RBA

RB Global’s second quarter results saw the market react sharply, with shares falling following the company’s report despite revenue surpassing Wall Street expectations and non-GAAP profit per share aligning with consensus. Management attributed quarterly performance to strong growth in its automotive segment, ongoing integration of the recent BigIron acquisition, and resilience in its heavy equipment and transportation business. CEO Jim Kessler noted that, “customer decision-making became more deliberate during the second quarter,” reflecting cautious industry sentiment, while emphasizing the company’s continued gains in market share and operational execution. Is now the time to buy RBA? Find out in our full research report (it’s free). Revenue: $1.32 billion vs analyst estimates of $1.23 billion (11.1% year-on-year growth, 6.8% beat) Adjusted EPS: $1.13 vs analyst estimates of $1.14 (in line) Adjusted EBITDA: $387.2 million vs analyst estimates of $384.5 million (29.4% margin, 0.7% beat) EBITDA guidance for the full year is $1.52 billion at the midpoint, above analyst estimates of $1.5 billion Operating Margin: 17.1%, up from 15.9% in the same quarter last year Market Capitalization: $17.38 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Sabahat Khan (RBC Capital Markets) asked how to model margins post-BigIron; CEO James Kessler and CFO Eric Guerin advised waiting until year-end for a clearer run rate, noting ongoing integration will impact margins throughout the year. Steven Hansen (Raymond James) questioned differences between BigIron and the Canadian agriculture franchise; Kessler explained that while customer needs are similar, integration complexity arises from BigIron's founder-led operations, and the focus remains on maintaining customer experience. Gary Prestopino (Barrington) inquired about the shift from consignment to inventory purchases; Kessler attributed it to cyclical customer needs rather than industry-wide changes, emphasizing adaptability to these shifts. John Healy (Northcoast Research) sought clarity on salvage contract stability and competitive threats; Kessler pointed to recent large contract renewals, suggesting multi-year visibility and the potential for further share gains despite increased competition. Michael Feniger (Bank of America) asked if cost inflation or contract ramping would limit EBITDA flow-through in 2026; Kessler and Guerin said the company remains focused on operating leverage, using technology and scale to offset cost pressures and drive future margin expansion. In future quarters, the StockStory team will be watching (1) the pace and quality of BigIron integration and its contribution to U.S. agriculture growth, (2) the sustainability of automotive segment market share gains and contract renewals, and (3) the company’s ability to manage service revenue take rates amid evolving business mix and customer preferences. Execution on technology investments and margin improvement will also be important indicators of progress. RB Global currently trades at $93.87, down from $111.06 just before the earnings. At this price, is it a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI is taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662% between October 2022 and February 2026. AppLovin before it ran 753% between February 2024 and February 2026. Nvidia before it ran 1,178% between January 2023 and February 2026. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-small-cap company Comfort Systems (+1,154% between June 2020 and June 2025). Find your next big winner with StockStory today.

Image source: The Motley Fool. Tuesday, Aug. 4, 2026 at 5 p.m. ET Vice President, Investor Relations and Market Intelligence - Sameer Rathod Chief Executive Officer - James Kessler Chief Financial Officer - Eric Guerin Operator: Hello, everyone. Thank you for joining us, and welcome to RB Global Second Quarter 2026 Earnings Call. [Operator Instructions] I would now like to hand the call over to Sameer Rathod, Vice President, Investor Relations and Market Intelligence. Sameer, please go ahead. Sameer Rathod: Hello, and good afternoon. Thank you for joining us today to discuss our second quarter 2026 results. On the call with me are Jim Kessler, our Chief Executive Officer; and Eric Guerin, our Chief Financial Officer. The following discussion will include forward-looking statements, including projections of future earnings, business and market trends. These statements are subject to risks and uncertainties that could cause actual results to differ materially and should be considered in conjunction with the cautionary statements contained in our earnings release and periodic SEC reports. We will also discuss certain non-GAAP financial measures. For the identification of these measures, the most directly comparable GAAP financial measures and the applicable reconciliation, please see our earnings release and SEC filings. At this time, I would like to turn the call over to our CEO, Jim Kessler. Jim? James Kessler: Thanks, Sameer, and good afternoon to everyone joining us today. Last quarter, we said our priorities are straightforward, continue to gain share, execute with discipline and position the business for durable long-term growth. Our second quarter results reinforce our confidence that our strategy is working. Our teams across the organization delivered another strong quarter, remaining focused on serving our partners, advancing our strategic priorities and operating with discipline. Those efforts drove 11% GTV growth and 6% adjusted EBITDA growth, underscoring the resilience of our marketplace platform and the durability of our long-term growth strategy. Turning to BigIron. We are pleased to complete our acquisition in May. BigIron establishes RB Global as a scaled, trusted global partner in the U.S. agriculture sector, creating a new growth platform. While agriculture has long been an important end market for us, particularly in Canada, BigIron significantly expands our presence in the United States with a leading marketplace that services buyers and sellers of farm equipment and agriculture real estate. BigIron brings a highly respected brand with an experienced team that has built trusted local customer relationships over decades in the U.S. agricultural Heartland. Their footprint is highly complementary to ours with limited overlap with our existing business. By combining BigIron's deep industry expertise and strong customer relationships with RB Global scale, technology capabilities and global buyer network, we believe we are well positioned to create greater value for customers while further strengthening our long-term growth profile. Just as important, this acquisition reinforces the strategy that has consistently created value at RB Global, applying our marketplace capabilities to adjacent sectors where we can drive greater liquidity, stronger customer outcomes and attractive long-term returns. Integration is off to a strong start, and our teams remain focused on executing thoughtfully by preserving the trusted local relationships and sector expertise that had made BigIron successful. BigIron significantly expands our participation in a highly attractive U.S. agriculture market, which accounts for the majority of the approximately $60 billion of annual transactional volume in North America. Roughly half of that opportunity consists of equipment with the remainder comprised of land and agricultural real estate. Note that consistent with market norms, real estate transactions carry take rates in the low single-digit range. We see 3 durable drivers that we believe can support our growth in this market. First, recurring equipment replacement and ongoing investment in farm productivity supports sustained transaction activity. Second, generational farm transitions, retirement and industry consolidation consistently bring quality equipment and agricultural real estate to market. And third, the market remains significantly underpenetrated by online auctions, which we believe creates meaningful opportunities to increase adoption of digital and online marketplaces over time. Together, these characteristics, combined with BigIron's strong brand awareness, create an attractive opportunity for RB Global as a scaled marketplace operator. While our presence in U.S. agriculture has historically been limited, it is a market where we have strong track record of success in Canada. Over the past 25 years, we have built a leading agriculture marketplace in Canada through a combination of disciplined acquisition and sustained organic growth. We are a trusted partner and leading marketplace for agriculture assets there, and that experience provides what we believe is a proven playbook for expanding into a significantly larger U.S. market. BigIron immediately adds scale and strengthens our ability to apply RB Global's marketplace capabilities to another large attractive end market, reinforcing our confidence in the potential long-term growth and shareholder value creation opportunities ahead. Turning to our financial results. Our heavy equipment and transportation sector continued to demonstrate the strength and resiliency of our strategy with GTV increasing 8% year-over-year. In the first quarter, we noted early signs of pent-up supply returning to the market. While that trend persisted in selected end markets, customer decision-making became more deliberate during the second quarter, dependent on the end markets they serve. Despite this backdrop, we continue to strengthen customer engagement and advance key commercial initiatives in the competitive market. We remain focused on sales execution and positioning the business to capture incremental market share and volume if market activity and supply conditions improve. Turning to the Automotive segment. The business continues to perform well and remains one of the strongest examples of our ability to gain market share through differentiated performance. Our overdelivery against all our SLAs continue to resonate in the market. Unit volumes increased 