Titan International Reports Third Quarter 2026 Results as Ag Demand Stays Soft

Titan International, Inc., the West Chicago, Illinois based maker of off-highway wheels, tires, assemblies and undercarriage products, reported results for the third quarter ended Sept. 30, 2026. Its Italtractor ITM undercarriage business is now reported as discontinued operations ahead of its pending sale to USCO S.p.A.

Third quarter key figures, continuing operations

Revenue: $335 million ($454 million including discontinued operations).

Gross margin: 14.7%.

Adjusted EBITDA: $16 million ($28 million including discontinued operations).

Free cash flow: $23 million.

By segment, earthmoving and construction (EMC) sales grew 5% with improved margins, Consumer segment sales fell 3% against what Titan called an abnormally strong third quarter last year, and agricultural sales declined 12%.

“Inclusive of ITM, which is reported in our Q3 financials as discontinued operations, our revenues for the quarter of $454 million were above the midpoint of our guidance while Adjusted EBITDA of $28 million was also within our guidance range. Our One Stop Shop strategy enabled us to deliver solid financial results despite current market conditions,” said Paul Reitz, President and Chief Executive Officer.

Reitz said farmers remained on the sidelines due to high interest rates, diesel and fertilizer costs and other macro concerns.

ITM sale and focus on wheels and tires

Late in the quarter, Titan announced an agreement to sell ITM. Reitz said the sale lets Titan focus on growing its global wheel and tire businesses and use the proceeds to reduce debt. The company expects the transaction to close in early January 2027. Read our earlier report on Titan’s agreement to sell ITM to USCO.

Looking ahead, Reitz pointed to an aging machinery fleet creating pent-up replacement demand and relatively low wheel and tire inventories across distribution channels. “I am confident that a resumption in end market demand will flow through to suppliers such as Titan rather quickly,” he said.

Updated outlook

Including ITM operations, Titan updated its guidance. Chief Financial Officer Tony Eheli said the company expects fourth quarter sales of $410 million to $430 million and adjusted EBITDA of break even to $7 million. For full year 2026, Titan expects sales of $1.85 billion to $1.87 billion and adjusted EBITDA of $91 million to $101 million.

The full earnings release, including GAAP to non-GAAP reconciliations, is available on Titan’s investor relations site. Visit Titan International for more.