Terex Reports Fourth Quarter and Full-Year 2025 Results

NORWALK, Conn., Feb. 11, 2026 /PRNewswire/ -- Terex Corporation (NYSE: TEX), a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction, today announced its results for the fourth quarter and full-year 2025.

CEO Commentary

"We concluded a transformational year for Terex, with the successful integration of ESG and the initiation of the merger with REV, coupled with solid execution by our legacy businesses in a very dynamic environment. The team navigated multiple macro and market headwinds to deliver financial results in line with our original 2025 guidance, while transforming our portfolio for the long-term." said Terex President and Chief Executive Officer Simon Meester. He added, "I am very proud of our team adapting quickly to changes in trade policy and market dynamics throughout the year while continuing to innovate, improve operations and deliver exciting new products to our customers. We head into 2026 with considerable momentum from strong Q4 bookings and backlog levels. We will focus on execution, successfully integrating REV and delivering on our synergy targets."

Fourth Quarter Operational and Financial Highlights

Full-Year 2025 Operational and Financial Highlights

Business Segment Review

Environmental Solutions

Materials Processing

Aerials

Balance Sheet and Liquidity

CFO Commentary

Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer, said, "I am very pleased that we delivered on all our key 2025 financial expectations, including $325 million of free cash flow reflecting 147% cash conversion. By completing the REV merger, we enter 2026 with even more opportunities to create value for our shareholders."

2026 Outlook

With strong Q4 bookings and backlog in every segment we expect 2026 sales to grow ~5% on a pro forma 13 basis to $7.5 to $8.1 billion. We expect pro forma 13 EBITDA to grow by ~$100 million or ~12% YOY to between $930 million and $1 billion, or 12.4% EBITDA margin at the mid-point. The EPS outlook includes the following assumptions/commentary:

This results in an EPS guide for 2026 of $4.50 - $5.00, compared to $4.80 - $5.20 for legacy Terex:

Terex 2026 Outlook 4,5,6,10,11,12

Net Sales 3

$7.5B - $8.1B

EBITDA 1

$930M - $1B

EPS 1,2

$4.50 - $5.00

FCF Conversion 1

80% - 90%

Segment Net Sales Outlook 3

Prior Year Baseline

2026

Environmental Solutions

$1,691

MSD

Materials Processing 8

$1,578

HSD

Specialty Vehicles (REV) 9

$2,179

HSD

Aerials

$2,060

Flat

Figures in millions

MSD = revenue up mid single-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, February 11, 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 Share count ~111 million.

3 Legacy sales expected to increase by 4% 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 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 ~$190 million

11 Tax rate ~21%

12 Depreciation & Amortization of ~$110 million excluding amortization pertaining to purchase price accounting

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.

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 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:

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

Derek Everitt

VP Investor Relations

Email: [email protected]

TEREX CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(unaudited)

(in millions, except per share data)

Three Months Ended

December 31,

Twelve Months Ended

December 31,

2025

2024

2025

2024

Net sales

1,318

1,241

5,421

5,127

Cost of goods sold

(1,070)

(1,044)

(4,370)

(4,059)

Gross profit

248

197

1,051

1,068

Selling, general and administrative expenses

(111)

(144)

(576)

(542)

Operating Profit

137

475

526

Other income (expense)

Interest income

Interest expense

(45)

(177)

(89)

Other income (expense) – net

(14)

(18)

(42)

Income (loss) before income taxes

(2)

292

408

(Provision for) benefit from income taxes

(20)

(71)

(73)

Net income (loss)

(2)

221

335

Earnings (loss) per share:

Basic

0.96

(0.03)

3.36

5.00

Diluted

0.95

(0.03)

3.33

4.96

Weighted average number of shares outstanding in per share calculation

Basic

65.6

66.7

65.8

67.0

Diluted

66.3

67.3

66.3

67.6

TEREX CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEET

(unaudited)

(in millions, except par value)

December 31,

2025

December 31,

2024

Assets

Current assets

Cash and cash equivalents

772

388

Other current assets

1,953

1,932

Total current assets

2,725

2,320

Non-current assets

Property, plant and equipment – net

760

714

Other non-current assets

2,654

2,696

Total non-current assets

3,414

3,410

Total assets

6,139

5,730

Liabilities and Stockholders' Equity

Current liabilities

Current portion of long-term debt

Other current liabilities

1,181

1,069

Total current liabilities

1,187

1,073

Non-current liabilities

Long-term debt, less current portion

2,578

2,580

Other non-current liabilities

279

245

Total non-current liabilities

2,857

2,825

Total liabilities

4,044

3,898

Total stockholders' equity

2,095

1,832

Total liabilities and stockholders' equity

6,139

5,730

TEREX CORPORATION AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS

(unaudited)

