TEREX CORPTEX
TEREX CORP Segments Disclosure
BUSINESS SEGMENT INFORMATION
Terex is a global industrial equipment manufacturer of materials processing machinery, waste and recycling solutions, mobile elevating work platforms (MEWPs), and equipment for the electric utility industry. The Company designs, builds, and supports products used in maintenance, manufacturing, energy, waste and recycling, minerals and materials management, construction, and the entertainment industry. Terex provides lifecycle support to its customers through its global parts and services organization, and offers complementary digital solutions, designed to help customers maximize their return on their investment. Certain Terex products and solutions enable customers to reduce their impact on the environment including electric and hybrid offerings that deliver quiet and emission-free performance, products that support renewable energy, and products that aid in the recovery of useful materials from various types of waste. The Company’s products are manufactured in North America, Europe, and Asia Pacific and sold worldwide. Terex engages with customers through all stages of the product life cycle, from initial specification to parts and service support.
The Company identifies its operating segments according to how business activities are managed and evaluated. Effective January 1, 2025, the Company reports its business in the following reportable segments: (i) Environmental Solutions (“ES”), (ii) Material Processing (“MP”) and (iii) Aerials. The Company’s Environmental Solutions Group (“ESG”) and Utilities operating segments share similar economic characteristics and are aggregated into one reportable segment, ES. Information for the Utilities business, which was previously presented within Aerial Work Platforms (“AWP”), is now included in ES, and this change in presentation has been applied retrospectively.
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.
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 Terex equipment. TFS is included in Corporate and Other.
Corporate and Other also includes eliminations among the three reportable segments, as well as general and corporate items.
The Company’s chief operating decision maker (“CODM”) is the President and Chief Executive Officer. In making resource allocation decisions for the segments, the CODM uses segment gross profit margin and segment profit or loss from operations before interest and income taxes. Such segment resource allocations may include, but are not limited to, allocation of capital resources, personnel and facilities. The primary resource allocation process occurs predominantly in the annual budget and forecasting process. The CODM then reviews and considers budget-to-actual variances on a monthly basis for both gross profit
margin and segment profit or loss from operations before interest and income taxes, in order to determine whether to make any adjustments to capital allocations.
None of the Company’s customers individually accounted for more than 10% of consolidated net sales in 2025, 2024 or 2023.
Business segment information is presented below (in millions):
Year Ended December 31, 2025 | |||||||||||||||||||||||
| ES | MP | Aerials | Total | ||||||||||||||||||||
Net sales | $ | 1,691 | $ | 1,681 | $ | 2,060 | $ | 5,432 | |||||||||||||||
Reconciliation of net sales | |||||||||||||||||||||||
| Corporate and Other / Eliminations | (11) | ||||||||||||||||||||||
Consolidated net sales | 5,421 | ||||||||||||||||||||||
Less: (1) | |||||||||||||||||||||||
Cost of goods sold | 1,318 | 1,306 | 1,752 | 4,376 | |||||||||||||||||||
Compensation expense | 80 | 101 | 92 | 273 | |||||||||||||||||||
Other segment items (2) | 59 | 40 | 113 | 212 | |||||||||||||||||||
Segment operating profit | $ | 234 | $ | 234 | $ | 103 | $ | 571 | |||||||||||||||
Reconciliation of operating profit | |||||||||||||||||||||||
| Corporate and Other / Eliminations | (96) | ||||||||||||||||||||||
Consolidated operating profit | $ | 475 | |||||||||||||||||||||
(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.
(2) Other segment items includes corporate management charges, professional services, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development, communication & software, staff amenities, and finance expenses. Individually, each of these categories represents an insignificant amount.
Year Ended December 31, 2024 | ||||||||||||||||||||
| ES | MP | Aerials | Total | |||||||||||||||||
Net sales | $ | 822 | $ | 1,902 | $ | 2,410 | $ | 5,134 | ||||||||||||
Reconciliation of net sales | ||||||||||||||||||||
| Corporate and Other / Eliminations | (7) | |||||||||||||||||||
| Consolidated net sales | 5,127 | |||||||||||||||||||
Less: (1) | ||||||||||||||||||||
Cost of goods sold | 674 | 1,458 | 1,937 | 4,069 | ||||||||||||||||
Compensation expense | 35 | 108 | 95 | 238 | ||||||||||||||||
Other segment items (2) | 31 | 84 | 107 | 222 | ||||||||||||||||
Segment operating profit | $ | 82 | $ | 252 | $ | 271 | $ | 605 | ||||||||||||
Reconciliation of operating profit | ||||||||||||||||||||
| Corporate and Other / Eliminations | (79) | |||||||||||||||||||
Consolidated operating profit | $ | 526 | ||||||||||||||||||
(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.
