What is the revenue and EPS growth rate for Terex year over year?

What were the key takeaways from Terex’s earnings call?

What factors drove the changes in Terex's revenue and profit?

What is the market's earnings forecast for Terex next quarter?

What were the key takeaways from Terex's earnings call?

Did Terex beat or miss consensus estimates last quarter?

What does Terex do and what are its main business segments?

What guidance did Terex's management provide for the next earnings period?

- **$75M Synergy Play**: REV merger to deliver $75M annual savings by 2028, driving 12% EBITDA growth in 2026.
- **Resilient Cash Flow**: 2025 free cash flow $325M (+71%), 2026 guidance 80-90% conversion.
- **Segment Strength**: Environmental Solutions 18.8% margin, Materials Processing 13.7% margin, Specialty Vehicles 12.5% 2026 target.
- **Tariff Mitigation**: $60M 2026 Aerials tariff headwind offset by price/cost neutrality, flat margin guidance.
- **Shareholder Returns**: $98M 2025 buybacks, optionality post-Aerials sale for buybacks/debt reduction.

**【CEO Summary Section】**
- Announced completion of merger with REV Group, creating a $7.5-$8.1 billion revenue company with $930-$1 billion EBITDA in 2026.
- 2025 results: EPS $4.93, EBITDA $635 million, free cash flow $325 million (147% conversion).
- Segment highlights: Environmental Solutions (16% Q4 bookings growth), Materials Processing (13.7% Q4 margin), Aerials ($906 million backlog).
- 2026 outlook: 5% revenue growth, 12% EBITDA expansion, $75 million synergies by 2028.
- Strategic review of Aerials business with strong inbound interest.

**【CFO Financial Commentary】**
- Q4 2025: $1.3 billion revenue (+6% YoY), $141 million EBITDA (10.6% margin), $172 million free cash flow.
- Full year 2025: $5.4 billion revenue, $325 million free cash flow (+71%), 147% conversion.
- Segment performance: Environmental Solutions 18.8% margin, Materials Processing 13.7% margin, Aerials 2.6% margin.
- 2026 guidance: $4.50-$5 EPS (3% dilution), 80-90% cash conversion, $2.7 billion average debt.

**【Q&A Highlights】**
- **MP Segment Pricing**: Q4 2025 margin up 150bps to 9.3%, 2026 growth driven by aggregates and material handling.
- **Aerials Tariffs**: $60 million 2026 headwind offset by productivity, flat 2026 revenue/margin guidance.
- **REV Integration**: 2-year backlog, 12.5% 2026 EBITDA margin, $28 million 2026 synergies.
- **ES Segment**: Utilities growth offsetting ESG flattish guidance, 18.5% Q4 margin.
- **Steel Costs**: 70% domestic HRC, 10-15% Q1/Q2 hedge discount, $130 million 2026 tariff impact.
- **Aerials Sales**: 2027 recovery in private construction, 2026 focus on national accounts and backlog execution.

Terex Corporation (TEX) Q4 2025 Earnings Call Transcript

- **$75M Synergy Target**: 50% achievable within 12 months, driven by corporate cost consolidation and supply chain savings.
- **14% EBITDA Margin**: Pro forma 2025 target reflects reduced cyclicality post-Aerial exit.
- **$425M Cash to REV**: Attractive deal structure balancing upside participation and immediate value.
- **Digital Expansion**: 3rd Eye platform to penetrate first responder market, targeting 10%+ aftermarket revenue.
- **Cyclical Risk Mitigation**: Aerial exit reduces exposure to construction market volatility.

**【CEO Summary Section】**
- Announced merger with REV Group to create a U.S.-centric specialty equipment manufacturer with $5.8 billion pro forma revenue and 14% EBITDA margin. 
- 58% ownership for Terex shareholders, $425M cash to REV shareholders, closing expected Q2 2026.
- $75M annual synergies from corporate cost consolidation, supply chain optimization, and go-to-market efficiencies.
- Plans to exit Aerial segment to reduce cyclical exposure, with pro forma 2025 EBITDA of $750M+.
- Growth drivers include utilities infrastructure (AI/data centers), waste/recycling, and first responder vehicles.

**【CFO Financial Commentary】**
- Terex Q3 2025: $1.4B revenue, $1.50 EPS, 200% cash conversion.
- Pro forma 2025: $5.8B revenue, 14% EBITDA margin, 85% cash conversion.
- Post-merger leverage ~2.5x, targeting further deleverage post-Aerial exit.
- Synergies to be realized 50% within 12 months, full run rate by 2028.

**【Q&A Highlights】**
- **Aerial Exit Timing**: Process begins immediately, no set timeline; confident in suitor interest despite cyclical nature.
- **Synergy Realization**: 50% achievable in first year, 100% by 2028; no double-counting with existing plans.
- **Digital Growth**: 3rd Eye platform expansion into fire/ambulance verticals, targeting 10%+ aftermarket revenue mix.
- **RV Segment**: No immediate plans for divestiture; will assess post-integration.
- **Backlog Visibility**: REV Specialty Vehicles backlog $4.2B (2-2.5yr duration), pricing reflects strong demand.

