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RB Global (RBA) FY2025 results: revenue $4.6 billion, up 7.2% on the year

RB Global Inc. (RBA) reported revenue of $4.6 billion for fiscal 2025, the year ended 31 December 2025, up 7.2% on the year before. Net income was $428 million, up 3.7%, and diluted earnings per share $2.04. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2026.

Revenue
$4.6 billion
+7.2% on the year
FY2018FY2025
Operating margin
15.5%
17.8% a year earlier
FY2018FY2025
Net income
$428 million
+3.7% on the year
FY2018FY2025
Diluted EPS
$2.04
+1.5% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 4 new.

  • Adjusted EPS rose, GAAP EPS fell: Diluted adjusted EPS available to common stockholders rose 17%, while diluted EPS fell 9% and net income fell 8% in the quarter.
  • Adjusted EBITDA rose 10% in quarter: Management attributed the quarterly adjusted EBITDA increase to take rate and GTV, partly offset by higher operating expenses and lower inventory return.
  • CC&T growth from mix and J.M. Wood: Part of CC&T growth came from J.M. Wood. Excluding it, average price per lot rose on improved mix, and volumes were higher.
  • Executive transition costs lifted SG&A: Quarterly selling, general and administrative expenses rose to $260.2 million, including executive transition costs, mostly from the former CEO arbitration.
  • Adjusted leverage fell to 1.4x: Adjusted net debt was $1,940.0 million and year-end cash and cash equivalents $531.5 million, against 1.6 times a year earlier.
Read the Q4 FY2025 earnings call summary

From this 10-K

RB Global runs marketplaces where buyers and sellers trade commercial assets and vehicles, through a global network of auction sites and a digital platform. Its asset classes include automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture. Its customers are mainly automobile insurance companies, end users, dealers, fleet owners and manufacturers of commercial assets and vehicles, and it serves customers in approximately 170 countries. The business was established in 1958, the company is incorporated in Canada under the Business Corporations Act (Ontario), and it operates mainly in the United States, Canada, Australia and across Europe.

RB Global Inc., the 10-K for 2025

RB Global runs marketplaces where buyers and sellers trade commercial assets and vehicles, through a global network of auction sites and a digital platform. Its asset classes include automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture. Its customers are mainly automobile insurance companies, end users, dealers, fleet owners and manufacturers of commercial assets and vehicles, and it serves customers in approximately 170 countries. The business was established in 1958, the company is incorporated in Canada under the Business Corporations Act (Ontario), and it operates mainly in the United States, Canada, Australia and across Europe.

The marketplace brands

Its two main marketplace brands are Ritchie Bros., which the company describes as the world's largest auctioneer of commercial assets and vehicles, and IAA, a digital marketplace connecting vehicle buyers and sellers. It groups its business into automotive, which covers passenger vehicles and buses, CC&T, which covers earth moving, lift and material handling equipment and vocational and commercial trucks and trailers, and other, mainly agricultural, forestry and energy equipment and government surplus. Each sector includes both salvage and non-salvage sales. In automotive, its salvage sellers are mainly insurance companies selling damaged or low-value vehicles, and the filing names Copart as its main competitor there.

Services around the sale

Beyond RB Auction, its sale formats include IronPlanet for used equipment, GovPlanet for government and military assets, Marketplace-E for fixed price sales, Private Treaty for confidential negotiated sales of large equipment, and IAA's online and timed auction formats. Rouse provides construction equipment market data and appraisals, SmartEquip connects equipment owners with parts manufacturers, VeriTread is an online marketplace for heavy haul transport, and Mascus is an online equipment listing service. It also offers inspection, refurbishing, transportation and customs clearance, and loan origination through a brokerage model that matches applicants with lenders.

Recent moves

On June 21, 2025, it deconsolidated its vehicle dismantling business in connection with the LKQ SYNETIQ transaction. On November 28, 2025, it acquired Smith Broughton, an industrial equipment auction house in Western Australia that sells heavy equipment for mining, construction, transport, agriculture and industry. In November 2025 IAA expanded its contract with the U.S. General Services Administration to remarket government fleet vehicles.

People

It employs approximately 8,000 full-time employees worldwide, approximately 68% of them in the United States.

From RB Global's annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 25 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue4,5914,2843,680+7.2%
Selling, general and administrative905774744+17.0%
Operating income713761471-6.3%
Operating margin15.5%17.8%12.8%
Interest expense192234214-18.0%
Pre-tax income536550282-2.6%
Income tax10813776.4-21.3%
Effective tax rate20.2%25.0%27.1%
Net income428413206+3.7%
Net margin9.3%9.6%5.6%
Diluted EPS$2.04$2.01$1.04+1.5%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow978932544+5.0%
Capital expenditure259167228+54.7%
Free cash flow719765316-5.9%
Free cash flow margin15.7%17.8%8.6%
Cash from investing-553-302-3,108
Cash from financing-461-6462,676
Depreciation and amortisation483444352+8.8%
Share-based compensation66.062.455.8+5.8%
Dividends paid258206298+25.3%
Diluted shares, weighted187m185m168m+0.9%
Shares outstanding at period end186m185m183m+0.6%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity5,5715,2245,017+6.7%
Non-controlling interest1.72.32.3-26.1%
Redeemable equity4824824820.0%
Debt2,4722,6543,090-6.9%
Operating lease liabilities1,4571,4311,354+1.8%
Finance lease liabilities79.536.716.4+116.6%
Other liabilities2,0801,9772,076+5.2%
Total liabilities and equity12,14311,80712,037+2.8%
Fixed assets1,5221,2751,201+19.4%
Goodwill4,6684,5124,537+3.5%
Intangible assets2,4642,6692,914-7.7%
Cash and equivalents532534576-0.4%
Receivables706709732-0.4%
Inventory140122166+15.1%
Other assets2,1111,9861,911+6.3%
Total assets12,14311,80712,037+2.8%

10-K for the year ended 31 December 2025, filed 25 February 2026: the filing.