RB Global — Third Quarter 2026 Earnings Summary

Financial Performance:

• Gross transaction value (GTV) increased 20% year-over-year to $4.7 billion for the quarter; 15% increase to $13.7 billion for the nine months ended September 30, 2026.
• Total revenue increased 17% year-over-year to $1.3 billion for the quarter; 13% increase to $3.8 billion for the nine months.
• Service revenue increased 10% year-over-year to $927.9 million for the quarter; 7% increase to $2.8 billion for the nine months.
• Inventory sales revenue increased 40% year-over-year to $346.5 million for the quarter; 33% increase to $1.1 billion for the nine months.
• Net income increased 47% year-over-year to $140.2 million for the quarter; 32% increase to $419.4 million for the nine months.
• Net income available to common stockholders increased 59% year-over-year to $128.7 million for the quarter; 36% increase to $385.3 million for the nine months.
• Diluted earnings per share available to common stockholders increased 63% to $0.70 for the quarter; 36% increase to $2.07 for the nine months.
• Diluted adjusted earnings per share available to common stockholders increased 11% year-over-year to $1.03 for the quarter; 9% increase to $3.16 for the nine months.
• Adjusted EBITDA increased 13% year-over-year to $370.9 million for the quarter; 10% increase to $1.12 billion for the nine months.
• Service revenue take rate declined 186 basis points year-over-year to 19.8% for the quarter; 153 basis points decline to 20.2% for the nine months.
• Inventory rate increased 54 basis points year-over-year to 5.2% for the quarter; 104 basis points increase to 6.7% for the nine months.
• Total operating expenses were $1.06 billion for the quarter and $3.17 billion for the nine months.
• Cash and cash equivalents were $512.4 million as of September 30, 2026, compared to $531.5 million as of December 31, 2025.
• Total debt was $3.18 billion as of September 30, 2026, compared to $2.42 billion as of December 31, 2025.
• Adjusted net debt was $2.66 billion as of September 30, 2026, compared to $1.97 billion for the trailing twelve months ended September 30, 2025.
• Adjusted net debt to adjusted EBITDA ratio was 1.8x for the trailing twelve months ended September 30, 2026, compared to 1.4x for the prior year period.

Guidance and Future Outlook:

• Full-year 2026 GTV growth outlook revised to 14% to 15%, up from the prior outlook of 9% to 11%.
• Full-year 2026 Adjusted EBITDA outlook revised to $1.525 billion to $1.545 billion, up from the prior outlook of $1.495 billion to $1.545 billion.
• Full-year 2026 tax rate (GAAP and adjusted) outlook revised to 22% to 24%, down from the prior outlook of 23% to 25%.
• Full-year 2026 capital expenditures outlook remains unchanged at $350 million to $400 million.

Business Segments and Product Lines:

• Automotive GTV increased 18% year-over-year, driven by higher unit volumes, net market share gains, and higher average selling prices across salvage and remarketed vehicles.
• Heavy Equipment & Transportation (HE&T) GTV increased 19% year-over-year, driven by acquisitions not included in the prior year and strong underlying growth.
• Other sector GTV increased 88% year-over-year, primarily due to the addition of BigIron real estate transactions.
• Automotive lots sold increased 8% year-over-year to 652.2 thousand for the quarter; 7% increase to 1.94 million for the nine months.
• HE&T lots sold increased 24% year-over-year to 202.2 thousand for the quarter; 15% increase to 581.6 thousand for the nine months.
• Other lots sold increased 33% year-over-year to 68.5 thousand for the quarter; decreased 11% to 167.7 thousand for the nine months.
• Total lots sold increased 13% year-over-year to 922.9 thousand for the quarter; 7% increase to 2.69 million for the nine months.
• Sector presentation revised effective Q2 2026, combining Commercial, Construction and Transportation (CC&T) with certain Other asset categories into HE&T.

Market and Competitive Landscape:

• GTV growth reflected broad-based strength across all sectors.
• Automotive sector achieved net market share gains.
• HE&T sector growth included contributions from acquisitions not included in the prior-year period.
• Inventory sales revenue growth in HE&T was driven by changes in customer contract preference.

Risks and Challenges:

• Service revenue take rate declined due to strategic portfolio mix changes, including the impact of acquisitions, divestitures, and growth in automotive remarketing, as well as increased real estate transaction volumes and normal business mix impacts.
• Automotive revenue was lower, partially offsetting HE&T volume growth in inventory sales.
• Higher operating expenses partially offset the growth in Adjusted EBITDA.
• Higher income tax expense partially offset the increase in net income available to common stockholders.

Management Commentary and Tone:

• CEO Jim Kessler stated results demonstrate the strength of the marketplace and consistent execution to deliver solid topline and bottom-line growth.
• Management remains committed to gaining market share, delivering strong growth across all businesses, and generating improved operating leverage.
• Management expressed confidence in the ability to create meaningful value for customers, partners, and shareholders while advancing strategic initiatives for durable long-term growth.

Other Key Points:

• The Company repurchased and retired approximately 3.9 million common shares for an aggregate purchase price of $350.0 million in the third quarter.
• Since launching the Normal Course Issuer Bid (NCIB) in Q1 2026, the Company has repurchased and retired approximately 5.4 million common shares for an aggregate purchase price of $500.0 million.
• As of September 30, 2026, $500.0 million remained available under the NCIB.
• On November 6, 2026, the Company declared a quarterly cash dividend of $0.33 per common share, payable on December 17, 2026, to shareholders of record on November 25, 2026.
• Net income available to common stockholders included a one-time $18.2 million excise tax refund related to the 2023 acquisition of IAA.
• Net income available to common stockholders benefited from the non-recurrence of a $5.0 million adjustment to redeemable non-controlling interest recognized in Q3 2025.
• The Company hosted a conference call on November 9, 2026, to discuss financial results.