# MANITOWOC CO INC (MTW)

Informational only - not investment advice.

CIK: 0000061986
SIC: 3531 Construction Machinery & Equip
SIC breadcrumb: [Manufacturing](/division/D/) > [Industrial And Commercial Machinery And Computer Equipment](/major-group/35/) > [SIC 3531 Construction Machinery & Equip](/industry/3531/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=61986
Filing source: https://www.sec.gov/Archives/edgar/data/61986/000119312526057356/mtw-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0001193125-26-057356 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000061986.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 2,240,900,000 USD | 2025 | verified |
| Net income | 7,200,000 USD | 2025 | verified |
| Assets | 1,818,200,000 USD | 2025 | verified |
| Free cash flow | -15,300,000 USD | 2025 | computed |
| Net margin | 0.32% | 2025 | computed |
| Operating margin | 2.40% | 2025 | computed |
| Revenue YoY | +2.89% | 2025 | computed |
| ROE | 1.04% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | MTW | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 0.3% | 2.8% | 14 | 8 |
| Revenue growth | 2.9% | 6.2% | 29 | 8 |
| ROE | 1.0% | 6.1% | 14 | 8 |
| ROA | 0.4% | 2.0% | 14 | 8 |
| Liabilities / equity | 1.62 | 1.54 | 57 | 8 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 3531 Construction Machinery & Equip, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 2240900000 | USD | 2025 | 2026-02-18 |
| Net income | 7200000 | USD | 2025 | 2026-02-18 |
| Assets | 1818200000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000061986.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  | 1,613,100,000 | 1,581,300,000 | 1,846,800,000 | 1,834,100,000 | 1,443,400,000 | 1,720,200,000 | 2,032,500,000 | 2,227,800,000 | 2,178,000,000 | 2,240,900,000 |
| Net income |  |  |  | -375,800,000 | 9,400,000 | -67,100,000 | 46,600,000 | -19,100,000 | 11,000,000 | -123,600,000 | 39,200,000 | 55,800,000 | 7,200,000 |
| Operating income |  |  |  | -143,000,000 | 8,400,000 | -19,300,000 | 108,400,000 | 38,600,000 | 46,500,000 | -93,000,000 | 92,400,000 | 51,800,000 | 53,800,000 |
| Gross profit |  |  |  | 253,300,000 | 281,900,000 | 328,100,000 | 344,100,000 | 254,700,000 | 307,200,000 | 364,500,000 | 425,200,000 | 375,000,000 | 404,700,000 |
| Diluted EPS |  |  |  | -10.91 | 0.26 | -1.89 | 1.31 | -0.55 | 0.31 | -3.51 | 1.09 | 1.56 | 0.20 |
| Operating cash flow |  |  |  | -626,200,000 | -324,900,000 | -513,000,000 | -53,300,000 | -35,100,000 | 76,200,000 | 76,900,000 | 63,000,000 | 49,200,000 | 22,200,000 |
| Capital expenditures |  |  |  | 45,900,000 | 28,900,000 | 31,700,000 | 35,100,000 | 26,300,000 | 40,400,000 | 61,800,000 | 77,400,000 | 45,700,000 | 37,500,000 |
| Dividends paid | 10,700,000 | 10,800,000 | 10,900,000 | 0.00 | 0.00 |  |  |  | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Share buybacks |  |  |  |  |  |  | 7,400,000 | 12,000,000 | 0.00 | 3,000,000 | 5,500,000 | 5,700,000 | 0.00 |
| Assets |  |  |  | 1,517,800,000 | 1,607,800,000 | 1,541,900,000 | 1,617,700,000 | 1,603,500,000 | 1,775,200,000 | 1,615,500,000 | 1,706,700,000 | 1,660,000,000 | 1,818,200,000 |
| Stockholders' equity |  |  |  | 590,500,000 | 677,500,000 | 601,300,000 | 645,900,000 | 643,500,000 | 662,400,000 | 537,800,000 | 603,300,000 | 640,100,000 | 695,200,000 |
| Cash and cash equivalents |  |  |  | 69,900,000 | 119,200,000 | 140,300,000 | 199,300,000 | 128,700,000 | 75,400,000 | 64,400,000 | 34,400,000 | 48,000,000 | 77,300,000 |
| Free cash flow |  |  |  | -672,100,000 | -353,800,000 | -544,700,000 | -88,400,000 | -61,400,000 | 35,800,000 | 15,100,000 | -14,400,000 | 3,500,000 | -15,300,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  | -23.30% | 0.59% | -3.63% | 2.54% | -1.32% | 0.64% | -6.08% | 1.76% | 2.56% | 0.32% |
| Operating margin |  |  |  | -8.86% | 0.53% | -1.05% | 5.91% | 2.67% | 2.70% | -4.58% | 4.15% | 2.38% | 2.40% |
| Return on equity |  |  |  | -63.64% | 1.39% | -11.16% | 7.21% | -2.97% | 1.66% | -22.98% | 6.50% | 8.72% | 1.04% |
| Return on assets |  |  |  | -24.76% | 0.58% | -4.35% | 2.88% | -1.19% | 0.62% | -7.65% | 2.30% | 3.36% | 0.40% |
| Liabilities / equity |  |  |  | 1.57 | 1.37 | 1.56 | 1.50 | 1.49 | 1.68 | 2.00 | 1.83 | 1.59 | 1.62 |
| Current ratio |  |  |  | 1.82 | 1.74 | 1.70 | 1.98 | 1.99 | 1.81 | 1.82 | 1.83 | 2.02 | 2.23 |

