Terex Corporation (TEX) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Terex published the results on October 28, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison. Terex reports EPS two ways: GAAP, under the accounting rules every US filer follows, and Adjusted, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Terex completed its merger with REV Group on February 2, 2026. REV's businesses form the new Specialty Vehicles segment, which has no year-ago figure, so reported growth is not like for like. Terex's pro forma figures add Specialty Vehicles to 2025 and remove the tower and rough terrain cranes businesses it sold on October 31, 2025.
• Terex's release puts expected 2026 pro forma sales growth at approximately 8.5%, while the CFO's prepared remarks the same day say approximately 8.0% at the midpoint. Both give sales of $8.0 to $8.2 billion.
• The year-ago GAAP EPS of $0.98 included a favorable discrete item in Aerials of about $18 million, or $0.21 per share.

Source: Terex Q3 2026 results, October 28, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Terex splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Terex's Environmental Solutions revenue was $400 million in Q3 2026, down 8% from $435 million in Q3 2025, 18% of total revenue.
• Terex's Materials Processing revenue was $434 million in Q3 2026, up 4% from $417 million in Q3 2025, 20% of total revenue.
• Terex's Specialty Vehicles revenue was $657 million in Q3 2026, 30% of total revenue.
• Terex's Aerials revenue was $709 million in Q3 2026, up 32% from $537 million in Q3 2025, 32% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings call

On the Q3 2026 earnings call, Jennifer Kong-Picarello, CFO said:

“We now expect 2026 proforma sales growth of approximately 8.0% at the midpoint, with sales ranging from $8.0 billion to $8.2 billion.”

“Proforma EBITDA is expected to grow approximately 10% year over year to a range between $930 million and $960 million, excluding Capacity/Laymor, representing an 11.7% EBITDA margin at the midpoint.”

“This results in expected 2026 EPS of $4.80 to $5.00, including the typical seasonal stepdown in the fourth quarter.”

“Finally, we are raising our free cash flow outlook to $360 million to $400 million for 2026, reflecting net working capital efficiency and an updated capital expenditure outlook of $145 million for the full year.”

Source: Terex Q3 2026 prepared remarks (Form 8-K, Exhibit 99.1), Oct 28, 2026.

This is the company's own guidance as of Oct 28, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the TEX forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

Net sales and GAAP diluted EPS on net income, each as first reported in that quarter's release. Q1 2026 diluted EPS from continuing operations was $(0.97); the $(0.93) shown includes a $0.04 gain on discontinued operations. REV Group is included from February 2, 2026.

We do not hold a confirmed date for Terex's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Oct 28, 2026

Terex reports four segments: Environmental Solutions (refuse collection vehicles and utility equipment), Materials Processing, Specialty Vehicles and Aerials. Q3 2026 net sales were $2,197 million, up 58.4% from $1,387 million, and $657 million of that came from Specialty Vehicles, the REV Group businesses Terex acquired on February 2, 2026. On a pro forma basis, against 2025 net sales of $1,968 million, sales grew 11.6%. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Form 10-Q, Q3 2026, Oct 29, 2026)

Specialty Vehicles makes ambulances, fire apparatus, terminal trucks, industrial sweepers and motorized recreational vehicles. Its sales rose 8.1% pro forma on higher shipments of fire apparatus and recreational vehicles, and bookings rose 30% to $665 million. Terex paid provisional consideration of $3,384 million for REV, including 47.9 million Terex shares, and has put the Capacity and LayMor businesses up for sale. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Form 10-Q, Q3 2026, Oct 29, 2026; Terex Q3 2026 earnings call prepared remarks, Oct 28, 2026)

Aerials, which Terex is in the process of separating, grew sales 32.0% to $709 million, which Terex attributed to national customers and large infrastructure projects. Aerials bookings rose 194% to $646 million and its backlog rose $455 million to $852 million. Terex said it has moved to active engagement with multiple strategic counterparties for the business. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Q3 2026 earnings call prepared remarks, Oct 28, 2026)

Environmental Solutions sales fell 8.0% to $400 million because of lower shipments of refuse collection vehicles, partly offset by higher utilities product sales. Materials Processing sales rose 4.1% to $434 million, or 11.3% pro forma after the cranes sale, led by Aggregates in North America, and its backlog reached $676 million, its highest in two years. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Q3 2026 earnings call prepared remarks, Oct 28, 2026)

Terex's bookings were $2.3 billion, up 52.7% on a pro forma basis, for a book-to-bill of 103%, and orders rose in every segment. Backlog was $7.0 billion, up $802 million or 12.9% pro forma from a year earlier. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026)

Terex's GAAP diluted EPS was $1.00 in Q3 2026 and adjusted EPS was $1.50. Adjusted EPS adds back $0.40 for purchase price accounting, $0.15 for divestitures and $0.05 of deal-related costs, and removes $0.10 for restructuring and other items. Amortization of purchased intangibles rose to $53 million from $17 million with the REV assets, and a $17 million non-cash loss was recorded on the Capacity and LayMor assets held for sale. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Form 10-Q, Q3 2026, Oct 29, 2026)

Adjusted net income rose to $171 million from $100 million, but adjusted EPS stayed at $1.50 because diluted shares rose to 114.0 million from 66.2 million after Terex issued 47.9 million shares for REV. Terex repurchased $72 million of stock in the quarter, paid $19 million in dividends, and its board approved a new $500 million repurchase authorization, for $611 million of total capacity. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026; Terex Form 10-Q, Q3 2026, Oct 29, 2026)

Interest expense was $49 million, against $45 million. The effective tax rate was 15.6% on GAAP results and 19.3% on an adjusted basis, against 31.4% and 19.9% a year earlier. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Terex gives a full-year outlook in its release, and refined it with Q3 2026 results: sales of $8.0 to $8.2 billion, Adjusted EBITDA of $930 million to $960 million (an 11.7% margin at the midpoint), adjusted EPS of $4.80 to $5.00 and free cash flow of $360 million to $400 million. It does not give a GAAP EPS outlook. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026)

The outlook assumes about $28 million of realized synergies in 2026, interest of about $180 million, a full-year effective tax rate of about 19% and about 110 million average diluted shares, including about 113 million in Q4. By segment, Terex expects Environmental Solutions flat, Materials Processing and Aerials up low double digits, and Specialty Vehicles up high single digits. (Terex Q3 2026 release (Form 8-K, Exhibit 99.1), Oct 28, 2026)

A consensus figure is the average of the models published by the analysts who cover Terex, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Terex's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning TEX is on is TEX a buy or a sell?, what analysts expect next is on the TEX forecast, and what the company does is on the Terex Corporation (TEX) stock page.

Every number on this page can be traced to a document Terex published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.