TITAN INTERNATIONAL INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover Page - shares
3 Months Ended
Mar. 31, 2026
Apr. 22, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-12936  
Entity Registrant Name TITAN INTERNATIONAL, INC.  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 36-3228472  
Entity Address, Address Line One 1525 Kautz Road, Suite 600  
Entity Address, City or Town West Chicago  
Entity Address, State or Province IL  
Entity Address, Postal Zip Code 60185  
City Area Code 630  
Local Phone Number 377-0486  
Title of 12(b) Security Common stock, $0.0001 par value  
Trading Symbol TWI  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   64,371,960
Entity Central Index Key 0000899751  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net sales $ 505,073 $ 490,708
Cost of sales 433,624 422,064
Gross profit 71,449 68,644
Selling, general, and administrative expenses 52,398 49,855
Research and development expenses 5,284 4,544
Royalty expense 2,410 2,446
Restructuring and impairment expenses 25,142 0
(Loss) income from operations (13,785) 11,799
Interest expense (9,887) (9,535)
Interest income 2,199 2,239
Foreign exchange gain (loss) 910 (1,385)
Other income 946 1,134
(Loss) income before income taxes (19,617) 4,252
Provision for income taxes 4,633 4,230
Net (loss) income (24,250) 22
Net (loss) income attributable to noncontrolling interests (36) 671
Net loss attributable to Titan and applicable to common shareholders $ (24,214) $ (649)
Loss per common share:    
Basic (in dollars per share) $ (0.38) $ (0.01)
Diluted (in dollars per share) $ (0.38) $ (0.01)
Average common shares and equivalents outstanding:    
Basic (in shares) 64,072 63,283
Diluted (in shares) 64,072 63,283
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net (loss) income $ (24,250) $ 22
Derivative gain (loss) 31 (8)
Currency translation adjustment 3,020 46,225
Pension liability adjustments, net of tax 145 90
Comprehensive (loss) income (21,054) 46,329
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest (601) 7,622
Comprehensive (loss) income attributable to Titan $ (20,453) $ 38,707
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 171,262 $ 202,879
Accounts receivable, net of allowance of $5,007 and $5,058, respectively 338,496 238,906
Inventories 467,962 470,549
Prepaid and other current assets 73,319 73,638
Total current assets 1,051,039 985,972
Property, plant and equipment, net 439,418 448,910
Operating lease assets 101,874 119,225
Goodwill 29,563 29,563
Intangible assets, net 10,571 10,889
Deferred income taxes 10,570 10,715
Other long-term assets 71,786 67,386
Total assets 1,714,821 1,672,660
Current liabilities    
Short-term debt 34,277 21,185
Accounts payable 278,019 251,715
Operating leases 14,815 13,830
Other current liabilities 152,265 141,514
Total current liabilities 479,376 428,244
Long-term debt 578,305 564,717
Deferred income taxes 6,883 6,138
Operating leases 107,891 111,054
Other long-term liabilities 40,819 40,890
Total liabilities 1,213,274 1,151,043
Titan shareholders' equity    
Common stock ($0.0001 par value, 120,000,000 shares authorized, 78,447,035 issued and 64,312,774 outstanding at March 31, 2026; 78,447,035 issued and 63,951,494 outstanding at December 31, 2025) 0 0
Additional paid-in capital 736,818 738,711
Retained earnings 76,355 100,569
Treasury stock (at cost, 14,134,261 shares at March 31, 2026 and 14,495,541 shares at December 31, 2025) (112,994) (115,871)
Accumulated other comprehensive loss (205,268) (209,029)
Total Titan shareholders’ equity 494,911 514,380
Noncontrolling interests 6,636 7,237
Total equity 501,547 521,617
Total liabilities and equity $ 1,714,821 $ 1,672,660
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Statement of Financial Position [Abstract]    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, shares authorized (in shares) 120,000,000 120,000,000
Common stock, shares issued (in shares) 78,447,035 78,447,035
Common stock, shares outstanding (in shares) 64,312,774 63,951,494
Treasury stock (in shares) 14,134,261 14,495,541
Accounts Receivable, Allowance for Credit Loss $ 5,007 $ 5,058
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Total Titan Equity
Common Stock
Additional paid-in capital
Retained earnings
Treasury stock
Accumulated other comprehensive (loss) income
Non-controlling interest
Balance, beginning (in shares) at Dec. 31, 2024     63,139,435          
Balance, beginning at Dec. 31, 2024 $ 493,656 $ 496,073   $ 740,223 $ 164,063 $ (122,336) $ (285,877) $ (2,417)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income 22 (649)     (649)     671
Currency translation adjustment, net 46,225 39,274         39,274 6,951
Pension liability adjustments, net of tax 90 90         90  
Derivative gain (loss) (8) (8)         (8)  
Stock-based compensation (in shares)     453,842          
Stock-based compensation (925) (925)   (4,539)   3,614    
Issuance of treasury stock under 401(k) plan (in shares)     58,275          
Issuance of treasury stock under 401(k) plan 396 396   (68)   464    
Balance, ending (in shares) at Mar. 31, 2025     63,651,552          
Balance, ending at Mar. 31, 2025 $ 539,456 534,251   735,616 163,414 (118,258) (246,521) 5,205
Balance, beginning (in shares) at Dec. 31, 2025 63,951,494   63,951,494          
Balance, beginning at Dec. 31, 2025 $ 521,617 514,380   738,711 100,569 (115,871) (209,029) 7,237
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net (loss) income (24,250) (24,214)     (24,214)     (36)
Currency translation adjustment, net 3,020 3,585         3,585 (565)
Pension liability adjustments, net of tax 145 145         145  
Derivative gain (loss) 31 31         31  
Stock-based compensation (in shares)     308,719          
Stock-based compensation 565 565   (1,893)   2,458    
Issuance of treasury stock under 401(k) plan (in shares)     52,561          
Issuance of treasury stock under 401(k) plan $ 419 419   0   419    
Balance, ending (in shares) at Mar. 31, 2026 64,312,774   64,312,774          
Balance, ending at Mar. 31, 2026 $ 501,547 $ 494,911   $ 736,818 $ 76,355 $ (112,994) $ (205,268) $ 6,636
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Cash flows from operating activities:    
Net (loss) income $ (24,250) $ 22
Adjustments to reconcile net (loss) income to net cash used for operating activities:    
Depreciation and amortization 17,073 15,871
Restructuring and impairment expenses 25,142 0
Deferred income tax provision (benefit) 1,212 (793)
Loss on fixed asset and investment sale 64 40
Stock-based compensation 565 (925)
Issuance of stock under 401(k) plan 419 396
Foreign currency (gain) loss (2,342) 2,759
(Increase) decrease in assets:    
Accounts receivable (98,797) (97,101)
Inventories 3,438 (5,339)
Prepaid and other current assets 624 (2,358)
Other assets (4,851) (1,443)
Increase (decrease) in liabilities:    
Accounts payable 25,450 51,188
Other current liabilities 9,162 (1,154)
Other liabilities 565 246
Net cash used for operating activities (46,526) (38,591)
Cash flows from investing activities:    
Capital expenditures (13,250) (15,027)
Proceeds from sale of fixed assets 116 199
Net cash used for investing activities (13,134) (14,828)
Cash flows from financing activities:    
Proceeds from borrowings 59,247 26,606
Repayments of debt (32,893) (8,013)
Other financing activities (160) 21
Net cash provided by financing activities 26,194 18,614
Effect of exchange rate changes on cash 1,849 13,261
Net decrease in cash and cash equivalents (31,617) (21,544)
Cash and cash equivalents, beginning of period 202,879 195,974
Cash and cash equivalents, end of period 171,262 174,430
Supplemental information:    
Interest paid 3,396 3,209
Income taxes paid, net of refunds received $ 2,137 $ 3,421
v3.26.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan, the Company or we) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 (the 2025 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. The Company’s results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.

Fair Value of Financial Instruments
The Company’s financial assets measured at fair value on a recurring basis include investments in money market funds of $23.2 million as of March 31, 2026 and $0.2 million as of December 31, 2025, which are Level 1 fair value measurements as the Company uses quoted market prices. Cash and cash equivalents are carried at cost, which approximates fair value because of the short-term maturities of these instruments. The Company’s revolving credit facility and notes payable are carried at cost, which approximates fair value due to their short terms or stated rates, which are considered Level 2 fair value measurements.  Our 7.00% senior secured notes due 2028 were carried at a cost of $398.2 million at March 31, 2026 and $398.0 million at December 31, 2025. The fair value of the senior secured notes due 2028, as determined with the assistance of an independent pricing platform using real-time trade data, was approximately $398.3 million and $401.5 million, at March 31, 2026 and December 31, 2025, respectively, which was determined to be a Level 2 fair value measurement.

Hyperinflation in Argentina and Turkey
In July 2018 and March 2022, the three-year cumulative rate of inflation for consumer prices and wholesale prices reached a level in excess of 100% for Argentina and Turkey, respectively. As a result, in accordance with Accounting Standards Codification (ASC) Topic 830, Foreign Currency Matters, Argentina and Turkey were considered hyperinflationary economies and the Company has applied the standard since December 31, 2023.

For the three months ended March 31, 2026 and 2025, the Company recognized a net monetary loss of $0.2 million and $1.1 million, respectively, recorded in foreign exchange loss in the consolidated statements of operations associated with the application of ASC 830.

