Titan America (TTAM) Q3 2025 earnings summary

Executive summary

• Q3 revenue rose 6.2% to $436.8M; net income increased 44.7% to $57.4M and Adjusted EBITDA rose 18.3% to $116.7M YoY.

• Stronger cement and ready-mix volumes, Florida aggregates strength, and improved margins supported results despite residential softness.

• Strong execution and targeted capacity investments supported margin expansion and positioned operations for future growth.

Financial highlights

• Q3 revenue was $436.8M vs. $411M in Q3 2024; nine-month revenue was $1,258.5M, up 1.1% YoY.

• Q3 Adjusted EBITDA was $116.7M vs. $99M; margin expanded to 26.7% from 24.0%.

• Q3 operating income was $86.6M vs. $67.6M; EPS was $0.31 vs. $0.23 YoY.

• Nine-month net income was $141.9M, up 9.6%; Adjusted EBITDA was $295.9M, up 3.2%, and EPS was $0.78 vs. $0.74.

• Q3 free cash flow was $68M vs. $34M; nine-month free cash flow was $94.4M vs. $83.8M, with operating cash flow of $214.8M.

Outlook and guidance

• FY2025 revenue growth guidance revised to 2%–3% YoY, with modest Adjusted EBITDA margin improvement expected versus 2024.

• Residential recovery is not expected before H2 2026; infrastructure and private non-residential demand remain strong.

• Price increases across all product lines and regions take effect January 1, 2026.