# RB GLOBAL INC. (RBA)

Informational only - not investment advice.

CIK: 0001046102
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2026-02-25
SEC page: https://www.sec.gov/edgar/browse/?CIK=1046102
Filing source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-25 · accession 0001628280-26-011682 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001046102.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 4,590,700,000 USD | 2025 | verified |
| Net income | 428,400,000 USD | 2025 | verified |
| Assets | 12,143,000,000 USD | 2025 | verified |
| Free cash flow | 719,200,000 USD | 2025 | computed |
| Net margin | 9.33% | 2025 | computed |
| Operating margin | 15.54% | 2025 | computed |
| Revenue YoY | +7.15% | 2025 | computed |
| ROE | 7.69% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | RBA | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 9.3% | 5.8% | 64 | 59 |
| Operating margin | 15.5% | 9.2% | 71 | 56 |
| Revenue growth | 7.2% | 8.4% | 42 | 58 |
| FCF margin | 15.7% | 14.2% | 56 | 58 |
| ROE | 7.7% | 8.7% | 45 | 52 |
| ROA | 3.5% | 2.9% | 52 | 59 |
| Liabilities / equity | 1.09 | 1.52 | 28 | 54 |
| Current ratio | 1.10 | 1.34 | 32 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 4590700000 | USD | 2025 | 2026-02-25 |
| Net income | 428400000 | USD | 2025 | 2026-02-25 |
| Assets | 12143000000 | USD | 2025 | 2026-02-25 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-25. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001046102.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 1,126,977,000 | 971,191,000 | 1,170,026,000 | 1,318,641,000 | 1,377,260,000 | 1,417,000,000 | 1,733,800,000 | 3,679,600,000 | 4,284,200,000 | 4,590,700,000 |
| Net income |  | 91,832,000 | 75,027,000 | 121,479,000 | 149,039,000 | 170,095,000 | 151,900,000 | 319,700,000 | 206,500,000 | 413,100,000 | 428,400,000 |
| Operating income |  | 135,722,000 | 107,454,000 | 185,189,000 | 223,202,000 | 263,160,000 | 241,000,000 | 453,500,000 | 471,300,000 | 761,200,000 | 713,400,000 |
| Diluted EPS |  | 0.85 | 0.69 | 1.11 | 1.36 | 1.54 | 1.36 | 2.86 | 1.04 | 2.01 | 2.04 |
| Operating cash flow |  | 177,558,000 | 147,568,000 | 144,280,000 | 332,793,000 | 257,872,000 | 317,600,000 | 463,100,000 | 544,000,000 | 932,000,000 | 978,200,000 |
| Capital expenditures |  | 18,918,000 | 10,812,000 | 16,860,000 | 13,589,000 | 14,263,000 | 9,800,000 | 32,000,000 | 227,900,000 | 167,400,000 | 259,000,000 |
| Dividends paid | 64,340,000 | 70,459,000 | 72,785,000 | 75,678,000 | 82,535,000 | 91,737,000 | 103,800,000 | 115,200,000 | 298,000,000 | 206,000,000 |  |
| Assets |  | 1,599,533,000 | 2,017,312,000 | 2,052,396,000 | 2,229,430,000 | 2,351,529,000 | 3,592,914,000 | 2,863,700,000 | 12,037,400,000 | 11,807,000,000 | 12,143,000,000 |
| Liabilities |  | 903,753,000 | 1,263,547,000 | 1,215,763,000 | 1,322,443,000 | 1,339,130,000 | 2,521,851,000 | 1,573,600,000 | 6,528,000,000 | 6,090,600,000 | 6,075,300,000 |
| Stockholders' equity |  | 687,057,000 | 739,682,000 | 830,643,000 | 901,833,000 | 1,007,245,000 | 1,070,675,000 | 1,289,600,000 | 5,016,700,000 | 5,224,000,000 | 5,571,400,000 |
| Cash and cash equivalents |  | 207,867,000 | 267,910,000 | 237,744,000 | 359,671,000 | 278,766,000 | 326,113,000 | 494,300,000 | 576,200,000 | 533,900,000 | 531,500,000 |
| Free cash flow |  | 158,640,000 | 136,756,000 | 127,420,000 | 319,204,000 | 243,609,000 | 307,800,000 | 431,100,000 | 316,100,000 | 764,600,000 | 719,200,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 8.15% | 7.73% | 10.38% | 11.30% | 12.35% | 10.72% | 18.44% | 5.61% | 9.64% | 9.33% |
| Operating margin |  | 12.04% | 11.06% | 15.83% | 16.93% | 19.11% | 17.01% | 26.16% | 12.81% | 17.77% | 15.54% |
| Return on equity |  | 13.37% | 10.14% | 14.62% | 16.53% | 16.89% | 14.19% | 24.79% | 4.12% | 7.91% | 7.69% |
| Return on assets |  | 5.74% | 3.72% | 5.92% | 6.69% | 7.23% | 4.23% | 11.16% | 1.72% | 3.50% | 3.53% |
| Liabilities / equity |  | 1.32 | 1.71 | 1.46 | 1.47 | 1.33 | 2.36 | 1.22 | 1.30 | 1.17 | 1.09 |
| Current ratio |  | 1.50 | 1.31 | 1.37 | 1.36 | 1.08 | 1.30 | 1.21 | 1.35 | 1.29 | 1.10 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-04. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001046102.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | 0.38 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.28 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | 0.42 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 1,019,800,000 | 63,400,000 | 0.30 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 1,040,900,000 | 84,300,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 1,064,700,000 | 107,400,000 | 0.53 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 1,096,100,000 | 111,100,000 | 0.54 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 981,800,000 | 76,100,000 | 0.36 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 1,141,600,000 | 118,500,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 1,108,600,000 | 113,400,000 | 0.55 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 1,186,000,000 | 109,800,000 | 0.53 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 1,092,700,000 | 95,500,000 | 0.43 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 1,203,400,000 | 109,700,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 1,234,600,000 | 135,500,000 | 0.66 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 1,317,100,000 | 143,500,000 | 0.71 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from RBA's latest 10-K: [/company/RBA/business/](/company/RBA/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from RBA's latest 10-K: [/company/RBA/risk-factors/](/company/RBA/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026052582/rba-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-04
Report date: 2026-06-30

