How much share repurchase capacity does Terex have after its new authorization?

Terex has $611 million available for share repurchases following a new $500 million authorization. Approximately $111 million remained under its existing programs after the company repurchased $72 million of shares during the third quarter of 2026.

Terex Reports Third Quarter 2026 Results

Q: What were Terex's third-quarter 2026 earnings and sales?

Terex reported $2.2 billion in sales and $1.00 diluted EPS for the third quarter of 2026. Sales increased 58.4% as reported and 11.6% pro forma year over year. Net income was $114 million versus $65 million, while adjusted diluted EPS remained $1.50.

Q: What assumptions underpin Terex's 2026 earnings outlook?

Terex's outlook includes 11 months of Specialty Vehicles results and approximately $28 million of realized synergies for 2026. It excludes divested Materials Processing cranes and Midwest RV results. Assumptions include approximately $180 million of interest and other expense, an approximately 19% tax rate, and approximately 110 million average diluted shares, including approximately 113 million in the fourth quarter.

Quarterly free cash flow increased by $79 million to $209 million, while Terex reduced debt by $113 million.

Rhea-AI Impact

(High)

Rhea-AI Sentiment

(Positive)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Rhea-AI Summary

Terex (TEX) reported third-quarter 2026 sales of $2.2 billion, with growth across three segments and higher net income. Sales rose 58.4% as reported and 11.6% on a pro forma basis, which adjusts for acquisitions and divestitures. Net income increased to $114 million from $65 million; diluted earnings per share rose to $1.00 from $0.98. Adjusted earnings per share held at $1.50. Adjusted EBITDA was $286 million, up 13.9% pro forma, with a 13.0% margin.

Bookings rose 52.7% pro forma to $2.3 billion, and backlog reached $7.0 billion. Environmental Solutions sales and profitability declined. Terex authorized a new $500 million buyback and is engaging multiple potential strategic counterparties on separating Aerials. Its refined 2026 outlook calls for sales of $8.0–$8.2 billion, adjusted EBITDA of $930–$960 million, adjusted diluted EPS of $4.80–$5.00 and free cash flow of $360–$400 million.

23 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance works How Sentiment works

0 major · 7 points

Hollow bars mark forward-looking points. How the balance works

Positive

Moderate pointThird-quarter sales of $2.2 billion rose 58.4% reported and 11.6% pro forma year over year.
Moderate pointNet income of $114 million increased from $65 million; diluted EPS rose to $1.00 from $0.98.
Moderate pointAdjusted EBITDA of $286 million rose 13.9% pro forma, with a 13.0% margin.
Moderate pointBookings of $2.3 billion increased 52.7% year over year pro forma; book-to-bill was 103%.
Moderate pointBacklog of $7.0 billion increased $802 million, or 12.9%, year over year pro forma.
Moderate pointQuarterly free cash flow of $209 million increased $79 million from the prior-year period.
Moderate point. Forward-looking: it has not happened yet and may not happen.New $500 million repurchase authorization brought total available buyback capacity to $611 million. 8.8% of market cap
Moderate point. Forward-looking: it has not happened yet and may not happen.2026 sales outlook of $8.0–$8.2 billion represents expected pro forma growth of approximately 8.5%.
Moderate pointAerials separation work advanced to active engagement with multiple potential strategic counterparties.

14 minor points

Minor pointAdjusted net income of $171 million rose from $100 million; adjusted diluted EPS remained $1.50.
Minor pointMaterials Processing sales of $434 million rose 4.1% reported and 11.3% pro forma year over year.
Minor pointMaterials Processing adjusted EBITDA of $84 million exceeded $55 million pro forma; margin rose to 19.3% from 14.0%.
Minor pointSpecialty Vehicles sales of $657 million increased 8.1% year over year pro forma.
Minor pointSpecialty Vehicles adjusted EBITDA of $105 million exceeded $79 million pro forma; margin rose to 16.0% from 13.0%.
Minor pointAerials sales of $709 million increased 32.0% year over year on higher shipment volume.
Minor pointAerials adjusted EBITDA of $62 million rose from $56 million, although margin fell to 8.7% from 10.5%.
Minor pointNine-month operating cash flow of $338 million increased from $235 million a year earlier.
Minor pointDebt reduction of $113 million was completed during the third quarter.
Minor pointShare repurchases of $72 million returned capital to shareholders during the third quarter.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted EBITDA outlook of $930–$960 million represents approximately 10% pro forma growth and 11.7% midpoint margin.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 adjusted diluted EPS outlook is $4.80–$5.00; expected free cash flow is $360–$400 million.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 segment sales outlook projects low-double-digit growth for Materials Processing and Aerials, and high-single-digit growth for Specialty Vehicles.
Minor point. Forward-looking: it has not happened yet and may not happen.Synergies of approximately $28 million are expected for 2026, targeting a $75 million annual run-rate within two years.

Negative

Moderate pointEnvironmental Solutions adjusted EBITDA of $61 million fell from $83 million; margin declined to 15.3% from 19.2%.
Moderate pointNine-month net income of $135 million declined from $158 million; diluted EPS fell to $1.25 from $2.38.
Moderate pointCash and equivalents of $407 million at September 30, 2026 declined from $772 million at December 31, 2025.
Minor pointEnvironmental Solutions sales of $400 million declined 8.0% year over year, primarily on lower refuse collection vehicle shipments.
Minor pointNine-month operating profit of $288 million declined from $338 million a year earlier.

2 minor points

Minor pointThird-quarter interest expense of $49 million increased from $45 million a year earlier.
Minor point. Forward-looking: it has not happened yet and may not happen.2026 outlook assumes current tariff rates broadly remain in place.

