RB Global (RBA) Q2 2025 earnings summary

Executive summary

• Total revenue for Q2 2025 increased 8% year-over-year to $1.2 billion, with service revenue up 3% and inventory sales revenue up 26%.

• Adjusted EBITDA rose 7% to $364.5 million, and diluted adjusted EPS increased 14% to $1.07.

• Automotive sector achieved strong market share gains, with unit volume up 9% year-over-year, offsetting declines in commercial construction and transportation.

• The company expanded its global footprint with the acquisition of J.M. Wood Auction Co. and a joint venture with LKQ Corporation in the U.K., rebranding Synetiq as LKQ Synetiq.

• Net income for Q2 2025 was $109.7 million, down 1% compared to Q2 2024; diluted EPS available to common stockholders decreased 2% to $0.53.

Financial highlights

• Gross transaction value (GTV) increased 2% year-over-year to $4.2 billion, driven by 8–9% growth in the automotive sector and a 6% decline in commercial construction and transportation.

• Service revenue take rate expanded by 20 basis points to 21.1%, supported by a higher buyer fee rate structure.

• Adjusted EBITDA margin as a percentage of GTV improved to 8.7% from 8.3% the prior year.

• Adjusted net income available to common stockholders rose 15% year-over-year to $200.5 million.

• Inventory rate declined to 4.1% in Q2 2025 from 6.0% in Q2 2024.

Outlook and guidance

• Full-year 2025 GTV growth expected at the lower end of the 0–3% range; adjusted EBITDA guidance raised and tightened to $1.34–$1.37 billion.

• Full-year tax rate forecasted at 24% to 27%; capital expenditures projected at $350–$400 million.

• Quarterly dividend increased by 7% to $0.31 per share.

• Guidance excludes any contribution from CAT-related GTV due to unpredictability of extreme weather events.

• Year-over-year comparisons for Q4 will be affected by $169 million in CAT volumes from the prior year.