RB Global reports third quarter 2026 results
RB GLOBAL INC. (RBA) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 – News Release RB Global reports third quarter 2026 results WESTCHESTER, IL, November 9, 2026 – RB Global, Inc. (NYSE & TSX: RBA, the “Company”, “RB Global”, “we”, “us”, or “our”) reported the following results for the three months ended September 30, 2026. "Our thir
How this was made
The 30-second read
Why it matters
The updated guidance signals stronger revenue and profitability, likely attracting buying interest.
Market read
Earnings beat and guidance lift make RBA a near‑term trade candidate.
What to watch
Potential headwinds from macro‑economic slowdown could temper the projected growth.
RB Global Q3 2026: GTV up 20% and revenue up 17%, with GAAP diluted EPS up 63% and diluted adjusted EPS up 11%; full-year GTV growth and adjusted EBITDA outlook updated
Volume and revenue growth were strong (GTV +20%, total revenue +17%, adjusted EBITDA +13%), and the outlook for GTV growth and adjusted EBITDA was updated upward. Offsetting this, the service revenue take rate fell 186 basis points, GAAP net income was helped by a one-time $18.2 million excise tax refund, nine-month operating cash flow declined, and adjusted net debt to adjusted EBITDA rose to 1.8x from 1.4x.
Actuals vs. the company’s prior outlook
from its previous release| Metric | Guided | Reported | Verdict |
|---|---|---|---|
| FY2026 GTV growth | 9% to 11% (as provided on August 4, 2026) | Q3 2026 GTV up 20% year over year; nine months 2026 GTV up 15%; full-year actual not yet reported | n/a |
| FY2026 adjusted EBITDA | $1,495 to $1,545 million (as provided on August 4, 2026) | Nine months 2026 adjusted EBITDA $1,120.8 million; full-year actual not yet reported | n/a |
| FY2026 full-year tax rate (GAAP and adjusted) | 23% to 25% (as provided on August 4, 2026) | Nine months 2026 income tax expense $126.3 million on income before income taxes $545.7 million; a rate for the period is not printed | n/a |
| FY2026 capital expenditures | $350 to $400 million (as provided on August 4, 2026) | Nine months 2026 property, plant and equipment additions $(183.0) million and intangible asset additions $(84.1) million; a total capex figure on the company's definition is not printed | n/a |
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Gross transaction value (GTV), Q3 2026other | $4.68B | – | 20% |
| Service revenue, Q3 2026GAAP | $927.9M | – | 10% |
| Service revenue take rate, Q3 2026other | 19.8% | – | (186) bps |
| Transactional seller revenue, Q3 2026GAAP | $234.7M | – | 9% |
| Transactional buyer revenue, Q3 2026GAAP | $612.4M | – | 13% |
| Marketplace services revenue, Q3 2026GAAP | $80.8M | – | (5)% |
| Inventory sales revenue, Q3 2026GAAP | $346.5M | – | 40% |
| Inventory return, Q3 2026other | 18.1M | – | 56% |
| Inventory rate, Q3 2026other | 5.2% | – | 54 bps |
| Total revenue, Q3 2026GAAP | $1.27B | – | 17% |
| Costs of services, Q3 2026GAAP | $378M | – | – |
| Cost of inventory sold, Q3 2026GAAP | $328.4M | – | – |
| Selling, general and administrative, Q3 2026GAAP | $211.8M | – | – |
| Acquisition-related and integration costs, Q3 2026GAAP | $7.8M | – | – |
| Depreciation and amortization, Q3 2026GAAP | $133M | – | – |
| Total operating expenses, Q3 2026GAAP | $1.06B | – | – |
| Operating income, Q3 2026GAAP | $216.9M | – | – |
| Interest expense, Q3 2026GAAP | −$49.1M | – | – |
| Income tax expense, Q3 2026GAAP | $46.3M | – | – |
| Net income, Q3 2026GAAP | $140.2M | – | 47% |
| Net income available to common stockholders, Q3 2026GAAP | $128.7M | – | 59% |
| Diluted earnings per share available to common stockholders, Q3 2026GAAP | $0.70 | – | 63% |
