Titan International (TWI) Q3 2026 earnings summary

Executive summary

• Q3 revenue including ITM was $454M and adjusted EBITDA was $28.2M; continuing-operations revenue fell 6.2% YoY to $335.2M and adjusted EBITDA was $16.4M.

• Pro forma Sep’26 TTM results after the ITM sale: revenue $1.4B, adjusted EBITDA $67M and net debt $393M.

• Q3 net loss attributable to common shareholders was $42.7M, including a $33.7M discontinued-operations loss and an estimated $38.5M pre-tax ITM sale loss.

Financial highlights

• Q3 gross profit was $49.4M versus $56.1M; gross margin was 14.7% versus 15.7%, and operating results swung to a $1.0M loss from $3.7M income.

• Q3 adjusted net loss was $1.8M, or $0.03 per share; GAAP net loss attributable to common shareholders was $42.7M, or $0.66 per share.

• Nine-month revenue was $1.097B versus $1.087B; continuing-operations adjusted EBITDA was $63.2M versus $62.1M.

Outlook and guidance

• Q4 guidance inclusive of ITM: revenue $410M–$430M and adjusted EBITDA breakeven to $7M; FY2026 guidance: revenue $1.85B–$1.87B and adjusted EBITDA $91M–$101M.

• Full-year capex is expected at $35M–$40M; remaining-2026 cash interest payments are forecast at $16M–$17M.

• Consumer demand is expected to remain stable through 2026, while agricultural conditions remain soft; aging equipment, low channel inventories and replacement demand could support recovery.

• Management sees a challenging remainder of 2026 and is cautiously optimistic about 2027, while noting customer caution and no definitive recovery start date.