Titan Machinery Inc. (TITN) Cash Flow Statement
Where TITN’s cash came from and went, FY2026
January 31, 2026 · U.S. dollars- Cash from operations
- $137.5M +95.5% vs FY2025
- Capital expenditures
- $22.4M 0.9% of revenue
- Free cash flow
- $115.1M 4.7% margin
- Returned to shareholders
- —
- Change in cash
- −$7.7M cash at year-end $28.2M
Cash from operations
$137.5M
Capital expenditures
−$22.4M
Net borrowing (repayment)
−$122.8M
Other financing
−$908,000
Currency & other
+$876,000
Change in cash
−$7.7M
Drawn to scale: where the cash came from and how it was used. Hover for values.
TITN operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
TITN cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $141.0MFY2017 | $137.5MFY2026 | −0.3%/yr | |
| Capital expenditures | $12.4MFY2017 | $22.4MFY2026 | +6.7%/yr | |
| Free cash flow | $128.6MFY2017 | $115.1MFY2026 | −1.2%/yr | |
| Free cash flow margin | 10.6%FY2017 | 4.7%FY2026 | −5.9 pts | |
| Operating cash flow / net income | 3.83FY2019 | −0.29FY2024 | −4.11 | |
| Stock-based compensation | $2.1MFY2017 | $5.6MFY2026 | +11.2%/yr | |
| Dividends paid | $0FY2017 | $0FY2018 | — | |
| Share buybacks (net) | $0FY2017 | $0FY2018 | — | |
| Capex / revenue | 1.0%FY2017 | 0.9%FY2026 | −0.1 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
TITN cash flow by activity
OperatingInvestingFinancingChange in cash
TITN net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
TITN cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$54.2M | −$36.9M | $112.4M | $101.9M | $66.0M | $19.4M | $14.0M | $12.2M | −$7.0M | −$14.5M |
| Depreciation & amortization | $37.6M | $38.6M | $31.5M | $25.2M | $22.1M | $23.7M | $28.1M | $23.6M | $25.1M | $26.9M |
| Stock-based compensation | $5.6M | $4.3M | $3.3M | $3.2M | $2.6M | $2.5M | $2.7M | $2.5M | $3.4M | $2.1M |
| Change in working capital | $145.2M | $142.2M | −$155.8M | −$136.2M | $56.1M | $117.4M | −$58.1M | −$426,000 | $81.3M | $123.7M |
| Other non-cash items | $3.3M | −$77.9M | −$23.7M | $16.8M | $12.1M | $10.0M | $14.4M | $8.7M | −$7.0M | $2.8M |
| Cash from operating activities | $137.5M | $70.3M | −$32.3M | $10.8M | $158.9M | $173.0M | $955,000 | $46.6M | $95.8M | $141.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$22.4M | −$51.8M | −$62.4M | −$37.2M | −$37.6M | −$20.1M | −$25.0M | −$12.0M | −$26.1M | −$12.4M |
| Investments (net) | — | −$47.7M | −$163.4M | −$134.1M | −$55.2M | −$20.3M | −$36.5M | −$25.8M | −$24.6M | −$9.1M |
| Acquisitions & other investing | −$352,000 | $51.8M | $62.4M | $37.2M | $37.6M | $20.1M | $25.0M | $12.0M | $26.1M | $12.4M |
| Cash from investing activities | −$22.7M | −$47.7M | −$163.4M | −$134.1M | −$55.2M | −$20.3M | −$36.5M | −$25.8M | −$24.6M | −$9.1M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | $0 | $0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | $0 | $0 |
| Net borrowing (repayment) | −$122.8M | −$18.9M | $189.7M | $23.1M | −$34.3M | −$117.0M | $23.4M | −$16.1M | −$71.5M | −$167.9M |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$908,000 | −$4.7M | −$1.1M | −$1.2M | −$1.0M | −$909,000 | −$509,000 | −$656,000 | $65,000 | −$33,000 |
| Cash from financing activities | −$123.7M | −$23.6M | $188.6M | $22.0M | −$35.3M | −$117.9M | $22.9M | −$16.7M | −$71.5M | −$168.0M |
| Summary | ||||||||||
| Net change in cash | −$7.7M | −$2.2M | −$5.8M | −$102.2M | $67.2M | $35.3M | −$13.0M | $3.3M | $245,000 | −$36.3M |
| Cash at end of period | $28.2M | $35.9M | $38.1M | $43.9M | $146.1M | $79.0M | $43.7M | $56.7M | $53.4M | $53.2M |
| Free cash flow | $115.1M | $18.4M | −$94.6M | −$26.4M | $121.3M | $152.9M | −$24.1M | $34.7M | $69.7M | $128.6M |
| Free cash flow margin | 4.7% | 0.7% | −3.4% | −1.2% | 7.1% | 10.8% | −1.8% | 2.7% | 5.8% | 10.6% |
| Capex / revenue | 0.9% | 1.9% | 2.3% | 1.7% | 2.2% | 1.4% | 1.9% | 0.9% | 2.2% | 1.0% |
