The Manitowoc Company (MTW) Q4 2025 earnings summary

Executive summary

• Achieved record non-new machine sales of $690.5 million in 2025, up nearly 10% year-over-year, with expanded aftermarket footprint and 11 new crane models launched.

• Fourth-quarter 2025 orders rose 55.8% year-over-year to $803.4 million, with net sales up 13.6% to $677.1 million and adjusted EBITDA up 13.5% to $39.6 million.

• Service technician headcount grew 12% year-over-year, supporting growth and customer service.

• Improved safety metrics, reducing recordable injury rate below 1 for the first time and first-aid incidents by 10% year-over-year.

• Launched Lean and AI initiatives to improve operational efficiency and customer experience.

Financial highlights

• Full-year 2025 net sales were $2.24 billion, with adjusted EBITDA of $122 million (5.4% margin), and gross profit of $404.7 million.

• Q4 2025 net sales reached $677.1 million, up 13.6% year-over-year, and Q4 orders and backlog both increased year-over-year.

• Free cash flow for 2025 was negative $15.3 million, impacted by a $45 million EPA settlement payment.

• Ended 2025 with $77.3 million cash and $298 million total liquidity; long-term debt was $447.1 million.

• Adjusted diluted EPS for 2025 was $0.32, down $0.09 year-over-year.

Outlook and guidance

• 2026 net sales expected between $2.25–$2.35 billion; adjusted EBITDA guidance of $125–$150 million.

• Adjusted diluted EPS projected at $0.45 to $0.90 for 2026.

• Free cash flow guidance for 2026 is $40–$65 million, with $45–$50 million in capex, including $25 million for rental fleet.

• Restructuring plan to save $10 million in 2026, offsetting inflation and FX headwinds.

• Net leverage targeted below 3x by year-end 2026.