Geopolitical and Military Conflict
In February 2022, in response to the military conflict between Russia and Ukraine, the United States, other North Atlantic Treaty Organization member states, as well as non-member states, announced targeted economic sanctions on Russia, certain Russian citizens and enterprises. The continuation of the conflict triggered additional economic and other sanctions enacted by the United States and other countries throughout the world. The scope of potential additional sanctions is unknown.

The Company currently owns 64.3% of Voltyre-Prom, a leading producer of agricultural and industrial tires in Volgograd, Russia, which represented approximately 7% of consolidated assets of Titan as of both March 31, 2026 and December 31, 2025. The Russian operations represented 3% and 4% of consolidated global sales for the three months ended March 31, 2026 and 2025, respectively.

The military conflict between Russia and Ukraine has not had a significant impact on the Company's global operations. The Company continues to monitor the potential impacts on the business including the increased cost of energy in Europe and the ancillary impacts that the military conflict could have on other global operations.
Ongoing geopolitical tensions in the Middle East, including the military conflict involving Iran, have contributed to increased volatility in global markets. During the three months ended March 31, 2026, these conditions have not had a significant impact on the Company's global operations. The Company continues to monitor the potential impacts on the business including higher freight and energy‑related costs and increased foreign currency volatility.

Supplier Financing Program
A subsidiary of Titan participates in supplier financing programs pursuant to credit agreements between certain suppliers and financial institutions. The program enables those suppliers to receive payments from participating financial institutions prior to the payment date specified in the terms between Titan and the supplier. Titan does not incur annual service fees associated with its enrollment in the supplier financing program. The transactions are at the sole discretion of both the suppliers and the financial institution, and Titan is not a party to the agreement and has no economic interest in the supplier's decision to receive payment prior to the payment date. The terms between Titan and a supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the program. Amounts due to suppliers who participate in the program are included in the accounts payable line item in Titan's consolidated balance sheets, and Titan’s payments made under the program are reflected in cash flows from operating activities in Titan's consolidated statements of cash flows. For suppliers who participate in a supplier financing program, Titan will pay the financial institution directly rather than the supplier. The confirmed obligations under the supplier financing programs included in the accounts payable line item in Titan's consolidated balance sheet were $18.9 million at March 31, 2026, and $12.8 million at December 31, 2025.

New Accounting Pronouncements to be Adopted in Future Periods
In November 2024, FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure about the specific expense categories in the notes to financial statements for interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements but affect where this information appears in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.

In September 2025, FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", aimed at making it simpler and more consistent for businesses to track and disclose expenses related to software they build for their own operations. The guidance moves away from strict, phase-by-phase cost tracking, opting instead for a more flexible, modern approach that better reflects today’s software development. This ASU allows for capitalizing software costs once two conditions are met: the company’s management has approved and committed to funding the project, and it is likely the project will be finished, and the software will work as intended. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively, retrospectively or modified. We are currently evaluating the impact that ASU 2025-06 will have on our consolidated financial statements.
v3.26.1
ACCOUNTS RECEIVABLE, NET
3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
ACCOUNTS RECEIVABLE, NET ACCOUNTS RECEIVABLE, NET
Accounts receivable consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
March 31,
2025
Accounts receivable$343,503 $243,964 $327,042 
Allowance for credit losses(5,007)(5,058)(3,778)
Accounts receivable, net$338,496 $238,906 $323,264 

Accounts receivable is reduced by an estimated allowance for credit losses which is based on known risks and historical losses.

Changes in the allowance for credit losses during the three months ended March 31, 2026 and 2025, respectively, consisted of the following (amounts in thousands):
 20262025
Balance at January 1,$5,058 $3,232 
Provision charged to expense86 72 
Other, including foreign currency translation(137)474 
Balance at March 31,$5,007 $3,778 
v3.26.1
INVENTORIES
3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Raw material$97,677 $113,122 
Work-in-process48,324 42,591 
Finished goods321,961 314,836 
 $467,962 $470,549 
Inventories are reduced by estimated provisions for slow-moving and obsolete inventory. These provisions reduce the cost basis of the asset.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET
3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT, NET PROPERTY, PLANT AND EQUIPMENT, NET
Property, plant and equipment, net consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Land and improvements$47,553 $47,445 
Buildings and improvements286,280 285,537 
Machinery and equipment781,674 769,490 
Tools, dies and molds124,737 123,744 
Construction-in-process48,120 50,627 
 1,288,364 1,276,843 
Accumulated depreciation and impairment (1)
(848,946)(827,933)
 $439,418 $448,910 
(1) During the three months ended March 31, 2026, the Company recorded asset impairment charges of $8.8 million related to the planned closure of its Jackson manufacturing facility. Refer to Note 13.
Depreciation on property, plant and equipment was $15.9 million and $14.1 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
INTANGIBLE ASSETS, NET
3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
INTANGIBLE ASSETS, NET INTANGIBLE ASSETS, NET
The components of intangible assets, net consisted of the following (amounts in thousands):
March 31, 2026
Weighted- Average
Useful Lives
(in Years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(1,000)$5,000 
Trade names10.005,500 (1,146)4,354 
Other intangibles15.293,622 (2,405)1,217 
Total$15,122 $(4,551)$10,571 

December 31, 2025
Weighted- Average
Useful Lives
(in Years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(880)$5,120 
Trade names10.005,500 (1,008)4,492 
Other intangibles15.263,637 (2,360)1,277 
Total$15,137 $(4,248)$10,889 

Amortization related to intangible assets was $0.3 million and $0.3 million for the three months ended March 31, 2026 and 2025, respectively.

The estimated aggregate amortization expense at March 31, 2026, for each of the years (or other periods) set forth below was as follows (amounts in thousands):
April 1 - December 31, 2026$962 
20271,282 
20281,224 
20291,153 
20301,153 
Thereafter4,797 
 $10,571 
v3.26.1
OTHER CURRENT LIABILITIES
3 Months Ended
Mar. 31, 2026
Other Liabilities, Current [Abstract]  
OTHER CURRENT LIABILITIES OTHER CURRENT LIABILITIES
Other current liabilities consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Compensation and benefits$50,079 $48,766 
Accrued insurance benefits23,039 19,363 
Accrued other taxes18,263 16,692 
Accrued interest12,772 6,248 
Warranty12,568 13,025 
Customer rebates and deposits10,590 9,898 
Foreign government grant (1)
2,827 3,530 
Other22,127 23,992 
 $152,265 $141,514 
(1) We received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidies is used to offset existing payables to governmental entities in the future. In addition, during August 2014, we received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant.
v3.26.1
WARRANTY
3 Months Ended
Mar. 31, 2026
Product Warranties Disclosures [Abstract]  
WARRANTY WARRANTY
Changes in the warranty liability during the three months ended March 31, 2026 and 2025, respectively, consisted of the following (amounts in thousands):
 20262025
Warranty liability at beginning of the period$23,569 $22,392 
Provision for warranty liabilities3,039 3,058 
Warranty payments made(3,336)(3,032)
Warranty liability at end of the period$23,272 $22,418 

We provide limited warranties on workmanship on our products in all market segments.  The majority of our products are subject to a limited warranty that ranges between less than one year and ten years, with certain product warranties being prorated after the first year.  We calculate a provision for warranty expense based on past warranty experience.  Warranty accruals are included as a component of other current liabilities and other long-term liabilities on the condensed consolidated balance sheets.
v3.26.1
DEBT
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
DEBT DEBT
Long-term debt consisted of the following (amounts in thousands):
March 31, 2026
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(1,752)$398,248 
Revolving credit facility169,000 — 169,000 
Titan Europe credit facilities24,063 — 24,063 
Other debt21,271 — 21,271 
     Total debt614,334 (1,752)612,582 
Less amounts due within one year34,277 — 34,277 
     Total long-term debt$580,057 $(1,752)$578,305 
December 31, 2025
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(1,971)$398,029 
Revolving credit facility156,000 — 156,000 
Titan Europe credit facilities21,630 — 21,630 
Other debt10,243 — 10,243 
     Total debt587,873 (1,971)585,902 
Less amounts due within one year21,185 — 21,185 
     Total long-term debt$566,688 $(1,971)$564,717 

The weighted average interest rates on short-term borrowings due within one year at March 31, 2026 and December 31, 2025, were approximately 4.5% and 3.9%, respectively.

Aggregate principal maturities of debt at March 31, 2026 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2026$20,230 
202721,788 
2028570,010 
2029602 
2030514 
Thereafter1,190 
 $614,334 
7.00% Senior Secured Notes due 2028
On April 22, 2021, we issued $400 million aggregate principal amount of 7.00% senior secured notes due April 2028 (the senior secured notes due 2028), guaranteed by certain of our subsidiaries. Including the impact of debt issuance costs, these notes had an effective yield of 7.27% at issuance. These notes are secured by the land and buildings of the following of our subsidiaries: Titan Wheel Corporation of Illinois, Titan Tire Corporation, Titan Tire Corporation of Freeport, and Titan Tire Corporation of Bryan.

Revolving Credit Facility
In connection with the acquisition of Titan Specialty, Titan entered into a domestic credit facility which was effective on February 29, 2024. The credit facility, with Bank of America as agent, consists of a $225.0 million revolving line of credit and
is collateralized by accounts receivable and inventory of certain of the Company's domestic and Canadian subsidiaries. Swingline loans and letters of credit are available under the facility up to an aggregate outstanding amount of $20.0 million for swingline loans and $50.0 million for letters of credit. The credit facility can be expanded by up to $50.0 million through an uncommitted accordion provision within the agreement. It is scheduled to mature on February 28, 2029 or 91 days prior to the maturity of our 7.00% secured notes due in 2028. The interest rate of the credit facility is based on the prevailing SOFR rate subject to certain debt levels within each month. As of March 31, 2026, the weighted average interest rate was 5.77%.