News Explained

The board approved a new $500 million repurchase authorization, bringing stated available capacity to $611 million; Terex reported $72 million of Q3 repurchases and $111 million still available under earlier programs, so the new authorization is capacity, not reported completed purchases.

Key Figures

Sales: $2.2 billion Adjusted EBITDA: $286 million Adjusted diluted EPS: $1.50 +5 more

Sales: $2.2 billion; Q3 2026; up 58.4% reported and 11.6% pro forma year over year
Adjusted EBITDA: $286 million; Q3 2026; up 13.9% year over year on a pro forma basis
Adjusted diluted EPS: $1.50; Q3 2026; compared with $1.50 in Q3 2025
Bookings: $2.3 billion; Q3 2026; up 52.7% year over year on a pro forma basis
2026 sales outlook: $8.0–$8.2 billion; Full-year outlook; approximately 8.5% pro forma growth
2026 adjusted EBITDA outlook: $930–$960 million; Full-year outlook; 11.7% margin at the midpoint
2026 free cash flow outlook: $360–$400 million; Full-year outlook
Share repurchase authorization: $500 million; New authorization approved by the Board

Previous Earnings Reports

1 past event · Latest: Jul 30

Same Type 1 event

Jul 30
Q2 earnings

24h Move

-3.6%

Raised 2026 outlook after $269 million adjusted EBITDA and $2.24 billion sales.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

ebitda, pro forma, book-to-bill, non-gaap

4 terms

ebitda financial

"Adjusted EBITDA of $286 million increased on a pro forma basis"

EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.

View in glossary

pro forma financial

"Bookings of $2.3 billion increased 52.7% year over year on a pro forma basis"

Pro forma refers to financial information that is prepared based on estimates or adjustments to show what a company's results might look like under certain scenarios, such as new projects or acquisitions. It helps investors understand the potential impact of future events by providing a clear, hypothetical view of financial performance, much like a weather forecast shows possible future conditions.

book-to-bill financial

"reflects a book-to-bill of 103%"

The book-to-bill ratio compares new orders a company has received (bookings) to the products or services it has invoiced or shipped (billings) over the same period. It matters to investors because a ratio above 1 means demand is outpacing fulfillment and the company may grow revenue or build backlog, while a ratio below 1 suggests slowing demand and possible future revenue weakness — think of it as new customer orders versus what the company actually sold.

non-gaap financial

"Terex refers to various GAAP and non-GAAP financial measures"

Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.

View in glossary

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10/28/2026 - 07:00 AM EDT

Sales of $2.2 billion, up 58.4% on a reported basis, pro forma sales up 11.6%
Net income of $114 million, adjusted¹net income of $171 million
Adjusted¹ EBITDA⁷ of $286 million or 13.0% margin
Diluted EPS of $1.00 and adjusted¹ Diluted EPS² of $1.50
Bookings of $2.3 billion increased 52.7% year over year on a pro forma¹³ basis
Refining 2026 Outlook⁵: Sales of $8.0 to $8.2 billion, Adjusted¹ EBITDA⁷ of $930 million to $960 million with 11.7% Adjusted¹ EBITDA⁷ margin at the midpoint, and Free cash flow of $360 million to $400 million
Board approves a new $500 million share repurchase authorization

NORWALK, Conn., Oct. 28, 2026 /PRNewswire/ -- Terex Corporation (NYSE: TEX), a global leader in specialized equipment, serving essential sectors such as emergency services, waste and recycling, utilities, and construction, today announced its results for the third quarter 2026.

CEO Commentary

"Terex delivered higher sales, adjusted EBITDA and cash flow in the third quarter versus the prior year, with solid order activity increasing across all four segments, resulting in $7 billion backlog that provides meaningful forward visibility across the portfolio. We are also making progress integrating the expanded company, capturing synergies, and applying more consistent operating discipline to improve execution and returns," Simon Meester, Terex President & CEO said.

"Over the past few months we have made good progress in the process of separating the Aerials segment, by advancing the carve-out work and moving from evaluating inbound interest to active engagement with multiple strategic counterparties. At the same time, the Aerials team remains focused on serving customers, growing the business and improving performance. Our priority is to achieve a successful outcome that maximizes value for Terex shareholders."

Third Quarter Operational and Financial Highlights

$7.0 billion backlog increased $802 million, or 12.9% on a pro forma basis, versus the prior year, driven by increased bookings in each segment. Bookings of $2.3 billion increased 52.7% year over year on a pro forma basis and reflects a book-to-bill of 103%.

Net sales of $2.2 billion were 58.4% higher than the third quarter of 2025 on a reported basis. Pro forma net sales grew by 11.6% year over year, driven by growth in Materials Processing ("MP"), Specialty Vehicles ("SV"), and Aerials.

Adjusted¹ EBITDA of $286 million increased on a pro forma basis by $35 million, or 13.9%, compared to the third quarter of 2025. The year-over-year change was driven by meaningful improvements in the MP and SV segments.

Net income was $114 million, or $1.00 per diluted share, compared to $65 million, or $0.98 per diluted share, in the third quarter of 2025. Adjusted¹ net income was $171 million, or $1.50 per diluted share for the third quarter of 2026, compared to $100 million, or $1.50 per diluted share, in the third quarter of 2025.

Business Segment Review

Environmental Solutions

Net sales of $400 million were down 8.0% or $35 million year over year, primarily due to lower shipments of refuse collection vehicles ("RCVs"), partially offset by higher utilities product sales.

Adjusted¹ EBITDA was $61 million or 15.3% of net sales for the third quarter of 2026, compared to $83 million, or 19.2% of net sales in the prior year. The decrease was driven by unfavorable mix, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle production volume and inflationary pressures.

