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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Titan International (TWI) investor relations material
Titan International Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenues rose 4.1% year-over-year to $466.5 million, with gross margin improving to 15.2% and adjusted EBITDA reaching $30 million, despite challenging macro conditions.
Free cash flow was strong at $30 million, supporting ongoing investment and net debt reduction.
The Carlstar (Titan Specialty) acquisition in February 2024 expanded the consumer segment and aftermarket reach, supporting a 'one stop shop' strategy.
Strategic transformation since 2019 improved operational efficiency, product innovation, and financial foundation.
Diversification across ag, EMC, and consumer segments contributed to resilience and profitability.
Financial highlights
Q3 2025 net sales: $466.5 million (+4.1% YoY); nine months: $1.42 billion (–3.0% YoY).
Adjusted EBITDA increased 45% to $30 million in Q3 2025; Sep'25 TTM adjusted EBITDA: $100 million.
Gross margin expanded 210 basis points to 15.2% in Q3 2025; Sep'25 TTM adjusted gross margin: 13.9%.
Net debt reduced to $373 million from $391 million sequentially; leverage ratio: 3.7x.
Cash and cash equivalents at September 30, 2025: $205.4 million.
Outlook and guidance
Q4 2025 revenue guidance: $385–$410 million; adjusted EBITDA guidance: ~$10 million.
Guidance implies growth in both metrics compared to Q4 last year.
Q4 typically marks a seasonal low point; aftermarket and volume expected to rebound in Q1 2026.
Path to $250 million midcycle adjusted EBITDA based on revenue growth, cost synergies, and growth initiatives.
Full-year capital expenditures expected between $50 million and $55 million, focused on facility enhancements and productivity gains.
Ag OEM growth drivers for 2026
Titan's aftermarket mining growth drivers
Goodyear brand expansion: margin strategy
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Next Titan International earnings date
Q4 202526 Feb, 2026
Next Titan International earnings date
Q4 202526 Feb, 2026
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Frequently asked questions
Titan International Inc. is a global manufacturer of wheels, tires, and undercarriage components for off-highway vehicles. The company serves the agriculture, construction, forestry, and mining industries, offering durable and specialized products designed to meet the demands of heavy-duty applications. Its portfolio includes radial and bias tires, steel and hybrid wheels, and track systems. The company is headquartered in West Chicago, Illinois, and its shares are listed on the NYSE.
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