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Terex cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$241M in Q3 2026 · $543M over twelve months

Operating cash flow$241M
Free cash flow+$241M
Cash / net income2.1×
Cash conversion cycle81 days

Analysis

In Q3 2026, Terex generated $241M of operating cash flow. That is $111M more than in Q3 2025 ($130M).

Over the twelve months to Sep 30, 2026, operating cash flow was $543M; the largest uses were other investing ($443M), buybacks ($76.0M), dividends ($69.0M); the cash balance fell by $102M.

Operating cash flow was $241M against net income of $114M — 2.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$88.0M, other operating capital +$32.0M, payables −$21.0M.

Its cash conversion cycle was 81 days (receivables 48 + inventory 86 − payables 52).

Free cash flow

Terex: free cash flow by quarterTerex: free cash flow by quarter$128MQ4 2024−$57.0MQ1 2025$78.0MQ2 2025$130MQ3 2025$171MQ4 2025−$57.0MQ1 2026$128MQ2 2026$241MQ3 2026
Operating cash flow less capital spending.
Terex: operating cash flow against capital spendingTerex: operating cash flow against capital spendingOperating cash flowCapital spending$177M$49.0MQ4 2024−$21.0M$36.0MQ1 2025$102M$24.0MQ2 2025$154M$24.0MQ3 2025$205M$34.0MQ4 2025−$31.0M$26.0MQ1 2026$128M$0Q2 2026$241M$0Q3 2026
Latest (Q3 2026): Operating cash flow $241M, Capital spending $0.

Capital allocation, year by year

Terex: where the cash came from (up) and went (down), by fiscal yearTerex: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $293MFY2021: Net borrowing −$503MFY2021: Capital spending −$59.7MFY2021: Acquisitions −$42.7MFY2021: Buybacks −$3.0MFY2021: Dividends −$33.5M$293MFY2021FY2022: Operating cash flow $261MFY2022: Net borrowing $97.0MFY2022: Capital spending −$110MFY2022: Acquisitions −$50.0MFY2022: Buybacks −$101MFY2022: Dividends −$36.0M$358MFY2022FY2023: Operating cash flow $459MFY2023: Net borrowing −$159MFY2023: Capital spending −$127MFY2023: Acquisitions −$24.0MFY2023: Buybacks −$63.0MFY2023: Dividends −$43.0M$459MFY2023FY2024: Operating cash flow $326MFY2024: Net borrowing $2.0BFY2024: Capital spending −$137MFY2024: Acquisitions −$2.0BFY2024: Buybacks −$49.0MFY2024: Dividends −$46.0M$2.3BFY2024FY2025: Operating cash flow $440MFY2025: Net borrowing −$7.0MFY2025: Asset sales $109MFY2025: Capital spending −$118MFY2025: Buybacks −$56.0MFY2025: Dividends −$45.0M$549MFY2025
Over these 5 years operating cash flow totalled $1.8B; the largest uses were acquisitions ($2.1B) and net borrowing ($669M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$407M
Debt$2.6B
Net debt$2.2B
Due within a year$2.0M

Terex funds itself: free cash flow was $543M over the last twelve months, and $407M of cash and investments stands against $2.6B of debt ($2.0M due within a year, 203.5× covered by cash).

Terex: debt maturities by year (FY2025)Terex: debt maturities by year (FY2025)$2.0MYear 1$600MYear 4$2.0BAfter year 5
Principal due in each year as disclosed in the annual report, against $407M of cash and investments now.

Where the cash came from and went

Terex: sources (+) and uses (−) of cash, Q3 2026Terex: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$241MNet borrowing (+) / repaid (−)−$113MBuybacks−$72.0MOther investing−$31.0MDividends−$19.0MExchange rates−$3.0MOther financing−$3.0M
Terex: sources (+) and uses (−) of cash, TTM to Q3 2026Terex: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$543MOther investing−$443MCash drawn (+) / kept (−)$102MBuybacks−$76.0MDividends−$69.0MOther financing−$36.0MNet borrowing (+) / repaid (−)−$21.0M

From profit to cash

Terex: net income to operating cash flow, Q3 2026Terex: net income to operating cash flow, Q3 2026Net income$114MDepreciation & amortization$88.0MStock-based pay$12.0MOther non-cash$7.0MReceivables$13.0MInventory−$6.0MPayables−$21.0MOther operating capital$32.0MOperating cash flow$241M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648865281
Q2 202643845078
Q1 202644814878
Q4 202554955792
Q3 2025571046299
Q2 202552955591
Q1 20255210857103
Q4 20244910452101

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$241M—−$72.0M−$19.0M−$113M—$241M
Q2 2026$128M—−$3.0M−$20.0M−$63.0M−$15.0M$128M
Q1 2026−$31.0M−$26.0M—−$19.0M$165M$380M−$57.0M
Q4 2025$205M−$34.0M−$1.0M−$11.0M−$10.0M−$263M$171M
Q3 2025$154M−$24.0M—−$12.0M—−$135M$130M
Q2 2025$102M−$24.0M−$23.0M−$11.0M$3.0M−$76.0M$78.0M
Q1 2025−$21.0M−$36.0M−$32.0M−$11.0M—$90.0M−$57.0M
Q4 2024$177M−$49.0M−$15.0M−$12.0M$2.0B−$36.0M$128M

Terex: income statement and cash flow

Terex, Q3 2026: revenue $2.2B (+58% year over year), operating margin 8.3%. The chart follows the revenue to costs, profit and cash.

Terex: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.