Revenue growth of 41.1% in 2026Q1 was overshadowed by a collapse in gross margins to 11.9%, down from the 23.8% peak observed in 2024Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 5.93B | 5.42B | 5.13B | 5.15B | 4.42B | 3.89B | 3.08B | 4.35B | 4.52B | 3.79B | 4.44B | 5.02B | 5.48B | 7.08B | 6.98B | 6.5B | 4.42B | 4.04B | 9.89B | 9.14B | 7.65B | 6.38B | 5.02B | 3.9B | 2.8B | 1.81B | 2.07B | 1.86B | 1.23B | 842.3M | 678.5M |
| Revenue Growth % | 17.03% | 5.73% | -0.49% | 16.61% | 13.67% | 26.34% | -29.33% | -3.63% | 19.07% | -14.62% | -11.52% | -8.43% | -22.59% | 1.46% | 7.34% | 47.22% | 9.28% | -59.12% | 8.23% | 19.48% | 19.86% | 27.1% | 28.81% | 39.31% | 54.34% | -12.38% | 11.42% | 50.55% | 46.41% | 24.14% | -34.14% |
| Cost of Goods Sold | 4.9B | 4.37B | 4.06B | 3.98B | 3.55B | 3.13B | 2.54B | 3.47B | 3.56B | 3.03B | 3.67B | 4.05B | 4.43B | 5.63B | 5.57B | 5.54B | 3.82B | 3.77B | 7.96B | 7.26B | 6.2B | 5.4B | 4.32B | 3.38B | 2.44B | 1.54B | 1.67B | 1.51B | 991.1M | 691M | 595.6M |
| COGS % of Revenue | - | 80.61% | 79.17% | 77.15% | 80.29% | 80.51% | 82.47% | 79.61% | 78.71% | 79.77% | 82.53% | 80.65% | 80.82% | 79.52% | 79.83% | 85.22% | 86.35% | 93.2% | 80.51% | 79.4% | 81.13% | 84.67% | 85.99% | 86.7% | 87.25% | 84.74% | 80.59% | 81.35% | 80.37% | 82.04% | 87.78% |
| Gross Profit | 1.03B | 1.05B | 1.07B | 1.18B | 871M | 757.4M | 539.3M | 887.8M | 961.9M | 767.3M | 776.1M | 971.5M | 1.05B | 1.45B | 1.41B | 961.2M | 602.9M | 274.9M | 1.93B | 1.88B | 1.44B | 978M | 703.1M | 518.5M | 356.7M | 276.6M | 401.6M | 346.3M | 242.1M | 151.3M | 82.9M |
| Gross Margin % | 17.35% | 19.39% | 20.83% | 22.85% | 19.71% | 19.49% | 17.53% | 20.39% | 21.29% | 20.23% | 17.47% | 19.35% | 19.18% | 20.48% | 20.17% | 14.78% | 13.65% | 6.8% | 19.49% | 20.6% | 18.87% | 15.33% | 14.01% | 13.3% | 12.75% | 15.26% | 19.41% | 18.65% | 19.63% | 17.96% | 12.22% |
| Gross Profit Growth % | - | -1.59% | -9.26% | 35.13% | 15% | 40.44% | -39.25% | -7.7% | 25.36% | -1.13% | -20.11% | -7.63% | -27.49% | 2.98% | 46.54% | 59.43% | 119.32% | -85.74% | 2.43% | 30.41% | 47.56% | 39.1% | 35.6% | 45.36% | 28.96% | -31.13% | 15.97% | 43.04% | 60.01% | 82.51% | -39% |
| Operating Expenses | 656M | 576M | 542M | 540M | 451M | 429.4M | 470.9M | 552.8M | 549.4M | 539.1M | 917.9M | 647.8M | 651.8M | 1.03B | 1.12B | 879.1M | 676.7M | 734.8M | 1.07B | 920.6M | 733.6M | 603M | 488.5M | 445M | 288.1M | 176.2M | 206.8M | 170.6M | 122.2M | 82.8M | 77.8M |
| OpEx % of Revenue | - | 10.63% | 10.57% | 10.48% | 10.21% | 11.05% | 15.31% | 12.7% | 12.16% | 14.21% | 20.66% | 12.9% | 11.89% | 14.56% | 16% | 13.52% | 15.32% | 18.17% | 10.77% | 10.07% | 9.59% | 9.45% | 9.73% | 11.42% | 10.3% | 9.72% | 10% | 9.19% | 9.91% | 9.83% | 11.47% |
| Selling, General & Admin | 656M | 576M | 521M | 518M | 429M | 377.8M | 407.8M | 480.3M | 535.8M | 478.8M | 541M | 556.7M | 548.9M | 875.1M | 942.9M | 879.1M | 676.7M | 734.8M | 1.07B | 920.6M | 733.6M | 599.7M | 488.5M | 393.7M | 288.1M | 172.4M | 165.3M | 138.4M | 103.8M | 68.5M | 64.1M |
