Core Insights - Terex Corporation reported strong financial results for Q4 and full-year 2025, with significant growth in bookings and free cash flow, indicating a positive outlook for 2026 [1][2]. Financial Performance - Q4 2025 net income was $63 million, or $0.95 per share, compared to a loss of $(2) million, or $(0.03) per share in Q4 2024 [1]. - Full-year 2025 net income was $221 million, or $3.33 per share, down from $335 million, or $4.96 per share in 2024 [1][2]. - Full-year sales reached $5.4 billion, a 5.7% increase from $5.1 billion in 2024 [1][2]. - Q4 bookings were $1.9 billion, reflecting a 32% year-over-year increase [1]. Operational Highlights - Full-year EBITDA is projected to be between $930 million and $1 billion, representing a 12% year-over-year increase [1][2]. - The effective tax rate for 2025 was 24.3%, up from 17.8% in the previous year [1]. - Full-year operating profit was $475 million, or 8.8% of net sales, compared to $526 million, or 10.3% of net sales in 2024 [1][2]. Segment Performance - Environmental Solutions segment reported net sales of $1.7 billion for 2025, up 12.7% year-over-year [1]. - Materials Processing segment saw net sales decline by 11.6% to $1.7 billion for 2025 [2]. - Aerials segment net sales were $2.1 billion for 2025, down 14.5% year-over-year [2]. Cash Flow and Shareholder Returns - Full-year free cash flow was $325 million, up from $190 million in 2024, with a cash conversion rate of 147% [2]. - Terex returned $98 million to shareholders through dividends and share repurchases in 2025 [2]. 2026 Outlook - Terex expects 2026 sales to grow approximately 5% on a pro forma basis, targeting $7.5 billion to $8.1 billion [2]. - The company anticipates pro forma EBITDA growth of around $100 million, or 12% year-over-year [2]. - EPS guidance for 2026 is set at $4.50 to $5.00, reflecting a dilution of 3% due to an increased share count [2].