RB Global Reports Fourth Quarter and Full Year 2025 Results
Executive Summary
- RB Global reported Q4 2025 results with revenue up 5% YoY to $1.20 B and adjusted EBITDA up 10% YoY to $379.6 M.
- Net income fell 8% YoY to $109.4 M, driving diluted EPS down 9% to $0.53 per share.
- FY 2026 outlook projects GTV growth of 5‑8%, adjusted EBITDA of $1.47‑$1.53 B and capital expenditures of $350‑$400 M.
Key Details
- Financial Highlights – Q4 2025
- Total Gross Transaction Value (GTV) ↑ 4% YoY to $4.3 B.
- Service revenue ↑ 5% YoY to $917.5 M; service revenue take rate 21.4% (↑10 bps).
- Inventory sales revenue ↑ 7% YoY to $285.9 M; inventory rate fell to 4.5% (‑120 bps).
- Net income ↓ 8% YoY to $109.4 M; net income available to common shareholders $99.1 M.
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Adjusted EBITDA ↑ 10% YoY to $379.6 M.
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Full‑Year 2025 (Unaudited) Highlights
- Revenue: $1,203.4 M (+5% YoY).
- Adjusted EBITDA: $1,399.7 M (+7% YoY).
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Diluted adjusted EPS: $1.11 (+15% YoY).
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2026 Financial Outlook (Guidance)
- GTV growth: 5‑8%.
- Adjusted EBITDA: $1,470 M – $1,530 M.
- Capital expenditures: $350 M – $400 M.
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Full‑year tax rate (GAAP & adjusted): 23% – 25%.
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Operational Highlights
- GTV growth driven by Commercial Construction & Transportation (CC&T) sector (+9% YoY) and automotive sector (+3% YoY).
- Inclusion of J.M. Wood acquisition contributed to CC&T GTV increase; excluding it, CC&T still grew on higher average lot price and volume.
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Automotive GTV up 3% YoY, aided by market‑share gains and higher vehicle mix.
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Investor Relations
- Upcoming investor conferences: Citi Global Industrial Tech & Mobility (Feb 19 2026) and Raymond James Institutional Investor Conference (Mar 3‑4 2026).
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Earnings conference call scheduled for Feb 17 2026, 4:30 PM ET; webcast replay available through Feb 17 2027.
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Legal / One‑Time Items
- Arbitration award to former CEO: $59.6 M, reflected in FY 2025 results.
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Quarter‑specific adjustments (share‑based payments, acquisition integration costs, restructuring, amortization of intangibles, executive transition costs, etc.) detailed in MD&A.
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Cash Flow Summary
- Net cash provided by operating activities: $978.2 M for FY 2025.
- Financing cash outflow (incl. dividends paid): $(461.4 M).
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Cash, cash equivalents & restricted cash end‑period: $694.8 M.
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Balance Sheet Highlights
- Total assets: $12,143 M; total liabilities: $6,075 M.
- Adjusted net debt: $1,940 M, yielding an adjusted net‑debt/adjusted EBITDA ratio of 1.4× (2025).
Notable Quotes
- “I am incredibly proud of what the RB Global team achieved in 2025… delivered meaningful value for our customers, partners and shareholders.” – Jim Kessler, CEO
- “We strengthened margins, delivered healthy cash flow, and continued to invest in strategic initiatives that support long‑term growth…” – Eric J. Guerin, CFO