RB Global, Inc.

What they do

RB Global operates a digital and physical auction marketplace across automotive, heavy equipment, and transportation sectors. Its brands include Ritchie Bros. (commercial assets and vehicles), IAA (automotive salvage and remarketing), Rouse Services (asset management and data intelligence), SmartEquip (equipment lifecycle technology), and VeriTread (heavy haul transport marketplace). Customers include insurance companies, dealers, fleet owners, and OEMs.

Revenue drivers

• Automotive (IAA) — Salvage and non-salvage vehicle auctions; GTV and service revenue driven by total loss volumes and vehicle pricing.
• Heavy Equipment & Transportation (HE&T) — Combines former CC&T and other asset classes; includes construction, agricultural, energy, and commercial transportation equipment; GTV driven by infrastructure and mega-project activity.
• Service revenue — Commissions and fees from transactions; service revenue take rate was 20.0% in Q2 2026, down 110 bps year-over-year.
• Inventory sales — Underwritten inventory transactions; inventory sales revenue grew 28% in Q2 2026 to $383.7 million, with inventory rate improving to 5.9%.

Recent performance

Q2 2026 total revenue rose 11% year-over-year to $1.3 billion and net income rose 31% to $143.6 million. Diluted EPS available to common stockholders was $0.71, up 34%, while adjusted diluted EPS was $1.13, up 6%. GTV grew 11% to $4.7 billion, and service revenue grew 5% to $933.4 million. Inventory sales revenue grew 28% to $383.7 million. For the first half of 2026, adjusted EBITDA was $749.9 million, up 8% year-over-year.

Strategy

Management emphasizes marketplace durability and disciplined execution, with growth from strategic acquisitions such as BigIron and Blackmon in the U.S. agriculture space. They are investing in technology and data services (Rouse, SmartEquip) to enhance customer value. Capital return includes a growing dividend (raised from $0.31 to $0.33 per share quarterly) and share repurchases (1.5 million shares for $150 million in Q2 2026). The company revised segment reporting to combine CC&T and certain 'Other' assets into Heavy Equipment & Transportation.

Risks

• Tariff and interest rate volatility — Actual or potential tariffs and interest rate changes can affect GTV, operating costs, and equipment pricing.
• Underinsured accidents — Insufficient insurance coverage can delay total loss designations, reducing salvage vehicle volumes.
• Customer decision-making delays — Increased uncertainty in Q2 2026 led to more deliberate customer decisions, potentially slowing transaction volumes.
• Macroeconomic cyclicality — Demand for heavy equipment and vehicles is tied to construction, manufacturing, and infrastructure investment, which can fluctuate.

Outlook

Management raised full-year 2026 GTV growth guidance to 9-11% (from 6-9%) and set adjusted EBITDA guidance at $1,495-$1,545 million. They expect a full-year tax rate of 23-25% and capital expenditures of $350-$400 million. The company continues to invest in growth and return capital to shareholders.