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# Terex Sales Jump 58% On REV Deal, But Aerials Margin Slips As Separation Work Advances
- URL: https://www.bullished.co/terex-sales-jump-58-on-rev-deal-but-aerials-margin-slips-as-separation-work-advances-0a7bcb03/
- Published: 2026-10-28T11:24:41.000Z
- Updated: 2026-10-28T14:41:19.000Z
- Description: Terex also authorized a new $500 million buyback and refined its 2026 outlook as it talks with multiple strategic counterparties about Aerials.
- Author: Matteo Parrino
- Tags: SEC Filings, TEX, Industry: Industrials

[Terex](https://www.bullished.co/tag/tex/), which makes specialized equipment for waste, utilities, construction and emergency services, said Wednesday that third-quarter [sales rose 58.4%](https://www.prnewswire.com/news-releases/terex-reports-third-quarter-2026-results-302921404.html?ref=bullished.co) on a reported basis to $2.2 billion, lifted by the expanded company after the REV deal. CEO Simon Meester said the carve-out of its Aerials segment has moved from weighing inbound interest to active engagement with multiple strategic counterparties.

## Reported growth versus pro forma growth

Pro forma sales, which treat the REV and crane changes as if they had happened earlier, [rose 11.6%](https://www.prnewswire.com/news-releases/terex-reports-third-quarter-2026-results-302921404.html?ref=bullished.co). Net income was $114 million, or $1.00 per diluted share, against $65 million, or $0.98, a year earlier.

Adjusted earnings were $1.50 per diluted share, flat with last year's $1.50\. Adjusted net income rose to $171 million from $100 million, while diluted shares grew to 114.0 million from 66.2 million.

Adjusted EBITDA reached $286 million, a 13.0% margin, up $35 million, or 13.9%, on a pro forma basis. Backlog stood at $7.0 billion and bookings were $2.3 billion; bookings rose 52.7% on a pro forma basis.

## Aerials grows, but earns less per dollar

Terex reports four segments. Aerials sales climbed 32.0% to $709 million on demand from national customers and larger customer capital spending. Its adjusted EBITDA margin slid to 8.7% from 10.5%, which the company tied to unfavorable customer mix and inflation and tariff pressures, partly offset by higher sales and cost cuts.

Environmental Solutions fared worse. Sales fell 8.0% to $400 million on fewer refuse collection vehicles, and its adjusted EBITDA margin dropped to 15.3% from 19.2%.

Materials Processing margin rose to 19.3% from 13.5%, and Specialty Vehicles, the former REV, earned 16.0%.

## A $500 million buyback and a narrower outlook

The board approved a new $500 million repurchase program, bringing the total available to $611 million. In the quarter Terex spent $72 million on buybacks and $19 million on dividends. Free cash flow was $209 million, up $79 million.

For 2026 it now expects sales of $8.0 billion to $8.2 billion, adjusted EBITDA of $930 million to $960 million, adjusted earnings of $4.80 to $5.00 per share and free cash flow of $360 million to $400 million.

Meester said the aim in Aerials is an outcome that "maximizes value for Terex shareholders." Management hosts a call at 8:30 a.m. ET Wednesday.

The Aerials margin of 8.7% is the number prospective counterparties will see, set against 10.5% a year ago.

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/0000097216/000009721626000138/tex-20261028.htm?ref=bullished.co) — SEC EDGAR
- [Exhibit terexearningsreleaseexq3-26.htm — TEREX CORP 8-K exhibit](https://www.sec.gov/Archives/edgar/data/0000097216/000009721626000138/terexearningsreleaseexq3-26.htm?ref=bullished.co) — SEC EDGAR
- [Terex Reports Third Quarter 2026 Results](https://www.prnewswire.com/news-releases/terex-reports-third-quarter-2026-results-302921404.html?ref=bullished.co) — prnewswire.com

### More on Terex

- [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/)