Titan International Q3 2026 loss widens to $42.7M
Titan’s 2026 outlook includes $1.85 billion to $1.87 billion in sales and $91 million to $101 million in adjusted EBITDA, inclusive of ITM operations.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Titan International, Inc. (TWI) reported third-quarter 2026 revenue of $335.2 million from continuing operations ($454 million including discontinued operations), compared with $357.3 million from continuing operations a year earlier, a 6.2% decline. Gross margin was 14.7%, versus 15.7%, and adjusted EBITDA from continuing operations was $16.4 million, compared with $20.3 million. Free cash flow from continuing operations was $23.3 million, versus $10.9 million. Net loss attributable to Titan and applicable to common shareholders was $42.7 million, compared with $2.3 million; discontinued operations recorded a $33.7 million net loss.
Guidance, inclusive of ITM operations, is Q4 sales of $410 million to $430 million and adjusted EBITDA from break-even to $7 million; FY 2026 sales of $1.85 billion to $1.87 billion and adjusted EBITDA of $91 million to $101 million. Titan said its agreement to sell ITM to USCO S.p.A. is scheduled to close in January 2027, with proceeds intended to reduce debt. Nine-month operating cash flow from continuing operations was $19.3 million, versus $1.8 million in 2025.
1 point · 0 major0 major · 3 points
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
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.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNine-month continuing-operations cash flow rose to $19.3 million from $1.8 million.
Negative
- Moderate pointContinuing-operations revenue fell 6.2%, to $335.2 million from $357.3 million.
- Moderate pointContinuing-operations adjusted EBITDA fell to $16.4 million from $20.3 million.
- Moderate pointTitan common-shareholder net loss: $42.7 million versus $2.3 million.
Filing Explained
Reconciliation reports a $42,744 thousand common-shareholder loss and an adjusted $1,829 thousand loss after listing $38,532 thousand as a loss on sale of discontinued operations.
The October 29 Form 8-K furnishes Titan’s third-quarter results and reports net debt (total debt less cash and cash equivalents) of
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, or exhibit attachments filed with this report.
Key Figures
Revenue from continuing operations: $335.2 million
Adjusted EBITDA from continuing operations: $16.4 million
Gross margin: 14.7%
+5 more
8 metrics
Revenue from continuing operations
$335.2 million
Third quarter 2026; down 6.2% from $357.3 million in Q3 2025
Adjusted EBITDA from continuing operations
$16.4 million
Third quarter 2026; compared with $20.3 million in Q3 2025
Gross margin
14.7%
Third quarter 2026; compared with 15.7% in Q3 2025
Free cash flow from continuing operations
$23.3 million
Third quarter 2026; compared with $10.9 million in Q3 2025
Net loss attributable to Titan and applicable to common shareholders
$42.7 million
Third quarter 2026; compared with $2.3 million in Q3 2025
Q4 2026 sales guidance
$410 million to $430 million
Inclusive of ITM operations
Q4 2026 adjusted EBITDA guidance
Break-even to $7 million
Inclusive of ITM operations
FY 2026 sales and adjusted EBITDA guidance
$1.85 billion to $1.87 billion sales; $91 million to $101 million adjusted EBITDA
Inclusive of ITM operations
Key Terms
Adjusted EBITDA, discontinued operations, free cash flow, net debt
4 terms
Adjusted EBITDA financial
"Adjusted EBITDA from continuing operations was $16.4 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.
discontinued operations financial
"Net (loss) income from discontinued operations, net of tax"
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.
free cash flow financial
"Free cash flow from continuing operations"
Free cash flow is the amount of money a company has left over after paying all its expenses and investing in its business, like buying equipment or updating facilities. It shows how much cash is available to reward shareholders, pay down debt, or save for future growth. This helps investors understand if a company is financially healthy and able to grow.
net debt financial
"Net debt (total debt less cash and cash equivalents)"
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.
Earnings Snapshot
Revenue from continuing operations: $335.2 million · Guidance included
Third quarter 2026
Revenue from continuing operations
$335.2 million
Down 6.2% from $357.3 million in Q3 2025
Gross margin
14.7%
Compared with 15.7% in Q3 2025
Adjusted EBITDA from continuing operations
$16.4 million
Compared with $20.3 million in Q3 2025
Free cash flow from continuing operations
$23.3 million
Compared with $10.9 million in Q3 2025
Guidance
Inclusive of ITM operations, Q4 2026 sales of $410 million to $430 million and adjusted EBITDA from break-even to $7 million; FY 2026 sales of $1.85 billion to $1.87 billion and adjusted EBITDA of $91 million to $101 million.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were TWI’s third-quarter 2026 revenue and adjusted EBITDA?
