Revenue growth remains in a contractionary phase, with a 12.1% year-over-year decline in 2027Q1 contributing to a negative operating margin of -1.1%.
| 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 |
|---|
| Sales/Revenue | 2.36B | 2.43B | 2.7B | 2.76B | 2.21B | 1.71B | 1.41B | 1.31B | 1.26B | 1.2B | 1.21B | 1.37B | 1.9B | 2.23B | 2.2B | 1.66B | 1.09B | 838.78M | 690.44M | 432.97M | 292.6M | 228.47M |
| Revenue Growth % | -11.72% | -10.18% | -2.04% | 24.86% | 29.06% | 21.31% | 8.13% | 3.46% | 4.87% | -0.84% | -11.31% | -28.02% | -14.65% | 1.27% | 32.52% | 51.58% | 30.49% | 21.49% | 59.46% | 47.97% | 28.07% | - |
| Cost of Goods Sold | 1.97B | 2.04B | 2.31B | 2.23B | 1.77B | 1.38B | 1.15B | 1.05B | 1.03B | 987.64M | 999.35M | 1.16B | 1.59B | 1.88B | 1.86B | 1.38B | 919.92M | 697.69M | 570.57M | 360.92M | 243.99M | 193.76M |
| COGS % of Revenue | - | 84.24% | 85.36% | 80.74% | 80.09% | 80.56% | 81.48% | 80.78% | 81.64% | 82.1% | 82.38% | 84.95% | 83.77% | 84.37% | 84.56% | 83.4% | 84.05% | 83.18% | 82.64% | 83.36% | 83.39% | 84.81% |
| Gross Profit | 380.9M | 382.56M | 395.63M | 531.35M | 439.84M | 332.72M | 261.36M | 250.82M | 231.59M | 215.3M | 213.73M | 205.91M | 308.38M | 348.07M | 339.36M | 275.46M | 174.57M | 141.09M | 119.87M | 72.05M | 48.61M | 34.71M |
| Gross Margin % | 16.17% | 15.76% | 14.64% | 19.26% | 19.91% | 19.44% | 18.52% | 19.22% | 18.36% | 17.9% | 17.62% | 15.05% | 16.23% | 15.63% | 15.44% | 16.6% | 15.95% | 16.82% | 17.36% | 16.64% | 16.61% | 15.19% |
| Gross Profit Growth % | - | -3.3% | -25.54% | 20.81% | 32.19% | 27.3% | 4.2% | 8.3% | 7.57% | 0.73% | 3.8% | -33.23% | -11.4% | 2.57% | 23.2% | 57.8% | 23.72% | 17.71% | 66.36% | 48.22% | 40.04% | - |
| Operating Expenses | 383.54M | 384.65M | 389.78M | 362.51M | 301.52M | 241.04M | 220.77M | 225.72M | 201.54M | 203.2M | 211.37M | 220.52M | 273.27M | 291.2M | 247.56M | 193.86M | 130.54M | 109M | 86.94M | 53.19M | 37.4M | 26.98M |
| OpEx % of Revenue | - | 15.85% | 14.42% | 13.14% | 13.65% | 14.08% | 15.64% | 17.29% | 15.98% | 16.89% | 17.42% | 16.12% | 14.38% | 13.08% | 11.26% | 11.69% | 11.93% | 12.99% | 12.59% | 12.29% | 12.78% | 11.81% |
| Selling, General & Admin | 0 | 0 | 0 | 361.83M | 285.62M | 241.04M | 217.78M | 225.72M | 201.54M | 203.2M | 211.37M | 220.52M | 273.27M | 291.2M | 247.56M | 0 | 0 | 0 | 86.94M | 53.19M | 37.4M | 26.98M |
| SG&A % of Revenue | - | - | - | 13.12% | 12.93% | 14.08% | 15.43% | 17.29% | 15.98% | 16.89% | 17.42% | 16.12% | 14.38% | 13.08% | 11.26% | - | - | - | 12.59% | 12.29% | 12.78% | 11.81% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 384.65M | 389.78M | 679K | 301.52M | 0 | 220.77M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 193.86M | 130.54M | 109M | 0 | 0 | 0 | 0 |
| Operating Income | -2.55M | -2.68M | 4.01M | 168.84M | 138.32M | 90.18M | 37.41M | 21.33M | 27.48M | 925K | -2.37M | -23.11M | 723K | 46.88M | 91.8M | 81.6M | 44.03M | 32.1M | 32.93M | 18.86M | 11.21M | 7.73M |
| Operating Margin % | -0.11% | -0.11% | 0.15% | 6.12% | 6.26% | 5.27% | 2.65% | 1.63% | 2.18% | 0.08% | -0.2% | -1.69% | 0.04% | 2.11% | 4.18% | 4.92% | 4.02% | 3.83% | 4.77% | 4.36% | 3.83% | 3.39% |
| Operating Income Growth % | - | -166.89% | -97.63% | 22.07% | 53.38% | 141.08% | 75.36% | -22.38% | 2870.92% | 139% | 89.74% | -3296.4% | -98.46% | -48.94% | 12.5% | 85.34% | 37.17% | -2.53% | 74.58% | 68.23% | 44.97% | - |
| EBITDA | 26.1M | 34.88M | 42.61M | 200.32M | 163.52M | 122.2M | 72.65M | 61.63M | 51.09M | 26.03M | 24.5M | 5.43M | 32.49M | 77.67M | 115.27M | 96.86M | 53M | 40.05M | 37.51M | 21.38M | 12.98M | 8.93M |
| EBITDA Margin % | 1.11% | 1.44% | 1.58% | 7.26% | 7.4% | 7.14% | 5.15% | 4.72% | 4.05% | 2.16% | 2.02% | 0.4% | 1.71% | 3.49% | 5.24% | 5.84% | 4.84% | 4.77% | 5.43% | 4.94% | 4.44% | 3.91% |
