Toromont Industries Reports Q4 and Full-Year 2025 Results

Equipment Group and Cimco Segments Drive Higher Revenue, but Full-Year Earnings Decline Amid Growth Investments and Acquisition Costs

Published on Feb. 14, 2026

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Toromont Industries (TSE:TIH) reported higher revenue in the fourth quarter and full year of 2025, supported by contributions from its Equipment Group and Cimco business, while full-year earnings declined modestly amid growth investments, lower net interest income, and non-cash purchase accounting impacts tied to its AVL acquisition. Management said the company closed 2025 with 'solid results' in the fourth quarter despite ongoing macroeconomic and trade uncertainty.

Why it matters

Toromont Industries is a major Canadian industrial company with a focus on equipment sales and rentals as well as industrial refrigeration systems. Its Q4 and full-year 2025 results provide insight into the state of the Canadian industrial and construction equipment markets, as well as the company's ability to navigate economic uncertainty and integrate recent acquisitions.

The details

Toromont reported a 9% increase in Equipment Group revenue in Q4 and a 3% increase for the full year, driven by higher activity in construction and power systems, including the acquired AVL business, as well as higher rental and product support revenue. However, this was largely offset by lower mining revenue. Cimco's revenue increased 10% in Q4 and 14% for the year, led by strong recreational market activity. The company recorded non-cash expenses related to amortization of acquired intangibles and other acquisition accounting items tied to the AVL acquisition, which impacted full-year earnings. Management highlighted continued expansion at AVL, including ramping production and building order demand.

  • Toromont reported its Q4 and full-year 2025 results on February 14, 2026.
  • The company's new facility in Charlotte, North Carolina, which was acquired to expand AVL's production capacity, began first-phase production in Q3 2025 and is expected to ramp throughout 2026.

The players

Toromont Industries

A Canadian industrial company that operates two business segments: Equipment Group and Cimco. The Equipment Group includes a Caterpillar dealership and rental operation of construction equipment, while Cimco offers solutions for the design, engineering, fabrication, and installation of industrial and recreational refrigeration systems.

AVL

A business acquired by Toromont Industries that the company is expanding, including ramping up production and building order demand. Toromont reported non-cash expenses related to the acquisition of AVL.

Mike McMillan

The CEO of Toromont Industries.

John Doolittle

The CFO of Toromont Industries.

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