Continuing-operations revenue was $335.2 million and adjusted EBITDA from continuing operations was $16.4 million. Including discontinued operations, revenue was $454 million and adjusted EBITDA was $28 million.
What guidance did TWI provide for Q4 and FY 2026?
Inclusive of ITM operations, Q4 sales are expected to be $410 million to $430 million, with adjusted EBITDA from break-even to $7 million. FY 2026 sales are expected to be $1.85 billion to $1.87 billion, with adjusted EBITDA of $91 million to $101 million.
Why did TWI report a $42.7 million net loss in Q3 2026?
Titan reported a $42.7 million net loss attributable to Titan and applicable to common shareholders. The statements show a $33.7 million net loss from discontinued operations and an $8.8 million net loss from continuing operations; the adjusted-results reconciliation includes a $38.5 million loss-on-sale adjustment for discontinued operations.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): October 29, 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 October 29, 2026, Titan International, Inc. issued a press release reporting its third 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 October 29, 2026, reporting third 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: | October 29, 2026 | By: | /s/ TONY C. EHELI | ||||||||
| Tony C. Eheli | |||||||||||
| SVP and Chief Financial Officer | |||||||||||
| (Principal Financial Officer) | |||||||||||
FOR IMMEDIATE RELEASE
Thursday, October 29, 2026
Titan International, Inc. Reports Third Quarter Financial Results
WEST CHICAGO, ILLINOIS, October 29, 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 third quarter ended September 30, 2026.
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.”
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."
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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.
Results of Operations
Net sales for the three months ended September 30, 2026 were $335.2 million compared to $357.3 million in the comparable period of 2025, primarily due to lower sales volumes resulting from reduced end‑market demand due to weak market conditions, partially offset by favorable pricing, which reflected higher input costs and improved product mix. In addition, favorable foreign currency translation contributed approximately 0.2% to net sales growth.
Gross profit for the three months ended September 30, 2026 was $49.4 million, or 14.7% of net sales, compared to $56.1 million, or 15.7% of net sales, in the 2025 period. The changes in gross profit and margin were due to lower fixed cost leverage resulting from reduced volumes, as well as inflationary pressures on raw materials and other input costs.
Selling, general and administrative expenses (SG&A) for the three months ended September 30, 2026 were $43.0 million, or 12.8% of net sales, compared to $45.8 million, or 12.8% of net sales, in the 2025 period. The SG&A expense decrease was due to continued focus on cost reduction initiatives.
Loss from operations for the three months ended September 30, 2026 was $1.0 million, compared to income from operations of $3.7 million in the 2025 period, primarily due to lower gross profit discussed above.
The Company recorded income tax expense of $0.2 million and $0.0 million for the three months ended September 30, 2026 and 2025, respectively. The Company's effective income tax rate was (2.0)% and 0.5% for the three months ended September 30, 2026 and 2025, respectively. The Company's income tax expense and rates differed from the amounts determined by applying the U.S. federal income tax rate to pre-tax income primarily because of foreign income tax rate differentials on the mix of earnings and a valuation allowance on most domestic federal and state operations.
Segment Information
Agricultural Segment
| (Amounts in thousands, except percentages) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net sales | $ | 156,878 | $ | 177,578 | (11.7) | % | $ | 518,619 | $ | 548,804 | (5.5) | % | |||||||||||||||||||||||
| Gross profit | 11,970 | 23,426 | (48.9) | % | 53,630 | 72,715 | (26.2) | % | |||||||||||||||||||||||||||
| Profit margin | 7.6 | % | 13.2 | % | (42.4) | % | 10.3 | % | 13.2 | % | (22.0) | % | |||||||||||||||||||||||
| (Loss) income from operations | (3,960) | 5,564 | (171.2) | % | 3,493 | 22,659 | (84.6) | % | |||||||||||||||||||||||||||
Net sales in the agricultural segment were $156.9 million for the three months ended September 30, 2026, as compared to $177.6 million for the comparable period of 2025. The change was primarily due to lower sales volumes in the Americas, driven by lower farm income, higher financing costs, and continued inventory reduction initiatives by OEM and aftermarket customers.