## As-reported value updates

4 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/MTW/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-07. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0000061986.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.07 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | 0.46 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.57 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 520,900,000 | 10,400,000 | 0.29 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 595,800,000 | -7,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 495,100,000 | 4,500,000 | 0.12 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 562,100,000 | 1,600,000 | 0.04 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 524,800,000 | -7,000,000 | -0.20 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 596,000,000 | 56,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 470,900,000 | -6,300,000 | -0.18 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 539,500,000 | 1,500,000 | 0.04 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 553,400,000 | 5,000,000 | 0.14 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 677,100,000 | 7,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 494,600,000 | -6,000,000 | -0.17 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 594,900,000 | 14,200,000 | 0.39 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from MTW's latest 10-K: [/company/MTW/business/](/company/MTW/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from MTW's latest 10-K: [/company/MTW/risk-factors/](/company/MTW/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/61986/000119312526340218/mtw-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-07
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following Management’s Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, including the financial statements, accompanying notes and Management’s Discussion and Analysis of Financial Condition and Results of Operations therein, and the interim condensed consolidated financial statements and accompanying notes included in this Quarterly Report on Form 10-Q.

All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Condition and Results of Operations unless otherwise indicated.

Cautionary Statements Regarding Forward-Looking Information

All of the statements in this Quarterly Report on Form 10-Q, other than historical facts, are forward-looking statements, including, without limitation, the statements made in the “Management's Discussion and Analysis of Financial Condition and Results of Operations.” As a general matter, forward-looking statements are those focused upon anticipated events or trends, expectations and beliefs relating to matters that are not historical in nature. The words “could,” “should,” “may,” “feel,” “anticipate,” “aim,” “preliminary,” “expect,” “believe,” “estimate,” “intend,” “intent,” “plan,” “will,” “foresee,” “project,” “forecast,” or the negative thereof or variations thereon, and similar expressions identify forward-looking statements.

