NYSE: TWI
TITAN INTERNATIONAL INCCIK 0000899751 · SIC 3312 · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
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Titan International awards CEO Paul Reitz $2.3M deferred compensation funded by ~332,370 shares in rabbi trust
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Titan swings to Q2 profit on tariff refunds and cost cuts, but $26M restructuring charge drives six-month loss
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TWI: revenue $505.1M, net income -$24.2M. TWI posts Q1 loss on restructuring charge; earthmoving sales jump 11% on demand recovery
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Titan International reports Q1 revenue up 2.9%, announces Tennessee plant closure
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Latest financial statements
From 10-Q filed Oct 29, 2026 (period ending Sep 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(All amounts in thousands, except per share data)
| Description | Three months ended September 30, 2026 | Three months ended September 30, 2025 | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|---|---|
| Net sales | 335,177 | 357,258 | 1,096,620 | 1,086,771 |
| Cost of sales | 285,762 | 301,184 | 932,362 | 922,676 |
| Gross profit | 49,415 | 56,074 | 164,258 | 164,095 |
| Selling, general, and administrative expenses | 42,959 | 45,793 | 131,752 | 133,745 |
| Research and development expenses | 3,299 | 3,116 | 10,169 | 8,751 |
| Royalty expense | 2,686 | 3,445 | 7,749 | 8,310 |
| Restructuring and other charges | 1,442 | — | 27,418 | — |
| (Loss) income from operations | (971) | 3,720 | (12,830) | 13,289 |
| Interest expense | (9,768) | (9,727) | (29,709) | (28,935) |
| Interest income | 2,530 | 2,707 | 6,745 | 6,751 |
| Foreign exchange loss | (707) | (1,962) | (1,103) | (4,750) |
| Other income (loss) | 287 | (2,504) | 1,549 | (814) |
| Loss from continuing operations before income taxes | (8,629) | (7,766) | (35,348) | (14,459) |
| Provision (benefit) for income taxes | 172 | (41) | 2,444 | 3,948 |
| Net loss from continuing operations | (8,801) | (7,725) | (37,792) | (18,407) |
| Net (loss) income from discontinued operations, net of tax | (33,650) | 5,266 | (22,569) | 12,366 |
| Net loss | (42,451) | (2,459) | (60,361) | (6,041) |
| Net income (loss) attributable to noncontrolling interests | 293 | (197) | 833 | 1,415 |
| Net loss attributable to Titan and applicable to common shareholders | (42,744) | (2,262) | (61,194) | (7,456) |
| Loss per common share: | ||||
| Basic net loss from continuing operations per share | (0.14) | (0.12) | (0.59) | (0.29) |
| Basic net loss per share attributable to Titan and applicable common stockholders | (0.66) | (0.04) | (0.95) | (0.12) |
| Diluted net loss from continuing operations per share | (0.14) | (0.12) | (0.59) | (0.29) |
| Diluted net loss per share attributable to Titan and applicable common stockholders | (0.66) | (0.04) | (0.95) | (0.12) |
| Average common shares and equivalents outstanding: | ||||
| Basic | 64,463 | 63,895 | 64,334 | 63,635 |
| Diluted | 64,463 | 63,895 | 64,334 | 63,635 |
Condensed Consolidated Balance Sheets
(All amounts in thousands, except share data)
| Description | September 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 172,787 | 202,879 |
| Accounts receivable, net of allowance of $4,565 and $4,491, respectively | 187,391 | 166,069 |
| Inventories | 327,242 | 330,622 |
| Prepaid and other current assets | 60,129 | 60,205 |
| Current assets of discontinued operations | 351,272 | 226,197 |
| Total current assets | 1,098,821 | 985,972 |
| Property, plant and equipment, net | 331,276 | 351,846 |
| Operating lease assets | 86,227 | 108,402 |
| Goodwill | 29,563 | 29,563 |
| Intangible assets, net | 9,698 | 10,564 |
| Deferred income taxes | 17,652 | 9,130 |
| Other long-term assets | 71,154 | 62,220 |
| Noncurrent assets of discontinued operations | — | 114,963 |
| Total assets | 1,644,391 | 1,672,660 |
| Liabilities | ||
| Current liabilities | ||
| Short-term debt | 28,505 | 19,099 |
| Accounts payable | 178,270 | 174,038 |