(2) Other segment items includes corporate management charges, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development, communication & software, staff amenities, and finance expenses. Individually, each of these categories represents an insignificant amount.
Year Ended December 31, 2023 | |||||||||||||||||||||||
ES | MP | Aerials | Total | ||||||||||||||||||||
Net sales | $ | 578 | $ | 2,227 | $ | 2,352 | $ | 5,157 | |||||||||||||||
Reconciliation of net sales | |||||||||||||||||||||||
| Corporate and Other / Eliminations | (5) | ||||||||||||||||||||||
| Consolidated net sales | 5,152 | ||||||||||||||||||||||
Less: (1) | |||||||||||||||||||||||
Cost of goods sold | 480 | 1,672 | 1,825 | 3,977 | |||||||||||||||||||
Compensation expense | 22 | 113 | 101 | 236 | |||||||||||||||||||
Other segment items (2) | 26 | 83 | 105 | 214 | |||||||||||||||||||
Segment operating profit | $ | 50 | $ | 359 | $ | 321 | $ | 730 | |||||||||||||||
Reconciliation of operating profit | |||||||||||||||||||||||
| Corporate and Other / Eliminations | (93) | ||||||||||||||||||||||
Consolidated operating profit | $ | 637 | |||||||||||||||||||||
(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.
(2) Other segment items includes corporate management charges, travel & entertainment, depreciation & amortization, property & utilities, selling & marketing, research & development, communication & software, staff amenities, and finance expenses. Individually, each of these categories represents an insignificant amount.
| Year Ended December 31, | |||||||||||||||||
| 2025 | 2024 | 2023 | |||||||||||||||
| Depreciation and amortization | |||||||||||||||||
ES | $ | 97 | $ | 27 | $ | 6 | |||||||||||
| MP | 19 | 20 | 16 | ||||||||||||||
Aerials | 27 | 25 | 26 | ||||||||||||||
| Corporate | 14 | 10 | 8 | ||||||||||||||
| Total | $ | 157 | $ | 82 | $ | 56 | |||||||||||
| Capital expenditures | |||||||||||||||||
ES | $ | 34 | $ | 6 | $ | 11 | |||||||||||
| MP | 20 | 47 | 38 | ||||||||||||||
Aerials | 46 | 70 | 68 | ||||||||||||||
| Corporate | 18 | 14 | 10 | ||||||||||||||
| Total | $ | 118 | $ | 137 | $ | 127 | |||||||||||
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Identifiable assets | |||||||||||
ES | $ | 2,755 | $ | 2,807 | |||||||
MP | 1,964 | 1,885 | |||||||||
Aerials | 1,739 | 1,659 | |||||||||
Corporate and Other / Eliminations | (319) | (621) | |||||||||
| Total | $ | 6,139 | $ | 5,730 | |||||||
Sales between segments are generally priced to recover costs plus a reasonable markup for profit, which is eliminated in consolidation.
Long-lived assets consist of net fixed assets, which can be attributed to the specific geographic regions (in millions):
| December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Long-lived Assets | |||||||||||
U.S. | $ | 357 | $ | 299 | |||||||
| United Kingdom | 114 | 104 | |||||||||
| Mexico | 134 | 141 | |||||||||
| China | 51 | 61 | |||||||||
| Other European countries | 63 | 67 | |||||||||
| All other | 41 | 42 | |||||||||
| Total | $ | 760 | $ | 714 | |||||||
Geographic net sales information is presented below (in millions):
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by region | |||||||||||||||||||||||||||||
| North America | $ | 1,670 | $ | 721 | $ | 1,525 | $ | 2 | $ | 3,918 | |||||||||||||||||||
| Western Europe | — | 432 | 310 | — | 742 | ||||||||||||||||||||||||
| Asia-Pacific | 7 | 340 | 107 | — | 454 | ||||||||||||||||||||||||
Rest of World (1) | 14 | 188 | 118 | (13) | 307 | ||||||||||||||||||||||||
Total (2) | $ | 1,691 | $ | 1,681 | $ | 2,060 | $ | (11) | $ | 5,421 | |||||||||||||||||||
(1) Includes intercompany sales and eliminations.
(2) Total sales for all segments in the aggregate include $3.6 billion attributable to the U.S., the Company’s country of domicile.