The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for these forward-looking statements. In order to comply with the terms of the safe harbor, the Company notes that forward-looking statements are subject to known and unknown risks, uncertainties and other factors relating to the Company's operations and business environment, all of which are difficult to predict and many of which are beyond the control of the Company. These known and unknown risks, uncertainties and other factors could cause actual results to differ materially from those matters expressed in, anticipated by or implied by such forward-looking statements. These risks, uncertainties, and other factors include, but are not limited to:

•
macroeconomic conditions, including inflation, elevated interest rates, and tariffs, as well as prior supply chain, labor and logistics constraints, have had, and may continue to have, a negative impact on Manitowoc’s ability to convert backlog into revenue (the timing of sales) which could impact, and has impacted, its financial condition, cash flows, and results of operations (including future uncertain impacts);

•
uncertainty regarding, and adverse changes to, trade policy, including tariffs, reciprocal tariffs, trade agreements, ongoing negotiations on trade agreements with additional trade partners, legal challenges to certain tariffs authorities, updated guidance from regulators, export duties, import controls and trade barriers (including quotas);

•
actions of competitors;

•
changes in economic or industry conditions generally or in the markets served by Manitowoc;

•
geopolitical events, including the ongoing conflicts in Ukraine and in the Middle East, other political and economic conditions and risks and other geographic factors, have led to and may continue to lead to market disruptions, including volatility in commodity prices (including oil and gas), raw material and component costs, energy prices, inflation, consumer behavior, supply chain, and credit and capital markets, and could result in the impairment of assets;

•
changes in customer demand, including changes in global demand for high-capacity lifting equipment, changes in demand for lifting equipment in emerging economies and changes in demand for used lifting equipment including changes in government approval and funding of projects;

•
the ability to convert backlog, orders, and order activity into sales and the timing of those sales;

•
the ability to focus on customers, new technologies, and innovation;

•
uncertainties associated with new product introductions, the successful development and market acceptance of new and innovative products that drive growth;

•
failure to comply with regulatory requirements related to the products and aftermarket services the Company sells;

•
the ability to capitalize on key strategic opportunities and the ability to implement Manitowoc’s long-term initiatives;

•
the ability of Manitowoc's customers to receive financing;

•
risks associated with high debt leverage;

•
impairment of goodwill and/or intangible assets;

•
changes in revenues, margins and costs;

21

•
the ability to increase operational efficiencies across Manitowoc and to capitalize on those efficiencies;

•
the ability to generate cash and manage working capital consistent with Manitowoc’s stated goals;

•
work stoppages, labor negotiations, labor rates, and labor costs;

•
the Company’s ability to attract and retain qualified personnel;

•
changes in the capital and financial markets;

•
the ability to complete and appropriately integrate acquisitions, strategic alliances, joint ventures and other significant transactions;

•
issues associated with the availability and viability of suppliers;

•
the ability to significantly improve profitability;

•
realization of anticipated earnings enhancements, cost savings, strategic options and other synergies, and the anticipated timing to realize those savings, synergies and options;

•
the replacement cycle of technologically obsolete products;

•
foreign currency fluctuation and its impact on reported results;

•
risks associated with data security and technological systems and protections;

•
the ability to direct resources to those areas that will deliver the highest returns;

•
risks associated with manufacturing or design defects;

•
natural disasters, other weather events, pandemics and other public health crises disrupting commerce in one or more regions of the world;

•
issues relating to the ability to timely and effectively execute on manufacturing strategies, general efficiencies, and capacity utilization of the Company’s facilities;

•
the ability to focus and capitalize on product and service quality and reliability;

•
issues associated with the quality of materials, components and products sourced from third parties and the ability to successfully resolve those issues;

•
changes in laws throughout the world, including governmental regulations on climate change;

•
the inability to defend against potential infringement claims on intellectual property rights;

•
the ability to sell products and services through distributors and other third parties;

•
issues affecting the effective tax rate for the year;

•
acts of terrorism; and

•
other risks and factors detailed in Manitowoc's 2025 Annual Report on Form 10-K, as such may be amended or supplemented in Manitowoc's subsequently filed Quarterly Reports on Form 10-Q (including this report) and its other filings with the United States Securities and Exchange Commission.

