TEREX CORP, 10-Q filed on 5/1/2026
Quarterly Report
v3.26.1
Cover - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Apr. 28, 2026
Cover [Abstract]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 1-10702  
Entity Registrant Name Terex Corporation  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 34-1531521  
Entity Address, Address Line One 301 Merritt 7, 4th Floor  
Entity Address, City or Town Norwalk  
Entity Address, State or Province CT  
Entity Address, Postal Zip Code 06851  
City Area Code 203  
Local Phone Number 222-7170  
Title of 12(b) Security Common Stock ($0.01 par value)  
Trading Symbol TEX  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   114.2
Entity Central Index Key 0000097216  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF OPERATINGS AND COMPREHENSIVE (LOSS) INCOME - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net sales $ 1,734 $ 1,229
Cost of goods sold (1,528) (982)
Gross profit 206 247
Selling, general and administrative expenses (241) (161)
Amortization of purchased intangibles (47) (17)
Operating (loss) profit (82) 69
Other income (expense)    
Interest income 4 2
Interest expense (47) (43)
Other expense – net  (1) (2)
(Loss) income before income taxes (126) 26
Benefit from (provision for) income taxes 33 (5)
(Loss) income from continuing operations (93) 21
Gain on disposition of discontinued operations – net of tax 4 0
Net (loss) income $ (89) $ 21
Basic (loss) earnings per share    
(Loss)income from continuing operations (in dollars per share) $ (0.97) $ 0.32
Gain on disposition of discontinued operations – net of tax (in dollars per share) 0.04 0
Net (loss) Income (in dollars per share) (0.93) 0.32
Diluted (loss) earnings per share:    
(Loss) income from continuing operations (in dollars per share) (0.97) 0.31
Gain on disposition of discontinued operations - net of tax (in dollars per share) 0.04 0
Net (loss) income (in dollars per share) $ (0.93) $ 0.31
Weighted average number of shares outstanding in per share calculation    
Basic (in shares) 96.1 66.3
Diluted (in shares) 96.1 66.9
Comprehensive Income (Loss), Net of Tax, Attributable to Parent [Abstract]    
Net (loss) income $ (89) $ 21
Other comprehensive (loss) income (12) 32
Comprehensive (loss) income $ (101) $ 53
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Cash and cash equivalents $ 392 $ 772
Receivables (net of allowance of $10 and $9 at March 31, 2026 and December 31, 2025, respectively) 970 712
Inventories 1,656 1,109
Prepaid and other current assets 153 132
Total current assets 3,171 2,725
Non-current assets    
Property, plant and equipment – net 935 760
Goodwill 2,539 1,091
Intangible assets – net 2,986 1,027
Other assets 557 536
Total assets 10,188 6,139
Current liabilities    
Current portion of long-term debt 4 6
Trade accounts payable 931 683
Accrued compensation and benefits 168 123
Short-term customer advances 215 44
Other current liabilities 406 331
Total current liabilities 1,724 1,187
Non-current liabilities    
Long-term debt, less current portion 2,745 2,578
Long-term customer advances 198 20
Long-term deferred tax liabilities 398 8
Other non-current liabilities 301 251
Total liabilities 5,366 4,044
Commitments and contingencies
Stockholders’ equity    
Common stock, $0.01 par value – authorized 300.0 shares; issued 134.3 and 85.5 shares at March 31, 2026 and December 31, 2025, respectively 1 1
Additional paid-in capital 3,801 942
Retained earnings 2,031 2,139
Accumulated other comprehensive loss (277) (265)
Shares of common stock in treasury – 20.8 and 20.6 shares at March 31, 2026 and December 31, 2025 (734) (722)
Total stockholders’ equity 4,822 2,095
Total liabilities and stockholders’ equity $ 10,188 $ 6,139
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEET (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets    
Trade receivables, allowance (in dollars) $ 10 $ 9
Stockholders’ equity    
Common stock, par value (in dollars per share) $ 0.01 $ 0.01
Common authorized (in shares) 300.0 300.0
Common issued (in shares) 134.3 85.5
Treasury stock (in shares) 20.8 20.6
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($)
shares in Millions, $ in Millions
Total
Common Stock
Additional Paid-in Capital
Retained Earnings
Accumulated Other Comprehensive Loss
Common Stock in Treasury
Shares oustanding, Beginning of Period (in shares) at Dec. 31, 2024   65.7        
Total stockholders' equity, Beginning of Period at Dec. 31, 2024 $ 1,832 $ 1 $ 921 $ 1,964 $ (382) $ (672)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income 21     21    
Other comprehensive loss – net of tax 32       32  
Stock compensation expense 10   10      
Vestings of restricted stock, net of employee tax withholdings (in shares)   0.4        
Vestings of restricted stock, net of employee tax withholdings (8)   (8)      
Compensation under stock-based plans – net (in shares)   0.2        
Compensation under stock-based plans – net 1   (5)     6
Dividends (11)     (11)    
Acquisition of Treasury Stock (in shares)   (0.8)        
Acquisition of treasury stock (33)         (33)
Other 0   1     (1)
Shares outstanding, End of Period (in shares) at Mar. 31, 2025   65.5        
Total stockholders' equity, End of Period at Mar. 31, 2025 1,844 $ 1 919 1,974 (350) (700)
Shares oustanding, Beginning of Period (in shares) at Dec. 31, 2025   64.9        
Total stockholders' equity, Beginning of Period at Dec. 31, 2025 2,095 $ 1 942 2,139 (265) (722)
Increase (Decrease) in Stockholders' Equity [Roll Forward]            
Net (loss) income (89)     (89)    
Other comprehensive loss – net of tax (12)       (12)  
Stock compensation expense 36   36      
Vestings of restricted stock, net of employee tax withholdings (in shares)   0.7        
Vestings of restricted stock, net of employee tax withholdings (25)   (12)     (13)
Compensation under stock-based plans – net 1         1
Dividends (19)     (19)    
Issuance of common stock related to merger (in shares)   47.9        
Issuance of common stock related to merger 2,836   2,836      
Other (1)   (1)      
Shares outstanding, End of Period (in shares) at Mar. 31, 2026   113.5        
Total stockholders' equity, End of Period at Mar. 31, 2026 $ 4,822 $ 1 $ 3,801 $ 2,031 $ (277) $ (734)
v3.26.1
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net (loss) income $ (89) $ 21
Adjustments to reconcile net (loss) income to net cash used in operating activities:    
Depreciation and amortization 77 39
Deferred taxes (43) 0
Stock-based compensation expense 36 10
Inventory and other non-cash charges 110 2
Changes in operating assets and liabilities (net of effects of acquisitions and divestitures):    
Receivables (76) (134)
Inventories (29) (43)
Trade accounts payable 64 102
Other assets and liabilities (82) (19)
Foreign exchange and other operating activities, net 1 1
Net cash used in operating activities (31) (21)
Investing Activities    
Capital expenditures (26) (36)
Acquisitions, net of cash acquired, and investments (467) (2)
Other investing activities, net 26 12
Net cash used in investing activities (467) (26)
Financing Activities    
Repayments of debt (70) (61)
Proceeds from issuance of debt 235 61
Share repurchases 0 (32)
Dividends paid (19) (11)
Other financing activities, net (24) (7)
Net cash provided by (used in) financing activities 122 (50)
Effect of Exchange Rate Changes on Cash and Cash Equivalents (4) 7
Net Decrease in Cash and Cash Equivalents (380) (90)
Cash and Cash Equivalents at Beginning of Period 772 388
Cash and Cash Equivalents at End of Period $ 392 $ 298
v3.26.1
BASIS OF PRESENTATION
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
BASIS OF PRESENTATION BASIS OF PRESENTATION
Basis of Presentation and Principles of Consolidation. The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from audited consolidated financial statements as of that date, but does not include all disclosures required by U.S. GAAP. For further information, refer to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for year ended December 31, 2025.

The Condensed Consolidated Financial Statements include accounts of Terex Corporation, its majority-owned subsidiaries and other controlled subsidiaries (“Terex” or the “Company”).

In the opinion of management, adjustments considered necessary for the fair statement of these interim financial statements have been made. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three months ended March 31, 2026 are not necessarily indicative of results that may be expected for the year ending December 31, 2026.

Effective January 1, 2026, the Company made a voluntary change to classify and present the amortization of finite-lived intangibles related to Customer relationships and Trade names as Selling, general, and administrative expenses rather than in Cost of goods sold. The amortization expense related to Technology, Land use rights, and Other intangible assets will remain classified and presented in Cost of goods sold. We believe this change in classification and presentation better aligns the costs that are directly associated with generating revenue. The change in classification and presentation has been reflected in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income, with retrospective application of the change to the prior periods presented. The impact of this change to the comparative period was an increase to Selling, general and administrative expense and related decrease to Cost of goods sold of $17 million for the three months ended March 31, 2025.

Merger Transaction. On October 29, 2025, the Company entered into a definitive merger agreement with REV Group, Inc. (“REV”), a publicly traded manufacturer and distributor of specialty vehicles and related aftermarket parts and services, in a stock-and-cash transaction (the “REV Transaction”), in which the Company acquired 100% of the issued and outstanding stock of REV. On February 2, 2026 (the “Closing Date”), the Company completed the REV Transaction in accordance with the terms of the agreement. See Note D - “Acquisitions and Divestitures” in our Notes to Condensed Consolidated Financial Statements for additional information regarding the REV Transaction.

Accounting Standards Implemented in 2026. In July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The guidance is effective for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2025-05 on January 1, 2026 on a prospective basis and elected the practical expedient provided by ASU 2025-05. The adoption of ASU 2025-05 did not have a material effect on the Company’s condensed consolidated financial statements or disclosures.

Accounting Standards to be Implemented. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement (such as cost of sales and SG&A expenses). The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.
In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326). The amendments in this update expand the use of the gross-up approach to certain acquired loans beyond purchased financial assets with credit deterioration. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted. The amendments in this update must be adopted prospectively to loans that are acquired on or after the initial application date. The Company does not expect adoption to have a material effect on its consolidated financial statements.

Receivables and Allowance for Doubtful Accounts. Receivables include $876 million and $627 million of trade accounts receivable at March 31, 2026 and December 31, 2025, respectively. Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer assessments, current financial conditions, and reasonable and supportable forecasts. Account balances are written off against the allowance when the Company determines the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results.

The following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):

Three Months Ended
 March 31, 2026March 31, 2025
Balance at beginning of period
$9 $9 
Provision for credit losses1 1 
Other (1)
— — 
Balance at of end of period
$10 $10 
(1) Includes utilization of established reserves, net of recoveries and the impact of foreign exchange rate changes.

Revenue Recognition.

Contract Liabilities
Contract liabilities, referred to as Customer advances in the Condensed Consolidated Balance Sheets, relate to instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue. Contract liabilities are reduced when the associated revenue from the contract is recognized. For the three months ended March 31, 2026, revenue related to contract liabilities outstanding as of December 31, 2025 was immaterial. During the same period, the Company recognized $44 million of revenue that was included in the contract liabilities balance of $359 million assumed in connection with the REV Transaction. See Note D - “Acquisitions and Divestitures” in our Condensed Consolidated Financial Statements for additional information regarding the REV Transaction. Within the Specialty Vehicles segment, customers earn interest on customer advances at a rate determined at contract inception. Interest charges incurred on customer advances was $3 million for the three months ended March 31, 2026 and is recorded in Interest expense in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

The Company had no significant contract assets as of March 31, 2026 and December 31, 2025.

Remaining Performance Obligation
The Company estimated that $3,452 million and $39 million at March 31, 2026 and December 31, 2025, respectively, in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) at the end of the reporting period. We expect to recognize approximately 43% of the Company’s unsatisfied (or partially satisfied) performance obligations as revenue in the next twelve months, with the remaining balance to be recognized thereafter. The Company applied the standard’s practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.
Supplier Finance. The Company has supplier finance programs to pay third-party banks the stated amount of confirmed invoices from its designated suppliers. Terex or the bank may terminate the agreement upon 30 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full within 120 days of invoice date. Confirmed obligation amounts outstanding were $44 million and $36 million at March 31, 2026 and December 31, 2025, respectively. Confirmed obligation amounts outstanding were included in Trade accounts payable in the Company’s Condensed Consolidated Balance Sheets.
Guarantees. The Company issues guarantees to financial institutions related to the financing of equipment purchases by customers. The expectation of losses or non-performance is evaluated based on consideration of historical customer assessments, current financial conditions, reasonable and supportable forecasts, equipment collateral value and other factors. Reserves are recorded for expected loss over the contractual period of risk exposure. See Note J – “Litigation and Contingencies” for additional information regarding guarantees issued to financial institutions.