Gross profit in the agricultural segment was $12.0 million for the three months ended September 30, 2026, as compared to $23.4 million in the comparable period of 2025. The change was primarily attributable to lower sales volumes and the resulting reduction in fixed cost leverage, and higher material costs.
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Consumer Segment
| (Amounts in thousands, except percentages) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net sales | $ | 120,900 | $ | 125,008 | (3.3) | % | $ | 397,148 | $ | 374,744 | 6.0 | % | |||||||||||||||||||||||
| Gross profit | 33,355 | 29,314 | 13.8 | % | 93,742 | 79,566 | 17.8 | % | |||||||||||||||||||||||||||
| Profit margin | 27.6 | % | 23.4 | % | 17.9 | % | 23.6 | % | 21.2 | % | 11.3 | % | |||||||||||||||||||||||
| Income from operations | 13,282 | 7,726 | 71.9 | % | 6,904 | 17,152 | (59.7) | % | |||||||||||||||||||||||||||
Consumer segment net sales were $120.9 million for the three months ended September 30, 2026, as compared to $125.0 million in the 2025 period. The change was primarily driven by lower sales volumes in the Titan Specialty business, reflecting lower customer demand compared to the prior year period. The prior year period benefited from a shift in customer order timing from the second quarter to the third quarter resulting from tariff policies in effect at that time.
Gross profit from the consumer segment was $33.4 million for the three months ended September 30, 2026, as compared to $29.3 million in the 2025 period. The increase was primarily driven by $3.5 million of net tariff refund recoveries, which were recorded as a reduction of cost of goods sold.
Earthmoving/Construction Segment
| (Amounts in thousands, except percentages) | Three months ended | Nine months ended | |||||||||||||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||||||||||||||
| 2026 | 2025 | % Change | 2026 | 2025 | % Change | ||||||||||||||||||||||||||||||
| Net sales | $ | 57,399 | $ | 54,672 | 5.0 | % | $ | 180,853 | $ | 163,223 | 10.8 | % | |||||||||||||||||||||||
| Gross profit | 4,090 | 3,334 | 22.7 | % | 16,886 | 11,814 | 42.9 | % | |||||||||||||||||||||||||||
| Profit margin | 7.1 | % | 6.1 | % | 16.4 | % | 9.3 | % | 7.2 | % | 29.2 | % | |||||||||||||||||||||||
| (Loss) income from operations | (1,791) | (2,412) | 25.7 | % | 217 | (3,721) | 105.8 | % | |||||||||||||||||||||||||||
The Company's earthmoving/construction segment net sales were $57.4 million for the three months ended September 30, 2026, as compared to $54.7 million in the comparable period of 2025. The increase was driven by higher sales volumes in Europe reflecting recent business awards and increased market share, and pricing actions implemented to offset higher input costs. In addition, favorable foreign currency translation increased net sales by approximately 0.7% between periods.
Gross profit in the earthmoving/construction segment was $4.1 million for the three months ended September 30, 2026, as compared to $3.3 million for the 2025 period. The increase in gross profit was mainly driven by higher sales volumes and productivity initiatives across the Company's production facilities.
Non-GAAP Financial Measures
Adjusted EBITDA from continuing operations was $16.4 million for the third quarter of 2026, compared to $20.3 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 loss to EBITDA and adjusted EBITDA can be found at the end of this release.
Adjusted net loss applicable to common shareholders for the third quarter of 2026 was $1.8 million, equal to $(0.03) per basic and diluted share, compared to adjusted net income of $2.6 million, equal to $0.04 per basic and diluted share, in the third quarter of 2025. The Company utilizes adjusted net income applicable to common shareholders,
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which is a non-GAAP financial measure, as a means to measure its operating performance. A reconciliation of net loss applicable to common shareholders and adjusted net (loss) income applicable to common shareholders can be found at the end of this release.
Financial Condition
The Company ended the third quarter of 2026 with total cash and cash equivalents of $172.8 million, compared to $202.9 million at December 31, 2025. Long-term debt at September 30, 2026 was $537.6 million, compared to $559.8 million at December 31, 2025. Short-term debt was $28.5 million at September 30, 2026, compared to $19.1 million at December 31, 2025. Net debt (total debt less cash and cash equivalents) of continuing operations was $393.4 million at September 30, 2026, compared to $376.0 million at December 31, 2025.
