Terex is like a more specialized Caterpillar (CAT), focusing on equipment for aerial work, material processing, and lifting.

Think of it as Oshkosh (OSK), but with a stronger emphasis on heavy machinery for construction, mining, and recycling.

• Aerial Work Platforms: Equipment such as scissor lifts, boom lifts, and portable platforms designed for safely working at elevated heights.
• Telehandlers: Versatile machines equipped with a telescopic boom for lifting and moving materials across various job sites.
• Utility Equipment: Specialized machinery used for construction and maintenance of utility and telecommunication lines.
• Crushers: Machines engineered to break down large rocks, concrete, and other materials into smaller, manageable sizes.
• Screens and Washing Systems: Equipment designed to separate and clean various materials by size and type for processing.
• Cranes: A range of lifting equipment including rough terrain cranes, tower cranes, material handlers, and pick and carry cranes for various lifting and moving applications.
• Wood Processing, Biomass, and Recycling Equipment: Machinery dedicated to processing wood, converting biomass, and handling recycling materials.
• Concrete Equipment: Includes concrete mixer trucks for transport and mixing, and concrete pavers for laying roads and surfaces.
• Conveyors and Feeders: Systems used to efficiently transport and feed bulk materials within a processing or construction site.
• Financing Solutions: Services provided to assist customers with the rental, leasing, and acquisition of Terex products.

Terex Corporation (TEX) primarily sells its equipment and machinery to other businesses rather than directly to individual consumers. The background information provided does not explicitly name specific major customer companies with their symbols. Instead, it describes the types of industries and businesses that acquire and utilize Terex's products.

Based on the description, Terex's major business customers include:

• Equipment Rental Companies: A significant portion of Terex's sales are likely to companies that rent out heavy machinery. Terex offers financing solutions specifically to assist customers in the rental, leasing, and acquisition of its products, indicating this is a key customer segment. These rental companies then supply the equipment to various end-users.
• Construction and Infrastructure Companies: Firms involved in a wide range of construction activities, including industrial, commercial, institutional, and residential building, as well as infrastructure projects such as roads, utilities, and telecommunication lines.
• Quarrying, Mining, and Materials Processing Businesses: Companies that operate in the extraction, crushing, screening, washing, and handling of aggregates, minerals, and other raw materials.
• Recycling and Waste Management Companies: Businesses focused on wood processing, biomass production, and general recycling operations, utilizing Terex's specialized equipment for these purposes.
• Utility Companies: Organizations responsible for maintaining and building utility and telecommunication infrastructure.

Simon A. Meester President and Chief Executive Officer

Simon A. Meester was appointed President and Chief Executive Officer of Terex Corporation and a member of the Company's Board of Directors, effective January 1, 2024. Prior to this role, Mr. Meester served as the President of Aerial Work Platforms since May 2023, President of Genie since August 1, 2021, and Chief Operating Officer of Genie since June 2020. He initially joined Terex in 2018 as Vice President, Global Sales and Marketing Administration for Aerial Work Platforms.

Jennifer Kong-Picarello Senior Vice President, Chief Financial Officer

Jennifer Kong-Picarello was appointed Senior Vice President, Chief Financial Officer on February 10, 2025. Before joining Terex, Ms. Kong-Picarello was the Senior Vice President, Chief Financial Officer of Energy Management, a segment within Schneider Electric, from 2022 to 2025. From 2013 to 2022, she held various finance leadership roles at Honeywell, including Vice President, Chief Financial Officer of Honeywell's Intelligrated division from 2020-2022. She began her career at Deloitte & Touche.

Kieran Hegarty President, Materials Processing

Kieran Hegarty serves as the President of Terex Materials Processing. He has held this position at Terex Corp. since March 2010.

Joshua Gross President, Aerials

Joshua Gross holds the title of President, Aerials. He is also identified as the President of Genie.