Accrued Warranties. The Company records accruals for potential warranty claims based on its claim experience. The Company’s products are typically sold with a standard warranty covering defects that arise during a fixed period. Each business provides a warranty specific to products it offers. The specific warranty offered by a business is a function of customer expectations and competitive forces. Warranty length is generally a fixed period of time, a fixed number of operating hours or both.

A liability for estimated warranty claims is accrued at the time of sale. The current portion of the product warranty liability is included in Other current liabilities and the non-current portion is included in Other non-current liabilities in the Company’s Condensed Consolidated Balance Sheets. The liability is established using historical warranty claims experience for each product sold. Historical claims experience may be adjusted for known design improvements or for the impact of unusual product quality issues. Assumptions are updated for known events that may affect the potential warranty liability.

The following table summarizes changes in the consolidated product warranty liability (in millions):

Three Months Ended
 March 31, 2026March 31, 2025
Balance at beginning of period
$50 $54 
Liabilities assumed due to business acquisition
53 — 
Accruals for warranties issued during the period20 12 
Changes in estimates1 3 
Settlements during the period(21)(14)
Foreign exchange effect/other— 1 
Balance at end of period
$103 $56 

Derivatives. Derivative financial instruments are recorded in the Condensed Consolidated Balance Sheets at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in earnings or AOCI, depending on whether a derivative is designated and effective as part of a hedge transaction and, if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in AOCI are included in earnings in the periods in which earnings are affected by the hedged item. Derivatives designated as net investment hedging instruments include cross currency swaps with outstanding notional value of $470 million at both March 31, 2026 and December 31, 2025. The Company had $177 million and $114 million notional value of foreign exchange contracts outstanding that were not designated as hedging instruments at March 31, 2026 and December 31, 2025, respectively. Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations during the three months ended March 31, 2026 and 2025. Net gains and losses reclassified to earnings from AOCI related to qualified hedges were not material to our results of operations during the three months ended March 31, 2026 and 2025 and the Company does not expect the amount of these gains and losses that will be reclassified to earnings during the next year to be material.

Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include identifiable assets acquired and liabilities assumed in a business combination discussed in Note D – “Acquisitions and Divestitures”; commodity swaps, cross currency swaps and foreign exchange contracts; and debt discussed in Note I – “Long-Term Obligations”. These assets and liabilities are valued using observable market data for similar assets and liabilities or the present value of future cash payments and receipts. ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each quarter.
The Company has investments held in a Rabbi Trust for the Company’s non-qualified supplemental executive retirement plans (“SERPs”). The total value of these investments was $32 million and $33 million as of March 31, 2026 and December 31, 2025, respectively, and were considered to be measured at Level 1. The Rabbi trust assets are subject to claims of the Company's creditors. One of the SERPs (the defined benefit plan) is frozen to future entrants.
v3.26.1
BUSINESS SEGMENT INFORMATION
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
BUSINESS SEGMENT INFORMATION BUSINESS SEGMENT INFORMATION
The Company identifies its operating segments according to how business activities are managed and evaluated. Effective February 2, 2026 in connection with the REV Transaction, the Company reports its business in the following reportable segments: (i) Environmental Solutions (“ES”), (ii) Materials Processing (“MP”), (iii) Specialty Vehicles (“SV”) and (iv) Aerials. The Company’s Environmental Solutions Group (“ESG”) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES.

ES designs, manufactures, services and markets waste, recycling and utility equipment and solutions, including refuse collection bodies, hydraulic cart lifters, automated carry cans, compaction, balers and recycling equipment, digger derricks, insulated aerial devices, and cameras with integrated smart technology, as well as related components and replacement parts, and waste hauler software solutions. Customers use these products in the solid waste and recycling industry, and for construction and maintenance of transmission and distribution lines, tree trimming, and foundation drilling applications.

MP designs, manufactures, services and markets materials processing and specialty equipment, including crushers, washing systems, screens, trommels, apron feeders, material handlers, pick and carry cranes, wood processing, biomass and recycling equipment, concrete mixer trucks and concrete pavers, conveyors, and their related components and replacement parts. Customers use these products in construction, infrastructure and recycling projects, in various quarrying and mining applications, as well as in landscaping and biomass production industries, material handling applications, and maintenance applications to lift equipment or material, moving materials and equipment on rugged or uneven terrain, lifting construction material and placing material at point of use.

SV designs, manufactures, services and markets commercial and custom fire and ambulance vehicles primarily for fire departments, airports, other governmental units, contractors, hospitals and other care providers in the United States and other countries, trucks used in terminal type operations, i.e., rail yards, warehouses, rail terminals and shipping terminals/ports; and industrial sweepers for both the commercial and rental markets. SV also manufactures, markets and distributes Class A recreational vehicles (“RVs”) (motorhomes built on a heavy-duty chassis with either diesel or gas engine configurations), as well as Class C RVs (motorhomes built on a van or commercial truck chassis).

Aerials designs, manufactures, services and markets aerial work platform equipment and telehandlers as well as their related components and replacement parts. Customers use these products to construct and maintain industrial, commercial, institutional and residential buildings and facilities, for purposes within the entertainment industry, and for other commercial operations, as well as in a wide range of infrastructure projects.

The Company assists customers in their rental, leasing and acquisition of its products through Terex Financial Services (“TFS”). TFS uses its equipment financing expertise to facilitate financial products and services to assist customers in the procurement of the Terex equipment. TFS is included in Corporate and Other.

Corporate and Other also includes eliminations among the four reportable segments, as well as general and corporate items.
The Company’s chief operating decision maker (“CODM”) uses both Adjusted operating profit and Adjusted EBITDA to evaluate segment performance and allocate resources. In accordance with ASC 280, the Company assessed the measure of segment profit or loss required to be reported and determined that Adjusted operating profit is the measure that is most consistent with U.S. GAAP. Accordingly, Adjusted operating profit is presented as the Company’s required measure of segment profit or loss in the accompanying segment information. This change in presentation has been applied retrospectively, and prior‑period segment information has been recast to conform to the current‑year presentation. This change did not affect the Company’s condensed consolidated financial statements.

Business segment information is presented below (in millions):
 
Three Months Ended March 31, 2026
 
ES
MP
SV
Aerials
Corporate and Other / Eliminations
Total
Net sales$412 $419 $436 $469 $(2)$1,734 
​
Less: (1)
Adjusted cost of goods sold
308 318 355 429 1,410 
Adjusted selling, general and administrative expenses
34 43 23 47 147 
Adjusted segment operating profit (loss)
$70 $58 $58 $(7)$179 
​
Corporate and Other / Eliminations(99)
Restructuring and other
(1)
Purchase Price Accounting
(164)
Divestitures
3 
Consolidated operating (loss) profit
$(82)
Interest income (expense) - net
(43)
Other income (expense) - net
(1)
(Loss) income before income taxes
$(126)
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. Adjusted cost of goods sold and Adjusted selling, general and administrative expenses exclude certain items that are reflected as reconciling items in the reconciliation to Consolidated operating profit.
Three Months Ended March 31, 2025
ES
MP
SV
Aerials
Corporate and Other / Eliminations
Total
Net sales$399 $382 $— $450 $(2)$1,229 
Less: (1)
Adjusted cost of goods sold
290 299 — 389 978 
Adjusted selling, general and administrative expenses
32 45 — 47 124 
Adjusted segment operating profit
$77 $38 $— $14 $129 
Corporate and Other / Eliminations$(25)
Restructuring and other
(4)
Purchase Price Accounting
(21)
Litigation related
(10)
Consolidated operating profit
$69 
Interest income (expense) - net
(41)
Other income (expense) - net
(2)
Income (loss) before income taxes
$26 
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. Adjusted cost of goods sold and Adjusted selling, general and administrative expenses exclude certain items that are reflected as reconciling items in the reconciliation to Consolidated operating profit.

 
Three Months Ended March 31,
 20262025
Depreciation and amortization
ES
$24 $24 
MP5 5 
SV
36— 
Aerials
7 6 
Corporate5 4 
Total$77 $39 
Capital expenditures
ES
$8 $7 
MP2 4 
SV
6 — 
Aerials
8 23 
Corporate2 2 
Total$26 $36 
March 31,
2026		December 31,
2025
Identifiable assets  
ES
$2,546 $2,523 
MP1,006 979 
SV
4,369 — 
Aerials
1,424 1,443 
Corporate
843 1,194 
Total$10,188 $6,139 

Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.

Geographic net sales information is presented below (in millions):
 
Three Months Ended
March 31, 2026
 ES
MP
SV
Aerials
Corporate and Other / EliminationsTotal
Net sales by region 
North America$405 $178 $434 $335 $— $1,352 
Western Europe— 104 — 90 — 194 
Asia-Pacific293 — 21 — 116 
Rest of World (1)
544 2 23 (2)72 
Total (2)
$412 $419 $436 $469 $(2)$1,734 
(1) Includes intercompany sales and eliminations.
(2)     Total sales for all segments in the aggregate include $1,273 million for the three months ended March 31, 2026 attributable to the U.S., the Company’s country of domicile.
Three Months Ended
March 31, 2025
ES
MP
SV
Aerials
Corporate and Other / EliminationsTotal
Net sales by region
North America$396 $171 $— $331 $— $898 
Western Europe— 95 — 67 — 162 
Asia-Pacific1 76 — 25 — 102 
Rest of World (1)
2 40 — 27 (2)67 
Total (2)
$399 $382 $— $450 $(2)$1,229 
(1) Includes intercompany sales and eliminations.
(2)     Total sales for all segments in the aggregate include $817 million for the three months ended March 31, 2025 attributable to the U.S., the Company’s country of domicile.
The Company attributes sales to unaffiliated customers in different geographical areas based on the location of the customer.
v3.26.1
INCOME TAXES
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
During the three months ended March 31, 2026, the Company recognized income tax benefit of $33 million on a loss of $126 million, an effective tax rate of 26.5%, as compared to income tax expense of $5 million on income of $26 million, an effective tax rate of 20.3%, for the three months ended March 31, 2025. The higher effective tax rate for the three months ended March 31, 2026 when compared with the three months ended March 31, 2025 is primarily due to higher tax related to geographic distribution of income.
v3.26.1
ACQUISITIONS
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
ACQUISITIONS ACQUISITIONS AND DIVESTITURES
REV Group, Inc. Acquisition

On the Closing date, the Company completed the REV Transaction in accordance with the terms of the definitive merger agreement with REV. The provisional purchase consideration of $3,384 million is based on the conversion of each outstanding share of REV to 0.9809 of a share of Terex and $8.71 in cash ($426 million in total), the settlement of REV’s outstanding debt owed to a third-party bank that was required to be repaid at closing, and estimated fair value of converted unvested share based awards attributable to pre-combination service. In connection with the REV Transaction, there were an additional 47.9 million shares of Terex issued upon conversion.

REV serves a diversified customer base primarily in the U.S., and their products are sold to municipalities, government agencies, private contractors, consumers, and industrial and commercial end users. REV provides customized vehicle solutions for applications, including essential needs for public services (ambulances and fire apparatus), commercial infrastructure (terminal trucks and industrial sweepers) and consumer leisure (motorized recreational vehicles). The REV Transaction created a diversified specialty equipment manufacturer of emergency, waste, utilities, environmental, material processing equipment and mobile elevating work platforms with attractive end markets characterized by low cyclicality and long-term growth profiles.

