In its fiscal year 2025, Case and New Holland dealer Titan Machinery reported a net loss, with equipment revenue down 4.4% year-over-year to $2.1 billion.
Parts revenue for the year was up 4% to $428 million, and service revenue was up 15% to $180 million.
Total revenue for the year came in at $2.7 billion, down 2% from its previous fiscal year. The company reported a net loss for the fiscal year of $36.9 million.
For the full year, Titan Machinery’s construction equipment revenue was $332 million, down 0.3% year-over-year.
In its fourth quarter, total revenue was down 11% to $759.9 million. This was driven primarily by a 13% year-over-year decline in equipment revenue, which came in at $621.8 million. Parts revenue in the quarter was down 2% to $89.3 million, and service revenue was up 4% to $36.6 million.
Looking at Titan Machinery’s construction business, revenue for the fourth quarter was $94.6 million, down 5% year-over-year from $100.1 million in the previous fiscal year fourth quarter. Titan said the decline reflects a same-store sales decrease of 5.5%, driven by expected timing differences of equipment deliveries between the third and fourth quarter of fiscal 2025 vs. the previous year.
Pre-tax loss in construction business for the fourth quarter was $1.1 million versus a $4.6 million pre-tax income in the previous fourth quarter.
The dealership’s inventories were valued at $1.1 billion as of January 31, 2025, down from $1.4 billion on October 31, 2024.
"Our fiscal fourth quarter results reflect a significant step forward in the execution of our inventory reduction initiative, particularly in our domestic Agriculture segment. We reduced inventory by approximately $304 million during the fourth quarter, bringing our total reduction since our fiscal second-quarter peak to approximately $419 million," said Bryan Knutson, Titan Machinery's president and CEO. "While this accelerated reduction came at the expense of our equipment margins in the short-run, this was a key lever that we felt was necessary to improve our position as we transition into fiscal 2026 with a more subdued demand environment.”
For its fiscal year 2026, Titan Machinery is forecasting its construction revenue will be down 5%-10%.