(in millions)

Year Ended December 31,

2025

2024

Operating Activities

Net income (loss)

221

335

Depreciation and amortization

158

Changes in operating assets and liabilities and non-cash charges

(91)

Net cash provided by (used in) operating activities

440

326

Investing Activities

Capital expenditures

(118)

(137)

Other investing activities, net

150

(1,990)

Net cash provided by (used in) investing activities

(2,127)

Financing Activities

Net cash provided by (used in) financing activities

(123)

1,837

Effect of exchange rate changes on cash and cash equivalents

(19)

Net increase (decrease) in cash and cash equivalents

384

Cash and cash equivalents at beginning of year

388

371

Cash and cash equivalents at year end

772

388

TEREX CORPORATION AND SUBSIDIARIES

SEGMENT RESULTS DISCLOSURE

(unaudited)

(in millions)

Year to Date

2025

2024

2025

2024

% of

Net

Sales

Net

Sales

Net

Sales

Net

Sales

Consolidated

Net sales

1,318

1,241

5,421

5,127

Operating profit

137

10.4 %

4.3 %

475

8.8 %

526

10.3 %

Net sales

428

368

1,691

822

Operating profit

13.8 %

7.6 %

234

13.8 %

10.0 %

Net sales

428

439

1,681

1,902

Operating profit

22.7 %

10.7 %

234

13.9 %

252

13.2 %

Aerials

Net sales

466

436

2,060

2,410

Operating profit

2.1 %

0.2 %

103

5.0 %

271

11.2 %

Corp and Other / Eliminations

Net sales

(4)

(2)

(11)

(7)

Operating (loss)

(29)

(23)

(96)

(79)

* - 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 share data and percentages), and are as of or for the period ended December 31, 2025, unless otherwise indicated.

2026 Outlook

The Company's 2026 outlook for segment operating margin, earnings per share, EBITDA, free cash flow, and free cash flow conversion 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 non-GAAP measures of free cash flow and free cash flow conversion. The Company defines free cash flow as Net cash provided by (used in) operating activities less Capital expenditures, net of proceeds from sale of capital assets and free cash flow conversion as free cash flow divided by GAAP net income. The Company believes that these measures provide management and investors further useful information on cash generation or use in our primary operations and the efficiency with which the Company converts earnings into cash. The following table reconciles Net cash provided by (used in) operating activities to free cash flow (in millions) and free cash flow conversion:

Year Ended

December 31, 2025

Year Ended

December 31, 2024

Net cash provided by (used in) operating activities

$ 440

$ 326

Capital expenditures, net of proceeds from sale of capital assets

(115)

(136)

Free cash flow (use)

$ 325

$ 190

Net income (loss)

$ 221

$ 335

Free cash flow conversion

147 %

57 %

GAAP to Non-GAAP Reconciliation: Q4 2025

Q4 2025

GAAP

Restructuring

and Other

Deal

Purchase

Price

Accounting

Divestitures

Tax

Q4 2025

Non-GAAP

Net Sales

1,318

—

1,318

Gross Profit

248

—

269

% of Sales

18.8 %

20.4 %

SG&A

(111)

—

(41)

—

(146)

% of Sales

(8.4) %

(11.1) %

Operating Profit

137

(41)

—

123

Operating Margin

10.4 %

9.3 %

Net Interest Income (Expense)

(40)

—

(40)

Other Income (Expense) - Net

(14)

—

(3)

Income (Loss) Before Income Taxes

(41)

—

(Provision for) Benefit From Income Taxes

(20)

(1)

(3)

(5)

(6)

Effective Tax Rate

23.6 %

8.1 %

Net Income (Loss)

(31)

Earnings (Loss) per Share

0.95

$ 0.06

$ 0.15

$ 0.23

$ (0.47)

$ 0.20

1.12

GAAP to Non-GAAP Reconciliation: FY 2025

FY 2025

GAAP

Restructuring

and Other

Deal

Purchase

Price

Accounting

Litigation

Equity

Security

Divestitures

Tax

FY 2025

Non-GAAP

Net Sales

5,421

—

5,421

Gross Profit

1,051

—

1,144

% of Sales

19.4 %

21.1 %

SG&A

(576)

