Titan Machinery Inc. owns and operates a network of full service agricultural and construction equipment stores in the United States, Europe, and Australia. The company operates through four segments: Agriculture, Construction, Europe, and Australia. It sells new and used equipment, including agricultural and construction equipment manufactured under the CNH Industrial family of brands, as well as equipment from various other manufacturers. The company offers agricultural equipment, including machinery and attachments for use in the production of food, fiber, feed grain, feedstock, and renewable energy; and home and garden applications, as well as maintenance of commercial, residential, and government properties. It also provides construction equipment, such as heavy construction machinery, light industrial machinery for commercial and residential construction, and road and highway construction machinery. In addition, the company offers repair and maintenance services that include warranty repairs, off-site and on-site repair services, scheduling off-season maintenance services, and notifying customers of periodic service requirements; and training programs to customers, as well as sells maintenance and replacement parts. Further, the company rents equipment; and provides ancillary equipment support services, such as equipment transportation, global positioning system signal subscriptions and other precision farming products, farm data management products, and finance and insurance products. It operates in Colorado, Idaho, Iowa, Kansas, Minnesota, Nebraska, North Dakota, South Dakota, Wisconsin, and Wyoming, the United States; Bulgaria, Germany, Romania, and Ukraine, Europe; and New South Wales, South Australia, and Victoria, and Australia. The company was founded in 1980 and is headquartered in West Fargo, North Dakota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2026
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2026 | $2.4B | $35M | $-54M | $115M | -9.4% | -10.2% | 46.8% |
| 2025 | $2.7B | $43M | $-37M | $18M | -6.0% | -2.0% | -132.8% |
| 2024 | $2.8B | $204M | $112M | $-95M | 17.1% | 24.9% | 10.4% |
| 2023 | $2.2B | $167M | $102M | $-26M | 19.0% | - | - |
| 2022 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Revenue | - | 2,209.31 | 2,758.44 | 2,702.12 | 2,427.11 |
| Operating Revenue | - | 2,209.31 | 2,758.44 | 2,702.12 | 2,427.11 |
| Cost Of Revenue | - | 1,769.47 | 2,227.09 | 2,306.49 | 2,044.55 |
| Gross Profit | - | 439.84 | 531.35 | 395.63 | 382.56 |
| Operating Expense | - | 301.52 | 362.51 | 389.78 | 385.24 |
| Total Expenses | - | 2,070.98 | 2,589.60 | 2,696.27 | 2,429.79 |
| Operating Income | - | 138.32 | 168.84 | 5.85 | -2.68 |
| Total Operating Income As Reported | - | 138.32 | 168.84 | 4.01 | -6.71 |
| EBITDA | - | 167.38 | 203.62 | 42.61 | 35.24 |
| Normalized EBITDA | - | 167.38 | 203.62 | 44.45 | 39.27 |
| EBIT | - | 142.18 | 172.14 | 4.01 | -2.32 |
| Interest Income | 2.43 | 3.86 | 3.30 | - | 4.39 |
| Interest Expense | - | 6.94 | 21.10 | 53.99 | 43.08 |
| Net Interest Income | - | -3.08 | -17.80 | -53.99 | -38.69 |
| Other Income Expense | -1.50 | - | - | -1.84 | -4.03 |
| Interest Income Non Operating | 2.43 | 3.86 | 3.30 | - | 4.39 |
| Interest Expense Non Operating | - | 6.94 | 21.10 | 53.99 | 43.08 |
| Net Non Operating Interest Income Expense | - | -3.08 | -17.80 | -53.99 | -38.69 |
| Pretax Income | - | 135.24 | 151.04 | -49.98 | -45.41 |
| Tax Provision | - | 33.37 | 38.60 | -13.07 | 8.77 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | -0.48 | -1.61 |
| Net Income Continuous Operations | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income From Continuing And Discontinued Operation | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income From Continuing Operation Net Minority Interest | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income Common Stockholders | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Net Income Including Noncontrolling Interests | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Normalized Income | - | 101.87 | 112.44 | -35.55 | -51.75 |
| Diluted NI Availto Com Stockholders | - | 101.87 | 112.44 | -36.91 | -54.17 |
| Basic Average Shares | - | 22.70 | 22.85 | 23.12 | 22.75 |
| Diluted Average Shares | - | 22.70 | 22.85 | 23.12 | 22.75 |
| Reconciled Depreciation | - | 25.20 | 31.48 | 38.60 | 37.56 |
| Reconciled Cost Of Revenue | - | 1,769.47 | 2,227.09 | 2,306.49 | 2,044.55 |
| Total Unusual Items | - | 0 | 0 | -1.84 | -4.03 |
| Total Unusual Items Excluding Goodwill | - | 0 | 0 | -1.84 | -4.03 |
| Special Income Charges | - | 0 | 0 | -1.84 | -4.03 |
| Impairment Of Capital Assets | - | 0 | 0 | 1.84 | 2.29 |
| Restructuring And Mergern Acquisition | - | - | 0 | 0 | 1.74 |
| Rent Expense Supplemental | - | 25.30 | 28.63 | 32.63 | 35.15 |
| Otherunder Preferred Stock Dividend | 0.98 | - | - | - | - |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Titan Machinery Inc.this co. | TITN | $562M | -10.38 | 0.97 | -9.4% | 38.60 |
| Cass Information Systems, Inc. | CASS | $606M | 17.25 | 2.49 | 14.5% | - |
| Mistras Group, Inc. | MG | $588M | 34.92 | 2.50 | 7.2% | 11.35 |
| Orion Group Holdings, Inc. | ORN | $574M | 230.87 | 3.61 | 1.6% | 15.08 |
| Bowman Consulting Group Ltd. | BWMN | $573M | 46.84 |
| - |
| - |
| - |
| - |
| - |
| 2.19 |
| 4.7% |
| 17.30 |
| Insteel Industries Inc. | IIIN | $559M | 13.63 | 1.51 | 11.0% | 7.26 |
| Enviri Corporation | NVRI | $554M | -2.43 | -0.91 | 37.5% | 62.25 |
| Ennis, Inc. | EBF | $519M | 12.18 | 1.68 | 13.8% | 7.07 |
| Aspen Aerogels, Inc. | ASPN | $516M | -1.33 | 2.19 | -165.4% | -1.52 |
| Peer Median | - | 15.44 | 2.19 | 9.1% | 11.35 | |