RB Global (J1F) Q2 2026 Earnings Report

The call conveyed a largely positive operational and financial picture: double-digit GTV growth (11%), strong automotive momentum (13% GTV growth, 11% unit growth), and adjusted EBITDA and EPS each up 6%. Management completed a strategic acquisition (BigIron) to expand into U.S. agriculture, raised 2026 guidance (GTV growth 9%–11%, adjusted EBITDA growth ~8.6%), and returned capital via a dividend increase and $150M buyback. Offsetting factors include a 110 bp decline in service revenue take rate, deliberate customer decision-making across some end markets, higher fuel costs, and near-term integration/take-rate pressure from BigIron and real estate volume lumpiness. Overall, the positives (growth, margin expansion, strategic M&A, capital returns, and raised outlook) outweigh the headwinds, though the company noted areas of near-term mix and cost pressure.

Management raised its 2026 outlook to GTV growth of 9–11% and adjusted EBITDA growth of ~8.6% at the midpoint, which incorporates an expected ~ $500 million of GTV from the BigIron acquisition; that guidance builds on Q2 results of $4.7 billion total GTV (+11% YoY), automotive GTV +13% (unit volumes +11%, average price/vehicle ~+2%, U.S. insurance ASP +4%), heavy equipment & transportation GTV +8% (7% ex-acquisitions), service revenue +5% with the service revenue take rate down 110 bps to 20%, adjusted EBITDA +6% and adjusted EPS +6%. Management emphasized 2026 as a year of volume-led growth with a priority to grow adjusted EBITDA faster than service revenue, and signaled continued capital returns (quarterly dividend increased $0.02 to $0.33/share, ~6.5% increase, and $150M of buybacks completed on a $500M authorization).