—

(41)

—

(578)

% of Sales

(10.6) %

(10.7) %

Operating Profit

475

—

(41)

—

566

Operating Margin

8.8 %

10.4 %

Net Interest Income (Expense)

(165)

—

(165)

Other Income (Expense) - Net

(18)

—

(3)

—

(7)

Income (Loss) Before Income Taxes

292

(3)

(41)

—

394

(Provision for) Benefit From Income Taxes

(71)

(7)

(6)

(19)

(2)

(67)

Effective Tax Rate

24.3 %

17.2 %

Net Income (Loss)

221

(2)

(31)

327

Earnings (Loss) per Share

3.33

$ 0.32

$ 0.30

$ 0.96

$ 0.12

$ (0.04)

$ (0.47)

$ 0.41

4.93

GAAP to Non-GAAP Reconciliation: Q4 2024

Q4 2024

GAAP

Restructuring

and Other

Deal

Purchase

Price

Accounting

Tax

Q4 2024

Non-GAAP

Net Sales

1,241

—

1,241

Gross Profit

197

—

236

% of Sales

15.9 %

19.0 %

SG&A

(144)

—

(139)

% of Sales

(11.6) %

(11.2) %

Operating Profit

—

Operating Margin

4.3 %

7.8 %

Net Interest Income (Expense)

(41)

—

(41)

Other Income (Expense) - Net

(14)

—

Income (Loss) Before Income Taxes

(2)

—

(Provision for) Benefit From Income Taxes

—

(1)

(4)

(9)

(6)

Effective Tax Rate

1.3 %

10.9 %

Net Income (Loss)

(2)

Earnings (Loss) per Share

(0.03)

0.04

0.21

0.43

0.12

0.77

GAAP to Non-GAAP Reconciliation: FY 2024

FY 2024

GAAP

Restructuring

and Other

Deal

Purchase

Price

Accounting

Equity

Security

Tax

FY 2024

Non-GAAP

Net Sales

5,127

—

5,127

Gross Profit

1,068

—

1,112

% of Sales

20.8 %

21.7 %

SG&A

(542)

—

(530)

% of Sales

(10.6) %

(10.3) %

Operating Profit

526

—

582

Operating Margin

10.3 %

11.3 %

Net Interest Income (Expense)

(76)

—

(76)

Other Income (Expense) - Net

(42)

—

(7)

Income (Loss) Before Income Taxes

408

—

499

(Provision for) Benefit From Income Taxes

(73)

(4)

(6)

(9)

(2)

(86)

Effective Tax Rate

17.8 %

17.2 %

Net Income (Loss)

335

413

Earnings (Loss) per Share

4.96

0.17

0.33

0.43

0.10

0.12

6.11

Segment Operating Profit and Adjusted Operating Profit: Q4 2025 and 2024

Three Months Ended December 31,

2025

2024

Aerials

Operating Profit

$ 59

$ 97

$ 10

$ 28

$ 47

$ 1

Restructuring and Other

—

Purchase Price Accounting

—

Divestitures

—

(41)

—

Adjusted Operating Profit

Net Sales

428

466

375

439

436

OP Margin %

13.8 %

22.7 %

2.1 %

7.5 %

10.7 %

0.2 %

Adjusted OP Margin %

18.5 %

13.7 %

2.6 %

17.6 %

10.9 %

0.6 %

1 Shown on a pro forma 13 basis. All other pro forma 13 adjustments are insignificant

Segment Operating Profit and Adjusted Operating Profit: FY 2025 and 2024

Twelve Months Ended December 31,

2025

2024

Aerials

Operating Profit

$ 234

$ 103

$ 211

$ 252

$ 271

Restructuring and Other

—

Deal Related

—

Purchase Price Accounting

—

Litigation Related

—

Divestitures

—

(41)

—

Adjusted Operating Profit

318

206

124

249

258

276

Net Sales

1,691

1,681

2,060

1,500

1,902

2,410

OP Margin %

13.8 %

13.9 %

5.0 %

14.1 %

13.2 %

11.2 %

Adjusted OP Margin %

18.8 %

12.3 %

6.0 %

16.6 %

13.6 %

11.4 %

1 Shown on a pro forma 13 basis

SOURCE Terex Corporation