| Diluted adjusted earnings per share available to common stockholders, Q3 2026non-GAAP | $1.03 | – | 11% |
| Adjusted net income available to common stockholders, Q3 2026non-GAAP | $189.3M | – | – |
| Adjusted EBITDA, Q3 2026non-GAAP | $370.9M | – | 13% |
| GTV, nine months 2026other | $13.69B | – | 15% |
| Service revenue, nine months 2026GAAP | $2.76B | – | 7% |
| Service revenue take rate, nine months 2026other | 20.2% | – | (153) bps |
| Transactional seller revenue, nine months 2026GAAP | $715.2M | – | 6% |
| Transactional buyer revenue, nine months 2026GAAP | $1.80B | – | 8% |
| Marketplace services revenue, nine months 2026GAAP | $243M | – | (3)% |
| Inventory sales revenue, nine months 2026GAAP | $1.07B | – | 33% |
| Inventory return, nine months 2026other | 71.1M | – | 58% |
| Inventory rate, nine months 2026other | 6.7% | – | 104 bps |
| Total revenue, nine months 2026GAAP | $3.83B | – | 13% |
| Costs of services, nine months 2026GAAP | $1.12B | – | – |
| Cost of inventory sold, nine months 2026GAAP | $996M | – | – |
| Selling, general and administrative, nine months 2026GAAP | $636.8M | – | – |
| Acquisition-related and integration costs, nine months 2026GAAP | $21.7M | – | – |
| Depreciation and amortization, nine months 2026GAAP | $390.1M | – | – |
| Total operating expenses, nine months 2026GAAP | $3.17B | – | – |
| Operating income, nine months 2026GAAP | $659.2M | – | – |
| Interest expense, nine months 2026GAAP | −$135.5M | – | – |
| Income tax expense, nine months 2026GAAP | $126.3M | – | – |
| Net income, nine months 2026GAAP | $419.4M | – | 32% |
| Net income available to common stockholders, nine months 2026GAAP | $385.3M | – | 36% |
| Diluted earnings per share available to common stockholders, nine months 2026GAAP | $2.07 | – | 36% |
| Diluted adjusted earnings per share available to common stockholders, nine months 2026non-GAAP | $3.16 | – | 9% |
| Adjusted EBITDA, nine months 2026non-GAAP | $1.12B | – | 10% |
| Net cash provided by operating activities, nine months 2026GAAP | $615.5M | – | – |
| Property, plant and equipment additions, nine months 2026GAAP | −$183M | – | – |
| Intangible asset additions, nine months 2026GAAP | −$84.1M | – | – |
| Repurchases and retirements of common stock, nine months 2026GAAP | −$500M | – | – |
| Payments of dividends, nine months 2026GAAP | −$201.9M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| GTV, Automotive, Q3 2026The company states GTV growth was driven by higher unit volumes, including the impact of net market share gains, and higher average selling prices across both salvage and remarketed vehicles. | $2.53B | – | 18% |
| GTV, Heavy Equipment & Transportation (HE&T), Q3 2026The company states GTV growth was driven by contributions from acquisitions that were not included in the prior-year period and strong underlying growth. | $1.93B | – | 19% |
| GTV, Other, Q3 2026The company states GTV increased primarily due to the addition of BigIron real estate transactions. | $214.5M | – | 88% |
| GTV, Automotive, nine months 2026Nine-month figure as printed in the GTV by sector table; no driver commentary given for the year-to-date period. | $7.27B | – | 13% |
| GTV, Heavy Equipment & Transportation (HE&T), nine months 2026Nine-month figure as printed in the GTV by sector table; no driver commentary given for the year-to-date period. | $5.95B | – | 16% |
| GTV, Other, nine months 2026Nine-month figure as printed in the GTV by sector table; no driver commentary given for the year-to-date period. | $470.1M | – | 37% |
Amounts quoted below without a unit are in millions, as in the filing’s tables. Per-share figures are as printed.