ITEM 2:    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements”, the condensed consolidated financial statements and notes thereto included in Part I, Item 1. Financial Statements of this Quarterly Report on Form 10-Q, and the audited consolidated financial statements and Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2025, available on our website at https://investor.rbglobal.com, on EDGAR at www.sec.gov, or on SEDAR+ at www.sedarplus.ca.

In the accompanying analysis of financial information, we sometimes refer to non-GAAP measures. Refer to the Non-GAAP Measures section of this discussion and analysis for the definitions of, and reasons we use, these non-GAAP measures and the reconciliations to their most directly comparable GAAP measures.

Unless otherwise indicated, all amounts in the following tables are in millions, except per share amounts.

Overview

For a complete overview of our business, refer to Part I, Item 1: Business of our Annual Report on Form 10-K for the year ended December 31, 2025. The Company completed the acquisitions of BigIron Auction Company ("BigIron") and Blackmon Auctions ("Blackmon") during the second quarter of 2026.

During the second quarter of 2026, we revised our sector presentation. Historically, we organized sector disclosures into (i) Automotive, (ii) Commercial, Construction and Transportation ("CC&T"), and (iii) Other. Under the revised presentation, the former CC&T sector and certain asset categories previously included in Other have been combined into Heavy Equipment & Transportation ("HE&T").

HE&T includes heavy equipment and machinery, commercial transportation assets, and equipment serving the agriculture, forestry and energy industries. Other primarily includes consumer items, real estate, and dismantled vehicle parts1. The composition of Automotive is unchanged and continues to include both salvage and non-salvage, or remarketed, passenger vehicles. Each sector includes both salvage and non-salvage transactions across all of our marketplace brands.

