RB Global (RBA) Q4 2025 earnings summary

Executive summary

• Achieved disciplined execution and strategic progress in 2025, with GTV up 4% year-over-year to $4.3 billion and full-year GTV at $16.2 billion.

• Adjusted EBITDA rose 10% in Q4 to $380M, with margin expanding to 8.9% of GTV, and full-year adjusted EBITDA reached $1,399.7 million.

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

• Introduced new digital features and AI-enabled tools to enhance buyer confidence, operational efficiency, and global customer experience.

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

Financial highlights

• Q4 GTV increased 4% to $4.3B; service revenue up 5% to $255M, with take rate up 10 bps to 21.4%.

• Adjusted EBITDA margin expanded to 8.9% of GTV in Q4; diluted adjusted EPS for Q4 increased 17% to $1.11.

• Automotive GTV up 3% in Q4; CC&T GTV up 9% in Q4, with sector growth partly driven by acquisitions.

• Excluding catastrophic impacts, automotive GTV and unit volumes grew 12% and 8% year-over-year.

• 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 and tax rate projected at 23%-25%.

• CapEx for 2026 projected at $350M–$400M, with focus on land, PP&E, and technology investments.

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