As the Q1 earnings season wraps, let’s dig into this quarter’s best and worst performers in the heavy machinery industry, including Terex (NYSE: TEX) and its peers.

Automation that increases efficiencies and connected equipment that collects analyzable data have been trending, creating new demand for heavy machinery and equipment companies. The gradual transition to clean energy also allows companies to innovate around emissions, potentially spurring replacement cycles that can accelerate revenue growth. On the other hand, heavy machinery companies are at the whim of economic cycles. Interest rates, for example, can greatly impact the commercial and residential construction that drives demand for these companies’ offerings.

The 21 heavy machinery stocks we track reported a satisfactory Q1. As a group, revenues beat analysts’ consensus estimates by 1.2% while next quarter’s revenue guidance was in line.

Thankfully, share prices of the companies have been resilient as they are up 6.4% on average since the latest earnings results.

Terex (NYSE: TEX)

With humble beginnings as a dump truck company, Terex (NYSE: TEX) today manufactures lifting and material handling equipment designed to move and hoist heavy goods and materials.

Terex reported revenues of $1.73 billion, up 41.1% year on year. This print exceeded analysts’ expectations by 2.6%. Despite the top-line beat, it was still a slower quarter for the company with a significant miss of analysts’ EPS estimates and full-year EBITDA guidance missing analysts’ expectations.

Interestingly, the stock is up 12.7% since reporting and currently trades at $70.12.

Read our full report on Terex here, it’s free.

Best Q1: Douglas Dynamics (NYSE: PLOW)

Once manufacturing snowplows designed for the iconic jeep vehicle precursor, Douglas Dynamics (NYSE: PLOW) offers snow and ice equipment for the roads and sidewalks.

Douglas Dynamics reported revenues of $137.8 million, up 19.8% year on year, outperforming analysts’ expectations by 3.4%. The business had an incredible quarter with a beat of analysts’ EPS and EBITDA estimates.

Douglas Dynamics achieved the highest full-year guidance raise among its peers. The market seems happy with the results as the stock is up 12.8% since reporting. It currently trades at $50.27.

Is now the time to buy Douglas Dynamics? Access our full analysis of the earnings results here, it’s free.

Weakest Q1: Lindsay (NYSE: LNN)

A pioneer in the field of center pivot and lateral move irrigation, Lindsay (NYSE: LNN) provides a variety of proprietary water management and road infrastructure products and services.

Lindsay reported revenues of $157.7 million, down 15.7% year on year, falling short of analysts’ expectations by 4.2%. It was a disappointing quarter as it posted a significant miss of analysts’ adjusted operating income and EPS estimates.

Interestingly, the stock is up 3.1% since the results and currently trades at $120.81.

Read our full analysis of Lindsay’s results here.

PACCAR (NASDAQ: PCAR)

Founded more than a century ago, PACCAR (NASDAQ: PCAR) designs and manufactures commercial trucks of various weights and sizes for the commercial trucking industry.

PACCAR reported revenues of $6.78 billion, down 8.9% year on year. This result came in 0.7% below analysts’ expectations. It was a slower quarter as it also recorded a slight miss of analysts’ adjusted operating income estimates.

The stock is down 10.5% since reporting and currently trades at $113.83.

Read our full, actionable report on PACCAR here, it’s free.

Titan International (NYSE: TWI)

Acquiring Goodyear’s farm tire business in 2005, Titan (NYSE: TWI) is a manufacturer and supplier of wheels, tires, and undercarriages used in off-highway vehicles such as construction vehicles.

Titan International reported revenues of $505.1 million, up 2.9% year on year. This number surpassed analysts’ expectations by 1.6%. It was a strong quarter as it also put up an impressive beat of analysts’ adjusted operating income estimates.

Titan International had the weakest guidance update among its peers. The stock is down 6% since reporting and currently trades at $7.51.

Read our full, actionable report on Titan International here, it’s free.

Market Update

Late in 2025 into early 2026, there was hand-wringing around artificial intelligence. For software companies, the fear was that AI would erode pricing power and compress margins as new tools made it easier to replicate what once required expensive enterprise platforms. Crypto investors had their own version of the same anxiety: if AI agents could trade, allocate capital, and manage wallets autonomously, what exactly was the long-term value of today’s crypto infrastructure?

These concerns triggered a noticeable rotation away from these sectors and into safer havens. But markets rarely dwell on one narrative for long. Spring 2026 came, and the focus shifted abruptly from technological disruption to geopolitical risk. The US’ conflict with Iran became the dominant driver of market psychology, and when geopolitics takes center stage, the script changes quickly. Investors stop debating growth rates and start worrying about oil supply, inflation, and global stability.

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