On this page of StockholderLetter.com we present the latest annual shareholder letter from TWIN DISC INC — ticker symbol TWIN. Reading current and past TWIN letters to shareholders can bring important insights into the investment thesis.

 •  9/14/2026 Letter Continued (Full PDF)
 •  9/8/2023 TWIN Stockholder Letter
 •  9/6/2024 TWIN Stockholder Letter
 •  9/15/2025 TWIN Stockholder Letter
 •  More "Industrial Machinery & Equipment" Category Stockholder Letters
 •  TWIN Benford's Law Stock Score = 95

TWIN Shareholder/Stockholder Letter Transcript:

FROM LEGACY
TO LONGEVITY
ANNUAL REPORT 2026

LONGEVITY IS EARNED
FELLOW SHAREHOLDERS                                                      }       
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ENDURING LEGACY Products built to last become history. A rail locomotive in
New South Wales, Australia, has operated with the same Twin Disc torque converter since
        . When the unit recently needed rebuildin  , Twin Disc   Paci  c   Pty. Otd. restored
it   or continued service. Si  ty    ve years later, it continues to per  orm  proof that
exceptional engineering and enduring quality stand the test of time.
1
ANNUAL REPORT 2026

T H E T WI N DI S C FAMI LY OF B R ANDS
WHILE OUR HISTORY PROVIDES A STRONG FOUNDATION,
OUR FUTURE IS SHAPED BY THE STRENGTH OF OUR BRANDS
AND THE EXPERTISE OF OUR PEOPLE.







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Longevity is not achieved by standing
still. It is earned through innovation
and a willingness to embrace change
while staying true to core values.
Sincerely,
John Batten
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SINCE 1918, TWIN DISC HAS BEEN
PUTTING HORSEPOWER TO WORK
An   scal              e ad  anced our strategic priorities   y expanding our presence in attracti  e
end mar  ets   particularly defense   marine   and industrial applications     hile optimi  ing our
operational footprint and enhancing manufacturing   exi  ility across our glo  al net  or  .
}hese initiati  es   coupled   ith strong order acti  ity and a record   ac  log   pro  ide a ro  ust
foundation for continued gro  th and reinforce our commitment to deli  ering industry  leading
quality   craftsmanship   and customer support   orld  ide.
NET CASH PROVIDED (USED) BY
OPERATING ACTIVITIES   in thousands  
35,000
33,716
30,000
25,000
20,000
FINANCIAL HIGHLIGHTS
2026
(in thousands, except per share statistics)
2025*
2024
$381,270
$340,738
$295,127
27,077
(697)
10,988
5,000
Basic Income (Loss) Per Share
1.92
(0.05)
0.80
0
Diluted Income (Loss) Per Share
1.86
(0.05)
0.79
Net Income (Loss)
Dividends Per Share
0.16
0.16
0.12
Average Basic Shares Outstanding
14,119
13,856
13,683
Average Diluted Shares Outstanding
14,586
13,856
13,877
2026
4TH QTR
$79,996
$90,180
$96,694
$114,400
$381,270
22,934
22,367
27,131
30,128
102,560
8,000
Net (Loss) Income
(518)
14,909
3,325
9,361
27,077
6,000
Basic Income (Loss) Per Share
0.23
1.05
(0.04)
0.66
1.92
4,000
2,000
0.23
1.04
(0.04)
0.64
1.86
Dividends Per Share
0.04
0.04
0.04
0.04
0.16
17.30 - 16.75 15.48 - 14.90 24.50 - 22.90
24.50 - 13.31
Stock Price Range (High   Low)
14.03 - 13.31
0
2ND QTR
3RD QTR
4TH QTR
Net Sales
$72,897
$89,921
$81,242
$96,678
$340,738
Gross Profit
19,322
21,681
21,706
31,215
93,923
Net (Loss) Income
(2,765)
919
(1,472)
2,621
(697)
1.5
Basic (Loss) Income Per Share
(0.20)
0.07
(0.11)
0.19
(0.05)
1.0
Diluted (Loss) Income Per Share
(0.20)
0.07
(0.11)
0.19
(0.05)
0.5
0
Dividends Per Share
0.04
0.04
0.04
0.04
0.16
14.94     11.70
12.75     11.07
11.60     7.51
9.24     6.27
14.94     6.27
                                                                    OA9Z                                               9A9Z                                                                      
ANNUAL REPORT 2026
2023
15,157
13,713
8,707
2026
2025
2024
7,918
2023
DILUTED INCOME (LOSS) PER SHARE
1ST QTR
YEAR
2024
10,000
2025*
Stock Price Range (High   Low)
3
12,000
3RD QTR
Diluted Income (Loss) Per Share
2025
16,000
2ND QTR*
Gross Profit
YEAR
22,898
CAPITAL EXPENDITURES   in thousands  
1ST QTR
Net Sales
2026
14,000
OPERATION RESULTS BY QUARTER
23,979
15,000
10,000
Net Sales
22,899
2.5
2.0
-0.5
1.86
0.79
0.75
2024
2023
(0.05)
2026
2025

ENGINEERING FOR THE LONG RUN
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MIKE GEE ON ENGINEERING FOR THE LONG RUN
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9/14/2026 Letter Continued (Full PDF)

 

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