These statements reflect the current views and assumptions of management with respect to future events. Except to the extent required by the federal securities laws, the Company does not undertake, and hereby disclaims, any duty to update these forward-looking statements, even though its situation and circumstances may change in the future. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date of this report. The inclusion of any statement in this report does not constitute an admission by the Company or any other person that the events or circumstances described in such statement are material.

22

Current Events

During the second quarter of 2026, the Company received $26.2 million of refunds from U.S. Customs and Border Protection related to previously paid International Emergency Economic Powers Act (“IEEPA”) tariffs. As a result of the refunds received, the Company recognized a net benefit of $11.8 million during the quarter as a reduction of cost of sales within the Condensed Consolidated Statement of Operations. The amount recognized includes the gross benefit from the IEEPA tariff refund, net of refunds expected to be provided to customers, adjustments to previously recognized tariff costs, and interest income recorded to other income (expense) – net. Additionally, there is $4.3 million of IEEPA refund amounts capitalized into inventory that is expected to be recognized in earnings as the associated inventory is sold. The Company continues to monitor ongoing legal and regulatory developments related to tariffs.

Orders and Backlog

Orders and backlog are not measures defined by GAAP and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. The Company believes this information is useful to investors to provide an indication of future revenues. Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales.

Orders for the three months ended June 30, 2026 increased 56.1% to $708.7 million from $453.9 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in all of the Company’s three segments. Orders were favorably impacted by $6.5 million from changes in foreign currency exchange rates.

Orders for the six months ended June 30, 2026 increased 27.3% to $1,354.4 million from $1,064.2 million for the same period in 2025. The increase in orders was primarily attributable to higher demand in all of the Company’s three segments. Orders were favorably impacted by $32.2 million from changes in foreign currency exchange rates.

As of June 30, 2026, total backlog was $1,050.1 million, an increase of 32.3% from the December 31, 2025 backlog of $793.5 million, and an increase of 44.0% from the June 30, 2025 backlog of $729.3 million. Backlog was unfavorably impacted by $44.6 million from changes in foreign currency exchange rates since December 31, 2025 and was unfavorably impacted by $9.8 million from changes in foreign currency exchange rates since June 30, 2025.

Results of Operations For the Three and Six Months Ended June 30, 2026 and 2025:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","","","","","Six Months Ended June 30,"],["","","2026","","","2025","","","Percentage Change","","","2026","","","2025","","","Percentage Change"],["Net sales","","","594.9","","","","539.5","","","","10.3","%","","","1,089.5","","","","1,010.4","","","","7.8","%"],["Gross profit","","","123.1","","","","99.0","","","","24.3","%","","","218.4","","","","188.8","","","","15.7","%"],["Gross profit %","","","20.7","%","","","18.4","%","","","","","","20.0","%","","","18.7","%"],["Engineering, selling and administrative expenses","","","90.4","","","87.4","","","","3.4","%","","","181.0","","","","170.3","","","","6.3","%"],["Interest expense","","","9.2","","","","9.2","","","","\u2014","","","","18.1","","","","17.9","","","","1.1","%"],["Other income (expense) - net","","","(0.2",")","","","1.0","","","*","","","","(3.3",")","","","(4.0",")","","*"],["Provision (benefit) for income taxes","","","7.2","","","","(0.2",")","","*","","","","3.9","","","","(2.7",")","","*"]]
[[/GREPCENT_TABLE]]

* Measure not meaningful.

Net Sales

Consolidated net sales for the three months ended June 30, 2026 increased 10.3% to $594.9 million from $539.5 million in the same period in 2025. This increase was primarily attributable to $69.0 million of higher new machine sales in the Company's EURAF and MEAP segments and $10.6 million of higher no

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/61986/000119312526057356/mtw-20251231.htm
Complete FY 2025 MD&A: /company/MTW/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

Item 7. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

The following discussion and analysis should be read in conjunction with the consolidated financial statements and accompanying notes appearing in Part II, Item 8 of this Annual Report on Form 10-K.

