[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_101":102},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":23,"_24":25,"_26":27,"_28":29,"_30":31,"_32":31,"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":-5,"_48":49,"_50":-5,"_51":-5,"_52":53,"_54":55,"_56":57,"_58":42,"_59":42,"_60":61,"_62":42,"_63":64},"id","b6qtdrqlb3ovb0v34btgf57g1","revision",2,"title","Terex提交截至2026年9月30日季度10-Q：季度净销售额21.97亿美元，九个月净利润1.35亿美元","originalTitle","TEREX CORP (0000097216) (Filer)","summary","Terex提交截至2026年9月30日季度的10-Q；2026年第三季度净销售额为21.97亿美元，净利润1.14亿美元，九个月净销售额为61.69亿美元、净利润1.35亿美元。","reason","材料披露了收购REV后的季度与九个月业绩、现金流及债务情况，且部分比较数据受到收购和会计调整影响。","source",{"_12":92,"_93":94,"_9":95,"_96":42,"_97":98,"_99":100},"links",{"_89":90,"_78":91},"publishedAt","2026-10-29T18:16:13.000Z","discoveredAt","2026-10-29T18:45:36.816Z","timelineAt","category","ai-products","tags",[84,85,86,87,88],"stockSymbols",[83],"score",66,"selected",true,"channel","news","story",{"_73":74,"_16":75},"x","readingMode","full","author","language","body",{"_64":77,"_78":-5,"_79":80,"_81":82},"outline",[],"relatedStories",[76],"indexable","markdownAvailable","group",{"_65":66,"_45":67,"_68":69,"_70":71,"_72":69},"hasTranslation","bodyLanguage","zh","factId","fNY6QjTwBExI",{"_73":74,"_16":75},"reportCount",1,"additionalSourceCount",0,"developmentCount","publicId","a93739df-5d2a-4234-a0d6-7082794d6bb4","Terex披露2026年第三季度业绩",{"_73":74,"_16":75},"

美国

证券交易委员会

华盛顿特区 20549

10-Q 表

（勾选一项）


☒	根据《1934 年证券交易法》第 13 或 15(d) 条提交的季度报告（1934 年《证券交易法》）

截至 2026 年 9 月 30 日的季度

或


☐	根据《1934 年证券交易法》第 13 或 15(d) 条提交的过渡报告（1934 年《证券交易法》）

委员会文件编号 1-10702

$\"Tx_RedBlk.jpg\"$

Terex Corporation

（注册人章程中规定的确切名称）


特拉华州		34-1531521
（注册地）		（美国国税局雇主识别号）

301 Merritt 7, 4th Floor, Norwalk, Connecticut 06851

（主要行政办公室地址）

(203) 222-7170

（注册人电话号码，包括区号）

_______________________________________________________________

根据该法案第 12(b) 条注册的证券：


各类证券名称	交易代码	注册交易所名称
普通股（面值 $0.01）	TEX	纽约证券交易所

请勾选，以说明注册人是否 (1) 已在前 12 个月（或注册人须提交此类报告的较短期间）内提交《1934 年证券交易法》第 13 或 15(d) 条规定须提交的所有报告；以及 (2) 在过去 90 天内一直受此类申报要求约束。是 ☒ 否 ☐

请勾选，以说明注册人是否已在前 12 个月（或注册人须提交此类文件的较短期间）内，以电子方式提交根据 S-T 条例第 405 条须提交的每个交互式数据文件。是 ☒ 否 ☐

请勾选，以说明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小报告公司还是新兴成长公司。有关“大型加速申报公司”“加速申报公司”“较小报告公司”和“新兴成长公司”的定义，请参见《交易法》规则 12b-2。

大型加速申报公司

☒

加速申报公司

☐

非加速申报公司

☐

较小报告公司

☐

新兴成长公司

☐

如果属于新兴成长公司，请勾选，以说明注册人是否选择不采用《交易法》第 13(a) 条规定的、遵守任何新颁布或修订的财务会计准则的延长过渡期。 ☐

请勾选，以说明注册人是否为空壳公司（定义见《交易法》规则 12b-2）。

是 ☐ 否 ☒

已发行普通股数量：截至 2026 年 10 月 27 日为 1.124 亿股。


附件索引见第 50 页。

概述

Terex Corporation 提交的本季度 10-Q 表格报告通常截至 2026年9月30日，除非另有特别说明。除非另有说明，Terex Corporation 及其合并子公司以下统称为“Terex”、“注册人”、“我们”或“公司”。

前瞻性信息

本季度报告中的某些信息包含前瞻性陈述（定义见《1933年证券法》第27A条、《1934年证券交易法》（“《交易法》”）第21E条及《1995年私人证券诉讼改革法》），涉及未来事件或我们的未来财务业绩，并包含某些附带条件和不确定性，包括下文“管理层对财务状况和经营业绩的讨论与分析——或有事项和不确定性”一节中讨论的内容。此外，本季度报告或通过引用并入本报告的文件中出现的“可能”“预期”“应当”“意图”“预计”“相信”“计划”“预计”“估计”“将”等词语及其否定形式和类似表达，旨在标识前瞻性陈述。但未出现这些词语并不意味着该陈述不具有前瞻性。我们根据对未来事件的当前预期和预测作出这些前瞻性陈述。这些陈述并不保证未来业绩。此类陈述本质上受到各种风险和不确定性的影响，可能导致实际结果与前瞻性陈述所反映的结果存在重大差异。此类风险和不确定性中有许多超出我们的控制范围，包括但不限于：

•我们可能无法成功整合被收购或合并的业务，包括 REV Group, Inc.（“REV”），也可能无法实现任何合并或被收购业务的预期收益；

•在与 REV 的近期交易完成后，我们可能无法有效管理扩大的业务；

•潜在的资产剥离及与之相关的任何留存负债可能对我们的业务造成不利影响；

•我们战略举措带来的收益的时间和金额可能与预期不符；

•我们所在行业竞争激烈且面临价格压力，我们可能无法有效竞争；

•我们的经销商网络可能发生中断；

•新的、延期实施或提高的国际关税可能被征收；

•总体经济状况、政府支出重点以及我们所服务市场的周期性特点；

•我们的未偿债务以及遵守债务协议所载契约的需要；

•我们可能无法产生足够的现金流来偿付债务并运营业务；

•我们进入资本市场的机会和借款能力可能受到限制；

•我们可能面临客户取消、减少或延迟订单、客户违反采购协议、积压订单减少，或无法满足客户交付计划；

•货币兑换和折算风险；

•客户和经销商的财务状况及其持续获得资本的能力；

•为部分客户和经销商提供信用支持所带来的风险敞口；

•我们可能遭受超过已计提准备金的损失；

•我们的普通股可能受到与此前披露因素不同的因素影响，并可能因与 REV 的交易而下跌；

•经营跨国业务所带来的政治、经济及其他风险；

•某些材料和零部件的供应情况及价格变化，可能导致供应链中断；

•客户群和供应商整合；

•我们的设备未能按预期运行；

•我们的某个重要设施发生重大中断；

•关键 IT 系统发生故障，或因网络安全威胁增加及计算机犯罪手段日益复杂而导致信息安全遭到破坏；

•与在业务运营、信息系统、产品和服务中开发、部署和使用人工智能技术相关的问题；

•监管机构对隐私和数据安全问题的关注日益增加，相关法律不断扩展；

•产品责任索赔、诉讼及其他责任；

•遵守美国（“U.S.”）《反海外腐败法》、英国《反贿赂法》及世界各地类似的反腐败法律；

•遵守环境、健康与安全法律法规，以及未能满足可持续发展要求或预期；

•遵守美国证券交易委员会（“SEC”）施加的禁令及相关义务；

•我们吸引、培养、激励和留住合格团队成员的能力；

•可能发生的停工及其他劳工问题；以及

•其他因素。

由于这些及其他风险、不确定性和重大因素，实际事件或未来实际业绩可能与任何前瞻性陈述存在重大差异。本季度报告所含前瞻性陈述仅截至本报告日期；通过引用并入本文的文件所含前瞻性陈述仅截至各自文件日期。我们明确声明，对于本季度报告中所含或通过引用并入的任何前瞻性陈述，我们概不承担公开发布任何更新或修订的义务或责任，无论是为了反映我们对此类陈述的预期发生的变化，还是为了反映此类陈述所依据的事件、状况或情形发生的变化。

TEREX CORPORATION 及其子公司

10-Q 表格季度报告目录

截至 2026 年 9 月 30 日的季度期间



		页码
第一部分	财务信息	4

第 1 项	财务报表	4





第 2 项	管理层对财务状况和经营业绩的讨论与分析	32
第3项	关于市场风险的定量和定性披露	48
第4项	控制和程序	48

第二部分	其他信息	49

第1项	法律诉讼	49
第1A项	风险因素	49
第2项	未注册证券的出售及所得款项用途	49
第3项	优先证券违约	49
第4项	矿山安全披露	49
第5项	其他信息	49
第6项	附件	50

签名	51

第一部分。财务信息


第1项。	财务报表

TEREX CORPORATION及其子公司

简明合并收益及综合收益表

（未经审计）

（单位：百万美元，每股数据除外）


	截至以下日期的三个月 9月 30日，		截至以下日期的九个月 9月 30日，
	2026		2025		2026		2025
净销售额	$	2,197			$	1,387		$	6,169	$	4,103
销售成本	(1,762)			(1,088)			(5,083)		(3,248)
毛利	435			299			1,086		855
销售、一般及管理费用	(199)			(142)			(650)		(465)
购入无形资产摊销	(53)			(17)			(148)		(52)
营业利润	183			140			288		338
其他收入（费用）
利息收入	5			3			14		7
利息费用	(49)			(45)			(147)		(132)

其他费用（收入）－净额	(4)			(4)			(8)		(4)
税前利润	135			94			147		209
所得税拨备	(21)			(29)			(16)		(51)
持续经营业务收入	114			65			131		158
终止经营业务收入－税后净额	—			—			4		—

净利润	$	114			$	65		$	135	$	158









基本每股收益
持续经营业务收入	$	1.01			$	0.99		$	1.22	$	2.40
终止经营业务收入－税后净额	—			—			0.04		—

净利润	$	1.01			$	0.99		$	1.26	$	2.40
稀释每股收益：
持续经营业务收入	$	1.00			$	0.98		$	1.21	$	2.38
终止经营业务收入－税后净额	—			—			0.04		—

净利润	$	1.00			$	0.98		$	1.25	$	2.38
每股收益计算中使用的加权平均流通股数
基本	113.3			65.6			107.5		65.9
稀释	114.0			66.2			108.3		66.4

净利润	$	114			$	65		$	135	$	158
其他综合收益（亏损）	1			(8)			(11)		98
综合收益	$	115			$	57		$	124	$	256

随附附注是这些简明合并财务报表不可分割的组成部分。

TEREX CORPORATION及其子公司

简明合并资产负债表

（未经审计）

（单位：百万美元，面值除外）


	2026年9月30日		2025年12月31日
资产
流动资产
现金及现金等价物	$	407			$	772
应收款项（扣除截至2026年9月 30日和2025年12月 31日的9美元准备金）	1,124			712
存货	1,631			1,109
预付费用及其他流动资产	236			132

流动资产总额	3,398			2,725
非流动资产
不动产、厂房及设备－净额	966			760

商誉	2,513			1,091
无形资产－净额	2,901			1,027
长期递延所得税资产	151			207
其他资产	367			329

资产总额	$	10,296			$	6,139

负债和股东权益
流动负债
长期债务的流动部分	$	24			$	6
贸易应付账款	986			683
应计薪酬和福利	172			123
短期客户预付款	271			44




其他流动负债	476			331

流动负债合计	1,929			1,187
非流动负债
长期债务（扣除流动部分）	2,554			2,578
长期客户预付款	176			20
长期递延所得税负债	411			8
其他非流动负债	268			251

负债合计	5,338			4,044
承诺和或有事项

股东权益
普通股，面值 $0.01——授权发行 300.0 股；截至 2026 年 9 月 30 日和 2025 年 12 月 31 日分别发行 134.4 股和 85.5 股	1			1
额外实收资本	3,829			942
留存收益	2,216			2,139
累计其他综合损失	(276)			(265)
库存普通股——截至 2026 年 9 月 30 日和 2025 年 12 月 31 日分别为 22.0 股和 20.6 股	(812)			(722)


股东权益合计	4,958			2,095
负债和股东权益合计	$	10,296			$	6,139

随附附注是这些简明合并财务报表不可分割的一部分。

TEREX CORPORATION 及子公司

股东权益变动简明合并报表

（未经审计）

（单位：百万）


	流通股数	普通股		额外实收资本	留存收益		累计其他综合损失		库存普通股			总计
截至 2025 年 12 月 31 日的余额	64.9		$	1		$	942			$	2,139		$	(265)	$	(722)	$	2,095
净亏损	—		—		—			(89)			—		—			(89)
其他综合损失——税后净额	—		—		—			—			(12)		—			(12)
股票薪酬费用	—		—		36			—			—		—			36
限制性股票归属（扣除员工代扣税款）	0.7		—		(12)			—			—		(13)			(25)

股票薪酬计划下的薪酬——净额	—		—		—			—			—		1			1

股息	—		—		—			(19)			—		—			(19)






与合并相关的普通股发行(1)	47.9		—		2,836			—			—		—			2,836
其他	—		—		(1)			—			—		—			(1)
截至 2026 年 3 月 31 日的余额	113.5		$	1		$	3,801			$	2,031		$	(277)	$	(734)	$	4,822
净收入	—		—		—			110			—		—			110

股票薪酬费用	—		—		15		—			—		—			15
限制性股票归属（扣除员工代扣税款）	0.1		—		(1)			—			—		(1)			(2)

股票薪酬计划下的薪酬——净额	—		—		2			—			—		—			2
股息	—		—		—			(20)			—		—			(20)
回购库存股	—		—		—			—			—		(3)			(3)
其他	—		—		—			—			—		1			1
截至 2026 年 6 月 30 日的余额	113.6		$	1		$	3,817			$	2,121		$	(277)	$	(737)	$	4,925
净收入	—		—		—			114			—		—			114
其他综合收益——税后净额	—		—		—			—			1		—			1
股票薪酬费用	—		—		12		—			—		—			12
限制性股票归属（扣除员工代扣税款）	—		—		(1)			—			—		—			(1)


