10-K · February 13, 2026
Terex’s 10-K emphasizes an "Execute, Innovate, Grow" strategy and continued portfolio reshaping via acquisitions (ESG in 2024) and the completed REV merger (Feb 2, 2026). Operationally 2025 showed modest revenue growth,…
Earnings analysis · 10-Q
TEX earnings analysis
Filed May 1, 2026 · Our reading of the company's report
The latest report
Terex Corporation reported Q1 2026 results with net sales reaching $1.73 billion, a 41.1% increase year-over-year, primarily influenced by the acquisition of the Specialty Vehicles segment. However, despite revenue…
Read full summary
Terex Corporation reported Q1 2026 results with net sales reaching $1.73 billion, a 41.1% increase year-over-year, primarily influenced by the acquisition of the Specialty Vehicles segment. However, despite revenue growth, the company faced an operating loss of $82 million and a net loss of $89 million, reflecting substantial costs associated with the REV Transaction.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.97
What stood out
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Revenue Growth of 41.1% YoY
Net sales for Q1 2026 increased to $1,734 million from $1,229 million in Q1 2025, marking a significant revenue bump.
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Operating Loss of $82 Million
Operating profit turned to a loss of $82 million compared to a profit of $69 million in Q1 2025, adversely impacted by merger-related costs.
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Adjusted EBITDA Increased by 35.2%
Adjusted EBITDA rose to $173 million compared to $128 million in the previous year, although mostly due to contributions from the new Specialty Vehicles segment.
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Strong Backlog Growth
Backlog increased to $7.1 billion, bolstered by acquisitions and strong bookings.
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Liquidity of $1.022 Billion
As of March 31, 2026, Terex had total liquidity of approximately $1,022 million, providing ample financial flexibility.
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Sales in Specialty Vehicles Segment
Generated $436 million in its first quarter, contributing significantly to overall revenue.
What to watch
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Significant Operating Losses
The company reported a net loss of $89 million in Q1 2026, compared to net income of $21 million in Q1 2025.
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Impact of REV Transaction Costs
Cash outflow of $57 million primarily linked to significant merger-related costs from the REV acquisition.
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Decreased Gross Margin
Gross margin appeared weakened at 11.9%, a drop from 20.1% the prior year, due to rising costs.
Management's outlook
Reaffirmed sales outlook for 2026 with anticipated revenue growth of ~5% on a pro forma basis.
Earlier filings 4
10-Q · October 31, 2025
Terex reported third-quarter net sales of $1,387 million, up 14.4% year-over-year driven primarily by the recently acquired ESG business, while legacy sales declined 8%. Operating profit rose $18 million to $140 million…
10-Q · May 2, 2025
Terex reported first-quarter net sales of $1,229 million, down $63 million (4.9%) year-over-year, with gross margin compressing to 18.7% and operating profit falling to $69 million. Strength from the acquired…
10-Q · July 31, 2024
Terex Corporation reported a slight decline in net sales for Q2 2024, totaling $1.38 billion, down 1.5% year-over-year, primarily due to weak demand in European markets but driven by increased Aerial Work Platforms…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.