| SG&A % of Revenue | - | 10.63% | 10.16% | 10.05% | 9.71% | 9.72% | 13.26% | 11.03% | 11.86% | 12.62% | 12.18% | 11.09% | 10.01% | 12.35% | 13.5% | 13.52% | 15.32% | 18.17% | 10.77% | 10.07% | 9.59% | 9.4% | 9.73% | 10.1% | 10.3% | 9.51% | 7.99% | 7.45% | 8.42% | 8.13% | 9.45% |
| Research & Development | 0 | 0 | 25M | 28M | 22M | 52.2M | 58.9M | 72.4M | 63.2M | 55.6M | 86.2M | 89.7M | 102.3M | 131.5M | 71.7M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 0.49% | 0.54% | 0.5% | 1.34% | 1.91% | 1.66% | 1.4% | 1.47% | 1.94% | 1.79% | 1.87% | 1.86% | 1.03% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | -4M | -6M | 0 | -600K | 4.2M | 100K | -49.6M | 4.7M | 290.7M | 1.4M | 600K | 24.8M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.3M | 0 | 51.3M | 0 | 3.8M | 41.5M | 32.2M | 18.4M | 14.3M | 13.7M |
| Operating Income | 325M | 475M | 526M | 637M | 420M | 328M | 68.4M | 335M | 412.5M | 228.2M | -141.8M | 323.7M | 400M | 419.1M | 393.9M | 82.1M | -73.8M | -459.9M | 402.6M | 961.4M | 709.5M | 375M | 214.6M | 73.5M | 68.6M | 100.4M | 194.8M | 175.7M | 119.9M | 68.5M | 5.1M |
| Operating Margin % | 5.48% | 8.76% | 10.26% | 12.36% | 9.51% | 8.44% | 2.22% | 7.7% | 9.13% | 6.02% | -3.19% | 6.45% | 7.29% | 5.92% | 5.64% | 1.26% | -1.67% | -11.37% | 4.07% | 10.52% | 9.28% | 5.88% | 4.28% | 1.89% | 2.45% | 5.54% | 9.42% | 9.46% | 9.72% | 8.13% | 0.75% |
| Operating Income Growth % | - | -9.7% | -17.43% | 51.67% | 28.05% | 379.53% | -79.58% | -18.79% | 80.76% | 260.93% | -143.81% | -19.07% | -4.56% | 6.4% | 379.78% | 211.25% | 83.95% | -214.23% | -58.12% | 35.5% | 89.2% | 74.74% | 191.97% | 7.14% | -31.67% | -48.46% | 10.87% | 46.54% | 75.04% | 1243.14% | -79.52% |
| EBITDA | 444M | 633M | 608M | 693M | 467M | 378.2M | 118.1M | 384.6M | 472.2M | 294.7M | -45.1M | 456.1M | 565.5M | 571.4M | 546.9M | 208.7M | 31M | -366.5M | 482.9M | 1.04B | 782.5M | 450.6M | 289M | 156.2M | 113.6M | 140.7M | 236.3M | 207.9M | 138.3M | 82.8M | 18.8M |
| EBITDA Margin % | 7.49% | 11.68% | 11.86% | 13.45% | 10.57% | 9.73% | 3.84% | 8.84% | 10.45% | 7.77% | -1.02% | 9.08% | 10.31% | 8.07% | 7.83% | 3.21% | 0.7% | -9.06% | 4.88% | 11.36% | 10.23% | 7.06% | 5.76% | 4.01% | 4.06% | 7.76% | 11.42% | 11.2% | 11.21% | 9.83% | 2.77% |
| EBITDA Growth % | -18.26% | 4.11% | -12.27% | 48.39% | 23.48% | 220.24% | -69.29% | -18.55% | 60.23% | 753.44% | -109.89% | -19.35% | -1.03% | 4.48% | 162.05% | 573.23% | 108.46% | -175.9% | -53.46% | 32.6% | 73.66% | 55.92% | 85.02% | 37.5% | -19.26% | -40.46% | 13.66% | 50.33% | 67.03% | 340.43% | -64.26% |
| D&A (Non-Cash Add-back) | 119M | 158M | 82M | 56M | 47M | 50.2M | 49.7M | 49.6M | 59.7M | 66.5M | 96.7M | 132.4M | 165.5M | 152.3M | 153M | 126.6M | 104.8M | 93.4M | 80.3M | 76.2M | 73M | 75.6M | 74.4M | 82.7M | 45M | 40.3M | 41.5M | 32.2M | 18.4M | 14.3M | 13.7M |
