Proceeds from sale of fixed assets | 116 | 199 | |||||||||
| Net cash used for investing activities | (13,134) | (14,828) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from borrowings | 59,247 | 26,606 | |||||||||
| Repayments of debt | (32,893) | (8,013) | |||||||||
| Other financing activities | (160) | 21 | |||||||||
| Net cash provided by financing activities | 26,194 | 18,614 | |||||||||
| Effect of exchange rate changes on cash | 1,849 | 13,261 | |||||||||
| Net decrease in cash and cash equivalents | (31,617) | (21,544) | |||||||||
| Cash and cash equivalents, beginning of period | 202,879 | 195,974 | |||||||||
| Cash and cash equivalents, end of period | $ | 171,262 | $ | 174,430 | |||||||
| Supplemental information: | |||||||||||
| Interest paid | $ | 3,396 | $ | 3,209 | |||||||
| Income taxes paid, net of refunds received | $ | 2,137 | $ | 3,421 | |||||||
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Titan International, Inc.
Reconciliation of GAAP to Non-GAAP Financial Measures (Unaudited)
Amounts in thousands, except earnings per share data and percentages
The Company reports its financial results in accordance with generally accepted accounting principles in the United States (GAAP). These supplemental schedules provide a quantitative reconciliation between each of adjusted gross profit, adjusted net income attributable to Titan, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt, and net cash used for operating activities to free cash flow, each of which is a non-GAAP financial measure and the most directly comparable financial measures calculated and reported in accordance with GAAP.
We present adjusted gross profit, adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt and net cash used for operating activities to free cash flow, as we believe that they assist investors with analyzing our business results. In addition, management reviews these non-GAAP financial measures in order to evaluate the financial performance of each of our segments, as well as the Company’s performance as a whole. We believe that the presentation of these non‑GAAP financial measures will permit investors to assess the performance of the Company on the same basis as management.
Adjusted gross profit, adjusted net income attributable to Titan, adjusted earnings per common share, EBITDA, adjusted EBITDA, net sales on a constant currency basis, net debt, and free cash flow should be considered supplemental to, not a substitute for, the financial measures calculated in accordance with GAAP. One should not consider these measures in isolation or as a substitute for our results reported under GAAP. These measures have limitations in that they do not reflect all of the costs associated with the operations of our businesses as determined in accordance with GAAP. In addition, these measures may be calculated differently than non-GAAP financial measures reported by other companies, limiting their usefulness as comparative measures. We attempt to compensate for these limitations by analyzing results on a GAAP basis as well as a non-GAAP basis, prominently disclosing GAAP results and providing reconciliations from GAAP results to non-GAAP results.
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The table below provides a reconciliation of adjusted net income attributable to Titan to net loss applicable to common shareholders, the most directly comparable GAAP financial measure, for the three-month periods ended March 31, 2026 and 2025 (in thousands, except earnings per share).
| Three months ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net loss attributable to Titan and applicable to common shareholders | $ | (24,214) | $ | (649) | |||||||
| Adjustments: | |||||||||||
| Foreign exchange (gain) loss | (910) | 1,385 | |||||||||
| Restructuring and impairment expenses | 25,142 | — | |||||||||
| Adjusted net income attributable to Titan and applicable to common shareholders | $ | 18 | $ | 736 | |||||||
| Adjusted earnings per common share: | |||||||||||
| Basic | $ | 0.00 | $ | 0.01 | |||||||
| Diluted | $ | 0.00 | $ | 0.01 | |||||||
| Average common shares and equivalents outstanding: | |||||||||||
| Basic | 64,072 | 63,283 | |||||||||
| Diluted | 64,481 | 64,059 | |||||||||
The table below provides a reconciliation of net (loss) income to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three-month ended March 31, 2026 and 2025 (in thousands).
