Terex reported second-quarter 2026 consolidated sales of $2.24 billion and adjusted EBITDA of $269 million, with adjusted diluted EPS of $1.37. The company raised its 2026 outlook to $7.9–$8.2 billion in sales and adjusted EBITDA of $960 million–$1.0 billion, and now expects adjusted EPS of $4.70–$5.10. Management cited stronger bookings, a $6.9 billion backlog and progress on integration and synergies from recent transactions.

Financial Highlights

  • Revenue: Consolidated sales of $2.24 billion in Q2 2026 (up $751 million or 51% as reported; +8.5% on a proforma basis).
  • Adjusted EBITDA: $269 million for the quarter, up $26 million or 10.7% proforma year-over-year.
  • Adjusted diluted EPS: $1.37 in Q2 2026 (includes an $8 million net benefit from IEEPA tariff refunds and a one-time customs-related accrual).
  • Net debt and leverage: Net debt of $2.28 billion with $407 million cash on hand; net leverage improved to 2.3x net debt to 12-month adjusted EBITDA.
  • Updated full-year outlook: 2026 sales $7.9–$8.2 billion; adjusted EBITDA $960 million–$1.0 billion; adjusted EPS $4.70–$5.10; free cash flow $300–$350 million.

Business Highlights

  • Backlog and bookings: Q2 bookings rose 25% proforma to $2.0 billion and backlog ended the quarter at $6.9 billion, supporting confidence in the second half.
  • Segment performance and execution: Materials Processing saw strengthened demand for mobile crushers and expanded adjusted EBITDA margin to 18.8%; Specialty Vehicles (post-REV merger) delivered record earnings performance and improved throughput in fire apparatus production; Aerials experienced higher volume from national accounts and sequential price/cost improvement; Environmental Solutions benefited from robust Utilities demand while managing temporary softness in refuse collection vehicles.
  • Integration and synergies: Management reports the REV merger and ESG acquisition are trending above initial business cases, with approximately $28 million of synergies included in 2026 EBITDA guidance and ongoing realization of cost and operational synergies.
  • Capacity and operational investments: SV capacity expansions underway — ladder truck plant expansion in Ocala, FL and an expanded facility in Brandon, SD nearing completion to increase S180 semi-custom pumper output; Utilities ramping shipments and executing capacity expansion; MP and Aerials focused on throughput, cost-outs, and supply-chain mitigation (including tariff headwind responses).
  • Market backdrop: Management cites improving demand across non-residential construction, infrastructure, data centers, grid modernization and renewable energy investments, with municipal replacement cycles supporting recurring demand for specialty vehicles and environmental equipment.

Original SEC Filing:

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