股息	—		—		—			(19)			—		—			(19)
回购库存股	(1.2)		—		—			—			—		(74)			(74)
其他	—		—		1			—			—		(1)			—
截至 2026 年 9 月 30 日的余额	112.4		$	1		$	3,829			$	2,216		$	(276)	$	(812)	$	4,958

(1) 包括归属于合并前服务的股票薪酬。


	流通股数	普通股		额外实收资本	留存收益		累计其他综合损失		库存普通股			总计
截至 2024 年 12 月 31 日的余额	65.7		$	1		$	921			$	1,964		$	(382)	$	(672)	$	1,832
净收入	—		—		—			21			—		—			21
其他综合收益——税后净额	—		—		—			—			32		—			32
股票薪酬费用	—		—		10			—			—		—			10

限制性股票归属（扣除员工代扣税款）	0.4		—		(8)			—			—		—			(8)
股票薪酬计划下的薪酬——净额	0.2		—		(5)			—			—		6			1

股息	—		—		—			(11)			—		—			(11)





回购库存股	(0.8)		—		—			—			—		(33)			(33)
其他	—		—		1			—			—		(1)			—
截至2025年3月 31日的余额	65.5		$	1		$	919			$	1,974		$	(350)	$	(700)	$	1,844
净利润	—		—		—			72			—		—			72
其他综合收益（税后净额）	—		—		—			—			74		—			74
股票薪酬费用	—		—		8		—			—		—			8

受限股票归属（扣除员工代扣税款）	—		—		(1)			—			—		—			(1)
股票薪酬计划下的薪酬（净额）	—		—		2			—			—		—			2
股息	—		—		—			(11)			—		—			(11)
回购库存股	(0.6)		—		—			—			—		(22)			(22)
其他	—		—		(1)			—			—		—			(1)
截至2025年6月 30日的余额	64.9		$	1		$	927			$	2,035		$	(276)	$	(722)	$	1,965
净利润（亏损）	—		—		—			65			—		—			65
其他综合收益（亏损）（税后净额）	—		—		—			—			(8)		—			(8)
股票薪酬费用	—		—		7			—			—		—			7



股息	—		—		—			(12)			—		—			(12)


其他	—		—		—			(1)			—		1			—
截至2025年9月 30日的余额	64.9		$	1		$	934			$	2,087		$	(284)	$	(721)	$	2,017

随附附注是这些简明合并财务报表不可分割的组成部分。

TEREX CORPORATION及其子公司

简明合并现金流量表

（未经审计）

（百万）


	截至九个月的期间 9月 30日，
	2026		2025
经营活动
净利润	$	135			$	158
将净利润调节为经营活动提供的现金净额的调整项目：
折旧和摊销	246			113

递延税项	(35)			13



股票薪酬费用	63			25
存货及其他非现金费用	102			14
经营资产和负债的变动（扣除收购和资产剥离的影响）：
应收款项	(251)			(163)
存货	(48)			(73)
贸易应付账款	136			140


其他资产和负债	(14)			9
外汇及其他经营活动，净额	4			(1)
经营活动提供的现金净额	338			235
投资活动
资本支出	(90)			(84)

收购（扣除取得的现金）及投资	(467)			—



其他投资活动，净额	38			40
投资活动使用的现金净额	(519)			(44)
融资活动
偿还债务	(311)			(92)
发行债务所得款项	300			95




回购股份	(75)			(55)
已支付股息	(58)			(34)

其他融资活动，净额	(33)			(12)
融资活动使用的现金净额	(177)			(98)
汇率变动对现金及现金等价物的影响	(7)			28
现金及现金等价物净（减少）增加额	(365)			121
期初现金及现金等价物	772			388
期末现金及现金等价物	$	407			$	509

随附附注是这些简明合并财务报表不可分割的组成部分。

TEREX CORPORATION及其子公司

简明合并财务报表附注

（未经审计）

附注A – 列报基础

列报基础和合并原则。随附的Terex Corporation及其子公司截至2026年9月 30日以及截至2026年9月 30日和2025年9月 30日止三个月和九个月的未经审计简明合并财务报表，按照美国公认会计原则（“美国GAAP”）编制。根据美国证券交易委员会的规则和条例，通常包含在按美国GAAP编制的财务报表中的某些信息和脚注披露已予以简化或省略。随附的截至2025年12月 31日的简明合并资产负债表源自该日的经审计合并财务报表，但未包含美国GAAP要求的所有披露。更多信息请参阅本公司截至2025年12月 31日止年度的10-K表年度报告中所载的合并财务报表及其脚注。

简明合并财务报表包含Terex Corporation、其控股子公司及其他受控子公司（“Terex”或“本公司”）的账目。

管理层认为，已作出其认为为公允列报这些中期财务报表所必需的调整。除另有披露外，所有此类调整均仅由正常经常性调整构成。截至2026年9月 30日止三个月和九个月的经营业绩不一定代表截至2026年12月 31日止年度的预期业绩。

自2026年1月1日起，本公司自愿变更分类和列报方式，将与客户关系和商品名称相关的有限使用年限无形资产摊销列为运营费用，而非销售成本。与技术、土地使用权及其他无形资产相关的摊销费用仍列为销售成本。我们认为，此项分类和列报变更更好地将直接产生收入的相关成本对应起来。该分类和列报变更已反映在简明合并收益及综合收益表中，并追溯应用于所列报的以前期间。该变更对比较期间的影响是：截至2025年9月 30日止三个月和九个月的运营费用分别增加、销售成本相应减少$17 million和$52 million。

合并交易。 2025年10月29日，本公司与REV Group, Inc.（“REV”）签订最终合并协议。REV是一家上市的特种车辆及相关售后市场零部件和服务制造商及分销商；根据一项股票与现金交易（“REV交易”），本公司收购了REV全部已发行和流通在外的股份。2026年2月2日（“交割日”），本公司按照协议条款完成了REV交易。有关REV交易的更多信息，请参阅简明合并财务报表附注D——“收购及持有待售”。

2026年已实施的会计准则。 2025年7月，财务会计准则委员会（“FASB”）发布了 ASU 2025-05《金融工具——信用损失（主题 326）：应收账款和合同资产信用损失的计量》，其中提供了一项实务简便方法：在估计因按主题 606 核算的交易产生的流动应收账款和流动合同资产的预期信用损失时，假设资产负债表日的状况在资产存续期内保持不变。该准则适用于 2025年12月15日之后开始的财年及这些财年内的中期期间，允许提前采用。本公司于 2026年1月1日按前瞻性基础采用 ASU 2025-05，并选择采用该准则提供的实务简便方法。采用 ASU 2025-05 未对本公司的简明合并财务报表或披露产生重大影响。

尚待实施的会计准则。 2024年11月，FASB 发布了 ASU 2024-03《损益表费用分解（子主题 220-40）》，要求对损益表表面列示的某些费用项目（例如销售成本和销售、一般及管理费用）中包含的特定费用类别（包括存货采购、员工薪酬、无形资产摊销和折旧）作出更详细的披露。该准则适用于 2026年12月15日之后开始的财年，以及 2027年12月15日之后开始的财年内的中期期间。本公司目前正在评估该准则对合并财务报表披露的影响。

2025年11月，FASB 发布了 ASU 2025-08《金融工具——信用损失（主题 326）》。该更新中的修订将总额调整法的适用范围扩大至某些收购贷款，不再仅限于已发生信用

恶化的购入金融资产。新准则适用于 2026年12月15日之后开始的年度报告期间及这些财年内的中期期间，允许提前采用。该更新中的修订必须前瞻性地应用于初始采用日或之后收购的贷款。本公司预计采用该准则不会对其合并财务报表产生重大影响。

应收款项及呆账准备。截至 2026年9月30日和 2025年12月31日，应收款项分别包括 1,015 百万美元和 627 百万美元的贸易应收账款。贸易应收账款按开票金额入账且不计息。呆账准备是本公司对现有应收账款当前预期信用损失的估计，依据历史客户评估、当前财务状况以及合理且有依据的预测确定。当本公司认定应收款项无法收回时，将相关账户余额冲减呆账准备。本公司对预计应收账款回收情况的估计未必能代表未来结果，不能对此作出保证。

下表汇总了合并呆账准备的变动情况（单位：百万美元）：


	截至九个月
	2026年9月30日		2025年9月30日
期初余额	$	9			$	9
信用损失准备	2			3
其他 (1)	(2)			(2)
期末余额	$	9			$	10
(1) 包括已设立准备金的使用额（扣除回收额）以及汇率变动的影响。

收入确认。

合同负债

合同负债在简明合并资产负债表中称为客户预付款，指客户在公司履行相关履约义务之前支付对价的情形。履约义务完成并确认相关合同收入后，合同负债随之减少。本期确认的、与截至2025年12月31日和2024年12月31日尚未结清的合同负债相关的收入如下（单位：百万）：


	截至以下日期的三个月		截至以下日期的九个月
	2026年9月30日(1)		2025年9月30日	2026年9月30日(1)		2025年9月30日
本期确认的合同负债	$	41		$	4		$	135	$	31
(1) 包括截至2026年9月30日的三个月和九个月分别为$37 million和$104 million的金额，这些金额计入与REV交易相关而承接的$359 million合同负债余额。有关REV交易的更多信息，请参阅简明合并财务报表附注D——“收购和持有待售”。

在特种车辆业务分部，客户预付款按合同订立时确定的利率计息。截至2026年9月30日的三个月和九个月，客户预付款产生的利息费用分别为$5 million和$11 million，计入简明合并收益及综合收益表中的利息费用。

截至2026年9月30日，合同资产为$38 million；截至2025年12月31日，合同资产金额不重大。

剩余履约义务

公司估计，截至2026年9月30日和2025年12月31日，与报告期末尚未履行（或部分履行）的履约义务相关、预计未来确认的收入分别为$3,531 million和$39 million。我们预计将在未来十二个月内将公司尚未履行（或部分履行）的履约义务约42%确认为收入，其余余额将在此后确认。公司采用了准则中的实务简便方法，因此未披露以下尚未履行的履约义务：(i) 原预计期限为一年或更短的合同；以及(ii) 公司按其有权就已提供服务开具发票的金额确认收入的合同。

供应商融资。公司与第三方金融机构签订了无担保协议，以便为供应商融资计划提供便利。这些计划允许符合条件的供应商根据自身选择，按发票逐笔将其对公司的应收款出售给金融机构，并直接与金融机构协商未结应收款安排及相关费用。公司不是供应商与金融机构之间协议的当事方。Terex 或银行可提前 30 天通知终止协议。根据这些计划确认有效的供应商发票，须在发票日期后 120 天内全额支付。截至 2026 年 9 月 30 日和 2025 年 12 月 31 日，未结确认债务金额分别为 51 百万美元和 36 百万美元。这些计划下的未结确认债务金额计入公司简明合并资产负债表中的贸易应付账款。

担保。公司向金融机构出具担保，涉及客户购买设备的融资。公司根据对客户历史评估、当前财务状况、合理且有依据的预测、设备抵押品价值及其他因素的考量，评估损失或未履约的可能性。公司在合同风险敞口期间计提预期损失准备金。有关向金融机构出具的担保的更多信息，请参阅附注 J——“诉讼及或有事项”。

应计保修。公司根据索赔经验计提潜在保修索赔准备金。公司产品通常附有标准保修，涵盖在固定期限、固定运行小时数或两者兼有期间发生的缺陷。各业务部门针对其提供的产品提供特定保修。各业务部门提供的具体保修取决于客户预期和竞争因素。

产品销售时，公司即计提预计保修索赔负债。产品保修负债的流动部分计入公司简明合并资产负债表中的其他流动负债，非流动部分计入其他非流动负债。该负债根据每种已售产品的历史保修索赔经验确定。对于已知的设计改进或异常产品质量问题的影响，可对历史索赔经验进行调整。公司会根据可能影响潜在保修负债的已知事项更新假设。

下表汇总了合并产品保修负债的变动情况（单位：百万美元）：


	截至以下日期的九个月
	2026 年 9 月 30 日		2025 年 9 月 30 日
期初余额	$	50			$	54
因业务收购承担的负债	53			—
本期签发保修的应计额	70			37
估计变更	5			7
本期结算额	(68)			(47)
汇兑影响/其他	(3)			(1)
期末余额	$	107			$	50

衍生品。衍生金融工具在简明合并资产负债表中按公允价值列示为资产或负债。衍生品公允价值的变动每期计入收益或累计其他综合收益（亏损）（“AOCI”），具体取决于衍生品是否被指定为套期交易的一部分且套期有效；如是，则还取决于套期交易的类型。AOCI 中报告的衍生工具损益，会在被套期项目影响收益的期间计入收益。指定为净投资套期工具的衍生品包括交叉货币互换，其未偿名义金额在2026年9月30日和2025年12月31日均为$470 million。截至2026年9月30日和2025年12月31日，公司未指定为套期工具的未平仓外汇合约名义金额分别为$180 million和$114 million。在截至2026年和2025年9月30日的三个月和九个月期间，不符合套期会计条件的衍生金融工具在收益中确认的净损益对我们的经营业绩并无重大影响。在截至2026年和2025年9月30日的三个月和九个月期间，符合条件的套期相关、从AOCI重分类至收益的净损益对我们的经营业绩并无重大影响；公司预计下一年度将重分类至收益的此类损益金额也不会重大。

公允价值计量。根据《会计准则汇编》（“ASC”）820“公允价值计量与披露”（“ASC 820”）的规定，按经常性基础以公允价值计量的资产和负债包括商品互换、交叉货币互换、外汇合约、可交易证券投资以及非合格补充高管退休计划（“SERPs”）等。这些资产和负债采用可观察市场数据进行估值，或按未来现金收付款的现值估值，适用于

类似资产和负债。ASC 820为以公允价值计量的工具设立了公允价值层级，用以区分基于市场数据的假设（可观察输入值）和公司的假设（不可观察输入值）。该层级分为三级：

