Revenue climbed to about $2.2B in 2026Q3 with gross margin at 19.8% and operating margin at 8.3%, yet quarterly profitability swung from a $82.0M operating loss in 2026Q1, indicating recovery that remains uneven.
Terex Corporation (TEX) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 7.49B | 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 % | 40.1% | 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 | 6.15B | 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 | 1.33B | 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 % | 17.8% | 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 | 908M | 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 | 760M | 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 | 3M | 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 | 425M | 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 % | 5.68% | 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 | 709M | 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 % | 9.47% | 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 % | 29.14% | 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) | 284M | 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 | 244M | 469M | 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 | 6M | -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 | 19M | 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 | 13M | 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 | -194M | -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 | 231M | 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 % | 3.09% | 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 | 37M | 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 % | 16.02% | 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 | 198M | 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 % | 2.64% | 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 % | 26.92% | -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) | 194M | 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 | 1000K | 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) | 1.74 | 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 % | -16.1% | -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 | 114M | 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 | 113.3M | 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% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Volatile quarterly profitability
Metrics are mathematically derived from official filings.
Revenue Rebound Masks Earlier Contraction
Based on Terex's reported quarterly figures, revenue climbed to roughly $2.2B in 2026Q3 after troughing near $1.2B in 2024Q4, a trajectory that suggests a cyclical recovery rather than a durable structural expansion requiring further verification.
The reported year-over-year growth of 58.4% in 2026Q3 is striking but comes off a depressed base, so the rate itself overstates underlying momentum. Revenue rose sequentially from $1.2B to $2.2B across roughly seven quarters, which may reflect volume recovery in end markets, though the income statement alone does not isolate price versus volume contribution. Investors should monitor whether the 2026Q2 and Q3 run-rate holds, as the flat sequential level between those quarters may indicate the recovery is plateauing.
Gross Margin Recovery Remains Uneven
As reported in the quarterly income statements, Terex's gross margin moved from 23.8% in 2024Q2 down to 11.9% in 2026Q1 before recovering to 19.8% in 2026Q3, indicating margins remain below their earlier peak.
The compression between 2024 and early 2026 suggests material sensitivity of gross profit to input costs or mix, though the data does not reveal the specific drivers. The rebound to near 20% in the two most recent quarters is encouraging but has not yet returned to the 2024 level. Whether this represents sustainable pricing recovery or a temporary mix benefit warrants further investigation.
Operating Leverage Turns Sharply Positive
Based on Terex's reported figures, operating income swung from a loss of $82.0M in 2026Q1 to $183.0M in 2026Q3, with operating margin reaching 8.3%, implying gross profit gains are flowing through meaningfully.
SG&A stayed in a relatively narrow band of roughly $199M to $241M across recent quarters, so the operating income improvement is driven primarily by gross profit recovery rather than overhead cuts. This pattern suggests the cost base is relatively fixed, amplifying margin swings in both directions. The sensitivity cuts both ways, and the 2026Q1 loss illustrates how quickly profitability can deteriorate when gross margin falls.
Net Income Volatility Demands Scrutiny
According to Terex's reported quarterly results, diluted EPS swung from -$0.93 in 2026Q1 to $1.00 in 2026Q3, and net income moved from -$89.0M to $114.0M, a range too wide to treat the trend as settled.
The gap between operating income and net income in several quarters, including 2024Q2 where net income of $140.7M exceeded operating income of $193.1M in a way that warrants reconciliation, suggests non-operating items or tax effects materially influence reported earnings. Stock-based compensation shows variable quarterly values including a negative $51.0M in 2026Q3, which the data does not explain and should not be assumed to be benign. Earnings quality analysis here is limited by the absence of tax and non-operating line detail.
Recovery Thesis Faces Margin Fragility
The strongest challenge to the recovery narrative is that Terex's net margin of 5.2% in 2026Q3 remains well below the 10.2% reported in 2024Q2, suggesting the current earnings base may not yet be normalized.
Short-side analysis would emphasize that revenue growth is measured against a depressed 2024 to 2025 base, so the headline growth rates may flatter the true trajectory. The 2026Q1 operating loss demonstrates that a single weak quarter can erase prior gains, which argues against extrapolating the most recent results. Investors should monitor whether gross margin holds near 20% through the next reporting cycle before treating the recovery as durable.