TEX earnings analysis
What we found in TEX's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- 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.
- 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.
- 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.
- Strong Backlog Growth
- Backlog increased to $7.1 billion, bolstered by acquisitions and strong bookings.
- Liquidity of $1.022 Billion
- As of March 31, 2026, Terex had total liquidity of approximately $1,022 million, providing ample financial flexibility.
- Sales in Specialty Vehicles Segment
- Generated $436 million in its first quarter, contributing significantly to overall revenue.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- 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.
- Impact of REV Transaction Costs
- Cash outflow of $57 million primarily linked to significant merger-related costs from the REV acquisition.
- Decreased Gross Margin
- Gross margin appeared weakened at 11.9%, a drop from 20.1% the prior year, due to rising costs.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.97
- Gross margin
- 11.9%
- Operating margin
- -4.7%
- Segment
- Specialty Vehicles: $436M
- Segment
- Environmental Solutions: $412M
- Segment
- Materials Processing: $419M
- Segment
- Aerials: $469M
What they said about what is next.
Reaffirmed sales outlook for 2026 with anticipated revenue growth of ~5% on a pro forma basis.
The filing reads worse than the one before it.
What came before.
- 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,…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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