第1级——计量日可进入的活跃市场中，相同且不受限制的资产或负债的未经调整报价；

第2级——非活跃市场中的报价，或在资产或负债几乎整个期限内可直接或间接观察到的输入值；以及

第3级——需要使用对公允价值计量具有重大影响且不可观察的输入值（即市场活动很少或没有市场活动支持）的价格或估值技术。

确定资产或负债在该层级中所属的类别需要作出判断。公司每季度评估其层级披露。公司对合并财务报表中按公允价值确认或披露的所有金融资产和负债采用公允价值会计处理。

公司在 Rabbi Trust 中持有投资，用于公司的非合格 SERP。截至 2026 年 9 月 30 日，这些投资的总价值为 31 million 美元；截至 2025 年 12 月 31 日为 33 million 美元，并被视为按 Level 1 计量。Rabbi Trust 资产可能受到公司债权人的索偿。某一项 SERP（固定福利计划）已冻结，不再接受新参与者。

附注 B – 业务分部信息

公司根据业务活动的管理和评估方式确定其经营分部。自 2026 年 2 月 2 日起，因 REV Transaction，公司将业务报告为以下可报告分部：(i) 环境解决方案（“ES”）、(ii) 材料加工（“MP”）、(iii) 专用车辆（“SV”）和 (iv) 高空作业设备。公司的环境解决方案集团（“ESG”）和公用事业经营分部具有相似的经济特征，因此合并为一个可报告分部 ES。

ES 设计、制造、维修和销售废弃物、回收及公用事业设备和解决方案，包括垃圾收集车厢、液压垃圾桶提升机、自动化垃圾桶、压实机、打包机和回收设备、挖掘钻机、绝缘高空作业设备，以及集成智能技术的摄像头；还包括相关组件和替换零件，以及垃圾运输软件解决方案。客户在固体废弃物和回收行业，以及输电和配电线路建设与维护、树木修剪和地基钻探等应用中使用这些产品。

MP 设计、制造、维修和销售材料加工及专用设备，包括破碎机、清洗系统、筛分机、滚筒筛、板式给料机、物料搬运机、提运式起重机、木材加工、生物质和回收设备、混凝土搅拌车和混凝土摊铺机、输送机，以及相关组件和替换零件。客户在建筑、基础设施和回收项目、各种采石和采矿应用，以及景观美化和生物质生产行业、物料搬运应用和设备或物料起吊应用中使用这些产品。

SV 设计、制造、维修和销售商用及定制消防车和救护车，主要面向消防部门、机场、其他政府单位、承包商、医院及其他护理服务提供者；还生产用于终端类型作业（即铁路货场、仓库、铁路终端及航运终端/港口）的卡车，以及面向商业和租赁市场的工业扫路车。SV 还制造、销售和分销 A 级休闲车（“RVs”）（采用重型底盘、配置柴油或汽油发动机的房车），以及 C 级 RV（采用厢式货车或商用卡车底盘的房车）。

Aerials 设计、制造、维修和销售高空作业平台设备和伸缩臂叉装车，以及相关组件和替换零件。客户使用这些产品建造和维护工业、商业、机构及住宅建筑和设施，用于娱乐行业相关用途及其他商业运营，也用于广泛的基础设施项目。

公司通过 Terex Financial Services（“TFS”）协助客户租用、租赁和购置其产品。TFS 运用其设备融资专业知识，提供金融产品和服务，协助客户采购 Terex 设备。TFS 计入公司及其他。

公司及其他还包括四个可报告分部之间的抵销，以及一般和公司项目。

公司的首席运营决策者（“CODM”）使用调整后营业利润和调整后 EBITDA 来评估分部业绩并分配资源。根据 ASC 280，公司评估了需报告的分部损益指标，并认定调整后营业利润是与美国公认会计原则（U.S. GAAP）最一致的指标。因此，随附分部信息将调整后营业利润列为公司规定的分部损益指标。此列报变更已追溯应用，且前期分部信息已重述，以符合本年度列报方式。此项变更未影响公司的简明合并财务报表。

业务分部信息如下（单位：百万）：


	截至2026年9月30日的三个月
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
净销售额	$	400			$	434		$	657			$	709		$	(3)			$	2,197

减： (1)
调整后销售成本	309			314			527		609					1,759
调整后销售、一般及行政费用	35			41			31		45					152
调整后分部营业利润	$	56			$	79		$	99			$	55				$	289

公司及其他 / 抵销										(41)
重组及其他										15
购买价会计										(57)
资产剥离										(23)

合并营业利润										$	183
净利息支出										(44)
其他净支出										(4)
税前收入										$	135

(1) 重大费用类别及金额与定期提供给首席运营决策者的分部层级信息相一致。所示金额包含分部间费用。调整后销售成本和调整后销售、一般及行政费用不包括影响各期间分部业绩可比性的某些一次性成本及其他项目；这些项目列作与合并营业利润调节表中的调节项目。


	截至2026年9月30日的九个月
	ES		MP	SV		Aerials	公司及其他 / 抵销		总计
净销售额	$	1,267		$	1,317		$	1,744			$	1,851	$	(10)			$	6,169

减： (1)
调整后销售成本	962		971		1,409		1,630					4,972
调整后销售、一般及行政费用	104		127		89		141					461
调整后分部营业利润	$	201		$	219		$	246			$	80			$	746

公司及其他 / 抵销									(190)
重组及其他									8
购买价会计									(256)
资产剥离									(20)

合并营业利润									$	288
净利息支出									(133)
其他净支出									(8)
税前收入									$	147

(1) 重要费用类别及金额与定期提供给首席运营决策者的分部层面信息一致。所示金额包括分部间费用。调整后销售成本以及调整后销售、一般及行政费用不包括某些一次性成本及其他项目的影响；这些项目会影响不同期间分部业绩的可比性，并在与合并营业利润的调节中作为调节项目列示。


	截至2025年9月30日的三个月
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
净销售额	$	435			$	417		$	—			$	537		$	(2)			$	1,387

减： (1)
调整后销售成本	320			321			—		442					1,083
调整后销售、一般及行政费用	36			45			—		45					126
调整后分部营业利润	$	79			$	51		$	—			$	50				$	180


公司及其他 / 抵销										(15)
重组及其他										(5)
购买价分摊										(20)

合并营业利润										$	140
利息费用净额										(42)
其他费用净额										(4)
所得税前利润										$	94


	截至2025年9月30日的九个月
	ES		MP		SV		Aerials		公司及其他 / 抵销		总计
净销售额	$	1,264			$	1,253			$	—			$	1,594		$	(8)			$	4,103

减： (1)
调整后销售成本	921		970		—			1,341					3,232
调整后销售、一般及行政费用	105			136			—			141					382
调整后分部营业利润	$	238			$	147			$	—			$	112				$	497


公司及其他 / 抵销											(67)
重组及其他											(20)
购买价分摊											(62)
诉讼相关											(10)
合并营业利润											$	338
利息费用净额											(125)
其他费用净额											(4)
所得税前利润											$	209


	截至9月30日的三个月，		截至9月30日的九个月，
	2026		2025		2026		2025




























折旧及摊销



ES	$	25			$	24			$	74	$	73
MP	5			5			15		15
SV	47		—			125		—
Aerials	7			7			20		19
公司	4			2			12		6
总计	$	88			$	38			$	246	$	113
资本支出


ES	$	9			$	9			$	24	$	23
MP	4			4			8		12
SV	15			—			36		—
Aerials	3			6			15		36
公司	—			5			7		13
总计	$	31			$	24			$	90	$	84


	2026年9月30日		2025年12月31日
可辨认资产

ES	$	2,526			$	2,523
MP	1,003			979
SV	4,362			—
Aerials	1,582			1,443
公司	823			1,194

总计	$	10,296			$	6,139

分部之间的销售通常按可收回成本加合理利润加成定价，并在合并时抵销。

按地理区域划分的净销售额如下（单位：百万）：


	截至三个月 2026年9月 30日
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
按地区划分的净销售额
北美	$	393			$	197		$	647			$	570			$	—	$	1,807
西欧	—			103			—		87			—			190
亚太	1		96			3		25			—			125
世界其他地区 (1)	6		38			7		27			(3)			75
总计 (2)	$	400			$	434		$	657			$	709			$	(3)	$	2,197

(1) 包括公司间销售额和抵销额。

(2) 所有分部合计销售额中，截至2026年9月 30日的三个月有$1,713 百万归属于美国，即公司的注册所在地。



	截至九个月 2026年9月 30日
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
按地区划分的净销售额
北美	$	1,246			$	602		$	1,724			$	1,434			$	—	$	5,006
西欧	—			311			—		275			—			586
亚太	5			287			5		66			—			363
世界其他地区 (1)	16			117			15	76			(10)			214
总计 (2)	$	1,267			$	1,317		$	1,744			$	1,851			$	(10)	$	6,169

(1) 包括公司间销售额和抵销额。

(2) 所有分部合计销售额中，截至2026年9月 30日的九个月有$4,718 百万归属于美国，即公司的注册所在地。


	截至三个月 2025年9月 30日
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
按地区划分的净销售额
北美	$	430			$	179		$	—		$	387		$	—	$	996
西欧	—			105			—		92		—		197
亚太	2			90			—		28		—		120
世界其他地区 (1)	3			43			—		30		(2)		74
总计 (2)	$	435			$	417		$	—		$	537		$	(2)	$	1,387

(1) 包括公司间销售额和抵销额。

(2) 所有分部合计销售额中，截至2025年9月 30日的三个月有$929 百万归属于美国，即公司的注册所在地。



	截至九个月 2025年9月 30日
	ES		MP		SV		Aerials	公司及其他 / 抵销		总计
按地区划分的净销售额
北美	$	1,252			$	551		$	—		$	1,176		$	2	$	2,981
西欧	—			328			—		246		—		574
亚太	4			246			—		82		—		332
世界其他地区 (1)	8			128			—		90		(10)		216
总计 (2)	$	1,264			$	1,253		$	—		$	1,594		$	(8)	$	4,103

(1) 包括公司间销售额和抵销额。

(2) 所有分部合计销售额中，截至2025年9月 30日的九个月有$2,737 million归属于美国，即公司的注册所在地。

公司根据客户所在地，将对非关联客户的销售额归入不同地理区域。

附注C – 所得税

截至2026年9月30日止三个月，公司确认所得税费用 21 million，税前收入为 135 million，有效税率为 15.6%；而截至2025年9月30日止三个月，所得税费用为 29 million，税前收入为 94 million，有效税率为 31.4%。与截至2025年9月30日止三个月相比，截至2026年9月30日止三个月的有效税率较低，主要是由于有利的离散项目增加。

截至2026年9月30日止九个月，公司确认所得税费用 16 million，税前收入为 147 million，有效税率为 11.0%；而截至2025年9月30日止九个月，所得税费用为 51 million，税前收入为 209 million，有效税率为 24.5%。与截至2025年9月30日止九个月相比，截至2026年9月30日止九个月的有效税率较低，主要是由于有利的离散项目增加。

2022年12月15日，欧盟（“EU”）成员国正式通过欧盟第二支柱指令，该指令总体上规定大型企业的最低有效税率为15%，此标准由经济合作与发展组织（“OECD”）第二支柱框架确立。我们运营所在的若干国家已依据 OECD 过渡性安全港规则通过相关立法，其他国家仍在制定立法。此外，OECD 继续就此事项发布指导意见，包括2026年1月5日发布的技术文件。在该文件中，OECD 发布了行政指导，其中包含一项“并行制度”，旨在使美国税制与第二支柱对接，适用于美国母公司的跨国集团，且对2026年1月1日或之后开始的纳税年度生效。公司认定，已颁布的第二支柱立法对其财务报表的影响并不重大；随着更多第二支柱规则颁布及 OECD 发布指导意见，公司将继续评估对财务报表的影响。

2025年7月4日，美国总统签署《大而美法案》（“OBBBA”）（H.R.1），使其成为法律。OBBBA 包含多项对美国企业税收产生影响的重要条款，生效日期各不相同。2025年生效的变化包括调整国内研发成本资本化规定、加快固定资产及其他符合条件财产的折旧，以及限制利息费用扣除。2026年生效的变化包括对若干国际税收条款的调整等。OBBBA 的影响已反映在我们截至2026年9月30日止三个月及九个月的业绩中。该法案对我们的所得税费用或有效税率没有重大影响。

附注 D – 收购及持有待售

REV Group, Inc. 收购

在交割日，公司根据与 REV 签订的最终合并协议条款完成了 REV 交易。自交割日起，REV 的业绩已计入公司的简明合并收益及综合收益表。暂定购买对价为 $3,384 million，依据是将 REV 每股已发行股份转换为 0.9809 股 Terex 股票并支付 $8.71 现金（合计 $426 million），结清 REV 欠第三方银行、且须在交割时偿还的未偿债务，以及估算转换的未归属股份奖励中归属于合并前服务部分的公允价值。REV 交易完成后，REV 股份转换时额外发行了 47.9 million 股 Terex 股票。

REV 的客户群多元化，主要位于美国，其产品销往市政机构、政府部门、私人承包商、消费者以及工业和商业终端用户。REV 提供定制车辆解决方案，适用于公共服务（救护车和消防设备）等基本需求、商业基础设施（码头牵引车和工业清扫车）以及消费者休闲（机动休闲车）等领域。REV 交易促成了一家多元化特种设备制造商，产品涵盖应急、废弃物处理、公用事业、环境、材料加工设备及移动式升降工作平台，所处终端市场具有周期性较低和长期增长前景良好的特点。

下表汇总了暂定购买对价的组成部分（除每股信息和换股比例外，单位为百万）：



REV 已发行股份(1)	48.9
现金对价（每股 REV 股份）	$	8.71
购买价款中的现金部分	$	426
结清 REV 未偿债务	122
转让的现金对价总额	$	548

REV 已发行股份(1)	48.9
换股比例	0.9809
发行的 Terex 普通股总数	47.9
Terex 股价(2)	$	58.99
购买价款中的股权部分	$	2,828

转换的未归属股份奖励中归属于合并前服务部分的公允价值(3)	$	8
转让的暂定对价总额	$	3,384

(1)指截至 2026 年 2 月 1 日 REV 的已发行股份。 (2)指截至 2026 年 2 月 2 日 Terex 的股价。 (3)指截至 2026 年 2 月 2 日的公允价值估算。

收购的净资产

The application of purchase accounting under ASC 805 requires the recognition and measurement of the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. The net assets and liabilities of REV were recorded at their estimated fair value using Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations, future revenue growth, profitability, appropriate discount rates, attrition rates, royalty rates, growth rates and economic lives. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, the purchase accounting remains provisional and is subject to change during the measurement period, which extends for up to one year from the Closing Date, as the Company continues to evaluate certain assets acquired and liabilities assumed and finalize the related independent valuations. As a result, the provisional amounts recognized for certain assets acquired and liabilities assumed, such as contingencies and income tax positions, may change materially as the analysis is completed.

