EquipmentShare.com Inc.

What they do

EquipmentShare rents construction equipment that it owns, leases from third parties, or manages through its OWN Program, in which participants buy T3-enabled equipment and lease it back for the Company to rent out under a revenue-sharing arrangement. It operates 391 full-service branch locations, 9 dealership sites, and 30 building materials and hardware retail stores across 45 states as of June 30, 2026. The T3 platform is OEM-agnostic and provides fleet tracking, maintenance, and jobsite visibility for both internal operations and customers. Ancillary activities include new and used equipment sales, parts and service, telematics SaaS subscriptions, and retail building materials.

Revenue drivers

• Equipment Rental and Services Operations — Recurring rental revenue plus parts, supplies, and maintenance services at full-service branches, including allocated telematics revenue; generated $908 million in Q2 2026, up 39% year over year, and $3,189 million on a TTM basis.
• Equipment Sales — Sales of new and used equipment at branches and dealership sites, including equipment sold to OWN Program participants; $483 million in Q2 2026, up 1% year over year, and $1,578 million on a TTM basis.
• OWN Program — Capital-light fleet growth model in which participants buy T3-enabled equipment and lease it back to the Company for rental, with rental revenue shared; OWN Program payouts totaled $234 million in Q2 2026 and $837 million on a TTM basis.
• All Other — Telematics SaaS subscriptions, software applications, telematics devices sold to customers, and building materials and hardware supplies; $58 million in Q2 2026, up 222% year over year, and $185 million on a TTM basis.

Recent performance

For Q2 2026, total revenue was $1,449 million, up 26% year over year, and TTM revenue was $4,952 million. Rental Segment revenue rose 39% to $908 million, while Equipment Sales grew 1% to $483 million. Net income was $19 million for the quarter and $62 million on a TTM basis; Adjusted Net Income was $43 million and $103 million, respectively. Adjusted Core EBITDA was $531 million for the quarter and $1,911 million on a TTM basis, and mature rental locations had 55% TTM adjusted EBITDA margins. The Company operated 430 locations as of June 30, 2026, after opening 23 new locations during the quarter, with Original Equipment Cost of $9,851 million, up 34% year over year.

Strategy

Management is expanding the branch network, having grown to 430 locations with 23 opened in Q2 2026, and continues to invest in new market start-up costs of $60 million in the quarter. The Company promotes its OWN Program as a capital-light fleet growth model and is expanding T3 beyond rental into mixed fleet, service, logistics, and enterprise workflows. Management states that customers engaging with T3 spend approximately six times more with the Company. It cites market share gains, a growing mega-project pipeline, and consolidation of customer spend onto its integrated platform as drivers of growth.

Risks

• Intense competition — The U.S. equipment rental industry is large, fragmented, and highly competitive, with more than 9,640 providers as of December 31, 2024, and competitive pressure could reduce market share or pricing.
• OWN Program dependence — The OWN Program is central to the capital-light fleet model but subjects the Company to risks, many beyond its control, including participant behavior and equipment remarketing.
• Supplier relationships — The Company depends on relationships with certain equipment suppliers, and suppliers may appoint additional distributors, sell directly to customers, or terminate distribution agreements.
• Construction demand cyclicality — Demand depends on U.S. non-residential, infrastructure, industrial, and residential construction activity, which is tied to economic growth, government spending, and factors such as energy transition subsidies.

Outlook

Management said customer demand remains healthy, the mega-project pipeline continues to expand, and it remains confident in its outlook with a meaningful opportunity for growth. The Company highlighted continued market share gains and disciplined execution, and noted that T3 engagement correlates with higher customer spend. No specific numerical guidance was provided in the earnings release excerpt.