EquipmentShare — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total revenue increased 55% year-over-year to $1,468 million for the quarter ended September 30, 2026, compared to $945 million in the prior year period.
• Net income was $20 million for the quarter, an increase from $6 million in the third quarter of 2025.
• Adjusted Net Income was $46 million for the quarter, up from $6 million in the prior year period.
• Rental Segment (Equipment Rental and Services Operations) revenue grew 49% year-over-year to $1,113 million.
• Equipment Sales revenue increased 76% year-over-year to $294 million.
• Rental Segment Adjusted EBITDA increased 52% year-over-year to $491 million.
• Rental Segment Adjusted EBITDA margin expanded to 44% for the quarter, an increase of approximately 70 basis points year-over-year and 130 basis points sequentially.
• Mature rental locations generated Adjusted EBITDA margins of 54% on a trailing twelve-month (TTM) basis.
• OWN Program Payouts increased 37% year-over-year to $254 million for the quarter.
• Adjusted Core EBITDA increased 40% year-over-year to $594 million for the quarter.
• Net leverage decreased to 3.4x as of September 30, 2026, from 3.7x as of September 30, 2025.
• Total available liquidity was $2,298 million as of September 30, 2026, including $1,939 million in undrawn availability on the asset-based revolving credit facility and $359 million in cash and cash equivalents.

Guidance and Future Outlook:

• Management expressed confidence in the full-year 2026 outlook and indicated an opportunity to outperform the current guidance.
• The Company expects to have over 260 mature rental sites by the end of 2026, an increase of 76 sites from the start of 2026.
• Full-year 2026 guidance (Year Ending December 31, 2026) includes:
  • OEC: $11,391 million to $11,613 million.
  • Full-Service Rental Locations: 427 to 435.
  • Total Revenue: $5,808 million to $6,045 million.
  • Rental Segment Revenue: $3,823 million to $3,979 million.
  • OWN Program Payouts: $938 million to $976 million.
  • Adjusted Core EBITDA: $2,136 million to $2,224 million.
  • Gross Rental Capex: $2,664 million to $2,886 million.
  • Net Rental Capex: $980 million to $1,060 million.
  • OWN Program % of OEC: 55% to 60%.

Business Segments and Product Lines:

• The Company opened 18 operational locations during the third quarter, including 17 full-service rental locations and 1 building material location.
• Operational locations increased to 448 as of September 30, 2026, up from 373 in the prior year period.
• Original Equipment Cost (OEC) under management increased $812 million in the quarter to $10,663 million, comprising $4,816 million of EquipmentShare owned fleet, $5,765 million of OWN Program fleet, and $82 million of equipment on operating leases.
• The appraised value of the OWN Program fleet was $4,213 million as of September 30, 2026.
• Net rental equipment capital expenditures for the quarter were $590 million, following gross purchases of $822 million.
• TTM net rental equipment capital expenditures were $1,052 million following gross purchases of $2,322 million.
• New market start-up costs were $59 million for the quarter, a 16% decrease year-over-year.
• Technology advancements included touchless equipment access, machine-mounted 360-degree safety and capture systems, and a next-generation telemetry device.

Market and Competitive Landscape:

• Customers are consolidating spend on a single platform combining equipment, technology, and service, taking on larger and more complex projects.
• Strong fleet absorption and the maturation of the network were identified as meaningful drivers of performance.
• The Company maintains a fully focused organic growth model for new locations.

Risks and Challenges:

• Forward-looking statements highlight risks including changes in economic conditions, construction activity, and demand.
• Risks include indebtedness, exposure to interest rate and credit market changes, and the performance of the OWN Program (appraisal values, utilization, rental rates).
• Challenges include the ability to open new locations and mature them on expected timelines and margins, supply chain disruptions, tariffs, and price changes for equipment and hardware.
• Risks also encompass competition, the ability to develop and gain acceptance for new T3 products, and potential system failures or security incidents.

Management Commentary and Tone:

• Jabbok Schlacks, Founder and CEO, described the quarter as "exceptional," citing 32% growth in OEC driving 49% revenue growth and 52% Adjusted EBITDA growth, alongside margin expansion.
• Willy Schlacks, Founder and President, emphasized the focus on building intuitive technology (T3) that adds no steps to the workflow, aiming to make equipment more useful and provide better customer visibility.
• Management noted that the earnings power embedded in the branch network continues to increase as recently opened locations mature.

Other Key Points:

• The Company held a conference call on November 10, 2026, to discuss results.
• Stock-based compensation expense related to IPO Founders Awards was $26 million for the quarter and $68 million for the TTM period.
• The Company does not provide a reconciliation between expected non-GAAP measures and GAAP measures for the 2026 outlook due to the inherent difficulty of forecasting certain items.
• The Company is listed on the Nasdaq under the symbol EQPT.