| EBIT | 412M | 475M | 497M | 643M | 416M | 315.3M | 76.9M | 335.4M | 359.9M | 230.6M | -168.7M | 303.8M | 401.3M | 417.4M | 290.9M | 200.5M | -92.9M | -404.4M | 186.5M | 961.4M | 709.5M | 370.4M | 214.6M | 58M | 68.6M | 108.4M | 194.8M | 175.7M | 119.9M | 68.5M | 5.1M |
| Net Interest Income | 50M | -165M | -76M | -55.7M | -46.3M | -47.8M | -62.3M | -81.4M | -64.1M | -60.9M | -97.7M | -104.3M | -116.7M | -127.9M | -181.7M | -128.7M | -143.5M | -114.5M | -81.6M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 14M | 12M | 13M | 7.6M | 2.8M | 3.7M | 3.6M | 6.5M | 8.9M | 6.9M | 4.3M | 3.8M | 6M | 6.7M | 8.8M | 14.3M | 9.8M | 4.9M | 22.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | -87M | 177M | 89M | 63.3M | 49.1M | 51.5M | 65.9M | 87.9M | 73.1M | 67.5M | 102M | 108.1M | 122.7M | 134.6M | 190.5M | 134.9M | 145.4M | 119.4M | 103.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -185M | -183M | -118M | -57M | -53M | -64.2M | -57.4M | -87.5M | -125.4M | -64.8M | -128.9M | -128M | -121.4M | -127.8M | -267.6M | 3.3M | -164.5M | -180M | -88.5M | -42.1M | -94.8M | -86.1M | -67.2M | -93.3M | -96.8M | -81.5M | -35.2M | -77.3M | -45.4M | -37.5M | -47.3M |
| Pretax Income | 140M | 292M | 408M | 580M | 367M | 263.8M | 11M | 247.5M | 287.1M | 163.4M | -270.7M | 195.7M | 278.6M | 291.3M | 126.3M | 85.4M | -238.3M | -581.7M | 314.1M | 919.3M | 614.7M | 289.8M | 147.4M | -35.3M | -25.8M | 24.6M | 159.6M | 98.4M | 74.5M | 31M | -42.2M |
| Pretax Margin % | 2.36% | 5.39% | 7.96% | 11.26% | 8.31% | 6.79% | 0.36% | 5.69% | 6.36% | 4.31% | -6.09% | 3.9% | 5.08% | 4.11% | 1.81% | 1.31% | -5.39% | -14.39% | 3.18% | 10.06% | 8.04% | 4.54% | 2.94% | -0.91% | -0.92% | 1.36% | 7.71% | 5.3% | 6.04% | 3.68% | -6.22% |
| Income Tax | 99M | 71M | 73M | 63M | 67M | 46.3M | 2M | 37.8M | 45.4M | 52.4M | -77.4M | 67.5M | 26.6M | 87.4M | 51.5M | 51.4M | -26.8M | -132.1M | 242.2M | 305.4M | 218.2M | 101.3M | -176.7M | -9.8M | -8.3M | 7.9M | 55.7M | -74.5M | 1.7M | 700K | 12.1M |
| Effective Tax Rate % | 70.71% | 24.32% | 17.89% | 10.86% | 18.26% | 17.55% | 18.18% | 15.27% | 15.81% | 32.07% | 28.59% | 34.49% | 9.55% | 30% | 40.78% | 60.19% | 11.25% | 22.71% | 77.11% | 33.22% | 35.5% | 34.96% | -119.88% | 27.76% | 32.17% | 32.11% | 34.9% | -75.71% | 2.28% | 2.26% | -28.67% |
| Net Income | 111M | 221M | 335M | 518M | 300M | 220.9M | -10.6M | 54.4M | 113.7M | 128.7M | -176.1M | 145.9M | 319M | 226M | 77M | 45.4M | 358.5M | -385.8M | 71.9M | 613.9M | 400.5M | 188.5M | 324.1M | -25.5M | -132.5M | 12.8M | 95.1M | 172.9M | 34.5M | 15.5M | 47.7M |
| Net Margin % | 1.87% | 4.08% | 6.53% | 10.05% | 6.79% | 5.68% | -0.34% | 1.25% | 2.52% | 3.39% | -3.96% | 2.91% | 5.82% | 3.19% | 1.1% | 0.7% | 8.11% | -9.54% | 0.73% | 6.72% | 5.24% | 2.95% | 6.46% | -0.65% | -4.74% | 0.71% | 4.6% | 9.31% | 2.8% | 1.84% | 7.03% |