Overview: The Manitowoc Company, Inc. (“Manitowoc” or the “Company”) was founded in 1902, and is headquartered in Milwaukee, Wisconsin, United States. Manitowoc, through its wholly-owned subsidiaries, provides high quality, customer-focused lifting products and services world-wide through its Grove, Manitowoc, National Crane, Potain, Shuttlelift, and Upfits by Aspen Equipment brands and its support-focused subsidiary MGX Equipment Services. For more information, visit www.manitowoc.com. The information on our website is not part of this or any other report we file with or furnish to the SEC and is not incorporated herein by reference.

All dollar amounts are in millions throughout the tables included in Management’s Discussion and Analysis of Financial Condition and Results of Operations unless otherwise indicated.

Orders and Backlog

Orders and backlog are not measures defined by accounting principles generally accepted in the United States of America (“GAAP”) and our methodology for determining orders and backlog may vary from the methodology used by other companies. Management uses orders and backlog for capacity and resource planning. The Company believes this information is useful to investors to provide an indication of future revenues. Backlog represents the dollar value of orders which are expected to be recognized in net sales in the future. Orders are included in backlog when an executed binding contract with a price that has a floor has been received but has not been recognized in net sales.

Orders for the year ended December 31, 2025 increased 22.7% to $2,359.0 million from $1,922.8 million for the same period in 2024. The increase in orders was primarily due to higher demand in the Americas and EURAF segments. This was partially offset by lower demand in the MEAP segment. Orders were favorably impacted by $34.3 million from changes in foreign currency exchange rates.

The Company’s backlog as of December 31, 2025 was $793.5 million, a 22.0% increase from the December 31, 2024 backlog of $650.2 million. The increase in backlog from December 31, 2024 was primarily attributable to the higher orders as discussed above. Backlog was favorably impacted by $32.4 million from changes in foreign currency exchange rates.

Results of Operations

A detailed discussion of the year-over-year changes for the years ended December 31, 2024 and 2023 can be found in the Management's Discussion and Analysis section of the Company's 2024 Annual Report on Form 10-K filed on February 21, 2025, and is available on the SEC's website at www.sec.gov as well as in the "Investors" section of our website at www.manitowoc.com.

Results of Operations for the Years Ended December 31, 2025 and 2024

[[GREPCENT_TABLE]]
[["","","2025","","","2024","","","Percentage Change"],["Net sales","","","2,240.9","","","","2,178.0","","","","2.9","%"],["Gross profit","","","404.7","","","","375.0","","","","7.9","%"],["Gross profit %","","","18.1","%","","","17.2","%"],["Engineering, selling and administrative expenses","","","342.9","","","","315.7","","","","8.6","%"],["Interest expense","","","37.7","","","","38.3","","","","(1.6",")%"],["Other expense - net","","","(2.2",")","","","(0.4",")","","*"],["Provision (benefit) for income taxes","","","5.2","","","","(44.1",")","","*"],["*Measure not meaningful"]]
[[/GREPCENT_TABLE]]

Net Sales

Consolidated net sales for the year ended December 31, 2025 increased 2.9% to $2,240.9 million from $2,178.0 million for the year ended December 31, 2024. The increase was primarily attributable to $50.6 million of higher new tower crane shipments in the EURAF segment, $51.0 million of higher non-new machine sales, and $15.5 million of higher revenue due to price

28

Table of Contents

realization and favorable product mix in the Americas segment. This was partially offset by lower new crane shipments in the Americas segment and European mobiles business. Net sales were favorably impacted by $35.3 million from changes in foreign currency exchange rates.

Gross Profit

Gross profit for the year ended December 31, 2025 increased 7.9% to $404.7 million compared to $375.0 million for the year ended December 31, 2024. The increase was primarily attributable to the higher net sales and favorable product mix. This was partially offset by lower absorbed costs due to lower manufacturing volume in the Americas segment and $6.1 million of net tariff costs.