11% year-over-year, marking our sixth consecutive quarter of outperformance relative to the broader market and reinforcing our conviction that we are well positioned to achieve net market share gains in 2026. One of the clearest proof points of our momentum is the expansion of our relationship with our largest automotive insurance partner, who we now support across all 50 states in both personal auto and commercial lines. This expansion reflects the trust we have earned, the strength of our long-standing partnership and the measurable P&L value we believe we consistently deliver. Successfully executing this expansion demonstrates both the strength and scalability of our operating platform. Within 90 days, the team successfully integrated substantial additional volume across 30 states while continue to execute at a high level across the broader business. Service level performance remained strong and improved in certain areas, underscoring our ability to support growth through operational excellence. As we discussed, we remain disciplined in how we pursue growth. The expansion with our largest partner is a good example. It shows we can drive market share gains without compromising the discipline that defined our strategy, but that's not the only place we see room to grow. We have a proven ability to execute a meaningful additional capacity within our network, and we're energized by the opportunity to put our model to work for new partners. We continue to believe our culture of drive and value to our partners' P&L is what will win new relationships. The market is competitive, and there will be pluses and minuses as we move forward, but trajectory is what matters, and we remain confident that we are well positioned to achieve the net market share gains in 2026. I will now turn the call over to Eric to review the financials and provide an update to the outlook. Eric Guerin: Thanks, Jim. Before we begin, I wanted to highlight that we have realigned our GTV reporting sectors to better reflect how we manage and evaluate the business internally. Each sector continues to represent the assets we transact across all of our marketplace brands. Our heavy equipment and transportation sector now includes our former commercial construction and transportation sector expanded to incorporate agriculture as well as machinery assets that we previously classified under other. These include industrial support equipment, equipment attachments, assets used to support aggregate, forestry, mining and oil and gas industries. Our automotive sector remains unchanged and continues to include passenger vehicles, both salvage and remarketed. Our other sector now primarily consists of real estate, consumer, marine, rail, and aircraft assets. As a reminder, real estate transaction volume are inherently lumpy from quarter-to-quarter. Now moving to the financial results. Total GTV increased by 11% to $4.7 billion in the second quarter. Automotive GTV grew 13% in the quarter, driven primarily by an 11% increase in unit volumes and higher average selling prices. Average price per vehicle sold was approximately 2% higher, reflecting improvement in both salvage and remarketed vehicles. Within U.S. insurance, ASP increased 4% compared to the prior year. Unit volume growth was supported by continued net market share gains, while broader industry volumes remain under pressure. Leading indicators of the total loss frequency have improved modestly in recent months. The inflation differential between automotive repair costs and used vehicle prices continues to be supportive of higher total loss frequency. Reflecting these dynamics, CCC Intelligent Solutions estimates that the total loss frequency increased 90 basis points year-over-year to 23.3%. GTV in the heavy equipment and transportation sector increased by 8% in the quarter, reflecting contributions from recent acquisitions. Excluding the impact of our recent acquisitions, total GTV increased by 7%. Moving to service revenue. It increased 5% in the quarter, driven by higher GTV, partially offset by a lower service revenue take rate. The service revenue take rate declined 110 basis points year-over-year to 20%. The decline primarily reflects changes in business and portfolio mix from acquisitions and growth in certain businesses, such as GSA, which has strong revenue per unit economics but carry lower service revenue take rates. Volume-related price incentives in automotive also contributed to the year-over-year decline in the service revenue take rate. As we have discussed, we prioritize service revenue dollars and adjusted EBITDA dollars over percentage take rates. As our business mix evolves, we believe these measures provide a better indication of underlying economics and value creation of the business. Adjusted EBITDA increased 6% in the quarter, driven by higher GTV volumes and increased contribution from inventory returns, partially offset by business mix and take rate impacts. We continue to focus on profit flow-through and adjusted EBITDA growth of 6% outpaced service revenue growth of 5%, consistent with our continued focus on operating leverage. Adjusted earnings per share increased by 6%, primarily driven by higher operating income and lower net interest expense, partially offset by a higher adjusted tax rate. Before moving to our outlook, I wanted to note that as part of our disciplined capital allocation strategy, the Board has approved a $0.02 increase to our quarterly common stock dividend, raising it to $0.33 per share. This represents an approximately 6.5% increase and reflects the strength of our cash generation and our confidence in the business. In addition, as of today, we have repurchased and retired approximately 1.4 million shares for $150 million. Together, these actions reflect our balanced and disciplined approach to capital allocation, which supports shareholder return while preserving the flexibility to invest in the long-term growth and value creation. Now moving to the outlook. We are raising our 2026 outlook and now expect gross transaction value to grow in the range of 9% to 11%, with adjusted EBITDA growth of approximately 8.6% at the midpoint. This updated outlook reflects our revised assumptions for the core business as well as expected contribution of approximately $500 million in GTV from the BigIron acquisition. Consistent with our strategy, we remain focused on generating adjusted EBITDA growth ahead of service revenue growth and continue to see 2026 as a year of volume-led growth. We remain focused on execution, productivity and delivering operating leverage. With that, let's open the call for questions. Operator: [Operator Instructions] Your first question comes from the line of Sabahat Khan with RBC Capital Markets. Sabahat Khan: Maybe just on the discussion around sort of take rate and the focus on dollars. I guess maybe just for our modeling purposes, should we assume that whether we look at H2 -- H1 or Q2, like do we have a good mix of overall business reflected here that we can maybe use the current EBITDA margin as sort of the ballpark range to build from? Or do you think maybe waiting until year-end '26 when BigIron is fully baked in might be a better reflection? I'm just trying to figure out how to sort of think about margins as we -- what base rate to use as we build out margins. James Kessler: Yes. No, great question, and I'll start and then I'll pass it over to Eric if he wants to provide more detail. We're right at the earliest of stages with BigIron. And as the farming season is ongoing, I don't think you're really going to see BigIron, especially with the real estate side of the equation until a lot later as we go through this year. And still some of the smaller acquisitions we did as we work our way through those integrations. So I don't think there's a point yet where we're there where you can look at what our resting spot is. But with that, I'll pass it over to Eric. Eric Guerin: No, Jim, I agree. I would wait to your original question, probably wait through the end of this year so we can get through the farming season, get BigIron stabilized a bit, and that should get closer to a run rate. But as I noted in the prepared remarks, right, we're really focused on the service revenue and our revenue per unit. So there's going to be movement. So I wouldn't say that even that take rate, it could fluctuate up or down from where we exit. But as a starting point for modeling that I would wait until the end of the year. Sabahat Khan: Great. And then maybe just for my follow-up, I think you guys have sort of evolved your capital allocation a little bit. We have more buyback activity now. Do you feel from an acquisition front, at least the bigger pieces are in place? Maybe if you can just detail out as we move past BigIron, what is the runway for M&A? And maybe just should we expect if bigger pieces are in place, is return of capital maybe a bigger part of the story going forward? And I'll pass the line. James Kessler: Yes. Look, it's a difficult question to answer because there are so many different avenues and opportunities. I would probably say our main focus is always on organic growth of what we can drive through the business. But as opportunities come up, we're always going to look at other verticals and assets that are complementary where we can add the expertise that we do. Some of that is companies raising their hand and say it's time for them to figure out how they want to monetize. But with that, I will pass it over to Eric for any other comments. Eric Guerin: Yes. I think as Jim had indicated, and you can see from what we've done over the last year is we are really focused on investing in the core business, returning where we can to shareholders where it makes sense and M&A. So we'll continue to flex as opportunities come up and maximize the value creation for our shareholders. Operator: Our next question comes from the line of Steven Hansen with Raymond James. Sameer Rathod: Apologies, Steven. There was a technical delay. If you wouldn't mind starting your question again, that