Prior-period GTV and lots sold information has been recast to conform to the current presentation. The recast relates solely to the classification of amounts between sectors and does not impact total consolidated GTV or lots sold.

Key Operating Metrics

We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends affecting our business, and make operating decisions. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our operational strategies.

Gross Transaction Value ("GTV"): Represents total proceeds from all items sold on our auctions and online marketplaces, third-party online marketplaces, private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in the Company’s condensed consolidated financial statements.

Inventory return: Inventory sales revenue less cost of inventory sold.

Inventory rate: Inventory return divided by inventory sales revenue.

Total lots sold: A single asset to be sold or a group of assets bundled for sale as one unit.

1 Until June 21, 2025, the date of deconsolidation of our parts dismantling business in connection with the LKQ SYNETIQ transaction described in the audited financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2025.

[[GREPCENT_TABLE]]
[["RB Global, Inc.","19"]]
[[/GREPCENT_TABLE]]

Table of Contents

Financial Highlights

For the second quarter of 2026, as compared to the second quarter of 2025:

•Total GTV increased 11% to $4.7 billion

•Total revenue increased 11% to $1.3 billion

◦Service revenue increased 5% to $933.4 million

◦Inventory sales revenue increased 28% to $383.7 million

•Net income increased 31% to $143.6 million

•Net income available to common stockholders increased 33% to $132.0 million

•Diluted earnings per share (“EPS”) available to common stockholders increased 34% to $0.71 per share

•Diluted adjusted EPS available to common stockholders increased 6% to $1.13 per share

•Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 6% to $387.2 million

Macroeconomic Conditions and Trends

Various macroeconomic conditions and trends, including inflationary pressures, actual or potential tariffs, and volatility in interest rates, affect our business, GTV, and operating costs. GTV may be further influenced by unit volume growth and changes in average selling prices, which in part are driven by prevailing market conditions.

Heavy Equipment & Transportation

Industry volumes are influenced by a broad range of factors, including macroeconomic conditions, demographic trends, government initiatives, infrastructure investment, ongoing investment in food and farm productivity, and commodity prices. Structural shifts in the market, such as the expansion of data centers, increased manufacturing activity, and re‑shoring efforts, also play a significant role in shaping demand. We continued to observe early indications of improving seller confidence in select end markets, supported by stabilizing values for used equipment and continued strength in large-scale construction projects. However, customer decision-making became more deliberate during the second quarter as uncertainty increased.

Automotive

Industry unit volume growth is influenced by both the total number of accidents and the proportion of those accidents classified as total losses. Accident frequency is primarily driven by the number of vehicles in operation and aggregate miles traveled. A substantial percentage of these accidents are insured, and insurer involvement plays an important role in determining whether a vehicle is deemed a total loss. At the same time, underinsured accidents continue to create headwinds for industry volumes, as insufficient coverage may delay or reduce total‑loss designations and thereby limit the flow of vehicles into salvage channels.

Total‑loss determinations are shaped by several factors, including used vehicle pricing, vehicle age, design complexity, technology content, and repair costs. In the second quarter of 2026, the inflation differential between automotive repair costs and used vehicle prices remained positive. This dynamic supports a higher percentage of total‑loss determinations relative to overall accidents, creating a favorable environment for salvage activity despite the moderating impact of underinsured incidents.

Recent Developments

•On May 15, 2026, the Company completed its acquisition of BigIron, a U.S.-based online marketplace for agricultural equipment, land, and livestock. The acquisition is expected to accelerate the Company’s strategic expansion into the U.S. agriculture sector.

•On April 13, 2026, the Company acquired the business assets of Blackmon, a U.S.-based auction provider serving the construction, transportation, agriculture, and real estate sectors. The acquisition is expected to strengthen the Company’s presence and expand its footprint in the south central U.S.

•The Company repurchased and retired 1.5 million of common shares for proceeds of $150.0 million during the second quarter of 2026. As of June 30, 2026, $350.0 million remains available and authorized for common stock repurchases under the Normal Course Issuer Bid approved in the first quarter of 2026.