FY2026 updated outlook (as of November 9, 2026) outlook
- Tax rate22% to 24% (GAAP and adjusted); prior outlook 23% to 25%
- NoteGTV growth 14% to 15%; prior outlook 9% to 11%
- NoteAdjusted EBITDA $1,525 to $1,545 million; prior outlook $1,495 to $1,545 million
- NoteCapital expenditures $350 to $400 million, defined by the company as property, plant and equipment, net of proceeds on disposals, plus intangible asset additions; unchanged from prior outlook
Capital returns
- In Q3 2026 the company repurchased and retired approximately 3.9 million common shares for an aggregate purchase price of $350.0 million.
- Since launching the Normal Course Issuer Bid (NCIB) in the first quarter of 2026, the company has repurchased and retired approximately 5.4 million common shares for an aggregate purchase price of $500.0 million.
- As of September 30, 2026, $500.0 million remained available under the NCIB.
- Nine-month 2026 repurchases and retirements of common stock were $(500.0) million, compared with nil in the nine months 2025.
- Nine-month 2026 payments of dividends were $(201.9) million, compared with $(191.4) million in the nine months 2025.
- On November 6, 2026, the company declared a quarterly cash dividend of $0.33 per common share, payable on December 17, 2026, to shareholders of record on November 25, 2026.
What drove it
- Company explanation for total GTV growth: broad-based strength across all sectors, with Automotive GTV up 18%, HE&T GTV up 19% (including acquisitions not in the prior-year period) and Other GTV up 88% (primarily due to BigIron real estate transactions).
- Company states that total GTV excluding contributions from acquisitions not included in the prior-year period increased 14%.
- Company explanation for service revenue growth: higher GTV, partially offset by lower service revenue take rate.
- Company explanation for the 186 basis point decline in the Q3 take rate: strategic portfolio mix, including acquisitions, divestitures and growth in automotive remarketing; increased real estate transaction volumes and normal business mix impacts also contributed.
- Company explanation for inventory sales revenue growth of 40%: higher HE&T volumes, changes in HE&T customer contract preference and acquisitions, partially offset by lower automotive revenue. The company states the inventory rate increase of 54 basis points was primarily due to improved performance in the HE&T sector.
- Company explanation for net income available to common stockholders growth: higher operating income, a one-time $18.2 million excise tax refund related to the 2023 acquisition of IAA, and non-recurrence of a $5.0 million adjustment to redeemable non-controlling interest recognized in Q3 2025; partially offset by higher income tax expense.
- Company explanation for adjusted EBITDA growth of 13%: GTV growth and higher contribution from inventory returns, partially offset by higher operating expenses and lower service revenue take rate.
- Operating income rose from $158.3 million to $216.9 million in Q3 2026 while total operating expenses rose from $935.6 million to $1,059.0 million, as printed in the condensed income statement.
Concerns
- Service revenue take rate fell to 19.8% in Q3 2026 from 21.7% and to 20.2% for nine months from 21.7%. The company attributes the decline mainly to portfolio mix, including acquisitions and growth in automotive remarketing.
- Marketplace services revenue declined 5% in Q3 2026 and 3% for nine months 2026.
- Net income in Q3 2026 includes the one-time $18.2 million excise tax refund, which the company describes as one-time. Adjusted EPS growth (11%) was well below GAAP diluted EPS growth (63%).
- Nine-month net cash provided by operating activities fell to $615.5 million from $723.0 million, with net changes in operating assets and liabilities of $(374.6) million.
- Adjusted net debt to adjusted EBITDA rose to 1.8x from 1.4x on the twelve-month basis printed in the company's reconciliation, and long-term debt rose to $3,115.6 million from $2,282.8 million at December 31, 2025.
- Acquisition-related and integration costs rose to $7.8 million in Q3 2026 from $4.0 million, and to $21.7 million for nine months from $9.8 million.
