Titan International Inc

titan-intl.com

What Do They Do?

Makes off-highway wheels, tires and undercarriage products for equipment makers and aftermarket customers in agricultural, earthmoving and construction, and consumer markets.

How Do They Make Money?

Wheels and tires, including assemblies, are the larger business: customers order them at specified prices, and sales are tied to shipment or, sometimes, delivery. Payment terms vary, with standard terms under one year.

revenue

Segment	Share	Revenue	How money arrives
Wheels and Tires [including assemblies] Sold outright	76% FY2022: 75%		Sold outright
Undercarriage systems and components Sold outright	24% FY2022: 25%		Sold outright

Who Are Their Customers?

Agricultural, earthmoving and construction equipment makers buy directly; aftermarket tire buyers are reached mainly through independent or equipment-maker-affiliated dealers and wholesalers. Consumer-market products also go to selected equipment makers.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 13% from one customer

Do Revenues Turn Into Profits?

No. It lost $63.5M in FY2025.

Operating income, FY2025

1% of revenue

▼ −37% vs FY2024 ($33.2M, 2%)

Net income, FY2025

−3% of revenue

▲ +1042% (Loss) vs FY2024 (−$5.6M, 0%)

Free cash flow, FY2025

−1% of revenue

▼ Now a loss vs FY2024 ($75.9M, 4%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $460.8M in Q2 FY2025
Net income: ▲ Now profitable; vs −$4.5M in Q2 FY2025

Wheels and Tires [including assemblies] share of revenue vs 74.8% in Q2 FY2025

Jul 30, 2026 Titan issued third-quarter and maintained full-year sales and EBITDA guidance It expects third-quarter sales of $440 million to $460 million and Adjusted EBITDA of $27 million to $33 million, while maintaining full-year guidance.

Flat. Revenue was $1.8B in FY2025, about the same as the $1.8B of FY2021.

Broader consumer products The older report describes select products for off-road vehicles, turf and lawn and garden; the latest report also describes Titan Specialty's wheels and tires for outdoor power equipment, powersports and trailers, plus small and midsize agricultural tires.

Revenue over time

Wheels and Tires [including assemblies] Undercarriage systems and components

$2.5B$1.3B$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Accuride, Gianetti, Moveero, Jantsa, Kenda, Maxin, OTR, Pronar, Rimex, Trelleborg Group, Topy Industries, Wanda, Wheels India, Alliance Tire, Balkrishna Industries, Bridgestone/Firestone, Michelin, Mitas, Pirelli, and Berco

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