•On July 21, 2026, the Company increased its quarterly cash dividend from $0.31 to $0.33 per common share. Refer to Dividend Information for further information.

[[GREPCENT_TABLE]]
[["RB Global, Inc.","20"]]
[[/GREPCENT_TABLE]]

Table of Contents

Results of Operations

[[GREPCENT_TABLE]]
[["","","Three months ended June 30,","","Six months ended June 30,"],["","","2026","","2025","","% Change","","2026","","2025","","% Change"],["Service revenue","","$","933.4","","$","887.2","","5%","","$","1,831.1","","$","1,739.7","","5%"],["Inventory sales revenue","","383.7","","298.8","","28%","","720.6","","554.9","","30%"],["Total revenue","","1,317.1","","1,186.0","","11%","","$","2,551.7","","$","2,294.6","","11%"],["Costs of services","","381.6","","353.9","","8%","","746.7","","715.8","","4%"],["Cost of inventory sold","","360.9","","286.4","","26%","","667.6","","521.4","","28%"],["Selling, general and administrative","","210.8","","222.2","","(5)%","","425.0","","427.2","","(1)%"],["Acquisition-related and integration costs","","7.7","","2.7","","185%","","13.9","","5.8","","140%"],["Depreciation and amortization","","130.4","","116.7","","12%","","257.1","","231.2","","11%"],["Total operating expenses","","1,091.4","","981.9","","11%","","$","2,110.3","","$","1,901.4","","11%"],["Gain (loss) on disposition of property, plant and equipment","","(0.9)","","\u2014","","NM","","0.9","","0.4","","125%"],["Loss on deconsolidation","","\u2014","","","(15.5)","","","NM","","\u2014","","","(15.5)","","","NM"],["Operating income","","$","224.8","","$","188.6","","19%","","$","442.3","","$","378.1","","17%"],["Net income","","$","143.6","","$","109.7","","31%","","279.2","","223.0","","25%"],["Net income available to common stockholders","","132.0","","99.5","","33%","","256.6","","202.4","","27%"],["Effective tax rate","","22.8%","","24.6%","","(180)bps","","22.3%","","22.7%","","(40)bps"],["Service GTV","","$","4,289.0","","$","3,899.3","","10%","","8,293.0","","7,472.1","","11%"],["Inventory GTV","","383.7","","298.8","","28%","","720.6","","554.9","","30%"],["Inventory return","","$","22.8","","$","12.4","","84%","","$","53.0","","$","33.5","","58%"],["Inventory rate","","5.9%","","4.1%","","180bps","","7.4%","","6.0%","","140bps"]]
[[/GREPCENT_TABLE]]

NM - Not meaningful

Gross Transaction Value

The following tables present total GTV by geography and by sector for the periods indicated:

[[GREPCENT_TABLE]]
[["","","Three months ended June 30,","","Six months ended June 30,"],["","","2026","","2025","","% Change","","2026","","2025","","% Change"],["United States","","$","3,428.8","","","$","2,955.2","","","16","%","","$","6,774.7","","","$","6,016.3","","","13","%"],["Canada","","823.1","","","906.2","","","(9)","%","","1,391.5","","","1,395.0","","","\u2014","%"],["International","","420.8","","","336.7","","","25","%","","847.4","","","615.7","","","38","%"],["Total GTV","","$","4,672.7","","","$","4,198.1","","","11","%","","$","9,013.6","","","$","8,027.0","","","12","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["","","Three months ended June 30,","","Six months ended June 30,"],["","","2026","","2025","","% Change","","2026","","2025","","% Change"],["Automotive","","$","2,448.7","","","$","2,161.5","","","13","%","","$","4,737.9","","","$","4,306.2","","","10","%"],["Heavy Equipment & Transportation","","2,076.6","","","1,928.1","","","8","%","","4,020.1","","","3,490.8","","","15","%"],["Other","","147.4","","","108.5","","","36","%","","255.6","","","230.0","","","11","%"],["Total GTV","","$","4,672.7","","","$","4,198.1","","","11","%","","$","9,013.6","","","$","8,027.0","","","12","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["RB Global, Inc.","21"]]
[[/GREPCENT_TABLE]]