The total amount available for borrowing under the credit facility at March 31, 2026 totaled $225.0 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $6.4 million and $169.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the credit facility totaled $49.6 million at March 31, 2026.

The total amount available for borrowing under the credit facility at December 31, 2025 totaled $197.9 million, based on eligible accounts receivable and inventory balances. With outstanding letters of credit totaling $5.9 million and $156.0 million in outstanding borrowings under the revolving credit facility, the net amount available for borrowing under the credit facility totaled $36.1 million at December 31, 2025.

Titan Europe Credit Facilities
The Titan Europe credit facilities include borrowings from various institutions totaling $24.1 million and $21.6 million in aggregate principal amount at March 31, 2026 and December 31, 2025, respectively. Maturity dates on this debt range from less than one year to five years. The interest rates range from 0.5% to 3.8%.

Other Debt
We have working capital loans at Titan Pneus do Brasil Ltda at varying interest rates between approximately 5.0% and 6.9%, which totaled $21.3 million at March 31, 2026. Similarly, we had a working capital loan at Titan Pneus do Brasil Ltda at varying interest rates from approximately 5.0% to 6.9%, which totaled $10.2 million at December 31, 2025. The maturity dates on these loans range from one year to two years. We expect to negotiate an extension of the maturity dates on these loans with the applicable financial institutions or to repay the loan, as needed.

Debt Restrictions
Our $225.0 million revolving credit facility and indenture relating to the 7.00% senior secured notes due 2028 contain various restrictions, including:
When remaining availability under the credit facility is less than the greater of (i) $17.0 million and (ii) 10% of the credit facility’s line cap (the line cap being the lesser of our borrowing base or the lenders’ commitments under the credit facility), the Company will be required to maintain a minimum fixed charge coverage ratio of not less than 1.0 to 1.0 (calculated quarterly on a trailing four quarter basis);
Limits on dividends and repurchases of the our stock;
Restrictions on our ability to make additional borrowings, or to consolidate, merge, or otherwise fundamentally change the ownership of the Company;
Limits on investments, dispositions of assets, and guarantees of indebtedness; and
Other customary affirmative and negative covenants.
These covenants are subject to a number of exceptions and qualifications that are described in the credit and security agreement and the indenture relating to the 7.00% senior secured notes due 2028. These restrictions could limit our ability to respond to market conditions, provide for unanticipated capital investments, raise additional debt or equity capital, pay dividends, repurchase stock or take advantage of business opportunities, including future acquisitions. We were in compliance with these debt covenants at March 31, 2026.
v3.26.1
LEASES
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
LEASES LEASES
We lease certain buildings and equipment under both operating and finance leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under ASC Topic 842, Leases, we made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of our leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we used our incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationMarch 31,
2026
December 31,
2025
Operating lease ROU assets (1)
Operating lease assets$101,874 $119,225 
Operating lease current liabilitiesOperating leases current liabilities14,815 13,830 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,891 111,054 
    Total operating lease liabilities$122,706 $124,884 
Finance lease, grossProperty, plant & equipment, net$8,148 $8,024 
Finance lease accumulated depreciationProperty, plant & equipment, net(5,008)(4,611)
   Finance lease, net$3,140 $3,413 
Finance lease current liabilitiesOther current liabilities$1,462 $1,511 
Finance lease long-term liabilitiesOther long-term liabilities1,789 2,038 
   Total finance lease liabilities$3,251 $3,549 

(1) The Company recorded $14.7 million during the three months ended March 31, 2026 associated with impairment of the building right of use (ROU) asset.
At March 31, 2026, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases
Finance
Leases
April 1 - December 31, 2026$19,322 $1,432 
202720,172 1,294 
202817,650 679 
202915,754 189 
203014,573 77 
Thereafter106,955 10 
Total lease payments$194,426 $3,681 
Less imputed interest71,720 430 
$122,706 $3,251 
Weighted average remaining lease term (in years)12.172.48
Weighted average discount rate 7.27 %7.27 %
Supplemental cash flow information related to leases for the three months ended March 31, 2026 were as follows: operating cash flows for operating leases were $6.6 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows for operating leases were $5.3 million.
LEASES LEASES
We lease certain buildings and equipment under both operating and finance leases.  Certain lease agreements provide for renewal options, fair value purchase options, and payment of property taxes, maintenance, and insurance by the Company. Under ASC Topic 842, Leases, we made an accounting policy election, by class of underlying asset, not to separate non-lease components such as those previously stated from lease components and instead will treat the lease agreement as a single lease component for all asset classes. Operating right-of-use (ROU) assets represent our right to use an underlying asset for the lease term and lease liabilities represent Titan's obligations to make lease payments arising from the lease. The majority of our leases are operating leases. Operating lease ROU assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. As most of our leases do not provide an implicit interest rate, we used our incremental borrowing rate (7.27%), based on the information available at the lease commencement date, in determining the present value of lease payments. Operating lease expense is recognized on a straight-line basis over the lease term and is included in cost of sales and selling, general and administrative expenses on the condensed consolidated statements of operations. Amortization expense associated with finance leases is included in cost of sales and selling, general and administrative expenses, and interest expense associated with finance leases is included in interest expense in the condensed consolidated statements of operations.

Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationMarch 31,
2026
December 31,
2025
Operating lease ROU assets (1)
Operating lease assets$101,874 $119,225 
Operating lease current liabilitiesOperating leases current liabilities14,815 13,830 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,891 111,054 
    Total operating lease liabilities$122,706 $124,884 
Finance lease, grossProperty, plant & equipment, net$8,148 $8,024 
Finance lease accumulated depreciationProperty, plant & equipment, net(5,008)(4,611)
   Finance lease, net$3,140 $3,413 
Finance lease current liabilitiesOther current liabilities$1,462 $1,511 
Finance lease long-term liabilitiesOther long-term liabilities1,789 2,038 
   Total finance lease liabilities$3,251 $3,549 

(1) The Company recorded $14.7 million during the three months ended March 31, 2026 associated with impairment of the building right of use (ROU) asset.
At March 31, 2026, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases
Finance
Leases
April 1 - December 31, 2026$19,322 $1,432 
202720,172 1,294 
202817,650 679 
202915,754 189 
203014,573 77 
Thereafter106,955 10 
Total lease payments$194,426 $3,681 
Less imputed interest71,720 430 
$122,706 $3,251 
Weighted average remaining lease term (in years)12.172.48
Weighted average discount rate 7.27 %7.27 %
Supplemental cash flow information related to leases for the three months ended March 31, 2026 were as follows: operating cash flows for operating leases were $6.6 million.

Supplemental cash flow information related to leases for the three months ended March 31, 2025 were as follows: operating cash flows for operating leases were $5.3 million.
v3.26.1
EMPLOYEE BENEFIT PLANS
3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
EMPLOYEE BENEFIT PLANS EMPLOYEE BENEFIT PLANS
We have three frozen defined benefit pension plans covering certain employees or former employees of three U.S. subsidiaries. We also have pension plans covering certain employees of several foreign subsidiaries. We also sponsor a number of defined contribution plans in the U.S. and at foreign subsidiaries. We contributed approximately $0.1 million to the pension plans during the three months ended March 31, 2026 and no amounts are expected to be contributed to these pension plans during the remainder of 2026.

The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):

Three months ended
March 31,
20262025
Service cost$124 $161 
Interest cost867 945 
Expected return on assets(1,278)(1,329)
Amortization of unrecognized prior service cost and unrecognized (gain) loss(5)
   Net periodic pension benefit$(292)$(219)
Service cost is recorded as cost of sales in the condensed consolidated statements of operations while all other components are recorded in other income.
v3.26.1
VARIABLE INTEREST ENTITIES
3 Months Ended
Mar. 31, 2026
Variable Interest Entity, Measure of Activity [Abstract]  
VARIABLE INTEREST ENTITIES VARIABLE INTEREST ENTITIES
We hold variable interests in certain variable interest entities (VIEs) that are not consolidated because we are not the primary beneficiary. Our involvement with these entities is in the form of direct equity interests and prepayments related to purchases of materials. The maximum exposure to loss represents the loss of assets recognized by us relating to non-consolidated entities and amounts due to the non-consolidated assets. The assets and liabilities recognized in Titan's condensed consolidated balance
sheets related to our interest in these non-consolidated VIEs and our maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):
 March 31,
2026
December 31,
2025
Investments$15,721 $15,332 
     Total VIE assets15,721 15,332 
Accounts payable to the non-consolidated VIEs5,134 4,229 
  Maximum exposure to loss$20,855 $19,561 
v3.26.1
ROYALTY EXPENSE
3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
ROYALTY EXPENSE ROYALTY EXPENSEWe have trademark license agreements with The Goodyear Tire & Rubber Company to manufacture and sell certain farm, ATV and truck tires under the Goodyear brand. These agreements cover sales in North America, Latin America, Europe, the Middle East, Africa, Australia, New Zealand, Russia, and other Commonwealth of Independent States countries. The farm and ATV agreement is scheduled to expire at the end of 2029 with annual renewal options following the initial term. The truck tires royalty agreement expires December 31, 2028. We also have a trademark license agreement with Carlisle Companies, Inc. to manufacture and sell certain tires under the Carlisle® brand. This trademark license agreement is scheduled to expire in 2033. Total royalty expenses were $2.4 million for both the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
RESTRUCTURING AND IMPAIRMENT EXPENSES
3 Months Ended
Mar. 31, 2026
Restructuring and Related Activities [Abstract]  
RESTRUCTURING AND IMPAIRMENT EXPENSES RESTRUCTURING AND IMPAIRMENT EXPENSES
On March 18, 2026, the Company announced the consolidation of its North American production operations, which will result in the closure of its manufacturing facility in Jackson, Tennessee in October 2026. As part of the closure, the Company expects production currently performed in Jackson to be transitioned to other existing Titan facilities over the next several months and will impact approximately 140 people. This action is part of our ongoing efforts to optimize our manufacturing footprint and improve capacity utilization.

