The Manitowoc Company Reports Fourth-Quarter and Full-Year 2025 Results; Provides 2026 Guidance
The Manitowoc Company, Inc. (NYSE: MTW) (“Manitowoc” or the “Company”) today reported its financial results for the fourth quarter and full year ended December 31, 2025. The Company also guided for the full year 2026, highlighting ongoing strategic initiatives and operational improvements.
Fourth-Quarter 2025 Financial Highlights
Manitowoc reported fourth-quarter net income of $7.0 million, or $0.19 per diluted share. On an adjusted basis, net income(1) rose to $9.5 million, or $0.26 per diluted share, reflecting a strong finish to the year despite challenging market conditions.
Orders for the quarter were exceptionally strong, reaching $803.4 million, representing a 55.8% increase compared to the prior year. This surge in orders drove the Company’s backlog to $793.5 million at year-end, providing a robust foundation for 2026.
Net sales for the fourth quarter were $677.1 million, a 13.6% increase from the prior year. Non-new machine sales totaled $190.9 million, up 14.0% year-over-year, underscoring Manitowoc’s diversified revenue base. Adjusted EBITDA(1) for the quarter was $39.6 million, reflecting a 13.5% increase from the prior-year period.
These results highlight Manitowoc’s ability to navigate challenging conditions while executing its CRANES+50 strategy, aimed at enhancing market presence and diversifying revenue streams.
Full-Year 2025 Performance
For the full year, Manitowoc achieved net sales of $2,240.9 million, representing a 2.9% increase from 2024. Non-new machine sales contributed $690.5 million, up 9.8% year-over-year, demonstrating continued strength in this segment.
Full-year adjusted net income(1) was $11.6 million, or $0.32 per diluted share, a decrease of $3.1 million compared to the prior year. Despite the decline in adjusted net income, the Company delivered adjusted EBITDA of $122 million, in line with expectations, and achieved $78 million in free cash flow, providing a solid financial foundation heading into 2026.
CEO Commentary
Aaron H. Ravenscroft, President and Chief Executive Officer of Manitowoc, commented:
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 free cash flow of $78 million. For the year, our adjusted EBITDA was $122 million, in line with our expectations. In addition, we continued to execute our CRANES+50 strategy, ending the year with over $690 million in non-new machine sales.
Ravenscroft added:
Looking to 2026, while we expect more of the same conditions in the U.S. market, our optimism in Europe continues to grow. We started 2026 with $794 million in backlog, which is up 22% versus a year ago. In addition, we implemented a restructuring plan in January to streamline our organization, which we expect to save us roughly $10 million. We continue to execute our CRANES+50 strategy and are planning to add new locations in Chile, Mexico, France, and Portugal. I am confident that our ongoing lean transformation and continued focus on our CRANES+50 strategy further strengthen Manitowoc’s ability to navigate the crane cycle.
Strategic Highlights
CRANES+50 Strategy Execution
Manitowoc continued to execute its CRANES+50 strategy in 2025, emphasizing diversification, operational efficiency, and market expansion. Key achievements include:
- Growth in non-new machine sales to $690.5 million, contributing significantly to total revenue.
- Expansion of global footprint through strategic initiatives in Europe and Latin America.
- Maintaining a robust backlog of $793.5 million provides visibility into future revenue streams.
The CRANES+50 strategy is central to Manitowoc’s long-term growth plan, targeting a balanced approach between new crane sales, aftermarket services, and rental operations.
Operational Efficiency and Restructuring
In January 2026, Manitowoc implemented a restructuring plan aimed at streamlining operations, optimizing resources, and enhancing profitability. The plan is expected to generate approximately $10 million in annualized savings, supporting margin expansion and free cash flow growth.
Geographic Expansion
Manitowoc continues to expand its presence in key international markets, with plans to open new locations in Chile, Mexico, France, and Portugal. These initiatives support the Company’s strategy to capture growth opportunities in regions showing increased demand for crane equipment and related services.
Fourth-Quarter Segment Performance
- Orders: $803.4 million, up 55.8% year-over-year
- Net sales: $677.1 million, up 13.6% year-over-year
- Non-new machine sales: $190.9 million, up 14.0% year-over-year
- Adjusted EBITDA: $39.6 million, up 13.5% year-over-year
The strong performance in orders and non-new machine sales reflects the Company’s diversified revenue streams and ongoing focus on strategic growth initiatives.
Full-Year 2026 Guidance
Looking ahead, Manitowoc provided financial guidance for 2026, anticipating steady growth and continued operational improvements:
- 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 earnings per share: $0.45 to $0.90
- Capital expenditures: $45 million to $50 million, of which approximately $25 million is for the rental fleet
- Free cash flow: $40 million to $65 million
- Expected savings from restructuring: $10 million in annualized savings
The guidance reflects Manitowoc’s confidence in its backlog, operational efficiencies, and strategic initiatives to support growth in both established and emerging markets.
Outlook
Manitowoc enters 2026 with a strong backlog of $794 million, up 22% compared to the prior year, and a clear strategy to capitalize on growth opportunities globally. The Company remains focused on:
- Expanding its international footprint.
- Executing operational efficiencies through restructuring initiatives.
- Driving non-new machine and aftermarket sales to complement new crane sales.
- Continuing its CRANES+50 strategy to diversify revenue and enhance long-term resilience.
Ravenscroft concluded:
Our team is well-positioned to navigate market cycles and capitalize on opportunities in the U.S., Europe, and key international markets. With continued execution of our CRANES+50 strategy and ongoing lean transformation, Manitowoc is ready for a productive and profitable 2026.
About The Manitowoc Company, Inc.
Manitowoc is a global manufacturer of cranes and lifting solutions, serving customers across a wide range of industries. The Company offers a full line of products, including tower cranes, mobile cranes, and specialized lifting equipment, complemented by aftermarket support, rentals, and other value-added services.
Forward-Looking Statements
This press release contains forward-looking statements, including 2026 guidance and strategic initiatives, which are subject to risks and uncertainties. Actual results may differ materially due to factors including market demand, economic conditions, and operational execution.
This version expands on strategic highlights, CEO commentary, and operational context, making it around 850+ words while keeping a professional, readable structure.
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