Cash provided by operating activities of continuing operations were $19.3 million for the first nine months of 2026, compared with $1.8 million in the prior year period, primarily reflecting favorable changes in working capital, partially offset by other operating activities.
Teleconference and Webcast
Titan will be hosting a teleconference and webcast to discuss the third quarter financial results on Thursday, October 29, 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/185351132 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: 185 351 132
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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 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 | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net sales | $ | 335,177 | $ | 357,258 | $ | 1,096,620 | $ | 1,086,771 | |||||||||||||||
| Cost of sales | 285,762 | 301,184 | 932,362 | 922,676 | |||||||||||||||||||
| Gross profit | 49,415 | 56,074 | 164,258 | 164,095 | |||||||||||||||||||
| Selling, general, and administrative expenses | 42,959 | 45,793 | 131,752 | 133,745 | |||||||||||||||||||
| Research and development expenses | 3,299 | 3,116 | 10,169 | 8,751 | |||||||||||||||||||
| Royalty expense | 2,686 | 3,445 | 7,749 | 8,310 | |||||||||||||||||||
| Restructuring and other charges | 1,442 | — | 27,418 | — | |||||||||||||||||||
| (Loss) income from operations | (971) | 3,720 | (12,830) | 13,289 | |||||||||||||||||||
| Interest expense | (9,768) | (9,727) | (29,709) | (28,935) | |||||||||||||||||||
| Interest income | 2,530 | 2,707 | 6,745 | 6,751 | |||||||||||||||||||
| Foreign exchange loss | (707) | (1,962) | (1,103) | (4,750) | |||||||||||||||||||
| Other income (loss) | 287 | (2,504) | 1,549 | (814) | |||||||||||||||||||
| Loss from continuing operations before income taxes | (8,629) | (7,766) | (35,348) | (14,459) | |||||||||||||||||||
| Provision (benefit) for income taxes | 172 | (41) | 2,444 | 3,948 | |||||||||||||||||||
| Net loss from continuing operations | (8,801) | (7,725) | (37,792) | (18,407) | |||||||||||||||||||
| Net (loss) income from discontinued operations, net of tax | (33,650) | 5,266 | (22,569) | 12,366 | |||||||||||||||||||
| Net loss | (42,451) | (2,459) | (60,361) | (6,041) | |||||||||||||||||||
| Net income (loss) attributable to noncontrolling interests | 293 | (197) | 833 | 1,415 | |||||||||||||||||||
| Net loss attributable to Titan and applicable to common shareholders | $ | (42,744) | $ | (2,262) | $ | (61,194) | $ | (7,456) | |||||||||||||||
| Loss per common share: | |||||||||||||||||||||||
| Basic net loss from continuing operations per share | $ | (0.14) | $ | (0.12) | $ | (0.59) | $ | (0.29) | |||||||||||||||
| Basic net loss per share attributable to Titan and applicable common stockholders | $ | (0.66) | $ | (0.04) | $ | (0.95) | $ | (0.12) | |||||||||||||||
| Diluted net loss from continuing operations per share | $ | (0.14) | $ | (0.12) | $ | (0.59) | $ | (0.29) | |||||||||||||||
| Diluted net loss per share attributable to Titan and applicable common stockholders | $ | (0.66) | $ | (0.04) | $ | (0.95) | $ | (0.12) | |||||||||||||||
| Average common shares and equivalents outstanding: | |||||||||||||||||||||||
| Basic | 64,463 | 63,895 | 64,334 | 63,635 | |||||||||||||||||||
| Diluted | 64,463 | 63,895 | 64,334 | 63,635 | |||||||||||||||||||
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Titan International, Inc.