Materials Processing

Net sales of $434 million were up 4.1% or $17 million year over year. On a pro forma¹³ basis, net sales were up 11.3% year over year, driven by increased shipments across most product categories, with the largest increase coming from Aggregates in North America.

Adjusted¹ EBITDA was $84 million, or 19.3% of net sales for the third quarter of 2026, compared to the prior year of $56 million, or 13.5% of net sales and $55 million, or 14.0% of net sales, on a pro forma¹³ basis. The improvement was driven by higher shipment volume, favorable mix, price cost discipline, and improved absorption driven by higher production volumes.

Specialty Vehicles

Net sales of $657 million were up 8.1% or $49 million year over year on a pro forma¹³basis, driven by increased shipments of fire apparatus and recreational vehicles.

Adjusted¹ EBITDA was $105 million, or 16.0% of net sales for the third quarter of 2026, compared to $79 million, or 13.0% of net sales on a pro forma¹³ basis in the prior year. The increase was primarily due to operational efficiency and price cost discipline, partially offset by inflationary pressures.

Aerials

Net sales of $709 million were up 32.0% or $172 million year over year, primarily due to higher shipment volume resulting from strong demand from national customers and increased customer capital spending on large projects.

Adjusted¹ EBITDA was $62 million, or 8.7% of net sales, for the third quarter of 2026, compared to $56 million, or 10.5% of net sales in the prior year. The change was primarily due to higher sales and cost out actions, partially offset by unfavorable customer mix, inflationary and tariff pressures.

Balance Sheet and Liquidity

Free cash flow⁷ of $209 million, up $79 million from the prior year period.

As of September 30, 2026, liquidity (cash and availability under our revolving line of credit) was $1.2 billion.

During the third quarter of 2026, Terex deployed $32 million in capital expenditures and investments to support future business growth and operational improvements.

During the third quarter of 2026, Terex returned $19 million to shareholders through dividends and $72 million through share repurchases, leaving approximately $111 million available for repurchase under our current share repurchase programs.

The Board of Directors authorized a new $500 million share repurchase program, totaling $611 million available for repurchase.

CFO Commentary

"Terex delivered solid third-quarter financial performance, with pro forma sales growth of approximately 12% and pro forma adjusted EBITDA growth of 14%, reflecting higher volumes, solid operating execution and realized synergies. Improved working capital efficiency contributed to $241 million of operating cash flow and $209 million of free cash flow during the quarter. We returned $91 million to shareholders through share repurchases and dividends while reducing debt by $113 million," said Jennifer Kong-Picarello, Terex Senior Vice President and Chief Financial Officer. "The Board's new $500 million share repurchase authorization provides additional flexibility to return capital opportunistically within our balanced capital allocation framework, while maintaining the capacity to invest in the business and strengthen the balance sheet."

2026 Outlook

Based on third quarter performance, backlog visibility, and synergy realization, the company is refining its full year outlook. It expects 2026 sales to grow approximately 8.5% on a pro forma¹⁴ basis to $8.0 to $8.2 billion, Adjusted¹ EBITDA to grow by approximately 10% year over year on a pro forma¹⁴ basis to between $930 million and $960 million, or 11.7% Adjusted¹ EBITDA margin at the mid-point, and Free cash flow of $360 million to $400 million. The Adjusted¹ Diluted EPS² outlook of $4.80 - $5.00 includes the following assumptions/commentary:

11 months impact of the new Specialty Vehicle segment (former REV)

~$28 million of realized synergies for 2026, on-target to achieving a $75 million annual run-rate within 2 years

Excludes the divested MP cranes and Midwest RV business results

Current tariff rates

Interest of ~$180 million, consistent with pro-forma 2025

Full year effective tax rate of ~19%

Full year average diluted shares outstanding of ~110 million for 2026, including ~113 million in Q4

Terex Outlook^{4,5,6,10,11,12,14}
Net Sales³	$8.0B - $8.2B
Adjusted EBITDA¹	$930M - $960M
Adjusted Diluted EPS^1,2	$4.80 - $5.00
Free Cash Flow¹	$360M - $400M

Segment Net Sales Outlook⁵
	Prior Year Baseline	2026
Environmental Solutions	$1,691	Flat
Materials Processing⁸	$1,578	LDD
Specialty Vehicles⁹	$2,179	HSD
Aerials	$2,060	LDD
		Figures in millions
		LDD = revenue up low double-digits
		HSD = revenue up high single-digits

Non-GAAP Measures and Other Items

Results of operations reflect continuing operations. All per share amounts are on a fully diluted basis. A comprehensive review of the quarterly financial performance is contained in the presentation that will accompany the Company's earnings conference call.

In this press release, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provide investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding impact of one-time items and other items affecting comparability between periods, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors, consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

The Glossary at the end of this press release contains further details about this subject.

Conference call

The Company has scheduled a conference call to review the financial results on Wednesday, October 28, 2026 beginning at 8:30 a.m. ET. Simon A. Meester, President and CEO, and Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer, will host the call. A simultaneous webcast of this call can be accessed at https://investors.terex.com. Participants are encouraged to access the call 15 minutes prior to the starting time. The call will also be archived in the Event Archive at https://investors.terex.com.

