RB Global, Inc.

Second-quarter 2026 total GTV increased 11% to $4.7 billion. Automotive GTV grew 13%, driven by an 11% increase in unit volumes and about 2% higher average selling prices; within U.S. insurance, ASP rose 4%. Heavy equipment and transportation GTV increased 8%, or 7% excluding recent acquisitions. Service revenue increased 5%, the service revenue take rate declined 110 basis points year over year to 20%, adjusted EBITDA increased 6%, and adjusted earnings per share increased 6%. Management raised 2026 outlook to 9% to 11% GTV growth and about 8.6% adjusted EBITDA growth at the midpoint, including roughly $500 million of GTV from BigIron.

Jim Kessler framed the quarter as validation that the company’s strategy is working, emphasizing share gains, disciplined execution, and long-term profitable growth. He spent much of his prepared remarks on BigIron, saying the acquisition gives RB Global a scaled position in U.S. agriculture and fits its playbook of entering adjacent sectors with marketplace capabilities. His tone was confident but measured, repeatedly stressing operational discipline, integration caution, and confidence in achieving net market share gains in 2026.

Eric Guerin highlighted the financial mechanics behind the quarter: total GTV was up 11% to $4.7 billion, service revenue rose 5%, adjusted EBITDA rose 6%, and adjusted EPS rose 6%. He attributed the lower 20% service revenue take rate to business and portfolio mix, including acquisitions and lower-take-rate businesses such as GSA, and said management prioritizes service revenue dollars and adjusted EBITDA dollars over percentage take rates. On capital allocation, he said the Board raised the quarterly dividend by $0.02 to $0.33 per share, about a 6.5% increase, and the company repurchased and retired about 1.4 million shares for $150 million; he also noted the $500 million buyback authorization remains in place. For outlook, he said 2026 GTV growth is now expected to be 9% to 11% with adjusted EBITDA growth of approximately 8.6% at the midpoint, driven by core assumptions plus BigIron.

Analysts focused heavily on take rates, margin modeling, and how much of the quarter reflected the new BigIron business. Management said this is not yet a full run-rate picture and suggested investors wait until later in the year, after BigIron is more stabilized and the farming season has played through, to model a steadier margin base. Questions also centered on capital allocation and M&A; management said it will keep balancing investment in the core business, shareholder returns, and acquisitions. Several analysts pressed on automotive share gains, and management said the company is seeing strong performance beyond a single insurer, including DLG and Suncorp in Australia.