Condensed Consolidated Balance Sheets
Amounts in thousands, except share data
| September 30, 2026 | December 31, 2025 | ||||||||||
| Assets | (unaudited) | ||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 172,787 | $ | 202,879 | |||||||
| Accounts receivable, net of allowance of $4,565 and $4,491, respectively | 187,391 | 166,069 | |||||||||
| Inventories | 327,242 | 330,622 | |||||||||
| Prepaid and other current assets | 60,129 | 60,205 | |||||||||
| Current assets of discontinued operations | 351,272 | 226,197 | |||||||||
| Total current assets | 1,098,821 | 985,972 | |||||||||
| Property, plant and equipment, net | 331,276 | 351,846 | |||||||||
| Operating lease assets | 86,227 | 108,402 | |||||||||
| Goodwill | 29,563 | 29,563 | |||||||||
| Intangible assets, net | 9,698 | 10,564 | |||||||||
| Deferred income taxes | 17,652 | 9,130 | |||||||||
| Other long-term assets | 71,154 | 62,220 | |||||||||
| Noncurrent assets of discontinued operations | — | 114,963 | |||||||||
| Total assets | $ | 1,644,391 | $ | 1,672,660 | |||||||
| Liabilities | |||||||||||
| Current liabilities | |||||||||||
| Short-term debt | $ | 28,505 | $ | 19,099 | |||||||
| Accounts payable | 178,270 | 174,038 | |||||||||
| Operating leases | 11,278 | 10,893 | |||||||||
| Other current liabilities | 129,969 | 111,558 | |||||||||
| Current liabilities of discontinued operations | 161,052 | 112,653 | |||||||||
| Total current liabilities | 509,074 | 428,241 | |||||||||
| Long-term debt | 537,636 | 559,793 | |||||||||
| Deferred income taxes | 4,495 | 3,790 | |||||||||
| Operating leases | 96,300 | 102,835 | |||||||||
| Other long-term liabilities | 33,608 | 32,199 | |||||||||
| Noncurrent liabilities of discontinued operations | — | 24,185 | |||||||||
| Total liabilities | 1,181,113 | 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 64,542,352 outstanding at September 30, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025) | — | — | |||||||||
| Additional paid-in capital | 738,321 | 738,711 | |||||||||
| Retained earnings | 39,375 | 100,569 | |||||||||
Treasury stock (at cost, 13,904,683 shares at September 30, 2026 and 14,495,541 shares at December 31, 2025) | (111,166) | (115,871) | |||||||||
| Accumulated other comprehensive loss | (210,485) | (209,029) | |||||||||
| Total Titan shareholders’ equity | 456,045 | 514,380 | |||||||||
| Noncontrolling interests | 7,233 | 7,237 | |||||||||
| Total equity | 463,278 | 521,617 | |||||||||
| Total liabilities and equity | $ | 1,644,391 | $ | 1,672,660 | |||||||
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Titan International, Inc.
Condensed Consolidated Statements of Cash Flows (Unaudited)
All amounts in thousands
| Nine months ended September 30, | |||||||||||
| Cash flows from operating activities: | 2026 | 2025 | |||||||||
| Net loss | $ | (60,361) | $ | (6,041) | |||||||
| Net (loss) income from discontinued operations, net of tax | (22,569) | 12,366 | |||||||||
| Net loss from continuing operations | (37,792) | (18,407) | |||||||||
| Adjustments to reconcile net loss to net cash provided by operating activities of continuing operations: | |||||||||||
| Depreciation and amortization | 40,621 | 39,844 | |||||||||
| Restructuring and other charges | 27,418 | — | |||||||||
| Deferred income tax benefit | (7,739) | (2,852) | |||||||||
| Loss on fixed asset and investment sale | 44 | 19 | |||||||||
| Stock-based compensation | 3,050 | 1,878 | |||||||||
| Issuance of stock under 401(k) plan | 1,265 | 1,252 | |||||||||
| Foreign currency loss | 1,823 | 5,543 | |||||||||
| (Increase) decrease in assets: | |||||||||||
| Accounts receivable | (22,883) | (38,987) | |||||||||
| Inventories | 2,083 | (8,484) | |||||||||
| Prepaid and other current assets | (127) | (5,206) | |||||||||
| Other assets | (9,831) | (6,283) | |||||||||