¹	Non-GAAP financial measures included within this press release are referred to as "Adjusted" or "non-GAAP." Refer to the glossary for definitions and/or reconciliations.
²	Full year diluted share count ~110 million; Q4 diluted share count ~113 million.
³	Legacy sales expected to increase by ~10% vs. 2025 excluding the tower and rough terrain cranes divestiture.
⁴	Outlook assumes that tariffs broadly remain at current rates.
⁵	Includes REV businesses for the period February 2 - December 31.
⁶	Excludes the impact of future acquisitions, divestitures, restructuring and other unusual items.
⁷	Free cash flow and Adjusted EBITDA are non-GAAP financial measures.
⁸	2025 comparable MP revenue excludes Cranes divestiture.
⁹	2025 comparable SV revenue shown on a pro forma basis reflecting February 2 - December 31 2025, excludes Lance & Midwest RV businesses
¹⁰	Interest / Other Expense ~$180 million
¹¹	Tax rate ~19%
¹²	Depreciation & Amortization of ~$95 million excluding amortization pertaining to purchase price accounting and non-cash interest costs
¹³	Pro forma information presents past performance as if certain events, such as mergers, acquisitions or divestitures, had occurred at an earlier date to illustrate comparable performance.
¹⁴	The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. See "Glossary _ Non-GAAP Measures Definition - 2026 Outlook" below for additional information.

Forward-Looking Statements

Certain information in this press release includes forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934 (the "Exchange Act") and the Private Securities Litigation Reform Act of 1995) regarding future events or our future financial performance that involve certain contingencies and uncertainties, including those discussed in Mr. Meester's and Ms. Kong-Picarello's quotations, our Annual Report on Form 10-K for the year ended December 31, 2025, and subsequent reports we file with the U.S. Securities and Exchange Commission from time to time, in the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations – Contingencies and Uncertainties." In addition, when included in this press release, the words "may," "expects," "should," "intends," "anticipates," "believes," "plans," "projects," "estimates," "will" and the negatives thereof and analogous or similar expressions are intended to identify forward-looking statements. However, the absence of these words does not mean that the statement is not forward-looking. We have based these forward-looking statements on current expectations and projections about future events. These statements are not guarantees of future performance. Such statements are inherently subject to a variety of risks and uncertainties that could cause actual results to differ materially from those reflected in such forward-looking statements. Such risks and uncertainties, many of which are beyond our control, include, among others:

we may be unable to successfully integrate acquired or merged businesses, including REV Group, Inc. ("REV"), and we may not realize the anticipated benefits of any merged or acquired business;

we may be unable to effectively manage our expanded operations following the completion of the recent transaction with REV;

potential divestitures and any retained liabilities related thereto may negatively impact our business;

the timing and amount of benefits from our strategic initiatives may not be as expected;

our industry is highly competitive and subject to pricing pressure, and we may fail to compete effectively;

we may experience disruptions within our dealer network;

the imposition of new, postponed or increased international tariffs;

general economic conditions, government spending priorities and the cyclical nature of markets we serve;

our outstanding debt and need to comply with covenants contained in our debt agreements;

we may be unable to generate sufficient cash flow to service our debt obligations and operate our business;

our access to capital markets and borrowing capacity could be limited;

we may face cancellations, reductions or delays in customer orders, customer breaches of purchase agreements, backlog reductions or be unable to meet customer delivery schedules;

currency exchange and translation risk;

the financial condition of customers and dealers and their continued access to capital;

exposure from providing credit support for some of our customers and dealers;

we may experience losses in excess of recorded reserves;

our common stock may be affected by factors different from those previously disclosed, and may decline as a result of the transaction with REV;

political, economic and other risks that arise from operating a multinational business;

changes in the availability and price of certain materials and components, which may result in supply chain disruptions;

consolidation within our customer base and suppliers;

failure of our equipment to perform as expected;

a material disruption to one of our significant facilities;

a failure of a key information technology system or a breach of our information security from increased cybersecurity threats and more sophisticated computer crime;

issues related to the development, deployment and use of artificial intelligence technologies in our business operations, information systems, products and services;

increased regulatory focus on privacy and data security issues and expanding laws;

product liability claims, litigation and other liabilities;

compliance with the United States ("U.S.") Foreign Corrupt Practices Act, the U.K. Bribery Act and similar worldwide anti-corruption laws;

compliance with environmental, health and safety laws and regulations and failure to meet sustainability requirements or expectations;

compliance with an injunction and related obligations imposed by the U.S. Securities and Exchange Commission ("SEC");

our ability to attract, develop, engage and retain qualified team members;

possible work stoppages and other labor matters; and

other factors.

Actual events or our actual future results may differ materially from any forward-looking statement due to these and other risks, uncertainties and material factors. The forward-looking statements contained herein speak only as of the date of this press release. We expressly disclaim any obligation or undertaking to release publicly any updates or revisions to any forward-looking statement contained in this press release to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.

About Terex

Terex Corporation is a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction. Our diversified portfolio positions us in resilient, high-demand markets with strong long-term growth potential.

We design and manufacture advanced specialty vehicles—including fire, ambulance, and recreational vehicles—alongside waste collection vehicles, materials processing machinery, mobile elevating work platforms, and equipment for the electric utility industry. Through our global dealer, parts and service network and true value-creating digital solutions, we deliver best-in-class lifecycle support, helping customers maximize return on investment.

With a strong manufacturing footprint in the United States and operations across Europe, India, and Asia Pacific, Terex combines global reach with local expertise to capture opportunities worldwide. Our strategy is clear: exceed customer expectations, invest in innovation, leverage our diversified portfolio, and deliver consistent, profitable growth for our shareholders.

For more information, please visit www.terex.com.