The following table summarizes the components of the provisional purchase consideration (in millions except per-share information and the exchange ratio):
REV shares outstanding(1)
48.9 
Cash consideration (per REV share)$8.71 
Cash portion of purchase price
$426 
Settlement of REV’s outstanding debt
122 
Total cash consideration transferred
$548 
REV shares outstanding(1)
48.9 
Exchange ratio0.9809 
Total Terex common shares issued47.9 
Terex's share price(2)
$58.99 
Equity portion of purchase price
$2,828 
Fair value of converted unvested share based awards attributable to pre-combination services(3)
$8 
Total provisional consideration transferred
$3,384 
(1) Represents REV’s outstanding shares as of February 1, 2026.
(2) Represents Terex's share price as of February 2, 2026.
(3) Represents fair value estimate as of February 2, 2026.
Net Assets Acquired

The Company has applied purchase accounting to REV and the results of its operations are included in the Company’s consolidated financial statements following the Closing Date. The application of purchase accounting under ASC 805 requires the recognition and measurement of the identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. The net assets and liabilities of REV were recorded at their estimated fair value using Level 3 inputs. In valuing acquired assets and liabilities, fair value estimates are based on, but are not limited to, future expected cash flows, market rate assumptions for contractual obligations, future revenue growth, profitability, appropriate discount rates, attrition rates, royalty rates, growth rates and economic lives. The Company believes that such information provides a reasonable basis for estimating the fair values of assets acquired and liabilities assumed; however, certain assets acquired and liabilities assumed, such as certain intangibles and related assumptions including useful lives and related amortization, contingencies, as well as tax positions require further analysis and may move materially as the analysis is completed. Accordingly, these are highly preliminary estimates that are subject to adjustments during the measurement period, not to exceed one year from the acquisition date, based upon new information obtained about facts and circumstances that existed as of the date of closing the merger. Upon completion of the fair value assessment, Terex anticipates that the net assets acquired may differ materially from the preliminary assessment outlined above.

The following table summarizes the preliminary estimated fair values of the REV assets acquired and liabilities assumed and related deferred income taxes as of the Closing Date (in millions).

February 2, 2026
Cash acquired
$81 
Receivables, net
183 
Inventories, net
644 
Prepaid and other current assets
71 
Property, plant & equipment, net
182 
Goodwill
1,451 
Identified intangibles subject to amortization1,254 
Identified indefinite-lived intangibles
758 
Other assets
42 
Total assets acquired
$4,666 
Trade accounts payable
193 
Short-term customer advances
176 
Other current liabilities
181 
Long-term deferred tax liabilities
478 
Other non-current liabilities
254 
Total liabilities assumed
$1,282 
Net assets acquired
$3,384 

Any changes to the initial estimates of fair value of the assets and liabilities will be recorded as adjustments to those assets and liabilities and residual amounts will be allocated to goodwill.

Goodwill of $1,451 million resulting from the merger was assigned to the newly created SV segment. Goodwill consists of intangible assets that do not qualify for separate recognition which includes assembled workforce and expected synergies from the business combinations.
The following table summarizes the preliminary determination of the fair values of identifiable indefinite and finite-lived intangible assets acquired (in millions):
Weighted Average Life
(in years)		Gross Carrying Amount
Indefinite-lived intangible assets:
Trade names
N/A
$758 
Finite-lived intangible assets:
Backlog2236 
Trade names
2021 
Customer relationships
14819 
Non-competition agreement
319 
Technology
12159 
Total Indefinite and Finite-lived intangible assets
$2,012 

Acquisition-Related Expenses

The Company has incurred transaction costs directly related to the REV Transaction of $17 million for the three months ended March 31, 2026, which is recorded in Selling, general and administrative expenses in the Company’s Condensed Consolidated Statement of Operations and Comprehensive (Loss) Income.

Unaudited Actual and Pro Forma Information

The Company’s consolidated Net sales and Net loss attributable to Terex Corporation from February 2, 2026 through March 31, 2026 includes $436 million and $56 million, respectively, related to the REV business.

The following unaudited pro forma information has been presented as if the REV Transaction occurred on January 1, 2025. This information is based on historical results of operations, adjusted for acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had the Company operated the business since January 1, 2025, nor does it intend to be a projection of future results.

(in millions, except per share data)
Three Months Ended
Three Months Ended
 March 31, 2026March 31, 2025
Net sales
$1,924 $1,827 
Net income (loss)
31 (114)
Basic earnings (loss) per share net income
0.33 (1.72)
Diluted earnings (loss) per share net income
0.32 (1.72)
v3.26.1
EARNINGS PER SHARE
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
EARNINGS PER SHARE EARNINGS PER SHARE
(in millions, except per share data)
Three Months Ended
March 31,
 20262025
Net (loss) income
$(89)$21 
Basic:
  
Weighted average shares outstanding
96.1 66.3 
(Loss) earnings per share
$(0.93)$0.32 
Diluted:
  
Basic weighted average shares outstanding
96.1 66.3 
Effect of dilutive restricted stock
— 0.6 
Diluted weighted average shares outstanding96.1 66.9 
(Loss) earnings per share
$(0.93)$0.31 
 
Non-vested restricted stock awards and restricted stock units (“Restricted Stock”) granted by the Company are treated as potential common shares outstanding in computing diluted earnings per share using the treasury stock method. Weighted average Restricted Stock of approximately 1.0 million and 0.5 million were outstanding during three months ended March 31, 2026 and 2025, respectively, but were not included in the computation of diluted shares as the effect would be anti-dilutive or performance targets were not expected to be achieved for awards contingent upon performance.
v3.26.1
INVENTORIES
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
INVENTORIES INVENTORIES
Inventories consist of the following (in millions):
March 31,
2026		December 31,
2025
Finished equipment$421 $373 
Replacement parts203 190 
Work-in-process376 107 
Raw materials, chassis, and supplies
656 439 
Inventories
$1,656 $1,109 

Inventory reserves were $197 million and $68 million at March 31, 2026 and December 31, 2025, respectively.
v3.26.1
PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT PROPERTY, PLANT AND EQUIPMENT
Property, plant and equipment – net consist of the following (in millions):
 March 31,
2026		December 31,
2025
Property - Land and land improvements
$123 $93 
Plant - Building and building improvements
455 374 
Equipment754 666 
Leasehold improvements64 63 
Construction in progress70 79 
Property, plant and equipment – gross 1,466 1,275 
Less: Accumulated depreciation(531)(515)
Property, plant and equipment – net$935 $760 
v3.26.1
GOODWILL AND INTANGIBLE ASSETS
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
GOODWILL AND INTANGIBLE ASSETS GOODWILL AND INTANGIBLE ASSETS
The Company’s goodwill by business segment is as follows (in millions):
March 31, 2026December 31, 2025
Goodwill, Gross
Accumulated Impairment
Goodwill, Net
Goodwill, Gross
Accumulated Impairment
Goodwill, Net
ES
$796 $— $796 $796 $— $796 
MP
214 (23)191 217 (23)194 
SV
1,451 — 1,451 — — — 
Aerials
140 (39)101 140 (39)101 
Total
$2,601 $(62)$2,539 $1,153 $(62)$1,091 

An analysis of changes in the Company’s net carrying value of goodwill by business segment is as follows (in millions):
 ES
MP
SV
AerialsTotal
Balance at December 31, 2025, net
$796 $194 $— $101 $1,091 
Acquisitions— — 1,451 — 1,451 
Foreign exchange effect and other— (3)— — (3)
Balance at March 31, 2026, net
$796 $191 $1,451 $101 $2,539 

Intangible assets, net were comprised of the following (in millions):
March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Finite-lived intangible assets:
Technology$312 $(23)$289 $153 $(19)$134 
Customer relationships
1,680 (129)1,551 860 (103)757 
Trade names
173 (25)148 153 (21)132 
Land use rights
4 (1)3 4 (1)3 
Backlog
236 (17)219 — — — 
Non-competition agreement
19 (1)18 — — — 
Other17 (16)1 17 (16)1 
Total finite-lived intangible assets
$2,441 $(212)$2,229 $1,187 $(160)$1,027 
Indefinite-lived trade names
757 — 757 — — — 
Total intangible assets
$3,198 $(212)$2,986 $1,187 $(160)$1,027 
Aggregate intangible asset amortization expense was $53 million and $20 million for the three months ended March 31, 2026 and 2025, respectively, of which $6 million and $3 million, respectively, was recorded in Cost of goods sold in the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):

2026 (remaining nine months)$204 
2027266 
2028214 
2029167 
2030163 
v3.26.1
LONG-TERM OBLIGATIONS
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
LONG-TERM OBLIGATIONS LONG-TERM OBLIGATIONS
Long-term debt is summarized as follows (in millions):

March 31,
2026		December 31,
2025
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $3 million at March 31, 2026 and December 31, 2025
$597 $597 
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $14 million and $15 million at March 31, 2026 and December 31, 2025, respectively
736 735 
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $17 million; and unamortized original issue discount of $5 million at March 31, 2026 and December 31, 2025
1,216 1,218 
Credit Agreement - revolving line of credit expires on October 8, 2029
170 — 
Secured borrowings20 21 
Finance lease obligations9 11 
Other1 2 
Total debt2,749 2,584 
Less: Current portion of long-term debt(4)(6)
Long-term debt, less current portion$2,745 $2,578 

Credit Agreement

On October 8, 2024, the Company entered into an Incremental Assumption Agreement, Borrowing Subsidiary Agreement and Amendment No. 2 to its Amended and Restated Credit Agreement dated April 1, 2021 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”) with certain of the Company’s subsidiaries, the lenders and issuing banks party thereto and UBS AG as successor administrative agent and successor collateral agent. The amendment increased Company’s existing revolving credit facilities (the “Revolver”) to $800 million and extended the maturity of the Company’s existing revolving credit facilities to expire on October 8, 2029 (the “New Revolving Credit Facilities”) and provided for a new seven-year term loan facility in an aggregate principal amount of $1,250 million with a maturity date of October 8, 2031 (the “New Term Facility”, together with the New Revolving Credit Facilities, the “New Credit Facilities”). In addition, the amendment increased the size of the letter of credit facility, provides for the issuance of letters of credit (the “L/C Facility”) of up to $500 million (the utilization of which would decrease availability under the New Revolving Credit Facilities) and permits the Company to have additional secured facilities for the issuance of letters of credit outside of the Amended Credit Agreement (the “Additional L/C Facility”) of up to $400 million (the utilization of which would not decrease availability under the New Revolving Credit Facilities). The aggregate amount of letters of credit which the Company may issue under the L/C Facility and the Additional L/C Facility may not at any time exceed $500 million, of which up to $400 million may be issued under the Additional L/C Facility. Borrowings under the New Term Facility initially bear interest at a per annum rate equal to Term SOFR, plus 2.00% subject to a stepdown of 0.25% based on achieving and maintaining a first lien net leverage ratio equal to or less than 0.50x. On August 12, 2025, the borrowing rate of the New Term Facility was amended by a Refinancing Facility Agreement and additional amendment to the Credit Agreement (the “Amended Credit Agreement”), that lowered the Company’s U.S. Dollar denominated term loans to bear interest at a rate of SOFR plus 1.75%, and reduced the spread on the revolving credit facilities by 12.5 to 25 basis points.

The Amended Credit Agreement contains customary representations and warranties, negative and affirmative covenants and default provisions. The covenants limit, in certain circumstances, the Company’s ability to take a variety of actions, including, but not limited to: incurring or guaranteeing additional indebtedness or issuing preferred equity; creating or maintaining liens; making investments; paying dividends or making other restricted payments; consolidating or merging or transferring all or substantially all of the Company’s assets and the assets of the Company’s subsidiaries; transferring or selling assets, including stock of the Company’s subsidiaries; and redeeming debt. In particular, the New Revolving Credit Facilities require the Company to maintain a first lien net leverage ratio of not more than 3.00x, which will be tested only if more than 30% of the total revolving credit commitments extended under the New Revolving Credit Facilities are utilized as of the last day of any fiscal quarter, subject to certain exclusions. The New Term Facility does not have the benefit of, or have any rights with respect to, the financial maintenance covenant. The Amended Credit Agreement provides for customary events of default which include, among other things, (subject in certain cases to customary grace and cure periods) defaults based on (i) the failure to
make payments under the Indenture when due, (ii) breach of covenants, (iii) the occurrence of a default under other material indebtedness, (iv) a change of control, (v) bankruptcy events and (vi) material judgments. The Company was in compliance with all covenants contained in the Amended Credit Agreement as of March 31, 2026.

