Strong Top-Line Growth (GTV)
Total Gross Transaction Value (GTV) rose 13% year-over-year to $4.3 billion in Q1 2026, with organic GTV (ex-acquisitions) up ~9%, reflecting broad marketplace demand.
RB Global
· RBA
May 4th, 2026
Summary
- Earnings Call Date:
- 2026-05-04
- Change Since:
- +7.50%
- Next Earnings Date:
- 2026-08-12
Earnings Call Sentiment
PositiveThe call painted a largely positive picture: strong top-line GTV growth (13%), significant CC&T momentum, resilient Automotive performance with rising ASPs, double-digit Adjusted EBITDA and adjusted EPS growth, and a raised full-year outlook. Management balanced enthusiasm with caution, noting timing-driven lumpiness in CC&T, a 160 bps decline in the service revenue take rate (partly optical), regional disruptions in the Middle East, and fuel cost headwinds. Strategic M&A progress (BigIron HSR approval) and continued focus on cost discipline and yard efficiencies support confidence in durable, profitable growth, though some near-term uncertainty remains around calendar timing and regional disruptions.
Company Guidance
RB Global raised its 2026 outlook, now guiding Gross Transaction Value (GTV) growth of 6–9% for the full year (guidance excludes BigIron) and roughly 8% Adjusted EBITDA growth at the midpoint; that outlook is supported by Q1 results where GTV was $4.3 billion (up 13%), Automotive GTV +7% (unit volumes +1%, average vehicle price ~+6%), U.S. insurance ASPs ~+10% YoY, Commercial Construction & Transportation GTV +27% (≈+16% ex‑acquisitions) and total organic GTV +9% ex‑acquisitions. Q1 Service Revenue rose 5% while the service revenue take rate declined 160 bps to 20.7%; Adjusted EBITDA increased 11% (outpacing service revenue) and adjusted EPS rose 13%, aided by inventory returns and cost discipline. Management characterized 2026 as volume‑led growth, reiterated a goal of growing Adjusted EBITDA faster than service revenue, noted the guidance incorporates headwinds (e.g., fuel) and flagged ongoing initiatives—cost savings, yard‑level efficiency technology and operating‑model productivity—to drive operating leverage.
Commercial Construction & Transportation Surge
CC&T GTV increased 27% year-over-year (approximately +16% excluding recent acquisitions), driven by higher unit volumes and ASPs and early contribution from certain acquired businesses' auction calendars.
Automotive Resilience and Price Strength
Automotive GTV grew 7% with unit volumes up 1% and average price per vehicle sold up ~6%; U.S. insurance Average Selling Prices expanded ~10% year-over-year, supported by higher salvage returns.
Profitability and Flow-Through
Adjusted EBITDA increased 11% in the quarter, outpacing service revenue growth of 5%, demonstrating strong profit flow-through driven by higher GTV volumes and inventory returns.
Earnings Per Share Improvement
Adjusted earnings per share rose 13% in Q1, primarily due to higher operating income and lower net interest expense.
Raised 2026 Guidance
Company raised its 2026 outlook: expecting GTV growth of 6%–9% for the full year and Adjusted EBITDA growth of ~8% at the midpoint (guidance excludes any impact from BigIron).
Strategic M&A and Regulatory Progress
Received HSR approval for the BigIron acquisition (expected to close in Q2) and completed smaller strategic tuck-ins (e.g., Blackmon), expanding geography and sector coverage (e.g., ag, rail).
Operational Execution and Cost Discipline
SG&A grew only ~4% year-over-year while cost of service remained flat despite an 11% increase in GTV, with ongoing yard-level efficiency and cost-savings initiatives supporting operating leverage.
Operator
Hello, everyone. Thank you for joining us, and welcome to RB Global's First Quarter 2026 Earnings Call. [Operator Instructions] I would now like to hand the conference over to Sameer Rathod, CFA, Vice President, Investor Relations and Market Intelligence. Please go ahead.
Sameer Rathod
Hello, and good afternoon. Thank you for joining us today to discuss our first quarter 2026 results. On the call with me today 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 should be considered in conjunction with the cautionary statements contained in our earnings release and periodic SEC reports. On this call, 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'd like to turn the call over to our CEO, Jim Kessler.
Jim?
James Kessler
Thanks, Sameer, and good afternoon to everyone joining the call. I want to recognize our teams for their continued strong performance, particularly against the backdrop of the complex macro environment. As always, we are focused on the factors within our control to ensure we consistently overdeliver on our commitments and remain a trusted partner to our customers. Our execution in these areas was evident in the first quarter as our growth strategy and operating model continue to demonstrate durabi...
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