| EBITDA Growth % | 80.28% | -18.13% | -78.73% | 22.51% | 33.81% | 68.22% | 17.87% | 20.65% | 96.26% | 6.26% | 351.29% | -83.29% | -58.17% | -32.62% | 19% | 82.78% | 32.33% | 6.76% | 75.48% | 64.69% | 45.27% | - |
| D&A (Non-Cash Add-back) | 28.65M | 37.56M | 38.6M | 31.48M | 25.2M | 32.02M | 35.24M | 40.3M | 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 |
| EBIT | 3.05M | -2.68M | 4.01M | 168.84M | 138.32M | 92.61M | 37.94M | 23.86M | 30.05M | 2.56M | -848K | -25.19M | 723K | 56.87M | 93.46M | 83.24M | 45.82M | 33.94M | 34.47M | 18.86M | 11.56M | 7.82M |
| Net Interest Income | -31.54M | -43.08M | -53.99M | -17.8M | -3.08M | -3.28M | -6.66M | -6.68M | -11.33M | -15.36M | -20.34M | -33.1M | -39.06M | -28.45M | -21.11M | -8.03M | -6.79M | -5.11M | -2.42M | 0 | -5.12M | -3.28M |
| Interest Income | 0 | 0 | 0 | 3.3M | 3.86M | 2.43M | 527K | 3.13M | 2.55M | 1.64M | 1.52M | 0 | 0 | 2.11M | 1.65M | 1.64M | 1.79M | 1.84M | 1.54M | 0 | 348.81K | 87.69K |
| Interest Expense | 32.84M | 43.08M | 53.99M | 21.11M | 6.94M | 5.71M | 7.18M | 9.81M | 13.87M | 17M | 21.86M | 33.1M | 39.06M | 30.55M | 22.76M | 9.67M | 8.58M | 6.95M | 3.97M | 0 | 5.47M | 3.37M |
| Other Income/Expense | -38.05M | -42.73M | -53.99M | -17.8M | -3.08M | -3.28M | -6.66M | -6.68M | -11.33M | -15.36M | -20.34M | -33.1M | -39.06M | -28.45M | -21.11M | -8.03M | -6.79M | -5.11M | -2.42M | -9.54M | -5.12M | -3.28M |
| Pretax Income | -40.6M | -45.41M | -49.98M | 151.04M | 135.24M | 86.9M | 30.75M | 14.65M | 16.15M | -14.44M | -22.71M | -56.21M | -38.34M | 18.43M | 70.7M | 73.57M | 37.24M | 26.99M | 30.5M | 9.32M | 6.09M | 4.45M |
| Pretax Margin % | -1.72% | -1.87% | -1.85% | 5.48% | 6.12% | 5.08% | 2.18% | 1.12% | 1.28% | -1.2% | -1.87% | -4.11% | -2.02% | 0.83% | 3.22% | 4.43% | 3.4% | 3.22% | 4.42% | 2.15% | 2.08% | 1.95% |
| Income Tax | 12.99M | 8.77M | -13.07M | 38.6M | 33.37M | 20.85M | 11.4M | 699K | 3.97M | -7.39M | -8.18M | -17.98M | -4.92M | 10.32M | 28.14M | 29.43M | 14.89M | 11.26M | 12.43M | 4.11M | 2.45M | 1.72M |
| Effective Tax Rate % | -31.99% | -19.31% | 26.16% | 25.56% | 24.68% | 24% | 37.06% | 4.77% | 24.59% | 51.18% | 36.01% | 31.99% | 12.84% | 56.03% | 39.8% | 40% | 40% | 41.7% | 40.75% | 44.09% | 40.24% | 38.65% |
| Net Income | -53.59M | -54.17M | -36.91M | 110.92M | 101.87M | 66.05M | 19.36M | 13.95M | 12.18M | -7.05M | -14.18M | -37.89M | -32.16M | 8.85M | 42.47M | 44.16M | 22.34M | 15.74M | 18.07M | 5.21M | 3.64M | 2.73M |
| Net Margin % | -2.28% | -2.23% | -1.37% | 4.02% | 4.61% | 3.86% | 1.37% | 1.07% | 0.97% | -0.59% | -1.17% | -2.77% | -1.69% | 0.4% | 1.93% | 2.66% | 2.04% | 1.88% | 2.62% | 1.2% | 1.24% | 1.2% |
| Net Income Growth % | 10.02% | -46.77% | -133.28% | 8.89% | 54.24% | 241.22% | 38.72% | 14.54% | 272.82% | 50.29% | 62.58% | -17.83% | -463.31% | -79.16% | -3.82% | 97.65% | 41.97% | -12.93% | 246.75% | 43.27% | 33.18% | - |
| Net Income (Continuing) | -53.59M | -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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 793K | 1.86M | 2.57M | 3.41M | 1M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.35 | -2.38 | -1.63 | 4.93 | 4.49 | 2.92 | 0.86 | 0.63 | 0.56 | -0.33 | -0.65 | -1.75 | -1.50 | 0.41 | 1.99 | 2.18 | 1.23 | 0.88 | 1.08 | 0.67 | 0.57 | 0.47 |
| EPS Growth % | 10.5% | -46.01% | -133.06% | 9.8% | 53.77% | 239.53% | 36.51% | 12.5% | 269.7% | 49.23% | 62.86% | -16.67% | -465.85% | -79.4% | -8.72% | 77.24% | 39.77% | -18.52% | 61.19% | 17.54% | 21.28% | - |
| EPS (Basic) | - | -2.38 | -1.63 | 4.86 | 4.50 | 2.93 | 0.86 | 0.63 | 0.56 | -0.33 | -0.67 | -1.79 | -1.54 | 0.41 | 1.99 | 2.21 | 1.25 | 0.89 | 1.11 | 0.90 | 0.81 | 0.60 |