The Company obtains letters of credit that generally serve as collateral for certain liabilities included in the Condensed Consolidated Balance Sheets and guaranteeing the Company’s performance under contracts. Letters of credit can be issued under two facilities provided in the Amended Credit Agreement and via bilateral arrangements outside the Amended Credit Agreement.

The Company also has bilateral arrangements to issue letters of credit with various other financial institutions (the “Bilateral Arrangements”). The Bilateral Arrangements are not secured under the Amended Credit Agreement and do not decrease availability under the Revolver.

Letters of credit outstanding (in millions):
March 31, 2026December 31, 2025
$500 Million Facility
$— $— 
$400 Million Facility
59 45 
Bilateral Arrangements41 40 
Total$100 $85 

5% Senior Notes

In April 2021, the Company sold and issued $600 million aggregate principal amount of Senior Notes Due 2029 (“5% Notes”) at par in a private offering. The proceeds from the 5% Notes, together with cash on hand, was used: (i) to fund redemption and discharge of 5-5/8% Senior Notes and (ii) to pay related premiums, fees, discounts and expenses. The 5% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in Long-term debt in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025. The Company may redeem the 5% Notes in whole or in part, on or after May 15, 2024, at the redemption prices set forth in an indenture dated as of April 1, 2021.

6.25% Senior Notes

On October 8, 2024, the Company sold and issued $750 million aggregate principal amount of Senior Notes Due 2032 (“6.25% Notes”) at par in a private offering. The proceeds from the 6.25% Notes, together with new term loan borrowings under the New Term Facility and cash on hand, were used to consummate the Company’s acquisition of ESG, and to pay the related fees, costs, and expenses. The 6.25% Notes are jointly and severally guaranteed by certain of the Company’s domestic subsidiaries. The proceeds from the offering are presented in Long-term debt in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025.

The Company may redeem the 6.25% Notes in whole or in part, on or after October 15, 2027, at the redemption prices set forth in an indenture dated as of October 8, 2024 (the “Indenture”). Prior to October 15, 2027, the Company may redeem the 6.25% Notes, in whole or in part, at a price equal to 100% of the principal amount thereof plus a “make-whole” premium set forth in the Indenture. In addition, prior to October 15, 2027, the Company may redeem up to 40% of the 6.25% Notes with an amount equal to the proceeds of certain equity offerings.

Secured Borrowings

In October 2023, the Company entered into a Framework Agreement to transfer value added tax (“VAT”) receivables to a financial institution in exchange for cash in advance. This arrangement was accounted for as a secured borrowing with a pledge of collateral for the cash proceeds received as the transfer does not meet the criteria for sale accounting. As a result, the VAT receivables pledged as collateral remain in receivables and a liability of $20 million and $21 million is presented in Long-term debt in the Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025, respectively. The long term debt classification is based on estimated timing of VAT refund from the Italian government which is expected to be greater than 12 months.
Fair Value of Debt

The Company estimates the fair value of its debt set forth below as of March 31, 2026, as follows (in millions, except for quotes):
 Book ValueQuoteFair Value
5% Notes$600 0.98625 $592 
6.25% Notes
750 1.00500 754 
New Term Facility (net of discount)
1,233 1.00125 1,235 

The fair value of debt reported in the table above is based on adjusted price quotations on the debt instruments in an inactive market. The Company believes that the carrying value of its other borrowings, including amounts outstanding, if any, for the revolving credit line under the Credit Agreement, approximate fair market value based on maturities for debt of similar terms. Fair values of debt reported in the table above are categorized under Level 2 of the ASC 820 hierarchy. See Note A – “Basis of Presentation” for an explanation of ASC 820 hierarchy.
v3.26.1
LITIGATION AND CONTINGENCIES
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
LITIGATION AND CONTINGENCIES LITIGATION AND CONTINGENCIES
General

The Company is involved in various legal proceedings, including product liability, general liability, workers’ compensation liability, employment, commercial, class actions, intellectual property and tax litigation, which have arisen in the normal course of operations. The Company is insured for product liability, general liability, workers’ compensation, employer’s liability, property damage and other insurable risks required by law or contract, with retained liability or deductibles. The Company records and maintains an estimated liability in the amount of management’s estimate of the Company’s aggregate exposure for such retained liabilities and deductibles. For such retained liabilities and deductibles, the Company determines its exposure based on probable loss estimations, which requires such losses to be both probable and the amount or range of probable loss to be estimable. The Company believes it has made appropriate and adequate reserves and accruals for its current contingencies and the likelihood of a material loss beyond amounts accrued is remote. The Company believes the outcome of such matters, individually and in aggregate, will not have a material adverse effect on its condensed consolidated financial statements. However, outcomes of lawsuits cannot be predicted and, if determined adversely, could ultimately result in the Company incurring significant liabilities which could have a material adverse effect on its results of operations.

Performance, Bid and Specialty Bonds

The Company is contingently liable under bid, performance and specialty bonds issued by the Company’s surety company. The balance of outstanding performance, bid and specialty bonds was $830 million at March 31, 2026 which primarily relates to the REV business. Losses incurred related to these arrangements have not been significant.

Credit Guarantees

The Company may assist customers in their rental, leasing and acquisition of its products by facilitating financing transactions directly between (i) end-user customers, distributors and rental companies and (ii) third-party financial institutions, providing recourse in certain circumstances. The current amount of the maximum liability is generally limited to our customer’s remaining payments due to the third-party financial institutions at the time of default; however, it cannot be reasonably estimated due to limited availability of the unique facts and circumstances of each arrangement, such as whether changes have been made to the structure of the contractual obligation between the funder and customer.

The maximum exposure determined for credit guarantees outstanding was $51 million as of March 31, 2026 and $53 million as of December 31, 2025. Terms of these guarantees coincide with the financing arranged by the customer and generally do not exceed five years. The allowance for credit losses on credit guarantees was $6 million at March 31, 2026 and $5 million at December 31, 2025.
Certain businesses within the SV segment have repurchase agreements with certain lending institutions. The repurchase commitments are on an individual unit basis with a term from the date it is financed by the lending institution through payment date by the dealer or other customer, generally not exceeding two years. The Company also repurchases inventory from dealers from time to time due to state law or regulatory requirements that require manufacturers to repurchase inventory if a dealership exits the business. The Company’s maximum contingent liability under such agreements was $430 million as of March 31, 2026, which represents the gross value of all vehicles under repurchase agreements. Such agreements are customary in the industries in which the Company operates and the Company’s exposure to loss under such agreements is limited by the resale value of the units which are required to be repurchased. Losses incurred under such arrangements have not been significant. The reserve for losses included in other liabilities on contracts outstanding was $2 million as of March 31, 2026.

There can be no assurance that historical experience in used equipment markets will be indicative of future results. The Company’s ability to recover losses experienced from its guarantees and repurchase agreements may be affected by economic conditions in used equipment markets at the time of loss.

Customer Owned Chassis

In certain businesses, the Company’s customers may provide their own vehicle chassis, at their sole discretion, in connection with specific vehicle orders. These vehicle chassis are stored at the Company’s various production facilities until the related value-added work is completed and the finished unit is shipped back to the customer. The customer does not transfer the vehicle chassis certificate of origin to the Company. Accordingly, such chassis are not owned by the Company when delivered or throughout the production process, and are, therefore, excluded from the Company’s inventory. The Company’s maximum contingent liability related to these vehicle chassis was $241 million as of March 31, 2026. Losses incurred related to these arrangements have not been significant; accordingly, no reserve has been recorded.

Tariffs

In February 2026, the U.S. Supreme Court issued a ruling invalidating tariffs previously imposed under the International Emergency Economic Powers Act ("IEEPA"). As a result of this ruling, the U.S. Court of International Trade issued an order directing the U.S. Customs and Border Protection (“CBP”) agency to begin formalizing a process for refunds. The CBP launched an online portal that can be used to submit IEEPA tariff refund requests. All requests, including the Company’s submitted claims, will be reviewed by the CBP to determine validity prior to the issuance of any refunds. The ultimate recoverability, timing and amount of any potential refunds of IEEPA tariffs remains uncertain and subject to further legal, regulatory and administrative developments. As of March 31, 2026, the Company has not recorded any potential benefit or impact associated with such refunds, but will continue to monitor these developments and their potential impact.
v3.26.1
STOCKHOLDERS' EQUITY
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
STOCKHOLDERS' EQUITY STOCKHOLDERS’ EQUITY
Changes in Accumulated Other Comprehensive Income (Loss)

The table below presents changes in AOCI by component for the three months ended March 31, 2026 and 2025. All amounts are net of tax (in millions).
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
CTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.TotalCTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.Total
Beginning balance$(172)$(37)$(2)$(54)$(265)$(338)$7 $(3)$(48)$(382)
Other comprehensive income (loss) before reclassifications
(22)8 — 1 (13)46 (14)1 (3)30 
Amounts reclassified from AOCI
— — — 1 1 — 1 — 1 2 
Net other comprehensive income (loss)
(22)8 — 2 (12)46 (13)1 (2)32 
Ending balance
$(194)$(29)$(2)$(52)$(277)$(292)$(6)$(2)$(50)$(350)
Common Stock in Treasury

The Company values treasury stock on a cost basis. As of March 31, 2026, the Company held 20.8 million shares of common stock in treasury totaling $734 million, which include 0.7 million shares held in a trust for the benefit of the Company’s deferred compensation plan totaling $22 million.

Stock-Based Compensation

During the three months ended March 31, 2026, the Company awarded 2 million shares of Restricted Stock to its employees with a weighted average fair value of $59.97 per share. Approximately 84% of these awards are time-based and vest ratably on each of the first three anniversary dates of the grants. Approximately 11% cliff vest at the end of a three-year period and are subject to performance targets that may or may not be met and for which the performance period has not yet been completed. Approximately 5% cliff vest and are based on performance targets containing a market condition determined over a three-year period. Included within these amounts were approximately 1 million shares of replacement Restricted Stock awards issued to former REV employees in connection with the REV Transaction, which are governed by the Terex Omnibus Incentive Plan. Additionally, during the three months ended March 31, 2026, the acceleration of certain awards related to the REV Transaction contributed incremental stock compensation expense of $25 million.

Fair value of time-based awards is based on the market price of our common stock at the date of grant approval. The fair value of performance-based awards, except for awards based on a market condition, is based on the market price of our common stock at the date of grant approval, except fair values are multiplied by the probability of achievement as of the period-end date. For awards based on a market condition, fair value is based on the Monte Carlo method at grant date. The Monte Carlo method is a statistical simulation technique used to provide the grant date fair value of an award. The Company used the Monte Carlo method to determine grant date fair value of $73.99 per share for awards with a market condition granted on March 15, 2026.

The following table presents the weighted-average assumptions used in the valuations:

Grant date
March 15, 2026
Dividend yields1.14 %
Expected volatility44.12 %
Risk free interest rate3.70 %
Expected life (in years)3
Share Repurchases

In December 2022, Terex’s Board of Directors (“Board”) authorized the repurchase of up to $150 million of the Company’s outstanding shares of common stock. In July 2025, the Board authorized a further repurchase of up to $150 million of the Company’s outstanding shares of common stock. The table below presents shares repurchased, based on trading date, inclusive of transactions executed but not settled, by the Company under these programs.

Three Months Ended
March 31
Total Number of
Shares Repurchased
Amount of Shares Repurchased
(in millions)
2026
——
2025
798,723$33

Dividends

The table below presents the per share dividends declared by Terex’s Board and paid to the Company’s stockholders:

YearFirst Quarter
2026
$0.17 
2025
$0.17 
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
BASIS OF PRESENTATION (Policies)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation The accompanying unaudited Condensed Consolidated Financial Statements of Terex Corporation and subsidiaries as of March 31, 2026 and for the three months ended March 31, 2026 and 2025 have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. The accompanying Condensed Consolidated Balance Sheet as of December 31, 2025 has been derived from audited consolidated financial statements as of that date, but does not include all disclosures required by U.S. GAAP.
Principals of Consolidation The Condensed Consolidated Financial Statements include accounts of Terex Corporation, its majority-owned subsidiaries and other controlled subsidiaries (“Terex” or the “Company”).
Accounting Standards to be Implemented
Accounting Standards Implemented in 2026. In July 2025, the Financial Accounting Standards Board (“FASB”) issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provides a practical expedient to assume that conditions as of the balance sheet date remain unchanged over the life of the asset when estimating expected credit losses for current accounts receivable and current contract assets arising from transactions accounted for under Topic 606. The guidance is effective for fiscal years beginning after December 15, 2025 and interim periods within those fiscal years, with early adoption permitted. The Company adopted ASU 2025-05 on January 1, 2026 on a prospective basis and elected the practical expedient provided by ASU 2025-05. The adoption of ASU 2025-05 did not have a material effect on the Company’s condensed consolidated financial statements or disclosures.

