Titan Machinery Inc. income statement
In fiscal 2026, Titan Machinery Inc. reported revenue of $2.43bn, down 10.2% on the year before, operating income of −$6.7m (a -0.3% margin) and net income of −$54.2m, or −$2.38 per diluted share. Every line below comes from the company's 10-K and 10-Q filings; column headings link to the filing.
Income statement
| Fiscal year | 2010Jan 2010 | 2011Jan 2011 | 2012Jan 2012 | 2013Jan 2013 | 2014Jan 2014 | 2015Jan 2015 | 2016Jan 2016 | 2017Jan 2017 | 2018Jan 2018 | 2019Jan 2019 | 2020Jan 2020 | 2021Jan 2021 | 2022Jan 2022 | 2023Jan 2023 | 2024Jan 2024 | 2025Jan 2025 | 2026Jan 2026 | LTMJul 2026 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | 839 | 1,094 | 1,659 | 2,198 | 2,226 | 1,900 | 1,368 | 1,202 | 1,193 | 1,262 | 1,305 | 1,411 | 1,712 | 2,209 | 2,758 | 2,702 | 2,427 | 2,305 |
| Cost of revenue | 698 | 920 | 1,384 | 1,859 | 1,878 | 1,592 | 1,162 | 988 | 977 | 1,030 | 1,054 | 1,150 | 1,379 | 1,769 | 2,227 | 2,306 | 2,045 | 1,925 |
| Gross profit | 141 | 175 | 275 | 339 | 348 | 308 | 206 | 214 | 215 | 232 | 251 | 261 | 333 | 440 | 531 | 396 | 383 | 380 |
| Operating income | 32 | 44 | 82 | 92 | 47 | 1 | −23 | −2 | 1 | 27 | 21 | 37 | 90 | 138 | 169 | 4 | −7 | −10 |
| Interest expense | 1 | 9 | 10 | 23 | 31 | 35 | 33 | 22 | 17 | 14 | 10 | 7 | 6 | 7 | — | — | — | — |
| Income before tax | 27 | 37 | 74 | 71 | 18 | −38 | −56 | −23 | −14 | 16 | 15 | 31 | 87 | 135 | 151 | −50 | −45 | −42 |
| Income tax | 11 | 15 | 29 | 28 | 10 | −5 | −18 | −8 | −7 | 4 | 1 | 11 | 21 | 33 | 39 | −13 | 9 | 15 |
| Net income | 16 | 22 | 44 | 42 | 9 | −32 | −38 | −14 | −7 | 12 | 14 | 19 | 66 | 102 | 112 | −37 | −54 | −57 |
| Diluted EPS | $0.88 | $1.23 | $2.18 | $2.00 | $0.41 | −$1.51 | −$1.76 | −$0.65 | −$0.32 | $0.55 | $0.63 | $0.86 | $2.92 | $4.49 | $4.93 | −$1.63 | −$2.38 | −$2.48 |
| Diluted shares (average) | 18m | 18m | 20m | 21m | 21m | 21m | 21m | 21m | 22m | 22m | 22m | 22m | 22m | 22m | 22m | 23m | 23m | 23m |
| EBITDA | 40 | 53 | 97 | 115 | 78 | 32 | 5 | 24 | 26 | 51 | 49 | 61 | 112 | 164 | 200 | 43 | 31 | 28 |
| Quarter | 2025 Q3Oct 2024 | 2025 Q4Jan 2025 | 2026 Q1Apr 2025 | 2026 Q2Jul 2025 | 2026 Q3Oct 2025 | 2026 Q4Jan 2026 | 2027 Q1Apr 2026 | 2027 Q2Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 680 | 760 | 594 | 546 | 645 | 642 | 522 | 496 |
| Cost of revenue | 569 | 709 | 503 | 453 | 533 | 555 | 433 | 404 |
| Gross profit | 110 | 51 | 91 | 94 | 111 | 87 | 89 | 92 |
| Operating income | 11 | −46 | −6 | 1 | 10 | −12 | −6 | −2 |
| Interest expense | 4 | — | 5 | 5 | 5 | — | 5 | 4 |
| Income before tax | 0 | −59 | −17 | −8 | 3 | −23 | −12 | −9 |
| Income tax | −1 | −15 | −4 | −2 | 2 | 13 | 0 | −0 |
| Net income | 2 | −44 | −13 | −6 | 1 | −36 | −13 | −9 |
| Diluted EPS | $0.07 | −$1.93 | −$0.58 | −$0.26 | $0.05 | −$1.59 | −$0.55 | −$0.40 |
| EBITDA | 22 | −36 | 3 | 10 | 20 | −3 | 3 | 7 |
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