Mildon was the first person to ever do a triple backflip on a BMX bike (2011), the YouTube video showing his daredevil feat has over 10 million views.
Foster is the only other rider who has landed a triple, and he is the only one performing the trick regularly. Foster's triple flips are now a highlight of Nitro Circus Live shows around the world.
"While we competed hard and neither one of us wanted to come in second, I am definitely happy for Jed. I know what he's had to go through over the course of this," Foster said.
"Now I'm looking forward to getting back out on the road and finding the next challenge."
The challenge was filmed for US television network NBC's "Revolution Day: The Chase for the Biggest Trick in Action Sports History", which chronicled the nine-month journey of Foster and Mildon as they raced to reach a milestone few thought attainable.
Jed landed the flip on 2 May but it was a closely guarded secret until the NBC aired the challenge today.