What to watch
- Whether the service revenue take rate stabilizes in Q4 2026, given the company's attribution of the decline to portfolio mix.
- Full-year delivery against the updated GTV growth range of 14% to 15% and adjusted EBITDA range of $1,525 to $1,545 million.
- Progress on the $500.0 million remaining under the NCIB and the pace of repurchases given the higher long-term debt balance.
- Cash conversion: nine-month operating cash flow of $615.5 million against $1,120.8 million of nine-month adjusted EBITDA.
- Whether the tax rate guidance of 22% to 24% (down from 23% to 25%) holds, as the company does not print a year-to-date effective rate.
- Performance of the HE&T and Other sectors, including the acquisitions and BigIron real estate transactions the company cites as growth contributors.
Balance sheet and cash flow
- At September 30, 2026: cash and cash equivalents $512.4 million (December 31, 2025: $531.5 million); restricted cash $120.5 million (December 31, 2025: $163.3 million).
- At September 30, 2026: short-term debt $10.0 million (December 31, 2025: $137.5 million); current portion of long-term debt $51.1 million (December 31, 2025: $51.2 million); long-term debt $3,115.6 million (December 31, 2025: $2,282.8 million).
- At September 30, 2026: total assets $12,485.1 million (December 31, 2025: $12,143.0 million); total stockholders' equity $5,298.9 million (December 31, 2025: $5,573.1 million).
- Twelve months ended September 30, 2026, per the company's non-GAAP reconciliation: debt $3,176.7 million; adjusted net debt $2,664.3 million; adjusted EBITDA $1,500.4 million; debt/net income 6.0x; adjusted net debt/adjusted EBITDA 1.8x. Comparable twelve months ended September 30, 2025: debt $2,642.2 million; adjusted net debt $1,967.5 million; adjusted EBITDA $1,366.1 million; debt/net income 6.1x; adjusted net debt/adjusted EBITDA 1.4x.
- Nine-month 2026 net cash provided by operating activities was $615.5 million, compared with $723.0 million in the nine months 2025. The company's cash flow statement shows net changes in operating assets and liabilities of $(374.6) million, compared with $(168.2) million.
- Nine-month 2026 acquisitions, net of cash acquired, were $(331.1) million, compared with $(163.6) million in the nine months 2025.
- Nine-month 2026 proceeds from issuance of long-term debt were $857.4 million, compared with $275.0 million; repayment of long-term debt was $(287.7) million, compared with $(338.9) million.
- Nine-month 2026 net increase (decrease) in cash, cash equivalents and restricted cash was $(61.9) million, and cash, cash equivalents and restricted cash at September 30, 2026 was $632.9 million.
Analysis
RB Global reported third-quarter 2026 GTV of $4,676.1 million, up 20% year over year, and total revenue of $1,274.4 million, up 17%. Service revenue grew 10% to $927.9 million, while inventory sales revenue grew 40% to $346.5 million. The company attributes the GTV growth to Automotive (up 18%), HE&T (up 19%, including acquisitions not in the prior-year period) and Other (up 88%, primarily BigIron real estate). It states that GTV excluding acquisitions not in the prior-year period rose 14%. Within revenue, transactional buyer revenue grew 13% and transactional seller revenue grew 9%, while marketplace services revenue declined 5%.
The mix shift is visible in the take rate. The service revenue take rate fell 186 basis points to 19.8%, and the inventory rate rose 54 basis points to 5.2%. The company attributes the take rate decline to portfolio mix, including acquisitions, divestitures and automotive remarketing growth, and attributes the inventory rate increase primarily to HE&T performance. Cost of inventory sold rose to $328.4 million from $236.1 million, consistent with the higher inventory revenue, and SG&A fell to $211.8 million from $217.8 million.