Contact Information
Drew Konop, CFA
VP Investor Relations
Email: InvestorRelations@Terex.com

TEREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (unaudited) (in millions, except per share data)

	Three Months Ended September 30,				Nine Months Ended September 30,
	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Net sales	$	2,197	$	1,387	$	6,169	$	4,103
Cost of goods sold		(1,762)		(1,088)		(5,083)		(3,248)
Gross profit		435		299		1,086		855
Selling, general and administrative expenses		(199)		(142)		(650)		(465)
Amortization of purchased intangibles		(53)		(17)		(148)		(52)
Operating profit		183		140		288		338
Other income (expense)
Interest income		5		3		14		7
Interest expense		(49)		(45)		(147)		(132)
Other (expense) income – net		(4)		(4)		(8)		(4)
Income before income taxes		135		94		147		209
Provision for income taxes		(21)		(29)		(16)		(51)
Income from continuing operations		114		65		131		158
Income from discontinued operations – net of tax		—		—		4		—
Net income		114		65		135		158

Basic earnings per share
Income from continuing operations	$	1.01	$	0.99	$	1.22	$	2.40
Income from discontinued operations – net of tax		—		—		0.04		—
Net income		1.01		0.99		1.26		2.40
Diluted earnings per share:
Income from continuing operations	$	1.00	$	0.98	$	1.21	$	2.38
Income from discontinued operations – net of tax		—		—		0.04		—
Net income		1.00		0.98		1.25		2.38
Weighted average number of shares outstanding in per share calculation
Basic		113.3		65.6		107.5		65.9
Diluted		114.0		66.2		108.3		66.4

Net income	$	114	$	65		135		158
Other comprehensive income (loss)		1		(8)		(11)		98
Comprehensive income	$	115	$	57		124		256

TEREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (in millions, except par value)
	September 30, 2026		December 31, 2025
	September 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents	$	407	$	772
Other current assets		2,991		1,953
Total current assets		3,398		2,725
Non-current assets
Property, plant and equipment – net		966		760
Other non-current assets		5,932		2,654
Total non-current assets		6,898		3,414
Total assets	$	10,296	$	6,139

Liabilities and Stockholders' Equity
Current liabilities
Current portion of long-term debt	$	24	$	6
Other current liabilities		1,905		1,181
Total current liabilities		1,929		1,187
Non-current liabilities
Long-term debt, less current portion		2,554		2,578
Other non-current liabilities		855		279
Total non-current liabilities		3,409		2,857
Total liabilities		5,338		4,044

Total stockholders' equity		4,958		2,095
Total liabilities and stockholders' equity	$	10,296	$	6,139

TEREX CORPORATION AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) (in millions)
	Nine Months Ended September 30,
	2026		2025
Operating Activities
Net income	$	135	$	158
Depreciation and amortization		246		113
Changes in operating assets and liabilities and non-cash charges		(43)		(36)
Net cash provided by operating activities		338		235
Investing Activities
Capital expenditures		(90)		(84)
Other investing activities, net		(429)		40
Net cash used in investing activities		(519)		(44)
Financing Activities
Net cash used in financing activities		(177)		(98)
Effect of Exchange Rate Changes on Cash and Cash Equivalents		(7)		28
Net (Decrease) Increase in Cash and Cash Equivalents		(365)		121
Cash and Cash Equivalents at Beginning of Period		772		388
Cash and Cash Equivalents at End of Period	$	407	$	509

TEREX CORPORATION AND SUBSIDIARIES SEGMENT RESULTS DISCLOSURE (unaudited) (in millions)

	Q3						Year to Date
	2026			2025			2026			2025
			% of			% of			% of			% of
			Net Sales			Net Sales			Net Sales			Net Sales
Consolidated
Net sales	$	2,197		$	1,387		$	6,169		$	4,103
Adjusted EBITDA		286	13.0 %		186	13.4 %		727	11.8 %		495	12.1 %

ES
Net sales	$	400		$	435		$	1,267		$	1,264
Adjusted EBITDA		61	15.3 %		83	19.2 %		215	17.0 %		251	19.8 %

MP
Net sales	$	434		$	417		$	1,317		$	1,253
Adjusted EBITDA		84	19.3 %		56	13.5 %		234	17.8 %		162	12.9 %

SV
Net sales	$	657		$	—		$	1,744		$	—
Adjusted EBITDA		105	16.0 %		—	*		262	15.0 %		—	*

Aerials
Net sales	$	709		$	537		$	1,851		$	1,594
Adjusted EBITDA		62	8.7 %		56	10.5 %		100	5.4 %		131	8.2 %

Corp and Other / Eliminations
Net sales	$	(3)		$	(2)		$	(10)		$	(8)
Adjusted EBITDA		(26)	*		(9)	*		(84)	*		(49)	*
* Not a meaningful percentage

GLOSSARY

Non-GAAP Measures Definitions

In an effort to provide investors with additional information regarding the Company's results, Terex refers to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures which management believes provides useful information to investors. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. In addition, the Company believes that non-GAAP financial measures should be considered in addition to, and not in lieu of, GAAP financial measures. Terex believes that this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses. Management of Terex uses both GAAP and non-GAAP financial measures to establish internal budgets and targets and to evaluate the Company's financial performance against such budgets and targets.

The amounts described below are unaudited, are reported in millions of U.S. dollars (except per share data and percentages), and are as of or for the period ended September 30, 2026, unless otherwise indicated.

2026 Outlook

The Company's 2026 outlook for Adjusted EBITDA, adjusted diluted earnings per share, and free cash flow are non-GAAP financial measures because they exclude the impact of potential future acquisitions, divestitures, restructuring, tariffs, trade policies and other unusual items. The Company is not able to reconcile these forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures without unreasonable efforts because the Company is unable to predict with a reasonable degree of certainty the exact timing and impact of such items. The unavailable information could have a significant impact on the Company's full-year 2026 GAAP financial results. This forward looking information provides guidance to investors about the Company's 2026 Outlook excluding unusual items that the Company does not believe is reflective of its ongoing operations.