Namita Jindal Senior Vice President, Chief AI & Data Officer

Namita Jindal was appointed Senior Vice President, Chief AI and Data Officer on January 19, 2026. Before joining Terex, Ms. Jindal was the Chief Information Officer at CentralSquare Technologies since 2021. She has over two decades of experience in driving digital transformation in key leadership roles, including 11 years as Chief Information Officer for the Honeywell Intelligrated automation business entity.

The key risks to Terex's business include macroeconomic uncertainty and cyclical demand, intense industry competition, and supply chain disruptions coupled with international tariffs.

1. Macroeconomic Uncertainty and Cyclical Demand

Terex Corporation's business is highly susceptible to global economic fluctuations, including inflation, recessionary pressures, and changes in infrastructure spending. A downturn in the broader economy or reduced investment in construction, infrastructure, quarrying, and mining projects directly impacts the demand for its aerial work platforms and materials processing machinery. For instance, the company's dependence on the implementation of US infrastructure investment legislation means that any change in government policy or a reduction in related investment could slow its growth. The cyclical nature of the markets it serves also means that economic downturns can lead to reduced demand for its products, impacting revenue and profitability.

2. Intense Industry Competition

The heavy equipment industry in which Terex operates is highly competitive. This environment leads to significant pricing pressure and necessitates continuous innovation and product development to maintain or grow market share. Failure to compete effectively on factors such as price, performance, reliability, and technological advancements (like automation, telematics, and electrification) could result in decreased demand and market share for Terex.

3. Supply Chain Disruptions and International Tariffs

Terex faces risks related to its supply chain, where fluctuations in the availability and cost of materials and components can disrupt manufacturing operations and increase production costs. Furthermore, the imposition of new or increased international tariffs could adversely affect Terex's cost structure and competitive positioning. Such trade barriers may necessitate costly operational adjustments and could also dampen demand for Terex's products in international markets. Geopolitical tensions also contribute to these risks.

Terex Corporation operates in significant addressable markets for its main product categories:

Aerial Work Platforms (AWP)

• The global aerial work platform market was valued at approximately USD 17.46 billion in 2022 and is projected to reach USD 33.78 billion by 2030, growing at a compound annual growth rate (CAGR) of 8.9% from 2023 to 2030.
• Another estimate places the global market size at USD 21.53 billion in 2025, with a projection to reach USD 37.70 billion by 2033 at a CAGR of 7.25%.
• North America held a significant market share, accounting for over 38.0% in 2022 and 37.5% in 2025.
• The Asia Pacific region is identified as the fastest-growing market.

Telehandlers

• The global telehandler market size was estimated at USD 4.31 billion in 2022 and is anticipated to grow at a CAGR of 5.8% from 2023 to 2030.
• Another report indicated the global telehandler market size was valued at USD 4.61 billion in 2023 and is projected to reach USD 7.70 billion by 2032, with a CAGR of 6.00% from 2023 to 2032.
• The market is also reported to be USD 6.7 billion in 2025 and is projected to reach USD 11.6 billion by 2035, growing at a CAGR of 5.6%.
• Asia Pacific dominated the global market with a share of 35.69% in 2020.

Materials Processing Equipment

• The global materials processing equipment market size was approximately USD 28 billion in 2023 and is projected to reach around USD 45 billion by 2032, exhibiting a CAGR of 5.5% during the forecast period.
• In 2021, the global market size for materials processing equipment was recorded at USD 24.88 billion (USD 24,877.6 million) and is expected to reach USD 30.59 billion (USD 30,586 million) by the end of 2025, growing to USD 46.23 billion (USD 46,232.7 million) by 2033, with a CAGR of 5.3% from 2025 to 2033.
• North America is estimated to hold 27.40% of the market share in 2025, while Europe holds 20.60%.
• The Asia Pacific region is expected to experience significant growth.

Mobile Crushers and Screeners

• The global mobile crushers and screeners market size was estimated at USD 4.21 billion in 2025 and is predicted to increase to approximately USD 6.95 billion by 2035, expanding at a CAGR of 5.16% from 2026 to 2035.
• Another assessment valued the global mobile crushers and screeners market at USD 4.5 billion in 2024, with revenue expected to grow at a CAGR of 5.5% from 2025 to 2032, reaching nearly USD 6.91 billion.
• The Asia Pacific region dominated this market with the largest share of 33% in 2025 and 30.9% in 2024.