would be great. Steven Hansen: Yes, sure. I'm just curious if there's any specific differences you'd highlight between BigIron and your Canadian ag franchise. And just in relation to that, what do you think really the key milestones are in terms of integrating the business outside of traditional back office stuff? James Kessler: Yes. No. So I'll start, and Eric, feel free to jump in with anything. I think the business itself from a partner and a customer standpoint are very similar to what they need from liquidity and the timing of the farm-in cycle. So I think that's very common across all of our platforms. The thing that's always unique is when you buy 2 founder businesses, there are 2 founders that run it, and they all run them slightly differently. So as you get into the back office and the community and how they do business, that's really where the difference comes. But it's something that we've done multiple times with different founders, so something we're used to. And Eric, if you have any other additional comments, feel free. Eric Guerin: Yes. I think the only thing I would add is we're really happy with how the integration is going. We have -- our integration office is really moving, the back office of the business forward to integrate it where we can into RB Global and making sure that we continue to focus on the customer experience on the front end, to Jim's point, making sure what makes BigIron great, we keep focused on that, and that's the customer experience. Steven Hansen: That's helpful. And just as a follow-up, Jim, I just wanted to go back to your comments in your prepared remarks about, I think, customer decision-making becoming more deliberate in the quarter. Is that something you're seeing carrying through into the third quarter? And where are you seeing that specifically? Is it in some of the larger equipment, smaller equipment across the board regionally? Just trying to get a sense for where that decision-making confidence is coming through. James Kessler: Yes. Look, for us, it's a very hard question to answer because we deal with so many different verticals and sectors of this industry. And we typically don't go down to that level in terms of guidance, what we -- how we think about it. But in our industry, there are so many different decision points of why someone comes to us for their liquidation needs. And it's always hard, right, to pinpoint when that is going to happen. But look, I think we're in a great spot when that decision is made to be able to capture that market share like we have done in our history and like we're going to do going forward. Operator: Our next question comes from the line of Gary Prestopino with Barrington. Gary Prestopino: A couple of questions here. You cited in the narrative that you're seeing a change in customer preference for contracts from consignment sales to inventory purchases. Is there anything going on in the market that's driving that? Or is that just kind of an anomaly, Jim? James Kessler: Yes. Look, I wouldn't call it. I think we go through periods where that is more important in certain periods, and this just happens to be one. And like I mentioned, we deal in so many different sectors. It's hard to narrow it down to one specific thing, but it's really a customer need more than it is anything else. Gary Prestopino: Okay. So nothing to do with the industry. And then just getting back to the prior question, we say customer decision-making is becoming more, what is it deliberate was the word you used? Do you take that as being that they're pulling back, just taking longer to make a decision? What exactly does that mean? James Kessler: No. Look, how I would describe it is ever since we got into COVID and as you think about new equipment pricing and what happened with that and equipment they have to dispose of, we kind of been through this big cycle of new equipment came in. We had a lot of disposals. And now as you're thinking about interest rates and everything going on and what's going on in Iran doesn't help people getting comfortable, what's going on at the Fed at this point. So people are just really very conscious of what did I buy equipment for, what kind of liquidation value do I need? And we kind of talk about it as a blended recovery to fit their P&Ls. And I think they're just being very conscious and very good stewards of their money. Operator: Our next question comes from Craig Kennison with Robert W. Baird. Craig Kennison: I wanted to go to Slide 3. It mentions an expanded relationship with your largest automotive insurance partner, and you got to all 50 states. How many states did you have before? And when did that incremental volume begin to flow through your platform? James Kessler: Yes. I don't think we're going to get into how many states we had before, but you can tell when we say 50, what that means going forward. And probably over the last 90 days, we've been transitioning in that volume. Craig Kennison: Okay. And then the other question I had in the same bullet, you mentioned commercial lines. Can you add more color as to what you mean by commercial lines? I assume it's not automotive, but what are some examples? James Kessler: Yes. Just think about trucks is probably the best example. So heavier type of transportation. So anything else, this is kind of what our insurance partners call everything but automotive is they call commercial, which is different than what Ritchie would call commercial in the past. Craig Kennison: So these are assets owned by commercial operators, but they feel more automotive in general? James Kessler: You got it. They're more rolling than heavy equipment. Operator: Our next question comes from the line of Jeff Lick with Stephens. Jeffrey Lick: Congrats on a great quarter. I was just wondering the 11% auto lot growth, maybe you could expand a little bit more beyond the -- it seems like you're getting share and volume from other sources than just that one insurance customer. I wonder if you could elaborate on that whether it's GSA and Direct Line kind of kicking in more. Any details there would be great. James Kessler: I'll pass that question over to Eric. Eric Guerin: Yes. Look, I think we won't go into specifics. But what I would say is we are really happy with the performance, and thanks for pointing out the other opportunities that we've already announced. When you look at DLG, how that's performing, when you look at what's going on in Australia with Suncorp. So we're really comfortable with the unit growth across the board outside of just the one large partner that we discussed on the call. Jeffrey Lick: And then just maybe a little help of clarification. I think you referenced service revenue and tied it to the economics of some of the incremental business you picked up. Could you explain maybe how that manifests itself in terms of the differing economics or how you -- how the promotions or whatever kind of flow through there, what that is? Eric Guerin: Yes. So when you think about the GSA, my comments were specifically talking about some of the acquisitions have different take rates, but we're really happy with the revenue per unit. So we've talked about GSA in the past where those units sell for significantly higher. So therefore, just by math, our take rate is lower, but the revenue per unit is in line with what we would expect for the services we're providing. Operator: Our next question comes from the line of John Babcock with Barclays. John Babcock: I guess I did want to just go into the take rate a little bit here. I was wondering, is this fully run rating per quarter? I mean I assume that you probably only have a partial quarter of that big contract win. And so I wanted to get a sense for how much of the quarter reflected that contract to the extent you can comment and also whether or not there were any upfront items that may have impacted the take rate more in this quarter perhaps than we might see down the line? Eric Guerin: Yes. And I think this was a bit of the earlier question as well. What I would say is this isn't the full run rate yet. We have BigIron that's coming in that we talked about real estate having low single-digit take rates. So I would say you'd get closer to a normal run rate later in the year. Now there's opportunities for us to improve take rate, and there's opportunities like BigIron where it will impact the take rate in a negative way, right? So to answer your question, it is not at run rate yet. You have to wait for BigIron to be fully incorporated into it. John Babcock: Okay. That's fair. And then just a quick follow-on here. You've obviously done well winning share with your largest insurer. Just kind of curious, as you look at this from a go-forward basis, what can you do in addition to volume incentives providing ROI to the insurers to maintain that market share. So as you get a couple of years down the line, the contract comes up for renegotiation, what do you do between here and there and then also when you get there that helps you to maintain that volume? James Kessler: Yes. So John, look, I think what we stay focused on is operational excellence of how we operate at our yards every day, providing the highest level of service, which, at the end of the day, an insurance carrier isn't going to make a decision just based on rebate because you don't want someone that's operating at a lower level and you give that up in gross returns, net returns and everything else. So we stay very focused on value that we drive to our partners' P&L and how we're doing that in innovation, how we're doing that in SLAs, how we do that consistently every car that we get in every day. So for us, we stay laser-focused on performing the best, but we fully realize for us to be successful, I have to drive value to each and every one of our partners, and that's automotive comment that is an industrial construction, heavy equipment and transportation comment, we are laser-focused making sure we are adding value to our partners. And I think that is what makes us different than any competitor that we have on any