The Manitowoc Company Reports Strong Q4 2025 Results and Outlines Optimistic Outlook for 2026
The Manitowoc Company, Inc. (NYSE: MTW), a global leader in lifting solutions, today announced its financial results for the fourth quarter and full year 2025, highlighting a strong finish to a challenging year and signaling continued growth and strategic execution in 2026.
For the fourth quarter of 2025, Manitowoc reported net income of $7.0 million, or $0.19 per diluted share. Adjusted net income, which excludes certain non-recurring items, totaled $9.5 million, or $0.26 per diluted share. The quarter also saw robust order growth, with total orders reaching $803.4 million, representing a 55.8% increase compared to the same period last year, and bringing the company’s backlog to $793.5 million.
Net sales for the quarter rose 13.6% year-over-year to $677.1 million, driven by strong demand across Manitowoc’s diverse product lines. Non-new machine sales, which reflect service, parts, and other aftermarket revenues, grew 14.0% to $190.9 million. Adjusted EBITDA for the quarter was $39.6 million, up 13.5% from the prior year, underscoring the company’s operational efficiency and disciplined cost management.
Full-Year 2025 Performance
For the full year 2025, Manitowoc achieved net sales of $2,240.9 million, a 2.9% increase over 2024. Non-new machine sales rose 9.8% to $690.5 million, reflecting continued strength in service, parts, and equipment rentals. Adjusted net income for the year was $11.6 million, or $0.32 per diluted share, a decrease of $3.1 million, or $0.09 per share, from the previous year, primarily due to market pressures and strategic investments.
Despite these challenges, the company reported strong cash flow performance, with fourth-quarter free cash flow totaling $78 million and full-year adjusted EBITDA reaching $122 million, in line with management’s expectations.
CEO Statement on Performance and Strategy
Aaron H. Ravenscroft, President and Chief Executive Officer of The Manitowoc Company, Inc., expressed confidence in the company’s performance and strategic direction. “I am really proud of the team’s strong finish to a challenging year. We ended the fourth quarter with orders in excess of $800 million, $40 million in adjusted EBITDA, and $78 million in free cash flow. For the year, our adjusted EBITDA was $122 million, meeting our expectations. We also continued to execute our CRANES+50 strategy, ending the year with over $690 million in non-new machine sales,” Ravenscroft said.
Looking ahead, Ravenscroft emphasized optimism for the coming year. “While we expect the U.S. market to remain steady, our confidence in the European market continues to grow. We entered 2026 with a backlog of $794 million, up 22% compared to last year. In addition, we implemented a restructuring plan in January to streamline our operations, which we expect to deliver approximately $10 million in annualized savings. Our ongoing focus on the CRANES+50 strategy, along with the planned expansion into new locations in Chile, Mexico, France, and Portugal, positions Manitowoc to capitalize on growth opportunities and navigate the cyclical nature of the crane industry.”
Outlook and Guidance for 2026
Manitowoc has provided full-year guidance for 2026, reflecting continued growth expectations and strategic initiatives:
- Net Sales: $2.25 billion to $2.35 billion
- Adjusted EBITDA: $125 million to $150 million
- Depreciation and Amortization: $60 million
- Interest Expense: $35 million to $38 million
- Provision for Income Taxes: $11 million to $15 million
- Adjusted Diluted EPS: $0.45 to $0.90
- Capital Expenditures: $45 million to $50 million, with approximately $25 million allocated to the rental fleet
- Free Cash Flow: $40 million to $65 million
- Restructuring Savings: Expected $10 million in annualized cost savings
These projections reflect the company’s commitment to operational efficiency, strategic investments, and expanding its global footprint, all while maintaining a disciplined approach to capital allocation.
Investor Conference Call
Manitowoc will host a conference call for analysts and institutional investors to discuss the fourth-quarter and full-year 2025 results on Tuesday, February 10, 2026, at 10:00 a.m. ET (9:00 a.m. CT). Shareholders and prospective investors are encouraged to submit questions in advance to ion.warner@manitowoc.com. The live webcast, along with the related presentation, will be available on the Manitowoc investor website at http://ir.manitowoc.com under the “Events & Presentations” section. A replay will also be accessible on the same site.
About The Manitowoc Company, Inc.
Founded in 1902 and headquartered in Milwaukee, Wisconsin, The Manitowoc Company, Inc. provides high-quality, customer-focused lifting products and services worldwide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands. Its subsidiary, MGX Equipment Services, focuses on providing comprehensive support solutions to customers. Manitowoc remains dedicated to innovation, service excellence, and sustainable growth across its global operations.