The following table summarizes the preliminary estimated fair values of the REV assets acquired and liabilities assumed and related deferred income taxes as of the Closing Date (in millions).


	February 2, 2026
Cash acquired	$	81
Receivables, net	183
Inventories, net	615
Prepaid and other current assets	71
Property, plant & equipment, net	203
Goodwill	1,428
Identified intangibles subject to amortization	1,266
Identified indefinite-lived intangibles	786
Other assets	43
Total assets acquired	$	4,676

Trade accounts payable	193
Short-term customer advances	176
Other current liabilities	184
Long-term deferred tax liabilities	484
Long-term customer advances	183
Other non-current liabilities	72
Total liabilities assumed	$	1,292
Net assets acquired	$	3,384

As a result of the Company's continued evaluation of facts and circumstances that existed as of the acquisition date, preliminary purchase accounting estimates made in the prior period were revised during the quarter ended September 30, 2026. These measurement period adjustments resulted in a decrease of approximately $4 million to inventories, and a $63 million increase to identifiable intangible assets with a corresponding increase to long-term deferred tax liabilities of $14 million. These adjustments, among others, resulted in a corresponding decrease of approximately $42 million to goodwill. The income statement impact of all measurement period adjustments was recognized in current period income, within Amortization expense or Cost of goods sold, as applicable. These updates would not have had a material impact on the Company’s results of operations for the three months ended March 31, 2026 and the three and six months ended June 30, 2026, had the measurement period adjustments been known at that time.

Goodwill of $1,428 million resulting from the merger was assigned to the newly created SV segment. Goodwill consists of intangible assets that do not qualify for separate recognition which include assembled workforce and expected synergies from the business combination. The Company will finalize the allocation of goodwill to the SV segment’s reporting units during the measurement period as additional information becomes available.

The following table summarizes the preliminary determination of the fair values of identifiable indefinite and finite-lived intangible assets acquired (in millions):


	Weighted Average Life (in years)	Gross Carrying Amount
Indefinite-lived intangible assets:
Trade names	N/A	$	786
Finite-lived intangible assets:
Backlog	2	232
Trade names	20	17
Customer relationships	15	830
Non-competition agreements	3	19
Technology	12	168
Total Indefinite and Finite-lived intangible assets		$	2,052

Acquisition-Related Expenses

The Company has incurred transaction costs directly related to the REV Transaction of $1 million and $19 million for the three and nine months ended September 30, 2026, which are recorded in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statements of Income and Comprehensive Income.

Unaudited Actual and Pro Forma Information

The Company’s consolidated Net sales and Net income attributable to Terex Corporation for the three months ended September 30, 2026 include $657 million and $39 million, respectively, related to the REV business. For the period from February 2, 2026 through September 30, 2026, the Company’s consolidated Net sales and Net income attributable to Terex Corporation include $1,744 million and $17 million, respectively, related to the REV business.

The following unaudited pro forma information has been presented as if the REV Transaction occurred on January 1, 2025. This information is based on historical results of operations, which were adjusted for acquisition-related expenses, acceleration of stock-based compensation, amortization of finite-lived intangible assets, fair value step-up of inventory and depreciation of property, plant, and equipment, all related to the REV Transaction, among other adjustments. The unaudited pro forma information is not necessarily indicative of what the results would have been had the Company operated the business since January 1, 2025, nor does it intend to be a projection of future results.


(in millions, except per share data)	Three Months Ended September 30,		Nine Months Ended September 30,

	2026		2025		2026		2025
Net sales	$	2,197			$	2,017		$	6,359	$	5,981
Net income	112			68			247		20
Basic earnings per share	0.99			0.60			2.18		0.18

Diluted earnings per share	0.98			0.59			2.16		0.17

Held for Sale

In connection with a strategic review of the product portfolio, the Company was pursuing the sale of certain assets and liabilities of Capacity of Texas, Inc. (“Capacity”) and Mobile Products, Inc. (“LayMor”), two businesses within the Specialty Vehicles segment. The assets and liabilities to be divested in connection with this transaction met the held for sale criteria as of September 30, 2026. The carrying value of the assets and liabilities held for sale was greater than the estimated sales proceeds, less expected costs to sell, resulting in a non-cash loss of $17 million. As part of contract negotiations the Company also agreed to indemnify the buyer for certain items which increased the total loss by $3 million. The total loss of $20 million is included in Selling, general and administrative expenses in the Unaudited Condensed Consolidated Statements of Income and Comprehensive Income for the three months ended September 30, 2026.

As of September 30, 2026, assets and liabilities held for sale were included in Prepaid and other current assets and Other current liabilities, respectively, in the Unaudited Condensed Consolidated Balance Sheet. Assets and liabilities held for sale consisted of the following balances:


	September 30, 2026
ASSETS
Receivables, net	$	21
Inventories, net	37
Property, plant & equipment, net	3
Goodwill	3
Intangible assets, net	6
Loss on assets held for sale	(17)
Total assets held for sale	$	53

LIABILITIES
Trade accounts payable	$	17
Accrued warranty	2
Other liabilities	1
Total liabilities held for sale	$	20

The Company completed the sale of Capacity and LayMor on October 23, 2026. Refer to Note L, Subsequent Events, for further details.

NOTE E – EARNINGS PER SHARE


(in millions, except per share data)	Three Months Ended September 30,		Nine Months Ended September 30,

	2026		2025		2026		2025
Income from continuing operations	$	114			$	65		$	131	$	158
Income from discontinued operations – net of tax	$	—			$	—		$	4	$	—

Net income	$	114			$	65		$	135	$	158
Basic:
Weighted average shares outstanding	113.3			65.6			107.5		65.9
Earnings per share – basic:
Income from continuing operations	$	1.01			$	0.99		$	1.22	$	2.40
Income from discontinued operations – net of tax	—			—			0.04		—

Earnings per share	$	1.01			$	0.99		$	1.26	$	2.40
Diluted:
Basic weighted average shares outstanding	113.3			65.6			107.5		65.9

Effect of dilutive restricted stock	0.7			0.6			0.8		0.5
Diluted weighted average shares outstanding	114.0			66.2			108.3		66.4
Earnings per share – diluted:
Income from continuing operations	$	1.00			$	0.98		$	1.21	$	2.38
Income from discontinued operations – net of tax	—			—			0.04		—

Earnings per share	$	1.00			$	0.98		$	1.25	$	2.38

Non-vested restricted stock awards and restricted stock units (“Restricted Stock”) granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share using the treasury stock method. Weighted average Restricted Stock of approximately 0.4 million and 0.1 million were outstanding during the three months ended September 30, 2026 and 2025, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance. Weighted average Restricted Stock of approximately 0.3 million and 0.3 million were outstanding during the nine months ended September 30, 2026 and 2025, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance.

NOTE F – INVENTORIES

Inventories consist of the following (in millions):


	September 30, 2026		December 31, 2025
Finished equipment	$	370			$	373
Replacement parts	208			190
Work-in-process	364			107
Raw materials, chassis, and supplies	689			439

Inventories	$	1,631			$	1,109

Inventory reserves were $81 million and $68 million at September 30, 2026 and December 31, 2025, respectively.

NOTE G – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment – net consist of the following (in millions):


	September 30, 2026		December 31, 2025
Property - Land and land improvements	$	123			$	93
Plant - Building and building improvements	466			374
Equipment	814			666
Leasehold improvements	67			63
Construction in progress	78			79
Property, plant and equipment – gross	1,548			1,275
Less: Accumulated depreciation	(582)			(515)
Property, plant and equipment – net	$	966			$	760

Depreciation expense was $26 million and $18 million for the three months ended September 30, 2026 and 2025, respectively, and $73 million and $50 million for the nine months ended September 30, 2026 and 2025, respectively.

NOTE H – GOODWILL AND INTANGIBLE ASSETS

The Company’s goodwill by business segment is as follows (in millions):


	September 30, 2026		December 31, 2025
	Goodwill, Gross		Accumulated Impairment		Goodwill, Net		Goodwill, Gross	Accumulated Impairment		Goodwill, Net
ES	$	796			$	—		$	796		$	796		$	—	$	796
MP	214			(23)			191		217		(23)		194
SV	1,425			—			1,425		—		—		—
Aerials	140			(39)			101		140		(39)		101
Total	$	2,575			$	(62)		$	2,513		$	1,153		$	(62)	$	1,091

An analysis of changes in the Company’s net carrying value of goodwill by business segment is as follows (in millions):


	ES		MP		SV		Aerials	Total
Balance at December 31, 2025, net	$	796			$	194		$	—	$	101	$	1,091
Acquisitions	—			—			1,428		—	1,428
Reclass to held-for-sale	—			—			(3)		—	(3)
Foreign exchange effect and other	—			(3)			—		—	(3)
Balance at September 30, 2026, net	$	796			$	191		$	1,425	$	101	$	2,513

Intangible assets, net were comprised of the following (in millions):


	September 30, 2026		December 31, 2025
	Gross Carrying Amount		Accumulated Amortization		Net Carrying Amount		Gross Carrying Amount	Accumulated Amortization		Net Carrying Amount
Finite-lived intangible assets:
Technology	$	320			$	(41)		$	279		$	153		$	(19)	$	134
Customer relationships	1,683			(151)			1,532		860		(103)		757
Trade names	169			(31)			138		153		(21)		132
Land use rights	4			(1)			3		4		(1)		3
Backlog	232			(84)			148		—		—		—
Non-competition agreement	19			(5)			14		—		—		—
Other	18			(17)			1		17		(16)		1
Total finite-lived intangible assets	$	2,445			$	(330)		$	2,115		$	1,187		$	(160)	$	1,027
Indefinite-lived trade names	786			—			786		—		—		—
Total intangible assets	$	3,231			$	(330)		$	2,901		$	1,187		$	(160)	$	1,027

Aggregate intangible asset amortization expense, which is recognized based upon the pattern in which the economic benefits of the related intangible assets are consumed or, for certain intangibles, on a straight-line basis, was $62 million and $20 million for the three months ended September 30, 2026 and 2025, respectively, of which $9 million and $3 million, respectively, was recorded in Cost of goods sold in the Condensed Consolidated Statements of Income and Comprehensive Income.

Aggregate intangible asset amortization expense was $172 million and $61 million for the nine months ended September 30, 2026 and 2025, respectively, of which $24 million and $9 million, respectively, was recorded in Cost of goods sold in the Condensed Consolidated Statements of Income and Comprehensive Income.

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):



2026 (remaining three months)	$	61
2027	255
2028	239
2029	220
2030	203

NOTE I – LONG-TERM OBLIGATIONS

Long-term debt is summarized as follows (in millions):


	September 30, 2026		December 31, 2025
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $2 million and $3 million at September 30, 2026 and December 31, 2025, respectively	$	598			$	597
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $13 million and $15 million at September 30, 2026 and December 31, 2025, respectively	737			735
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $15 million and $17 million at September 30, 2026 and December 31, 2025, respectively; and unamortized original issue discount of $4 million and $5 million at September 30, 2026 and December 31, 2025, respectively	1,212			1,218
Credit Agreement - revolving line of credit expires on October 8, 2029	—			—
Secured borrowings	20			21
Finance lease obligations	11			11
Other	—			2
Total debt	2,578			2,584
Less: Current portion of long-term debt	(24)			(6)

Long-term debt, less current portion	$	2,554			$	2,578

Credit Agreement

On October 8, 2024, the Company entered into an Incremental Assumption Agreement, Borrowing Subsidiary Agreement and Amendment No. 2 to its Amended and Restated Credit Agreement dated April 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) with certain of the Company’s subsidiaries, the lenders and issuing banks party thereto and UBS AG as successor administrative agent and successor collateral agent. The amendment increased the Company’s existing revolving credit facilities (the “Revolver”) to $800 million and extended the maturity of the Company’s existing revolving credit facilities to expire on October 8, 2029 (the “New Revolving Credit Facilities”) and provided for a new seven-year term loan facility in an aggregate principal amount of $1,250 million with a maturity date of October 8, 2031 (the “New Term Facility”, together with the New Revolving Credit Facilities, the “New Credit Facilities”). In addition, the amendment increased the size of the letter of credit facility, provides for the issuance of letters of credit (the “L/C Facility”) of up to $500 million (the utilization of which would decrease availability under the New Revolving Credit Facilities) and permits the Company to have additional secured facilities for the issuance of letters of credit outside of the Amended Credit Agreement (the “Additional L/C Facility”) of up to $400 million (the utilization of which would not decrease availability under the New Revolving Credit Facilities). The aggregate amount of letters of credit which the Company may issue under the L/C Facility and the Additional L/C Facility may not at any time exceed $500 million, of which up to $400 million may be issued under the Additional L/C Facility. Borrowings under the New Term Facility initially bear interest at a per annum rate equal to Term SOFR, plus 2.00% subject to a stepdown of 0.25% based on achieving and maintaining a first lien net leverage ratio equal to or less than 0.50x. On August 12, 2025, the borrowing rate of the New Term Facility was amended by a Refinancing Facility Agreement and additional amendment to the Credit Agreement (the “Amended Credit Agreement”), that lowered the Company’s U.S. Dollar denominated term loans to bear interest at a rate of SOFR plus 1.75%, and reduced the spread on the revolving credit facilities by 12.5 to 25 basis points. The Company’s obligations under the Credit Agreement are guaranteed by its material domestic subsidiaries and secured by substantially all domestic assets of the Company and such subsidiaries, as well as certain equity interests in material foreign subsidiaries, in each case subject to certain exceptions.