side of the sectors we serve. Operator: Our next question comes from the line of John Healy with Northcoast Research. John Healy: I guess I'll be kind of direct with this one. The biggest question we're getting from investors right now is what sort of changes might be a foot in the salvage business with [indiscernible] one of the founders of the company coming back to run the business? And what do you think that does to the industry? And obviously, who knows. But I'd love to get your thoughts on this, Jim. Can you kind of help us think about what percentage of your salvage business is contractual firm visibility into it for the next couple of years? Any thoughts you could give us on, what I would say, renewals that are coming up, what sort of pipeline could be competed against? I'd love for you to help us understand the visibility you have into retaining business. And I feel like it's a silly question given the wins that you've gotten recently, but I would just love to get how you guys are thinking and help investors think about that. James Kessler: Yes, John, look, I don't think it's a silly question. Besides the fact, I can't answer a lot of it. But look, the good thing is I think we tried to give the group insight in our last earnings call. And we talked about our big contracts being renewed. And if you go back and read the script from before, we talk about our top 2 being signed, which gives you an idea of stability for the company. And we also talked about, look, when I look at the majority of what comes up over the next 3 years, yes, of course, we have some coming up, but there is a lot more that comes up where we have the chance to gain share, not that we're going to gain everything that comes up. There's going to be pluses and minuses. But like when we talked about for '26, we see that we're going to be a net market share positive as we think about it. But if you go back and look at the last transcript, I think it lays out some of the stability questions that you answered and what we see over the next 2 to 3 years of what comes up, why we feel really good about our continuing gaining share over that period of time. John Healy: Great. And then just on the BigIron acquisition. Obviously, ag is a huge market. And I would love to just kind of get your thoughts on -- and maybe I missed it earlier, but just maybe the incremental TAM that you guys are opening up there. And is this an asset where you may need to stand up more capacity or sales force for the next year or 2. So obviously, it's a good-sized operator, but just kind of curious if there might be an investment phase that gets tacked on to this end market. James Kessler: Yes. John, great question. And one thing that gets us really excited about ag, we just don't think -- even though BigIron is the U.S., we already do this in Canada. So we have a lot of expertise in it. But we actually think of agriculture as global, right? We have a European business that we think this fits really well. So we really think about ag as a global vertical for the company. And look, the great thing is I think you can look at construction, industrial transportation of us growing from -- look, I have team members that were Ritchie Bros, when they were $1 billion. And now we're a lot higher than that in GTV, which came with everything you mentioned, right? How do you grow the business? How do you do it effectively and efficiently? How do you train sales members as we go through this. But we definitely bought BigIron for the U.S. to get started to really grow that business and to get the type of share that we get in the other verticals that we're in, and we think we have that. And I think we laid out, look, we think there's $30 billion of equipment in North America. We think there's $30 billion of real estate. And if you look at the kind of share that we have traditionally in all the markets we serve, we don't see any reason why we can't replicate that into the future. Operator: Our next question comes from the line of Michael Feniger with Bank of America. Michael Feniger: I realize 2026 is a year of volume-led growth. Do you see in '27, we get more of that -- just generally, we get more of that flow-through from GTV growth into EBITDA and free cash flow. Is there anything you would point out to -- in 2026, either higher fuel or operating expenses or ramping some of these contracts that are in '26 that would lower or kind of fall out in '27? And if I could squeeze one more in, somewhat on this topic. I think in 2026, there was not a big shift higher in fees and rates. This was a year it seemed RB wanted to compete on the service offerings and win share, get after units and grow. I'm just kind of curious if you think any cost inflation this year, could we see the industry in '27 take up certain fees and rates or what we need to see for that to happen? James Kessler: You got it, Mike. I'll start and I'll pass it to Eric. And I'll just be a lot more high level than kind of what you asked in that. Look, I think the tough thing for us is as we think about '26, the one thing I can tell you we weren't expecting is diesel to go up like it did because of the Iran war. And pretty much in the second quarter, we absorbed most of that. We've made some decision as we go forward, but it's hard for me to tell you what's going to happen as we think about getting out of '26 and heading into '27. But the one thing we're committed to as a management team is we are going to run this business very efficiently and optimized. So we are always going to look at what's the ability when we add technology, when we make the experience better, we're going to say, okay, do we deserve to increase our take rate to be able to do that. But it's going to come with we're providing something to our partners, and we have a reason of why we're doing it. And I think we have opportunity to do that as I think about the future. But the other thing we're also going to do is as I think about AI and enablement and our cost structure, I think we have a lot of opportunities to manage the business effectively and efficiently that we're never going to stop from how do we get the best flow-through to EBITDA and generate as much cash. That is something that the whole executive team believes in and something that we're going to drive. I know it wasn't probably the detailed question that you asked, but I'll pass it for Eric if he wants to add any more color. Eric Guerin: Yes. I think here's the detail I would provide and our commitment as a management team, and Jim and I have been very clear about this, and it was in my prepared remarks. We are going to continue to focus on creating operating leverage in the business. And in that scenario, by definition, we need to grow EBITDA faster than service revenue. And while I'm not providing guidance for '27, that's going to be our commitment to the business and what we'll continue to do. And some of the tools we'll use, as Jim described, it could be AI, it could be as we bring on more volume, we can leverage the yards. There's a lot of levers that we'll continue to focus on, but that is our commitment to your question is we're going to create operating leverage within the P&L for the business. Operator: Our next question comes from the line of Krista Friesen with CIBC. Krista Friesen: I was just wondering if you can give us a little bit more color on the kind of the operating environment and performance for BigIron, just given where we're at in the ag equipment cycle and how you're thinking about that over the next couple of quarters here, what you're expecting? James Kessler: Yes. Look, I'll start, and I'll pass it to Eric or Sameer to talk about the macro environment for the ag sector. But right now, we're head down focused on the integration of the 2 companies together, how do we add a lot of the things that Ritchie does that a founder-led company can't do when you think about transportation, finance and then a bunch of other attachments, which helps with take rate as we go forward. So right now, we're really head down focused on it, especially as the farming season is under the way. So we're really integration and how do we make sure we get the foundation built as we head into '27. And with that, I'll pass it over to Eric, if he has any other macro comments. Eric Guerin: Jim, I think you summed it up. I don't have any additional comments. Krista Friesen: Okay. Perfect. And maybe just a follow-up for me on capital allocation. I mean, this quarter, pretty active on the buyback, dividend increase and an acquisition as well. Should we be expecting that kind of going forward, assuming your leverage kind of stays within your target range that we could see you kind of doing acquisitions and buying back shares at the same time? Eric Guerin: Yes. I think we'll continue to evaluate it. As you know, we have a $500 million authorization in place. We used $150 million of it in the second quarter. So we do have that opportunity as we go through the remainder of the year. We'll also look at M&A opportunities as well. So I think what you've seen is probably what you'll see on a go-forward basis. Operator: Our next question comes from the line of Steven Hansen with Raymond James. Steven Hansen: Yes. This is just a general broad question on the Australian market. I'm just curious how pleased you've been with your investments there over the past 18 months or so. You've obviously bought Smith Broughton. You've been ramping the Suncorp contract. Is that a market that you'd sort of anticipate on scaling up further if the right opportunity came along? I'm just trying to get a sense for your thought on returns in that market and the broader opportunity that exists from a GTV standpoint. James Kessler: Yes. No, great question. Look, we love the Australian market for what we're doing. We think we have a lot of room for organic growth as we think about the future. I keep pushing the team, I'm ready for a carrier #2 to get the win. So we're really focused. We feel really good all the sectors that we deal with in Australia. Operator: We have reached the end of our Q&A session. I will now turn the call back to RB Global CEO, Jim Kessler, for closing remarks. James Kessler: To close, I want to thank our teams across RB Global for delivering another quarter of solid execution and strong financial performance. The consistency of our results reflects the strength of our platform, the commitment of our people and the value we continue to create for customers and partners around the world. As we move through the second half of the year, we are focused on executing against a clear set of priorities, created more value for our partners, improving operating leverage and invested in the products, technology and capabilities that we believe will drive durable share gains and long-term profitable growth. We appreciate your interest in RB Global and look forward to updating you on our progress next quarter. Thank you so much. Operator: This concludes today's call. Thank you for attending. You may now disconnect. 