The Company recorded impairment expenses of $23.5 million during the three months ended March 31, 2026 associated with impairment of the building right of use (ROU) asset and certain manufacturing plant and equipment. Further, we accrued $1.6 million during the three months ended March 31, 2026 for severance costs related to the rationalization of certain positions. These costs are included within restructuring and impairment expenses in the Consolidated Statement of Operations.

The impairment loss represents the excess of the assets’ carrying values over their estimated fair values, which were determined using a market approach and Level 3 inputs, including expected net proceeds from the disposal of certain manufacturing equipment and anticipated net sublease income from the building ROU asset. The valuation of the building ROU asset included assumptions related to expected sublease rental rates, vacancy periods and anticipated costs to prepare the facility for leasing.

We estimate that we will incur additional costs associated with the plant closure of approximately $5 million primarily related to severance costs, relocation costs for certain property, plant and equipment and other facility closure related costs. We expect to incur these costs during the remainder of 2026 and 2027.
v3.26.1
OTHER INCOME
3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
OTHER INCOME OTHER INCOME
Other income consisted of the following (amounts in thousands):
Three months ended
March 31,
 20262025
Pension plan income$508 $527 
Equity investment income172 174 
Loss on sale of assets(64)(40)
Other income330 473 
 $946 $1,134 
v3.26.1
INCOME TAXES
3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
We recorded income tax expense of $4.6 million and $4.2 million for the three months ended March 31, 2026 and 2025, respectively. The Company's effective income tax rate was (23.6)% and 99.5% for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, the income tax expense differed each period due to the jurisdictional mix of earnings. The change in the Company's effective income tax rate for each period is due to the fluctuation in the pre-tax income.

The Company’s 2026 and 2025 income tax expense and rates differed from the amount of income tax determined by applying the U.S. Federal income tax rate to pre-tax income primarily as a result of foreign income tax rate differential on the mix of earnings and a valuation allowance on most domestic federal and state operations.

The Company continues to monitor the realization of its deferred tax assets and assesses the need for a valuation allowance. The Company analyzes available positive and negative evidence to determine if a valuation allowance is needed based on the weight of the evidence. This objectively verifiable evidence primarily includes the past three years' profit and loss positions. This process requires management to make estimates, assumptions, and judgments that are uncertain in nature. The Company has established valuation allowances with respect to certain deferred tax assets in the U.S. and certain foreign jurisdictions and continues to monitor and assess the need for valuation allowances in all its jurisdictions.
The One, Big, Beautiful Bill Act (the Act) was signed into law on July 4, 2025. The Act contains significant tax law changes with various effective dates, with certain provisions effective in 2025 and others implemented through 2027, affecting business taxpayers. Among the tax law changes that will impact the Company are those that relate to the timing of certain tax deductions including depreciation expense, R&D expenditures, and interest expense. The Company is continuing to analyze the impacts of the law change and does not expect a material impact on our financial statements.
v3.26.1
EARNINGS PER SHARE
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE LOSS PER SHARE
Loss per share were as follows (amounts in thousands, except per share data):
Three months ended
March 31,
20262025
Net loss attributable to Titan and applicable to common shareholders$(24,214)$(649)
Determination of shares:
   Weighted average shares outstanding (basic)64,072 63,283 
   Effect of restricted stock and stock options— — 
   Weighted average shares outstanding (diluted)64,072 63,283 
Loss per common share:
Basic$(0.38)$(0.01)
Diluted$(0.38)$(0.01)

The effect of restricted stock and stock options has been excluded for both the three months ended March 31, 2026 and March 31, 2025, as the effect would have been antidilutive. The weighted average shares excluded for equity awards for the three months ended March 31, 2026 and March 31, 2025 was 0.4 million and 0.8 million, respectively.
v3.26.1
LITIGATION
3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION LITIGATION
We are a party to routine legal proceedings arising out of the normal course of business. Due to the difficult nature of predicting unresolved and future legal claims, we cannot anticipate or predict the material adverse effect on our consolidated financial condition, results of operations, or cash flows as a result of efforts to comply with, or liabilities pertaining to, legal judgments. In the opinion of management, we are not currently involved in any legal proceedings which, individually or in the aggregate, could have a material effect on our financial position, results of operations, or cash flows.
v3.26.1
SEGMENT INFORMATION
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
We have aggregated our operating segments into reportable segments based on our three customer markets: agricultural, earthmoving/construction, and consumer. These segments are based on the information used by the chief operating decision maker (CODM) to make certain operating decisions, allocate portions of capital expenditures and assess segment performance. The accounting policies of the segments are the same as those described in Note 1, “Basis of Presentation and Significant Accounting Policies” to these Notes to the Condensed Consolidated Financial Statements. Segment external revenues, expenses, and income from operations are determined on the basis of the results of operations of operating units of manufacturing facilities.

We are organized primarily on the basis of products being included in three marketing segments, with each reportable segment including wheels, tires, wheel/tire assemblies, and undercarriage systems and components. Given the integrated manufacturing operations and common administrative and marketing support, a substantial number of allocations primarily based on segment sales data must be made to determine operating segment data.

The CODM of Titan is Paul Reitz (our President and CEO). The CODM utilizes both forecasted and actual expense information on a consolidated basis to manage operations. The CODM utilizes segment gross profit and segment operating profit (loss), both in comparison to the prior year and the current forecasted level of gross profit, for purposes of analyzing the segment’s financial performance. The assessment of each segment’s financial performance by the CODM is then utilized to contemplate and execute on business decisions to allocate resources to manage the growth and profitability of each reportable segment and for the Company as a whole. The CODM does not review asset information by segment to manage operations or allocate resources. Therefore, segment assets are not disclosed.
The tables below present information about certain operating results, separated by market segments, for the three months ended March 31, 2026 and 2025 (amounts in thousands):

Three months ended March 31, 2026
AgricultureEarthmoving/ConstructionConsumerTotal
Net sales$198,345 $159,514 $147,214 $505,073 
Cost of sales174,330 141,425 117,869 433,624 
Gross profit$24,015 $18,089 $29,345 $71,449 
Selling, general and administrative expenses13,486 13,056 18,673 45,215 
Research and development expenses1,486 2,259 1,006 4,751 
Royalty expense1,550 384 476 2,410 
Restructuring and impairment expenses— — 25,142 25,142 
Segment profit (loss)$7,493 $2,390 $(15,952)$(6,069)
Corporate & unallocated expenses(7,716)
Interest expense(9,887)
Interest income2,199 
Foreign exchange gain910 
Other income946 
Loss before income taxes$(19,617)
Three months ended March 31, 2025
AgricultureEarthmoving/ConstructionConsumerTotal
Net sales$197,746 $143,290 $149,672 $490,708 
Cost of sales173,259 128,397 120,408 422,064 
Gross profit$24,487 $14,893 $29,264 $68,644 
Selling, general and administrative expenses12,074 11,021 19,087 42,182 
Research and development expenses1,354 1,849 888 4,091 
Royalty expense1,617 347 482 2,446 
Segment profit$9,442 $1,676 $8,807 $19,925 
Corporate & unallocated expenses(8,126)
Interest expense(9,535)
Interest income2,239 
Foreign exchange loss(1,385)
Other income1,134 
Income before income taxes$4,252 

The tables below present net sales by products and reportable segments for the three months ended March 31, 2026 and 2025 (amounts in thousands):
AgriculturalEarthmoving/ConstructionConsumerTotal
Three months ended March 31, 2026
Wheels and Tires [including assemblies]$187,239 $69,675 $138,239 $395,153 
Undercarriage systems and components11,106 89,839 8,975 109,920 
Total$198,345 $159,514 $147,214 $505,073 

AgriculturalEarthmoving/ConstructionConsumerTotal
Three months ended March 31, 2025
Wheels and Tires [including assemblies]$188,367 $54,413 $142,175 $384,955 
Undercarriage systems and components9,379 88,877 7,497 105,753 
Total$197,746 $143,290 $149,672 $490,708 

Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands):
AgriculturalEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Three months ended March 31, 2026$6,513 $5,239 $4,835 $486 $17,073 
Three months ended March 31, 20256,158 4,463 4,661 589 15,871 
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME
Accumulated other comprehensive (loss) income consisted of the following (amounts in thousands):
 Currency
Translation
Adjustments
Gain (Loss) on
Derivatives
Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2026$(215,842)$436 $6,377 $(209,029)
Currency translation adjustments3,585 — — 3,585 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax— — 145 145 
Derivative gain— 31 — 31 
Balance at March 31, 2026$(212,257)$467 $6,522 $(205,268)
 Currency
Translation
Adjustments
Gain (Loss) on
Derivatives
Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2025$(289,678)$505 $3,296 $(285,877)
Currency translation adjustments, net39,274 — — 39,274 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax— — 90 90 
Derivative loss— (8)— (8)
Balance at March 31, 2025$(250,404)$497 $3,386 $(246,521)
v3.26.1
Insider Trading Arrangements
3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)
3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying unaudited condensed consolidated interim financial statements include the accounts of Titan International, Inc. and its subsidiaries (Titan, the Company or we) and have been prepared in accordance with accounting principles generally accepted in the United States of America (US GAAP) for interim financial information and in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The accompanying unaudited condensed consolidated interim financial statements reflect all normal and recurring adjustments that are, in the opinion of management, necessary for a fair presentation of the Company's financial position and the results of operations and cash flows for the periods presented, and should be read in conjunction with the consolidated financial statements and the related notes thereto included in the Company’s latest Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 26, 2026 (the 2025 Form 10-K). All intercompany transactions have been eliminated in consolidation. These unaudited condensed consolidated interim financial statements include estimates and assumptions of management that affect the amounts reported in the condensed consolidated financial statements. Actual results could differ from these estimates. The Company’s results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026.
Fair Value of Financial Instruments
Fair Value of Financial Instruments
The Company’s financial assets measured at fair value on a recurring basis include investments in money market funds of $23.2 million as of March 31, 2026 and $0.2 million as of December 31, 2025, which are Level 1 fair value measurements as the Company uses quoted market prices. Cash and cash equivalents are carried at cost, which approximates fair value because of the short-term maturities of these instruments. The Company’s revolving credit facility and notes payable are carried at cost, which approximates fair value due to their short terms or stated rates, which are considered Level 2 fair value measurements.  Our 7.00% senior secured notes due 2028 were carried at a cost of $398.2 million at March 31, 2026 and $398.0 million at December 31, 2025. The fair value of the senior secured notes due 2028, as determined with the assistance of an independent pricing platform using real-time trade data, was approximately $398.3 million and $401.5 million, at March 31, 2026 and December 31, 2025, respectively, which was determined to be a Level 2 fair value measurement.
Supplier Financing Program
Supplier Financing Program
A subsidiary of Titan participates in supplier financing programs pursuant to credit agreements between certain suppliers and financial institutions. The program enables those suppliers to receive payments from participating financial institutions prior to the payment date specified in the terms between Titan and the supplier. Titan does not incur annual service fees associated with its enrollment in the supplier financing program. The transactions are at the sole discretion of both the suppliers and the financial institution, and Titan is not a party to the agreement and has no economic interest in the supplier's decision to receive payment prior to the payment date. The terms between Titan and a supplier, including the amount due and scheduled payment dates, are not impacted by a supplier's participation in the program. Amounts due to suppliers who participate in the program are included in the accounts payable line item in Titan's consolidated balance sheets, and Titan’s payments made under the program are reflected in cash flows from operating activities in Titan's consolidated statements of cash flows. For suppliers who participate in a supplier financing program, Titan will pay the financial institution directly rather than the supplier.
New Accounting Pronouncements to be Adopted in Future Periods
New Accounting Pronouncements to be Adopted in Future Periods
In November 2024, FASB issued ASU 2024-03, “Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosure (Subtopic 220-40): Disaggregation of Income Statement Expenses,” which requires additional disclosure about the specific expense categories in the notes to financial statements for interim and annual reporting periods. The amendments in this ASU do not change or remove current expense disclosure requirements but affect where this information appears in the notes to financial statements. This ASU is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively or retrospectively. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.

In September 2025, FASB issued ASU No. 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software", aimed at making it simpler and more consistent for businesses to track and disclose expenses related to software they build for their own operations. The guidance moves away from strict, phase-by-phase cost tracking, opting instead for a more flexible, modern approach that better reflects today’s software development. This ASU allows for capitalizing software costs once two conditions are met: the company’s management has approved and committed to funding the project, and it is likely the project will be finished, and the software will work as intended. This ASU is effective for annual reporting periods beginning after December 15, 2027, with early adoption permitted. Upon adoption, the guidance can be applied prospectively, retrospectively or modified. We are currently evaluating the impact that ASU 2025-06 will have on our consolidated financial statements.
v3.26.1
ACCOUNTS RECEIVABLE, NET (Tables)
3 Months Ended
Mar. 31, 2026
Receivables [Abstract]  
Schedule of Accounts Receivable
Accounts receivable consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
March 31,
2025
Accounts receivable$343,503 $243,964 $327,042 
Allowance for credit losses(5,007)(5,058)(3,778)
Accounts receivable, net$338,496 $238,906 $323,264 
Schedule of Allowance for Credit Loss
Changes in the allowance for credit losses during the three months ended March 31, 2026 and 2025, respectively, consisted of the following (amounts in thousands):
 20262025
Balance at January 1,$5,058 $3,232 
Provision charged to expense86 72 
Other, including foreign currency translation(137)474 
Balance at March 31,$5,007 $3,778 
v3.26.1
INVENTORIES (Tables)
3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventory
Inventories consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Raw material$97,677 $113,122 
Work-in-process48,324 42,591 
Finished goods321,961 314,836 
 $467,962 $470,549 
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET (Tables)
3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment, net consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Land and improvements$47,553 $47,445 
Buildings and improvements286,280 285,537 
Machinery and equipment781,674 769,490 
Tools, dies and molds124,737 123,744 
Construction-in-process48,120 50,627 
 1,288,364 1,276,843 
Accumulated depreciation and impairment (1)
(848,946)(827,933)
 $439,418 $448,910 
(1) During the three months ended March 31, 2026, the Company recorded asset impairment charges of $8.8 million related to the planned closure of its Jackson manufacturing facility. Refer to Note 13.
v3.26.1
INTANGIBLE ASSETS, NET (Tables)
3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Intangible Assets, Net
The components of intangible assets, net consisted of the following (amounts in thousands):
March 31, 2026
Weighted- Average
Useful Lives
(in Years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(1,000)$5,000 
Trade names10.005,500 (1,146)4,354 
Other intangibles15.293,622 (2,405)1,217 
Total$15,122 $(4,551)$10,571 

December 31, 2025
Weighted- Average
Useful Lives
(in Years)
Gross Carrying AmountAccumulated AmortizationNet Carrying Amount
Amortizable intangible assets:
Customer lists/relationships12.50$6,000 $(880)$5,120 
Trade names10.005,500 (1,008)4,492 
Other intangibles15.263,637 (2,360)1,277 
Total$15,137 $(4,248)$10,889 
Schedule of Aggregate Amortization Expense
The estimated aggregate amortization expense at March 31, 2026, for each of the years (or other periods) set forth below was as follows (amounts in thousands):
April 1 - December 31, 2026$962 
20271,282 
20281,224 
20291,153 
20301,153 
Thereafter4,797 
 $10,571 
v3.26.1
OTHER CURRENT LIABILITIES (Tables)
3 Months Ended
Mar. 31, 2026
Other Liabilities, Current [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities consisted of the following (amounts in thousands):
 March 31,
2026
December 31,
2025
Compensation and benefits$50,079 $48,766 
Accrued insurance benefits23,039 19,363 
Accrued other taxes18,263 16,692 
Accrued interest12,772 6,248 
Warranty12,568 13,025 
Customer rebates and deposits10,590 9,898 
Foreign government grant (1)
2,827 3,530 
Other22,127 23,992 
 $152,265 $141,514 
(1) We received government subsidies in 2023 associated with capital expenditure investments in technological and digital innovation in Europe. The amount of the government subsidies is used to offset existing payables to governmental entities in the future. In addition, during August 2014, we received an approximately $17.0 million capital grant from the Italian government for asset damages related to the earthquake that occurred in May 2012 at one of our Italian subsidiaries. The grant was recorded as deferred income in non-current liabilities which is being amortized over the life of the reconstructed building. There are no specific stipulations associated with the government grant.
v3.26.1
WARRANTY (Tables)
3 Months Ended
Mar. 31, 2026
Product Warranties Disclosures [Abstract]  
Schedule of Product Warranty Liability
Changes in the warranty liability during the three months ended March 31, 2026 and 2025, respectively, consisted of the following (amounts in thousands):
 20262025
Warranty liability at beginning of the period$23,569 $22,392 
Provision for warranty liabilities3,039 3,058 
Warranty payments made(3,336)(3,032)
Warranty liability at end of the period$23,272 $22,418 
v3.26.1
DEBT (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt Instruments
Long-term debt consisted of the following (amounts in thousands):
March 31, 2026
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(1,752)$398,248 
Revolving credit facility169,000 — 169,000 
Titan Europe credit facilities24,063 — 24,063 
Other debt21,271 — 21,271 
     Total debt614,334 (1,752)612,582 
Less amounts due within one year34,277 — 34,277 
     Total long-term debt$580,057 $(1,752)$578,305 
December 31, 2025
Principal BalanceUnamortized Debt IssuanceNet Carrying Amount
7.00% senior secured notes due 2028
$400,000 $(1,971)$398,029 
Revolving credit facility156,000 — 156,000 
Titan Europe credit facilities21,630 — 21,630 
Other debt10,243 — 10,243 
     Total debt587,873 (1,971)585,902 
Less amounts due within one year21,185 — 21,185 
     Total long-term debt$566,688 $(1,971)$564,717 
Schedule of Maturities of Long-term Debt
Aggregate principal maturities of debt at March 31, 2026 for each of the years (or other periods) set forth below were as follows (amounts in thousands):
April 1 - December 31, 2026$20,230 
202721,788 
2028570,010 
2029602 
2030514 
Thereafter1,190 
 $614,334 
v3.26.1
LEASES (Tables)
3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Supplemental Balance Sheet Information Related to Leases
Supplemental balance sheet information related to leases was as follows (amounts in thousands):
Balance Sheet ClassificationMarch 31,
2026
December 31,
2025
Operating lease ROU assets (1)
Operating lease assets$101,874 $119,225 
Operating lease current liabilitiesOperating leases current liabilities14,815 13,830 
Operating lease long-term liabilitiesOperating leases long-term liabilities107,891 111,054 
    Total operating lease liabilities$122,706 $124,884 
Finance lease, grossProperty, plant & equipment, net$8,148 $8,024 
Finance lease accumulated depreciationProperty, plant & equipment, net(5,008)(4,611)
   Finance lease, net$3,140 $3,413 
Finance lease current liabilitiesOther current liabilities$1,462 $1,511 
Finance lease long-term liabilitiesOther long-term liabilities1,789 2,038 
   Total finance lease liabilities$3,251 $3,549 

