Total Revenue Drops but Rentals Rise in Titan Machinery’s Fiscal Third Quarter
Titan Machinery posted $644.5 million in total revenue in the third quarter of 2025 compared to $679.8 million in the third quarter of 2024, a 5.2-percent decline. The only segment that increased significantly was rental, rising from $12.5 million in the year-ago quarter to $13.3 million in the third quarter of 2025, a 6-percent increase. Equipment sales dropped from $495.1 million in Q324 to $459.9 million this year, a 7.1-percent decrease.
Parts revenue increased from $121.1 million last year to $122.3 million in the third quarter of this year, a 1 percent decline. Service revenue decreased from $51.1 million to $48.9 million, a 4.3-percent dip.
"Our third quarter results demonstrate continued progress on our inventory optimization initiatives, with cumulative inventory reductions of $98 million through the first nine months of the fiscal year, positioning us to increase our reduction target from $100 million up to $150 million for the full year fiscal 2026," saidd Bryan Knutson, Titan's president and CEO. "Equipment margins beat expectations for the quarter driven by a more favorable sales mix and our improved inventory position, though we expect margins to moderate a bit in the fourth quarter as we look to continue our inventory optimization efforts. Additionally, as part of our broader footprint optimization strategy, we made select divestitures both domestically and in Germany, allowing us to focus our resources in markets where we can better leverage our operational expertise while delivering improved returns for our shareholders. Despite a challenging environment for the agriculture industry, our parts and service businesses continue to provide critical stability - keeping us closely engaged with our customers. We remain focused on positioning the business to emerge from this cycle stronger and better prepared for improved market conditions."
For the first nine months of fiscal 2025, Titan Machinery’s total revenue was $1,785.3 million compared to $1,942.2 million in the same period in 2024, an 8.1-percent decrease. Rental revenue increased from $31.1 million a year ago to $33.3 million in the first nine months of fiscal 2025, a 7.1-percent increase. Equipment sales decreased from $1,428.5 in last year’s nine-month period to $1,273 million this year, a 10.7-percent decrease. Parts and services segments decreased by 0.6 percent and 1.2 percent respectively.
Titan Machinery, based in West Fargo, N.D., is No. 66 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.