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Interested in RB Global, Inc.? Here are five stocks we like better. Strong Q2 performance: RB Global’s gross transaction value rose 11% to $4.7 billion, while adjusted EBITDA increased 6%, driven by market-share gains in automotive and contributions from acquisitions. BigIron expands agriculture platform: The May acquisition gives RB Global greater access to the U.S. farm-equipment and agricultural-real-estate markets, with management expecting approximately CAD 500 million in 2026 GTV contribution. Outlook and shareholder returns improved: The company raised its 2026 GTV growth forecast to 9%–11%, increased its quarterly dividend by about 6.5% to CAD 0.33 per share, and reported CAD 150 million in share repurchases. Are These 3 Small Momentum Stocks Setting Up Big Gains? RB Global (NYSE:RBA) reported second-quarter 2026 gross transaction value, or GTV, growth of 11% to $4.7 billion and adjusted EBITDA growth of 6%, as the marketplace operator cited continued market-share gains in automotive and contributions from acquisitions. Chief Executive Officer Jim Kessler said the company’s results reflected progress on its priorities of gaining market share, executing with discipline and positioning the business for long-term growth. He said the company’s marketplace platform remained resilient despite more deliberate customer decision-making in certain equipment end markets. → Sandisk Just Delivered a Blowout Quarter—Here's Why the Stock Is Falling “Our teams across the organization delivered another strong quarter, remaining focused on serving our partners, advancing our strategic priorities, and operating with discipline,” Kessler said. RB Global completed its acquisition of BigIron in May, adding a marketplace focused on farm equipment and agricultural real estate in the United States. Kessler said the business establishes a new growth platform in agriculture, an end market where RB Global has historically had a larger presence in Canada than in the U.S. → 4 Oil and Gas ETF Plays as Prices Stay Sky-High The company estimated the North American agricultural transactional market addressed by BigIron at approximately $60 billion annually, split roughly evenly between equipment and land or agricultural real estate. Kessler noted that real estate transactions generally have low-single-digit take rates. Management identified recurring equipment replacement, investments in farm productivity, generational farm transitions, retirements and industry consolidation as drivers of transaction activity. The company also sees an opportunity to expand adoption of online auctions in a market it described as underpenetrated by digital marketplaces. → No Hangover: Revisiting Microsoft One Week After Earnings BigIron’s footprint has limited overlap with RB Global’s existing operations, according to Kessler. The company plans to combine BigIron’s local customer relationships and agriculture expertise with RB Global’s technology, scale and global buyer network. In response to analyst questions, executives said integration was progressing well but that BigIron’s financial profile would not be fully reflected until later in the year as the farming season advances. Chief Financial Officer Eric Guerin said investors should wait until year-end for a closer indication of the business’s run-rate economics, particularly given the seasonal nature of agriculture and the lower take rates associated with real estate. Automotive GTV increased 13% in the quarter, driven by an 11% increase in unit volume and higher average selling prices. Average selling prices rose about 2%, while U.S. insurance average selling prices increased 4% from a year earlier. Kessler said automotive unit growth represented the company’s sixth consecutive quarter of outperformance relative to the broader market. He attributed the result to continued net market-share gains and performance against service-level agreements. RB Global expanded its relationship with its largest automotive insurance partner to support both personal auto and commercial lines in all 50 states. Kessler said the company integrated substantial additional volume across 30 states within 90 days while maintaining service performance. When asked about commercial lines, he described the category as including trucks and other heavier transportation assets that are “more rolling than heavy equipment.” Guerin said unit growth was supported by market-share gains even as broader industry volumes remained under pressure. He also cited data from CCC Intelligent Solutions estimating that total-loss frequency rose 90 basis points year over year to 23.3%. Management said it remains focused on the value its service and operating performance provide to insurance partners rather than relying solely on price incentives. Kessler said the company’s strategy centers on operational execution, service levels, innovation and helping partners improve their profit-and-loss outcomes. GTV in RB Global’s heavy equipment and transportation sector rose 8%, including contributions from recent acquisitions. Excluding recent acquisitions, GTV increased 7%. Service revenue increased 5%, trailing GTV growth because the service revenue take rate declined 110 basis points to 20%. Guerin said the decline reflected changes in business and portfolio mix, including acquisitions and growth in businesses such as GSA that have lower take rates but stronger revenue per unit. Volume-related price incentives in automotive also contributed to the lower rate. Management emphasized that it prioritizes service revenue dollars and adjusted EBITDA dollars over percentage take rates. Adjusted EBITDA grew faster than service revenue, which Guerin said was consistent with the company’s focus on operating leverage. Adjusted earnings per share increased 6%, driven primarily by higher operating income and lower net interest expense, partly offset by a higher adjusted tax rate. During the call, Kessler said customer decision-making in equipment markets had become more deliberate, with buyers and sellers considering equipment purchases, liquidation values, interest rates and broader geopolitical and economic developments. He said RB Global is positioned to capture incremental share when supply conditions and market activity improve. RB Global raised its full-year 2026 outlook and now expects GTV growth of 9% to 11%. The outlook includes an expected approximately CAD 500 million of GTV contribution from BigIron. The company expects adjusted EBITDA growth of approximately 8.6% at the midpoint of its updated range. Guerin said 2026 is expected to remain a year of volume-led growth, with the company targeting adjusted EBITDA growth ahead of service revenue growth. Looking beyond the current year, management said it remains committed to creating operating leverage through productivity, technology, artificial intelligence opportunities and greater utilization of its network. The board approved a CAD 0.02 increase in the quarterly common-stock dividend to CAD 0.33 per share, an increase of approximately 6.5%. RB Global also said it had repurchased and retired about 1.4 million shares for CAD 150 million as of the call date. The company has a CAD 500 million share-repurchase authorization in place. Management said it expects to continue balancing investments in its core business, potential acquisition opportunities and shareholder returns. Kessler also said the company sees room for organic growth in Australia and is focused on pursuing additional insurance-carrier opportunities in that market. RB Global, Inc, an omnichannel marketplace, provides insights, services, and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Its marketplace brands include Ritchie Bros., an auctioneer of commercial assets and vehicles offering online bidding; IAA, a digital marketplace connecting vehicle buyers and sellers; Rouse Services, which provides asset management, data-driven intelligence, and performance benchmarking system; SmartEquip, a technology platform that supports customers' management of the equipment lifecycle; and Veritread, an online marketplace for heavy haul transport solution. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "RB Global Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved 11% GTV growth driven by resilient marketplace performance and the strategic integration of the BigIron acquisition in the U.S. agriculture sector. Expanded the automotive segment through a significant partnership extension, now supporting the largest insurance partner across all 50 states for both personal and commercial lines. Attributed heavy equipment and transportation growth to pent-up supply returning to market, though management noted customer decision-making became more deliberate due to macroeconomic uncertainty. Leveraged the proven Canadian agriculture playbook to scale into the $60 billion North American agriculture market, targeting both equipment and high-value real estate assets. Prioritized service revenue and adjusted EBITDA dollars over percentage take rates to better reflect the underlying economics of a shifting business mix. Maintained operational discipline by successfully integrating substantial automotive volume across 30 states within a 90-day window while improving service level performance. Raised 2026 GTV growth outlook to 9% to 11%, incorporating approximately $500 million in expected contribution from the BigIron acquisition. Committed to generating adjusted EBITDA growth ahead of service revenue growth by focusing on productivity and creating operating leverage across the platform. Anticipates that the full run-rate impact of recent acquisitions and new contracts will not be fully reflected until the end of 2026, following the completion of the farming season. Expects to remain a net market share gainer in 2026 despite competitive dynamics, supported by long-term contract stability with top insurance partners. Identified opportunities to apply AI and technology enablement to optimize the cost structure and enhance the partner experience in future periods. Realigned GTV reporting sectors to include agriculture and industrial support equipment within the Heavy Equipment and Transportation segment for better internal evaluation. Noted that agriculture real estate transactions carry lower take rates in the low single-digit range, which will impact the overall service revenue take rate as the mix shifts. Absorbed higher-than-expected diesel fuel costs in the second quarter resulting from geopolitical tensions in the Middle East. Increased the quarterly common stock dividend by approximately 6.5% to $0.33 per share, reflecting confidence in sustained cash generation. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management advised waiting until the end of 2026 for a stable run-rate, as BigIron's real estate component carries lower take rates and is seasonally dependent. Emphasized that while take rates may fluctuate, the focus remains on maximizing revenue per unit and overall EBITDA dollars. Confirmed that the top two automotive insurance contracts have been signed, providing stability for the next several years. Stated that the pipeline of upcoming contract renewals over the next three years presents more opportunities for share gains than risks of loss. Clarified that the shift toward inventory purchases is driven by specific customer needs for liquidation value certainty rather than a broader industry trend. Management views the ability to offer both models as a competitive advantage in meeting partner P&L requirements. Defined 'commercial lines' in the insurance context as primarily heavier transportation assets like trucks, distinct from traditional passenger vehicles. Noted that these assets are being successfully integrated into the existing automotive operating platform.

WESTCHESTER, Ill., August 04, 2026--(BUSINESS WIRE)--RB Global, Inc. (NYSE & TSX: RBA, the "Company", "RB Global", "we", "us", or "our") reported the following results for the three months ended June 30, 2026. "We delivered another solid quarter, reflecting our growth strategy, the durability of our marketplace, and the commitment of our teams," said Jim Kessler, CEO of RB Global. "Our acquisition of BigIron advances that strategy by strengthening our position in the highly attractive U.S. agriculture market, expanding our customer reach, and creating additional opportunities to generate long-term value for shareholders." "Our second-quarter performance demonstrates the strength of our operating model and disciplined execution across the business," said Eric J. Guerin, Chief Financial Officer. "Growth in Automotive, contributions from acquisitions, and ongoing cost discipline supported earnings growth in the quarter. Reflecting our year-to-date performance and outlook, we are increasing our full-year expectations while continuing to invest in the business and return capital to shareholders through a growing dividend and share repurchases." Second Quarter Financial Highlights1,2,3: Total gross transaction value ("GTV") increased 11% year over year to $4.7 billion. Total revenue increased 11% year over year to $1.3 billion. Net income increased 31% year over year to $143.6 million. Net income available to common stockholders increased 33% year over year to $132.0 million. Diluted earnings per share available to common stockholders increased 34% to $0.71 per share. Diluted adjusted earnings per share available to common stockholders increased 6% year over year to $1.13 per share. Adjusted earnings before interest, taxes, depreciation and amortization ("EBITDA") increased 6% year over year to $387.2 million. During the second quarter, the Company repurchased and retired approximately 1.5 million common shares for total proceeds of $150.0 million. On July 21, 2026, the Company increased its quarterly cash dividend from $0.31 to $0.33 per common share. 2026 Financial Outlook The Company has updated its full-year 2026 outlook for select financial data, as shown below: For the Second Quarter: GTV increased 11% year over year to $4.7 billion, driven by strong Automotive performance and contributions from acquisitions. Automotive GTV increased year over year as unit volumes increased 11%, supported by net market share gains and higher average price per vehicle sold. GTV in the heavy equipment & transportation1 ("HE&T") sector increased year over year, driven primarily by acquisitions, partially offset by declines in transaction volumes driven by a more cautious customer environment. GTV in Other increased primarily due to the addition of BigIron. Excluding the impact of recent acquisitions total GTV increased 7%. Service revenue increased 5% year over year to $933.4 million, driven by higher GTV, partially offset by lower service revenue take rate. Service revenue take rate declined 110 basis points year over year to 20.0%, primarily due to business and portfolio mix from recently completed acquisitions with lower service revenue take rates and automotive pricing incentives tied to higher transaction volumes. Inventory sales revenue increased 28% year over year to $383.7 million, primarily due to changes in HE&T customer contract preference and acquisitions partially offset by lower automotive revenue. The inventory rate increased 180 basis points year over year to 5.9%, primarily due to strong performance in the HE&T sector. Net income available to common stockholders increased to $132.0 million, primarily due to higher operating income and lower interest expense. These increases were partially offset by an increase in income tax expense. Adjusted EBITDA2 increased 6% year over year driven by GTV growth, higher contribution from inventory returns partially offset by higher operating expenses and lower service revenue take rate. GTV by Sector 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 parts7. 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. The following presents GTV by sector for each of the last six fiscal quarters, recast to conform to the revised presentation: The following presents lots sold by sector for each of the last six fiscal quarters, recast to conform to the revised presentation: Dividend Information On July 21, 2026, the Company declared a quarterly cash dividend of $0.33 per common share, payable on September 17, 2026, to shareholders of record on August 25, 2026. Second Quarter 2026 Earnings Conference Call RB Global is hosting a conference call to discuss its financial results for the quarter ended June 30, 2026, at 5:00 PM ET on August 4, 2026. The replay of the webcast will be available through August 4, 2027. Conference call and webcast details are available at the following link: https://investor.rbglobal.com. About RB Global RB Global, Inc. (NYSE: RBA) (TSX: RBA) is a leading, omnichannel marketplace and trusted provider of value-added insights, services and transaction solutions for buyers and sellers of commercial assets and vehicles worldwide. Through its global network of auction sites and digital platform, RB Global serves customers worldwide across a variety of asset classes, including automotive, construction, commercial transportation, government surplus, lifting and material handling, energy, mining and agriculture. The company’s end-to-end marketplace solutions include Ritchie Bros., IAA, Rouse Services, SmartEquip and VeriTread. For more information about RB Global, visit www.rbglobal.com. Forward-looking Statements This news release contains forward-looking statements and forward-looking information within the meaning of applicable U.S. and Canadian securities legislation (collectively, "forward-looking statements"), including, in particular, statements regarding future financial and operational results, opportunities, and any other statements regarding events or developments that RB Global believes or anticipates will or may occur in the future. Forward-looking statements are statements that are not historical facts and are generally, although not always, identified by words such as "expect", "plan", "anticipate", "project", "target", "potential", "schedule", "forecast", "budget", "confident", "estimate", "intend" or "believe" and similar expressions or their negative connotations, or statements that events or conditions "will", "would", "may", "remain", "could", "should" or "might" occur. All such forward-looking statements are based on the opinions and estimates of management as of the date such statements are made. Forward-looking statements necessarily involve assumptions, risks and uncertainties, certain of which are beyond RB Global’s control, including risks and uncertainties related to: our ability to integrate acquisitions; the fact that operating costs and business disruption may be greater than expected; the effect of the consummation of any mergers on the trading price of RB Global's common shares; the ability of RB Global to retain and hire key personnel and employees; the significant costs associated with any mergers; the outcome of any legal proceedings that have been or could be instituted against RB Global; the ability of the Company to realize anticipated