Terex Corporation (TEX) Q3 2025 Earnings Call Transcript

- **Revenue Growth**: Q2 2025 revenue $1.5B (+8% YoY). Full year sales guidance $5.3-5.5B. 
- **EPS Guidance**: Maintained at $4.70-$5.10, with Q4 EPS >Q3. 
- **Free Cash Flow**: $78M Q2, full year target $300-350M. 
- **Tariff Impact**: $0.50 net impact for 2025, including EU reciprocal tariffs. 
- **ES Strength**: 19.1% Q2 margin, H2 sales up low double digits. 
- **Digital Growth**: 3rd Eye expanding to new products, >$25M annualized synergies. 
- **Risks**: Independent rental caution in Aerials, MP margin headwinds.

**【CEO Summary Section】**
- Q2 2025 revenue: $1.5 billion (8% YoY growth at constant exchange rates). EPS: $1.49, in line with expectations. Free cash flow: $78 million (108% cash conversion). 
- Full year EPS outlook maintained at $4.70-$5.10. Environmental Solutions (ES) expected to drive stronger H2 performance. Aerials cautious on independent rental CapEx, MP to improve margins sequentially. 
- Tariffs estimated $0.50 net impact for 2025. 75% of U.S. sales from domestically produced goods. Europe shows early signs of recovery in MP. 

**【CFO Financial Commentary】**
- Q2 EBITDA: $182 million (12.2% of sales). Free cash flow: $78 million (vs. $43 million YoY). 
- Segment performance: 
  - **Aerials**: $607M sales, 500bps sequential margin improvement. Customer mix skewed to nationals. 
  - **MP**: $454M sales, 12.7% margin (270bps sequential improvement). Aggregates vertical strong. 
  - **ES**: $430M sales (12.9% YoY growth), 19.1% margin (230bps YoY). 
- Capital returns: $21M share buybacks in Q2, $150M new authorization. Free cash flow guidance: $300-$350M for 2025. 

**【Q&A Highlights】**
- **ES Margins**: Q2 margin boost from favorable utility mix (not recurring). H2 margin expected to moderate ~1%. 
- **Tariff Mitigation**: $0.50 net impact includes EU reciprocal tariffs. Strategies: supplier collaboration, pricing, in-sourcing. 
- **Aerials Outlook**: 4x backlog coverage. Q3 margin pressure from tariffs and volume decline. 
- **MP Recovery**: Sequential margin improvement driven by cost controls, tariffs partially offset. Europe showing early recovery. 
- **Tariff Impact**: 232 steel tariffs minimal due to hedging. 2025 guidance includes $0.50 net impact. 
- **ES Synergies**: 3rd Eye digital platform expanding to concrete mixers and utilities. Annualized synergies >$25M. 
- **H2 EPS**: Q4 EPS expected 10-20% higher than Q3 due to tariff mitigation timing and MP margin recovery.

Terex Corporation (TEX) Q2 2025 Earnings Call Transcript

- **ES Segment Outperforms**: 19.4% operating margin in Q1, with $25M+ 2026 synergy target. 
- **Tariff Mitigation**: $0.40/share impact assumed, 75% of U.S. sales domestically sourced.
- **Aerials Recovery**: Q2 double-digit margins expected, 550bps improvement from Q1 under-absorption.
- **Capital Return**: $32M share buybacks in Q1, continued focus on deleveraging and dividend payments.

**【CEO Opening Remarks】**
- Q1 EPS of $0.83 on $1.2B sales, exceeding initial outlook. Aerials and MP margins impacted by prior production cuts, but expected to improve in Q2.
- Environmental Solutions (ES) accounted for 1/3 of sales with 19.4% operating margin, driven by ESG's record throughput.
- Tariff mitigation efforts include inventory forward placement and supply chain adjustments, maintaining price/cost neutrality.
- Full-year EPS guidance maintained at $4.70-$5.10, with ES sales expected to offset 8%-12% organic decline.

**【CFO Financial Breakdown】**
- Total sales $1.2B (-4.9% YoY), organic sales down 25% due to channel adjustments. Book-to-bill 124%, backlog $2.6B (+13% QoQ).
- Operating margin 9.1% (-350bps YoY), driven by volume declines and absorption issues. ES margin 19.4%, 420bps improvement vs. Q1 2024 pro forma.
- Free cash flow improved vs. Q1 2024, despite lower earnings. ROIC 15%, well above cost of capital.
- Segment outlook: Aerials to return to double-digit margins in Q2, MP expects sequential improvement, ES moderating from Q1 levels.

**【Q&A Key Takeaways】**
- **ES Margin Drivers**: Record throughput, cost productivity, and $25M+ 2026 synergy pipeline. Q1 one-off benefits will moderate.
- **Tariff Impact**: $0.40/share assumed, mostly from China steel tariffs. 75% of U.S. sales made in U.S. or U.K., 90% of North America sales from North America.
- **Aerials Recovery**: Q2 seasonal ramp-up with 550bps margin improvement from Q1 under-absorption. MP expects gradual recovery driven by North America replacement demand.
- **Germany Stimulus**: Potential 2026 tailwind for MP aggregates and Material Handling, but not baked into 2025 outlook.