| Diluted Shares Outstanding | 22.85M | 22.78M | 22.61M | 22.5M | 22.38M | 22.25M | 22.1M | 21.95M | 21.82M | 21.54M | 21.84M | 21.6M | 21.41M | 21.26M | 21.09M | 20.11M | 17.96M | 17.97M | 16.78M | 8.25M | 6.38M | 6.32M |
| Basic Shares Outstanding | 22.85M | 22.78M | 22.61M | 22.81M | 22.37M | 22.24M | 22.1M | 21.95M | 21.81M | 21.54M | 21.29M | 21.11M | 20.93M | 21.26M | 21.02M | 19.81M | 17.66M | 17.59M | 16.29M | 5.61M | 4.49M | 4.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical inventory absorption failure
As indicated by recent financial disclosures, TITN has experienced a sustained period of top-line decay, with revenue contracting by 12.1% in 2027Q1 alone, reflecting a broader cyclical downturn in the North American agricultural equipment market that continues to pressure the company's primary volume drivers.
The consistent year-over-year revenue declines suggest that the company is struggling to maintain market share amidst a broader cooling in commodity-linked capital expenditures. This downward trajectory appears to be more than a temporary lull, potentially signaling a structural shift in the replacement cycle for the regional fleet.
Based on the latest income statement data, TITN's gross margin has faced significant volatility, bottoming out at 6.7% in 2025Q4 before recovering to 17.1% in 2027Q1, highlighting the company's extreme sensitivity to inventory pricing and the high cost of clearing aging equipment from dealership lots.
The inability to maintain consistent gross margins suggests that Titan is frequently forced into aggressive discounting to move inventory, which directly undermines the profitability of its core equipment sales. Investors should monitor whether the current margin recovery is sustainable or merely a byproduct of temporary inventory management adjustments.
According to reported quarterly figures, TITN has transitioned into a state of negative operating leverage, where fixed costs now consistently outpace gross profit generation, resulting in an operating margin of -1.1% in 2027Q1 as the company struggles to scale its overhead against declining sales volumes.
The shift to negative operating income indicates that the company's fixed-cost base, likely tied to its extensive physical footprint and specialized labor, is currently too heavy for the prevailing revenue environment. This lack of operational flexibility suggests that further cost rationalization may be required to return to profitability.
Financial statements reveal that TITN's reliance on floorplan financing creates a precarious situation, as evidenced by the company's recent net losses and the potential for inventory aging to necessitate future write-downs, which could further impair the firm's already strained liquidity position during this cyclical trough.
Short-term observers may focus on the risk that the company's inventory is overvalued relative to current market-clearing prices, which would necessitate significant impairment charges. The interplay between high interest expenses on floorplan debt and declining equipment demand warrants close investigation, as it may limit the company's ability to navigate a prolonged downturn.
Quick answers to the most common questions about buying TITN stock.
For fiscal year 2026, Titan Machinery Inc. (TITN) reported total revenue of $2.43B. This represents a 962.3% increase compared to $228.5M in 2006.
Titan Machinery Inc. (TITN) reported a net loss of $54.2M for the fiscal year ending 2026.
Titan Machinery Inc. (TITN) reported an operating income of $-2.7M, resulting in an operating profit margin of -0.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Titan Machinery Inc. (TITN) generated $382.6M in gross profit for the year, representing a gross profit margin of 15.8%. This demonstrates the company's core pricing power and production efficiency.