Titan Machinery’s Revenue Drops 2.1 Percent in Fiscal Third Quarter

Titan Machinery posted $679.8 million in total revenue in the fiscal third quarter of 2025, ended Oct. 31, compared to $694.1 million in the third quarter of 2024, a 2.1-percent year-over-year decline. Equipment revenue dropped from $521.8 million to $495.1 million, a 5.1-percent skid. Parts revenue was on the upswing, $121.1 million in Q324, compared to $115 million in last year’s third quarter, a 5.3-percent increase.

Service revenue rose 14 percent, from $44.8 million a year ago to $51.1 million this year. Rental revenue was essentially flat, declining from $12.6 million to $12.5 million. 

"Our third quarter results reflect a market cycle that is largely playing out as we anticipated within our domestic Agriculture segment," said Bryan Knutson, Titan Machinery's president and CEO. "While we continue to face headwinds impacting the broader agricultural equipment sector, we are seeing positive results from our inventory reduction initiatives with a third quarter reduction of approximately $115 million. We remain focused on executing our strategy to accelerate inventory reductions and to achieve targeted inventory levels as we work through next fiscal year. We remain confident that this strategic approach will support our broader goal of enhancing our profitability through the market cycle. In the meantime, our unwavering commitment to our customer care strategy continues to generate meaningful growth in our recurring service business." 

For the Agriculture division, revenue for the third quarter of fiscal 2025 was $482.0 million, compared to $531.4 million in the third quarter last year. The decrease was primarily because of a same-store sales decrease of 10.8 percent, partially offset by contributions from the acquisition of Scott Supply in January 2024. The revenue decrease resulted from a softening demand for equipment being driven by the decline of net farm income and sustained high interest rates. Pre-tax income for the third quarter of fiscal 2025 was $1.9 million, compared to $35.1 million in the third quarter last year.

Construction moves up

For the Construction division, on the other hand, revenue for the third quarter of fiscal 2025 was $85.3 million, compared to $77.5 million in the third quarter last year, a 10.1-percent increase, which was because of a same-store sales increase of 10 percent, which benefited from timing of equipment deliveries as compared to the second half of the previous fiscal year. Pre-tax loss for the third quarter of fiscal 2025 was $0.9 million, compared to pre-tax income of $4.1 million in the third quarter last year.

For the first nine months of the fiscal year, revenue increased from $1,906.3 million in the first nine months of fiscal 2024 to $1,942.2 million in the first nine months of fiscal 2025, a 1.9-percent rise. Equipment revenue was essentially flat, dropped from $1,431.3 million to $1,428.5 million. Parts revenue increased from $320.1 million to $339.1 million, a 5.9-percent bump. Service revenue jumped 17.5 percent from $122.2 million to $143.5 million. Rental decreased 3 percent from $32.8 million to $31.1 million.

Titan Machinery, headquartered in West Fargo, N.D., is No. 66 on the RER 100.