Free Cash Flow

The Company calculates a non-GAAP measure of free cash flow that is defined as Net cash provided by operating activities less Capital expenditures, net of proceeds from sale of capital assets. The Company believes this measure provides management and investors further useful information on cash generation in our primary operations. The following table reconciles Net cash provided by operating activities to free cash flow (in millions):

	Three Months Ended September 30,
	2026	2025
Net cash provided by operating activities	$ 241	$ 154
Capital expenditures, net of proceeds from sale of capital assets	(32)	(24)
Free cash flow	$ 209	$ 130

GAAP to Non-GAAP Reconciliation: Q3 2026

	Q3 2026 GAAP		Restructuring and Other	Deal related	Purchase Price Accounting	Divestitures	Q3 2026 Adjusted (non-GAAP)
Net Sales	$	2,197	—	—	—	—	$	2,197
Gross Profit		435	—	—	5	—		440
% of Sales		19.8 %						20.0 %
SG&A		(199)	(15)	9	2	23		(180)
Amortization of Purchased Intangibles		(53)	—	—	53	—		—
SG&A % of Sales		(9.1 %)						(8.2 %)
Operating Profit	$	183	(15)	9	60	23	$	260
Operating Margin		8.3 %						11.9 %
Net Interest (Expense)		(44)	—	—	—	—		(44)
Other (Expense) - Net		(4)	—	—	—	—		(4)
Income Before Income Taxes		135	(15)	9	60	23		212
(Provision For) Benefit From Income Taxes		(21)	4	(3)	(15)	(6)		(41)
Effective Tax Rate		15.6 %						19.3 %
Net Income	$	114	(11)	6	45	17	$	171
Earnings per Diluted Share	$	1.00	$ (0.10)	$ 0.05	$ 0.40	$ 0.15	$	1.50

GAAP to Non-GAAP Reconciliation: Q3 2025

	Q3 2025 GAAP		Restructuring and Other	Deal Related	Purchase Price Accounting	Equity Security Related	Tax	Q3 2025 Adjusted (non-GAAP)
Net Sales	$	1,387	—	—	—	—	—	$	1,387
Gross Profit		299	3	—	3	—	—		305
% of Sales		21.6 %							22.0 %
SG&A		(142)	2	3	—	—	—		(137)
Amortization of Purchased Intangibles		(17)	—	—	17	—	—		—
SG&A % of Sales		(10.2 %)							(9.9 %)
Operating Profit	$	140	5	3	20	—	—	$	168
Operating Margin		10.1 %							12.1 %
Net Interest (Expense)		(42)	—	—	—	—	—		(42)
Other (Expense) Income - Net		(4)	—	1	—	1	—		(2)
Income Before Income Taxes		94	5	4	20	1	—		124
(Provision For) Benefit From Income Taxes		(29)	(1)	(1)	(4)	—	11		(24)
Effective Tax Rate		31.4 %							19.9 %
Net Income	$	65	4	3	16	1	11	$	100
Earnings per Diluted Share	$	0.98	$ 0.06	$ 0.04	$ 0.24	$ 0.01	$ 0.17	$	1.50

GAAP to Non-GAAP Reconciliation: YTD Q3 2026

	YTD Q3 2026 GAAP		Restructuring and Other	Deal related	Purchase Price Accounting	Divestitures	Equity Security Related	Tax	YTD Q3 2026 Adjusted (non- GAAP)
Net Sales	$	6,169	—	—	—	—	—	—	$	6,169
Gross Profit		1,086	4	—	112	—	—	—		1,202
% of Sales		17.6 %								19.5 %
SG&A		(650)	(12)	90	5	20	—	—		(547)
Amortization of Purchased Intangibles		(148)	—	—	148	—	—	—		—
SG&A % of Sales		(10.5 %)								(8.9 %)
Operating Profit (Loss)	$	288	(8)	90	265	20	—	—	$	655
Operating Margin		4.7 %								10.6 %
Net Interest (Expense)		(133)	—	—	—	—	—	—		(133)
Other (Expense) - Net		(8)	—	—	—	—	1	—		(7)
Income (Loss) Before Income Taxes		147	(8)	90	265	20	1	—		515
(Provision For) Benefit From Income Taxes		(16)	1	(16)	(63)	(5)	—	6		(93)
Effective Tax Rate		11.0 %								18.1 %
Income (Loss) from Continuing Operations	$	131	(7)	74	202	15	1	6	$	422
Earnings (Loss) per Diluted Share	$	1.21	$ (0.06)	$ 0.67	$ 1.87	$ 0.14	$ 0.01	$ 0.06	$	3.90

GAAP to Non-GAAP Reconciliation: YTD Q3 2025

	YTD Q3 2025 GAAP		Restructuring and Other¹	Deal Related	Purchase Price Accounting	Litigation Related	Equity Security Related	Tax	YTD Q3 2025 Adjusted (non-GAAP)
Net Sales	$	4,103	—	—	—	—	—	—	$	4,103
Gross Profit		855	11	—	9	—	—	—		875
% of Sales		20.8 %								21.3 %
SG&A		(465)	11	11	1	10	—	—		(432)
Amortization of Purchased Intangibles		(52)	—	—	52	—	—	—		—
SG&A % of Sales		(11.3 %)								(10.5 %)
Operating Profit	$	338	22	11	62	10	—	—	$	443
Operating Margin		8.2 %								10.8 %
Net Interest (Expense)		(125)	—	—	—	—	—	—		(125)
Other (Expense) Income - Net		(4)	—	3	—	—	(3)	—		(4)
Income (Loss) Before Income Taxes		209	22	14	62	10	(3)	—		314
(Provision For) Benefit From Income Taxes		(51)	(5)	(4)	(13)	(2)	1	13		(61)
Effective Tax Rate		24.5 %								19.7 %
Net Income (Loss)	$	158	17	10	49	8	(2)	13	$	253
Earnings (Loss) per Diluted Share	$	2.38	$ 0.26	$ 0.15	$ 0.74	$ 0.12	$ (0.04)	$ 0.20	$	3.81

