Q2 26 EPS
$1.37
BEAT +11.20%
Est. $1.23
Q2 26 Revenue
$2.24B
BEAT +4.63%
Est. $2.14B
Did TEX Beat Earnings? Q2 2026 Results
Terex Corporation delivered a clear beat across the board in Q2 2026, posting adjusted EPS of $1.37 against a consensus estimate of $1.23, a margin of 11.20%, while revenue of $2.24 billion topped expectations by 4.63% and surged 50.6% year-over-year… Read more Terex Corporation delivered a clear beat across the board in Q2 2026, posting adjusted EPS of $1.37 against a consensus estimate of $1.23, a margin of 11.20%, while revenue of $2.24 billion topped expectations by 4.63% and surged 50.6% year-over-year, marking the fourth consecutive quarter the company has beaten EPS estimates. The headline growth was powered primarily by the inclusion of the newly acquired Specialty Vehicles segment following the REV Group merger, which contributed record EBITDA margins of 14.5% and helped lift consolidated adjusted EBITDA to $269.00 million at a 12.0% margin. Materials Processing was another bright spot, with sales climbing 11.1% and EBITDA margin expanding 440 basis points to 18.8%, driven in part by healthy U.S. Demand for mobile crushers. Despite tariff headwinds that compressed Aerials margins by 340 basis points year-over-year, management expressed confidence in achieving price-cost neutrality for the full year. Terex raised its 2026 outlook, guiding for sales of $7.90 to $8.20 billion, adjusted EPS of $4.70 to $5.10, and free cash flow of $300 to $350 million, even as a strategic review of the Aerials segment remains ongoing.
Key Takeaways
- • Revenue growth across all four segments on a proforma basis
- • Improved earnings conversion driven by favorable product mix and price/cost discipline
- • REV Group integration synergy realization progressing as expected, approximately $28M in synergies for 2026
- • Strong bookings up 25% year-over-year on proforma basis
- • Backlog of $6.9 billion providing solid second half coverage
- • Materials Processing EBITDA margin expansion of 440 basis points with favorable mix, though 180 bps from one-time benefits
- • SV delivered record earnings with EBITDA margin of 14.5%, up 210 basis points
- • Aerials margin improved sequentially by 560 basis points
TEX Forward Guidance & Outlook
Terex raised its full-year 2026 guidance: sales expected at $7.9 to $8.2 billion (approximately 7.4% proforma growth at midpoint), adjusted EBITDA of $960 million to $1.0 billion (12.2% margin at midpoint, approximately 14.5% proforma growth), adjusted EPS of $4.70 to $5.10, and free cash flow of $300 to $350 million. The outlook includes approximately $28 million of synergies and assumes interest and other expenses of approximately $185 million based on average debt outstanding of $2.7 billion, with an effective tax rate of 21% and a second-half share count of approximately 114 million. Slightly more EPS is expected in Q3 with a typical seasonal stepdown in Q4. By segment: ES is expected to deliver low-single digit growth in the second half (revised down due to no material pre-buy of refuse vehicles ahead of 2027 EPA regulations); MP outlook updated to low double digit sales growth for the year (implying high-single digit growth in the second half); SV expects high-single digit revenue growth for the year; Aerials outlook updated to low-double digit sales growth for the full year. The strategic review of the Aerials segment is ongoing with interest from multiple parties.
TEX YoY Financials
Q2 2026 vs Q2 2025, source: SEC Filings
TEX Revenue by Segment
With YoY comparisons, source: SEC Filings
“Terex delivered a strong second quarter, with revenue of $2.2 billion, increasing 8.5% compared to last year on a proforma basis. The quarter's performance reflects revenue growth in all segments, improved earnings conversion, and progress against the strategic priorities we've laid out in the past two years.”
— Simon Meester, Q2 2026 Earnings Press Release
TEX Earnings Trends
TEX vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
TEX EPS Trend
Earnings per share: estimate vs actual
TEX Revenue Trend
Quarterly revenue: estimate vs actual
TEX Quarterly Results
5 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $1.23 | $1.37 | +11.20% | $2.24B | +4.63% |
| Q1 26 BEAT | $0.78 | $0.98 | +26.39% | $1.73B | +2.05% |
| Q4 25 BEAT FY | $1.11 | $1.12 | +1.04% | $1.32B | +1.51% |
| FY Full Year | $4.90 | $4.93 | +0.65% | $5.42B | +0.29% |
| Q3 25 BEAT | $1.21 | $1.50 | +24.46% | $1.39B | -1.94% |
| Q2 25 BEAT | $1.40 | $1.49 | +6.46% | $1.50B | +4.45% |