Terex (NYSE:TEX), a global manufacturer of aerial work platforms, materials processing equipment, and cranes, reported financial results for the fourth quarter and full year ended December 31, 2025.
Full-year net sales totaled $5.4 billion, with adjusted operating margin of 10.4% and adjusted earnings per share of $4.93.
Fourth-quarter bookings increased 32% to $1.9 billion, providing strong visibility into future demand.
Free cash flow for the year was $325 million, representing 147% conversion of adjusted net income.
Meanwhile, the company initiated the REV merger during the period and cited margin gains from cost productivity and favorable segment mix, partially offset by tariff headwinds, lower volumes in Aerials and Materials Processing, and a higher full-year effective tax rate of 24.3%.
For 2026, Terex guided for net sales in the range of $7.5 billion to $8.1 billion and EBITDA of $930 million to $1 billion, reflecting expected contributions from the REV transaction, continued demand in key end markets, and ongoing operational improvements.