Detailed financial statements for Terex Corporation (TEX): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Operating globally, Terex Corporation specializes in the production and distribution of aerial work platforms and a diverse range of materials processing equipment. Its operations are structured into two primary divisions: Aerial Work Platforms (AWP) and Materials Processing (MP).
Analysis Summary
Terex Corporation reported revenue of $5.42B in the most recent fiscal year, growing at a 5-year CAGR of 12.0%.
Trailing-twelve-month margins: gross margin 17.8%, operating margin 5.7%, net margin 2.6%. Free cash flow grew at 14.9% CAGR over 5 years.
At $56.15 (closing price, October 30, 2026), TEX trades at a P/E of 28.36 and an ROE of 4.71%. Market capitalisation stands at $6.4B.
Balance sheet quality for TEX: current ratio of 2.3, net debt of $2.04B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $322.0M represents 146% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $4.44B | $3.79B | $4.52B | $4.35B | $3.08B | $3.89B | $4.42B | $5.15B | $5.13B | $5.42B |
| Cost of Revenue | $3.67B | $3.03B | $3.56B | $3.47B | $2.54B | $3.13B | $3.55B | $3.98B | $4.06B | $4.37B |
| Gross Profit | $776.1M | $767.3M | $961.9M | $887.8M | $539.3M | $757.4M | $871.0M | $1.18B | $1.07B | $1.05B |
| Research & Development | $86.2M | $55.6M | $63.2M | $72.4M | $58.9M | $52.2M | $22.0M | $28.0M | $25.0M | 0 |
| Selling, General & Admin | $541.0M | $478.8M | $535.8M | $480.3M | $407.8M | $377.8M | $429.0M | $518.0M | $521.0M | $576.0M |
| Operating Expenses | $917.9M | $539.1M | $549.4M | $552.8M | $470.9M | $429.4M | $451.0M | $540.0M | $542.0M | $576.0M |
| Operating Income | -$141.8M | $228.2M | $412.5M | $335.0M | $68.4M | $328.0M | $420.0M | $637.0M | $526.0M | $475.0M |
| EBITDA | -$72.0M | $297.1M | $419.6M | $385.0M | $126.6M | $365.5M | $463.0M | $699.0M | $579.0M | $627.0M |
| Interest Expense | $102.0M | $67.5M | $73.1M | $87.9M | $65.9M | $51.5M | $49.1M | $63.3M | $89.0M | $177.0M |
| Pre-tax Income | -$270.7M | $163.4M | $287.1M | $247.5M | $11.0M | $263.8M | $367.0M | $580.0M | $408.0M | $292.0M |
| Income Tax | -$77.4M | $52.4M | $45.4M | $37.8M | $2.0M | $46.3M | $67.0M | $63.0M | $73.0M | $71.0M |
| Net Income | -$176.1M | $128.7M | $113.7M | $54.4M | -$10.6M | $220.9M | $300.0M | $518.0M | $335.0M | $221.0M |
| EPS | $-1.79 | $1.20 | $3.21 | $2.95 | $0.13 | $3.12 | $4.38 | $7.66 | $5.00 | $3.36 |
| EPS (Diluted) | $-1.79 | $1.17 | $3.14 | $2.92 | $0.13 | $3.07 | $4.32 | $7.56 | $4.96 | $3.33 |
| Shares Outstanding (Diluted) | 107.9 M | 94.9 M | 76.9 M | 71.8 M | 70.1 M | 70.9 M | 69.4 M | 68.3 M | 67.6 M | 66.3 M |
Income Statement (Quarterly)
| Year | 2025-Q4 | 2026-Q1 | 2026-Q2 | 2026-Q3 |
|---|---|---|---|---|
| Revenue | $1.32B | $1.73B | $2.24B | $2.20B |
| Gross Profit | $248.0M | $206.0M | $444.0M | $435.0M |
| Operating Income | $137.0M | -$82.0M | $187.0M | $183.0M |
| EBITDA | -$12.0M | -$2.0M | $275.0M | $267.0M |
| Net Income | $63.0M | -$89.0M | $110.0M | $114.0M |
| EPS | $0.96 | $-0.93 | $0.97 | $1.01 |
| EPS (Diluted) | $0.95 | $-0.93 | $0.96 | $1.00 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $428.5M | $626.5M | $368.0M | $535.1M | $665.0M | $266.9M | $304.1M | $371.0M | $388.0M | $772.0M |
| Short-term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Receivables | $512.5M | $579.9M | $607.0M | $478.2M | $476.4M | $507.7M | $547.5M | $548.0M | $643.0M | $730.0M |
