The Manitowoc Company (MTW) Q2 2026 earnings summary

Executive summary

• Orders surged 56.1% year-over-year to $708.7 million, with backlog exceeding $1.05 billion at quarter end.

• Net sales rose 10.3% year-over-year to $594.9 million, driven by strong EURAF and MEAP demand, and non-new machine sales increased 6.6% to $172.2 million.

• Adjusted EBITDA surged 85.9% year-over-year to $48.9 million, with margin expansion of 330 basis points to 8.2%.

• Net income for Q2 2026 was $14.2 million ($0.39 per diluted share), up from $1.5 million in Q2 2025.

• Integration of AI into operations accelerated, with measurable improvements in cost reduction and market intelligence.

Financial highlights

• Gross profit for the quarter was $123.1 million, up from $99.0 million year-over-year, with margin rising to 20.7%.

• Operating income increased to $31.1 million from $9.8 million in the prior year.

• Free cash flow for Q2 2026 was $-6.1 million, a significant improvement from $-73.7 million a year ago.

• Liquidity at June 30, 2026 was $304.1 million, including $95.8 million in cash.

• Adjusted net income for Q2 2026 was $16.8 million ($0.46 per share), compared to $1.3 million ($0.08) in Q2 2025.

Outlook and guidance

• Full-year 2026 net sales guidance raised to $2.3–$2.4 billion, with adjusted EBITDA at $150–$170 million, adjusted EPS at $0.80–$1.20, and free cash flow at $50–$70 million.

• Guidance incorporates a $16 million net benefit from tariff refunds and considers risks from the Iran conflict.

• Management expects liquidity and cash flows to be sufficient for operational needs over the next twelve months.