| Three months ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net (loss) income | $ | (24,250) | $ | 22 | |||||||
| Adjustments: | |||||||||||
| Provision for income taxes | 4,633 | 4,230 | |||||||||
| Interest expense, excluding financing fees amortization | 9,668 | 9,315 | |||||||||
| Depreciation and amortization | 17,073 | 15,871 | |||||||||
| EBITDA | $ | 7,124 | $ | 29,438 | |||||||
| Adjustments: | |||||||||||
| Foreign exchange (gain) loss | (910) | 1,385 | |||||||||
| Restructuring and impairment expenses | 25,142 | — | |||||||||
| Adjusted EBITDA | $ | 31,356 | $ | 30,823 | |||||||
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The table below sets forth, for the three-month ended March 31, 2026, the impact to net sales of currency translation (constant currency) by geography (in thousands, except percentages):
| Three months ended March 31, | Change due to currency translation | Three months ended March 31, | |||||||||||||||||||||||||||||||||
| 2026 | 2025(1) | % Change from 2025 | $ | % | Constant Currency | ||||||||||||||||||||||||||||||
| North America | $ | 291,892 | $ | 283,992 | 2.8 | % | $ | 793 | 0.3 | % | $ | 291,099 | |||||||||||||||||||||||
| Europe / CIS | 107,228 | 109,053 | (1.7) | % | 10,600 | 9.7 | % | 96,628 | |||||||||||||||||||||||||||
| Latin America | 83,202 | 77,018 | 8.0 | % | 7,231 | 9.4 | % | 75,971 | |||||||||||||||||||||||||||
| Asia and other regions | 22,751 | 20,645 | 10.2 | % | (346) | (1.7) | % | 23,097 | |||||||||||||||||||||||||||
| $ | 505,073 | $ | 490,708 | 2.9 | % | $ | 18,278 | 3.7 | % | $ | 486,795 | ||||||||||||||||||||||||
(1) Certain reclassifications were made to the prior year amounts to conform with the current year presentation for the net sales by geography.
The table below provides a reconciliation of net debt, which is a non-GAAP financial measure (in thousands):
| March 31, 2026 | December 31, 2025 | March 31, 2025 | |||||||||||||||
| Long-term debt | $ | 578,305 | $ | 564,717 | $ | 571,589 | |||||||||||
| Short-term debt | 34,277 | 21,185 | 13,814 | ||||||||||||||
| Total debt | $ | 612,582 | $ | 585,902 | $ | 585,403 | |||||||||||
| Cash and cash equivalents | 171,262 | 202,879 | 174,430 | ||||||||||||||
| Net debt | $ | 441,320 | $ | 383,023 | $ | 410,973 | |||||||||||
The table below provides a reconciliation of net cash used for operating activities to free cash flow, which is a non-GAAP financial measure (in thousands):
| Three months ended | |||||||||||
| March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Net cash used for operating activities | $ | (46,526) | $ | (38,591) | |||||||
| Capital expenditures | (13,250) | (15,027) | |||||||||
| Free cash flow | $ | (59,776) | $ | (53,618) | |||||||
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FAQ
How did Titan International (TWI) perform financially in Q1 2026?
Titan International reported Q1 2026 net sales of $505.1 million, up 2.9% year over year. Gross profit was $71.4 million with a 14.1% margin, while adjusted EBITDA reached $31.4 million, slightly above the prior-year period.
Why did Titan International report a net loss in Q1 2026?
Titan International recorded a Q1 2026 net loss attributable to common shareholders of $24.2 million, or ($0.38) per share. The loss was mainly driven by $25.1 million in restructuring and non-cash impairment expenses tied to closing the Jackson, Tennessee manufacturing plant.
What guidance did Titan International (TWI) provide for Q2 and full-year 2026?
For Q2 2026, Titan expects sales between $470–$490 million and adjusted EBITDA of $25–$30 million. For full-year 2026, it reaffirmed sales guidance of $1.85–$1.95 billion and adjusted EBITDA of $105–$115 million, signaling steady expectations.
How did Titan International’s business segments perform in Q1 2026?
In Q1 2026, agricultural net sales were $198.3 million, essentially flat year over year. Earthmoving/construction net sales rose to $159.5 million, up 11.3%, with higher margins, while consumer net sales declined 1.6% to $147.2 million but maintained a 19.9% profit margin.
What is Titan International’s debt and cash position after Q1 2026?
At March 31, 2026, Titan International held $171.3 million in cash and cash equivalents and total debt of $612.6 million. This resulted in net debt of $441.3 million, up from $383.0 million at December 31, 2025.