(1) The Company recorded $14.7 million during the three months ended March 31, 2026 associated with impairment of the building right of use (ROU) asset.
Schedule of Maturities of Operating Lease Liabilities
At March 31, 2026, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases
Finance
Leases
April 1 - December 31, 2026$19,322 $1,432 
202720,172 1,294 
202817,650 679 
202915,754 189 
203014,573 77 
Thereafter106,955 10 
Total lease payments$194,426 $3,681 
Less imputed interest71,720 430 
$122,706 $3,251 
Weighted average remaining lease term (in years)12.172.48
Weighted average discount rate 7.27 %7.27 %
Schedule of Maturities of Finance Lease Liabilities
At March 31, 2026, maturities of lease liabilities were as follows (amounts in thousands):
Operating
Leases
Finance
Leases
April 1 - December 31, 2026$19,322 $1,432 
202720,172 1,294 
202817,650 679 
202915,754 189 
203014,573 77 
Thereafter106,955 10 
Total lease payments$194,426 $3,681 
Less imputed interest71,720 430 
$122,706 $3,251 
Weighted average remaining lease term (in years)12.172.48
Weighted average discount rate 7.27 %7.27 %
v3.26.1
EMPLOYEE BENEFIT PLANS (Tables)
3 Months Ended
Mar. 31, 2026
Retirement Benefits [Abstract]  
Schedule of Components of Net Periodic Pension Cost
The components of net periodic pension cost consisted of the following for the periods set forth below (amounts in thousands):

Three months ended
March 31,
20262025
Service cost$124 $161 
Interest cost867 945 
Expected return on assets(1,278)(1,329)
Amortization of unrecognized prior service cost and unrecognized (gain) loss(5)
   Net periodic pension benefit$(292)$(219)
v3.26.1
VARIABLE INTEREST ENTITIES (Tables)
3 Months Ended
Mar. 31, 2026
Variable Interest Entity, Measure of Activity [Abstract]  
Schedule of Non Consolidated Variable Interest Entities The assets and liabilities recognized in Titan's condensed consolidated balance
sheets related to our interest in these non-consolidated VIEs and our maximum exposure to loss relating to non-consolidated VIEs as of the dates set forth below were as follows (amounts in thousands):
 March 31,
2026
December 31,
2025
Investments$15,721 $15,332 
     Total VIE assets15,721 15,332 
Accounts payable to the non-consolidated VIEs5,134 4,229 
  Maximum exposure to loss$20,855 $19,561 
v3.26.1
OTHER INCOME (Tables)
3 Months Ended
Mar. 31, 2026
Other Income and Expenses [Abstract]  
Schedule of Other Income
Other income consisted of the following (amounts in thousands):
Three months ended
March 31,
 20262025
Pension plan income$508 $527 
Equity investment income172 174 
Loss on sale of assets(64)(40)
Other income330 473 
 $946 $1,134 
v3.26.1
EARNINGS PER SHARE (Tables)
3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share, Basic and Diluted
Loss per share were as follows (amounts in thousands, except per share data):
Three months ended
March 31,
20262025
Net loss attributable to Titan and applicable to common shareholders$(24,214)$(649)
Determination of shares:
   Weighted average shares outstanding (basic)64,072 63,283 
   Effect of restricted stock and stock options— — 
   Weighted average shares outstanding (diluted)64,072 63,283 
Loss per common share:
Basic$(0.38)$(0.01)
Diluted$(0.38)$(0.01)
v3.26.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
The tables below present information about certain operating results, separated by market segments, for the three months ended March 31, 2026 and 2025 (amounts in thousands):

Three months ended March 31, 2026
AgricultureEarthmoving/ConstructionConsumerTotal
Net sales$198,345 $159,514 $147,214 $505,073 
Cost of sales174,330 141,425 117,869 433,624 
Gross profit$24,015 $18,089 $29,345 $71,449 
Selling, general and administrative expenses13,486 13,056 18,673 45,215 
Research and development expenses1,486 2,259 1,006 4,751 
Royalty expense1,550 384 476 2,410 
Restructuring and impairment expenses— — 25,142 25,142 
Segment profit (loss)$7,493 $2,390 $(15,952)$(6,069)
Corporate & unallocated expenses(7,716)
Interest expense(9,887)
Interest income2,199 
Foreign exchange gain910 
Other income946 
Loss before income taxes$(19,617)
Three months ended March 31, 2025
AgricultureEarthmoving/ConstructionConsumerTotal
Net sales$197,746 $143,290 $149,672 $490,708 
Cost of sales173,259 128,397 120,408 422,064 
Gross profit$24,487 $14,893 $29,264 $68,644 
Selling, general and administrative expenses12,074 11,021 19,087 42,182 
Research and development expenses1,354 1,849 888 4,091 
Royalty expense1,617 347 482 2,446 
Segment profit$9,442 $1,676 $8,807 $19,925 
Corporate & unallocated expenses(8,126)
Interest expense(9,535)
Interest income2,239 
Foreign exchange loss(1,385)
Other income1,134 
Income before income taxes$4,252 

Schedule of Reconciliation of Revenue from Segments to Consolidated
The tables below present net sales by products and reportable segments for the three months ended March 31, 2026 and 2025 (amounts in thousands):
AgriculturalEarthmoving/ConstructionConsumerTotal
Three months ended March 31, 2026
Wheels and Tires [including assemblies]$187,239 $69,675 $138,239 $395,153 
Undercarriage systems and components11,106 89,839 8,975 109,920 
Total$198,345 $159,514 $147,214 $505,073 

AgriculturalEarthmoving/ConstructionConsumerTotal
Three months ended March 31, 2025
Wheels and Tires [including assemblies]$188,367 $54,413 $142,175 $384,955 
Undercarriage systems and components9,379 88,877 7,497 105,753 
Total$197,746 $143,290 $149,672 $490,708 
Segment Reporting, Reconciliation of Other Item by Segment to Consolidated
Depreciation and amortization expense by segment were as follows as of the periods set forth below (amounts in thousands):
AgriculturalEarthmoving/ConstructionConsumerCorporate & UnallocatedTotal
Three months ended March 31, 2026$6,513 $5,239 $4,835 $486 $17,073 
Three months ended March 31, 20256,158 4,463 4,661 589 15,871 
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Tables)
3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive (Loss) Income
Accumulated other comprehensive (loss) income consisted of the following (amounts in thousands):
 Currency
Translation
Adjustments
Gain (Loss) on
Derivatives
Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2026$(215,842)$436 $6,377 $(209,029)
Currency translation adjustments3,585 — — 3,585 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax— — 145 145 
Derivative gain— 31 — 31 
Balance at March 31, 2026$(212,257)$467 $6,522 $(205,268)
 Currency
Translation
Adjustments
Gain (Loss) on
Derivatives
Unrecognized
Losses and
Prior Service
Cost
 
