Titan International Inc (TWI) financial statements: income statement, balance sheet and cash flow

Titan International Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Titan International Inc reported revenue of $1.8B (-0.9% year on year).

Income statement

Titan International Inc income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net sales	$1.8B	$1.8B	$1.8B	$2.2B
Cost of sales	$1.6B	$1.6B	$1.5B	$1.8B
Gross profit	$253.5M	$257.8M	$305.8M	$360.7M
Selling, general and administrative expenses	$203.3M	$191.8M	$134.9M	$132.8M
Acquisition related expenses	$0	$6.2M	—	—
Research and development expenses	$18.3M	$16.5M	$12.5M	$10.4M
Royalty expense	$11.1M	$10.1M	$9.6M	$11.7M
Income from operations	$20.8M	$33.2M	$148.7M	$205.8M
Interest expense	($38.7M)	($36.4M)	—	($29.8M)
Interest income	$10.7M	$11.0M	—	—
Foreign exchange loss	($5.0M)	($6.1M)	($22.8M)	$927.0K
Other income	$965.0K	$6.6M	$2.6M	$25.4M
(Loss) income before income taxes	($11.3M)	$8.3M	—	—
Provision for income taxes	$49.9M	$11.9M	$26.0M	$23.2M
Net (loss) income	($61.2M)	($3.6M)	$83.7M	$179.2M
Net income attributable to noncontrolling interests	$2.3M	$2.0M	($4.9M)	($2.9M)
Net (loss) income attributable to Titan and applicable to common shareholders	($63.5M)	($5.6M)	$78.8M	$176.3M
Basic (in usd per share)	-$1.00	-$0.08	$1.26	$2.80
Diluted (in usd per share)	-$1.00	-$0.08	$1.25	$2.77
Basic (in shares)	63.7M	68.7M	62.5M	63.0M
Diluted (in shares)	63.7M	68.7M	63.0M	63.7M

Titan International Inc income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Net sales	$484.8M	$505.1M	$466.5M	$460.8M
Cost of sales	$409.8M	$433.6M	$395.6M	$391.6M
Gross profit	$74.9M	$71.4M	$70.9M	$69.3M
Selling, general, and administrative expenses	$52.7M	$52.4M	$53.1M	$52.4M
Research and development expenses	$5.4M	$5.3M	$4.5M	$4.3M
Royalty expense	$2.7M	$2.4M	$3.4M	$2.4M
Restructuring and impairment expenses	$834.0K	$25.1M	—	—
Income (loss) from operations	$13.3M	($13.8M)	$9.7M	$10.2M
Interest expense	($10.0M)	($9.9M)	($9.7M)	($9.7M)
Interest income	$2.5M	$2.2M	$3.0M	$2.5M
Foreign exchange gain (loss)	$58.0K	$910.0K	($2.0M)	($3.0M)
Other income	$548.0K	$946.0K	($2.4M)	$1.1M
Income (loss) before income taxes	$6.3M	($19.6M)	($1.4M)	$1.1M
(Benefit) provision for income taxes	($4.0K)	$4.6M	$1.1M	$4.7M
Net income (loss)	$6.3M	($24.3M)	($2.5M)	($3.6M)
Net income attributable to noncontrolling interests	$576.0K	($36.0K)	($197.0K)	$941.0K
Net income (loss) attributable to Titan and applicable to common shareholders	$5.8M	($24.2M)	($2.3M)	($4.5M)
Basic (in dollars per share)	$0.09	-$0.38	-$0.04	-$0.07
Diluted (in dollars per share)	$0.09	-$0.38	-$0.04	-$0.07
Basic (in shares)	64.4M	64.1M	63.9M	63.7M
Diluted (in shares)	64.5M	64.1M	63.9M	63.7M