synergies in the amount, manner or timeframe expected or at all; the failure of the Company to achieve expected operating results in the amount, manner or timeframe expected or at all; changes in capital markets and the ability of the Company to generate cash flow and/or finance operations in the manner expected or to de-lever in the timeframe expected; the failure of RB Global or the Company to meet financial forecasts and/or key performance targets including the Company's key operating metrics; the Company’s ability to commercialize new platform solutions and offerings; legislative, regulatory and economic developments affecting the combined business; general economic and market developments and conditions, including as a result of global trade tensions and as a result of current, proposed or future tariffs, including retaliatory tariffs; the evolving legal, regulatory and tax regimes under which RB Global operates; unpredictability and severity of catastrophic events, including, but not limited to, pandemics, acts of terrorism or outbreak of war or hostilities, as well as RB Global’s response to any of the aforementioned factors. Other risks that could cause actual results to differ materially from those described in the forward-looking statements are included in RB Global's periodic reports and other filings with the Securities and Exchange Commission ("SEC") and/or applicable Canadian securities regulatory authorities, including the risk factors identified under Item 1A "Risk Factors" and the section titled "Summary of Risk Factors" in RB Global’s most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2025, and RB Global’s periodic reports and other filings with the SEC, which are available on the SEC, SEDAR and RB Global’ websites. The foregoing list is not exhaustive of the factors that may affect RB Global’s forward-looking statements. There can be no assurance that forward-looking statements will prove to be accurate, and actual results may differ materially from those expressed in, or implied by, these forward-looking statements. Forward-looking statements are made as of the date of this news release and RB Global does not undertake any obligation to update the information contained herein unless required by applicable securities legislation. For the reasons set forth above, you should not place undue reliance on forward-looking statements. 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. Total service revenue take rate: Total service revenue divided by total GTV. 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. Non-GAAP Measures(Unaudited) This news release references non-GAAP measures. These measures do not have a standardized meaning and are, therefore, unlikely to be comparable to similar measures presented by other companies. The presentation of this financial information, which is not prepared under any comprehensive set of accounting rules or principles, is not intended to be considered in isolation of, or as a substitute for, the financial information prepared and presented in accordance with U.S. GAAP. The Company has not provided a reconciliation of Adjusted EBITDA outlook for fiscal 2026 to GAAP net income, the most directly comparable GAAP financial measure, because without unreasonable efforts, it is unable to predict with reasonable certainty the amount or timing of non-GAAP adjustments that are used to calculate Adjusted EBITDA, including but not limited to: (a) the net loss or gain on the sale of property plant & equipment, or other assets, (b) acquisition-related or integration costs relating to our mergers and acquisition activity, including severance costs, (c) restructuring costs, (d) stock-based compensation expense, which value is directly impacted by the fluctuations in our share price and other variables, and (e) other expenses that we do not believe are indicative of our ongoing operations. These adjustments are uncertain, depend on various factors that are beyond our control and could have a material impact on net income for fiscal 2026. Please refer to the Form 10-Q for the quarterly period ended June 30, 2026 for a summary of adjusting items for the first two quarters of 2026. The adjusting items recognized in prior years quarters are discussed in Part II, Item 7: Management’s Discussion and Analysis of Financial Condition and Results of Operations of our Annual Report on Form 10-K for the year ended December 31, 2025. Unless otherwise indicated, all amounts in the following tables are in millions, except per share amounts and percentages. Adjusted Net Income Available to Common Stockholders and Diluted Adjusted EPS Available to Common Stockholders Reconciliation The Company believes that adjusted net income available to common stockholders provides useful information about the growth or decline of the net income available to common stockholders for the relevant financial period and eliminates the financial impact of adjusting items the Company does not consider to be part of the normal operating results. Diluted adjusted EPS available to common stockholders eliminates the financial impact of adjusting items from net income available to common stockholders that the Company does not consider to be part of the normal operating results. Adjusted net income available to common stockholders is calculated as net income available to common stockholders, excluding the effects of adjusting items that we do not consider to be part of our normal operating results, such as stock-based compensation expense, acquisition-related and integration costs, restructuring costs, amortization of acquired intangible assets, executive transition costs and certain other items. Net income available to common stockholders is calculated as net income attributable to controlling interests, less cumulative dividends on Series A Senior Preferred Shares, allocated earnings to Series A Senior Preferred Shares, and adjustments to redeemable non-controlling interest. Diluted adjusted EPS available to common stockholders is calculated by dividing adjusted net income available to common stockholders by the weighted average number of dilutive shares outstanding, except that it is computed based upon the lower of the two-class method or the if-converted method, which includes the effects of the assumed conversion of the Series A Senior Preferred Shares and the effect of shares issuable under the Company’s stock-based incentive plans, if such effect is dilutive. The following table reconciles adjusted net income available to common stockholders and diluted adjusted EPS available to common stockholders to net income available to common stockholders and diluted EPS available to common stockholders, which are the most directly comparable GAAP measures in our consolidated financial statements: Adjusted EBITDA The Company believes adjusted EBITDA provides useful information and is a key performance measure because it facilitates operating performance comparisons from period to period and it provides management with the ability to monitor its controllable incremental revenues and costs. Adjusted EBITDA is calculated by adding depreciation and amortization, interest expense, and income tax expense, and subtracting interest income from net income, as well as adding back the adjusting items. The following table reconciles adjusted EBITDA to net income, which is the most directly comparable GAAP measure in, or calculated from, our consolidated financial statements: Adjusted Net Debt and Adjusted Net Debt/Adjusted EBITDA Reconciliation The Company believes that comparing adjusted net debt to adjusted EBITDA on a trailing twelve-month basis, across different periods, provides useful information to investors about the Company's operational performance and financial flexibility. This ratio indicates the period of time it would take to repay both our short- and long-term debt from operating earnings. The Company does not consider this to be a measure of its liquidity, which is its ability to meet short-term obligations, but rather a measure of how well it manages its liquidity position. Measures of liquidity are noted under "Liquidity and Capital Resources" in our Quarterly Report on Form 10-Q for the quarter ended June 30, 2026. Adjusted net debt is calculated by subtracting cash and cash equivalents from short and long-term debt. Adjusted net debt/adjusted EBITDA is calculated by dividing adjusted net debt by adjusted EBITDA. The following table reconciles adjusted net debt to debt, adjusted EBITDA to net income, and adjusted net debt/ adjusted EBITDA to debt/ net income, respectively, which are the most directly comparable GAAP measures in, or calculated from, our condensed consolidated financial statements. View source version on businesswire.com: https://www.businesswire.com/news/home/20260804030984/en/ Contacts For further information, please contact: Sameer Rathod | Vice President, Investor Relations and Market Intelligence1-510-381-7584 | [email protected]

