Cash flow generation is erratic and dominated by massive working capital swings, with operating cash flow swinging from a -$124.4M use in 2025Q1 to a $178.3M source in 2026Q4, while free cash flow has been negative in four of the last ten quarters.
Titan Machinery Inc. (TITN) cash flow statement — 21-year operating, investing & financing cash flows
| Metric | TTM | Jan'26 | Jan'25 | Jan'24 | Jan'23 | Jan'22 | Jan'21 | Jan'20 | Jan'19 | Jan'18 | Jan'17 | Jan'16 | Jan'15 | Jan'14 | Jan'13 | Jan'12 | Jan'11 | Jan'10 | Jan'09 | Jan'08 | Jan'07 | Jan'06 |
|---|
| Cash from Operations | 62.49M | 137.45M | 70.29M | -32.28M | 10.82M | 158.92M | 173M | 955K | 46.6M | 95.81M | 141M | 231.88M | 41.06M | -82.24M | -115.33M | -182.19M | -35.01M | -47.66M | 4.22M | 12.46M | 6.51M | 8.81M |
| Operating CF Margin % | - | 5.66% | 2.6% | -1.17% | 0.49% | 9.28% | 12.26% | 0.07% | 3.69% | 7.96% | 11.62% | 16.95% | 2.16% | -3.69% | -5.25% | -10.98% | -3.2% | -5.68% | 0.61% | 2.88% | 2.22% | 3.86% |
| Operating CF Growth % | -149.89% | 95.55% | 317.75% | -398.45% | -93.19% | -8.14% | 18014.76% | -97.95% | -51.36% | -32.05% | -39.2% | 464.77% | 149.92% | 28.69% | 36.7% | -420.41% | 26.55% | -1230.62% | -66.17% | 91.53% | -26.19% | - |
| Net Income | -56.74M | -54.17M | -36.91M | 112.44M | 101.87M | 66.05M | 19.36M | 13.95M | 12.18M | -7.05M | -14.54M | -38.23M | -33.42M | 8.1M | 42.56M | 44.15M | 22.34M | 15.74M | 18.07M | 5.21M | 3.64M | 2.73M |
| Depreciation & Amortization | 37.72M | 37.56M | 38.6M | 31.48M | 25.2M | 22.14M | 23.7M | 28.07M | 23.61M | 25.11M | 26.87M | 28.54M | 31.77M | 30.79M | 23.46M | 15.26M | 8.97M | 7.95M | 4.58M | 2.52M | 1.77M | 1.2M |
| Stock-Based Compensation | 2.58M | 5.57M | 4.29M | 3.3M | 3.23M | 2.55M | 2.52M | 2.69M | 2.54M | 3.44M | 2.15M | 2.1M | 2.13M | 2.13M | 1.63M | 1.37M | 1.16M | 962K | 692.47K | 141.46K | 58.11K | 0 |
| Deferred Taxes | 11.38M | 2.56M | -15.81M | 2.91M | 7.64M | 4.32M | -3.54M | -1.66M | 2.51M | -8.92M | -2.84M | -9.17M | -14.84M | -4.94M | 6.11M | 16.03M | 1.68M | 1.85M | 967.95K | -181.05K | 74K | -23K |
| Other Non-Cash Items | 6.78M | 741K | -73.63M | -26.66M | 9.13M | 7.78M | 13.52M | 16.02M | 6.2M | 1.9M | 5.67M | 12.92M | 41.83M | 13.48M | 2.27M | 302K | -111K | -15K | -8.5K | 3.26M | -26.21K | 1.64K |
| Working Capital Changes | 60.76M | 145.19M | 142.23M | -155.75M | -136.24M | 56.08M | 117.45M | -58.11M | -426K | 81.34M | 123.69M | 235.72M | 13.58M | -131.82M | -191.35M | -259.29M | -69.04M | -74.14M | -20.09M | 1.51M | 993.52K | 4.9M |
| Change in Receivables | 18.97M | -499K | 28.8M | -48.09M | 1.2M | -37.04M | 4.47M | 6.22M | -13.47M | -1M | -1.89M | 24.33M | 25.39M | 13.07M | -41.6M | -293.27M | -196.27M | -164.85M | 0 | 0 | 0 | 0 |
| Change in Inventory | 202.82M | 235.73M | 166.18M | -476.39M | -180.93M | 5.8M | 199.25M | -99.47M | 5M | 20.34M | 211.79M | 196.98M | 171.59M | -182.37M | -144.02M | -261.6M | -63.11M | -61.24M | -34.84M | -3.17M | -285.69K | -5.37M |
| Change in Payables | 16.21M | 14.56M | -28.66M | -17.84M | -13.93M | 9.69M | 36.2M | -1.89M | 10.69M | 8.45M | 1.82M | -14.32M | -29.6M | 10.17M | -2.74M | 36.43M | 23.25M | -6.65M | 0 | 0 | -1.47M | 0 |
| Cash from Investing | -1.55M | -22.71M | -47.75M | -163.37M | -134.06M | -55.2M | -20.3M | -36.47M | -25.83M | -24.59M | -9.13M | -126K | 4.4M | -7.08M | -64.11M | -66.63M | -48.45M | 25.73M | -87.28M | -16.34M | -13.96M | -3.77M |