Accounting Standards to be Implemented. In November 2024, the FASB issued ASU 2024-03, Disaggregation of Income Statement Expenses (Subtopic 220-40), which requires more detailed disclosures about specified categories of expenses (including purchases of inventory, employee compensation, intangible asset amortization, and depreciation) included in certain expense captions presented on the face of the income statement (such as cost of sales and SG&A expenses). The guidance is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027. The Company is currently evaluating the impact of this guidance on its disclosures to the consolidated financial statements.
In November 2025, the FASB issued ASU 2025-08, Financial Instruments - Credit Losses (Topic 326). The amendments in this update expand the use of the gross-up approach to certain acquired loans beyond purchased financial assets with credit deterioration. The new guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within those fiscal years, with early adoption permitted. The amendments in this update must be adopted prospectively to loans that are acquired on or after the initial application date. The Company does not expect adoption to have a material effect on its consolidated financial statements.
Receivables and Allowance for Doubtful Accounts
Receivables and Allowance for Doubtful Accounts. Receivables include $876 million and $627 million of trade accounts receivable at March 31, 2026 and December 31, 2025, respectively. Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer assessments, current financial conditions, and reasonable and supportable forecasts. Account balances are written off against the allowance when the Company determines the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results.
Revenue Recognition
Revenue Recognition.

Contract Liabilities
Contract liabilities, referred to as Customer advances in the Condensed Consolidated Balance Sheets, relate to instances where a customer pays consideration in advance or when the Company is entitled to bill a customer in advance of recognizing the related revenue. Contract liabilities are reduced when the associated revenue from the contract is recognized
Remaining Performance Obligation
Remaining Performance Obligation
The Company estimated that $3,452 million and $39 million at March 31, 2026 and December 31, 2025, respectively, in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially satisfied) at the end of the reporting period. We expect to recognize approximately 43% of the Company’s unsatisfied (or partially satisfied) performance obligations as revenue in the next twelve months, with the remaining balance to be recognized thereafter. The Company applied the standard’s practical expedient that permits the omission of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognizes revenue at the amount to which the Company has the right to invoice for services performed.
Supplier Finance Supplier Finance. The Company has supplier finance programs to pay third-party banks the stated amount of confirmed invoices from its designated suppliers. Terex or the bank may terminate the agreement upon 30 days’ notice. The supplier invoices that have been confirmed as valid under the program require payment in full within 120 days of invoice date.
Guarantees
Guarantees. The Company issues guarantees to financial institutions related to the financing of equipment purchases by customers. The expectation of losses or non-performance is evaluated based on consideration of historical customer assessments, current financial conditions, reasonable and supportable forecasts, equipment collateral value and other factors. Reserves are recorded for expected loss over the contractual period of risk exposure. See Note J – “Litigation and Contingencies” for additional information regarding guarantees issued to financial institutions.
Accrued Warranties
Accrued Warranties. The Company records accruals for potential warranty claims based on its claim experience. The Company’s products are typically sold with a standard warranty covering defects that arise during a fixed period. Each business provides a warranty specific to products it offers. The specific warranty offered by a business is a function of customer expectations and competitive forces. Warranty length is generally a fixed period of time, a fixed number of operating hours or both.

A liability for estimated warranty claims is accrued at the time of sale. The current portion of the product warranty liability is included in Other current liabilities and the non-current portion is included in Other non-current liabilities in the Company’s Condensed Consolidated Balance Sheets. The liability is established using historical warranty claims experience for each product sold. Historical claims experience may be adjusted for known design improvements or for the impact of unusual product quality issues. Assumptions are updated for known events that may affect the potential warranty liability.
Derivatives
Derivatives. Derivative financial instruments are recorded in the Condensed Consolidated Balance Sheets at their fair value as either assets or liabilities. Changes in the fair value of derivatives are recorded each period in earnings or AOCI, depending on whether a derivative is designated and effective as part of a hedge transaction and, if it is, the type of hedge transaction. Gains and losses on derivative instruments reported in AOCI are included in earnings in the periods in which earnings are affected by the hedged item. Derivatives designated as net investment hedging instruments include cross currency swaps with outstanding notional value of $470 million at both March 31, 2026 and December 31, 2025. The Company had $177 million and $114 million notional value of foreign exchange contracts outstanding that were not designated as hedging instruments at March 31, 2026 and December 31, 2025, respectively. Net gains and losses recognized in earnings on derivative financial instruments that do not qualify for hedge accounting were not material to our results of operations during the three months ended March 31, 2026 and 2025. Net gains and losses reclassified to earnings from AOCI related to qualified hedges were not material to our results of operations during the three months ended March 31, 2026 and 2025 and the Company does not expect the amount of these gains and losses that will be reclassified to earnings during the next year to be material.
Fair Value Measurements
Fair Value Measurements. Assets and liabilities measured at fair value on a recurring basis under the provisions of Accounting Standards Codification (“ASC”) 820, “Fair Value Measurement and Disclosure” (“ASC 820”) include identifiable assets acquired and liabilities assumed in a business combination discussed in Note D – “Acquisitions and Divestitures”; commodity swaps, cross currency swaps and foreign exchange contracts; and debt discussed in Note I – “Long-Term Obligations”. These assets and liabilities are valued using observable market data for similar assets and liabilities or the present value of future cash payments and receipts. ASC 820 establishes a fair value hierarchy for those instruments measured at fair value that distinguishes between assumptions based on market data (observable inputs) and the Company’s assumptions (unobservable inputs). The hierarchy consists of three levels:
Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;
Level 2 – Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and
Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).

Determining which category an asset or liability falls within this hierarchy requires judgment. The Company evaluates its hierarchy disclosures each quarter.
The Company has investments held in a Rabbi Trust for the Company’s non-qualified supplemental executive retirement plans (“SERPs”). The total value of these investments was $32 million and $33 million as of March 31, 2026 and December 31, 2025, respectively, and were considered to be measured at Level 1. The Rabbi trust assets are subject to claims of the Company's creditors. One of the SERPs (the defined benefit plan) is frozen to future entrants.
v3.26.1
BASIS OF PRESENTATION (Tables)
 3 Months Ended
Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Allowance for Doubtful Accounts Rollforward
The following table summarizes changes in the consolidated allowance for doubtful accounts (in millions):

Three Months Ended
 March 31, 2026March 31, 2025
Balance at beginning of period
$9 $9 
Provision for credit losses1 1 
Other (1)
— — 
Balance at of end of period
$10 $10 
(1) Includes utilization of established reserves, net of recoveries and the impact of foreign exchange rate changes.
Changes in Product Warranty Liability
The following table summarizes changes in the consolidated product warranty liability (in millions):
Three Months Ended
 March 31, 2026March 31, 2025
Balance at beginning of period
$50 $54 
Liabilities assumed due to business acquisition
53 — 
Accruals for warranties issued during the period20 12 
Changes in estimates1 3 
Settlements during the period(21)(14)
Foreign exchange effect/other— 1 
Balance at end of period
$103 $56 
v3.26.1
BUSINESS SEGMENT INFORMATION (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Schedule of Business Segment Information
Business segment information is presented below (in millions):
 
Three Months Ended March 31, 2026
 
ES
MP
SV
Aerials
Corporate and Other / Eliminations
Total
Net sales$412 $419 $436 $469 $(2)$1,734 
​
Less: (1)
Adjusted cost of goods sold
308 318 355 429 1,410 
Adjusted selling, general and administrative expenses
34 43 23 47 147 
Adjusted segment operating profit (loss)
$70 $58 $58 $(7)$179 
​
Corporate and Other / Eliminations(99)
Restructuring and other
(1)
Purchase Price Accounting
(164)
Divestitures
3 
Consolidated operating (loss) profit
$(82)
Interest income (expense) - net
(43)
Other income (expense) - net
(1)
(Loss) income before income taxes
$(126)
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. Adjusted cost of goods sold and Adjusted selling, general and administrative expenses exclude certain items that are reflected as reconciling items in the reconciliation to Consolidated operating profit.
Three Months Ended March 31, 2025
ES
MP
SV
Aerials
Corporate and Other / Eliminations
Total
Net sales$399 $382 $— $450 $(2)$1,229 
Less: (1)
Adjusted cost of goods sold
290 299 — 389 978 
Adjusted selling, general and administrative expenses
32 45 — 47 124 
Adjusted segment operating profit
$77 $38 $— $14 $129 
Corporate and Other / Eliminations$(25)
Restructuring and other
(4)
Purchase Price Accounting
(21)
Litigation related
(10)
Consolidated operating profit
$69 
Interest income (expense) - net
(41)
Other income (expense) - net
(2)
Income (loss) before income taxes
$26 
(1) Significant expense categories and amounts align with the segment-level information that is regularly provided to the chief operating decision maker. Intersegment expenses are included within the amounts shown. Adjusted cost of goods sold and Adjusted selling, general and administrative expenses exclude certain items that are reflected as reconciling items in the reconciliation to Consolidated operating profit.

 
Three Months Ended March 31,
 20262025
Depreciation and amortization
ES
$24 $24 
MP5 5 
SV
36— 
Aerials
7 6 
Corporate5 4 
Total$77 $39 
Capital expenditures
ES
$8 $7 
MP2 4 
SV
6 — 
Aerials
8 23 
Corporate2 2 
Total$26 $36 
Reconciliation of Operating Profit (Loss) from Segments to Consolidated
March 31,
2026		December 31,
2025
Identifiable assets  
ES
$2,546 $2,523 
MP1,006 979 
SV
4,369 — 
Aerials
1,424 1,443 
Corporate
843 1,194 
Total$10,188 $6,139 
Revenue from External Customers by Geographic Areas
Geographic net sales information is presented below (in millions):
 
Three Months Ended
March 31, 2026
 ES
MP
SV
Aerials
Corporate and Other / EliminationsTotal
Net sales by region 
North America$405 $178 $434 $335 $— $1,352 
Western Europe— 104 — 90 — 194 
Asia-Pacific293 — 21 — 116 
Rest of World (1)
544 2 23 (2)72 
Total (2)
$412 $419 $436 $469 $(2)$1,734 
(1) Includes intercompany sales and eliminations.
(2)     Total sales for all segments in the aggregate include $1,273 million for the three months ended March 31, 2026 attributable to the U.S., the Company’s country of domicile.
Three Months Ended
March 31, 2025
ES
MP
SV
Aerials
Corporate and Other / EliminationsTotal
Net sales by region
North America$396 $171 $— $331 $— $898 
Western Europe— 95 — 67 — 162 
Asia-Pacific1 76 — 25 — 102 
Rest of World (1)
2 40 — 27 (2)67 
Total (2)
$399 $382 $— $450 $(2)$1,229 
(1) Includes intercompany sales and eliminations.
(2)     Total sales for all segments in the aggregate include $817 million for the three months ended March 31, 2025 attributable to the U.S., the Company’s country of domicile.
v3.26.1
ACQUISITIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]  
Business Combination, Provisional Consideration Transferred
The following table summarizes the components of the provisional purchase consideration (in millions except per-share information and the exchange ratio):
REV shares outstanding(1)
48.9 
Cash consideration (per REV share)$8.71 
Cash portion of purchase price
$426 
Settlement of REV’s outstanding debt
122 
Total cash consideration transferred
$548 
REV shares outstanding(1)
48.9 
Exchange ratio0.9809 
Total Terex common shares issued47.9 
Terex's share price(2)
$58.99 
Equity portion of purchase price
$2,828 
Fair value of converted unvested share based awards attributable to pre-combination services(3)
$8 
Total provisional consideration transferred
$3,384 
(1) Represents REV’s outstanding shares as of February 1, 2026.
(2) Represents Terex's share price as of February 2, 2026.
(3) Represents fair value estimate as of February 2, 2026.
Business Combination, Recognized Asset Acquired and Liability Assumed
The following table summarizes the preliminary estimated fair values of the REV assets acquired and liabilities assumed and related deferred income taxes as of the Closing Date (in millions).

