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# Terex Orders Jump 53% To $2.3 Billion As It Moves To Active Talks On Aerials Separation
- URL: https://www.bullished.co/terex-orders-jump-53-to-2-3-billion-as-it-moves-to-active-talks-on-aerials-separation-12c32b59/
- Published: 2026-10-30T17:31:54.000Z
- Updated: 2026-10-30T17:31:54.000Z
- Description: The equipment maker raised its free cash flow outlook to $360 million to $400 million and added a $500 million buyback authorization.
- Author: Matteo Parrino
- Tags: SEC Filings, TEX, Industry: Industrials

[Terex](https://www.bullished.co/tag/tex/), which makes equipment for waste collection, materials processing, utility work and aerial lifts, said third-quarter pro forma orders rose [53%](https://www.sec.gov/Archives/edgar/data/0000097216/000009721626000144/aexh99%5F120261028q3prepared.htm?ref=bullished.co) to $2.3 billion, and that it has moved to active talks with multiple strategic counterparties over separating its Aerials business. The remarks, filed with the SEC in an [8-K](https://www.bullished.co/learn/8-k-items-explained/), also showed adjusted earnings of $1.50 per share.

## Orders, backlog and margins

Sales were [$2.2 billion](https://finance.yahoo.com/markets/stocks/articles/terex-q3-earnings-call-highlights-080424360.html?ref=bullished.co), up 58% as reported and 11.6% on a pro forma basis that excludes the sold Cranes and Midwest businesses. Adjusted EBITDA, operating profit before interest, taxes and depreciation, rose $35 million to $286 million, a 13.0% margin against 12.8% a year earlier on a pro forma basis.

Backlog reached $7 billion, and bookings rose in all four segments. Consolidated book-to-bill was [about 103%](https://finance.yahoo.com/markets/stocks/articles/terex-q3-earnings-call-highlights-080424360.html?ref=bullished.co), which CEO Simon Meester said is above typical seasonality.

Aerials bookings jumped 194% to $646 million, which the company attributed mainly to national customers serving large infrastructure projects. Aerials backlog rose $455 million from a year earlier to $852 million. Materials Processing backlog nearly doubled to $676 million, a two-year high.

## Environmental Solutions lags

Environmental Solutions, which sells refuse truck bodies and utility equipment, posted sales down 8.0% to $400 million. Its adjusted EBITDA margin fell 390 basis points (3.9 percentage points) to 15.3%, which the company tied to a heavier mix of Utilities sales, inefficiencies from the Waukesha production ramp and lower-volume absorption.

The company now sees the segment's full-year sales about flat from a year earlier. CFO Jennifer Kong-Picarello said ramp-up inefficiencies continue to limit near-term Utilities shipments.

## Aerials talks and the new outlook

Meester said the company has advanced carve-out work and moved from weighing inbound interest to active engagement with multiple strategic counterparties. The aim is an outcome that "maximizes value for Terex shareholders." Given the active discussions, he said, "we will not comment on individual counterparties or establish a specific timeline."

The company now expects 2026 sales of $8.0 billion to $8.2 billion, adjusted pro forma EBITDA of $930 million to $960 million and earnings of $4.80 to $5.00 per share. It raised its free cash flow outlook to $360 million to $400 million, with capital spending of $145 million.

The quarter produced $241 million of operating cash flow and $209 million of free cash flow. Terex returned $91 million to shareholders, $72 million in buybacks and $19 million in dividends, and paid down $113 million of debt. Its board approved a new $500 million repurchase authorization, which joins $111 million left under the prior one for $611 million in capacity. Net debt ended the quarter at $2.2 billion.

Management said foundational integration work is finished and attention is shifting to capturing savings, starting with a new centralized procurement organization.

Learn

- [Item 2.02: results of operations →](https://www.bullished.co/learn/8-k-items-explained/#item-202-results-of-operations)  
From 8-K Items Explained: What Every Item Code From 1.01 To 9.01 Tells You, With Examples

### Sources

- [8-K Filing — TEREX CORP (TEX)](https://www.sec.gov/Archives/edgar/data/0000097216/000009721626000144/tex-20261028.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit aexh99\_120261028q3prepared.htm — TEREX CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000097216/000009721626000144/aexh99%5F120261028q3prepared.htm?ref=bullished.co) — SEC EDGAR
- [Terex Q3 Earnings Call Highlights](https://finance.yahoo.com/markets/stocks/articles/terex-q3-earnings-call-highlights-080424360.html?ref=bullished.co) — Yahoo Finance

### More on Terex

- [Terex Took A $20 Million Loss On Two REV Units It Sold October 23 For About $33 Million](https://www.bullished.co/terex-took-a-20-million-loss-on-two-rev-units-it-sold-october-23-for-about-33-million-0697d7fc/)
- [Terex CEO Says Aerials Sale Talks Are Now Active With Multiple Buyers, Sets No Timeline](https://www.bullished.co/terex-ceo-says-aerials-sale-talks-are-now-active-with-multiple-buyers-sets-no-timeline-136171eb/)
- [Terex CFO Says Half Of Its EBITDA Outlook Cut Comes From Segment Mix](https://www.bullished.co/terex-cfo-says-half-of-its-ebitda-outlook-cut-comes-from-segment-mix-e0f9bdf7/)

[All Terex (TEX) coverage →](https://www.bullished.co/tag/tex/)