| Capital Expenditures | -12.81M | -22.36M | -51.84M | -62.36M | -37.21M | -37.63M | -20.09M | -25.02M | -11.95M | -26.11M | -12.43M | -8.41M | -17.6M | -23.86M | -71.71M | -69.87M | -49.04M | -19.66M | -42.75M | -6.5M | -1.99M | -1.22M |
| CapEx % of Revenue | 0.56% | 0.92% | 1.92% | 2.26% | 1.68% | 2.2% | 1.42% | 1.92% | 0.95% | 2.17% | 1.02% | 0.61% | 0.93% | 1.07% | 3.26% | 4.21% | 4.48% | 2.34% | 6.19% | 1.5% | 0.68% | 0.53% |
| Acquisitions | 2.41M | -19.8M | -260K | -107.55M | -100.47M | -33.64M | -6.79M | -13.89M | -15.3M | -3.65M | 2.39M | 7.46M | 11.88M | -4.85M | 0 | 0 | 0 | 0 | -44.99M | -10.1M | -12.09M | -2.58M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 8.85M | 19.44M | 4.36M | 6.54M | 3.62M | 16.07M | 6.58M | 2.43M | 1.42M | 5.18M | 3.3M | 508K | 5.2M | 16.78M | 7.6M | 3.24M | 596K | 396K | 461.98K | 269.64K | 119.67K | 21.93K |
| Cash from Financing | -63.31M | -123.7M | -23.62M | 188.58M | 21.96M | -35.34M | -117.94M | 22.87M | -16.73M | -71.47M | -167.98M | -268.96M | 9M | 39.8M | 224.23M | 252.57M | 83.38M | 57.07M | 81.31M | 39.11M | 6.35M | 2.52M |
| Debt Issued (Net) | -33.8M | -222.7M | 18.79M | 6.55M | 778K | -20.07M | -117.03M | 23.38M | -18.71M | -32.88M | -165.76M | -224.27M | 13.39M | 41.35M | 222.12M | 175.88M | 82.85M | 57.08M | 2.43M | -3M | 6.24M | 2.22M |
| Equity Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 74.9M | 0 | 0 | 78.88M | 42.88M | 226K | 602K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -441.03K | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -29.51M | 98.99M | -42.41M | 182.02M | 21.18M | -15.26M | -909K | -509K | 1.98M | -38.59M | -2.21M | -44.68M | -4.38M | -1.55M | 2.1M | 1.79M | 534K | -7K | -597 | -330.44K | -113K | -301K |
| Net Change in Cash | -3.17M | -7.73M | -2.17M | -5.85M | -102.24M | 67.16M | 35.27M | -13.02M | 3.35M | 245K | -36.31M | -38.06M | 53.29M | -50.12M | 44.52M | 3.73M | -73K | 35.14M | -1.76M | 35.23M | -1.1M | 7.56M |
| Free Cash Flow | 49.69M | 115.09M | 18.45M | -94.64M | -26.39M | 121.29M | 152.91M | -24.06M | 34.65M | 69.7M | 128.57M | 223.47M | 23.46M | -106.1M | -187.03M | -252.06M | -84.05M | -67.32M | -38.53M | 5.96M | 4.52M | 7.59M |
| FCF Margin % | 2.16% | 4.74% | 0.68% | -3.43% | -1.19% | 7.08% | 10.84% | -1.84% | 2.75% | 5.79% | 10.6% | 16.34% | 1.23% | -4.77% | -8.51% | -15.19% | -7.68% | -8.03% | -5.58% | 1.38% | 1.54% | 3.32% |
| FCF Growth % | -59.47% | 523.96% | 119.49% | -258.56% | -121.76% | -20.68% | 735.5% | -169.43% | -50.28% | -45.79% | -42.47% | 852.49% | 122.11% | 43.27% | 25.8% | -199.88% | -24.85% | -74.71% | -747.04% | 31.81% | -40.51% | - |
| FCF per Share | 2.17 | 5.05 | 0.82 | -4.21 | -1.18 | 5.45 | 6.92 | -1.10 | 1.59 | 3.24 | 5.89 | 10.34 | 1.10 | -4.99 | -8.87 | -12.53 | -4.68 | -3.75 | -2.30 | 0.72 | 0.71 | 1.20 |
| FCF Conversion (FCF/Net Income) | -0.88x | -2.54x | -1.90x | -0.29x | 0.11x | 2.41x | 8.94x | 0.07x | 3.83x | -13.59x | -9.94x | -6.12x | -1.28x | -9.29x | -2.72x | -4.13x | -1.57x | -3.03x | 0.23x | 2.39x | 1.79x | 3.23x |
| Interest Paid | 28.78M | 42.88M | 48.29M | 19.38M | 6.52M | 5.4M | 7.36M | 9.69M | 11.06M | 0 | 0 | 25.84M | 30.04M | 26.13M | 17.73M | 9M | 9.1M | 0 | 0 | 0 | 5.54M | 3.33M |
| Taxes Paid | 790K | 0 | 6.56M | 39.84M | 26.57M | 22.95M | 2.79M | 3.66M | 3.68M | 0 | 0 | 7.32M | 6.37M | 15.73M | 18.63M | 18.73M | 9.23M | 0 | 0 | 0 | 2.35M | 2.08M |
Quick answers to the most common questions about buying TITN stock.