| Operating cash flow / net income | — | — | −0.29 | 0.11 | 2.41 | 8.94 | 0.07 | 3.83 | — | — |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$9.2M | −$12.6M | −$36.2M | $1.2M | −$6.0M | −$13.2M | −$43.8M | $1.7M | −$4.3M | $9.4M | $23.6M | $30.2M |
| Depreciation & amortization | $9.5M | $9.0M | $9.4M | $9.8M | $9.4M | $8.9M | $9.9M | $10.3M | $9.7M | $8.7M | $8.6M | $8.2M |
| Stock-based compensation | −$1.3M | $1.3M | $1.3M | $1.2M | $1.4M | $1.6M | $1.1M | $1.1M | $1.3M | $837,000 | $961,000 | $896,000 |
| Change in working capital | −$5.8M | −$21.8M | $65.3M | $23.1M | $43.3M | $13.5M | $166.6M | −$17.8M | −$34.4M | −$54.8M | −$84.4M | $93,000 |
| Other non-cash items | $4.8M | $1.0M | $13.7M | −$1.4M | −$4.5M | −$4.6M | −$7.3M | −$4.1M | $12.7M | $3.5M | $7.9M | $1.2M |
| Cash from operating activities | −$2.0M | −$23.1M | $53.6M | $34.0M | $43.7M | $6.2M | $126.5M | −$8.8M | −$15.0M | −$32.4M | −$43.4M | $40.6M |
| Investing activities | ||||||||||||
| Capital expenditures | −$3.6M | −$2.5M | −$4.0M | −$2.7M | −$7.7M | −$8.0M | −$21.0M | −$8.3M | −$8.8M | −$13.7M | −$20.4M | −$13.9M |
| Investments (net) | — | — | — | — | −$19.6M | −$5.2M | −$18.3M | −$8.0M | −$8.6M | −$12.9M | −$99.3M | −$13.3M |
| Acquisitions & other investing | −$1.2M | $3.6M | −$1.7M | $10.6M | $7.7M | $8.0M | $21.0M | $8.3M | $8.8M | $13.7M | $20.4M | $13.9M |
| Cash from investing activities | −$4.7M | $1.1M | −$5.7M | $7.8M | −$19.6M | −$5.2M | −$18.3M | −$8.0M | −$8.6M | −$12.9M | −$99.3M | −$13.3M |
| Financing activities | ||||||||||||
| Net borrowing (repayment) | $7.0M | $24.4M | −$67.8M | −$25.7M | −$14.2M | −$15.1M | −$94.6M | $8.6M | $23.2M | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | −$9,000 | −$959,000 | −$132,000 | −$65,000 | −$11,000 | −$700,000 | −$3,000 | −$13,000 | −$3.9M | $43.1M | $111.5M | −$11.6M |
| Cash from financing activities | $7.0M | $23.4M | −$68.0M | −$25.8M | −$14.2M | −$15.8M | −$94.6M | $8.6M | $19.3M | $43.1M | $111.5M | −$11.6M |
| Summary | ||||||||||||
| Net change in cash | −$70,000 | $1.4M | −$20.6M | $16.1M | $11.2M | −$14.4M | $12.5M | −$7.8M | −$4.5M | −$2.4M | −$31.9M | $17.2M |
| Cash at end of period | $29.5M | $29.6M | $28.2M | $48.8M | $32.7M | $21.5M | $35.9M | $23.4M | $31.2M | $35.7M | $38.1M | $70.0M |
| Free cash flow | −$5.5M | −$25.6M | $49.6M | $31.3M | $36.0M | −$1.8M | $105.4M | −$17.1M | −$23.8M | −$46.1M | −$63.8M | $26.7M |
| Free cash flow margin | −1.1% | −4.9% | 7.7% | 4.8% | 6.6% | −0.3% | 13.9% | −2.5% | −3.8% | −7.3% | −7.5% | 3.9% |
| Capex / revenue | 0.7% | 0.5% | 0.6% | 0.4% | 1.4% | 1.3% | 2.8% | 1.2% | 1.4% | 2.2% | 2.4% | 2.0% |
| Operating cash flow / net income | — | — | — | 28.37 | — | — | — | −5.15 | — | −3.43 | −1.84 | 1.35 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
TITN cash generation
In fiscal 2026 (ended January 31, 2026), Titan Machinery generated $137.5 million of cash from operations (up 95.5%) and spent $22.4 million on capital expenditures, leaving free cash flow of $115.1 million, 4.7% of revenue. Cash and equivalents fell by $7.7 million over the year.
Related: TITN income statement, TITN balance sheet. See the TITN stock overview for the latest quote and news.
TITN cash flow FAQ
What is Titan Machinery's free cash flow?
Titan Machinery's free cash flow was $115.1 million in fiscal 2026: $137.5 million of operating cash flow minus $22.4 million of capital expenditures It was $18.4 million a year earlier..
How much cash does Titan Machinery generate from operations?
Titan Machinery generated $137.5 million of cash from operating activities in fiscal 2026.
How much does Titan Machinery spend on capital expenditures?
Titan Machinery spent $22.4 million on capital expenditures in fiscal 2026, 0.9% of revenue, compared with $51.8 million the year before.