| Inventory | $853.8M | $969.6M | $1.21B | $847.7M | $610.4M | $813.5M | $988.4M | $1.19B | $1.15B | $1.11B |
| Total Current Assets | $2.70B | $2.38B | $2.42B | $2.02B | $1.88B | $1.77B | $1.96B | $2.25B | $2.32B | $2.73B |
| Property, Plant & Equipment | $304.6M | $311.0M | $345.6M | $512.3M | $509.5M | $528.8M | $465.6M | $696.0M | $714.0M | $886.0M |
| Goodwill | $259.7M | $273.6M | $265.2M | $269.9M | $275.4M | $280.1M | $284.4M | $295.0M | $1.09B | $1.09B |
| Intangible Assets | $18.4M | $13.8M | $13.2M | $9.7M | $8.3M | $13.4M | $17.4M | $16.0M | $1.11B | $1.03B |
| Total Assets | $5.01B | $3.46B | $3.49B | $3.20B | $3.03B | $2.86B | $3.12B | $3.62B | $5.73B | $6.14B |
| Accounts Payable | $522.7M | $592.4M | $687.2M | $508.1M | $369.9M | $537.7M | $624.6M | $703.0M | $580.0M | $683.0M |
| Short-term Debt | $13.8M | $5.2M | $4.1M | $32.8M | $32.4M | $5.6M | $1.9M | $3.0M | $4.0M | $39.0M |
| Total Current Liabilities | $1.41B | $1.04B | $1.21B | $872.4M | $723.3M | $909.9M | $998.6M | $1.12B | $1.07B | $1.19B |
| Long-term Debt | $1.56B | $979.6M | $1.21B | $1.17B | $1.16B | $665.0M | $769.4M | $611.0M | $2.57B | $2.66B |
| Total Liabilities | $3.49B | $2.24B | $2.62B | $2.26B | $2.11B | $1.75B | $1.94B | $1.94B | $3.90B | $4.04B |
| Retained Earnings | $1.90B | $2.00B | $749.0M | $771.4M | $750.3M | $936.9M | $1.20B | $1.68B | $1.96B | $2.14B |
| Total Equity | $1.48B | $1.19B | $861.0M | $932.3M | $921.5M | $1.11B | $1.18B | $1.67B | $1.83B | $2.10B |
| Total Debt | $1.58B | $984.8M | $1.22B | $1.31B | $1.28B | $767.4M | $864.6M | $743.0M | $2.72B | $2.81B |
| Net Debt | $1.15B | $358.3M | $851.4M | $771.2M | $616.5M | $500.5M | $560.5M | $372.0M | $2.33B | $2.04B |
| Working Capital | $1.29B | $1.35B | $1.21B | $1.15B | $1.16B | $857.9M | $963.4M | $1.13B | $1.25B | $1.54B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $509.0M | $772.0M | $392.0M | $407.0M |
| Total Assets | $6.17B | $6.14B | $10.19B | $10.34B |
| Total Liabilities | $4.15B | $4.04B | $5.37B | $5.42B |
| Total Equity | $2.02B | $2.10B | $4.82B | $4.92B |
| Total Debt | $2.59B | $2.81B | $2.75B | $2.69B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$175.5M | $128.7M | $113.7M | $54.4M | -$10.6M | $220.9M | $300.0M | $518.0M | $335.0M | $221.0M |
| Depreciation & Amortization | $96.7M | $66.5M | $59.7M | $49.6M | $49.7M | $50.2M | $47.0M | $56.0M | $82.0M | $158.0M |
| Stock-based Compensation | $37.8M | $38.5M | $36.7M | $43.1M | $23.8M | $33.1M | $30.0M | $43.6M | $30.0M | $32.0M |
| Change in Working Capital | $301.9M | -$42.2M | -$79.2M | $69.4M | $186.3M | -$54.8M | -$127.0M | -$129.0M | -$133.0M | $78.0M |
| Operating Cash Flow | $377.1M | $153.0M | $94.2M | $173.4M | $225.4M | $293.4M | $261.2M | $459.3M | $326.0M | $440.0M |
| Capital Expenditure | -$73.0M | -$43.5M | -$103.8M | -$108.9M | -$64.5M | -$59.7M | -$109.6M | -$127.2M | -$137.0M | -$118.0M |
| Acquisitions | -$7.0M | $803.4M | -$6.9M | $182.0M | $2.7M | -$42.7M | -$50.1M | -$23.8M | -$2.00B | $109.0M |
| Stock Repurchased | -$82.7M | -$924.9M | -$427.5M | -$7.4M | -$56.0M | -$3.0M | -$101.3M | -$62.8M | -$49.0M | -$56.0M |
| Dividends Paid | -$30.0M | -$29.5M | -$30.0M | -$31.4M | -$8.4M | -$33.5M | -$35.6M | -$43.2M | -$46.0M | -$45.0M |
| Free Cash Flow | $304.1M | $109.5M | -$9.6M | $64.5M | $160.9M | $233.7M | $151.6M | $332.1M | $189.0M | $322.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $154.0M | $205.0M | -$31.0M | $128.0M |
