RB GLOBAL (RBA)·Q4 2025 Earnings Summary

RB Global Beats Q4 Estimates, Guides to 5-8% GTV Growth in 2026

February 17, 2026 · by Fintool AI Agent

RB Global delivered a clean beat across all key metrics in Q4 2025, with revenue, adjusted EPS, and EBITDA all exceeding consensus estimates. The auction and marketplace operator guided to 5-8% GTV growth for 2026 and raised EBITDA expectations above Street estimates. Critically, management announced they secured new multi-year agreements with both of their two largest partners — removing a key overhang. Shares rose 2.0% on the news.

Did RB Global Beat Earnings?

Yes — beat on all three key metrics:

Q4 2025 Operating Highlights:

• GTV: $4.28B, +4% YoY
• Service revenue: $917.5M, +5% YoY, take rate expanded 10bps to 21.4%
• Net income: $109.4M, -8% YoY (impacted by executive transition costs)

The EPS beat was particularly notable given the drag from the $59.6M arbitration award to the company's former CEO, which impacted GAAP results but was excluded from adjusted figures.

What Did Management Guide?

2026 Outlook — Above Consensus:

The midpoint of EBITDA guidance ($1.50B) represents ~7% growth over FY 2025's $1.40B and is roughly in line with consensus. The GTV growth range of 5-8% is a meaningful acceleration from the 2% growth achieved in FY 2025.

Full Year 2025 Results:

How Did the Stock React?

RBA shares closed up +2.0% at $104.08 on the earnings release, with aftermarket trading pushing to $105.05.

Context:

• 52-week range: $87.87 - $119.58
• Stock is down ~13% from 52-week high
• Trading below 50-day ($108.56) and 200-day ($107.32) moving averages

The muted reaction despite the triple beat may reflect:

1. The stock's recent pullback already pricing in modest expectations
2. Concerns about the $59.6M arbitration settlement
3. Lingering macro uncertainty around tariffs and interest rates affecting CC&T volumes

What Changed From Last Quarter?

Key shifts from Q3 2025:

Prior guidance vs. actual:

In Q3 2025, management guided FY 2025 GTV growth of 0-1% and Adjusted EBITDA of $1.35-1.38B.

Actual results:

• GTV growth: +2% (beat the high end)
• Adjusted EBITDA: $1.40B (beat the high end by $20M)

Segment Performance

GTV by Sector (Q4 2025):

Automotive (+3%): Market share gains continued, driven by salvage and remarketed vehicles. Excluding catastrophic activity impact from Q4 2024, automotive GTV and unit volumes grew ~12% and ~8% respectively. The GSA contract expansion announced in Q3 is expected to reach full run rate (~35,000 vehicles annually) by Q2 2026.

Total Loss Ratio Expansion: CCC Intelligent Solutions reported total loss frequency across all categories increased 10 basis points to 24.2% vs prior year. Management noted the inflation differential between auto repair costs and used vehicle pricing continued to narrow throughout 2025 but "remained positive in the fourth quarter" — supporting continued total loss ratio expansion.

CC&T (+9%): Growth partially driven by J.M. Wood acquisition. Excluding the acquisition, CC&T GTV increased due to higher average price per lot sold and improved asset mix. Management noted they are "starting to see an increase seller confidence in the commercial construction and transportation end markets" — a potential inflection point after several quarters of cautious commentary.

Key Management Quotes

CEO Jim Kessler on strategic positioning:

"2025 was a year of disciplined execution and deliberate strategic progress at RB Global. Across the organization, our teams advanced initiatives that are designed to strengthen our competitive standing, expand our partner relationships, and position the company for durable, long-term growth and shareholder value creation."

CEO on market share expectations:

"We think we're well-positioned to grow faster than the market in 2026."

CEO on continuous improvement culture:

"For me and my team, our philosophy is, it's never good enough. We're constantly looking for ways to improve... These aren't one-time things. These are things of a focus, a philosophy, and a culture that we built that's starting to really get ingrained inside the organization."

CFO Eric Guerin on financial discipline:

"I'm pleased with the financial discipline our teams demonstrated throughout 2025. We strengthened margins, delivered healthy cash flow, and continued to invest in strategic initiatives that support long-term growth and value creation."

