Terex Corporation announced its results for the third quarter 2026.
The company’s RV Segment includes the Decatur, Indiana-based American Coach, Fleetwood RV and Holiday Rambler brands and Renegade RV in Bristol, Indiana.
- Sales of $2.2 billion, up 58.4% on a reported basis, pro forma sales up 11.6%
- Net income of $114 million, adjusted net income of $171 million
- Adjusted EBITDA of $286 million or 13.0% margin
- Diluted EPS of $1.00 and adjusted Diluted EPS of $1.50
- Bookings of $2.3 billion increased 52.7% year over year on a pro forma basis
- Refining 2026 Outlook: Sales of $8.0 to $8.2 billion, Adjusted EBITDA of $930 million to $960 million with 11.7% Adjusted EBITDA margin at the midpoint, and Free cash flow of $360 million to $400 million
- Board approves a new $500 million share repurchase authorization
CEO Commentary
“Terex delivered higher sales, adjusted EBITDA and cash flow in the third quarter versus the prior year, with solid order activity increasing across all four segments, resulting in $7 billion backlog that provides meaningful forward visibility across the portfolio. We are also making progress integrating the expanded company, capturing synergies and applying more consistent operating discipline to improve execution and returns,” Simon Meester, Terex president and CEO said.
“Over the past few months, we have made good progress in the process of separating the Aerials segment, by advancing the carve-out work and moving from evaluating inbound interest to active engagement with multiple strategic counterparties. At the same time, the Aerials team remains focused on serving customers, growing the business and improving performance. Our priority is to achieve a successful outcome that maximizes value for Terex shareholders.”
Third Quarter Operational & Financial Highlights
- $7.0 billion backlog increased $802 million, or 12.9% on a pro forma basis, versus the prior year, driven by increased bookings in each segment. Bookings of $2.3 billion increased 52.7% year over year on a pro forma basis and reflects a book-to-bill of 103%.
- Net sales of $2.2 billion were 58.4% higher than the third quarter of 2025 on a reported basis. Pro forma net sales grew by 11.6% year over year, driven by growth in Materials Processing, Specialty Vehicles and Aerials.
- Adjusted EBITDA of $286 million increased on a pro forma basis by $35 million, or 13.9%, compared to the third quarter of 2025. The year-over-year change was driven by meaningful improvements in the MP and SV segments.
- Net income was $114 million, or $1.00 per diluted share, compared to $65 million, or $0.98 per diluted share, in the third quarter of 2025. Adjusted net income was $171 million, or $1.50 per diluted share for the third quarter of 2026, compared to $100 million, or $1.50 per diluted share, in the third quarter of 2025.
Specialty Vehicles
- Net sales of $657 million were up 8.1% or $49 million year over year on a pro forma basis, driven by increased shipments of fire apparatus and recreational vehicles.
- Adjusted EBITDA was $105 million, or 16.0% of net sales for the third quarter of 2026, compared to $79 million, or 13.0% of net sales on a pro forma basis in the prior year. The increase was primarily due to operational efficiency and price cost discipline, partially offset by inflationary pressures.
CFO Commentary
“Terex delivered solid third-quarter financial performance, with pro forma sales growth of approximately 12% and pro forma adjusted EBITDA growth of 14%, reflecting higher volumes, solid operating execution and realized synergies. Improved working capital efficiency contributed to $241 million of operating cash flow and $209 million of free cash flow during the quarter. We returned $91 million to shareholders through share repurchases and dividends while reducing debt by $113 million,” said Jennifer Kong-Picarello, Terex senior vice president and chief financial officer. “The board’s new $500 million share repurchase authorization provides additional flexibility to return capital opportunistically within our balanced capital allocation framework, while maintaining the capacity to invest in the business and strengthen the balance sheet.”
2026 Outlook
Based on third quarter performance, backlog visibility and synergy realization, the company is refining its full year outlook. It expects 2026 sales to grow approximately 8.5% on a pro forma basis to $8.0 to $8.2 billion, Adjusted EBITDA to grow by approximately 10% year over year on a pro forma basis to between $930 million and $960 million, or 11.7% Adjusted EBITDA margin at the mid-point, and Free cash flow of $360 million to $400 million.
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