The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and default provisions. The covenants limit, in certain circumstances, the Company’s ability to take a variety of actions, including, but not limited to: incurring or guaranteeing additional indebtedness or issuing preferred equity; creating or maintaining liens; making investments; paying dividends or making other restricted payments; consolidating or merging or transferring all or substantially all of the Company’s assets and the assets of the Company’s subsidiaries; transferring or selling assets, including stock of the Company’s subsidiaries; and redeeming debt. In particular, the New Revolving Credit Facilities require the Company to maintain a first lien net leverage ratio of not more than 3.00x, which will be tested only if more than 30% of the total revolving credit commitments extended under the New Revolving Credit Facilities are utilized as of the last day of any fiscal quarter, subject to certain exclusions. The New Term Facility does not have the benefit of, or have any rights with respect to, the financial maintenance covenant. The Amended Credit Agreement provides for customary events of default which include, among other things, (subject in certain cases to customary grace and cure periods) defaults based on (i) the failure to make payments under the Indenture when due, (ii) breach of covenants, (iii) the occurrence of a default under other material indebtedness, (iv) a change of control, (v) bankruptcy events and (vi) material judgments. The Company was in compliance with all covenants contained in the Amended Credit Agreement as of September 30, 2026.

The Company obtains letters of credit that generally serve as collateral for certain liabilities included in the Condensed Consolidated Balance Sheets and guarantee the Company’s performance under contracts. Letters of credit can be issued under two facilities provided in the Amended Credit Agreement and via bilateral arrangements outside the Amended Credit Agreement.

The Company also has bilateral arrangements to issue letters of credit with various other financial institutions (the “Bilateral Arrangements”). The Bilateral Arrangements are not secured under the Amended Credit Agreement and do not decrease availability under the Revolver.

Letters of credit outstanding (in millions):


	September 30, 2026		December 31, 2025

$500 Million Facility	$	—			$	—
$400 Million Facility	149			45
Bilateral Arrangements	7			5
Total	$	156			$	50

5% Senior Notes

In April 2021, the Company sold and issued $600 million aggregate principal amount of Senior Notes Due 2029 (“5% Notes”) at par in a private offering. The proceeds from the 5% Notes, together with cash on hand, were used: (i) to fund redemption and discharge of 5-5/8% Senior Notes and (ii) to pay related premiums, fees, discounts and expenses. The 5% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in Long-term debt in the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025. The Company may redeem the 5% Notes in whole or in part, on or after May 15, 2024, at the redemption prices set forth in an indenture dated as of April 1, 2021.

6.25% Senior Notes

On October 8, 2024, the Company sold and issued $750 million aggregate principal amount of Senior Notes Due 2032 (“6.25% Notes”) at par in a private offering. The proceeds from the 6.25% Notes, together with new term loan borrowings under the New Term Facility and cash on hand, were used to consummate the Company’s acquisition of ESG, and to pay the related fees, costs, and expenses. The 6.25% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in Long-term debt in the Condensed Consolidated Balance Sheets as of September 30, 2026 and December 31, 2025.

The Company may redeem the 6.25% Notes in whole or in part, on or after October 15, 2027, at the redemption prices set forth in an indenture dated as of October 8, 2024 (the “Indenture”). Prior to October 15, 2027, the Company may redeem the 6.25% Notes, in whole or in part, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the Indenture. In addition, prior to October 15, 2027, the Company may redeem up to 40% of the 6.25% Notes with an amount equal to the proceeds of certain equity offerings.

Secured Borrowings

In October 2023, the Company entered into a Framework Agreement to transfer value added tax (“VAT”) receivables to a financial institution in exchange for cash in advance. This arrangement was accounted for as a secured borrowing with a pledge of collateral for the cash proceeds received as the transfer does not meet the criteria for sale accounting. As a result, the VAT receivables pledged as collateral remain in receivables and a liability of $20 million and $21 million is presented in Current portion of long-term debt in the Condensed Consolidated Balance Sheets as of September 30, 2026 and in Long-term debt in the Consolidated Balance Sheet as of December 31, 2025, respectively. The short term debt classification as of September 30, 2026 is based on estimated timing of VAT refund from the Italian government which is expected to occur within 12 months.

Fair Value of Debt

The Company estimates the fair value of its debt set forth below as of September 30, 2026, as follows (in millions, except for quotes):


	Book Value		Quote		Fair Value

5% Notes	$	600			0.96625		$	580
6.25% Notes	750			0.97125		728
New Term Facility (net of discount)	1,227			1.00000		1,227

The fair value of debt reported in the table above is based on adjusted price quotations on the debt instruments in an inactive market. The Company believes that the carrying value of its other borrowings, including amounts outstanding, if any, for the revolving credit line under the Credit Agreement, approximates fair market value based on maturities for debt of similar terms. Fair values of debt reported in the table above are categorized under Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation” for an explanation of ASC 820 hierarchy.

NOTE J – LITIGATION AND CONTINGENCIES

General

The Company is involved in various legal proceedings, including product liability, general liability, workers’ compensation liability, employment, commercial, class actions, intellectual property and tax litigation, which arise in the normal course of operations. The Company is insured for product liability, general liability, workers’ compensation, employer’s liability, property damage and other insurable risks required by law or contract, with retained liability or deductibles. The Company records and maintains an estimated liability in the amount of management’s estimate of the Company’s aggregate exposure for such retained liabilities and deductibles. For such retained liabilities and deductibles, the Company determines its exposure based on probable loss estimations, which requires such losses to be both probable and the amount or range of probable loss to be estimable. The Company believes it has made appropriate and adequate reserves and accruals for its current contingencies and the likelihood of a material loss beyond amounts accrued is remote. The Company believes the outcome of such matters, individually and in aggregate, will not have a material adverse effect on its condensed consolidated financial statements. However, outcomes of lawsuits cannot be predicted and, if determined adversely, could ultimately result in the Company incurring significant liabilities which could have a material adverse effect on its results of operations.

Performance, Bid and Specialty Bonds

The Company is contingently liable under bid, performance and specialty bonds issued by the Company’s surety company. The balance of outstanding performance, bid and specialty bonds was $619 million and $35 million at September 30, 2026 and December 31, 2025, respectively. The September 30, 2026 balance primarily relates to REV. Losses incurred related to these arrangements have not been significant.

Credit Guarantees

The Company may assist customers in their rental, leasing and acquisition of its products by facilitating financing transactions directly between (i) end-user customers, distributors and rental companies and (ii) third-party financial institutions, providing recourse in certain circumstances. The current amount of the maximum liability is generally limited to our customer’s remaining payments due to the third-party financial institutions at the time of default; however, it cannot be reasonably estimated due to limited availability of the unique facts and circumstances of each arrangement, such as whether changes have been made to the structure of the contractual obligation between the funder and customer.

The maximum exposure determined for credit guarantees outstanding was $52 million as of September 30, 2026 and $53 million as of December 31, 2025. Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. The allowance for credit losses on credit guarantees was $6 million at September 30, 2026 and $5 million at December 31, 2025.

Certain businesses within the SV segment have repurchase agreements with certain lending institutions. The repurchase commitments are on an individual unit basis with a term from the date it is financed by the lending institution through the payment date by the dealer or other customer, generally not exceeding two years. The Company also repurchases inventory from dealers from time to time due to state law or regulatory requirements that require manufacturers to repurchase inventory if a dealership exits the business. The Company’s maximum contingent liability under such agreements was $460 million as of September 30, 2026, which represents the gross value of all vehicles under repurchase agreements. Such agreements are customary in the industries in which the Company operates and the Company’s exposure to loss under such agreements is limited by the resale value of the units which are required to be repurchased. Losses incurred under such arrangements have not been significant. The reserve for losses included in other liabilities on contracts outstanding was $2 million as of September 30, 2026.

There can be no assurance that historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees and repurchase agreements may be affected by economic conditions in used equipment markets at the time of loss.

Customer Owned Chassis

In certain businesses, the Company’s customers may provide their own vehicle chassis, at their sole discretion, in connection with specific vehicle orders. These vehicle chassis are stored at the Company’s various production facilities until the related value-added work is completed and the finished unit is shipped back to the customer. The customer does not transfer the vehicle chassis certificate of origin to the Company. Accordingly, such chassis are not owned by the Company when delivered or throughout the production process, and are, therefore, excluded from the Company’s inventory. The Company’s maximum contingent liability related to these vehicle chassis was $244 million as of September 30, 2026. Losses incurred related to these arrangements have not been significant; accordingly, no reserve has been recorded.

Tariffs

In February 2026, the U.S. Supreme Court issued a ruling invalidating tariffs previously imposed under the International Emergency Economic Powers Act (“IEEPA”). As a result of this ruling, the U.S. Court of International Trade issued an order directing the U.S. Customs and Border Protection (“CBP”) agency to begin formalizing a process for refunds. The CBP launched an online portal that can be used to submit IEEPA tariff refund requests. All requests, including the Company’s submitted claims, will be reviewed by the CBP to determine validity prior to the issuance of any refunds.

The Company accounts for potential recoveries of previously paid IEEPA tariffs in accordance with ASC 450-30, Gain Contingencies. Under this model, a potential recovery of previously paid IEEPA tariffs is not recognized until it is considered realized or realizable. Any refund recognized would be recorded as a reduction of Inventory to the extent the related inventory remains on hand, or as a reduction of Cost of goods sold for tariffs associated with inventory that has already been sold to the extent the refund amount is expected to be realized.

During the three and nine months ended September 30, 2026, the Company recognized benefits of $14 million and $40 million, respectively, for IEEPA tariff refunds received and realized during those periods. The Company will continue to monitor developments related to the refund process and assess their potential impact on its financial statements.

NOTE K – STOCKHOLDERS’ EQUITY

Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three and nine months ended September 30, 2026 and 2025. All amounts are net of tax (in millions).


	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025
	CTA	Derivative Hedging Adj.	Debt & Equity Securities Adj.	Pension Liability Adj.	Total	CTA	Derivative Hedging Adj.	Debt & Equity Securities Adj.	Pension Liability Adj.	Total
Beginning balance	$	(194)		$	(30)	$	(2)		$	(51)		$	(277)		$	(180)	$	(41)	$	(2)	$	(53)	$	(276)
Other comprehensive (loss) income before reclassifications	(2)		4		(1)	—		1			(13)		3	—		1	(9)
Amounts reclassified from AOCI	—		—		—	—		—			—		—	—		1	1
Net other comprehensive (loss) income	(2)		4		(1)	—		1			(13)		3	—		2	(8)
Ending balance	$	(196)		$	(26)	$	(3)		$	(51)		$	(276)		$	(193)	$	(38)	$	(2)	$	(51)	$	(284)



	Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
	CTA	Derivative Hedging Adj.	Debt & Equity Securities Adj.	Pension Liability Adj.	Total	CTA	Derivative Hedging Adj.	Debt & Equity Securities Adj.	Pension Liability Adj.	Total
Beginning balance	$	(172)		$	(37)	$	(2)		$	(54)		$	(265)		$	(338)	$	7	$	(3)	$	(48)	$	(382)
Other comprehensive (loss) income before reclassifications	(24)		11		(1)	1		(13)			145		(47)	1		(5)	94
Amounts reclassified from AOCI	—		—		—	2		2			—		2	—		2	4
Net other comprehensive (loss) income	(24)		11		(1)	3		(11)			145		(45)	1		(3)	98
Ending balance	$	(196)		$	(26)	$	(3)		$	(51)		$	(276)		$	(193)	$	(38)	$	(2)	$	(51)	$	(284)

Common Stock in Treasury

The Company values treasury stock on a cost basis. As of September 30, 2026, the Company held 22 million shares of common stock in treasury totaling $812 million, which include 0.7 million shares held in a trust for the benefit of the Company’s deferred compensation plan totaling $24 million.

Stock-Based Compensation

During the nine months ended September 30, 2026, the Company awarded 2 million shares of Restricted Stock to its employees with a weighted average fair value of $60.12 per share. Approximately 84% of these awards are time-based and vest ratably on each of the first three anniversary dates of the grants. Approximately 11% cliff vest at the end of a three-year period and are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. Approximately 5% cliff vest and are based on performance targets containing a market condition determined over a three-year period. Included within these amounts were approximately 1 million shares of replacement Restricted Stock awards issued to former REV employees in connection with the REV Transaction. Additionally, during the nine months ended September 30, 2026, the acceleration of certain awards related to the REV Transaction contributed incremental stock compensation expense of $25 million.

Fair value of time-based awards is based on the market price of our common stock at the date of grant approval. The fair value of performance-based awards, except for awards based on a market condition, is based on the market price of our common stock at the date of grant approval, except fair values are multiplied by the probability of achievement as of the period-end date. For awards based on a market condition, fair value is based on the Monte Carlo method at grant date. The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award. The Company used the Monte Carlo method to determine grant date fair value of $73.99 per share for awards with a market condition granted on March 15, 2026.

The following table presents the weighted-average assumptions used in the valuations:


	Grant date
	March 15, 2026
Dividend yields	1.14	%
Expected volatility	44.12	%
Risk-free interest rate	3.70	%
Expected life (in years)	3

Share Repurchases

In December 2022, Terex’s Board of Directors (“Board”) authorized the repurchase of up to $150 million of the Company’s outstanding shares of common stock. In July 2025, the Board authorized a further repurchase of up to $150 million of the Company’s outstanding shares of common stock. The table below presents shares repurchased, based on trading date, inclusive of transactions executed but not settled, by the Company under these programs.


Nine Months Ended September 30	Total Number of Shares Repurchased	Amount of Shares Repurchased (in millions)
2026	1,202,425	$74
2025	1,360,706	$53

The amounts presented in the table above exclude 44,598 and 64,134 shares of common stock purchased during the nine months ended September 30, 2026 and 2025, respectively, to satisfy requirements under the Company’s deferred compensation obligations to employees and non-employees.