 
Total
Balance at January 1, 2025$(289,678)$505 $3,296 $(285,877)
Currency translation adjustments, net39,274 — — 39,274 
Defined benefit pension plans:
Amortization of unrecognized losses and prior service cost, net of tax— — 90 90 
Derivative loss— (8)— (8)
Balance at March 31, 2025$(250,404)$497 $3,386 $(246,521)
v3.26.1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details)
$ in Thousands
1 Months Ended 3 Months Ended
Mar. 31, 2022
Jul. 31, 2018
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
Apr. 22, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Investments in marketable equity securities     $ 23,200   $ 200  
Debt instrument interest rate stated percentage (in percent)     7.00%   7.00% 7.00%
Aggregate principal amount     $ 614,334      
Net monetary loss     $ 200 $ 1,100    
Consolidated assets (in percent)     7.00%   7.00%  
Consolidated sales (in percent)     3.00% 4.00%    
Supplier finance program obligation     $ 18,900   $ 12,800  
Voltyre-Prom            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Ownership percentage by parent (in percent)     64.30%      
ARGENTINA            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative period for rate of inflation (in years)   3 years        
Percentage of Inflation   1        
TÜRKIYE            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Cumulative period for rate of inflation (in years) 3 years          
Percentage of Inflation 1          
7.00% senior secured notes due 2028            
New Accounting Pronouncements or Change in Accounting Principle [Line Items]            
Debt instrument interest rate stated percentage (in percent)     7.00%      
Aggregate principal amount     $ 398,248   398,029  
Fair value of the senior secured notes     $ 398,300   $ 401,500  
v3.26.1
ACCOUNTS RECEIVABLE, NET - Accounts Receivable (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Mar. 31, 2025
Dec. 31, 2024
Receivables [Abstract]        
Accounts receivable $ 343,503 $ 243,964 $ 327,042  
Allowance for credit losses (5,007) (5,058) (3,778) $ (3,232)
Accounts receivable, net $ 338,496 $ 238,906 $ 323,264  
v3.26.1
ACCOUNTS RECEIVABLE, NET - Allowance for Credit Loss (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at January 1, $ 5,058 $ 3,232
Provision charged to expense 86 72
Other, including foreign currency translation (137) 474
Balance at March 31, $ 5,007 $ 3,778
v3.26.1
INVENTORIES (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Raw material $ 97,677 $ 113,122
Work-in-process 48,324 42,591
Finished goods 321,961 314,836
Total inventory $ 467,962 $ 470,549
v3.26.1
PROPERTY, PLANT AND EQUIPMENT, NET (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross $ 1,288,364   $ 1,276,843
Accumulated depreciation and impairment (1) (848,946)   (827,933)
Property, plant and equipment, net 439,418   448,910
Depreciation 15,900 $ 14,100  
Asset impairment charges 8,800    
Land and improvements      
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross 47,553   47,445
Buildings and improvements      
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross 286,280   285,537
Machinery and equipment      
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross 781,674   769,490
Tools, dies and molds      
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross 124,737   123,744
Construction-in-process      
Property, Plant, and Equipment [Line Items]      
Property, plant and equipment, gross $ 48,120   $ 50,627
v3.26.1
INTANGIBLE ASSETS, NET - Components of Intangible Assets, Net (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]      
Gross Carrying Amount $ 15,122   $ 15,137
Accumulated Amortization (4,551)   (4,248)
Total 10,571   $ 10,889
Amortization related to intangible assets $ 300 $ 300  
Customer lists/relationships      
Intangible Asset, Finite-Lived [Line Items]      
Weighted- Average Useful Lives (in Years) 12 years 6 months   12 years 6 months
Gross Carrying Amount $ 6,000   $ 6,000
Accumulated Amortization (1,000)   (880)
Total $ 5,000   $ 5,120
Trade names      
Intangible Asset, Finite-Lived [Line Items]      
Weighted- Average Useful Lives (in Years) 10 years   10 years
Gross Carrying Amount $ 5,500   $ 5,500
Accumulated Amortization (1,146)   (1,008)
Total $ 4,354   $ 4,492
Other intangibles      
Intangible Asset, Finite-Lived [Line Items]      
Weighted- Average Useful Lives (in Years) 15 years 3 months 14 days   15 years 3 months 3 days
Gross Carrying Amount $ 3,622   $ 3,637
Accumulated Amortization (2,405)   (2,360)
Total $ 1,217   $ 1,277
v3.26.1
INTANGIBLE ASSETS, NET - Aggregate Amortization Expense (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
April 1 - December 31, 2026 $ 962  
2027 1,282  
2028 1,224  
2029 1,153  
2030 1,153  
Thereafter 4,797  
Total $ 10,571 $ 10,889
v3.26.1
OTHER CURRENT LIABILITIES (Details) - USD ($)
$ in Thousands
1 Months Ended
Aug. 31, 2014
Mar. 31, 2026
Dec. 31, 2025
Other Liabilities, Current [Abstract]      
Compensation and benefits   $ 50,079 $ 48,766
Accrued insurance benefits   23,039 19,363
Warranty   12,568 13,025
Customer rebates and deposits   10,590 9,898
Accrued other taxes   18,263 16,692
Accrued interest   12,772 6,248
Foreign government grant   2,827 3,530
Other   22,127 23,992
Total   $ 152,265 $ 141,514
Capital grant from the Italian government $ 17,000    
v3.26.1
WARRANTY - Product Warranty Liability (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Product Warranty Liability [Roll Forward]    
Warranty liability at beginning of the period $ 23,569 $ 22,392
Provision for warranty liabilities 3,039 3,058
Warranty payments made (3,336) (3,032)
Warranty liability at end of the period $ 23,272 $ 22,418
v3.26.1
WARRANTY - Narrative (Details)
Mar. 31, 2026
Minimum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 1 year
Maximum  
Product Warranty Liability [Line Items]  
Warranty term (in years) 10 years
v3.26.1
DEBT - Long-term Debt Instruments (Details) - USD ($)
$ in Thousands
3 Months Ended
Feb. 29, 2024
Mar. 31, 2026
Dec. 31, 2025
Apr. 22, 2021
Debt Instrument [Line Items]        
Revolving credit facility   $ 169,000 $ 156,000  
Less amounts due within one year   34,277 21,185  
Debt instrument, unamortized discount   (1,752) (1,971)  
Debt instrument, unamortized discount, current   0 0  
Debt instrument, unamortized discount (premium), net   (1,752) (1,971)  
Long-term debt   614,334    
Total debt   612,582 585,902  
Total long-term debt   $ 578,305 $ 564,717  
Debt instrument interest rate stated percentage (in percent)   7.00% 7.00% 7.00%
Long-term Debt        
Debt Instrument [Line Items]        
Total debt   $ 614,334 $ 587,873  
Long-Term Debt, Gross   580,057 566,688  
7.00% senior secured notes due 2028        
Debt Instrument [Line Items]        
7.00% senior secured notes due 2028   400,000 400,000 $ 400,000
Debt instrument, unamortized discount   (1,752) (1,971)  
Long-term debt   $ 398,248 398,029  
Debt instrument interest rate stated percentage (in percent)   7.00%    
Line of Credit        
Debt Instrument [Line Items]        
Revolving credit facility   $ 169,000 156,000  
Debt instrument, unamortized discount   0    
Debt instrument, unamortized discount, noncurrent     0  
Debt instrument term (in years) 91 days      
Titan Europe credit facilities        
Debt Instrument [Line Items]        
Titan Europe credit facilities   24,063 21,630  
Debt instrument, unamortized discount, noncurrent   $ 0 0  
Titan Europe credit facilities | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   0.50%    
Debt instrument term (in years)   1 year    
Other debt        
Debt Instrument [Line Items]        
Other debt   $ 21,271 10,243  
Debt instrument, unamortized discount, noncurrent   $ 0 $ 0  
Other debt | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   5.00% 5.00%  
Debt instrument term (in years)   1 year    
v3.26.1
DEBT - Narrative (Details)
$ in Thousands
3 Months Ended
Feb. 29, 2024
USD ($)
Mar. 31, 2026
USD ($)
Dec. 31, 2025
USD ($)
Apr. 22, 2021
USD ($)
Debt Instrument [Line Items]        
Weighted-average interest rates on short-term borrowings (in percent)   4.50% 3.90%  
Debt instrument interest rate stated percentage (in percent)   7.00% 7.00% 7.00%
Debt instrument, interest rate, effective percentage (in percent)       7.27%
Line of credit facility $ 225,000 $ 225,000 $ 197,900  
Bridge loan 20,000      
Letters of Credit, Maximum Capacity 50,000      
Line of credit facility maximum expansion $ 50,000      
Outstanding letters of credit   6,400 5,900  
Revolving credit facility   169,000 156,000  
Borrowing under the new credit facility   49,600 36,100  
7.00% senior secured notes due 2028        
Debt Instrument [Line Items]        
Aggregate principal amount   $ 400,000 400,000 $ 400,000
Debt instrument interest rate stated percentage (in percent)   7.00%    
Line of Credit        
Debt Instrument [Line Items]        
Debt instrument term (in years) 91 days      
Revolving credit facility   $ 169,000 156,000  
Titan Europe credit facilities        
Debt Instrument [Line Items]        
Other borrowings   $ 24,063 21,630  
Titan Europe credit facilities | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   0.50%    
Debt instrument term (in years)   1 year    
Titan Europe credit facilities | Maximum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   3.80%    
Debt instrument term (in years)   5 years    
Other debt        
Debt Instrument [Line Items]        
Other debt   $ 21,271 $ 10,243  
Other debt | Minimum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)   5.00% 5.00%  
Debt instrument term (in years)   1 year    
Other debt | Maximum        
Debt Instrument [Line Items]        
Debt instrument interest rate stated percentage (in percent)     6.90%  
Debt instrument term (in years)   2 years    
Titan Brazil        
Debt Instrument [Line Items]        
Other debt   $ 21,300 $ 10,200  
Credit Agreement | Revolving Credit Facility        
Debt Instrument [Line Items]        
Borrowing under the new credit facility $ 17,000      
Credit Agreement | Minimum        
Debt Instrument [Line Items]        
Fixed Charge Coverage Ratio 1.0      
Credit Agreement | Maximum        
Debt Instrument [Line Items]        
Line of Credit Facility, Commitment Fee Percentage 10.00%      
v3.26.1
DEBT - Maturities of Long-term Debt (Details)
$ in Thousands
Mar. 31, 2026