New Strategic Initiatives

IAA Total Loss Predictor (2026 launch):

Management announced upstream rollout of AI-powered vehicle routing technology designed to determine at the scene of an accident whether a car should go to a repair facility or salvage yard. Key highlights:

• Accuracy in "high 90s" using 4-corner picture of vehicle
• Eliminates storage fees, rental car costs, and collision center tear-downs
• Can be used at accident scene, collision center, or storage yard
• Expected to deliver "meaningful cost savings and operational efficiencies" for partners

AI-Enabled Territory Manager Training:

The company launched an "AI flight simulator" for territory manager training — AI-powered role-playing for customer conversations with immediate scoring and coaching. Management noted this provides a "scalable, cost-efficient way to standardize best practices, accelerate new hire ramp, and enhance conversation quality."

International Reserved Auction Format:

In response to customer demand, RB Global is expanding internationally with a new reserved auction format on rbauction.com. This addresses markets like Germany and the Nordics where reserved auctions are the cultural norm. Reserved auctions guarantee minimum price thresholds while maintaining flexibility to optimize liquidity.

Q&A Highlights

On AI as friend or foe:

CEO Kessler addressed investor concerns about AI disruption directly: "Our advantage is really built on scaled and trusted execution that AI can't easily replicate — our physical infrastructure, the embedded workflows with each partner, the full scale of the transaction ecosystem we've built over 70 years, and our proprietary data." He added: "We've long viewed technology as an enabler... We believe AI will change how work gets done, but it won't change who ultimately wins in this space."

On autonomous vehicles:

Management noted "no near-term risk" from autonomous vehicles. While safety features could reduce collision rates long-term, there are currently 600+ million vehicles on the road in North America and Europe. CEO noted this question has been coming up for over 10 years.

On CC&T recovery signals:

CFO described early signs of seller confidence improvement: "We're in such a unique environment with tariffs and interest rates... but we are starting to see our partners talk in a different manner than they have in the past. We're starting to hear different conversations than what we had over the last two years."

On share repurchases:

Management confirmed they review share repurchase authorization with the board quarterly and would put a program in place "at the appropriate time, when that makes sense." The company ended Q4 at 1.4x net debt to Adjusted EBITDA.

On CapEx allocation:

CFO provided breakdown: approximately 1/3 on technology-related investments, 2/3 on traditional PP&E (land and physical assets).

Capital Allocation

Balance sheet strength:

Cash generation (FY 2025):

• Operating cash flow: $978.2M (+5% YoY)
• Dividends paid: $258.1M
• Debt repayment: $576.7M

The company declared a quarterly dividend of $0.31/share, payable March 2, 2026.

Risks and Concerns

1. Former CEO arbitration: $59.6M damages award adds to executive transition costs that totaled $53.7M for the year

2. CAT comparisons: Q4 2024 included ~$169M in catastrophe-related automotive GTV that did not repeat, making YoY growth comparisons difficult

3. CC&T macro uncertainty: Tariff concerns, interest rates, and equipment holder hesitancy continue to weigh on disposition volumes in commercial construction

4. Service take rate pressure: Q4 take rate of 21.4% was down from Q3's 21.7%, though still up 10bps YoY

Forward Catalysts

• Partner renewals secured: RB Global signed a new multi-year agreement with one of its two largest partners, and reached an agreement in principle with the other — securing critical automotive volume commitments. Management noted: "Our expectation is we will gain incremental share related to the volume and contracts that we're working through."
• 2026: IAA Total Loss Predictor rollout — AI-powered scene-of-accident routing to reduce claims cycle time and partner costs
• Q2 2026: GSA contract ramp to full 35,000 vehicle run rate
• Ongoing: Industry Leadership Summit in Florida with record expected attendance, indicating strong partner engagement and RFP pipeline activity
• M&A: Recently closed Smith Broughton acquisition; continue evaluating tuck-in opportunities
• RFP pipeline: Management noted "energized by the strength of the request for proposals pipeline, with a significant portion expected to come from prospective partners with whom we currently have no business"

Related: Full Q4 2025 Earnings Call Transcript | RBA Company Page

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Data as of February 17, 2026. Values retrieved from S&P Global where noted.