RB Global (RBA) came out with quarterly earnings of $1.13 per share, beating the Zacks Consensus Estimate of $1.09 per share. This compares to earnings of $1.07 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +3.67%. A quarter ago, it was expected that this heavy equipment auctioneer would post earnings of $0.97 per share when it actually produced earnings of $1.01, delivering a surprise of +4.12%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. RB Global, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $1.32 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 5.48%. This compares to year-ago revenues of $1.19 billion. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. RB Global shares have added about 9.1% since the beginning of the year versus the S&P 500's gain of 11%. While RB Global has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for RB Global was favorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #2 (Buy) for the stock. So, the shares are expected to outperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.07 on $1.17 billion in revenues for the coming quarter and $4.36 on $4.89 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the bottom 38% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. One other stock from the same industry, Corpay (CPAY), is yet to report results for the quarter ended June 2026. The results are expected to be released on August 5. This provider of fuel card and payment products for businesses is expected to post quarterly earnings of $6.59 per share in its upcoming report, which represents a year-over-year change of +28.5%. The consensus EPS estimate for the quarter has been revised 0.3% lower over the last 30 days to the current level. Corpay's revenues are expected to be $1.3 billion, up 18.4% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RB Global, Inc. (RBA) : Free Stock Analysis Report Corpay, Inc. (CPAY) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Paymentus (PAY) came out with quarterly earnings of $0.25 per share, beating the Zacks Consensus Estimate of $0.2 per share. This compares to earnings of $0.15 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of +25.00%. A quarter ago, it was expected that this electronic bill payment services would post earnings of $0.17 per share when it actually produced earnings of $0.21, delivering a surprise of +23.53%. Over the last four quarters, the company has surpassed consensus EPS estimates four times. Paymentus, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $360.74 million for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 4.45%. This compares to year-ago revenues of $280.08 million. The company has topped consensus revenue estimates four times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Paymentus shares have added about 8% since the beginning of the year versus the S&P 500's gain of 9.4%. While Paymentus has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Paymentus was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.21 on $356.61 million in revenues for the coming quarter and $0.85 on $1.43 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the bottom 43% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. RB Global (RBA), another stock in the same industry, has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This heavy equipment auctioneer is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +1.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days. RB Global's revenues are expected to be $1.25 billion, up 5.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Paymentus Holdings, Inc. (PAY) : Free Stock Analysis Report RB Global, Inc. (RBA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Western Union (WU) came out with quarterly earnings of $0.31 per share, missing the Zacks Consensus Estimate of $0.43 per share. This compares to earnings of $0.42 per share a year ago. These figures are adjusted for non-recurring items. This quarterly report represents an earnings surprise of -27.91%. A quarter ago, it was expected that this money transfer company would post earnings of $0.4 per share when it actually produced earnings of $0.25, delivering a surprise of -37.5%. Over the last four quarters, the company has surpassed consensus EPS estimates two times. Western Union, which belongs to the Zacks Financial Transaction Services industry, posted revenues of $1.01 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 0.59%. This compares to year-ago revenues of $1.03 billion. The company has topped consensus revenue estimates three times over the last four quarters. The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call. Western Union shares have lost about 13.1% since the beginning of the year versus the S&P 500's gain of 6.9%. While Western Union has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock? There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately. Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions. Ahead of this earnings release, the estimate revisions trend for Western Union was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here. It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.52 on $1.08 billion in revenues for the coming quarter and $1.74 on $4.18 billion in revenues for the current fiscal year. Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Financial Transaction Services is currently in the bottom 40% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1. Another stock from the same industry, RB Global (RBA), has yet to report results for the quarter ended June 2026. The results are expected to be released on August 4. This heavy equipment auctioneer is expected to post quarterly earnings of $1.09 per share in its upcoming report, which represents a year-over-year change of +1.9%. The consensus EPS estimate for the quarter has been revised 2.1% higher over the last 30 days to the current level. RB Global's revenues are expected to be $1.25 billion, up 5.3% from the year-ago quarter. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report The Western Union Company (WU) : Free Stock Analysis Report RB Global, Inc. (RBA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Corpay (CPAY) is expected to deliver a year-over-year increase in earnings on higher revenues when it reports results for the quarter ended June 2026. This widely-known consensus outlook gives a good sense of the company's earnings picture, but how the actual results compare to these estimates is a powerful factor that could impact its near-term stock price. The earnings report, which is expected to be released on August 5, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This provider of fuel card and payment products for businesses is expected to post quarterly earnings of $6.58 per share in its upcoming report, which represents a year-over-year change of +28.3%. Revenues are expected to be $1.3 billion, up 18.1% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 0.02% lower over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For Corpay, the Most Accurate Estimate is higher than the Zacks Consensus Estimate, suggesting that analysts have recently become bullish on the company's earnings prospects. This has resulted in an Earnings ESP of +0.37%. On the other hand, the stock currently carries a Zacks Rank of #3. So, this combination indicates that Corpay will most likely beat the consensus EPS estimate. Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Corpay would post earnings of $5.5 per share when it actually produced earnings of $5.80, delivering a surprise of +5.45%. Over the last four quarters, the company has beaten consensus EPS estimates three times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. Corpay appears a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. RB Global (RBA), another stock in the Zacks Financial Transaction Services industry, is expected to report earnings per share of $1.16 for the quarter ended June 2026. This estimate points to a year-over-year change of +8.4%. Revenues for the quarter are expected to be $1.25 billion, up 5.3% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for RB Global has been revised 2.1% up to the current level. Nevertheless, the company now has an Earnings ESP of -2.59%, reflecting a lower Most Accurate Estimate. This Earnings ESP, combined with its Zacks Rank #2 (Buy), makes it difficult to conclusively predict that RB Global will beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Corpay, Inc. (CPAY) : Free Stock Analysis Report RB Global, Inc. (RBA) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street expects a year-over-year increase in earnings on higher revenues when RB Global (RBA) reports results for the quarter ended June 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on August 4, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise. This heavy equipment auctioneer is expected to post quarterly earnings of $1.16 per share in its upcoming report, which represents a year-over-year change of +8.4%. Revenues are expected to be $1.25 billion, up 5.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.06% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change. Price, Consensus and EPS Surprise Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. Our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction) -- has this insight at its core. The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell). For RB Global, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -2.59%. On the other hand, the stock currently carries a Zacks Rank of #2. So, this combination makes it difficult to conclusively predict that RB Global will beat the consensus EPS estimate. While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that RB Global would post earnings of $0.97 per share when it actually produced earnings of $1.01, delivering a surprise of +4.12%. Over the last four quarters, the company has beaten consensus EPS estimates four times. An earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss. That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported. RB Global doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release. Among the stocks in the Zacks Financial Transaction Services industry, Western Union (WU), is soon expected to post earnings of $0.43 per share for the quarter ended June 2026. This estimate indicates a year-over-year change of +2.4%. This quarter's revenue is expected to be $1.01 billion, down 1.8% from the year-ago quarter. Over the last 30 days, the consensus EPS estimate for Western Union has been revised 2.7% down to the current level. Nevertheless, the company now has an Earnings ESP of -6.50%, reflecting a lower Most Accurate Estimate. This Earnings ESP, combined with its Zacks Rank #3 (Hold), makes it difficult to conclusively predict that Western Union will beat the consensus EPS estimate. Over the last four quarters, the company surpassed consensus EPS estimates two times. Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report RB Global, Inc. (RBA) : Free Stock Analysis Report The Western Union Company (WU) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research