A global manufacturer of heavy equipment, Terex builds aerial work platforms and telehandlers under the Genie brand, crushers and screens under Powerscreen, and refuse collection bodies and compactors under Heil and Marathon. Its three segments — Environmental Solutions, Materials Processing, and Aerials — serve construction, industrial, waste, and entertainment markets. In early 2026 the company completed a merger with REV, adding fire apparatus, ambulances, and recreational vehicles to its lineup.
Q2 2026 revenue rose 50.5% to $2,238M driven by the REV acquisition's Specialty Vehicles segment.
The REV acquisition reshaped the quarter, adding $650M in sales. rose 50.5% to $2,238.0M and was 19.8% as the Specialty Vehicles contributed $139M of , while grew 47.8% to $269M despite tariff and mix headwinds in Aerials and ES. Terex now carries a far larger revenue base and $2,683.0M of as it integrates the new business.
Key takeaways
rose 50.5% to $2,238.0M, with $650M from the newly added Specialty Vehicles ; excluding SV and divested cranes, came from higher Aerials, MP, and ES shipments in North America.
increased $87M to $269M, of which SV contributed $94M; excluding SV, adjusted EBITDA declined $7M as tariff costs in Aerials and unfavorable ES mix outweighed MP gains.
rose $136M to $444M, but excluding SV's $139M contribution, gross profit fell $3M on higher tariff costs in Aerials and unfavorable mix in ES, partially offset by MP volume absorption and $8M in IEEPA tariff refunds.
Section summaries
Management's Discussion and Analysis
Q2 2026 revenue rose 50.5% to $2.2B driven by the REV acquisition, while adjusted EBITDA grew 47.8% to $269M despite tariff and mix headwinds in Aerials and ES.
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Consolidated increased $751M to $2,238M, with $650M from the newly added Specialty Vehicles ; excluding SV and divested cranes, was driven by higher Aerials, MP, and ES shipments in North America.
Aerials grew 10.9% to $673M on mega-project shipments, but fell 30.9% to $38M due to higher tariffs and inflation, partially offset by volume and cost actions.
Materials Processing rose 40.3% to $87M on favorable mix, higher volume absorption, and lower SG&A after the crane divestiture, despite increased transportation costs.
stood at $1,097M with of $101M for the quarter; improved to 15.2% of trailing annualized sales from 22.8% a year earlier.
What changed
MP rose 46.5% in Q1 FY2026 and then rose 40.3% in Q2 to $87M, confirming the volume gains held after the multi-quarter slide.
Aerials was $0 in Q1 and recovered to $38M in Q2, though still down 30.9% on tariffs and mix.
was 11.9% in Q1 due to a $112M from REV; it rose 8.0 points to 19.8% in Q2 as that phased out.
SV contributed $436M in Q1 and $650M in Q2, exceeding the prior base and establishing the new segment's scale.
Total assets rose to $10.3B from $6.1B at FY2025 year-end and rose to $4,925.0M from $2,095.0M, reflecting the REV merger closed February 2, 2026.
was $2,683.0M at Q2 2026 versus $2,592.0M at FY2025 year-end, a 3.9% increase after the ESG-funded rise.
What to watch
SV sales and margin contribution in Q3 against the $650M Q2 base from the REV acquisition.
Aerials recovery from $38M as tariff and mix pressures normalize.
progression from 19.8% as Section 232 steel tariff costs flow through ES and Aerials.
MP trajectory after the 40.3% Q2 increase to see if volume and mix gains hold.
rose $136M to $444M, but excluding SV's $139M contribution, gross profit fell $3M due to higher tariff costs in Aerials and unfavorable mix in ES, partially offset by favorable mix and in MP and $8M in IEEPA tariff refunds.
increased $87M to $269M, with SV contributing $94M; excluding SV, adjusted EBITDA declined $7M as tariff costs in Aerials and unfavorable ES mix outweighed MP's favorable mix and .
Aerials grew 10.9% to $673M on mega-project shipments, but fell 30.9% to $38M due to higher tariffs and inflation, partially offset by volume and cost actions.
Materials Processing surged 40.3% to $87M on favorable mix, higher , and lower SG&A after the crane divestiture, despite increased transportation costs.
Liquidity remained strong at $1,097M, with of $101M for the quarter; efficiency improved to 15.2% of trailing annualized sales from 22.8% a year ago.
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.
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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.