¹Includes previously disclosed adjustments in Q1 2025 pertaining to Accelerated vesting / Severance and Tariff related activity

Segment Operating Profit and Adjusted Operating Profit: Q3 2026 and Q3 2025

	Three Months Ended September 30,
	2026				2025
	ES	MP¹	SV¹	Aerials	ES	MP	Aerials
Operating Profit	$ 52	$ 75	$ 43	$ 54	$ 58	$ 52	$ 45
Restructuring and Other	(16)	—	—	1	1	(1)	5
Purchase Price Accounting	20	—	37	—	20	—	—
Divestitures	—	3	20	—	—	—	—
Adjusted Operating Profit	$ 56	$ 79	$ 99	$ 55	$ 79	$ 51	$ 50

Net Sales	$ 400	$ 434	$ 657	$ 709	$ 435	$ 417	$ 537
OP Margin %	13.0 %	17.3 %	6.5 %	7.6 %	13.3 %	12.5 %	8.4 %
Adjusted OP Margin %	14.1 %	18.2 %	15.1 %	7.8 %	18.3 %	12.4 %	9.2 %

¹Column does not foot due to rounding

Segment Operating Profit and Adjusted Operating Profit: YTD Q3 2026 and Q3 2025

	Nine Months Ended September 30,
	2026				2025
	ES	MP	SV	Aerials	ES	MP	Aerials
Operating Profit	$ 156	$ 221	$ 28	$ 73	$ 175	$ 137	$ 93
Restructuring and Other	(15)	—	—	7	1	10	9
Purchase Price Accounting	60	—	196	—	62	—	—
Litigation Related	—	—	—	—	—	—	10
Divestitures	—	(2)	22	—	—	—	—
Adjusted Operating Profit	$ 201	$ 219	$ 246	$ 80	$ 238	$ 147	$ 112

Net Sales	$ 1,267	$ 1,317	$ 1,744	$ 1,851	$ 1,264	$ 1,253	$ 1,594
OP Margin %	12.3 %	16.8 %	1.6 %	3.9 %	13.8 %	10.9 %	5.8 %
Adjusted OP Margin %	15.9 %	16.6 %	14.1 %	4.3 %	18.9 %	11.8 %	7.0 %

Reconciliation of Q3 2026 Pro Forma Net Sales Performance

	Three Months Ended September 30,
2026 Net Sales (as reported)	$ 2,197

2025 Net Sales (as reported)	1,387
Less: MP Cranes Impact¹	(27)
Plus: Specialty Vehicles	608
2025 Net Sales (pro forma)	$ 1,968

Pro Forma YoY Change in Net Sales	$ 229
	11.6 %

¹ The Adjusted EBITDA impact from the divested MP Cranes business was $2 million for the three months ended September 30, 2025

EBITDA

EBITDA is defined as earnings, before interest, other non-operating income (loss), income (loss) attributable to non-controlling interest, taxes, depreciation and amortization. The Company calculates this by subtracting the following items from Net income (loss): (Gain) loss on disposition of discontinued operations- net of tax; and (Income) loss from discontinued operations – net of tax. Then adds the Provision for (benefit from) income taxes; Interest & Other (Income) Expense; the Depreciation and Amortization amounts reported in the Consolidated Statement of Cash Flows less amortization of debt issuance costs that are recorded in Interest expense. Adjusted EBITDA is defined as EBITDA plus certain SG&A and other income/expenses the company believes are not indicative of ongoing operating performance.

Terex believes that disclosure of EBITDA and Adjusted EBITDA will be helpful to those reviewing its performance, as EBITDA provides information on Terex's ability to meet debt service, capital expenditure and working capital requirements, and is also an indicator of profitability.

EBITDA and Adjusted EBITDA: Q3 2026 QTD

	Three Months Ended September 30, 2026
	ES	MP³	SV³	Aerials	Corporate and Other / Elims	Total
Net income (loss)¹	$ 52	$ 71	$ 39	$ 53	$ (101)	$ 114
Provision for income taxes	—	—	—	—	21	21
Interest income	—	—	—	—	(5)	(5)
Interest expense	—	4	4	—	41	49
Other expense - net	—	—	—	1	3	4
Operating Profit (Loss)	$ 52	$ 75	$ 43	$ 54	$ (41)	$ 183
Depreciation²	5	4	7	7	3	26
Amortization²	20	1	40	—	3	64
Non-Cash Interest Costs	—	—	—	—	(2)	(2)
EBITDA	77	80	90	61	(37)	271
Restructuring and Other	(16)	—	—	1	—	(15)
Deal Related	—	—	—	—	9	9
Purchase Price Accounting	—	—	(4)	—	2	(2)
Divestitures	—	3	20	—	—	23
Adjusted EBITDA	$ 61	$ 84	$ 105	$ 62	$ (26)	$ 286

Net Sales	$ 400	$ 434	$ 657	$ 709	$ (3)	$ 2,197
EBITDA Margin %	19.3 %	18.4 %	13.7 %	8.6 %	*	12.3 %
Adjusted EBITDA Margin %	15.3 %	19.3 %	16.0 %	8.7 %	*	13.0 %

¹ Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments.

² These line items include $1 million of depreciation and $60 million of amortization within the ES and SV segments related to purchase price accounting.