Terex (TEX)-2 May 25-2025 Q1 Earnings call transcript

- **Record 2024 Performance**: Full-year EPS of $6.11, highest since 2019, driven by ESG's $51M Q4 EBITDA (22% margin).
- **2025 Growth Path**: $5.4B sales target with 12% operating margin, supported by ESG's mid-single digit growth and $300M+ free cash flow.
- **Resilient Margins**: Aerials to maintain 25%+ decremental margins despite low-double digit sales decline; MP within 25% target.
- **Tariff Resilience**: 11 U.S. factories provide production flexibility; no material impact expected from potential tariffs.
- **Innovation Lead**: All-electric refuse trucks, brush chippers, and AI-powered efficiency tools driving $40B addressable market expansion.

**【CEO Summary Section】**
- **2024 Financial Highlights**: Full-year EPS of $6.11 (second-highest in company history) on $5.1 billion in sales. ESG contributed $228 million in Q4 with 22% EBITDA margin, exceeding day-1 accretion targets.
- **Market Positioning**: 25% of revenue from low-cyclic waste/recycling; 20% from infrastructure; 10% from utilities. North America accounts for 67% of revenue, benefiting from U.S. economic strength and infrastructure spending.
- **2025 Outlook**: $5.4 billion in net sales, 12% segment operating margin, $660 million EBITDA. Aerials expected to decline low-double digits, MP down high-single digits, ES segment (ESG + Utilities) to grow mid-single digits.
- **Strategic Initiatives**: $25 million+ operational synergies by 2026 from ESG integration. New product pipeline includes all-electric refuse trucks, brush chippers, and AI-driven efficiency tools.

**【CFO Financial Commentary】**
- **Q4 2024 Results**: 
  - Total sales: $1.2 billion (flat YoY, +17% from ESG)
  - Gross margin: 19% (180bps down YoY due to legacy mix)
  - Operating profit: $97 million (7.8% margin)
  - EPS: $0.77
  - Free cash flow: $129 million
- **Full Year 2024**: 
  - Sales: $5.1 billion (flat YoY)
  - Gross margin: 21.7% (120bps down YoY)
  - Operating profit: $582 million (11.3% margin)
  - EPS: $6.11
  - Free cash flow: $190 million
- **Segment Performance**: 
  - AWP: $3 billion (+3%), 11.6% margin
  - MP: $1.9 billion (-14.6%), 13.6% margin
  - ESG: $228 million (Q4 only), 21.9% margin
- **2025 Guidance**: 
  - EPS: $4.70-$5.10 (10% of EPS in Q1, 67% in Q2/Q3)
  - Free cash flow: $300-$350 million
  - Capital expenditures: $120 million

**【Q&A Highlights】**
- **ESG Sustainability**: Q4 EBITDA of $51 million (22% margin) validates accretion; 2025 bookings up 16% to $520M backlog.
- **Tariff Mitigation**: 11 U.S. factories allow production flexibility; Monterrey facility serves global markets if needed.
- **Europe Recovery**: MP Europe down 14.6% YoY but Q4 bookings improve; cranes and Saudi demand show early signs of stabilization.
- **Aerials Seasonality**: Q1 2025 EPS 10% of full year due to production cuts; Q2/Q3 margins to return to historical 25%+ levels.
- **Synergy Capture**: $25M+ run-rate synergies by 2026; ESG's 3rd Eye AI tech being adapted for concrete mixers and utility trucks.

Actual											-0.35	-0.05	0.31	0.21	0.56	1.02	0.67	0.82	0.74	1.07	1.2	1.34	1.6	2.35	1.75	1.41	1.6	2.16	1.46	0.77	0.83	1.49	1.5	1.12
Forecast											-0.0513	-0.5995	0.0323	0.0227	0.2433	0.5959	0.694	0.5415	0.4638	0.864	1.0419	1.1276	1.0383	1.663	1.7159	1.3958	1.3697	2.0727	1.3089	0.7335	0.5259	1.3995	1.2046	1.1074
Surprise	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-582.26%	+91.66%	+859.75%	+825.11%	+130.17%	+71.17%	-3.46%	+51.43%	+59.55%	+23.84%	+15.17%	+18.84%	+54.10%	+41.31%	+1.99%	+1.02%	+16.81%	+4.21%	+11.54%	+4.98%	+57.82%	+6.47%	+24.52%	+1.14%

TEX

TEX fundamentals

TEX Q4 2025 Earnings

Earnings Call

You can ask Aime

TEX

TEX fundamentals

TEX Q4 2025 Earnings

Earnings Call

TEX Earnings Call Summary for Q4/20258:30 AM on Feb 11, 2026

TEX Earnings Call Summary for Q3/20258:30 AM on Oct 30, 2025

TEX Earnings Call Summary for Q2/20258:30 AM on Jul 31, 2025

TEX Earnings Call Summary for Q1/20258:00 AM on May 2, 2025

TEX Earnings Call Summary for Q4/20248:30 AM on Feb 6, 2025

You can ask Aime