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Titan International supplies the wheels, tires and undercarriage systems used on tractors, construction machinery and other off-highway equipment. Wheels and tires, including complete mounted assemblies, generate most of its revenue. Equipment makers buy directly from Titan, while distributors and equipment dealers sell its replacement products to equipment owners.
Agriculture is its largest market, and agricultural and earthmoving/construction equipment together account for most sales. Its consumer business, mainly Titan Specialty, also known as Carlstar, supplies wheels and tires for outdoor power equipment, powersports vehicles and trailers. Some tires carry Goodyear or Carlisle trademarks under licenses that limit their use to specified products and markets.
Deere & Company is a significant customer, though Titan does not rely on one buyer across the whole business; some products depend on a few customers. Orders depend on equipment production and replacement demand, with farm income and construction spending influencing buying activity. Profitability also depends on how much of changing steel and rubber costs Titan can pass on to customers.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Titan’s results hinge on farm and construction equipment demand, raw-material costs and off-highway tire competition from Michelin and Balkrishna Industries, neither of which appears here.
Deere buys Titan’s components for agricultural, construction and consumer equipment, accounting for 10% of Titan’s 2025 sales. Watch Deere’s sales of farm and construction machines: demand from its equipment buyers helps shape Titan’s wheel, tire and component orders.
CNH buys Titan’s off-highway wheels, tires and components for the agricultural and construction equipment it sells, making it a long-term source of demand for Titan. Its farm-equipment sales are worth watching as lower farmer income and higher financing costs weigh on Titan’s agricultural customers.
AGCO buys Titan’s off-highway products for farm machinery sold mainly through dealers, tying Titan to farmers’ equipment spending. Tractors made up 66% of AGCO’s 2025 net sales, making that revenue line a useful gauge of demand for Titan’s agricultural wheels and tires.
Caterpillar brings Titan component orders for its construction and mining machines, but also competes to sell undercarriage systems and parts. Watch its undercarriage pricing: Titan says competitors’ price cuts have sometimes forced it to lower prices too.
Titan Machinery shares Titan International’s exposure to farm and construction equipment demand: its stores sell and service the machines for which Titan International makes wheels, tires and undercarriage components. Watch its new and used agricultural equipment sales in the United States and Europe, where weaker farm-equipment demand has reduced Titan International’s sales volume.
Titan International, Inc. earningsThis company
Titan International’s report will show whether sales and gross margins in its agriculture and earthmoving/construction businesses are stabilizing or whether weak demand and costs are still squeezing profit.
Read net sales and gross margins for Agriculture and Earthmoving/Construction together, then compare them with Consumer. Rising sales and steady or improving margins in the first two segments would show that equipment demand and pricing or product mix are helping Titan absorb material and fixed costs; falling sales with thinner margins would show that weak demand and cost pressure are still weighing on those businesses.
Caterpillar Inc. earningsCAT
Caterpillar’s report can show whether sales and pricing in its construction-related businesses point to more or less pressure as it competes with Titan International for undercarriage systems and parts business.
Look at sales and pricing trends in Caterpillar’s construction-related businesses; those broad figures do not isolate undercarriage prices. Steady sales and supported pricing would offer little sign that competitors’ price pressure is worsening, while weaker sales and pressured pricing would make the risk of Titan cutting prices to win undercarriage business more salient.
Deere & Company earningsDE
Deere’s report will show whether demand for farm and construction equipment is holding up; Deere was Titan International’s largest customer, accounting for 10% of its 2025 sales.
Watch Deere’s farm and construction equipment sales, bearing in mind that it is a major Titan customer. Steady equipment sales would point to support for demand in a key customer’s markets and could support Titan’s original-equipment orders; weaker sales would raise the risk to Titan’s customer orders, but Deere’s results cannot substitute for Titan’s own sales figures.
