Titan America (TTAM) Q4 2025 earnings summary

Executive summary

• Achieved record revenue of $1.66 billion, net income of $185 million, adjusted EBITDA of $390 million, and operating cash flow for both Q4 and full year 2025, driven by infrastructure and private non-residential demand, disciplined cost management, and historic milestones including an IPO and NYSE listing.

• Announced agreement to acquire Keystone Cement Company for $310 million, expanding cement capacity and geographic reach in the Mid-Atlantic and Northeastern markets.

• Florida segment delivered robust results, offsetting residential softness with infrastructure and non-residential demand, while the Mid-Atlantic segment faced weather, tariffs, and higher costs but maintained resilient pricing.

Financial highlights

• Q4 2025 revenue was $406M (up 4% year-over-year); Adjusted EBITDA was $94M (up 12%); net income was $44M (up 19%).

• Full-year 2025 revenue reached $1.66B (up 1.8%), Adjusted EBITDA $390M (up 5%), net income $185M (up 12%), and free cash flow $132M (up 19%).

• Adjusted EBITDA margin expanded to 23.4% for the year, up 75 bps; net income margin improved to 11.1%.

• Operating cash flow for the year was $295M; cash and equivalents at year-end were $211.8M.

Outlook and guidance

• 2026 guidance anticipates low single-digit revenue growth and modest Adjusted EBITDA margin expansion, with continued softness in the residential sector and recovery likely pushed to 2027 due to high mortgage rates and inflation.

• Infrastructure and private non-residential demand expected to remain strong, supported by IIJA, manufacturing reshoring, and sustainable product innovation.

• Focus on disciplined cost management, digital transformation, and productivity improvements.