| Net Income Growth % | -55.19% | -34.03% | -35.33% | 72.67% | 35.81% | 2183.96% | -119.49% | -52.15% | -11.65% | 173.08% | -220.7% | -54.26% | 41.15% | 193.51% | 69.6% | -87.34% | 192.92% | -636.58% | -88.29% | 53.28% | 112.47% | -41.84% | 1370.98% | 80.75% | -1135.16% | -86.54% | -45% | 401.16% | 122.58% | -67.51% | 235.51% |
| Net Income (Continuing) | 111M | 221M | 335M | 517M | 300M | 217.5M | 9M | 209.7M | 241.7M | 111M | -193.3M | 128.2M | 252M | 203.9M | 77M | 20.2M | -211.5M | -449.6M | 71.9M | 613.9M | 396.5M | 187.6M | 324.1M | -226.6M | -19.1M | 12.8M | 103.9M | 172.9M | 72.8M | 30.3M | -54.3M |
| Discontinued Operations | 0 | 0 | 0 | 1M | 0 | 3.4M | -19.6M | -155.3M | -128M | 17.7M | 16.9M | 17.5M | 65.5M | 17M | 0 | 0 | 0 | 64.9M | 0 | 0 | 0 | 900K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 500K | 36.5M | 34.6M | 33.2M | 24.7M | 23.6M | 277.8M | 28.2M | 24.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 600K | 0 |
| EPS (Diluted) | - | 3.33 | 4.96 | 7.56 | 4.32 | 3.07 | 0.13 | 2.92 | 3.14 | 1.17 | -1.79 | 1.17 | 2.22 | 1.79 | 0.68 | 0.41 | 3.30 | -3.88 | 0.72 | 5.85 | 3.88 | 1.84 | 3.17 | -0.27 | -0.70 | 0.09 | 0.65 | 3.38 | 0.77 | 0.30 | 1.18 |
| EPS Growth % | 2601.09% | -32.86% | -34.39% | 75% | 40.72% | 2261.54% | -95.55% | -7.01% | 168.38% | 165.36% | -252.99% | -47.3% | 24.02% | 163.24% | 65.85% | -87.58% | 185.05% | -638.89% | -87.69% | 50.77% | 110.87% | -41.96% | 1274.07% | 61.43% | -898.18% | -86.51% | -80.77% | 338.96% | 156.67% | -74.58% | 235.63% |
| EPS (Basic) | - | 3.36 | 5.00 | 7.66 | 4.38 | 3.12 | 0.13 | 2.95 | 3.21 | 1.20 | -1.79 | 1.20 | 2.31 | 1.88 | 0.70 | 0.41 | 3.30 | -3.88 | 0.73 | 6.00 | 3.97 | 1.89 | 3.30 | -0.27 | -0.70 | 0.09 | 0.67 | 3.57 | 0.84 | 0.33 | 0.53 |
| Diluted Shares Outstanding | 0 | 66.3M | 67.6M | 68.3M | 69.4M | 70.9M | 70.1M | 71.8M | 76.9M | 94.9M | 107.9M | 109.6M | 114.2M | 117M | 113.9M | 110.7M | 108.7M | 102.6M | 99.7M | 104.9M | 103M | 102.6M | 102M | 96.2M | 189.6M | 146M | 146M | 51.2M | 44.8M | 35.4M | 40.31M |
| Basic Shares Outstanding | 0 | 65.8M | 66.9M | 67.5M | 68.5M | 69.7M | 69.6M | 71.1M | 75.4M | 92.8M | 107.82M | 107.4M | 109.7M | 111.1M | 110.3M | 109.5M | 108.7M | 102.6M | 98.1M | 102.4M | 100.7M | 100M | 98M | 96.2M | 189.6M | 143M | 143M | 48.4M | 41.4M | 32.4M | 26.4M |
| Dividend Payout Ratio | - | 20.36% | 13.73% | 8.34% | 11.87% | 15.17% | - | 57.72% | 26.39% | 22.92% | - | 17.68% | 6.83% | 2.43% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical margin compression risk
According to the latest quarterly data, TEX experienced a significant revenue surge of 41.1% in 2026Q1, yet this follows a period of inconsistent growth, suggesting that the company's top-line trajectory remains highly sensitive to lumpy order patterns and the timing of large-scale equipment deliveries.