Engineering, Selling, and Administrative Expenses

Engineering, selling, and administrative expenses for the year ended December 31, 2025 increased 8.6% to $342.9 million compared to $315.7 million for the year ended December 31, 2024. The increase is primarily due to higher costs for the triennial bauma trade show and $11.6 million of higher employee-related costs when compared to the prior year. This was partially offset by $8.9 million of higher costs associated with a legal matter with the U.S. Environmental Protection Agency (“U.S. EPA”) in the prior year. Engineering, selling, and administrative expenses were unfavorably impacted by $5.6 million from changes in foreign currency exchange rates.

Interest Expense

Interest expense for the year ended December 31, 2025 decreased 1.6% to $37.7 million compared to $38.3 million for the year ended December 31, 2024. The decrease was primarily due to lower interest rates on borrowings under the Company's ABL Revolving Credit Facility, partially offset by higher outstanding borrowings on the Company's other credit facilities. See further detail at Note 11, “Debt,” to the Consolidated Financial Statements.

Other Expense – Net

Other expense – net for the year ended December 31, 2025 was $2.2 million and was primarily composed of $0.8 million of net foreign currency transaction losses and $1.9 million of pension benefit and postretirement health costs, partially offset by $0.8 million of interest income net of bank fees.

Other expense - net for the year ended December 31, 2024 was $0.4 million and was primarily composed of $2.9 million of pension benefit and postretirement health costs and $1.1 million of non-cash losses associated with the refinancing of the Company’s former senior secured second lien notes. This was partially offset by $2.6 million of net foreign currency transaction gains and $0.7 million of interest income.

Provision (benefit) for Income Taxes

During the year ended December 31, 2025 and 2024, the Company recorded a provision for income taxes of $5.2 million and a benefit for income taxes of $44.1 million, respectively.

The 2025 effective tax rate was favorably impacted by a $5.4 million net reduction of the valuation allowance. This benefit was offset by domestic and foreign non-deductible expenses.

The 2024 effective tax rate was favorably impacted by a $57.5 million net reduction of the valuation allowance. The rate was unfavorably impacted by $5.6 million of additional unrecognized tax benefit reserves recorded during the year and non-deductible expenses related to a legal matter.

Refer to Note 13, “Income Taxes,” to the Consolidated Financial Statements.

Segment Operating Performance

The Company has three reportable segments, the Americas segment, the Europe and Africa (“EURAF”) segment and the Middle East and Asia Pacific (“MEAP”) segment. The segments were identified using the “management approach,” which designates the internal organization that is used by the CEO, who is also the Company’s Chief Operating Decision Maker

29

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(“CODM”), for making decisions about the allocation of resources and assessing performance. Further information regarding the Company’s reportable segments can be found in Note 17, “Segments,” to the Consolidated Financial Statements included in Part II, Item 8 of this Annual Report on Form 10-K.

[[GREPCENT_TABLE]]
[["","","Year Ended December 31, 2025","","","Year Ended December 31, 2024","","","Percentage Change"],["Net Sales"],["Americas","","$","1,259.9","","","$","1,197.6","","","","5.2","%"],["EURAF","","","667.2","","","","616.0","","","","8.3","%"],["MEAP","","","313.8","","","","364.4","","","","(13.9",")%"],["Segment Operating Income (Loss)"],["Americas","","$","95.7","","","$","103.7","","","","(7.7",")%"],["EURAF","","","(42.9",")","","","(46.6",")","","","7.9","%"],["MEAP","","","44.6","","","","39.4","","","","13.2","%"],["*Measure not meaningful"]]
[[/GREPCENT_TABLE]]

Americas

Americas segment net sales increased 5.2% in 2025 to $1,259.9 million from $1,197.6 million in 2024. The increase was primarily attributable to higher non-new machine sales and price realization, partially offset by lower new crane shipments.

