RB Global Posts Strong Growth, Navigates Legal Costs for 2026 Expansion

WESTCHESTER, Ill. – February 17, 2026 – RB Global, Inc. (NYSE & TSX: RBA) reported a year of strategic progress and robust operational growth for 2025, even as its bottom-line net income was impacted by significant one-time costs, including a substantial arbitration settlement with a former CEO. The omnichannel marketplace posted strong increases in transaction value and adjusted earnings, signaling confidence with an optimistic outlook for 2026.

For the fourth quarter ending December 31, 2025, the company saw its total gross transaction value (GTV) rise 4% year-over-year to $4.3 billion, while total revenue climbed 5% to $1.2 billion. For the full year, GTV grew 2% to $16.2 billion, and total revenue increased 7% to $4.6 billion.

“I am incredibly proud of what the RB Global team achieved in 2025,” said Jim Kessler, CEO of RB Global, in a statement. “This year, we advanced our strategic priorities, enhanced our operating model, and delivered meaningful value for our customers, partners and shareholders.”

A Tale of Two Profit Metrics

While the top-line figures demonstrated steady growth, the company's profitability presented a more complex picture. GAAP net income for the fourth quarter decreased 8% year-over-year to $109.4 million. This decline stands in stark contrast to the company's non-GAAP metrics, where adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) increased 10% to $379.6 million. Similarly, diluted adjusted earnings per share (EPS) jumped 17% to $1.11.

The divergence between GAAP and non-GAAP results highlights a year marked by significant one-time financial events. The primary driver of the discrepancy was a series of adjusting items that the company does not consider part of its normal operating results. These included acquisition-related costs, restructuring charges, and, most notably, a major legal settlement. When these items are excluded, the underlying operational health of the business appears strong, a point underscored by Chief Financial Officer Eric J. Guerin.

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

Navigating Legal Headwinds and One-Time Costs

The most significant item impacting RB Global's 2025 GAAP earnings was the conclusion of a legal dispute with its former chief executive. The company disclosed that an arbitration panel awarded the former CEO $59.6 million in damages. This award, along with $43.2 million in related executive transition costs recognized in the fourth quarter, created a substantial drag on reported net income.

These costs are part of a larger pool of adjustments totaling over $130 million in the fourth quarter alone, which were excluded from the company's adjusted earnings calculations. Other significant adjustments included $73.1 million in amortization of acquired intangible assets, primarily from the major IAA acquisition, $9.6 million in acquisition and integration costs related to the purchase of J.M. Wood Auction Co., and $4.1 million in restructuring costs tied to organizational changes. This practice of presenting adjusted figures is intended to give investors a clearer view of core operational performance, stripped of non-recurring or non-cash expenses.

Sector Strength Drives Growth and Market Share

RB Global's operational momentum was largely fueled by strong performance in its two key sectors: automotive and commercial construction & transportation (CC&T).

In the automotive sector, GTV rose 3% in the fourth quarter, driven by a 2% increase in lot volume. The company noted it has consistently outperformed the broader market for four straight quarters, a success it attributes to new wins and organic growth from existing partners. Securing new multi-year contracts with its two largest automotive insurance partners provides significant long-term volume visibility. The company is also enhancing its digital platforms with features like guaranteed sale indicators to boost buyer confidence and support higher selling prices.

The CC&T sector delivered even stronger growth, with GTV increasing 9% in the fourth quarter. This performance was bolstered by the inclusion of the recently acquired J.M. Wood Auction Co. and an "improved mix" of assets. This improved mix, which resulted in a higher average price per lot sold, reflects a decline in lower-priced assets from the rental and transportation sectors, shifting the balance toward more valuable equipment. However, the company also reported that an "unfavorable asset mix" contributed to a decline in its inventory rate, partially offsetting some of the gains in adjusted EBITDA.

A Confident Outlook Fueled by Strategic Investment

Looking ahead, RB Global issued a confident financial outlook for 2026, projecting GTV growth between 5% and 8% and forecasting Adjusted EBITDA in the range of $1.47 billion to $1.53 billion. Management described 2026 as a "year of expected volume-led growth," built on a foundation of winning new business and efficiently managing costs.

Supporting this growth is a significant capital expenditure plan of $350 million to $400 million for 2026. Approximately one-third of this budget is earmarked for technology, with the remainder dedicated to physical property, plant, and equipment. This investment underscores the company's commitment to its omnichannel strategy, blending digital innovation with its extensive physical footprint.

Key technology initiatives planned for 2026 include the rollout of the IAA Total Loss Predictor, an AI-driven tool designed to optimize vehicle routing and deliver cost savings for insurance partners. The company is also expanding its auction formats in international markets like Germany and the Nordics to provide sellers with greater control and enhance liquidity. These strategic investments, coupled with the integration of acquisitions like J.M. Wood, are designed to solidify RB Global's market leadership and drive sustainable long-term value.