| Operating leases | 11,278 | 10,893 |
| Other current liabilities | 129,969 | 111,558 |
| Current liabilities of discontinued operations | 161,052 | 112,653 |
| Total current liabilities | 509,074 | 428,241 |
| Long-term debt | 537,636 | 559,793 |
| Deferred income taxes | 4,495 | 3,790 |
| Operating leases | 96,300 | 102,835 |
| Other long-term liabilities | 33,608 | 32,199 |
| Noncurrent liabilities of discontinued operations | — | 24,185 |
| Total liabilities | 1,181,113 | 1,151,043 |
| Commitments and Contingencies | ||
| Equity | ||
| Titan shareholders' equity | ||
| Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 64,542,352 outstanding at September 30, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025) | — | — |
| Additional paid-in capital | 738,321 | 738,711 |
| Retained earnings | 39,375 | 100,569 |
| Treasury stock (at cost, 13,904,683 shares at September 30, 2026 and 14,495,541 shares at December 31, 2025) | (111,166) | (115,871) |
| Accumulated other comprehensive loss | (210,485) | (209,029) |
| Total Titan shareholders’ equity | 456,045 | 514,380 |
| Noncontrolling interests | 7,233 | 7,237 |
| Total equity | 463,278 | 521,617 |
| Total liabilities and equity | 1,644,391 | 1,672,660 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(All amounts in thousands)
| Description | Nine months ended September 30, 2026 | Nine months ended September 30, 2025 |
|---|---|---|
| Net loss | (60,361) | (6,041) |
| Net (loss) income from discontinued operations, net of tax | (22,569) | 12,366 |
| Net loss from continuing operations | (37,792) | (18,407) |
| Adjustments to reconcile net loss to net cash provided by operating activities of continuing operations: | ||
| Depreciation and amortization | 40,621 | 39,844 |
| Restructuring and other charges | 27,418 | — |
| Deferred income tax benefit | (7,739) | (2,852) |
| Loss on fixed asset and investment sale | 44 | 19 |
| Stock-based compensation | 3,050 | 1,878 |
| Issuance of stock under 401(k) plan | 1,265 | 1,252 |
| Foreign currency loss | 1,823 | 5,543 |
| (Increase) decrease in assets: | ||
| Accounts receivable | (22,883) | (38,987) |
| Inventories | 2,083 | (8,484) |
| Prepaid and other current assets | (127) | (5,206) |
| Other assets | (9,831) | (6,283) |
| Increase in liabilities: | ||
| Accounts payable | 2,234 | 20,015 |
| Other current liabilities | 15,891 | 10,754 |
| Other liabilities | 3,221 | 2,741 |
| Net cash provided by operating activities of continuing operations | 19,278 | 1,827 |
| Net cash (used for) provided by operating activities of discontinued operations | (9,520) | 15,416 |
| Net cash provided by operating activities | 9,758 | 17,243 |
| Cash flows from investing activities: | ||
| Capital expenditures | (25,232) | (30,344) |
| Proceeds from sale of fixed assets | 1,543 | 235 |
| Net cash used for investing activities of continuing operations | (23,689) | (30,109) |
| Net cash used for investing activities of discontinued operations | (8,116) | (6,325) |
| Net cash used for investing activities | (31,805) | (36,434) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings | 94,513 | 72,672 |
| Repayments of debt | (107,804) | (62,307) |
| Other financing activities | (222) | (48) |
| Net cash (used for) provided by financing activities of continuing operations | (13,513) | 10,317 |
| Net cash provided by (used for) financing activities of discontinued operations | 5,867 | (832) |
| Net cash (used for) provided by financing activities | (7,646) | 9,485 |
| Effect of exchange rate changes on cash | (399) | 19,113 |
| Net (decrease) increase in cash and cash equivalents | (30,092) | 9,407 |
| Cash and cash equivalents, beginning of period | 202,879 | 195,974 |
| Cash and cash equivalents, end of period | 172,787 | 205,381 |
| Supplemental information: | ||
| Interest paid | 24,216 | 24,620 |
| Income taxes paid, net of refunds received | 12,033 | 14,089 |
Amounts as printed on the EDGAR/iXBRL face — (All amounts in thousands, except per share data); (All amounts in thousands, except share data); (All amounts in thousands). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