Americas segment operating income of $95.7 million decreased $8.0 million in 2025 from $103.7 million in 2024. The decrease was primarily attributable to lower absorbed costs due to lower manufacturing volume, $7.4 million of higher engineering, selling, and administrative costs, and $6.1 million of net tariff costs. This was partially offset by the higher revenue.

EURAF

EURAF segment net sales increased 8.3% in 2025 to $667.2 million from $616.0 million in 2024. The increase was primarily attributable to a higher number of new tower crane shipments, partially offset by lower mobile crane shipments. EURAF net sales were favorably impacted by $31.5 million from changes in foreign currency exchange rates.

EURAF segment operating loss of $42.9 million decreased $3.7 million in 2025 from $46.6 million in 2024. The decrease in operating loss was primarily attributable to higher new sales, partially offset by $19.4 million of higher engineering, selling, and administrative expenses due to the triennial bauma trade show and higher new product development costs. EURAF segment operating loss was unfavorably impacted by $1.7 million from changes in foreign currency exchange rates.

MEAP

MEAP segment net sales decreased 13.9% in 2025 to $313.8 million from $364.4 million in 2024. The decrease was primarily attributable to product mix, as we sold more lower revenue units. MEAP net sales were favorably impacted by $3.9 million from changes in foreign currency exchange rates.

MEAP segment operating income of $44.6 million increased $5.2 million from $39.4 million in 2024. The increase was primarily attributable to higher absorbed costs due to higher manufacturing volume and favorable product mix, partially offset by lower net sales.

30

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Financial Condition

Cash Flows

The table below shows a summary of cash flows for the years ended December 31, 2025 and 2024:

[[GREPCENT_TABLE]]
[["","","Year Ended December 31,"],["","","2025","","","2024"],["Net cash provided by operating activities","","$","22.2","","","$","49.2"],["Net cash used for investing activities","","","(49.5",")","","","(40.4",")"],["Net cash provided by financing activities","","","54.8","","","","6.7"],["Cash and cash equivalents","","","77.3","","","","48.0"]]
[[/GREPCENT_TABLE]]

Cash Flows from Operating Activities

Net cash provided by operating activities of $22.2 million in 2025 decreased $27.0 million from $49.2 million in 2024. The decrease in net cash provided by operating activities was primarily driven by a $45.6 million payment to settle a legal matter with the U.S. EPA and associated environmental mitigation project. This was partially offset by $18.3 million of lower cash used for operating assets and liabilities.

Cash Flows from Investing Activities

Net cash used for investing activities of $49.5 million in 2025 increased $9.1 million from $40.4 million in 2024. The increase in net cash used for investing activities was primarily due to $12.9 million of cash outflows related to the purch

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/MTW/mda/fy2025/
All MD&A years: /company/MTW/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/MTW/mda/fy2024/): filed 2025-02-21; accession 0000950170-25-024838 (https://www.sec.gov/Archives/edgar/data/61986/000095017025024838/mtw-20241231.htm)
- [FY 2023 MD&A](/company/MTW/mda/fy2023/): filed 2024-02-23; accession 0000950170-24-019452 (https://www.sec.gov/Archives/edgar/data/61986/000095017024019452/mtw-20231231.htm)
- [FY 2022 MD&A](/company/MTW/mda/fy2022/): filed 2023-02-24; accession 0000950170-23-004241 (https://www.sec.gov/Archives/edgar/data/61986/000095017023004241/mtw-20221231.htm)
- [FY 2021 MD&A](/company/MTW/mda/fy2021/): filed 2022-02-22; accession 0000950170-22-001624 (https://www.sec.gov/Archives/edgar/data/61986/000095017022001624/mtw-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3531 Construction Machinery & Equip) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/MTW.md · JSON record: /company/MTW.json · verified financials: /company/MTW/financials.json / /company/MTW/financials.csv · machine TOC for the whole site: /llms.txt