On earnings, GAAP net income rose 47% to $140.2 million and diluted EPS available to common stockholders rose 63% to $0.70. Diluted adjusted EPS rose 11% to $1.03, and adjusted EBITDA rose 13% to $370.9 million. The gap between GAAP and adjusted growth reflects the company's one-time $18.2 million excise tax refund and the non-recurrence of a $5.0 million redeemable non-controlling interest adjustment, both of which sit in GAAP results and are treated differently in the adjusted reconciliation. Interest expense was $49.1 million and income tax expense was $46.3 million, up from $16.5 million.
Capital allocation was active. The company repurchased about 3.9 million shares for $350.0 million in the quarter, and about 5.4 million shares for $500.0 million since the NCIB launched in the first quarter of 2026, leaving $500.0 million authorized. A quarterly dividend of $0.33 was declared on November 6, 2026. Nine-month operating cash flow was $615.5 million, down from $723.0 million, and long-term debt increased to $3,115.6 million from $2,282.8 million at December 31, 2025. The twelve-month adjusted net debt to adjusted EBITDA ratio was 1.8x, against 1.4x a year earlier.
The updated full-year outlook raised the GTV growth range to 14% to 15% from 9% to 11%, and changed adjusted EBITDA to $1,525 to $1,545 million from $1,495 to $1,545 million. The tax rate range moved to 22% to 24% from 23% to 25%, and the capital expenditure range of $350 to $400 million was unchanged. Nine-month adjusted EBITDA of $1,120.8 million (up 10%) and GTV growth of 15% are the reported bases against which the full-year ranges will be measured; full-year actuals are not yet reported.
Management, verbatim
Our third-quarter results demonstrate the strength of RB Global's marketplace and the consistent execution of our teams to deliver solid topline and bottom-line growth.
Jim Kessler, CEO, RB Global
We remain committed to gaining market share, delivering strong growth across all our businesses, and generating improved operating leverage.
Jim Kessler, CEO, RB Global
Not in the filing
stated, not guessed- Prior-quarter (Q2 2026) figures for every metric: the release does not print sequential comparisons, so all qoq_change and prior_quarter fields are null.
- Year-over-year percentage change for costs of services, cost of inventory sold, SG&A, D&A, total operating expenses, operating income, interest expense and income tax expense, both for Q3 and nine months, which are printed as amounts without a % change column.
- Year-over-year percentage change for adjusted net income available to common stockholders and for nine-month operating income, interest expense and income tax expense.
- Prior-year nine-month figure for cash and restricted cash comparatives in the balance sheet, and prior-year balance sheet comparatives on a September 30, 2025 basis (only twelve-month reconciliation figures are printed for 2025).
- Gross margin as a percentage, GAAP and non-GAAP, is not printed.
- Total capital expenditures on the company's defined basis for nine months 2026 is not printed as a single figure.
- Effective tax rate for Q3 2026 and nine months 2026 is not printed.
- Full-year 2026 actual results against guidance: these are not yet reported, so verdicts are n/a.
- Analyst consensus estimates, price targets and share-price reaction are not in the documents.
- Prior-year nine-month operating cash flow changes and cash flow percentages are not printed.
- Segment revenue (as opposed to GTV by sector) and segment operating income are not reported in the release.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
RB Global (NYSE:RBA) reported a 20% YoY increase in gross transaction value and raised its FY2026 outlook.
Ticker impact
RB Global disclosed Q3 2026 results and updated full-year guidance, including higher GTV growth and adjusted EBITDA forecasts.
likely upward pressure as investors price in updated growth outlook
Guidance revisions upward for GTV growth (14%‑15%) and adjusted EBITDA indicate improved operating leverage, which typically lifts share price.
Market effects
Positive outlook may boost the broader marketplace services sector and related transaction platforms.
North American markets may see modest gains in fintech and marketplace stocks.
Limited to investors tracking US‑listed marketplace operators.
Counterpoint
If the guidance upgrade is already priced in, the stock could face a short‑term pullback.
Key entities
- companyRB Global Inc.
Marketplace services provider listed on NYSE.
