Treasury
3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp 3-MO 3.82% -1bp 6-MO 3.98% +1bp 1-YR 4.04% unch 2-YR 4.23% +1bp 3-YR 4.30% +1bp 5-YR 4.38% +1bp 7-YR 4.52% +1bp 10-YR 4.68% +1bp 20-YR 5.22% +1bp 30-YR 5.21% +1bp
US Treasury par yield curve · Jul 30 · Source: U.S. Treasury
Friday, July 31, 2026
U.S. Edition
MONEY & WORLD
Subscribe
Pro forma

Terex earned 20 cents a share in the first half, and the pro forma version of the same six months earns $1.19

Money & World
The Editorial Team ·
A close photograph of tan brown leather filling the frame, the fine pebbled grain running edge to edge with a soft crease across the middle and the light falling off towards the corners, with no object, marking or lettering in the picture.
Photo: 3D Render / Pexels

Twenty cents.

That is what Terex reported in basic earnings per share for the six months to 30 June 2026, on net income of $21m. On Friday afternoon the company filed a Form 8-K under item 8.01 setting out what the same six months would have looked like had it bought REV Group on 1 January 2025 rather than on 2 February 2026. On that basis net income is $135m and basic earnings per share is $1.19, close to six times the reported figure.

The filing is voluntary. Terex says it is providing the statements to give investors additional information and to incorporate them by reference into its registration statements, which is a housekeeping reason rather than a disclosure obligation. The 8-K also carries REV Group's own unaudited accounts for the three months to 31 January 2026, the quarter that ended the day before completion, showing net sales of $552m and net income of $13m.

Where the difference comes from

The pro forma does not find money. It moves costs.

Four one-time charges sit in the reported first half and are taken out of it: $91m of fair value step-up on acquired inventory, $18m of transaction costs, $22m paid to executives under change-in-control provisions plus severance and retention, and $28m of stock compensation on accelerated vesting and stepped-up replacement awards. Article 11 of Regulation S-X requires those costs to be shown in the earliest period presented, so every one of them is pushed into the year ended 31 December 2025 instead. The tax effect of the adjustments is estimated at a flat 24.5 percent.

The 2025 column is where that lands, and it lands hard. Terex reported net income of $221m for 2025 and basic earnings per share of $3.36 on 65.8m shares. REV, on its own October year end, earned $95m. Combine the two, load in the deal costs and a full year of $167m of amortisation on the acquired intangibles, then divide by the 114.0m shares that would have been outstanding from 1 January 2025, and pro forma basic earnings per share is $0.51.

What the document does not say

Nothing in the exhibit forecasts anything. Terex states twice that the statements are illustrative, that they do not represent what results would have been, and that they exclude both the costs of integration and any benefits from the merger. Note 2 records that the purchase accounting is provisional and that amounts for contingencies and income tax positions may change materially while the measurement period runs.

The consideration is fixed at $3,384m for now: $426m of cash at $8.71 a share, $122m to retire REV's bank debt, $2,828m of stock struck at $58.99 on the closing date, and $8m of converted awards. Terex issued 47.9m shares to do it, against the 65.8m it had outstanding on average through 2025.

The document: Terex Corporation, Form 8-K, item 8.01, accession 0000097216-26-000124, accepted 31 July 2026 at 1:01:55 p.m. Eastern, signed by Jennifer Kong-Picarello, Senior Vice President and Chief Financial Officer. The 8-K body and Exhibit 99.2, the unaudited pro forma condensed combined statements of income, were both downloaded and read in full here; no fetch-tool summary was relied on and every figure below was taken from the exhibit's own tables and notes. The 8-K states that the filing is voluntary, made to give investors additional information and to incorporate the exhibits by reference into the company's registration statements, and that Exhibit 99.1 is REV Group's unaudited condensed consolidated financial statements as of 31 January 2026 and for the three months then ended, while Exhibit 99.2 is the unaudited pro forma condensed combined statements of operations for the six months ended 30 June 2026 and for the year ended 31 December 2025. Exhibit 99.2 states that the merger agreement is dated 29 October 2025, that the merger completed on 2 February 2026, and that provisional purchase consideration is $3,384m, composed of $426m of cash at $8.71 per REV share, $122m to settle REV bank debt, an equity portion of $2,828m struck at a Terex share price of $58.99 on 2 February 2026, and $8m of converted unvested awards, with 47.9m Terex shares issued on 48.9m REV shares at an exchange ratio of 0.9809. The six-month table shows Terex historical net sales $3,972m, operating profit $105m, net income $21m, basic earnings per share $0.20 on 104.5m basic shares, against pro forma net sales $4,162m, operating profit $245m, net income $135m and basic earnings per share $1.19 on 113.4m basic shares. The 2025 table shows Terex historical net sales $5,421m, net income $221m and basic earnings per share $3.36 on 65.8m basic shares, REV historical net sales $2,464m and net income $95m, and pro forma net sales $7,885m, operating profit $287m, net income $58m and basic earnings per share $0.51 on 114.0m basic shares. Note 2 to Exhibit 99.2 states the purchase accounting remains provisional. Notes 4 through 11 state the adjustments described below, including the $91m inventory fair value step-up, the $18m of transaction costs, the $22m of change-in-control and severance payments, the $28m decrease in stock-based compensation for the six months against a $30m increase for 2025, $167m of amortisation of acquired finite-lived intangibles for 2025, a $69m reclassification of amortisation out of cost of goods sold, and a statutory tax rate of 24.5 percent applied to the adjustments. Note 2's footnote to the pro forma also records REV's three months to 31 January 2026 at net sales of $552m, gross profit of $77m and net income of $13m..

More on Accounting