| Increase in liabilities: | |||||||||||
| Accounts payable | 2,234 | 20,015 | |||||||||
| Other current liabilities | 15,891 | 10,754 | |||||||||
| Other liabilities | 3,221 | 2,741 | |||||||||
| Net cash provided by operating activities of continuing operations | 19,278 | 1,827 | |||||||||
| Net cash (used for) provided by operating activities of discontinued operations | (9,520) | 15,416 | |||||||||
| Net cash provided by operating activities | 9,758 | 17,243 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (25,232) | (30,344) | |||||||||
| Proceeds from sale of fixed assets | 1,543 | 235 | |||||||||
| Net cash used for investing activities of continuing operations | (23,689) | (30,109) | |||||||||
| Net cash used for investing activities of discontinued operations | (8,116) | (6,325) | |||||||||
| Net cash used for investing activities | (31,805) | (36,434) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from borrowings | 94,513 | 72,672 | |||||||||
| Repayments of debt | (107,804) | (62,307) | |||||||||
| Other financing activities | (222) | (48) | |||||||||
| Net cash (used for) provided by financing activities of continuing operations | (13,513) | 10,317 | |||||||||
| Net cash provided by (used for) financing activities of discontinued operations | 5,867 | (832) | |||||||||
| Net cash (used for) provided by financing activities | (7,646) | 9,485 | |||||||||
| Effect of exchange rate changes on cash | (399) | 19,113 | |||||||||
| Net (decrease) increase in cash and cash equivalents | (30,092) | 9,407 | |||||||||
| Cash and cash equivalents, beginning of period | 202,879 | 195,974 | |||||||||
| Cash and cash equivalents, end of period | $ | 172,787 | $ | 205,381 | |||||||
| Supplemental information: | |||||||||||
| Interest paid | $ | 24,216 | $ | 24,620 | |||||||
| Income taxes paid, net of refunds received | 12,033 | 14,089 | |||||||||
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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 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 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 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 net loss attributable to Titan and applicable to common shareholders to adjusted net (loss) income attributable to Titan and applicable to common shareholders, which is a non-GAAP financial measure, for the three and nine-month periods ended September 30, 2026 and 2025 (in thousands, except loss per share).
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss attributable to Titan and applicable to common shareholders | $ | (42,744) | $ | (2,262) | $ | (61,194) | $ | (7,456) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Foreign exchange loss (gain) | 941 | 2,009 | (28) | 6,389 | |||||||||||||||||||
| Restructuring and impairment expenses | 1,442 | — | 27,418 | — | |||||||||||||||||||
| Loss from life insurance policy termination | — | 2,851 | — | 2,851 | |||||||||||||||||||
| Loss on sale of discontinued operations | 38,532 | — | 38,532 | — | |||||||||||||||||||
| Adjusted net (loss) income attributable to Titan and applicable to common shareholders | $ | (1,829) | $ | 2,598 | $ | 4,728 | $ | 1,784 | |||||||||||||||
| Adjusted (loss) income per common share: | |||||||||||||||||||||||
| Basic | $ | (0.03) | $ | 0.04 | $ | 0.07 | $ | 0.03 | |||||||||||||||
| Diluted | $ | (0.03) | $ | 0.04 | $ | 0.07 | $ | 0.03 | |||||||||||||||
| Average common shares and equivalents outstanding: | |||||||||||||||||||||||
| Basic | 64,463 | 63,895 | 64,334 | 63,635 | |||||||||||||||||||
| Diluted | 64,463 | 64,067 | 64,513 | 63,904 | |||||||||||||||||||
The table below provides a reconciliation of net loss to EBITDA and adjusted EBITDA, which are non-GAAP financial measures, for the three and nine-month ended September 30, 2026 and 2025 (in thousands).