USD ($)
Debt Disclosure [Abstract]  
April 1 - December 31, 2026 $ 20,230
2027 21,788
2028 570,010
2029 602
2030 514
Thereafter 1,190
Long-term debt $ 614,334
v3.26.1
LEASES - Narrative (Details) - USD ($)
$ in Millions
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Apr. 22, 2021
Leases [Abstract]      
Debt instrument, interest rate, effective percentage (in percent)     7.27%
Operating cash flows from operating leases $ 6.6 $ 5.3  
v3.26.1
LEASES - Supplemental Balance Sheet Information Related to Leases (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Leases [Abstract]    
Operating lease ROU assets (1) $ 101,874 $ 119,225
Operating lease current liabilities 14,815 13,830
Operating lease long-term liabilities 107,891 111,054
Total operating lease liabilities 122,706 124,884
Finance lease, gross 8,148 8,024
Finance lease accumulated depreciation (5,008) (4,611)
Finance lease, net 3,140 3,413
Finance lease current liabilities 1,462 1,511
Finance lease long-term liabilities 1,789 2,038
Total finance lease liabilities 3,251 $ 3,549
Operating Lease, Impairment Loss $ 14,700  
v3.26.1
LEASES - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Operating Leases    
April 1 - December 31, 2026 $ 19,322  
2027 20,172  
2028 17,650  
2029 15,754  
2030 14,573  
Thereafter 106,955  
Total lease payments 194,426  
Less imputed interest 71,720  
Operating lease liability 122,706 $ 124,884
Finance Leases    
April 1 - December 31, 2026 1,432  
2027 1,294  
2028 679  
2029 189  
2030 77  
Thereafter 10  
Total lease payments 3,681  
Less imputed interest 430  
Finance lease liability $ 3,251 $ 3,549
Operating lease, weighted average remaining lease term (in years) 12 years 2 months 1 day  
Finance lease, weighted average remaining lease term (in years) 2 years 5 months 23 days  
Operating Lease, Weighted Average Discount Rate, Percent 7.27%  
Finance Lease, Weighted Average Discount Rate, Percent 7.27%  
v3.26.1
EMPLOYEE BENEFIT PLANS - Narrative (Details)
$ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
plan
Retirement Benefits [Abstract]  
Number of frozen plans 3
Number of subsidiaries with frozen plans 3
Contributions by employer | $ $ 0.1
v3.26.1
EMPLOYEE BENEFIT PLANS - Components of Net Periodic Pension Cost (Details) - Pension Plan - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Defined Benefit Plan Disclosure [Line Items]    
Service cost $ 124 $ 161
Interest cost 867 945
Expected return on assets (1,278) (1,329)
Amortization of unrecognized prior service cost and unrecognized (gain) loss (5) 4
Net periodic pension benefit $ (292) $ (219)
v3.26.1
VARIABLE INTEREST ENTITIES - Non Consolidated Variable Interest Entities (Details) - USD ($)
$ in Thousands
Mar. 31, 2026
Dec. 31, 2025
Variable Interest Entity [Line Items]    
Total assets $ 1,714,821 $ 1,672,660
Accounts payable 278,019 251,715
Non-Consolidated VIEs    
Variable Interest Entity [Line Items]    
Investments 15,721 15,332
Total assets 15,721 15,332
Accounts payable 5,134 4,229
  Maximum exposure to loss $ 20,855 $ 19,561
v3.26.1
ROYALTY EXPENSE (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Royalty expenses $ 2,410 $ 2,446
v3.26.1
RESTRUCTURING AND IMPAIRMENT EXPENSES (Details)
$ in Millions
3 Months Ended
Mar. 31, 2026
USD ($)
facility
Restructuring Cost and Reserve [Line Items]  
Expected number of positions impacted | facility 140
Impairment of ROU assets $ 23.5
Severance costs 1.6
Maximum  
Restructuring Cost and Reserve [Line Items]  
Estimated cost incurred $ 5.0
v3.26.1
OTHER INCOME (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Other Income and Expenses [Abstract]    
Pension plan income $ 508 $ 527
Equity investment income 172 174
Loss on sale of assets (64) (40)
Other income 330 473
Total other (loss) income $ 946 $ 1,134
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Provision for income taxes $ 4,633 $ 4,230
Income tax expense $ 4,633 $ 4,230
Effective income tax rate (in percent) (23.60%) 99.50%
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share [Abstract]    
Net loss attributable to Titan and applicable to common shareholders $ (24,214) $ (649)
Weighted average shares outstanding (basic) (in shares) 64,072 63,283
Effect of restricted stock and stock options (in shares) 0 0
Weighted average shares outstanding (diluted) (in shares) 64,072 63,283
Earnings per common share, basic (in dollars per share) $ (0.38) $ (0.01)
Earnings per common share, diluted (in dollars per share) $ (0.38) $ (0.01)
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount 400 800
v3.26.1
SEGMENT INFORMATION - Narrative (Details)
3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of reportable segments 3
v3.26.1
SEGMENT INFORMATION - Segment Reporting Information, by Segment (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax $ 505,073 $ 490,708
Cost of sales 433,624 422,064
Gross profit 71,449 68,644
Selling, general and administrative expenses 52,398 49,855
Research and development expenses 5,284 4,544
Royalty expense 2,410 2,446
Restructuring and impairment expenses 25,142 0
(Loss) income from operations (13,785) 11,799
Interest expense (9,887) (9,535)
Interest income 2,199 2,239
Foreign exchange gain 910 (1,385)
Other income 946 1,134
Operating Segments    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 505,073 490,708
Cost of sales 433,624 422,064
Gross profit 71,449 68,644
Selling, general and administrative expenses 45,215 42,182
Research and development expenses 4,751 4,091
Royalty expense 2,410 2,446
Restructuring and impairment expenses 25,142  
(Loss) income from operations (6,069) 19,925
Interest expense (9,887) (9,535)
Interest income 2,199 2,239
Foreign exchange gain 910 (1,385)
Other income 946 1,134
(Loss) income before income taxes (19,617) 4,252
Operating Segments | Agriculture    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 198,345 197,746
Cost of sales 174,330 173,259
Gross profit 24,015 24,487
Selling, general and administrative expenses 13,486 12,074
Research and development expenses 1,486 1,354
Royalty expense 1,550 1,617
Restructuring and impairment expenses 0  
(Loss) income from operations 7,493 9,442
Operating Segments | Earthmoving/Construction    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 159,514 143,290
Cost of sales 141,425 128,397
Gross profit 18,089 14,893
Selling, general and administrative expenses 13,056 11,021
Research and development expenses 2,259 1,849
Royalty expense 384 347
Restructuring and impairment expenses 0  
(Loss) income from operations 2,390 1,676
Operating Segments | Consumer    
Segment Reporting [Line Items]    
Revenue from Contract with Customer, Excluding Assessed Tax 147,214 149,672
Cost of sales 117,869 120,408
Gross profit 29,345 29,264
Selling, general and administrative expenses 18,673 19,087
Research and development expenses 1,006 888
Royalty expense 476 482
Restructuring and impairment expenses 25,142  
(Loss) income from operations (15,952) 8,807
Operating Segments | Corporate & Unallocated    
Segment Reporting [Line Items]    
Total acquisition-related costs   (8,126)
(Loss) income from operations (7,716)  
Interest expense (9,887) (9,535)
Interest income 2,199 2,239
Foreign exchange gain 910 (1,385)
Other income $ 946 $ 1,134
v3.26.1
SEGMENT INFORMATION - Revenue from Segments to Consolidated (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Net sales $ 505,073 $ 490,708
Operating Segments    
Segment Reporting [Line Items]    
Net sales 505,073 490,708
Operating Segments | Wheels and Tires [including assemblies]    
Segment Reporting [Line Items]    
Net sales 395,153 384,955
Operating Segments | Undercarriage systems and components    
Segment Reporting [Line Items]    
Net sales 109,920 105,753
Operating Segments | Agriculture    
Segment Reporting [Line Items]    
Net sales 198,345 197,746
Operating Segments | Agriculture | Wheels and Tires [including assemblies]    
Segment Reporting [Line Items]    
Net sales 187,239 188,367
Operating Segments | Agriculture | Undercarriage systems and components    
Segment Reporting [Line Items]    
Net sales 11,106 9,379
Operating Segments | Earthmoving/Construction    
Segment Reporting [Line Items]    
Net sales 159,514 143,290
Operating Segments | Earthmoving/Construction | Wheels and Tires [including assemblies]    
Segment Reporting [Line Items]    
Net sales 69,675 54,413
Operating Segments | Earthmoving/Construction | Undercarriage systems and components    
Segment Reporting [Line Items]    
Net sales 89,839 88,877
Operating Segments | Consumer    
Segment Reporting [Line Items]    
Net sales 147,214 149,672
Operating Segments | Consumer | Wheels and Tires [including assemblies]    
Segment Reporting [Line Items]    
Net sales 138,239 142,175
Operating Segments | Consumer | Undercarriage systems and components    
Segment Reporting [Line Items]    
Net sales $ 8,975 $ 7,497
v3.26.1
SEGMENT INFORMATION - Reconciliation of Other Items from Segments to Consolidated (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization $ 17,073 $ 15,871
Operating Segments    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization 17,073 15,871
Operating Segments | Agriculture    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization 6,513 6,158
Operating Segments | Earthmoving/Construction    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization 5,239 4,463
Operating Segments | Consumer    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization 4,835 4,661
Operating Segments | Corporate & Unallocated    
Segment Reporting, Entity-Wide Information Not Provided as Part of Reportable Segment, Geographical Area, Revenue and Long-Lived Asset [Line Items]    
Depreciation and amortization $ 486 $ 589
v3.26.1
ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME (Details) - USD ($)
$ in Thousands
3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Stockholders' Equity Note [Abstract]        
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax $ (212,257) $ (250,404) $ (215,842) $ (289,678)
Currency translation adjustments 3,585 39,274    
Gain (Loss) on Derivatives 467 497 436 505
Gain (Loss) on Derivatives 31 (8)    
Unrecognized Losses and Prior Service Cost 6,522 3,386 6,377 3,296
Amortization of unrecognized losses and prior service cost, net of tax 145 90    
Accumulated other comprehensive loss $ (205,268) $ (246,521) $ (209,029) $ (285,877)