Table of Contents

The following table presents total lots sold by sector for the periods indicated (thousands of lots sold):

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1046102/000162828026011682/rba-20251231.htm
Complete FY 2025 MD&A: /company/RBA/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-25
Report date: 2025-12-31

ITEM 7:    MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

This discussion and analysis should be read in conjunction with the “Cautionary Note Regarding Forward-Looking Statements”, Part I, Item 1A: Risk Factors, and the consolidated financial statements and the notes thereto included in Part II, Item 8. Financial Statements and Supplementary Data of this Annual Report on Form 10-K.

This section discusses 2025 results compared with 2024 results. Discussions of 2024 results compared with 2023 results that are not included herein can be found in Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Actual results could differ materially from those expressed or implied in any forward-looking statements due to various factors, including those set forth under Part I, Item 1A: Risk Factors in this Annual Report on Form 10-K.

In the accompanying analysis of financial information, we sometimes use non-GAAP measures. Refer to the Non-GAAP Measures section of this discussion and analysis for the definitions of, and reasons we use, these non-GAAP measures and the reconciliations to their most directly comparable GAAP measures.

Unless otherwise indicated, all amounts in the following tables are in millions, except per share amounts.

Overview

For a complete overview of our business, refer to Part I, Item 1: Business of this Annual Report on Form 10-K.

Sectors discussed below are organized by asset class and include automotive, commercial, construction and transportation (“CC&T”), and other. Automotive includes automobiles, including passenger vehicles and buses. CC&T includes equipment needed for earth moving, lift and material handling, as well as vocational and commercial trucks and trailers. Other primarily includes assets and equipment in the agricultural, forestry and energy industries, government surplus assets, smaller consumer recreational transportation items and parts sold in our vehicle dismantling business until June 21, 2025, the date of its deconsolidation in connection with the LKQ SYNETIQ transaction described in Part II, Item 8: Financial Statements and Supplementary Data - Note 4 Loss on Deconsolidation and Recognition of Equity Method Investment. Each respective sector includes salvage and non-salvage transactions.

Key Operating Metrics

We regularly review a number of metrics, including the following key operating metrics, to evaluate our business, measure our performance, identify trends affecting our business, and make operating decisions. We believe these key operating metrics are useful to investors because management uses these metrics to assess the growth of our business and the effectiveness of our operational strategies.

Gross Transaction Value (“GTV”): Represents total proceeds from all items sold on our auctions and online marketplaces, third-party online marketplaces, private brokerage services and other disposition channels. GTV is not a measure of financial performance, liquidity, or revenue, and is not presented in the Company’s consolidated financial statements.

Inventory return: Inventory sales revenue less cost of inventory sold.

Inventory rate: Inventory return divided by inventory sales revenue.

Total lots sold: A single asset to be sold or a group of assets bundled for sale as one unit. Low value assets are sometimes bundled into a single lot, collectively referred to as “small value lots.”

Financial Highlights

For the year ended December 31, 2025, as compared to the year ended December 31, 2024:

•Total GTV increased 2% to $16.2 billion.

•Total revenue increased 7% to $4.6 billion.

•Service revenue increased 4% to $3.5 billion.

•Inventory sales revenue increased 18% to $1.1 billion.

•Net income increased 4% to $427.6 million.

•Net income available to common stockholders increased 3% to $382.2 million.

•Diluted earnings per share (“EPS”) available to stockholders increased 1% to $2.04 per share.

•Diluted adjusted EPS available to stockholders increased 15% to $4.00 per share.

•Adjusted earnings before interest, taxes, depreciation and amortization (“EBITDA”) increased 7% to $1.4 billion.

[[GREPCENT_TABLE]]
[["RB Global, Inc.","36"]]
[[/GREPCENT_TABLE]]

Table of Contents

Operational Highlights

The following notable developments occurred during the year ended December 31, 2025 and had an impact on our financial results:

•Through our continuous improvement program, we consistently delivered exceptional performance, as measured against our service level agreements, to our automotive insurance company customers. We also drove industry leading average selling prices for our partners, enabled by investment in technology and attracting record-high engagement from international buyers.