Balance sheet

Titan International Inc balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Cash and cash equivalents	$202.9M	$196.0M	—	—
Accounts receivable, net of allowance of $5,058 and $3,232	$238.9M	$211.7M	$219.1M	$266.8M
Inventories	$470.5M	$437.2M	$365.2M	$397.2M
Prepaid and other current assets	$73.6M	$67.2M	$72.2M	$86.1M
Total current assets	$986.0M	$912.0M	$876.8M	$909.6M
Property, plant and equipment, net	$448.9M	$421.2M	$321.7M	$296.6M
Operating lease assets	$119.2M	$117.0M	$12.0M	$8.9M
Goodwill	$29.6M	$29.6M	—	—
Intangible assets, net	$10.9M	$12.0M	—	—
Deferred income taxes	$10.7M	$41.7M	$38.0M	$38.7M
Other long-term assets	$67.4M	$51.4M	$40.8M	$30.7M
Total assets	$1.7B	$1.6B	$1.3B	$1.3B
Short-term debt	$21.2M	$12.5M	$16.9M	$30.9M
Accounts payable	$251.7M	$219.6M	$201.2M	$263.4M
Operating leases	$13.8M	$12.0M	—	—
Other current liabilities	$141.5M	$143.3M	$154.3M	$151.9M
Total current liabilities	$428.2M	$387.4M	$372.4M	$446.2M
Long-term debt	$564.7M	$553.0M	$409.2M	$414.8M
Deferred income taxes	$6.1M	$6.4M	$2.2M	$3.4M
Operating leases	$111.1M	$106.0M	—	—
Other long-term liabilities	$40.9M	$38.5M	$38.0M	$37.1M
Total liabilities	$1.2B	$1.1B	$821.8M	$901.5M
Common stock ($0.0001 par, 120,000,000 shares authorized, 78,447,035 issued and 63,951,494 outstanding at December 31, 2025; 78,447,035 issued and 63,139,435 outstanding at December 31, 2024)	0	0	0	0
Additional paid-in capital	$738.7M	$740.2M	$569.1M	$565.5M
Retained earnings	$100.6M	$164.1M	$169.6M	$90.9M
Treasury stock (at cost, 14,495,541 shares at December 31, 2025 and 15,307,600 shares at December 31, 2024)	-115.9M	-122.3M	-52.6M	-23.4M
Accumulated other comprehensive loss	($209.0M)	($285.9M)	($219.0M)	($251.8M)
Total Titan stockholders’ equity	$514.4M	$496.1M	$467.1M	$381.2M
Noncontrolling interests	$7.2M	($2.4M)	$355.0K	$1.9M
Total equity	$521.6M	$493.7M	$467.4M	$383.1M
Total liabilities and equity	$1.7B	$1.6B	$1.3B	$1.3B

Titan International Inc balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Cash and cash equivalents	$179.8M	$171.3M	$205.4M	$184.7M
Accounts receivable, net of allowance of $5,261 and $5,058, respectively	$317.2M	$338.5M	$285.9M	$297.3M
Inventories	$480.0M	$468.0M	$465.9M	$477.7M
Prepaid and other current assets	$76.4M	$73.3M	$76.8M	$75.9M
Total current assets	$1.1B	$1.1B	$1.0B	$1.0B
Property, plant and equipment, net	$439.2M	$439.4M	$447.2M	$451.9M
Operating lease assets	$99.2M	$101.9M	$122.7M	$125.1M
Goodwill	$29.6M	$29.6M	$29.6M	$29.6M
Intangible assets, net	$10.3M	$10.6M	$11.1M	$11.4M
Deferred income taxes	$15.3M	$10.6M	$49.2M	$43.3M
Other long-term assets	$75.2M	$71.8M	$56.7M	$55.5M
Total assets	$1.7B	$1.7B	$1.8B	$1.8B
Short-term debt	$34.4M	$34.3M	$21.6M	$19.8M
Accounts payable	$294.3M	$278.0M	$254.9M	$265.1M
Operating leases	$14.7M	$14.8M	$13.4M	$11.8M
Other current liabilities	$155.1M	$152.3M	$163.6M	$144.2M
Total current liabilities	$498.5M	$479.4M	$453.4M	$441.0M
Long-term debt	$558.9M	$578.3M	$556.8M	$565.9M
Deferred income taxes	$6.8M	$6.9M	$9.5M	$9.0M
Operating leases	$105.9M	$107.9M	$113.9M	$116.6M
Other long-term liabilities	$42.2M	$40.8M	$42.4M	$42.9M
Total liabilities	$1.2B	$1.2B	$1.2B	$1.2B
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)	0	0	0	0
Additional paid-in capital	$737.1M	$736.8M	$737.3M	$735.8M
Retained earnings	$82.1M	$76.4M	$156.6M	$158.9M
Treasury stock (at cost, 13,961,855 shares at June 30, 2026 and 14,495,541 shares at December 31, 2025)	-111.6M	-113.0M	-116.3M	-116.7M
Accumulated other comprehensive loss	($206.3M)	($205.3M)	($208.6M)	($207.6M)
Total Titan shareholders’ equity	$501.3M	$494.9M	$569.1M	$570.5M
Noncontrolling interests	$8.7M	$6.6M	$5.4M	$6.6M
Total equity	$509.9M	$501.5M	$574.4M	$577.1M
Total liabilities and equity	$1.7B	$1.7B	$1.8B	$1.8B