³ Column does not foot due to rounding

EBITDA and Adjusted EBITDA: Q3 2025 QTD

	Three Months Ended September 30, 2025
	ES	MP	Aerials	Corporate and Other / Elims	Total
Net income (loss)¹	$ 58	$ 48	$ 44	$ (85)	$ 65
Provision for income taxes	—	—	—	29	29
Interest income	—	—	—	(3)	(3)
Interest expense	—	4	—	41	45
Other expense - net	—	—	1	3	4
Operating Profit (Loss)	$ 58	$ 52	$ 45	$ (15)	$ 140
Depreciation	4	5	6	3	18
Amortization²	20	—	—	2	22
Non-Cash Interest Costs	—	—	—	(2)	(2)
EBITDA	82	57	51	(12)	178
Restructuring and Other	1	(1)	5	—	5
Deal Related	—	—	—	3	3
Adjusted EBITDA	$ 83	$ 56	$ 56	$ (9)	$ 186

Net Sales	$ 435	$ 417	$ 537	$ (2)	$ 1,387
EBITDA Margin %	18.9 %	13.7 %	9.5 %	*	12.8 %
Adjusted EBITDA Margin %	19.2 %	13.5 %	10.5 %	*	13.4 %

¹ Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments.

² This line item includes $20 million of amortization within the ES segment related to purchase price accounting.

EBITDA and Adjusted EBITDA: Q3 2026 YTD

	Nine Months Ended September 30, 2026
	ES	MP	SV	Aerials	Corporate and Other / Elims	Total
Net income (loss)¹	$ 156	$ 210	$ 17	$ 69	$ (317)	$ 135
Gain on disposition of discontinued operations - net of tax	—	—	—	—	(4)	(4)
Provision for income taxes	—	—	—	—	16	16
Interest income	—	—	—	—	(14)	(14)
Interest expense	—	11	11	1	124	147
Other expense - net	—	—	—	3	5	8
Operating Profit (Loss)	$ 156	$ 221	$ 28	$ 73	$ (190)	$ 288
Depreciation²	14	13	18	20	8	73
Amortization²	60	2	107	—	9	178
Non-Cash Interest Costs	—	—	—	—	(5)	(5)
EBITDA	230	236	153	93	(178)	534
Restructuring and Other	(15)	—	—	7	—	(8)
Deal Related	—	—	—	—	90	90
Purchase Price Accounting	—	—	87	—	4	91
Divestitures	—	(2)	22	—	—	20
Adjusted EBITDA	$ 215	$ 234	$ 262	$ 100	$ (84)	$ 727

Net Sales	$ 1,267	$ 1,317	$ 1,744	$ 1,851	$ (10)	$ 6,169
EBITDA Margin %	18.2 %	17.9 %	8.8 %	5.0 %	*	8.7 %
Adjusted EBITDA Margin %	17.0 %	17.8 %	15.0 %	5.4 %	*	11.8 %

¹ Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments.

² These line items include $2 million of depreciation and $166 million of amortization within the ES and SV segments related to purchase price accounting.

EBITDA and Adjusted EBITDA: Q3 2025 YTD

	Nine Months Ended September 30, 2025
	ES	MP	Aerials	Corporate and Other / Elims	Total
Net income (loss)¹	$ 175	$ 126	$ 92	$ (235)	$ 158
Provision for income taxes	—	—	—	51	51
Interest income	—	—	—	(7)	(7)
Interest expense	—	11	—	121	132
Other expense - net	—	—	1	3	4
Operating Profit (Loss)	$ 175	$ 137	$ 93	$ (67)	$ 338
Depreciation	13	13	19	5	50
Amortization²	60	2	—	6	68
Non-Cash Interest Costs	—	—	—	(6)	(6)
EBITDA	248	152	112	(62)	450
Restructuring and Other	1	10	9	2	22
Deal Related	—	—	—	11	11
Purchase Price Accounting	2	—	—	—	2
Litigation Related	—	—	10	—	10
Adjusted EBITDA	$ 251	$ 162	$ 131	$ (49)	$ 495

Net Sales	$ 1,264	$ 1,253	$ 1,594	$ (8)	$ 4,103
EBITDA Margin %	19.6 %	12.1 %	6.9 %	*	11.0 %
Adjusted EBITDA Margin %	19.8 %	12.9 %	8.2 %	*	12.1 %

¹ Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments.

² This line item includes $1 million of depreciation and $60 million of amortization within the ES segment related to purchase price accounting.

Reconciliation of Q3 2026 Pro Forma Adjusted EBITDA Performance

	Three Months Ended September 30,
2026 Adjusted EBITDA (as reported)	$ 286

2025 Adjusted EBITDA (as reported)	186
Less: MP Cranes	(2)
Plus: Legacy REV Corporate / Other	(12)
Plus: Specialty Vehicles	79
2025 Adjusted EBITDA (pro forma)	$ 251

Pro Forma YoY Change in Adjusted EBITDA	$ 35
	13.9 %

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SOURCE Terex Corporation

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Terex's third-quarter 2026 earnings and sales?

Terex reported $2.2 billion in sales and $1.00 diluted EPS for the third quarter of 2026. Sales increased 58.4% as reported and 11.6% pro forma year over year. Net income was $114 million versus $65 million, while adjusted diluted EPS remained $1.50.

What assumptions underpin Terex's 2026 earnings outlook?

Terex's outlook includes 11 months of Specialty Vehicles results and approximately $28 million of realized synergies for 2026. It excludes divested Materials Processing cranes and Midwest RV results. Assumptions include approximately $180 million of interest and other expense, an approximately 19% tax rate, and approximately 110 million average diluted shares, including approximately 113 million in the fourth quarter.

Terex Reports Third Quarter 2026 Results