•On November 28, 2025, we completed the acquisition of Smith Broughton Pty Ltd (“Smith Broughton”), an established industrial equipment auction house based in Western Australia, expanding our footprint in the Australian market. Smith Broughton specializes in remarketing heavy equipment and machinery for sectors such as mining, construction, transport, agriculture, and industrial operations.

•On November 6, 2025, we announced that IAA secured an opportunity to expand its existing remarketing services to support an increase in government fleet vehicle volume through its already successful relationship with the U.S. General Services Administration. Under the new, expanded contract, IAA’s services now offer a full, end-to-end solution, including remarketing fleet returns through its industry-leading marketplace.

•On August 12, 2025, we announced leadership changes and senior management appointments, which were effective September 1, 2025, to position the Company for accelerated and consistent growth. Under the new operating model, each marketplace leverages the unified executive leadership team to set enterprise-wide vision, growth strategy and operational discipline, while empowering brand-specific go-to-market teams to drive execution tailored to their unique marketplaces.

•During the third quarter of 2025, IAA processed its first units for Suncorp Group in Australia. This represented IAA's expansion into Australia and followed the announcement in the fourth quarter of 2024 that IAA had been selected as the sole salvage partner of Suncorp Group, with an estimated 65,000 units annually once fully operational.

•On July 14, 2025, we completed the acquisition of J.M. Wood Auction Co., Inc. (“J.M. Wood”), an auction business located in Montgomery, Alabama, United States. The acquisition expands the Company's geographic coverage and combines J.M. Wood's regional expertise and customer relationships with the Company's global network and technology.

•On June 21, 2025, through our wholly owned subsidiary SYNETIQ Ltd. (“SYNETIQ”), we entered into an agreement with LKQ Europe to establish a new joint venture, combining LKQ’s distribution reach and data-driven logistics network with SYNETIQ’s market-leading dismantling, reuse and remanufacturing expertise. We hold a 40% interest in the joint venture. Following the transaction, we deconsolidated the entity and our investment is recorded following the equity method of accounting, as described in Part II, Item 8: Financial Statements and Supplementary Data - Note 4 Loss on Deconsolidation and Recognition of Equity Method Investment.

•During 2025, we continued to invest in the development of our technology, including the implementation by Ritchie Bros. in the United States of a new digital payments platform. This platform replaces manual processes and legacy systems with a modern financial infrastructure, expanding the range of services available to our buyers and partners, enabling self-service access to critical financial tools, and enhancing the overall experience for both buyers and sellers.

•On April 3, 2025, we amended our Credit Agreement to increase the aggregate principal amount of multi-currency senior secured revolving credit facilities from $750.0 million to $1.3 billion, and reduce the USD Term Loan A facility aggregate principal amount from $1.2 billion to $950.0 million. As part of the amendment, we also extended the Credit Agreement maturity date from September 2026 to April 2030, and reduced our bank spread by approximately 85 basis points and the undrawn revolver fee by approximately 20 basis points.

•During the year, IAA continued to expand its international customer base with new market alliances in the United Arab Emirates, Panama, Azerbaijan, and Guatemala.

[[GREPCENT_TABLE]]
[["RB Global, Inc.","37"]]
[[/GREPCENT_TABLE]]