Dividends

The table below presents the per share dividends declared by Terex’s Board and paid to the Company’s stockholders:


Year	First Quarter	Second Quarter	Third Quarter
2026	$	0.17		$	0.17	$	0.17
2025	$	0.17		$	0.17	$	0.17

In October 2026, the Board declared a dividend of $0.17 per share, which will be paid on December 18, 2026 to the Company’s stockholders of record as of November 9, 2026.

NOTE L – SUBSEQUENT EVENTS

On October 23, 2026, the Company completed the sale of the Capacity and LayMor businesses to Right Lane Industries for total consideration of approximately $33 million, pursuant to the terms of the related purchase agreement. Capacity and LayMor were previously reported within the SV segment. During the three and nine months ended September 30, 2026, the Company recognized a non-cash loss of $20 million to adjust the carrying value of the assets and liabilities of these businesses that were classified as held for sale as of September 30, 2026 to their fair value. The Company will recognize any adjustments to this non-cash loss in the fourth quarter 2026.

In October 2026, the Board authorized additional repurchases of up to $500 million of the Company’s outstanding shares of common stock. This authorization is in addition to the Company’s existing share repurchase programs of $150 million each, authorized in December 2022 and July 2025.


ITEM 2.	MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

BUSINESS DESCRIPTION

Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, customized vehicle solutions, mobile elevating work platforms (MEWPs), equipment for the electric utility industry, commercial and custom fire and ambulance vehicles, and recreational vehicles. We design, build, and support products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, the entertainment industry, emergency response, and the recreational vehicles market. We provide lifecycle support to our customers through our global parts and services organization, and offer complementary digital solutions, designed to help our customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. Our products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. We engage with customers through all stages of the product life cycle, from initial specification to parts and service support. We report our business in the following segments: (i) Environmental Solutions (“ES”), (ii) Materials Processing (“MP”), (iii) Specialty Vehicles (“SV”) and (iv) Aerials.

Overview

During the third quarter of 2026, the Company remained focused on executing its operating plan, integrating the legacy Terex and REV organizations, and deploying the Terex Operating System (“TOS”) across the enterprise to improve operational execution, reduce fixed costs, and drive productivity. The REV Transaction, which closed in the first quarter of 2026, significantly expanded our portfolio of specialty equipment businesses and strengthened our position in resilient, high-demand markets with attractive long-term growth potential. The operating results of REV are included in the newly created SV segment. We remain focused on realizing synergies, improving operational consistency, and leveraging the combined scale of the Company. See Note D - “Acquisitions and Held for Sale” in our Notes to Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Terex delivered solid results in the third quarter of 2026. Net sales for the three months ended September 30, 2026 were $2,197 million including $657 million generated by SV, compared to total Net sales of $1,387 million in the same period in the prior year. Adjusted operating profit for the three months ended September 30, 2026 was $260 million including $99 million generated by SV, compared to Adjusted operating profit of $168 million in the same period in 2025. Adjusted EBITDA for the three months ended September 30, 2026 was $286 million including adjusted EBITDA generated by SV of $105 million, compared to Adjusted EBITDA of $186 million in the same period in 2025. Additional information regarding segment specific results is provided in the “Results of Operations” section below. The Company’s free cash flow for the three months ended September 30, 2026 was $209 million compared to $130 million in the same period in 2025, reflecting higher profitability excluding the impact of purchase accounting for the three months ended September 30, 2026. Backlog as of September 30, 2026 was $7.0 billion, providing solid forward visibility.

North America remained our largest market, representing approximately 81% of total sales during the third quarter of 2026 and reflecting our deliberate shift toward more U.S.-based, resilient and predictable sectors. We continue to execute our capital allocation strategy by generating additional operating cash through improved net working capital management and returning value to shareholders through dividends and opportunistic share repurchases. Net working capital as a percentage of trailing three month annualized net sales was 15.0% as of September 30, 2026 compared to 23.2% from the same period in the prior year. We maintained ample liquidity with approximately $1,207 million available as of September 30, 2026. See “Liquidity and Capital Resources” for a detailed description of liquidity and working capital levels, including the primary factors affecting such levels, as well as a reconciliation of net cash provided by operating activities to free cash flow.

Our key end markets remain resilient, supported by consistent replacement and aftermarket demand. In waste and recycling, long-term demand is supported by fleet replacement, innovation and demographic trends, although certain customers continue to manage capital spending and absorb recently delivered fleets. We expect utility market demand to remain supported by long-term investment in the U.S. electrical grid, including transmission expansion and future data-center-related growth. Demand for fire and emergency vehicles remains stable, supported by municipal budgets and replacement demand. In Aerials and MP, infrastructure activity remains robust, supported by government funding and a growing pipeline of mega projects that we expect to continue to provide a tailwind.

We continue to identify opportunities to improve operating performance across the portfolio by advancing the integration process, deploying TOS, investing in productivity-enhancing technology and leveraging our broader portfolio and scale to better serve customers.

RESULTS OF OPERATIONS

Three Months Ended September 30, 2026 Compared with Three Months Ended September 30, 2025

Consolidated


	Three Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	2,197			—		$	1,387			—			58.4	%
Gross profit	435			19.8	%	299			21.6	%		45.5	%
Selling, general and administrative expenses	199			9.1	%	142			10.2	%		40.1	%
Amortization of purchased intangibles	53			2.4	%	17		1.2	%		211.8	%
Operating profit	183			8.3	%	140			10.1	%		30.7	%
Interest expense, net of interest income	44			2.0	%	42			3.0	%		4.8	%
Income taxes	(21)			(1.0)	%	(29)			(2.1)	%		(27.6)	%
Net income	114			5.2	%	65			4.7	%		75.4	%

Adjusted operating profit	260			11.9	%	168		12.1	%		54.8	%
Adjusted EBITDA	286			13.0	%	186		13.4	%		53.8	%

Net Sales

Net sales for the three months ended September 30, 2026 increased $810 million when compared to the same period in 2025, including sales generated from SV of $657 million. Excluding the impact of SV, and the impact of $27 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales of $180 million was primarily due to higher sales in Aerials, MP and utilities products in ES, partially offset by lower shipment of refuse collection vehicles in ES.

Gross Profit

Gross profit for the three months ended September 30, 2026 increased $136 million when compared to the same period in 2025, primarily driven by the gross profit contribution of $128 million from SV. Excluding the impact of SV, the increase in gross profit of $8 million was primarily due to higher shipment volumes, favorable mix, price cost discipline and higher production volumes in MP. These favorable impacts were partially offset by an unfavorable mix in Aerials, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle production volume within ES, inflationary pressures in both ES and Aerials, and tariff pressures in Aerials.

Selling, general, and administrative expense

Selling, general and administrative expenses for the three months ended September 30, 2026 increased $57 million when compared to the same period in 2025, driven by the SG&A contribution of $50 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $7 million was primarily due to loss on held-for-sale business, deal related costs and higher compensation costs primarily driven by the inclusion of REV corporate activities. These increases were partially offset by the one-time release of a contingent liability in ES, and lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Amortization of purchased intangibles

Amortization of purchased intangibles for the three months ended September 30, 2026 increased $36 million when compared to the same period in 2025, which was directly related to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Operating profit

Operating profit for the three months ended September 30, 2026 increased $43 million when compared to the same period in 2025, primarily driven by the operating profit contribution of $43 million from SV. Excluding the impact of SV, operating profit was flat year over year, primarily due to the factors detailed above.

Interest expense, net of interest income

Interest expense, net of interest income, for the three months ended September 30, 2026 and 2025 was $44 million and $42 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits which primarily relate to the SV segment.

Provision for income taxes

Income tax expense for the three months ended September 30, 2026 was $21 million on pretax income of $135 million, resulting in an effective tax rate of 15.6%, as compared to income tax expense of $29 million on pretax income of $94 million, resulting in an effective tax rate of 31.4%, for the three months ended September 30, 2025. The lower effective tax rate for the three months ended September 30, 2026 when compared with the three months ended September 30, 2025 is primarily due to an increase in favorable discrete items.

Net income

Net income for the three months ended September 30, 2026 was $114 million compared to Net income of $65 million in the same period in 2025. The increase in Net income of $49 million was primarily due to the factors detailed above.

Adjusted operating profit

Adjusted operating profit for the three months ended September 30, 2026 increased $92 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $99 million. Excluding the impact of SV, Adjusted operating profit decreased by $7 million, primarily due to the factors detailed above, excluding a one-time release of a contingent liability in ES and deal related costs.

Adjusted EBITDA

Adjusted EBITDA for the three months ended September 30, 2026 increased $100 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $105 million. Excluding the impact of SV, Adjusted EBITDA decreased by $5 million, driven by a decrease in ES and Corporate, partially offset by increases in MP and Aerials, the latter of which was primarily related to higher production volume and cost out actions.

Environmental Solutions


	Three Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	400		—			$	435	—		(8.0)	%


Adjusted EBITDA	$	61		15.3	%		$	83	19.2	%	(26.5)	%

Net sales for the three months ended September 30, 2026 decreased $35 million when compared to the same period in 2025, primarily due to lower shipments of refuse collection vehicles, partially offset by higher utilities product sales.

Adjusted EBITDA for the three months ended September 30, 2026 decreased $22 million when compared to the same period in 2025, primarily due to unfavorable mix, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle production volume and inflationary pressures.

Materials Processing


	Three Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	434		—			$	417	—		4.1	%


Adjusted EBITDA	$	84		19.3	%		$	56	13.5	%	50.0	%

Net sales for the three months ended September 30, 2026 increased $17 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $44 million. The improvement was primarily driven by increased shipments across most product categories, with the largest increase coming from Aggregates in North America.

Adjusted EBITDA for the three months ended September 30, 2026 increased $28 million when compared to the same period in 2025, primarily due to higher shipment volume, favorable mix, price cost discipline, and improved absorption driven by higher production volumes. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $2 million.

Specialty Vehicles


	Three Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	657		—			$	—	—		*


Adjusted EBITDA	$	105		16.0	%		$	—	*	*

* Not a meaningful percentage

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction for the three months ended September 30, 2026. See Note D - “Acquisitions and Held for Sale” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Aerials


	Three Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	709		—			$	537	—		32.0	%


Adjusted EBITDA	$	62		8.7	%		$	56	10.5	%	10.7	%

Net sales for the three months ended September 30, 2026 increased $172 million when compared to the same period in 2025, primarily due to higher shipment volume resulting from strong demand from national customers and increased customer capital spending on large projects.

Adjusted EBITDA for the three months ended September 30, 2026 increased $6 million when compared to the same period in 2025, primarily due to higher sales and cost out actions, partially offset by unfavorable customer mix, inflationary and tariff pressures.

Corporate and Other / Eliminations


	Three Months Ended September 30,
	2026		2025
			% of Sales		% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	(3)		—		$	(2)		—			(50.0)	%
Adjusted EBITDA	$	(26)		*	$	(9)		*		(188.9)	%

* Not a meaningful percentage

Adjusted EBITDA for the three months ended September 30, 2026 decreased $17 million when compared to the same period in 2025. The decrease is primarily due to higher compensation costs primarily driven by the inclusion of REV corporate activities and professional fees.

RESULTS OF OPERATIONS

Nine Months Ended September 30, 2026 Compared with Nine Months Ended September 30, 2025

Consolidated


	Nine Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	6,169			—		$	4,103			—			50.4	%
Gross profit	1,086			17.6	%	855			20.8	%		27.0	%
Selling, general and administrative expenses	650			10.5	%	465			11.3	%		39.8	%
Amortization of purchased intangibles	148			2.4	%	52			1.3	%		184.6	%
Operating profit	288			4.7	%	338			8.2	%		(14.8)	%
Interest expense, net of interest income	133			2.2	%	125			3.0	%		6.4	%
Income taxes	(16)			(0.3)	%	(51)			(1.2)	%		(68.6)	%
Net income	135			2.2	%	158			3.9	%		(14.6)	%

Adjusted operating profit	655			10.6	%	443		10.8	%		47.9	%
Adjusted EBITDA	727			11.8	%	495		12.1	%		46.9	%
* Not a meaningful percentage

Net Sales

Net sales for the nine months ended September 30, 2026 increased $2,066 million when compared to the same period in 2025, including sales generated from SV of $1,744 million. Excluding the impact of SV, and the impact of $91 million of sales in the prior year period from the Company’s tower and rough terrain cranes businesses which were sold on October 31, 2025, the increase in Net sales was primarily due to higher sales in Aerials, utilities products in ES and MP, as well as favorable foreign exchange rate movements, partially offset by lower sales of refuse collection vehicles in ES.

Gross Profit

Gross profit for the nine months ended September 30, 2026 increased $231 million when compared to the same period in 2025, primarily driven by the gross profit contribution of $233 million from SV. Excluding the impact of SV, the decrease in gross profit of $2 million was primarily due to unfavorable mix in ES and Aerials, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle volume within ES, and higher tariff costs and inflationary pressures in Aerials. These unfavorable impacts were partially offset by higher sales volume, favorable mix, and lower SG&A costs in MP.

Selling, general, and administrative expense

Selling, general and administrative expenses for the nine months ended September 30, 2026 increased $185 million when compared to the same period in 2025, driven by the SG&A contribution of $112 million from SV. Excluding the impact of SV, the increase in selling, general, and administrative expense of $73 million was primarily due to deal related costs, loss on held-for-sale business and higher compensation costs primarily driven by the inclusion of REV corporate activities. These increases were partially offset by the one-time release of a contingent liability in ES, and lower costs within MP due to the absence of the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results.

Amortization of purchased intangibles

Amortization of purchased intangibles for the nine months ended September 30, 2026 increased $96 million when compared to the same period in 2025, which was directly attributable to the additional amortization expense from purchased intangibles resulting from the REV Transaction.

Operating profit

Operating profit for the nine months ended September 30, 2026 was $288 million compared to Operating profit of $338 million in the same period in 2025. Excluding the operating profit generated by SV of $28 million, operating profit decreased $78 million, primarily due to the factors detailed above.