| Capital Expenditure | -$24.0M | -$34.0M | -$26.0M | -$33.0M |
| Free Cash Flow | $130.0M | $171.0M | -$57.0M | $95.0M |
| Dividends Paid | -$12.0M | -$11.0M | -$19.0M | -$20.0M |
| Stock-based Compensation | $7.0M | $7.0M | $36.0M | $15.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | -14.6% | +19.1% | -3.6% | -29.3% | +26.3% | +13.7% | +16.6% | -0.5% | +5.7% | |
| Net Income Growth (YoY) | +173.1% | -11.7% | -52.2% | -119.5% | +2,184.0% | +35.8% | +72.7% | -35.3% | -34.0% | |
| EPS Growth (YoY) | +167.0% | +167.5% | -8.1% | -95.6% | +2,300.0% | +40.4% | +74.9% | -34.7% | -32.8% | |
| Shares Change (YoY) | -12.0% | -19.0% | -6.6% | -2.4% | +1.1% | -2.1% | -1.6% | -1.0% | -1.9% | |
| FCF Growth (YoY) | -64.0% | -108.8% | +771.9% | +149.5% | +45.2% | -35.1% | +119.1% | -43.1% | +70.4% | |
| Gross Margin | 17.5% | 20.2% | 21.3% | 20.4% | 17.5% | 19.5% | 19.7% | 22.8% | 20.8% | 19.4% |
| Operating Margin | -3.2% | 6.0% | 9.1% | 7.7% | 2.2% | 8.4% | 9.5% | 12.4% | 10.3% | 8.8% |
| EBITDA Margin | -1.6% | 7.8% | 9.3% | 8.8% | 4.1% | 9.4% | 10.5% | 13.6% | 11.3% | 11.6% |
| Net Margin | -4.0% | 3.4% | 2.5% | 1.2% | -0.3% | 5.7% | 6.8% | 10.1% | 6.5% | 4.1% |
| FCF Margin | 6.8% | 2.9% | -0.2% | 1.5% | 5.2% | 6.0% | 3.4% | 6.4% | 3.7% | 5.9% |
| Effective Tax Rate | 28.6% | 32.1% | 15.8% | 15.3% | 18.2% | 17.6% | 18.3% | 10.9% | 17.9% | 24.3% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.82 | $1.15 | $-0.12 | $0.90 | $2.30 | $3.30 | $2.18 | $4.86 | $2.80 | $4.86 |
| Dividends Per Share | $0.28 | $0.31 | $0.39 | $0.44 | $0.12 | $0.47 | $0.51 | $0.63 | $0.68 | $0.68 |
| Shares Outstanding (Basic) | 107.8 M | 92.8 M | 75.4 M | 71.1 M | 69.6 M | 69.7 M | 68.5 M | 67.5 M | 66.9 M | 65.8 M |
What to look at in Industrials
Aerospace, defence, machinery, transport. Semi-cyclical. Key: backlog, operating margins, and FCF conversion.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — The best indicator of operational discipline in industrials
- ROIC — Quality industrials have ROIC >15% — the rest destroy capital
- FCF conversion — FCF / Net Income — in industrials good >85%
- Net debt / EBITDA — Cyclical industrials with high debt suffer hard in recessions
- Capex / Revenue — Maintaining the machinery. <4% = possible underinvestment (future decline)
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
Profitability
| Return on Equity | 4.71% |
| Return on Invested Capital | 4.25% |
| Return on Assets | 1.92% |
| Gross Margin | 17.80% |
| Operating Margin | 5.68% |
| Net Margin | 2.64% |
Financial Health
| Debt / Equity | 0.52 |
| Current Ratio | 1.76 |
| Piotroski F-Score | 7 |
| Altman Z-Score | 2.45 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -17.61 | 40.18 | 8.59 | 10.09 | 268.38 | 14.09 | 9.75 | 7.50 | 9.24 | 15.89 |
| P/B | 2.29 | 3.77 | 2.41 | 2.27 | 2.64 | 2.76 | 2.48 | 2.32 | 1.69 | 1.68 |
| P/S | 0.77 | 1.18 | 0.46 | 0.49 | 0.79 | 0.79 | 0.66 | 0.75 | 0.60 | 0.65 |
| Gross Margin | 17.5% | 20.2% | 21.3% | 20.4% | 17.5% | 19.5% | 19.7% | 22.8% | 20.8% | 19.4% |
| Operating Margin | -3.2% | 6.0% | 9.1% | 7.7% | 2.2% | 8.4% | 9.5% | 12.4% | 10.3% | 8.8% |
| Net Margin | -4.0% | 3.4% | 2.5% | 1.2% | -0.3% | 5.7% | 6.8% | 10.1% | 6.5% | 4.1% |
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Explore sector: Industrials · Industrial - Machinery
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