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Company Research15 Apr 2024
The Industrial Machinery, Supplies, and Components Industry
Explore the industrial machinery industry's growth, driven by technology, sustainability, and digital transformation, impacting global economic development.
Terex
Terex (TEX) investor relations material
Terex Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Completed merger with REV Group, creating a leading specialty equipment manufacturer with a diversified portfolio and strong U.S. manufacturing footprint, and significant scale and synergies across premium brands and end markets.
Integration of ESG and REV progressing ahead of schedule, with synergy capture plans underway and no major organizational changes outside corporate functions.
Focused on integration, synergy realization, and execution to bolster long-term growth outlook.
End markets include emergency vehicles, waste & recycling, utilities, and construction, all showing mid to high single-digit growth.
Strategic review of the Aerials business ongoing, with strong inbound interest and a deliberate approach to maximize shareholder value.
Financial highlights
FY 2025 net sales reached $5.4 billion, up 6% year-over-year, with Q4 net sales of $1.3 billion up 6% year-over-year.
Full-year adjusted EBITDA was $635 million (11.7% margin), with Q4 EBITDA at $141 million (10.6% margin), both improving year-over-year.
Adjusted EPS for FY 2025 was $4.93, in line with guidance; Q4 EPS was $1.12, up $0.35 from last year.
Free cash flow for FY 2025 was $325 million, with a conversion rate of 147%.
Q4 effective tax rate was 8.1% due to favorable one-time items; full-year adjusted tax rate 17.2%.
Outlook and guidance
2026 net sales expected between $7.5 billion and $8.1 billion, with adjusted EBITDA of $930 million–$1 billion (12.4% margin at midpoint).
Adjusted EPS guidance for 2026 is $4.50–$5.00, reflecting a modest 3% dilution from the merger.
Free cash flow conversion expected at 80–90% of net income; net leverage to improve over the year.
$28 million of synergies expected in 2026, progressing toward $75 million run-rate by 2028.
Legacy sales projected to increase 4% vs. 2025, excluding divestitures.
Detail the path to $75M annual REV synergies
How will Aerials improve 2026 operating profit?
What drove the 11% legacy revenue decline in 2025?
Beyond corporate, what drives REV synergies?
Aerials sale: How does market timing influence?
ESG: What drives H2 EPA prebuy upside?
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Next Terex earnings date
Q1 20261 May, 2026
Terex
Next Terex earnings date
Q1 20261 May, 2026
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Frequently asked questions
Terex Corporation is a global manufacturer of lifting and material handling equipment used in construction, infrastructure, quarrying, and recycling. The company operates through segments such as aerial work platforms and materials processing, providing machinery and support services to industrial and commercial clients. Its products include cranes, lifts, and crushers. The company is headquartered in Norwalk, Connecticut, and its shares are listed on the NYSE.
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