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Farm & heavy construction machinery · Industrials · Fiscal year ends Dec 31
TEREX reported revenue of $5.4B in the fiscal year ended Dec 2025, up 5.7% from the year before. Operating income was $475M, an operating margin of 8.8%, and net income was $221M. Operating cash flow of $440M less capital expenditure of $118M left free cash flow of $322M. Net debt was $1.8B.
Ranks among the 7 farm & heavy construction machinery companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 3,887 | 4,418 | 5,152 | 5,127 | 5,421 |
| Cost of revenue | 3,129 | 3,547 | 3,975 | 4,059 | 4,370 |
| Gross profit | 757 | 871 | 1,177 | 1,068 | 1,051 |
| Research & development | 52.2 | 22.0 | 28.0 | 25.0 | 39.0 |
| Selling, general & admin | 429 | 451 | 540 | 542 | 576 |
| Operating income | 328 | 420 | 637 | 526 | 475 |
| Interest expense | 51.5 | 49.0 | 63.0 | 89.0 | 177 |
| Pre-tax income | 264 | 367 | 580 | 408 | 292 |
| Income tax | 46.3 | 67.0 | 63.0 | 73.0 | 71.0 |
| Net income | 221 | 300 | 518 | 335 | 221 |
| Diluted EPS | 3.12 | 4.32 | 7.58 | 4.96 | 3.33 |
| Diluted shares | 70.9 | 69.4 | 68.3 | 67.6 | 66.3 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 267 | 304 | 371 | 388 | 772 |
| Receivables | 508 | 548 | 548 | 643 | 712 |
| Inventory | 814 | 988 | 1,186 | 1,147 | 1,109 |
| Current assets | 1,768 | 1,962 | 2,245 | 2,320 | 2,725 |
| Net PP&E | 430 | 466 | 570 | 714 | 760 |
| Goodwill | 280 | 284 | 295 | 1,093 | 1,091 |
| Total assets | 2,864 | 3,118 | 3,615 | 5,730 | 6,139 |
| Payables | 538 | 625 | 703 | 580 | 683 |
| Deferred revenue | – | – | 5.0 | 20.0 | 44.0 |
| Current liabilities | 910 | 999 | 1,119 | 1,073 | 1,187 |
| Short-term debt | 5.6 | 1.9 | 3.0 | 4.0 | 6.0 |
| Long-term debt | 669 | 774 | 620 | 2,580 | 2,578 |
| Total liabilities | 1,754 | 1,937 | 1,943 | 3,898 | 4,044 |
| Shareholders' equity | 1,109 | 1,181 | 1,672 | 1,832 | 2,095 |
| Backlog (remaining obligations) | – | – | – | 20.0 | 39.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 293 | 261 | 459 | 326 | 440 |
| Capital expenditure | 59.7 | 110 | 127 | 137 | 118 |
| Free cash flow | 234 | 151 | 332 | 189 | 322 |
| Depreciation & amortisation | 50.2 | 47.0 | 56.0 | 82.0 | 157 |
| Stock-based compensation | 33.1 | 30.0 | 44.0 | 30.0 | 32.0 |
| Acquisitions | 42.7 | 50.0 | 24.0 | 2,001 | 0.0 |
| Share buybacks | 3.0 | 101 | 63.0 | 49.0 | 56.0 |
| Dividends paid | 33.5 | 36.0 | 43.0 | 46.0 | 45.0 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 13.7% | 16.6% | −0.5% | 5.7% |
| Operating income growth (YoY) | – | 28.0% | 51.7% | −17.4% | −9.7% |
| EPS growth (YoY) | – | 38.5% | 75.5% | −34.6% | −32.9% |
| Gross margin | 19.5% | 19.7% | 22.8% | 20.8% | 19.4% |
| Operating margin | 8.4% | 9.5% | 12.4% | 10.3% | 8.8% |
| Net margin | 5.7% | 6.8% | 10.1% | 6.5% | 4.1% |
| Return on equityBlank when equity is negative | 19.9% | 25.4% | 31.0% | 18.3% | 10.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.8% | 19.8% | 25.5% | 11.3% | 9.6% |
| Free cash flow margin | 6.0% | 3.4% | 6.4% | 3.7% | 5.9% |
| Cash conversion (CFO ÷ net income) | 1.33x | 0.87x | 0.89x | 0.97x | 1.99x |
| Receivable days | 48 | 45 | 39 | 46 | 48 |
| Inventory days | 95 | 102 | 109 | 103 | 93 |
| Payable days | 63 | 64 | 65 | 52 | 57 |
| Interest cover | 6.37x | 8.57x | 10.1x | 5.91x | 2.68x |
| Debt ÷ equity | 0.61x | 0.66x | 0.37x | 1.41x | 1.23x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 407 | 471 | 252 | 2,196 | 1,812 |
| Current ratio | 1.94x | 1.96x | 2.01x | 2.16x | 2.30x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.