RB Global (RBA) Q4 2025 earnings summary

Executive summary

• Achieved disciplined execution and strategic progress in 2025, with strong momentum from new multi-year partner agreements and rising seller confidence in key markets.

• Achieved 4% year-over-year GTV growth in Q4 2025 to $4.3 billion, with full-year GTV up 2% to $16.2 billion.

• Adjusted EBITDA grew 10% in Q4 and 7% for the year, reaching $379.6 million and $1,399.7 million, respectively.

• Net income for Q4 fell 8% year-over-year to $109.4 million; full-year net income rose 4% to $427.6 million.

• Signed new multi-year agreements with both major partners, providing long-term volume visibility.

Financial highlights

• Q4 total GTV increased 4% to $4.3 billion; automotive GTV up 3% and CC&T GTV up 9% in Q4.

• Service revenue increased 5% in Q4 to $255 million, with a 10 bps rise in take rate to 21.4%.

• Adjusted EBITDA margin expanded to 8.9% of GTV in Q4, up from 8.4% prior year.

• Adjusted diluted EPS for Q4 increased 17% to $1.11; full-year diluted adjusted EPS up 15% to $4.00.

• Adjusted net debt/Adjusted EBITDA improved to 1.4x from 1.6x year-over-year.

Outlook and guidance

• 2026 GTV expected to grow 5%-8%, with adjusted EBITDA guidance of $1,470M–$1,530M.

• Full-year CapEx expected at $350M–$400M, with focus on land, PP&E, and technology investments.

• 2026 GAAP and adjusted tax rate expected between 23%-25%.

• No significant GTV from catastrophic events anticipated in 2026 guidance.