EquipmentShare.com Inc.

For Q2, total revenue was $1.4 billion, up 26% year over year. Rental segment revenue was $908 million, up more than 39% year over year, and rental segment adjusted EBITDA was $449 million, including approximately $60 million of new market start-up costs. Adjusted core EBITDA was $531 million, up 34% year over year; equipment sales revenue was $483 million, including $428 million of equipment sales into the OWN program, and equipment sales segment adjusted EBITDA was $82 million. Mature rental locations delivered 55% trailing 12-month rental segment EBITDA margins, and net leverage was 3.0 turns versus 3.4 turns a year ago. For liquidity, management cited $2.8 billion of total available liquidity, including $443 million of cash, $980 million of ABL availability, and $1.35 billion of bond proceeds on a pro forma basis. Looking ahead, the midpoint of rental segment revenue guidance implies approximately 33% full-year growth, and the company said the back half implies about 28% rental segment revenue growth against a strong prior-year comparison; management also expects modest rental segment margin expansion in the second half.

Jabbok Schlacks struck an emphatically positive tone, calling the demand backdrop one of the strongest he has seen in 25 years and saying EquipmentShare continues to gain share on large, complex projects. He highlighted national and regional customers, geographic expansion, and T3 as the three main growth drivers, and said the company is winning on value rather than price. He also framed the guidance as intentionally conservative, while saying the second half is derisked and that the business is positioned for strong performance into 2027.

Dave Marquardt emphasized that the quarter reflected strong operating leverage and a scalable model. He cited $1.4 billion of revenue, $449 million of rental segment adjusted EBITDA, $531 million of adjusted core EBITDA, $2.8 billion of liquidity, and net leverage of 3.0 turns, and he noted the $1.35 billion bond priced at a 7.25% coupon and matures in 2034. He also said net rental capital expenditures were $321 million after gross purchases of $689 million, and that margins benefited from the mature network despite an approximately 50 basis point fuel headwind.

Analysts focused on pricing, mega-project economics, the OWN program, margin cadence, and capital allocation. Management said rate pressure is showing up most clearly in the large national and regional customer base, with more room for pricing improvement in the back half as fleet absorption flows through; on OWN, they said the first-half implied cost of capital was about 7%, that newer institutional mix is not worsening economics, and that older higher-cost vintages should roll off. They also said related-party transactions are being wound down, all related-party deals go through contractual, economic, accounting, and Audit Committee review, and the buyback will be used opportunistically within leverage and liquidity goals.