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Oct 31, 2025
Titan Machinery Q3 2026 Earnings Report
Titan Machinery reported modest earnings with lower revenue in Q3 FY2026, while progressing with inventory reduction and improving equipment margins.
Key Takeaways
Titan Machinery posted a small net income of $1.2 million on $644.5 million in revenue for Q3 FY2026. While overall revenue declined year-over-year, cost discipline and improved equipment margins helped sustain profitability. European operations showed strong growth, partially offsetting softness in other regions.
Revenue declined to $644.5 million from $679.8 million year-over-year due to lower equipment demand.
Net income was $1.2 million, down from $1.7 million a year ago.
Strong growth in the Europe segment helped offset declines in Agriculture, Construction, and Australia.
The company reduced inventory by $98 million year-to-date and raised its full-year reduction target to $150 million.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Titan reaffirmed full-year adjusted loss per share guidance, raised inventory reduction target, and updated revenue expectations by segment in response to year-to-date trends.
Positive Outlook
- Equipment margins in Q3 exceeded expectations.
- Inventory reduction target raised from $100M to $150M.
- Europe segment outlook upgraded to +35% to +40% YoY.
- Strong parts and service business provide stability.
- Operational footprint optimization ongoing through divestitures.
Challenges Ahead
- Adjusted full-year EPS expected to remain between ($1.50) and ($2.00).
- Anticipated non-cash valuation allowance to increase Q4 tax expense by $0.35–$0.45 per share.
- Australia revenue expected to decline 20%–25%.
- Construction revenue outlook worsened to −5% to −10%.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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