Interest expense, net of interest income

Interest expense, net of interest income, for the nine months ended September 30, 2026 and 2025 was $133 million and $125 million, respectively. The increase in expense is primarily due to interest accrued on customer deposits which primarily relate to the SV segment.

Provision for income taxes

Income tax expense for the nine months ended September 30, 2026 was $16 million on pretax income of $147 million, resulting in an effective tax rate of 11.0%, as compared to income tax expense of $51 million on pretax income of $209 million, resulting in an effective tax rate of 24.5%, for the nine months ended September 30, 2025. The lower effective tax rate for the nine months ended September 30, 2026 when compared with the nine months ended September 30, 2025 is primarily due to an increase in favorable discrete items.

Net income

Net income for the nine months ended September 30, 2026 was $135 million compared to Net income of $158 million in the same period in 2025. The decrease in Net income of $23 million was primarily due to the factors detailed above.

Adjusted operating profit

Adjusted operating profit for the nine months ended September 30, 2026 increased $212 million when compared to the same period in 2025, primarily due to the Adjusted operating profit generated by SV of $246 million. Excluding the impact of SV, Adjusted operating profit decreased by $34 million, primarily due to the factors detailed above, excluding deal related costs, restructuring costs, and a one-time release of a contingent liability in ES.

Adjusted EBITDA

Adjusted EBITDA for the nine months ended September 30, 2026 increased $232 million when compared to the same period in 2025, primarily due to Adjusted EBITDA generated by SV of $262 million. Excluding the impact of SV, Adjusted EBITDA decreased by $30 million, driven by a decrease in ES, Aerials and Corporate, partially offset by an increase in MP as detailed below.

Environmental Solutions


	Nine Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	1,267		—			$	1,264	—		0.2	%


Adjusted EBITDA	$	215		17.0	%		$	251	19.8	%	(14.3)	%

Net sales for the nine months ended September 30, 2026 increased $3 million when compared to the same period in 2025, primarily due to increased throughput and shipments of utilities products, partially offset by lower shipments of refuse collection vehicles.

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $36 million when compared to the same period in 2025, primarily due to unfavorable mix, inefficiencies related to a production ramp up in Utilities, under-absorption associated with lower refuse collection vehicle volume and inflationary pressures.

Materials Processing


	Nine Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	1,317		—			$	1,253	—		5.1	%


Adjusted EBITDA	$	234		17.8	%		$	162	12.9	%	44.4	%

Net sales for the nine months ended September 30, 2026 increased $64 million when compared to the same period in 2025. Excluding the sales impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior‑year period results, net sales increased $155 million. The increase was primarily driven by higher shipment volume across all product categories, with the largest increase coming from Aggregates in North America, and favorable foreign exchange rate movements.

Adjusted EBITDA for the nine months ended September 30, 2026 increased $72 million when compared to the same period in 2025, primarily due to higher sales volume, favorable mix, improved absorption driven by higher production volumes, and lower SG&A costs driven by the sale of the Company’s tower and rough terrain cranes businesses, partially offset by inflationary pressures. The adjusted EBITDA impact from the Company’s tower and rough terrain crane businesses, which were sold on October 31, 2025 and are included in the prior period results, was $5 million.

Specialty Vehicles


	Nine Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	1,744		—			$	—	—		*


Adjusted EBITDA	$	262		15.0	%		$	—	*	*

* Not a meaningful percentage

Net sales and Adjusted EBITDA represent the results of operations of REV from the REV Transaction since February 2, 2026. See Note D - “Acquisitions and Held for Sale” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Aerials


	Nine Months Ended September 30,
	2026		2025
			% of Sales			% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	1,851		—			$	1,594	—		16.1	%


Adjusted EBITDA	$	100		5.4	%		$	131	8.2	%	(23.7)	%

Net sales for the nine months ended September 30, 2026 increased $257 million when compared to the same period in 2025, primarily due to higher shipments across most product lines, with the largest increase coming from booms in North America and Western Europe as well as favorable foreign exchange rate movements.

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $31 million when compared to the same period in 2025, primarily due to higher tariff costs, unfavorable mix, and inflationary pressures, partially offset by higher sales volume and cost out actions.

Corporate and Other / Eliminations


	Nine Months Ended September 30,
	2026		2025
			% of Sales		% of Sales		% Change In Reported Amounts
	($ amounts in millions)
Net sales	$	(10)		—		$	(8)		—			(25.0)	%
Adjusted EBITDA	$	(84)		*	$	(49)		*		(71.4)	%

* Not a meaningful percentage

Adjusted EBITDA for the nine months ended September 30, 2026 decreased $35 million when compared to the same period in 2025. The decrease is primarily due to higher compensation primarily driven by the inclusion of REV Corporate activities, legal and other professional fees.

Non-GAAP Measures

In this document, we refer to various GAAP (U.S. generally accepted accounting principles) and non-GAAP financial measures. These non-GAAP measures may not be comparable to similarly titled measures being disclosed by other companies. Management believes that presenting these non-GAAP financial measures provides investors with additional analytical tools which are useful in evaluating our operating results and the ongoing performance of our underlying businesses because they (i) provide meaningful supplemental information regarding financial performance by excluding the impact of one-time items and other items affecting comparability between periods, and non-cash items such as depreciation and amortization, (ii) permit investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our core operating performance across periods, and (iii) otherwise provide supplemental information that may be useful to investors in evaluating our financial results. We do not, nor do we suggest that investors consider such non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP.

We discuss Adjusted operating profit, which is defined as Operating profit or loss as adjusted for acquisition or divestiture related items, restructuring, purchase price accounting, and other items that we believe are not indicative of our ongoing operating performance.

We also discuss Adjusted EBITDA. To determine Adjusted EBITDA, we adjust net income or net loss for the following items: non-cash depreciation and amortization, interest expense, income taxes, acquisition or divestiture related items, restructuring, purchase price accounting, and other items that we believe are not indicative of our ongoing operating performance.

We calculate a non-GAAP measure of free cash flow. We define free cash flow as Net cash provided by operating activities less Capital expenditures, net of proceeds from sale of capital assets. We believe this measure of free cash flow provides management and investors further useful information on cash generation in our primary operations.

Working capital is calculated using the Condensed Consolidated Balance Sheet amounts for Receivables (net of allowance) plus Inventories, less Trade accounts payable, and short and long-term Customer advances. We view excessive working capital as an inefficient use of resources, and seek to minimize the level of investment without adversely impacting ongoing operations of the business. Trailing three months annualized net sales is calculated using net sales for the most recent quarter end multiplied by four. The ratio calculated by dividing working capital by trailing three months annualized net sales is a non-GAAP measure we believe measures our resource use efficiency.

Non-GAAP measures also include the translation effect of foreign currency exchange rate changes on net sales, gross profit, selling, general & administrative expenses and operating profit, as well as net sales, gross profit, and SG&A costs and operating profit excluding the impact of acquisitions and divestitures.

The following table reconciles Net income to Adjusted operating profit for the periods presented:


	Three Months Ended September 30,
	2026		2025
Net income	$	114			$	65
Provision for income taxes	(21)			(29)
Interest income	5			3
Interest expense	(49)			(45)
Other expense – net	(4)			(4)
Operating profit	183			140
Restructuring and other (a)	(15)			5
Deal related (b)	9			3
Purchase price accounting (c)	60			20
Divestitures (d)	23			—

Adjusted operating profit	$	260			$	168


	Nine Months Ended September 30,
	2026		2025
Net income	$	135			$	158
Income from discontinued operations – net of tax	4			—
Provision for income taxes	(16)			(51)
Interest income	14			7
Interest expense	(147)			(132)
Other expense – net	(8)			(4)
Operating profit	288			338
Restructuring and other (a)	(8)			22
Deal related (b)	90			11
Purchase price accounting (c)	265			62
Divestitures (d)	20			—
Litigation related (e)	—			10
Adjusted operating profit	$	655			$	443

The following table reconciles Net income (loss) to Adjusted EBITDA for the periods presented:


	Three Months Ended September 30, 2026
	ES		MP(3)		SV(3)		Aerials	Corporate and Other / Elims		Total
Net income (loss)(1)	$	52			$	71		$	39		$	53		$	(101)	$	114

Provision for income taxes	—			—			—		—		21		21
Interest income	—			—			—		—		(5)		(5)
Interest expense	—			4			4		—		41		49
Other expense	—			—			—		1		3		4
Operating profit (loss)	52			75			43		54		(41)		183
Depreciation(2)	5			4			7		7		3		26
Amortization(2)	20			1			40		—		3		64
Non-cash interest costs	—			—			—		—		(2)		(2)
EBITDA	77			80			90		61		(37)		271
Restructuring and other (a)	(16)			—			—		1		—		(15)
Deal related (b)	—			—			—		—		9		9
Purchase price accounting (c)	—			—			(4)		—		2		(2)
Divestitures (d)	—			3			20		—		—		23

Adjusted EBITDA	$	61			$	84		$	105		$	62		$	(26)	$	286
(1) Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments. (2) These line items include $1 million of depreciation and $60 million of amortization within the ES and SV segments related to purchase price accounting. (3) Column does not foot due to rounding.


	Three Months Ended September 30, 2025
	ES		MP		Aerials		Corporate and Other / Elims	Total
Net income (loss)(1)	$	58			$	48		$	44	$	(85)	$	65
Provision for income taxes	—			—			—		29	29
Interest income	—			—			—		(3)	(3)
Interest expense	—			4			—		41	45
Other expense	—			—			1		3	4
Operating profit (loss)	58			52			45		(15)	140
Depreciation	4			5			6		3	18
Amortization(2)	20			—			—		2	22
Non-cash interest costs	—			—			—		(2)	(2)
EBITDA	82			57			51		(12)	178
Restructuring and other (a)	1			(1)			5		—	5
Deal related (b)	—			—			—		3	3


Adjusted EBITDA	$	83			$	56		$	56	$	(9)	$	186
(1) Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments. (2) This line item includes $20 million of amortization within the ES segment related to purchase price accounting.

The following notes apply to both the Adjusted operating profit and Adjusted EBITDA reconciliations above, as applicable:

a.Costs for the three months ended September 30, 2026 are primarily associated with the release of a contingent liability in ES and a reduction in force and a plant closure in the Aerials segment. Costs for the three months ended September 30, 2025 are associated with restructuring programs across the ES, MP and Aerials segments.

b.Costs for the three months ended September 30, 2026 relate to the REV Transaction and other strategic initiatives, including integration costs and other professional fees. Costs for the three months ended September 30, 2025 relate to costs incurred as part of the ESG integration.

c.Costs for the three months ended September 30, 2026 primarily relate to the REV Transaction, driven by the impact of adjusting inventory fair value step-ups in connection with purchase accounting related measurement period adjustments. Amortization of purchased intangibles is not included within Purchase price accounting in the reconciliation of Net income (loss) to Adjusted EBITDA, as amortization is a separate line item within the reconciliation.

d.Primarily relates to losses on held for sale businesses in the MP and SV segments.


	Nine Months Ended September 30, 2026
	ES		MP		SV		Aerials	Corporate and Other / Elims		Total
Net income (loss)(1)	$	156			$	210		$	17		$	69		$	(317)	$	135
Gain on disposition of discontinued operations – net of tax	—			—			—		—		(4)		(4)
Provision for income taxes	—			—			—		—		16		16
Interest income	—			—			—		—		(14)		(14)
Interest expense	—			11			11		1		124		147
Other expense	—			—			—		3		5		8
Operating profit (loss)	156			221			28		73		(190)		288
Depreciation(2)	14			13			18		20		8		73
Amortization(2)	60			2			107		—		9		178
Non-cash interest costs	—			—			—		—		(5)		(5)
EBITDA	230			236			153		93		(178)		534
Restructuring and other (a)	(15)			—			—		7		—		(8)
Deal related (b)	—			—			—		—		90		90
Purchase price accounting (c)	—			—			87		—		4		91
Divestitures (d)	—			(2)			22		—		—		20

Adjusted EBITDA	$	215			$	234		$	262		$	100		$	(84)	$	727
(1) Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments. (2) These line items include $2 million of depreciation and $166 million of amortization within the ES and SV segments related to purchase price accounting.


	Nine Months Ended September 30, 2025
	ES		MP		Aerials		Corporate and Other / Elims	Total
Net income (loss)(1)	$	175			$	126		$	92	$	(235)	$	158
Provision for income taxes	—			—			—		51	51
Interest income	—			—			—		(7)	(7)
Interest expense	—			11			—		121	132
Other expense	—			—			1		3	4
Operating profit (loss)	175			137			93		(67)	338
Depreciation(2)	13			13			19		5	50
Amortization(2)	60			2			—		6	68
Non-cash interest costs	—			—			—		(6)	(6)
EBITDA	248			152			112		(62)	450
Restructuring and other (a)	1			10			9		2	22
Deal related (b)	—			—			—		11	11
Purchase price accounting (c)	2			—			—		—	2
Litigation related (e)	—			—			10		—	10
Adjusted EBITDA	$	251			$	162		$	131	$	(49)	$	495
(1) Management does not allocate income taxes, interest costs incurred at the Corporate level, and certain other Corporate items to the segments. (2) This line item includes $1 million of depreciation and $60 million of amortization within the ES segment related to purchase price accounting.

The following notes apply to both the Adjusted operating profit and Adjusted EBITDA reconciliations above, as applicable:

a.Costs for the nine months ended September 30, 2026 are primarily associated with the release of a contingent liability in ES and a reduction in force and a plant closure in the Aerials segment. Costs for the nine months ended September 30, 2025 are associated with restructuring programs across the ES, MP, Aerials, and Corporate segments.

b.Costs for the nine months ended September 30, 2026 are primarily related to the REV Transaction, including acceleration of stock-based compensation awards, severance and retention costs, transaction and integration costs, and professional fees related to other strategic initiatives. Costs for the nine months ended September 30, 2025 relate to costs incurred as part of the ESG integration.

c.Costs for the nine months ended September 30, 2026 relate to the REV Transaction, and include amortization of the inventory step-up and incremental stock based compensation cost for replacement stock awards, both of which were recognized in connection with purchase accounting. Costs for the nine months ended September 30, 2025 primarily relate to purchase accounting related measurement period adjustments for ESG. Amortization of purchased intangibles is not included within Purchase price accounting in the reconciliation of Net income (loss) to Adjusted EBITDA, as amortization is a separate line item within the reconciliation.

d.Reflects a net gain realized on the previously disposed of Cranes business, partially offset by a loss on a held for sale business in the MP segment and losses on the sale of a business and a held for sale business in the SV segment.

e.Costs for the nine months ended September 30, 2025 reflect costs incurred to settle a claim which was outside the normal course of business.