February 2, 2026
Cash acquired
$81 
Receivables, net
183 
Inventories, net
644 
Prepaid and other current assets
71 
Property, plant & equipment, net
182 
Goodwill
1,451 
Identified intangibles subject to amortization1,254 
Identified indefinite-lived intangibles
758 
Other assets
42 
Total assets acquired
$4,666 
Trade accounts payable
193 
Short-term customer advances
176 
Other current liabilities
181 
Long-term deferred tax liabilities
478 
Other non-current liabilities
254 
Total liabilities assumed
$1,282 
Net assets acquired
$3,384 
Business Combination, Intangible Asset, Acquired, Finite-Lived
The following table summarizes the preliminary determination of the fair values of identifiable indefinite and finite-lived intangible assets acquired (in millions):
Weighted Average Life
(in years)		Gross Carrying Amount
Indefinite-lived intangible assets:
Trade names
N/A
$758 
Finite-lived intangible assets:
Backlog2236 
Trade names
2021 
Customer relationships
14819 
Non-competition agreement
319 
Technology
12159 
Total Indefinite and Finite-lived intangible assets
$2,012 
Business Combination, Pro Forma Information
The following unaudited pro forma information has been presented as if the REV Transaction occurred on January 1, 2025. This information is based on historical results of operations, adjusted for acquisition accounting adjustments, and is not necessarily indicative of what the results would have been had the Company operated the business since January 1, 2025, nor does it intend to be a projection of future results.

(in millions, except per share data)
Three Months Ended
Three Months Ended
 March 31, 2026March 31, 2025
Net sales
$1,924 $1,827 
Net income (loss)
31 (114)
Basic earnings (loss) per share net income
0.33 (1.72)
Diluted earnings (loss) per share net income
0.32 (1.72)
v3.26.1
EARNINGS PER SHARE (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Earnings Per Share
(in millions, except per share data)
Three Months Ended
March 31,
 20262025
Net (loss) income
$(89)$21 
Basic:
  
Weighted average shares outstanding
96.1 66.3 
(Loss) earnings per share
$(0.93)$0.32 
Diluted:
  
Basic weighted average shares outstanding
96.1 66.3 
Effect of dilutive restricted stock
— 0.6 
Diluted weighted average shares outstanding96.1 66.9 
(Loss) earnings per share
$(0.93)$0.31 
v3.26.1
INVENTORIES (Tables)
 3 Months Ended
Mar. 31, 2026
Inventory Disclosure [Abstract]  
Schedule of Inventories
Inventories consist of the following (in millions):
March 31,
2026		December 31,
2025
Finished equipment$421 $373 
Replacement parts203 190 
Work-in-process376 107 
Raw materials, chassis, and supplies
656 439 
Inventories
$1,656 $1,109 
v3.26.1
PROPERTY, PLANT AND EQUIPMENT (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant and Equipment [Abstract]  
Schedule of Property, Plant and Equipment
Property, plant and equipment – net consist of the following (in millions):
 March 31,
2026		December 31,
2025
Property - Land and land improvements
$123 $93 
Plant - Building and building improvements
455 374 
Equipment754 666 
Leasehold improvements64 63 
Construction in progress70 79 
Property, plant and equipment – gross 1,466 1,275 
Less: Accumulated depreciation(531)(515)
Property, plant and equipment – net$935 $760 
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Tables)
 3 Months Ended
Mar. 31, 2026
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Changes in Goodwill by Business Segment
The Company’s goodwill by business segment is as follows (in millions):
March 31, 2026December 31, 2025
Goodwill, Gross
Accumulated Impairment
Goodwill, Net
Goodwill, Gross
Accumulated Impairment
Goodwill, Net
ES
$796 $— $796 $796 $— $796 
MP
214 (23)191 217 (23)194 
SV
1,451 — 1,451 — — — 
Aerials
140 (39)101 140 (39)101 
Total
$2,601 $(62)$2,539 $1,153 $(62)$1,091 

An analysis of changes in the Company’s net carrying value of goodwill by business segment is as follows (in millions):
 ES
MP
SV
AerialsTotal
Balance at December 31, 2025, net
$796 $194 $— $101 $1,091 
Acquisitions— — 1,451 — 1,451 
Foreign exchange effect and other— (3)— — (3)
Balance at March 31, 2026, net
$796 $191 $1,451 $101 $2,539 
Schedule of Intangible Assets by Class
Intangible assets, net were comprised of the following (in millions):
March 31, 2026December 31, 2025
Gross Carrying AmountAccumulated AmortizationNet Carrying AmountGross Carrying AmountAccumulated AmortizationNet Carrying Amount
Finite-lived intangible assets:
Technology$312 $(23)$289 $153 $(19)$134 
Customer relationships
1,680 (129)1,551 860 (103)757 
Trade names
173 (25)148 153 (21)132 
Land use rights
4 (1)3 4 (1)3 
Backlog
236 (17)219 — — — 
Non-competition agreement
19 (1)18 — — — 
Other17 (16)1 17 (16)1 
Total finite-lived intangible assets
$2,441 $(212)$2,229 $1,187 $(160)$1,027 
Indefinite-lived trade names
757 — 757 — — — 
Total intangible assets
$3,198 $(212)$2,986 $1,187 $(160)$1,027 
Finite-lived Intangible Assets Amortization Expense
Schedule of Intangible Assets Amortization Expense
Estimated aggregate intangible asset amortization expense for each of the next five years is as follows (in millions):

2026 (remaining nine months)$204 
2027266 
2028214 
2029167 
2030163 
v3.26.1
LONG-TERM OBLIGATIONS (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Debt
Letters of credit outstanding (in millions):
March 31, 2026December 31, 2025
$500 Million Facility
$— $— 
$400 Million Facility
59 45 
Bilateral Arrangements41 40 
Total$100 $85 
Schedule of Carrying Values and Estimated Fair Values of Debt Instruments
The Company estimates the fair value of its debt set forth below as of March 31, 2026, as follows (in millions, except for quotes):
 Book ValueQuoteFair Value
5% Notes$600 0.98625 $592 
6.25% Notes
750 1.00500 754 
New Term Facility (net of discount)
1,233 1.00125 1,235 
Schedule of Long-Term Debt Instruments
Long-term debt is summarized as follows (in millions):

March 31,
2026		December 31,
2025
5% Senior Notes due May 15, 2029, net of unamortized debt issuance costs of $3 million at March 31, 2026 and December 31, 2025
$597 $597 
6.25% Senior Notes due October 15, 2032, net of unamortized debt issuance costs of $14 million and $15 million at March 31, 2026 and December 31, 2025, respectively
736 735 
Credit Agreement – term debt due October 8, 2031 (“New Term Facility”, as defined below), net of unamortized debt issuance costs of $17 million; and unamortized original issue discount of $5 million at March 31, 2026 and December 31, 2025
1,216 1,218 
Credit Agreement - revolving line of credit expires on October 8, 2029
170 — 
Secured borrowings20 21 
Finance lease obligations9 11 
Other1 2 
Total debt2,749 2,584 
Less: Current portion of long-term debt(4)(6)
Long-term debt, less current portion$2,745 $2,578 
v3.26.1
STOCKHOLDERS' EQUITY (Tables)
 3 Months Ended
Mar. 31, 2026
Stockholders' Equity Note [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The table below presents changes in AOCI by component for the three months ended March 31, 2026 and 2025. All amounts are net of tax (in millions).
Three Months Ended
March 31, 2026
Three Months Ended
March 31, 2025
CTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.TotalCTADerivative Hedging Adj.Debt & Equity Securities Adj.Pension Liability Adj.Total
Beginning balance$(172)$(37)$(2)$(54)$(265)$(338)$7 $(3)$(48)$(382)
Other comprehensive income (loss) before reclassifications
(22)8 — 1 (13)46 (14)1 (3)30 
Amounts reclassified from AOCI
— — — 1 1 — 1 — 1 2 
Net other comprehensive income (loss)
(22)8 — 2 (12)46 (13)1 (2)32 
Ending balance
$(194)$(29)$(2)$(52)$(277)$(292)$(6)$(2)$(50)$(350)
Schedule of Weighted-Average Assumptions Used in the Valuations
The following table presents the weighted-average assumptions used in the valuations:

Grant date
March 15, 2026
Dividend yields1.14 %
Expected volatility44.12 %
Risk free interest rate3.70 %
Expected life (in years)3
Schedule of Repurchase Agreements The table below presents shares repurchased, based on trading date, inclusive of transactions executed but not settled, by the Company under these programs.
Three Months Ended
March 31
Total Number of
Shares Repurchased
Amount of Shares Repurchased
(in millions)
2026
——
2025
798,723$33
Dividends Declared
The table below presents the per share dividends declared by Terex’s Board and paid to the Company’s stockholders:

YearFirst Quarter
2026
$0.17 
2025
$0.17 
v3.26.1
BASIS OF PRESENTATION - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Feb. 02, 2026
Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Cost of goods sold $ (1,528) $ (982)    
Selling, general and administrative expenses 241 161    
Trade receivables 970     $ 712
Interest charges incurred on customer deposits 3      
Revenue, remaining performance obligation, amount 3,452     39
Supplier finance program, obligation 44     36
Supplemental Executive Retirement Plans        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Value of shares held in Rabbi Trust 32     33
REV Acquisition        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Percent of stock purchased     100.00%  
Revenue recognized 44      
Revenue recognized included in contract liability       359
Revision of Prior Period, Adjustment | Customer Relationships And Trade Names        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Cost of goods sold   17    
Selling, general and administrative expenses   $ 17    
Cross currency swaps - net investment hedge | Net Investment Hedging | Derivatives designated as hedges        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Derivative, notional amount 470     470
Foreign exchange contracts | Derivatives not designated as hedges        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Derivative, notional amount $ 177     114
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-04-01        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Revenue, remaining performance obligation, percentage 43.00%      
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period 1 year      
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2029-01-01        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Revenue, remaining performance obligation, expected timing of satisfaction, period      
Trade Accounts Receivable        
Accounts, Notes, Loans and Financing Receivable [Line Items]        
Trade receivables $ 876     $ 627
v3.26.1
BASIS OF PRESENTATION - Allowance for doubtful accounts rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accounts Receivable, Allowance for Credit Loss [Roll Forward]    
Balance at beginning of period $ 9 $ 9
Provision for credit losses 1 1
Other 0 0
Balance at of end of period $ 10 $ 10
v3.26.1
BASIS OF PRESENTATION - Changes in Product Warranty Liability (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Changes in consolidated current and non-current product warranty liability    
Balance at beginning of period $ 50 $ 54
Liabilities assumed due to business acquisition 53 0
Accruals for warranties issued during the period 20 12
Changes in estimates 1 3
Settlements during the period (21) (14)
Foreign exchange effect/other 0 1
Balance at end of period $ 103 $ 56
v3.26.1
BUSINESS SEGMENT INFORMATION - Additional Information (Details)
 3 Months Ended
Mar. 31, 2026
customer
segments
Segment Reporting Information [Line Items]  
Number of reportable segments | segments 4
Aerials And Utilities Operating Segements  
Segment Reporting Information [Line Items]  
Number of reportable segments | customer 1
v3.26.1
BUSINESS SEGMENT INFORMATION - Net Sales and Income (Loss) from Operations by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reconciliation [Abstract]    
Net sales $ 1,734 $ 1,229
Less    
Restructuring and other (1) (4)
Purchase Price Accounting (164) (21)
Divestitures 3  
Litigation related   (10)
Operating (loss) profit (82) 69
Interest income (expense) - net (43) (41)
Other income (expense) - net (1) (2)
(Loss) income before income taxes (126) 26
Operating Segments    
Segment Reconciliation [Abstract]    
Net sales 1,734 1,229
Less    
Adjusted cost of goods sold 1,410 978
Adjusted selling, general and administrative expenses 147 124
Adjusted segment operating profit (loss) 179 129
Operating Segments | ES    
Segment Reconciliation [Abstract]    
Net sales 412 399
Less    
Adjusted cost of goods sold 308 290
Adjusted selling, general and administrative expenses 34 32
Adjusted segment operating profit (loss) 70 77
Operating Segments | MP    
Segment Reconciliation [Abstract]    
Net sales 419 382
Less    
Adjusted cost of goods sold 318 299
Adjusted selling, general and administrative expenses 43 45
Adjusted segment operating profit (loss) 58 38
Operating Segments | SV    
Segment Reconciliation [Abstract]    
Net sales 436 0
Less    
Adjusted cost of goods sold 355 0
Adjusted selling, general and administrative expenses 23 0
Adjusted segment operating profit (loss) 58 0
Operating Segments | Aerials    
Segment Reconciliation [Abstract]    
Net sales 469 450
Less    
Adjusted cost of goods sold 429 389
Adjusted selling, general and administrative expenses 47 47
Adjusted segment operating profit (loss) (7) 14
Corporate and Other / Eliminations    
Segment Reconciliation [Abstract]    
Net sales (2) (2)
Intersegment Eliminations    
Segment Reconciliation [Abstract]    
Net sales (2) (2)
Less    
Corporate and Other / Eliminations $ (99) $ (25)
v3.26.1
BUSINESS SEGMENT INFORMATION - Depreciation, Amortization and Capital Expenditures by Segment (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization $ 77 $ 39
Payments to acquire productive assets 26 36
SV    
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization 36 0
Payments to acquire productive assets 6 0
Operating Segments | ES    
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization 24 24
Payments to acquire productive assets 8 7
Operating Segments | MP    
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization 5 5
Payments to acquire productive assets 2 4
Operating Segments | Aerials    
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization 7 6
Payments to acquire productive assets 8 23
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Depreciation, depletion and amortization 5 4
Payments to acquire productive assets $ 2 $ 2
v3.26.1
BUSINESS SEGMENT INFORMATION - Identifiable Assets by Segment (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Segment Reporting Information [Line Items]    
Assets $ 10,188 $ 6,139
Operating Segments | ES    
Segment Reporting Information [Line Items]    
Assets 2,546 2,523
Operating Segments | MP    
Segment Reporting Information [Line Items]    
Assets 1,006 979
Operating Segments | SV    
Segment Reporting Information [Line Items]    
Assets 4,369 0
Operating Segments | Aerials    
Segment Reporting Information [Line Items]    
Assets 1,424 1,443
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Assets $ 843 $ 1,194
v3.26.1
BUSINESS SEGMENT INFORMATION - Net Sales by Region (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting Information [Line Items]    
Net sales $ 1,734 $ 1,229
North America    
Segment Reporting Information [Line Items]    
Net sales 1,352 898
Western Europe    
Segment Reporting Information [Line Items]    
Net sales 194 162
Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 116 102
Rest of World    
Segment Reporting Information [Line Items]    
Net sales 72 67
UNITED STATES    
Segment Reporting Information [Line Items]    
Net sales 1,273 817
Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 1,734 1,229
Corporate and Other / Eliminations    
Segment Reporting Information [Line Items]    
Net sales (2) (2)
Corporate and Other / Eliminations | North America    
Segment Reporting Information [Line Items]    
Net sales 0 0
Corporate and Other / Eliminations | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 0 0
Corporate and Other / Eliminations | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 0 0
Corporate and Other / Eliminations | Rest of World    
Segment Reporting Information [Line Items]    
Net sales (2) (2)
MP | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 419 382
MP | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 178 171
MP | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 104 95
MP | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 93 76
MP | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales 44 40
Aerials | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 469 450
Aerials | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 335 331
Aerials | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 90 67
Aerials | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 21 25
Aerials | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales 23 27
ES | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 412 399
ES | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 405 396
ES | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 0 0
ES | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 2 1
ES | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales 5 2
SV | Operating Segments    
Segment Reporting Information [Line Items]    
Net sales 436 0
SV | Operating Segments | North America    
Segment Reporting Information [Line Items]    
Net sales 434 0
SV | Operating Segments | Western Europe    
Segment Reporting Information [Line Items]    
Net sales 0 0
SV | Operating Segments | Asia-Pacific    
Segment Reporting Information [Line Items]    
Net sales 0 0
SV | Operating Segments | Rest of World    
Segment Reporting Information [Line Items]    
Net sales $ 2 $ 0
v3.26.1
INCOME TAXES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Income tax expense (benefit) $ (33) $ 5
Income from continuing operations before income taxes $ (126) $ 26
Effective income tax rate, continuing operations 26.50% 20.30%
v3.26.1
ACQUISITIONS - Additional Information (Details) - USD ($)
$ / shares in Units, $ in Millions
 2 Months Ended 3 Months Ended
Feb. 02, 2026
Mar. 31, 2026
Mar. 31, 2026
Feb. 01, 2026
Dec. 31, 2025
Business Combination [Line Items]          
Goodwill   $ 2,539 $ 2,539   $ 1,091
Acquisitions     1,451    
SV          
Business Combination [Line Items]          
Goodwill   1,451 1,451   $ 0
REV Acquisition          
Business Combination [Line Items]          
Provisional purchase consideration $ 3,384        
Exchange ratio 0.9809        
Cash payment per share (in dollars per share) $ 8.71     $ 8.71  
Cash portion of purchase price $ 426        
Transaction costs incurred   17 17    
Revenue from acquiree   436      
Loss from acquiree since acquisition date   $ 56      
REV Acquisition | SV          
Business Combination [Line Items]          
Acquisitions     $ 1,451    
v3.26.1
ACQUISITIONS - Provisional Consideration Transferred (Details) - REV Acquisition - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Feb. 02, 2026
Mar. 31, 2026
Feb. 01, 2026
Business Combination [Line Items]      
Cash consideration (per REV share) $ 8.71   $ 8.71
Cash portion of purchase price $ 426    
Settlement of REV’s outstanding debt $ 122    
Total cash consideration transferred   $ 548  
Exchange ratio 0.9809    
Total Terex common shares issued 47,900,000    
Terex's share price $ 58.99    
Equity portion of purchase price $ 2,828    
Fair value of converted unvested share based awards attributable to pre-combination services(3) 8    
Total provisional consideration transferred $ 3,384    
REV Group, Inc.      
Business Combination [Line Items]      
REV shares outstanding     48,900,000
v3.26.1
ACQUISITIONS - Schedule of Preliminary Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Feb. 02, 2026
Dec. 31, 2025
Assets      
Acquisitions $ 1,451    
Goodwill 2,539   $ 1,091
SV      
Assets      
Goodwill 1,451   $ 0
REV Acquisition      
Assets      
Cash acquired   $ 81  
Receivables, net   183  
Inventories, net   644  
Prepaid and other current assets   71  
Property, plant & equipment, net   182  
Identified intangibles subject to amortization   1,254  
Identified indefinite-lived intangibles   758  
Other assets   42  
Total assets acquired   4,666  
Liabilities [Abstract]      
Trade accounts payable   193  
Short-term customer advances   176  
Other current liabilities   181  
Long-term deferred tax liabilities   478  
Other non-current liabilities   254  
Total liabilities assumed   1,282  
Net assets acquired   $ 3,384  
REV Acquisition | SV      
Assets      
Acquisitions $ 1,451    
v3.26.1
ACQUISITIONS - Schedule of Finite-Lived Intangible Assets Acquired (Details) - REV Acquisition
$ in Millions
Feb. 02, 2026
USD ($)
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Indefinite-lived intangible assets: $ 758
Finite-lived intangible assets: 1,254
Total Indefinite and Finite-lived intangible assets $ 2,012
Backlog  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Life (in years) 2 years
Finite-lived intangible assets: $ 236
Trade names  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Life (in years) 20 years
Finite-lived intangible assets: $ 21
Customer relationships  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Life (in years) 14 years
Finite-lived intangible assets: $ 819
Non-competition agreement  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Life (in years) 3 years
Finite-lived intangible assets: $ 19
Technology  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Weighted Average Life (in years) 12 years
Finite-lived intangible assets: $ 159
Trade names  
Intangible Asset, Acquired, Finite-Lived [Line Items]  
Indefinite-lived intangible assets: $ 758
v3.26.1
ACQUISITIONS - Schedule of Pro Forma Information (Details) - REV Acquisition - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Business Combination, Pro Forma Information [Line Items]    
Net sales $ 1,924 $ 1,827
Net income (loss) $ 31 $ (114)
Basic earnings (loss) per share net income $ 0.33 $ (1.72)
Diluted earnings (loss) per share net income $ 0.32 $ (1.72)
v3.26.1
EARNINGS PER SHARE (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings per share    
Net (loss) income $ (89) $ 21
Basic:    
Weighted average shares outstanding - basic (in shares) 96.1 66.3
Earnings (loss) per share (in dollars per share) $ (0.93) $ 0.32
Diluted:    
Weighted average shares outstanding - basic (in shares) 96.1 66.3
Restricted stock (in shares) 0.0 0.6
Diluted weighted average shares outstanding (in shares) 96.1 66.9
Earnings (loss) per share (in dollars per share) $ (0.93) $ 0.31
Restricted Stock    
Diluted:    
Antidilutive securities excluded from computation of earnings per share (in shares) 1.0 0.5
v3.26.1
INVENTORIES (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Inventory Disclosure [Abstract]    
Finished equipment $ 421 $ 373
Replacement parts 203 190
Work-in-process 376 107
Raw materials, chassis, and supplies 656 439
Inventories 1,656 1,109
Inventory reserves $ 197 $ 68
v3.26.1
PROPERTY, PLANT AND EQUIPMENT (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, plant and equipment.    
Property, plant and equipment – gross  $ 1,466 $ 1,275
