RB Global Inc

Latest Results (30.08.2026):

RB Global, Inc.'s fourth quarter of 2025 results showed modest top-line growth and stronger non-GAAP profitability: GTV rose 4% y/y to $4.28 billion and total revenue increased 5% to $1.20 billion, while net income was $109.4 million (down 8%). Adjusted EBITDA strengthened 10% to $379.6 million and diluted adjusted EPS rose 17% to $1.11. The company provided a 2026 outlook targeting GTV growth of 5–8% and adjusted EBITDA of $1,470–$1,530 million.

GTV and revenue

Gross transaction value (GTV) was $4,281.1 million, up 4% y/y, with growth concentrated in the commercial construction & transportation (CC&T) and automotive sectors (J.M. Wood acquisition contributed to CC&T). Total revenue for Q4 was $1,203.4 million (+5%), comprised of service revenue $917.5 million (+5%) and inventory sales $285.9 million (+7%).

Profitability and EPS

Net income for Q4 was $109.4 million (−8% y/y); net income available to common stockholders was $99.1 million (−8%). Reported diluted EPS was $0.53 (−9%), while diluted adjusted EPS improved to $1.11 (+17%) after excluding specified adjustments.

Adjusted EBITDA and margin dynamics

Adjusted EBITDA increased 10% y/y to $379.6 million. Service revenue take rate expanded 10 basis points to 21.4% (driven mainly by higher buyer fees). Inventory rate declined 120 bps to 4.5%, reflecting an unfavorable asset mix that compressed inventory returns.

Cash flow and balance sheet highlights

Net cash provided by operating activities for full-year 2025 was $978.2 million. Cash and cash equivalents were $531.5 million at year-end. Adjusted net debt was $1.94 billion (down ~8% y/y) and adjusted net debt/adjusted EBITDA improved to 1.4x.

2026 outlook

For full-year 2026 RB Global forecasts GTV growth of 5–8%, adjusted EBITDA of $1,470–$1,530 million, a full-year tax rate of 23–25%, and capital expenditures of $350–$400 million.

Notable one-time items and drivers

Q4 performance was influenced by acquisition activity (including J.M. Wood) and one-time adjusting items: the company recognized various acquisition, restructuring and executive transition costs, and reflected a $59.6 million arbitration award to its former CEO in the 2025 consolidated statements. Management cited margin discipline, higher take rates and strategic investments as operational drivers.