Terex

Terex makes specialized equipment for emergency services, waste and recycling, utilities and construction. On February 2, 2026, it completed the purchase of REV Group, which makes fire trucks, ambulances and other specialty vehicles. Terex now reports four segments: Environmental Solutions (refuse collection trucks and utility equipment), Materials Processing (mobile crushers and screens), Specialty Vehicles (the former REV Group) and Aerials (Genie aerial work platforms).

Terex sells most of its equipment through dealers and to rental companies, utilities and cities, and it also earns money from parts and service. It sold its tower and rough terrain cranes businesses on October 31, 2025. For 2026, it expects sales of $8.0 billion to $8.2 billion and adjusted EBITDA of $930 million to $960 million.

The market prices Terex as a cyclical machine maker in the middle of a large change. The REV Group purchase added debt and an integration. Terex also plans to separate its Aerials business. In October 2026, it said that it was in active talks with multiple strategic parties, but it has not said the result or the date.

Aerials has the lowest margin of the four segments. Tariffs cut its adjusted EBITDA margin to 5.7% in Q2 2026, and it recovered to 8.7% in Q3 2026, below the 10.5% of a year earlier. Refuse truck shipments also fell, and the Environmental Solutions margin fell to 15.3% in Q3 2026 from 19.2%. In October 2026, Terex lowered its 2026 adjusted EBITDA outlook to $930 million to $960 million from $960 million to $1.0 billion.

For the gap to close, four things must be true. Terex must reach its 2026 outlook of $4.80 to $5.00 of adjusted EPS and $360 million to $400 million of free cash flow. The REV synergies must reach the planned $75 million annual run rate within two years, with about $28 million in 2026. The Aerials process must end in a sale or separation at a fair price, and Terex must use the money to cut debt or buy back shares.

Environmental Solutions must recover its refuse truck volume and its Utilities production. The FY 2026 report with the 2027 guidance in early 2027 is the next test. An Aerials deal can come at any time. If these checks pass, the gap can close over the next three to six quarters.

1. Oct 28, 2026Failed

   Q3 2026 results: Aerials margin and second-half step upA higher Aerials margin than in Q2, an adjusted EBITDA margin above 12% and the 2026 outlook kept pass; a cut to the outlook fails.Outcome: The Aerials margin rose to 8.7% and the adjusted EBITDA margin was 13.0%, but Terex lowered its 2026 adjusted EBITDA outlook to $930 million to $960 million.
2. Dec 2026 · est.Pending

   New leader for Environmental SolutionsTerex names a successor to Patrick Carroll on or before December 31, 2026, and this passes; no successor by then fails.
3. Jan 28, 2027 · est.Pending

   FY 2026 results and 2027 guidanceAdjusted EPS of $4.80 to $5.00 for 2026, free cash flow of $360 million to $400 million and REV synergies on plan pass; a miss of the outlook fails.
4. Q1 2027 · est.Pending

   Outcome of the Aerials separationA sale or separation of Aerials at a fair price, with the money used to cut debt or buy back shares, passes; no deal or a low price fails.

Every passed and failed checkpoint across all picks

• November 6, 2026Patrick Carroll, President of the Environmental Solutions segment, told Terex that he plans to retire on May 14, 2027. Terex expects to name a successor on or before December 31, 2026. He will lead the segment until he retires.
• October 28, 2026Terex reported Q3 2026 results. Sales rose 58.4% to $2.2 billion with REV Group, and 11.6% on a pro forma basis. Net income was $114 million, or $1.00 per diluted share. Adjusted EBITDA was $286 million, a 13.0% margin, and adjusted EPS was $1.50. Backlog was $7.0 billion. Aerials sales rose 32%, and its adjusted EBITDA margin rose to 8.7% from 5.7% in Q2 2026. Environmental Solutions sales fell 8% on lower refuse truck shipments. Terex narrowed its 2026 outlook to sales of $8.0 billion to $8.2 billion and adjusted EPS of $4.80 to $5.00, lowered adjusted EBITDA to $930 million to $960 million and raised free cash flow to $360 million to $400 million. The board approved a new $500 million share buyback. Terex said that it was in active talks with multiple strategic parties about the Aerials separation.
• October 23, 2026Terex completed the sale of its Capacity and LayMor businesses to Right Lane Industries for about $33 million in total. Both businesses were in the Specialty Vehicles segment.

Last earnings

October 30, 2026 (8-K on sec.gov)

Next earnings

Expected about January 28, 2027. The company has not confirmed the date.

• 8-KEarnings releaseFiled October 30, 2026 · Press release and exhibits
• 10-QQuarterly report for the period ended Sep 30, 2026Filed October 29, 2026 · tex-20260930
• 8-KEarnings release and Investor disclosureFiled October 28, 2026 · Press release and exhibits
• 8-KOther company newsFiled October 16, 2026 · tex-20261014
• 8-KEarnings releaseFiled August 3, 2026 · Press release and exhibits
• 8-KOther company newsFiled July 31, 2026 · tex-20260731
• 10-QQuarterly report for the period ended Jun 30, 2026Filed July 30, 2026 · tex-20260630
• 8-KEarnings release and Investor disclosureFiled July 30, 2026 · Press release and exhibits
• 8-KOther company newsFiled July 21, 2026 · tex-20260720
• 8-KChange of directors or officers and Shareholder vote resultsFiled June 30, 2026 · tex-20260625

Every filing on SEC EDGAR (CIK 97216)

• Demand for aerial work platforms and crushers moves with construction and rental company spending. A slowdown in non-residential construction or higher interest rates can cut orders quickly.
• Tariffs raise costs, mostly in Aerials, whose adjusted EBITDA margin fell to 5.7% in Q2 2026 from 9.1% a year earlier. It recovered to 8.7% in Q3 2026, below 10.5% a year earlier. New tariffs or slower price increases can lower margins again.
• The Aerials separation process can end with a low price, a long delay or no deal. Until it ends, investors cannot value the company with certainty.
• The REV Group integration must deliver about $75 million of annual synergies within two years. Specialty Vehicles depends on fire truck and ambulance production, and Environmental Solutions had lower refuse truck shipments and production problems in Utilities in Q2 and Q3 2026, and its adjusted EBITDA margin fell to 15.3% in Q3 2026 from 19.2%.
• Debt was $2.58 billion and cash was $407 million at September 30, 2026. A downturn can raise leverage and slow buybacks.

Terex funds itself with senior notes and a term loan. The 10-Q for Q3 2026, filed on October 29, 2026, lists $598 million of 5% senior notes due May 15, 2029, $737 million of 6.25% senior notes due October 15, 2032, and $1,212 million of term debt due October 8, 2031, all net of issuance costs. Read more

Yield at the current rate

1.2% (current annual rate, at today’s price)

Dividend yield

1.2% (last 12 months, at today’s price of $57.61)

Paid per share

$0.68 in the last 12 months (4 payments)

Current annual rate

$0.68 ($0.17 × 4 a year)

Payout ratio

20% of the last fiscal year’s earnings (the year that ended December 31, 2025)

Latest ex-dividend date

November 9, 2026, $0.17 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 41.5% a year. From 2015 to 2025, the dividend grew by about 11.0% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.