Overall Material Handling Equipment Market

• The broader global material handling equipment market size was valued at USD 261.71 billion in 2025 and is projected to grow to USD 489.65 billion by 2034, exhibiting a CAGR of 7.30%.
• Asia Pacific dominated the global material handling equipment market with a share of 45.40% in 2025.

Expected Drivers of Future Revenue Growth for Terex (TEX)

Terex Corporation (TEX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives and market dynamics:

1. Strategic Acquisitions and Portfolio Transformation: Terex's recent acquisitions, particularly the Environmental Solutions Group (ESG) and the merger with REV Group, are pivotal to its growth strategy. These moves are shifting the company towards a more resilient, less cyclical, and replacement-driven business model, expanding its presence in stable markets such as waste collection, recycling, and specialty vehicles. The ESG acquisition has already contributed to financial performance, and both mergers are projected to yield significant operational synergies, with $75 million in targeted run-rate synergies expected by 2028 from the REV merger.
2. Robust Backlog and End-Market Demand: The company benefits from a solid backlog and healthy demand across its end markets. The Specialty Vehicles segment (from the REV merger) holds approximately two years of backlog coverage, and the Environmental Solutions segment has a substantial $1.1 billion backlog. Strong global demand, particularly for fleet replacement in Aerial Work Platforms, and healthy infrastructure spending alongside mega project pipelines in construction, are expected to drive mid-to-high single-digit growth in these end markets.
3. Expansion in Utilities and Environmental Solutions: Terex is strategically positioned to capitalize on significant investments in upgrading the U.S. electrical grid through its utilities business, bolstered by the integration of ESG and Terex Utilities. The Environmental Solutions segment anticipates mid-single-digit growth, fueled by the demand for grid-support equipment. To meet this growing demand, Terex plans to increase its capacity in utilities by 20%-30% in the future. Furthermore, new product development and market expansion in the environmental solutions sector, including the launch of brands like Green-Tec, are contributing to growth in recycling and land clearing markets.
4. Pricing Discipline and Operational Efficiency: While primarily impacting profitability, sustained pricing discipline and ongoing cost management initiatives are crucial for supporting revenue growth by maintaining strong market positions and funding further investments. Improved manufacturing efficiencies and price realization have been noted as key drivers of increased operating income and overall financial performance.

Share Repurchases

• In December 2022, Terex's Board of Directors authorized a new share repurchase program of up to $150 million, which was in addition to approximately $43 million remaining from a July 2018 program.
• The company repurchased $46 million of its stock in 2024.
• By July 2025, Terex completed a major share buyback program of $150.28 million, and for the full year 2025, the company repurchased $44 million of stock.

Share Issuance

• In January 2026, Terex stockholders approved the issuance of new common shares to REV Group stockholders as part of a merger transaction that completed in February 2026. The merger consideration included 0.9809 shares of Terex common stock and $8.71 in cash for each REV Group share.

Outbound Investments

• Terex completed the acquisition of Environmental Solutions Group (ESG) from Dover Corporation in October 2024 for $2.0 billion, making it the largest acquisition in the company's history.
• The company merged with REV Group in February 2026, in a transaction valued at $3.2 billion, creating a premier specialty equipment manufacturer.
• In November 2025, Terex completed the sale of its Tower and Rough Terrain Cranes businesses to Raimondi Cranes SpA, a strategic move aimed at reducing cyclicality and accelerating growth.

Capital Expenditures

• Terex's capital expenditures amounted to $137 million in 2024.
• Capital expenditures for 2025 were $118 million, closely aligning with the projected $120 million for the year. A significant portion of these expenditures was allocated to the Monterrey facility.
• The average annual capital expenditures growth rates were -2% over the three years and -13% over the five years ending December 31, 2025.