Titan International, Inc.

What they do

Titan designs and manufactures wheels, tires, and undercarriage systems for OEMs and aftermarket customers in the agricultural, earthmoving/construction, and consumer markets. The company traces its roots to 1890 and has grown through acquisitions including Goodyear farm tire assets, Continental OTR tire assets, Voltyre-Prom in Russia, and Carlstar (now Titan Specialty) in 2024. Products range from agricultural wheels up to 54 inches in diameter and earthmoving wheels up to 63 inches, sold under brands including Goodyear Farm Tire, Titan Tire, Carlstar, and Voltyre-Prom.

Revenue drivers

• Agricultural segment — Manufactures wheels, tires, and components for tractors, combines, and other agricultural equipment, sold to OEMs and aftermarket; sales declined 5% in Q2 2026 due to lower farm incomes and elevated financing costs.
• Earthmoving/Construction (EMC) segment — Produces wheels, tires, and undercarriage systems for mining, construction, military, and forestry equipment; grew 1.4% in Q2 2026 as construction end markets moderated.
• Consumer segment (Titan Specialty/Carlstar) — Acquired in February 2024, manufactures wheels and tires for outdoor power equipment, power sports, trailers, and small agricultural/construction equipment; grew 27% in Q2 2026 on solid end customer demand.

Recent performance

Q2 2026 net sales rose 5.2% to $484.8 million from $460.8 million in the prior-year period, driven by higher Titan Specialty volumes, favorable pricing, and roughly 2.4% favorable foreign currency translation from the Brazilian real. Gross margin improved to 15.5% from 15.0%, helped by cost reduction initiatives and $6.0 million of net IEEPA tariff refund recoveries. Income from operations was $13.3 million versus $10.2 million a year earlier, and Adjusted EBITDA increased 13.3% to $34 million. Free cash flow was $26 million for the quarter. Full-year 2025 net loss was $61.2 million on revenue of $1.83 billion.

Strategy

Management emphasizes diversification across three reporting segments that each accounted for between 30% and 40% of Q2 2026 revenues, organized by end market to buffer cyclicality. The company continues executing cost reduction and productivity initiatives across global production facilities. The 2024 Carlstar acquisition expanded the Consumer segment into outdoor power equipment, power sports, and trailer end markets under the Titan Specialty name. Titan maintains a broad product portfolio, global plant footprint, and one-stop distribution channel to serve OEM and aftermarket customers.

Risks

• Cyclical end markets — Sales depend on agricultural equipment, earthmoving/construction, and consumer products, each affected by distinct cycles including crop prices, construction spending, and consumer disposable income.
• Tariff and trade policy uncertainty — The company cites the dynamic and uncertain tariff policy environment, including U.S. tariffs on imported goods, as a factor that has affected input costs and required refund recoveries.
• Geopolitical instability — Titan owns Voltyre-Prom in Volgograd, Russia, exposing it to effects from the Russia-Ukraine military conflict, plus broader Middle East tensions.
• Recent losses and demand weakness — The company reported net losses of $3.6 million in 2024 and $61.2 million in 2025, with the agricultural segment pressured by lower farm incomes and elevated financing costs.

Outlook

Management guided third quarter 2026 sales of $440 million to $460 million and Adjusted EBITDA of $27 million to $33 million. It maintained full-year 2026 guidance of sales between $1.85 billion and $1.95 billion and Adjusted EBITDA between $105 million and $115 million. The company describes global industries as challenged by significant uncertainty but says it continues to deliver year-over-year growth.