Titan Machinery Inc. (TITN) generated $137.5M in net cash from operating activities in 2026. This reflects the cash generated directly from core business operations.
Titan Machinery Inc. (TITN) generated $115.1M in free cash flow in 2026. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Titan Machinery Inc. (TITN) spent $22.4M on capital expenditures in 2026. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Persistent cash burn and working capital volatility
Metrics are mathematically derived from official filings.
Earnings Quality Severely Distorted by Working Capital
The relationship between net income and operating cash flow is highly erratic, with the OCF/NI ratio swinging from -13.18 in 2025Q1 to 28.37 in 2026Q3, indicating that reported losses are a poor proxy for actual cash generation due to massive working capital swings.
The extreme volatility in the OCF/NI ratio suggests that accrual-based accounting is not capturing the true cash dynamics of the business. For instance, in 2026Q4, a $36.2M net loss coincided with $178.3M in operating cash flow, a divergence almost entirely driven by a $190.0M working capital release. This pattern implies that the company's cash flow is dominated by inventory and receivables cycles rather than underlying profitability, making earnings quality assessment based on net income alone unreliable.
FCF Volatility Masks Underlying Cash Burn
Free cash flow has been deeply negative in four of the last ten quarters, with the most recent 2027Q2 showing a -$5.5M FCF, while the positive quarters are largely driven by one-time working capital releases rather than sustainable operational performance.
The FCF trajectory is not indicative of a stable business generating cash from operations. The positive FCF quarters, such as 2026Q4 ($174.3M) and 2025Q4 ($105.4M), are anomalies fueled by massive working capital releases ($190.0M and $166.6M respectively), which appear to be reversals of prior inventory builds. The underlying trend, excluding these releases, points to a business that is consuming cash to fund operations and modest capital expenditures, a trajectory that is unsustainable without external financing or a reversal in working capital trends.
Working Capital Swings Dominate Cash Flow
Working capital changes have been the primary driver of operating cash flow, with massive swings from a -$146.9M use in 2025Q1 to a $190.0M source in 2026Q4, indicating a highly volatile and unpredictable cash conversion cycle.
The data reveals a pattern of significant inventory and receivables builds followed by sharp releases. The -$30.0M working capital use in 2027Q2, following a period of releases, suggests the company may be rebuilding inventory or experiencing slower collections as revenue contracts. This volatility makes forecasting near-term cash flow extremely difficult and indicates that management may be struggling to align inventory levels with the prolonged demand downturn identified in the income statement analysis.
Minimal Capex Amidst Operational Stress
Capital expenditures have been consistently low, ranging from 0.4% to 2.8% of revenue over the last ten quarters, suggesting a focus on maintenance spending and a potential deferral of growth investments during the downturn.
The low CapEx/Rev ratio, particularly the 0.7% in 2027Q2, indicates the company is likely only spending to maintain existing assets. This is a rational response to a severe revenue contraction but raises questions about long-term competitiveness. When compared to peers like AGCO (which likely has higher capital intensity), Titan's minimal investment may preserve short-term cash but could erode its asset base and market position if the downturn persists, aligning with the prior finding of structural margin inferiority.
Cash Flow Obscured by Inventory and Acquisition Noise
The cash flow statement is heavily distorted by massive, non-recurring working capital swings and sporadic acquisition spending, which obscure the true underlying cash generation capability of the core distribution business.
The reported operating cash flow in quarters like 2026Q4 is not representative of sustainable operations; it is the result of unwinding a prior inventory build. Furthermore, the sporadic acquisition outflows (e.g., -$13.4M in 2026Q2, -$5.9M in 2027Q2) are embedded within the cash flow figures, making it difficult to isolate organic cash generation. Investors should focus on the trend of net income and the persistent working capital volatility, as these are the clearest indicators of the operational challenges facing the business.