Manitowoc Q4 Orders Jump 55.8% to $803.4M, Guides FY26 Sales $2.25–2.35B
Manitowoc posted Q4’25 orders of $803.4 million (+55.8%), net sales of $677.1 million (+13.6%), free cash flow of $78.3 million and backlog of $793.5 million (+22%). The company guided FY26 net sales of $2.25–2.35 billion and adjusted EBITDA of $125–150 million.
1. Q4 2025 Financial Performance
In Q4 2025, Manitowoc achieved orders of $803.4 million (up 55.8% y/y) and net sales of $677.1 million (up 13.6% y/y). Non-new machine sales reached $190.9 million (+14%), operating activities generated $91.1 million in net cash, free cash flow totaled $78.3 million, and adjusted EBITDA was $39.6 million.
2. Full-Year 2025 Results and Backlog
For fiscal 2025, the company posted net sales of $2.2409 billion (up 2.9% y/y) and non-new machine sales of $690.5 million (+9.8%). Adjusted net income was $11.6 million ($0.32/share), adjusted EBITDA reached $122 million, and backlog expanded 22% to $793.5 million.
3. Fiscal 2026 Guidance
Manitowoc forecasts FY26 net sales of $2.25–2.35 billion and adjusted EBITDA of $125–150 million. Depreciation and amortization is expected at $60 million, interest expense at $35–38 million, taxes at $11–15 million, adjusted diluted EPS of $0.45–0.90, capex of $45–50 million, free cash flow of $40–65 million, and a restructuring plan set to save $10 million annually.
4. Distribution Footprint Expansion
In early 2026, the company expanded its direct-to-customer footprint by appointing MGX as exclusive Hiab dealer in 13 U.S. states, enhancing market coverage and supporting its CRANES+50 strategy with broader service and rental capabilities.