LIQUIDITY AND CAPITAL RESOURCES

We are focused on generating cash and maintaining liquidity (cash and availability under our revolving line of credit) for the efficient operation of our business. At September 30, 2026, we had cash and cash equivalents of $407 million and undrawn availability under our revolving line of credit of $800 million, giving us total liquidity of approximately $1,207 million. During the nine months ended September 30, 2026, our liquidity decreased by approximately $365 million from December 31, 2025 primarily due to cash used for the REV Transaction, capital expenditures, share repurchases, dividend payments, and taxes paid on shares withheld in connection with stock vestings, partially offset by cash provided by operating activities.

Our main sources of funding are cash generated from operations, including cash generated from the sale of receivables, loans from our bank credit facilities and funds raised in capital markets. We have no significant debt maturities until 2029. Our actions to maintain liquidity include disciplined management of costs and working capital. We believe these measures will provide us with adequate liquidity to comply with our financial covenants under our bank credit facility, continue to support internal operating initiatives and meet our operating and debt service requirements for at least the next 12 months from the date of issuance of this quarterly report. See Part I, Item 1A. – “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025 and Part II Item 1A – “Risk Factors” of this Quarterly Report for a detailed description of the risks resulting from our debt and our ability to generate sufficient cash flow to operate our business.

Our ability to generate cash from operations is subject to numerous factors, including the following:

•The duration and depth of the global economic volatility resulting from tariffs, trade war, geopolitical uncertainty, inflationary pressures, foreign exchange rate volatility and high interest rates.

•As our sales change, the amount of working capital needed to support our business may change.

•Many of our customers fund their purchases through third-party finance companies that extend credit based on the creditworthiness of customers and expected residual value of our equipment. Changes either in customers’ credit profile or used equipment values may affect the ability of customers to purchase equipment. There can be no assurance that third-party finance companies will continue to extend credit to our customers as they have in the past.

•Our suppliers extend payment terms to us primarily based on our overall credit rating. Deterioration in our credit rating may influence suppliers’ willingness to extend terms and in turn accelerate cash requirements of our business.

•Sales of our products are subject to general economic conditions, tariffs, weather, competition, translation effect of foreign currency exchange rate changes, and other factors that in many cases are outside our direct control. For example, during periods of economic uncertainty, our customers have delayed purchasing decisions, which in turn reduces cash generated from operations.

•Availability and utilization of other sources of liquidity such as trade account receivables sales programs.

Typically, we have invested our cash in a combination of highly rated, liquid money market funds and in short-term bank deposits with large, highly rated banks. Our investment objective is to preserve capital and liquidity while earning a market rate of interest.

We seek to use cash held by our foreign subsidiaries to support our operations and continued growth plans through the funding of capital expenditures, operating expenses or other similar cash needs of worldwide operations. Most of this cash could be used in the U.S., if necessary, without additional tax expense. Incremental cash repatriated to the U.S. would not be expected to result in material foreign income and withholding, U.S. federal or state income tax cost. We will continue to seek opportunities to tax-efficiently mobilize and redeploy funds.

We had free cash flow of $209 million and $253 million for the three and nine months ended September 30, 2026, respectively. The following table reconciles net cash provided by operating activities to free cash flow (in millions):


	Three Months Ended 9/30/2026		Nine Months Ended 9/30/2026
Net cash provided by operating activities	$	241			$	338

Capital expenditures, net of proceeds from sale of capital assets	(32)			(85)

Free cash flow	$	209			$	253

Pursuant to the terms of our trade accounts receivable factoring arrangements, during the nine months ended September 30, 2026, we sold, without material recourse, approximately $562 million of trade accounts receivable to enhance liquidity.

Working capital as a percentage of trailing three month annualized net sales was 15.0% at September 30, 2026. The following tables show the calculation of our working capital and trailing three months annualized sales as of September 30, 2026 (in millions):


	Three Months Ended September 30, 2026
Net sales, as reported	$	2,197


x	4
Trailing three month annualized net sales	$	8,788


	As of September 30, 2026
Inventories	$	1,631
Receivables	1,124
Trade accounts payable	(986)
Short and long-term customer advances	(447)

Working capital	$	1,322

During the nine months ended September 30, 2026, there were 1,164,795 shares of common stock repurchased under our Board authorized share repurchase programs, leaving approximately $111 million available for repurchase under such programs. Our Board declared a dividend of $0.17 per share in each of the first three quarters of 2026, which were paid to our stockholders during those periods. In October 2026, our Board declared a dividend of $0.17 per share, which will be paid on December 18, 2026 to our stockholders of record as of November 9, 2026.

Our ability to access capital markets to raise funds, through the sale of equity or debt securities, is subject to various factors, some specific to us and others related to general economic and/or financial market conditions. These include results of operations, projected operating results for future periods and debt to equity leverage. Our ability to access capital markets is also subject to our timely filing of periodic reports with the Securities and Exchange Commission. In addition, terms of our bank credit facilities and senior notes contain restrictions on our ability to make further borrowings and to sell substantial portions of our assets.

Cash Flows

Cash provided by operations was $338 million and $235 million for the nine months ended September 30, 2026 and 2025, respectively. The increase in cash provided by operations was primarily driven by higher profitability excluding the impact of purchase accounting, partially offset by changes in working capital and payments of transaction costs and severance in connection with the REV Transaction.

Cash used in investing activities was $519 million and $44 million for the nine months ended September 30, 2026 and 2025, respectively. The increase in cash used in investing activities relates primarily to cash consideration paid in connection with the REV Transaction.

Cash used in financing activities was $177 million and $98 million for the nine months ended September 30, 2026 and 2025, respectively. The increase in cash used in financing activities was primarily driven by higher dividend payments, increased share repurchases and higher cash payments related to shares withheld for tax payment on Restricted Stock awards.

OFF-BALANCE SHEET ARRANGEMENTS

Guarantees

See Note J – “Litigation and Contingencies” in the Notes to Condensed Consolidated Financial Statements for information regarding our guarantees.

CONTINGENCIES AND UNCERTAINTIES

Foreign Exchange and Interest Rate Risk

Our products are sold in over 100 countries around the world and, accordingly, our revenues are generated in foreign currencies, while costs associated with those revenues are only partly incurred in the same currencies. Primary currencies to which we are exposed are the Euro, British Pound, Chinese Yuan, Australian Dollar, Indian Rupee and Mexican Peso. We purchase hedging instruments to manage the variability of future cash flows associated with recognized assets or liabilities due to changing currency exchange rates.

We manage our exposure to interest rate risk by establishing a mix of indebtedness bearing interest at both floating and fixed rates at inception and maintain a ratio of floating and fixed rates on this mix of indebtedness using interest rate derivatives when necessary.

See Item 3 “Quantitative and Qualitative Disclosures About Market Risk” for a discussion of the impact of changes in foreign currency exchange rates and interest rates may have on our financial performance.

Other

We are subject to a number of contingencies and uncertainties including, without limitation, product liability claims, workers’ compensation liability, intellectual property litigation, self-insurance obligations, tax examinations, guarantees, class action lawsuits and other matters. See Note J – “Litigation and Contingencies” in the Notes to Condensed Consolidated Financial Statements for more information regarding contingencies and uncertainties. We are insured for product liability, general liability, workers’ compensation, employer’s liability, property damage, intellectual property and other insurable risks required by law or contract with retained liability to us or deductibles. Many of the exposures are unasserted or proceedings are at a preliminary stage, and it is not presently possible to estimate the amount or timing of any liability. However, we do not believe these contingencies and uncertainties will, individually or in aggregate, have a material adverse effect on our operations. For contingencies and uncertainties other than income taxes, when it is probable a loss will be incurred and possible to make reasonable estimates of our liability with respect to such matters, a provision is recorded for the amount of such estimate or for the minimum amount of a range of estimates when it is not possible to estimate the amount within the range that is most likely to occur.

We generate hazardous and non-hazardous wastes in the normal course of our manufacturing operations. As a result, we are subject to a wide range of environmental laws and regulations. All of our employees are required to obey all applicable health, safety and environmental laws and regulations and must observe the proper safety rules and environmental practices in work situations. These laws and regulations govern actions that may have adverse environmental effects, such as discharges to air and water, and require compliance with certain practices when handling and disposing of hazardous and non-hazardous wastes. These laws and regulations would also impose liability for the costs of, and damages resulting from, cleaning up sites, past spills, disposals and other releases of hazardous substances, should any such events occur. We are committed to complying with these standards and monitoring our workplaces to determine if equipment, machinery and facilities meet specified safety standards. Each of our manufacturing facilities is subject to an environmental audit at least once every five years to monitor compliance. Also, no incidents have occurred which required us to pay material amounts to comply with such laws and regulations. We are dedicated to ensuring that safety and health hazards are adequately addressed through appropriate work practices, training and procedures. We are committed to reducing injuries and working towards a world-class level of safety practices in our industry.

RECENT ACCOUNTING STANDARDS

Please refer to Note A – “Basis of Presentation” in the accompanying Condensed Consolidated Financial Statements for a summary of recently issued accounting standards.


ITEM 3.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

There have been no material changes in our exposure to interest rate risk, foreign exchange risk and commodity price risk from the information provided in our Annual Report on Form 10-K filed on February 13, 2026.


ITEM 4.	CONTROLS AND PROCEDURES

Evaluation of Disclosure Controls and Procedures

We maintain disclosure controls and procedures that are designed to ensure information required to be disclosed in reports we file under the Exchange Act is recorded, processed, summarized and reported within time periods specified in the Securities and Exchange Commission’s rules and forms, and such information is accumulated and communicated to our management, including our Chief Executive Officer (“CEO”) and Chief Financial Officer (“CFO”), as appropriate, to allow timely decisions regarding required financial disclosure. In connection with the preparation of this Quarterly Report on Form 10-Q, we carried out an evaluation, under supervision and with participation of our management, including the CEO and CFO, as of September 30, 2026, of the effectiveness of the design and operation of our disclosure controls and procedures, as such term is defined under Rule 13a-15(e) under the Exchange Act. Based upon this evaluation, our CEO and CFO concluded that our disclosure controls and procedures were effective as of September 30, 2026.

Changes in Internal Control Over Financial Reporting

As a result of the acquisition of REV on February 2, 2026, our internal control over financial reporting, subsequent to the date of acquisition, includes certain additional controls related to REV. Except as described above, there were no changes in our internal control over financial reporting that occurred during the quarter ended September 30, 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

Effectiveness of any system of controls and procedures is subject to certain limitations, and, as a result, there can be no assurance our controls and procedures will detect all errors or fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that objectives of the control system will be attained.

PART II. OTHER INFORMATION


Item 1.	Legal Proceedings

For information regarding litigation and other contingencies and uncertainties, see Note J - “Litigation and Contingencies,” in the Notes to Condensed Consolidated Financial Statements.


Item 1A.	Risk Factors

There have been no material changes in our risk factors previously disclosed in Part I, Item 1A. – “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2025.


Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds

Purchases of Equity Securities

The following table provides information about our purchases during the quarter ended September 30, 2026 of our common stock that is registered by us pursuant to the Exchange Act.


	Issuer Purchases of Equity Securities
Period	Total Number of Shares Purchased (1)	Average Price Paid per Share	Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (2)	Approximate Dollar Value of Shares that May Yet be Purchased Under the Plans or Programs (in thousands) (2)
July 1, 2026 - July 31, 2026	988	$66.57	—	$183,005
August 1, 2026 - August 31, 2026	461,750	$65.62	460,718	$152,772
September 1, 2026 - September 30, 2026	707,111	$59.58	704,077	$110,823
Total	1,169,849	$61.97	1,164,795	$110,823

(1)Amount includes shares of common stock purchased to satisfy requirements under the Company’s deferred compensation obligations to employees.

(2)In December 2022, our Board of Directors authorized the repurchase of up to $150 million of our outstanding shares of common stock. In July 2025, our Board authorized a further repurchase of up to $150 million of our outstanding shares of common stock.


Item 3.	Defaults Upon Senior Securities

Not applicable.


Item 4.	Mine Safety Disclosures

Not applicable.


Item 5.	Other Information

During the three months ended September 30, 2026, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement” as such terms are defined under Item 408 of Regulation S-K.


Item 6.	Exhibits

The exhibits set forth below are filed as part of this Form 10-Q.


Exhibit No.	Exhibit















































































































31.1	Chief Executive Officer Certification pursuant to Rule 13a-14(a)/15d-14(a). *

31.2	Chief Financial Officer Certification pursuant to Rule 13a-14(a)/15d-14(a). *

32	Chief Executive Officer and Chief Financial Officer Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes – Oxley Act of 2002. **

101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

101.SCH	XBRL Taxonomy Extension Schema Document. *

101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document. *

101.DEF	XBRL Taxonomy Extension Definition Linkbase Document. *

101.LAB	XBRL Taxonomy Extension Label Linkbase Document. *

101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document. *

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).




*	Exhibit filed with this document.
**	Exhibit furnished with this document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

TEREX CORPORATION

(Registrant)


Date:	October 29, 2026	/s/ Simon A. Meester
		Simon A. Meester
		President, Chief Executive Officer and Director

		(Principal Executive Officer)


Date:	October 29, 2026	/s/ Jennifer Kong-Picarello
		Jennifer Kong-Picarello
		Senior Vice President and Chief Financial Officer

		(Principal Financial Officer)


Date:	October 29, 2026	/s/ Joseph LaDue
		Joseph LaDue
		Vice President, Chief Accounting Officer and Controller
		(Principal Accounting Officer)

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