Terex Corp

Latest Results (20.05.2026):

Terex Corporation (Terex) reported results for the first quarter of 2026: net sales of $1.7 billion (up 41% on a reported basis, +11% pro forma), a GAAP loss from continuing operations of $93 million (loss per share $0.97) but adjusted EPS of $0.98, and adjusted EBITDA of $173 million (9.9% margin). Backlog increased to $7.1 billion with a 109% book-to-bill, and the company reaffirmed its full-year 2026 outlook.

Sales

Net sales: $1,734M in Q1 2026 (+41.1% reported; +11% pro forma). Bookings were $2.1B (pro forma down 1.1% YoY, six‑month pro forma bookings +14%). Book-to-bill was 109%, supporting forward visibility.

Profitability

GAAP EBITDA was negative $7M (−0.4% margin) and GAAP loss from continuing operations was $93M (EPS −$0.97). On an adjusted basis, Terex reported Adjusted EBITDA $173M (9.9% margin) and adjusted income from continuing operations $94M (adjusted EPS $0.98).

Segment performance

Environmental Solutions: sales $412M (+3.3%), adjusted EBITDA $74M (18.0%). Materials Processing: sales $419M (+9.7%), adjusted EBITDA $63M (15.0%). Specialty Vehicles (REV in portfolio Feb 2 onward): pro forma sales $436M, GAAP EBITDA negative ($53M) driven by merger-related non‑recurring charges, but adjusted EBITDA $62M (14.2%). Aerials: sales $469M (+4.2%), adjusted EBITDA roughly breakeven (0.1%) with tariffs and mix weighing on results.

Balance sheet & cash flow

Liquidity (cash + revolver) about $1.0B as of March 31, 2026. Cash and cash equivalents $392M (down from $772M at year‑end). Free cash outflow was $57M in Q1; net cash used in operating activities $31M; capex $26M; other investing activity showed a large outflow ($441M) related to acquisitions/integration. Terex returned $19M in dividends and has ~$183M available for share repurchases.

Outlook & integration

Terex reaffirmed its 2026 guidance: sales $7.5B–$8.1B; EBITDA $930M–$1.0B (≈12.4% margin at midpoint); EPS $4.50–$5.00; FCF conversion target 80%–90%. Management expects ~$28M of realized synergies in 2026 from the REV integration and a $75M synergy run‑rate within 24 months, assumes current tariff rates and ~111M average shares for the year.

Capital structure & other items

Weighted average diluted shares in Q1 were 96.1M (vs. 66.9M in Q1 2025); full‑year avg share guidance ~111M. Long‑term debt (less current portion) was $2,745M; total assets $10,188M and total shareholders' equity $4,822M as of March 31, 2026.