RB Global Reports Third Quarter 2025 Results
Executive Summary
- RB Global reported Q3 2025 total gross transaction value (GTV) of $3.9 billion, up 7% YoY, and total revenue of $1.09 billion, up 11% YoY.
- Net income rose 25% YoY to $95.2 million; diluted EPS increased 19% to $0.43 per share.
- Adjusted EBITDA grew 16% YoY to $327.7 million and the company raised its full‑year adjusted EBITDA outlook to $1,350–$1,380 million.
Key Details
- Financial Highlights (Q3 2025 vs. Q3 2024)
- GTV: $3,893.8 M (+7%)
- Total revenue: $1,092.7 M (+11%)
- Service revenue: $845.0 M (+8%) – service‑revenue take rate expanded to 21.7% (up 20 bps)
- Inventory sales revenue: $247.7 M (+23%) – inventory rate rose to 4.7% (up 50 bps)
- Net income: $95.2 M (+25%)
- Diluted EPS: $0.43 (↑19%)
-
Adjusted EBITDA: $327.7 M (+16%)
-
Full‑Year 2025 Outlook Updates
- GTV growth now expected at 0–1% (previously 0–3%).
- Adjusted EBITDA target raised to $1,350–$1,380 M (up from $1,340–$1,370 M).
- Full‑year tax rate projected at 22–24% (down from 24–27%).
-
Capital expenditures unchanged at $350–$400 M.
-
Sector Performance
- Automotive GTV: $2,152.2 M (+6%) – lot volume up 9%.
- Commercial Construction & Transportation (CC&T) GTV: $1,328.9 M (+9%); lot volume down 15% YoY.
-
“Other” sector GTV: $412.7 M (+10%).
-
Acquisitions / Integration
- Q3 results include impact of the J.M. Wood acquisition (added to GTV and inventory sales).
-
Acquisition‑related & integration costs for the quarter were $4.0 M, down from $6.0 M YoY.
-
Dividends
-
Quarterly cash dividend declared: $0.31 per common share; payable Dec 17 2025 to shareholders of record Nov 26 2025.
-
Strategic Transaction
-
On Oct 28 2025, Australian subsidiary entered definitive agreement to acquire all outstanding shares of Smith Broughton Pty Ltd for A$57.5 M (≈US$38.0 M), subject to customary closing conditions; expected close in Q4 2025.
-
Liquidity & Capital Structure
- Cash & cash equivalents: $674.7 M (up from $533.9 M).
- Short‑term debt: $73.6 M (↑134% YoY).
- Long‑term debt: $2,568.6 M (down 6%).
-
Adjusted net debt: $1,967.5 M (−7% YoY).
-
Operating Expenses (Q3)
- Total operating expenses: $935.6 M (↑13% YoY).
- Cost of services: $353.0 M; cost of inventory sold: $236.1 M.
-
SG&A: $217.8 M; depreciation & amortization: $124.7 M.
-
Earnings Call
- Conference call scheduled for Nov 6 2025, 4:30 PM ET; webcast replay available through Nov 6 2026.
Notable Quotes
- “GTV growth this quarter was broad‑based across every sector… our newly implemented operating model brings the leaders closer to the customer and sets the stage for the next generation of growth and shareholder value creation.” – Jim Kessler, CEO
- “We delivered strong operating leverage this quarter, translating execution discipline into solid bottom line growth.” – Eric J. Guerin, CFO