Cash flow statement

Titan International Inc cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net (loss) income	($61.2M)	($3.6M)	$83.7M	$179.2M
Depreciation and amortization	$67.1M	$60.7M	$42.4M	$42.7M
Deferred income tax provision (benefit)	$31.0M	($6.4M)	($2.1M)	($23.4M)
Income on indirect taxes	$0	$0	($3.1M)	($32.0M)
Gain on fixed asset and investment sale	($54.0K)	($425.0K)	$644.0K	$216.0K
Stock-based compensation	$3.3M	$5.4M	$5.2M	$4.3M
Issuance of stock under 401(k) plan	$1.7M	$1.3M	$1.8M	$1.6M
Gain from property insurance settlement	$0	($3.5M)	—	—
Foreign currency loss (gain)	$10.0M	($506.0K)	$19.7M	$2.7M
Accounts receivable	($4.0M)	$73.8M	$42.9M	($27.2M)
Inventories	($7.1M)	$51.5M	$31.6M	($19.6M)
Prepaid and other current assets	($1.4M)	$12.1M	$17.6M	$11.4M
Other assets	($13.9M)	($5.5M)	($2.0K)	($1.3M)
Accounts payable	$11.3M	($29.2M)	($62.7M)	($7.8M)
Other current liabilities	($9.4M)	($15.3M)	$872.0K	$18.9M
Other liabilities	$2.7M	$998.0K	$2.0M	$516.0K
Net cash provided by operating activities	$30.0M	$141.5M	$179.3M	$160.7M
Capital expenditures	($54.6M)	($65.6M)	($60.8M)	($47.0M)
Business acquisition, net of cash acquired	$0	($143.6M)	—	—
Proceeds from sale of investments	$0	$1.8M	$2.1M	—
Proceeds from property insurance settlement	$0	$3.5M	—	$0
Investments in nonconsolidated affiliates	($5.7M)	—	—	—
Other investing activities	$649.0K	$2.3M	$1.8M	$930.0K
Net cash used for investing activities	($59.6M)	($201.6M)	($56.9M)	($36.8M)
Proceeds from borrowings	$117.0M	$213.2M	$6.7M	$88.9M
Payment on debt	($99.5M)	($70.3M)	($27.6M)	($124.7M)
Payment of debt issuance costs	$0	($3.1M)	—	—
Repurchase of common stock	$0	($74.0M)	($32.6M)	($25.0M)
Other financing activities	$6.0K	($1.2M)	($2.5M)	($511.0K)
Net cash provided by (used for) financing activities	$17.4M	$64.6M	($56.0M)	($61.3M)
Effect of exchange rate changes on cash	$19.1M	($28.7M)	($5.7M)	($1.1M)
Net increase (decrease) in cash and cash equivalents	$6.9M	($24.3M)	$60.7M	$61.5M
Cash and cash equivalents, beginning of year	$196.0M	$220.3M	$220.3M	$159.6M
Cash and cash equivalents, end of year	$202.9M	$196.0M	—	—
Interest paid	$42.1M	$37.2M	$30.3M	$31.6M
Income taxes paid, net of refunds received	$20.5M	$20.4M	$21.8M	$24.1M
Issuance of common stock in connection with business acquisition	$0	$168.7M	—	—

Titan International Inc cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net (loss) income	($17.9M)	($24.3M)	($6.0M)	($3.6M)
Depreciation and amortization	$34.3M	$17.1M	$49.3M	$32.5M
Restructuring and impairment expenses	$26.0M	$25.1M	—	—
Deferred income tax (benefit) provision	($3.7M)	$1.2M	($2.9M)	$2.4M
Loss on fixed asset and investment sale	$45.0K	$64.0K	$19.0K	$38.0K
Stock-based compensation	$1.8M	$565.0K	$1.9M	$479.0K
Issuance of stock under 401(k) plan	$838.0K	$419.0K	$1.3M	$827.0K
Foreign currency (gain) loss	($3.3M)	($2.3M)	$9.1M	$6.9M
Accounts receivable	($77.4M)	($98.8M)	($50.5M)	($61.0M)
Inventories	($9.6M)	$3.4M	($2.4M)	($13.2M)
Prepaid and other current assets	($2.6M)	$624.0K	($4.6M)	($3.3M)
Other assets	($8.9M)	($4.9M)	($7.2M)	($4.8M)
Accounts payable	$37.6M	$25.4M	$14.5M	$24.0M
Other current liabilities	$12.5M	$9.2M	$12.2M	($7.5M)
Other liabilities	$3.0M	$565.0K	$2.6M	$1.9M
Net cash used for operating activities	($7.4M)	($46.5M)	$17.2M	($24.3M)
Capital expenditures	($26.0M)	($13.3M)	($36.8M)	($25.1M)
Proceeds from sale of fixed assets	$1.0M	$116.0K	$319.0K	$275.0K
Net cash used for investing activities	($25.0M)	($13.1M)	($36.4M)	($24.8M)
Proceeds from borrowings	$76.6M	$59.2M	$75.6M	$54.9M
Repayments of debt	($69.7M)	($32.9M)	($66.0M)	($38.0M)
Other financing activities	($193.0K)	($160.0K)	($81.0K)	($74.0K)
Net cash provided by financing activities	$6.8M	$26.2M	$9.5M	$16.9M
Effect of exchange rate changes on cash	$2.5M	$1.8M	$19.1M	$20.9M
Net decrease in cash and cash equivalents	($23.1M)	($31.6M)	$9.4M	($11.3M)
Cash and cash equivalents, beginning of period	$202.9M	$202.9M	$196.0M	$196.0M
Cash and cash equivalents, end of period	$179.8M	$171.3M	$205.4M	$184.7M
Interest paid	$20.7M	$3.4M	$24.6M	$21.2M
Income taxes paid, net of refunds received	$6.4M	$2.1M	$14.1M	$8.1M

Titan International Inc score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.