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 models launched, including the largest topless and luffing tower cranes ever produced.

• 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.

• Improved safety metrics, reducing recordable injury rate below 1 for the first time and first-aid incidents by 10% year-over-year, supported by a 12% increase in service technician headcount.

• Delivered solid Q4 and full-year 2025 results despite challenging U.S. trade environment and tariff headwinds, with strong performance in the Middle East, Europe, and Asia-Pacific.

• Continuous improvement and lean transformation initiatives drove operational efficiency gains.

Financial highlights

• Full-year 2025 net sales were $2,240.9 million, up 2.9% year-over-year, with adjusted EBITDA of $122 million (5.4% margin); Q4 net sales reached $677.1 million, up 14% year-over-year.

• Adjusted diluted EPS for 2025 was $0.32, down $0.09 year-over-year; GAAP diluted EPS was $0.20.

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

• Year-end backlog was $793.5 million, up 22% year-over-year; Q4 orders totaled $803.4 million, up 55.8% year-over-year.

• Cash and cash equivalents at year-end were $77.3 million; long-term debt was $447.1 million.

Outlook and guidance

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

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

• Free cash flow guidance for 2026 is $40 million to $65 million, with capital expenditures planned at $45–$50 million, including $25 million for rental fleet.

• Net leverage targeted to improve to below 3x, enhancing liquidity and flexibility for strategic investments.

• Restructuring plan implemented in January 2026 expected to save $10 million annually.