EquipmentShare.com (EQPT) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 total revenue of $1,449 million, up 26% year-over-year, driven by strong rental segment growth, expansion to 430 locations, and increased fleet size.

• Rental segment revenue grew 39% year-over-year to $908 million, with mature locations delivering 55% adjusted EBITDA margins and 16.5% ROIC.

• Net income for Q2 2026 was $19 million, up 19% year-over-year, and adjusted net income was $43 million, up 169%.

• The OWN Program continues to drive capital-efficient growth, with $3.7 billion net OEC growth since 2024 and strong oversubscription.

• Completed IPO in January 2026, raising $706 million in net proceeds, and authorized a $500 million share repurchase program through 2028.

Financial highlights

• Q2 2026 total revenue was $1,449 million (up 26% YoY); rental segment revenue was $908 million (up 39% YoY); equipment sales revenue was $483 million (up 1% YoY).

• Adjusted Core EBITDA for Q2 was $531 million, up 34% year-over-year; mature rental locations achieved 55% adjusted EBITDA margins.

• Net income margin for Q2 2026 was 1.3%; operating income margin was 6.5%.

• Net leverage at quarter-end was 3.0x, down from 3.4x a year ago; available liquidity was $1,424 million, with $980 million undrawn on the credit facility and $443 million in cash.

• OEC under management grew 34% year-over-year to $9.85 billion.

Outlook and guidance

• 2026 full-year revenue guidance: $5,254–$5,682 million; rental segment revenue $3,472–$3,748 million; adjusted core EBITDA $1,946–$2,058 million.

• Full-service rental locations expected to reach 427–435 by year-end 2026.

• Modest rental segment margin expansion expected in H2 2026 as network matures and operating efficiencies improve.

• Guidance considered conservative, with significant opportunity to outperform due to strong demand visibility and mega project pipeline.

• OWN Program expected to represent 55–60% of OEC by year-end.