Table of Contents

Results of Operations

[[GREPCENT_TABLE]]
[["Year ended December 31,","","2025","","2024","","","","% Change"],["Service revenue","","$","3,502.2","","","$","3,363.6","","","","","4","%"],["Inventory sales revenue","","1,088.5","","","920.6","","","","","18","%"],["Total revenue","","4,590.7","","","4,284.2","","","","","7","%"],["Costs of services","","1,431.3","","","1,415.7","","","","","1","%"],["Cost of inventory sold","","1,030.6","","","863.8","","","","","19","%"],["Selling, general and administrative","","905.2","","","773.9","","","","","17","%"],["Acquisition-related and integration costs","","19.4","","","29.0","","","","","(33)","%"],["Depreciation and amortization","","483.4","","","444.4","","","","","9","%"],["Total operating expenses","","3,869.9","","","3,526.8","","","","","10","%"],["Gain on disposition of property, plant and equipment","","2.2","","","3.8","","","","","(42)","%"],["Loss on divestiture and deconsolidation, net","","(9.6)","","","\u2014","","","","","NM"],["Operating income","","$","713.4","","","$","761.2","","","","","(6)","%"],["Net income","","$","427.6","","","$","412.8","","","","","4","%"],["Net income available to common stockholders","","382.2","","","372.7","","","","","3","%"],["Effective tax rate","","20.2","%","","25.0","%","","","","(480) bps"],["Service GTV","","$","15,113.4","","","$","14,984.2","","","","","1","%"],["Inventory GTV","","1,088.5","","","920.6","","","","","18","%"],["Inventory return","","$","57.9","","","$","56.8","","","","","2","%"],["Inventory rate","","5.3","%","","6.2","%","","","","(90) bps"]]
[[/GREPCENT_TABLE]]

NM = Not meaningful

Total GTV

The following tables presents total GTV by geography and sector for the periods indicated:

[[GREPCENT_TABLE]]
[["Year ended December 31,","","2025","","2024","","% Change"],["United States","","$","12,115.9","","","$","11,966.4","","","1","%"],["Canada","","2,752.6","","","2,688.1","","","2","%"],["International","","1,333.4","","","1,250.3","","","7","%"],["Total GTV","","$","16,201.9","","","$","15,904.8","","","2","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["Year ended December 31,","","2025","","2024","","% Change"],["Automotive","","$","8,659.1","","","$","8,277.6","","","5","%"],["CC&T","","5,663.6","","","5,805.8","","","(2)","%"],["Other","","1,879.2","","","1,821.4","","","3","%"],["Total GTV","","$","16,201.9","","","$","15,904.8","","","2","%"]]
[[/GREPCENT_TABLE]]

The following table presents total lots sold by sector for the periods indicated (thousands of lots sold):

[[GREPCENT_TABLE]]
[["Year ended December 31,","","2025","","2024","","% Change"],["Automotive","","2,447.7","","","2,297.2","","","7","%"],["CC&T","","376.1","","","432.3","","","(13)","%"],["Other","","570.0","","","617.3","","","(8)","%"],["Total lots sold","","3,393.8","","","3,346.8","","","1","%"]]
[[/GREPCENT_TABLE]]

[[GREPCENT_TABLE]]
[["RB Global, Inc.","38"]]
[[/GREPCENT_TABLE]]

Table of Contents

GTV increased 2%, driven by growth in all geographic regions, as well as in the automotive and other sectors, partially offset by a decrease in the CC&T sector.

Automotive sector GTV increased 5%, primarily due to higher volume from existing partners and market sha

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/RBA/mda/fy2025/
All MD&A years: /company/RBA/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/RBA/mda/fy2024/): filed 2025-02-26; accession 0001628280-25-008201 (https://www.sec.gov/Archives/edgar/data/1046102/000162828025008201/rba-20241231.htm)
- [FY 2023 MD&A](/company/RBA/mda/fy2023/): filed 2024-02-28; accession 0001628280-24-007570 (https://www.sec.gov/Archives/edgar/data/1046102/000162828024007570/rba-20231231.htm)
- [FY 2022 MD&A](/company/RBA/mda/fy2022/): filed 2023-02-21; accession 0001558370-23-001652 (https://www.sec.gov/Archives/edgar/data/1046102/000155837023001652/rba-20221231x10k.htm)
- [FY 2021 MD&A](/company/RBA/mda/fy2021/): filed 2022-02-17; accession 0001558370-22-001365 (https://www.sec.gov/Archives/edgar/data/1046102/000155837022001365/rba-20211231x10k.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/RBA.md · JSON record: /company/RBA.json · verified financials: /company/RBA/financials.json / /company/RBA/financials.csv · machine TOC for the whole site: /llms.txt