The sharp revenue spike in the most recent quarter contrasts with the modest or negative growth observed in several preceding periods. This volatility suggests that the company's revenue recognition may be heavily influenced by the timing of shipments to major rental accounts rather than a steady, organic demand expansion.
As reported in financial statements, the company's gross margin plummeted to 11.9% in 2026Q1, a stark departure from the 23.8% peak observed in 2024Q2, indicating that the firm is struggling to maintain pricing power amidst shifting input costs and competitive pressures in the machinery sector.
The rapid erosion of gross margins suggests that the company may be unable to pass through rising component or raw material costs to its customer base effectively. Investors should monitor whether this margin contraction is a temporary byproduct of supply chain inefficiencies or a structural shift in the competitive landscape.
Based on the income statement figures, TEX's operating margin swung to a negative 4.7% in 2026Q1, demonstrating that the company's fixed cost structure is currently failing to scale, as operating expenses have outpaced the ability to generate sufficient gross profit during this recent period.
The inability to maintain positive operating income during a high-revenue quarter implies that SG&A costs are not being managed with sufficient discipline relative to top-line fluctuations. This lack of operating leverage suggests that the company remains highly vulnerable to volume deleveraging during periods of operational stress.
Data from recent filings reveals that net income turned negative at $89.0 million in 2026Q1, while stock-based compensation of $36.0 million further complicates the earnings picture, suggesting that reported profitability is currently being obscured by significant non-operating charges and high levels of equity-based dilution.
The divergence between top-line revenue growth and bottom-line losses indicates that the quality of earnings is currently poor. The presence of substantial stock-based compensation during a quarter of net losses warrants further investigation into management's incentive alignment and the true cash-generative capacity of the business.
Quick answers to the most common questions about buying TEX stock.
For fiscal year 2025, Terex Corporation (TEX) reported total revenue of $5.42B. This represents a 699.0% increase compared to $678.5M in 1996.
Terex Corporation (TEX) is profitable, generating $221.0M in net income for the fiscal year ending 2025 with a net profit margin of 4.1%.
Terex Corporation (TEX) reported an operating income of $475.0M, resulting in an operating profit margin of 8.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Terex Corporation (TEX) generated $1.05B in gross profit for the year, representing a gross profit margin of 19.4%. This demonstrates the company's core pricing power and production efficiency.