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.
BigIron Acquisition Expands U.S. Agriculture Presence
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.
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.
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 Volumes Outpace Broader Market
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.
Take Rate Declines as Business Mix Changes
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.
Outlook Raised; Capital Returns Continue
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.
About RB Global (NYSE:RBA)
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.
