NYSE: TWI
TITAN INTERNATIONAL INCCIK 0000899751 · SIC 3312 · Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens)
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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 Jul 30, 2026 (period ending Jun 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 June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net sales | 484,766 | 460,830 | 989,839 | 951,538 |
| Cost of sales | 409,842 | 391,557 | 843,466 | 813,621 |
| Gross profit | 74,924 | 69,273 | 146,373 | 137,917 |
| Selling, general, and administrative expenses | 52,722 | 52,353 | 105,120 | 102,208 |
| Research and development expenses | 5,401 | 4,341 | 10,685 | 8,885 |
| Royalty expense | 2,653 | 2,419 | 5,063 | 4,865 |
| Restructuring and impairment expenses | 834 | — | 25,976 | — |
| Income (loss) from operations | 13,314 | 10,160 | (471) | 21,959 |
| Interest expense | (10,047) | (9,673) | (19,934) | (19,208) |
| Interest income | 2,463 | 2,455 | 4,662 | 4,694 |
| Foreign exchange gain (loss) | 58 | (2,995) | 968 | (4,380) |
| Other income | 548 | 1,140 | 1,494 | 2,274 |
| Income (loss) before income taxes | 6,336 | 1,087 | (13,281) | 5,339 |
| (Benefit) provision for income taxes | (4) | 4,691 | 4,629 | 8,921 |
| Net income (loss) | 6,340 | (3,604) | (17,910) | (3,582) |
| Net income attributable to noncontrolling interests | 576 | 941 | 540 | 1,612 |
| Net income (loss) attributable to Titan and applicable to common shareholders | 5,764 | (4,545) | (18,450) | (5,194) |
| Earnings (loss) per common share: | ||||
| Basic | 0.09 | (0.07) | (0.29) | (0.08) |
| Diluted | 0.09 | (0.07) | (0.29) | (0.08) |
| Average common shares and equivalents outstanding: | ||||
| Basic | 64,384 | 63,722 | 64,229 | 63,504 |
| Diluted | 64,504 | 63,722 | 64,229 | 63,504 |
Condensed Consolidated Balance Sheets
(All amounts in thousands, except share data)
| Description | June 30, 2026 (unaudited) | December 31, 2025 |
|---|---|---|
| Current assets | ||
| Cash and cash equivalents | 179,785 | 202,879 |
| Accounts receivable, net of allowance of $5,261 and $5,058, respectively | 317,216 | 238,906 |
| Inventories | 479,993 | 470,549 |
| Prepaid and other current assets | 76,429 | 73,638 |
| Total current assets | 1,053,423 | 985,972 |
| Property, plant and equipment, net | 439,201 | 448,910 |
| Operating lease assets | 99,226 | 119,225 |
| Goodwill | 29,563 | 29,563 |
| Intangible assets, net | 10,259 | 10,889 |
| Deferred income taxes | 15,323 | 10,715 |
| Other long-term assets | 75,180 | 67,386 |
| Total assets | 1,722,175 | 1,672,660 |
| Liabilities | ||
| Current liabilities | ||
| Short-term debt | 34,401 | 21,185 |
| Accounts payable | 294,270 | 251,715 |
| Operating leases | 14,665 | 13,830 |
| Other current liabilities | 155,139 | 141,514 |
| Total current liabilities | 498,475 | 428,244 |
| Long-term debt | 558,850 | 564,717 |
| Deferred income taxes | 6,843 | 6,138 |
| Operating leases | 105,878 | 111,054 |
| Other long-term liabilities | 42,208 | 40,890 |
| Total liabilities | 1,212,254 | 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 64,485,180 outstanding at June 30, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025) | — | — |
| Additional paid-in capital | 737,085 | 738,711 |
| Retained earnings | 82,119 | 100,569 |
| Treasury stock (at cost, 13,961,855 shares at June 30, 2026 and 14,495,541 shares at December 31, 2025) | (111,621) | (115,871) |
| Accumulated other comprehensive loss | (206,318) | (209,029) |
| Total Titan shareholders’ equity | 501,265 | 514,380 |
| Noncontrolling interests | 8,656 | 7,237 |
| Total equity | 509,921 | 521,617 |
| Total liabilities and equity | 1,722,175 | 1,672,660 |
Condensed Consolidated Statements of Cash Flows (Unaudited)
(All amounts in thousands)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Net loss | (17,910) | (3,582) |
| Adjustments to reconcile net loss to net cash used for operating activities: | ||
| Depreciation and amortization | 34,293 | 32,494 |
| Restructuring and impairment expenses | 25,976 | — |
| Deferred income tax (benefit) provision | (3,749) | 2,410 |
| Loss on fixed asset and investment sale | 45 | 38 |
| Stock-based compensation | 1,786 | 479 |
| Issuance of stock under 401(k) plan | 838 | 827 |
| Foreign currency (gain) loss | (3,332) | 6,870 |
| (Increase) decrease in assets: | ||
| Accounts receivable | (77,398) | (60,964) |
| Inventories | (9,559) | (13,172) |
| Prepaid and other current assets | (2,568) | (3,335) |
| Other assets | (8,889) | (4,800) |
| Increase (decrease) in liabilities: | ||
| Accounts payable | 37,580 | 24,038 |
| Other current liabilities | 12,531 | (7,499) |
| Other liabilities | 2,979 | 1,918 |
| Net cash used for operating activities | (7,377) | (24,278) |
| Cash flows from investing activities: | ||
| Capital expenditures | (26,005) | (25,121) |
| Proceeds from sale of fixed assets | 1,005 | 275 |
| Net cash used for investing activities | (25,000) | (24,846) |
| Cash flows from financing activities: | ||
| Proceeds from borrowings | 76,607 | 54,936 |
| Repayments of debt | (69,659) | (37,956) |
| Other financing activities | (193) | (74) |
| Net cash provided by financing activities | 6,755 | 16,906 |
| Effect of exchange rate changes on cash | 2,528 | 20,913 |
| Net decrease in cash and cash equivalents | (23,094) | (11,305) |
| Cash and cash equivalents, beginning of period | 202,879 | 195,974 |
| Cash and cash equivalents, end of period | 179,785 | 184,669 |
| Supplemental information: | ||
| Interest paid | 20,656 | 21,168 |
| Income taxes paid, net of refunds received | 6,436 | 8,135 |
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 ↗