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net loss from continuing operations | $ | (8,801) | $ | (7,725) | $ | (37,792) | $ | (18,407) | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Provision (benefit) for income taxes | 172 | (41) | 2,444 | 3,948 | |||||||||||||||||||
| Interest expense, excluding financing fees amortization | 9,544 | 9,728 | 29,413 | 29,079 | |||||||||||||||||||
| Depreciation and amortization | 13,327 | 13,533 | 40,621 | 39,844 | |||||||||||||||||||
| EBITDA from continuing operations | $ | 14,242 | $ | 15,495 | $ | 34,686 | $ | 54,464 | |||||||||||||||
| Adjustments: | |||||||||||||||||||||||
| Foreign exchange loss | 707 | 1,962 | 1,103 | 4,750 | |||||||||||||||||||
| Restructuring and impairment expenses | 1,442 | — | 27,418 | — | |||||||||||||||||||
| Loss from life insurance policy termination | — | 2,851 | — | 2,851 | |||||||||||||||||||
| Adjusted EBITDA from continuing operations | $ | 16,391 | $ | 20,308 | $ | 63,207 | $ | 62,065 | |||||||||||||||
| Adjusted EBITDA from discontinued operations | $ | 11,759 | $ | 9,461 | $ | 30,460 | $ | 28,687 | |||||||||||||||
| Adjusted EBITDA attributable to Titan and applicable to common shareholders | $ | 28,150 | $ | 29,769 | $ | 93,667 | $ | 90,752 | |||||||||||||||
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The table below sets forth, for the three and nine-month ended September 30, 2026, the impact to net sales of currency translation (constant currency) by geography (in thousands, except percentages):
| Three months ended September 30, | Change due to currency translation | Three months ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025(1) | % Change from 2025 | $ | % | Constant Currency | ||||||||||||||||||||||||||||||
| North America | $ | 221,230 | $ | 235,950 | (6.2) | % | $ | (199) | (0.1) | % | $ | 221,429 | |||||||||||||||||||||||
| Europe / CIS | 53,219 | 48,540 | 9.6 | % | (717) | (1.5) | % | 53,936 | |||||||||||||||||||||||||||
| Latin America | 52,699 | 64,912 | (18.8) | % | 2,677 | 4.1 | % | 50,022 | |||||||||||||||||||||||||||
| Asia and other regions | 8,029 | 7,856 | 2.2 | % | (1,090) | (13.9) | % | 9,119 | |||||||||||||||||||||||||||
| $ | 335,177 | $ | 357,258 | (6.2) | % | $ | 671 | 0.2 | % | $ | 334,506 | ||||||||||||||||||||||||
| Nine months ended September 30, | Change due to currency translation | Nine months ended September 30, | |||||||||||||||||||||||||||||||||
| 2026 | 2025(1) | % Change from 2025 | $ | % | Constant Currency | ||||||||||||||||||||||||||||||
| North America | $ | 737,055 | $ | 728,736 | 1.1 | % | $ | 602 | 0.1 | % | $ | 736,453 | |||||||||||||||||||||||
| Europe / CIS | 177,142 | 156,560 | 13.1 | % | 7,437 | 4.8 | % | 169,705 | |||||||||||||||||||||||||||
| Latin America | 159,164 | 178,174 | (10.7) | % | 11,409 | 6.4 | % | 147,755 | |||||||||||||||||||||||||||
| Asia and other regions | 23,259 | 23,301 | (0.2) | % | (3,216) | (13.8) | % | 26,475 | |||||||||||||||||||||||||||
| $ | 1,096,620 | $ | 1,086,771 | 0.9 | % | $ | 16,232 | 1.5 | % | $ | 1,080,388 | ||||||||||||||||||||||||
(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 of continuing operations, which is a non-GAAP financial measure (in thousands):
| September 30, 2026 | December 31, 2025 | September 30, 2025 | |||||||||||||||
| Long-term debt | $ | 537,636 | $ | 559,793 | $ | 551,277 | |||||||||||
| Short-term debt | 28,505 | 19,099 | 17,704 | ||||||||||||||
| Total debt | $ | 566,141 | $ | 578,892 | $ | 568,981 | |||||||||||
| Cash and cash equivalents | 172,787 | 202,879 | 205,381 | ||||||||||||||
| Net debt | $ | 393,354 | $ | 376,013 | $ | 363,600 | |||||||||||
The table below provides a reconciliation of net cash provided by operating activities to free cash flow, which is a non-GAAP financial measure (in thousands):
| Three months ended | Nine months ended | ||||||||||||||||||||||
| September 30, | September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net cash provided by operating activities of continuing operations | $ | 29,488 | $ | 19,060 | $ | 19,278 | $ | 1,827 | |||||||||||||||
| Capital expenditures | (6,206) | (8,144) | (25,232) | (30,344) | |||||||||||||||||||
| Free cash flow from continuing operations | $ | 23,282 | $ | 10,916 | $ | (5,954) | $ | (28,517) | |||||||||||||||
| Free cash flow from discontinued operations | (13,679) | 18,973 | (17,824) | 9,007 | |||||||||||||||||||
| Free cash flow attributable to Titan and applicable to common shareholders | $ | 9,603 | $ | 29,889 | $ | (23,778) | $ | (19,510) | |||||||||||||||
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