Terex Corporation, a global leader in specialized equipment solutions, serving essential sectors such as emergency services, waste and recycling, utilities, and construction, announced its results for the first quarter 2026.
CEO Commentary
“We are off to a good start and executing to plan, including the first 58 days with REV Group in our portfolio, now operating as our Specialty Vehicles (SV) segment, which made a meaningful contribution in the quarter. Our quarter-end backlog of $7.1 billion, supported by strong booking trends in Materials Processing, Aerials and Terex Utilities, provides solid forward visibility. As a result, we are reiterating our full-year outlook,” said Simon Meester, Terex president and chief executive officer. “We continue to execute our strategy, including the integration of REV. We remain on track to deliver approximately $28 million of synergies in 2026 through the elimination of duplicate overhead and to achieve the full $75 million run-rate within our 24 month target.”
RV PRO reported on the completion of the Terex Corp. and REV Group merger in February.
First Quarter Operational & Financial Highlights
- Backlog increased sequentially to $7.1 billion. Bookings of $2.1 billion were down 1.1% year over year on a pro forma basis driven by timing of orders in ES and SV and reflects a book-to-bill of 109%. Proforma bookings up 14% on a rolling six month basis.
- Net sales of $1.7 billion were 41.1% higher than the first quarter of 2025. Proforma net sales grew by 11% year over year including growth in every segment.
- EBITDA was ($7) million, or (0.4%) of net sales, compared to $106 million, or 8.7% of net sales in the prior year. Adjusted EBITDA was $173 million, or 9.9% of net sales for the first quarter of 2026, compared to $128 million, or 10.4% of net sales in the prior year. The year-over-year change was primarily due to the accretive addition of Specialty Vehicles, higher sales volumes in MP and operational improvement initiatives, partially offset by tariffs, which were not in effect in the prior year period, and unfavorable mix within Aerials, and product mix in ES.
- Income from continuing operations was ($93) million, or ($0.97) per share, compared to $21 million, or $0.31 per share, in the first quarter of 2025. Adjusted income from continuing operations was $94 million, or $0.98 per share for the first quarter of 2026, compared to $55 million, or $0.83 per share, in the first quarter of 2025.
Business Segment Review
Specialty Vehicles
- Net sales of $436 million were up 20% year over year on a pro forma basis, driven by growth in all product lines, partially due to weather-related delivery timing.
- EBITDA was ($53) million, or (12.2%) of net sales due to merger-related non-recurring items more than offsetting operational improvements. Adjusted EBITDA was $62 million, or 14.2% of net sales for the first quarter of 2026, compared to $46 million, or 12.6% of net sales on a pro forma basis in the prior year. The improvement was primarily due to increased throughput, price realization and improved operational efficiency.
CFO Commentary
“Our overall first quarter operational financial results were consistent with our expectations. Adjusted EPS for the quarter of $0.98, which included approximately $0.10 of tax favorability when the Q1 rate is compared to our 2026 full year expected tax rate of 21%. Our operational EPS improvement was $0.05 compared to last year. Notably our current Q1 EPS is based on 96.1 million diluted weighted average shares outstanding, up from 66.9 million diluted weighted average shares outstanding in the first quarter of 2025,” commented Jennifer Kong-Picarello, senior vice president and chief financial officer. “I was also pleased with our net working capital efficiency improvement in the quarter, which decreased to 16.7%, down 930 basis points compared with the prior year largely due to the addition of Specialty Vehicles. Looking ahead, we are confirming our full year outlook, which includes the impact of the recent change in 232 tariffs, which is expected to be negligible as the vast majority of our U.S. sales are manufactured in the U.S.”