Less: Accumulated depreciation (531) (515)
Property, plant and equipment – net 935 760
Property - Land and land improvements    
Property, plant and equipment.    
Property, plant and equipment – gross  123 93
Plant - Building and building improvements    
Property, plant and equipment.    
Property, plant and equipment – gross  455 374
Equipment    
Property, plant and equipment.    
Property, plant and equipment – gross  754 666
Leasehold improvements    
Property, plant and equipment.    
Property, plant and equipment – gross  64 63
Construction in progress    
Property, plant and equipment.    
Property, plant and equipment – gross  $ 70 $ 79
v3.26.1
GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Goodwill by business segment    
Goodwill, Gross $ 2,601 $ 1,153
Accumulated Impairment (62) (62)
Goodwill, Net 2,539 1,091
Changes in goodwill by business segment    
Goodwill, Beginning Balance 1,091  
Acquisitions 1,451  
Foreign exchange effect and other (3)  
Goodwill, Ending Balance 2,539  
ES    
Goodwill by business segment    
Goodwill, Gross 796 796
Accumulated Impairment 0 0
Goodwill, Net 796 796
Changes in goodwill by business segment    
Goodwill, Beginning Balance 796  
Acquisitions 0  
Foreign exchange effect and other 0  
Goodwill, Ending Balance 796  
Aerials    
Goodwill by business segment    
Goodwill, Gross 140 140
Accumulated Impairment (39) (39)
Goodwill, Net 101 101
Changes in goodwill by business segment    
Goodwill, Beginning Balance 101  
Acquisitions 0  
Foreign exchange effect and other 0  
Goodwill, Ending Balance 101  
MP    
Goodwill by business segment    
Goodwill, Gross 214 217
Accumulated Impairment (23) (23)
Goodwill, Net 191 194
Changes in goodwill by business segment    
Goodwill, Beginning Balance 194  
Acquisitions 0  
Foreign exchange effect and other (3)  
Goodwill, Ending Balance 191  
SV    
Goodwill by business segment    
Goodwill, Gross 1,451 0
Accumulated Impairment 0 0
Goodwill, Net 1,451 $ 0
Changes in goodwill by business segment    
Goodwill, Beginning Balance 0  
Foreign exchange effect and other 0  
Goodwill, Ending Balance 1,451  
SV | REV Acquisition    
Changes in goodwill by business segment    
Acquisitions $ 1,451  
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Finite-lived intangible assets:      
Gross Carrying Amount $ 2,441   $ 1,187
Accumulated Amortization (212) $ (160) (160)
Net Carrying Amount 2,229   1,027
Intangible assets – net 2,986 1,027 1,027
Aggregate Amortization Expense 53 20  
Intangible Assets, Gross (Excluding Goodwill) 3,198 1,187  
Trade names      
Finite-lived intangible assets:      
Indefinite-lived trade names 757 0  
Technology      
Finite-lived intangible assets:      
Gross Carrying Amount 312   153
Accumulated Amortization (23)   (19)
Net Carrying Amount 289   134
Customer relationships      
Finite-lived intangible assets:      
Gross Carrying Amount 1,680   860
Accumulated Amortization (129)   (103)
Net Carrying Amount 1,551   757
Land use rights      
Finite-lived intangible assets:      
Gross Carrying Amount 4   4
Accumulated Amortization (1)   (1)
Net Carrying Amount 3   3
Other      
Finite-lived intangible assets:      
Gross Carrying Amount 17   17
Accumulated Amortization (16)   (16)
Net Carrying Amount 1   1
Trade names      
Finite-lived intangible assets:      
Gross Carrying Amount 173   153
Accumulated Amortization (25)   (21)
Net Carrying Amount 148   $ 132
Backlog      
Finite-lived intangible assets:      
Gross Carrying Amount 236 0  
Accumulated Amortization 17 0  
Net Carrying Amount 219 0  
Non-competition agreement      
Finite-lived intangible assets:      
Gross Carrying Amount 19 0  
Accumulated Amortization 1 0  
Net Carrying Amount $ 18 $ 0  
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Aggregate Amortization Expense (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Finite-Lived Intangible Assets [Line Items]    
Aggregate Amortization Expense $ 53 $ 20
Cost of Revenue    
Finite-Lived Intangible Assets [Line Items]    
Aggregate Amortization Expense $ 6 $ 3
v3.26.1
GOODWILL AND INTANGIBLE ASSETS - Future Amortization Expense Schedule (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
2026 (remaining nine months) $ 204
2027 266
2028 214
2029 167
2030 $ 163
v3.26.1
LONG-TERM OBLIGATIONS - Credit Agreement (Details) - Line of Credit - USD ($)
$ in Millions
Aug. 12, 2025
Oct. 08, 2024
Revolving Credit Facility | New Revolving Credit Facilities    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 800
First lien net leverage ratio   3.00
Revolving commitments extended, percentage threshold   30.00%
Letter of Credit | Letter Of Credit Facility    
Debt Instrument [Line Items]    
Line of credit facility, maximum borrowing capacity   $ 500
Letters of credit maximum available under additional facilities   400
Letter of Credit | Letter Of Credit Facility And Additional Letter Of Credit Facility    
Debt Instrument [Line Items]    
Letter of credit facility, aggregate maximum borrowing capacity   500
Letter of Credit | Additional Letter Of Credit Facility    
Debt Instrument [Line Items]    
Letters of credit maximum available under additional facilities   $ 400
Secured Debt | New Term Facility    
Debt Instrument [Line Items]    
Debt instrument, term   7 years
Face amount of debt   $ 1,250
Basis spread on variable rate   2.00%
Basis spread on variable rate, interest rate step down   0.25%
Maximum first lien net leverage ratio for step down interest   0.50
Secured Debt | Amended Credit Agreement, Amendment No. 3    
Debt Instrument [Line Items]    
Basis spread on variable rate 1.75%  
Secured Debt | Amended Credit Agreement, Amendment No. 3 | Minimum    
Debt Instrument [Line Items]    
Debt Instrument, Basis Spread On Variable Rate, Reduction 0.00125  
Secured Debt | Amended Credit Agreement, Amendment No. 3 | Maximum    
Debt Instrument [Line Items]    
Debt Instrument, Basis Spread On Variable Rate, Reduction 0.0025  
v3.26.1
LONG-TERM OBLIGATIONS - Schedule of Letters of Credit Outstanding (Details) - Continuing Operations [Member] - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Letters of credit outstanding, amount $ 100 $ 85
Credit Agreement    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount 0 0
Additional Credit Agreement 2017    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount 59 45
Bilateral Arrangements 2017 Credit Agreement    
Debt Instrument [Line Items]    
Letters of credit outstanding, amount $ 41 $ 40
v3.26.1
LONG-TERM OBLIGATIONS - 5% Senior Notes (Details) - Senior Notes - 5% Notes - USD ($)
Mar. 31, 2026
Apr. 01, 2021
Debt Instrument [Line Items]    
Face amount of debt   $ 600,000,000
Interest rate (as a percent) 5.00% 5.00%
v3.26.1
LONG-TERM OBLIGATIONS - 6.25% Senior Notes (Details) - Senior Notes Due 2032, 6.25% - Senior Notes
Oct. 08, 2024
USD ($)
Debt Instrument [Line Items]  
Face amount of debt $ 750,000,000
Interest rate (as a percent) 6.25%
Redemption price, percentage 100.00%
Redemption, percentage of notes 40.00%
v3.26.1
LONG-TERM OBLIGATIONS - Fair Value of Debt (Details)
$ in Millions
Mar. 31, 2026
USD ($)
$ / shares
Senior Notes | 5% Notes  
Debt Instrument [Line Items]  
Book Value $ 600
Fair Value 592
Senior Notes | Senior Notes Due 2032, 6.25%  
Debt Instrument [Line Items]  
Book Value 750
Fair Value 754
Line of Credit | Secured Debt | New Term Facility  
Debt Instrument [Line Items]  
Book Value 1,233
Fair Value $ 1,235
Measurement Input, Quoted Price | Senior Notes | 5% Notes  
Debt Instrument [Line Items]  
Quote | $ / shares 0.98625
Measurement Input, Quoted Price | Senior Notes | Senior Notes Due 2032, 6.25%  
Debt Instrument [Line Items]  
Quote | $ / shares 1.00500
Measurement Input, Quoted Price | Line of Credit | Secured Debt | New Term Facility  
Debt Instrument [Line Items]  
Quote | $ / shares 1.00125
v3.26.1
LONG-TERM OBLIGATIONS - Secured Borrowings (Details) - Foreign Tax Jurisdiction - Italian Agency of Revenue - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
VAT Receivable $ 20 $ 21
Advance loan on income tax receivable $ 20 $ 21
v3.26.1
LONG-TERM OBLIGATIONS (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Oct. 08, 2024
Apr. 01, 2021
Debt Instrument [Line Items]        
Secured Debt $ 20 $ 21    
Finance Lease, Liability 9 11    
Long-Term Debt and Lease Obligation, Current 2,749 2,584    
Long-Term Debt and Lease Obligation 2,745 2,578    
Long-Term Debt and Lease Obligation, Current (4) (6)    
Other Debt Obligations        
Debt Instrument [Line Items]        
Long-Term Debt, Gross 1 2    
Line of Credit        
Debt Instrument [Line Items]        
Long-Term Debt, Gross 170 0    
5% Notes | Senior Notes        
Debt Instrument [Line Items]        
Long-Term Debt, Gross $ 597 597    
Interest rate (as a percent) 5.00%     5.00%
Unamortized debt issuance cost $ 3 3    
Senior Notes Due 2032, 6.25% | Senior Notes        
Debt Instrument [Line Items]        
Long-Term Debt, Gross 736 735    
Interest rate (as a percent)     6.25%  
Unamortized debt issuance cost 14 15    
Original Term Loan | Senior Notes        
Debt Instrument [Line Items]        
Long-Term Debt, Gross 1,216 1,218    
New Term Facility | Line of Credit | Secured Debt        
Debt Instrument [Line Items]        
Unamortized debt issuance cost $ 17 $ 5    
v3.26.1
LITIGATION AND CONTINGENCIES (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Loss Contingencies and Guarantee Obligations    
Guarantee terms maximum 5 years  
Allowance for credit losses on guarantees $ 6 $ 5
Credit Guarantee    
Loss Contingencies and Guarantee Obligations    
Guarantees, maximum exposure 51 $ 53
Surety Bond    
Loss Contingencies and Guarantee Obligations    
Guarantees, maximum exposure 830  
Repurchase Contingent Liability    
Loss Contingencies and Guarantee Obligations    
Guarantees, maximum exposure $ 430  
Guarantee terms maximum 2 years  
Reserve for repurchase liability $ 2  
Vehicle Chassis Owned By Customer    
Loss Contingencies and Guarantee Obligations    
Guarantees, maximum exposure $ 241  
v3.26.1
STOCKHOLDERS' EQUITY - Accumulated Other Comprehensive Income (Loss) Rollforward (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period $ 2,095 $ 1,832
Other comprehensive income (loss) before reclassifications (13) 30
Amounts reclassified from AOCI 1 2
Net other comprehensive income (loss) (12) 32
Total stockholders' equity, End of Period 4,822 1,844
CTA    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period (172) (338)
Other comprehensive income (loss) before reclassifications (22) 46
Amounts reclassified from AOCI 0 0
Net other comprehensive income (loss) (22) 46
Total stockholders' equity, End of Period (194) (292)
Derivative Hedging Adj.    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period (37) 7
Other comprehensive income (loss) before reclassifications 8 (14)
Amounts reclassified from AOCI 0 1
Net other comprehensive income (loss) 8 (13)
Total stockholders' equity, End of Period (29) (6)
Debt & Equity Securities Adj.    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period (2) (3)
Other comprehensive income (loss) before reclassifications 0 1
Amounts reclassified from AOCI 0 0
Net other comprehensive income (loss) 0 1
Total stockholders' equity, End of Period (2) (2)
Pension Liability Adj.    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period (54) (48)
Other comprehensive income (loss) before reclassifications 1 (3)
Amounts reclassified from AOCI 1 1
Net other comprehensive income (loss) 2 (2)
Total stockholders' equity, End of Period (52) (50)
Accumulated Other Comprehensive Income    
Accumulated Other Comprehensive Income (Loss) [Roll Forward]    
Total stockholders' equity, Beginning of Period (265) (382)
Total stockholders' equity, End of Period $ (277) $ (350)
v3.26.1
STOCKHOLDERS' EQUITY - Narrative (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 15, 2026
Mar. 31, 2026
REV Acquisition    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Acquisition related replacement restricted stock   1
Acquisition related cost of accelerated awards   $ 25.0
Restricted Stock    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in shares)   2
Granted (in dollars per shares)   $ 59.97
Restricted Stock, Time-based    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   84.00%
Award vesting period   3 years
Restricted Stock, Time-based | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Restricted Stock, Time-based | Tranche 2    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Restricted Stock, Time-based | Tranche 3    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   33.33%
Performance Shares    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   11.00%
Award vesting period   3 years
Performance Shares | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   100.00%
Market Condition Award    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Percentage of awards   5.00%
Award vesting period   3 years
Market Condition Award | Tranche 1    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Vesting percentage   100.00%
Market Condition Award | March 8, 2018    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Granted (in dollars per shares) $ 73.99  
v3.26.1
STOCKHOLDERS' EQUITY - Common Stock in Treasury (Details) - USD ($)
shares in Millions, $ in Millions
Mar. 31, 2026
Dec. 31, 2025
Class of Stock [Line Items]    
Treasury stock (in shares) 20.8 20.6
Treasury Stock, Common, Value $ 734  
Common Stock in Treasury    
Class of Stock [Line Items]    
Common Stock, Shares Held in Employee Trust, Shares 0.7  
Value of shares held in Rabbi Trust $ 22  
v3.26.1
STOCKHOLDERS' EQUITY - Stock-Based Compensation Measurement Assumptions (Details) - Market Condition Award
Mar. 15, 2026
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract]  
Dividend yields (as a percent) 1.14%
Expected volatility (as a percent) 44.12%
Risk-free interest rate (as a percent) 3.70%
Expected life (in years) 3 years
v3.26.1
STOCKHOLDERS' EQUITY - Share Repurchases and Dividends (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Jul. 31, 2025
Dec. 19, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Stock repurchase program, authorized amount       $ 150,000,000
Share repurchase program, additional amount authorized     $ 150,000,000  
Treasury stock acquired, cost method   $ 33,000,000    
Dividends paid (in dollars per share) $ 0.17 $ 0.17    
Dividends declared (in dollars per share) $ 0.17 $ 0.17    
Share repurchase program approved by Board of Directors        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Treasury stock acquired (in shares) 0 798,723    
Treasury stock acquired, cost method $ 0 $ 33,000,000