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by region | |||||||||||||||||||||||||||||
| North America | $ | 808 | $ | 871 | $ | 1,682 | $ | 6 | $ | 3,367 | |||||||||||||||||||
| Western Europe | — | 468 | 388 | 1 | 857 | ||||||||||||||||||||||||
| Asia-Pacific | 7 | 377 | 170 | 1 | 555 | ||||||||||||||||||||||||
Rest of World (1) | 7 | 186 | 170 | (15) | 348 | ||||||||||||||||||||||||
Total (2) | $ | 822 | $ | 1,902 | $ | 2,410 | $ | (7) | $ | 5,127 | |||||||||||||||||||
(1) Includes intercompany sales and eliminations.
(2) Total sales for all segments in the aggregate include $3.1 billion attributable to the U.S., the Company’s country of domicile.
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by region | |||||||||||||||||||||||||||||
| North America | $ | 567 | $ | 974 | $ | 1,476 | $ | 14 | $ | 3,031 | |||||||||||||||||||
| Western Europe | — | 609 | 434 | 1 | 1,044 | ||||||||||||||||||||||||
| Asia-Pacific | 7 | 427 | 228 | — | 662 | ||||||||||||||||||||||||
Rest of World (1) | 4 | 217 | 214 | (20) | 415 | ||||||||||||||||||||||||
Total (2) | $ | 578 | $ | 2,227 | $ | 2,352 | $ | (5) | $ | 5,152 | |||||||||||||||||||
(1) Includes intercompany sales and eliminations.
(2) Total sales for all segments in the aggregate include $2.8 billion 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.
Product type net sales information is presented below (in millions):
Year Ended December 31, 2025 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by product type | |||||||||||||||||||||||||||||
Aerials | $ | — | $ | — | $ | 1,723 | $ | 2 | $ | 1,725 | |||||||||||||||||||
| Materials Processing Equipment | — | 1,075 | — | — | 1,075 | ||||||||||||||||||||||||
| Specialty Equipment | — | 605 | — | — | 605 | ||||||||||||||||||||||||
Environmental Solutions Equipment | 1,589 | — | — | — | 1,589 | ||||||||||||||||||||||||
Other (1) | 102 | 1 | 337 | (13) | 427 | ||||||||||||||||||||||||
| Total | $ | 1,691 | $ | 1,681 | $ | 2,060 | $ | (11) | $ | 5,421 | |||||||||||||||||||
(1) Includes other product types, intercompany sales and eliminations.
Year Ended December 31, 2024 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by product type | |||||||||||||||||||||||||||||
Aerials | $ | — | $ | — | $ | 2,031 | $ | 1 | $ | 2,032 | |||||||||||||||||||
| Materials Processing Equipment | — | 1,238 | — | — | 1,238 | ||||||||||||||||||||||||
| Specialty Equipment | — | 664 | — | — | 664 | ||||||||||||||||||||||||
Environmental Solutions Equipment | 793 | — | — | — | 793 | ||||||||||||||||||||||||
Other (1) | 29 | — | 379 | (8) | 400 | ||||||||||||||||||||||||
| Total | $ | 822 | $ | 1,902 | $ | 2,410 | $ | (7) | $ | 5,127 | |||||||||||||||||||
(1) Includes other product types, intercompany sales and eliminations.
Year Ended December 31, 2023 | |||||||||||||||||||||||||||||
ES | MP | Aerials | Corporate and Other / Eliminations | Total | |||||||||||||||||||||||||
| Net sales by product type | |||||||||||||||||||||||||||||
Aerials | $ | — | $ | — | $ | 2,034 | $ | 3 | $ | 2,037 | |||||||||||||||||||
| Materials Processing Equipment | — | 1,412 | — | — | 1,412 | ||||||||||||||||||||||||
| Specialty Equipment | — | 814 | — | 1 | 815 | ||||||||||||||||||||||||
Environmental Solutions Equipment | 575 | — | — | — | 575 | ||||||||||||||||||||||||
Other (1) | 3 | 1 | 318 | (9) | 313 | ||||||||||||||||||||||||
| Total | $ | 578 | $ | 2,227 | $ | 2,352 | $ | (5) | $ | 5,152 | |||||||||||||||||||
(1) Includes other product types, intercompany sales and eliminations.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 13, 2026 | Showing above |
| 2024 | Feb 7, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 10, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 12, 2021 | |
| 2019 | Feb 14, 2020 | |
| 2018 | Feb 25, 2019 | |
| 2017 | Feb 16, 2018 | |
| 2016 | Feb 27, 2017 | |
| 2015 | Feb 22, 2016 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.