RB Global (NYSE:RBA) executives highlighted “disciplined execution and deliberate strategic progress” in 2025, pointing to fourth-quarter results that showed operating leverage and cost control alongside continued investment for growth. Chief Executive Officer Jim Kessler said adjusted EBITDA rose 10% in the quarter on a 4% increase in gross transaction value (GTV), reflecting what he described as strong execution and tight cost management.
Fourth-quarter performance and full-year trends
Chief Financial Officer Eric Guerin said total GTV increased 4% in the fourth quarter. Service revenue rose 5% on higher GTV and a modest increase in service revenue take rate. The take rate increased about 10 basis points year-over-year to 21.4%, primarily due to a higher average buyer fee rate.
Adjusted earnings per share increased 17% in the fourth quarter and 15% for the full year, which management attributed to higher operating income, lower net interest expense, and a lower adjusted tax rate. Guerin added that adjusted and GAAP tax rates came in below prior guidance due to additional discrete tax deductions captured in the company’s 2024 U.S. federal tax return.
Automotive: volume growth, partner renewals, and new tools
In automotive, Kessler said unit volumes increased 8% year-over-year excluding catastrophic (cat) volumes from 2024, marking the fourth consecutive quarter the company outpaced the market. Guerin reported automotive GTV increased 3% in the quarter, driven by a 2% rise in unit volumes; excluding the impact of catastrophic activity in the fourth quarter of 2024, automotive GTV and unit volumes grew about 12% and 8%, respectively.
Kessler said the company signed a new multi-year agreement with one of its two largest partners and reached an agreement in principle with the other, which he said provides longer-term visibility into expected volumes. In the Q&A, management clarified these were renewals, with expectations for incremental share over time. Guerin told analysts the 2026 outlook incorporates “all of the information that we have in front of us today,” including run-rate impacts and agreed terms related to those large partner discussions.
Management also discussed pricing and salvage dynamics. Kessler said gross returns (salvage values as a percentage of pre-accident cash values) continued to expand, supporting about 7% year-over-year growth in U.S. insurance average selling price, which he linked to improvements in the buying experience. Guerin said average price per vehicle sold increased about 1% in the quarter (or roughly 4% excluding catastrophic impacts), driven by strength in U.S. insurance vehicles, partially offset by a higher mix of remarketed vehicles.
Looking upstream in the claims process, Kessler outlined plans to roll out “IAA Total Loss Predictor” in 2026. He said the tool is designed to support dynamic vehicle routing—directing a vehicle to a salvage yard or repair facility—using AI and images, with the goal of reducing costs such as storage and rental fees. Kessler said the model has tested in “the high 90s” accuracy using a four-corner picture of a car and can be used at the scene of an accident, at a collision center, or at a storage yard, with the greatest value coming at the scene.
CC&T: early signs of improvement and international channel expansion
In the CC&T segment, Kessler said the company remained “cautiously optimistic” as seller confidence showed early signs of improvement, citing stabilizing used equipment values, lower interest rates, and continued strength in mega projects and civil infrastructure. In response to an analyst question, he said the environment remains difficult to interpret given external factors such as tariffs and interest rates, but described partner conversations as improving versus the past two years, with momentum seen in the third and fourth quarters.
Guerin said CC&T GTV increased 9% in the fourth quarter. Excluding the impact of the Yellow Corporation bankruptcy, GTV and unit volumes grew approximately 10% and 9%, respectively. He added that the average price per lot sold increased mainly due to improvements in asset mix, reflecting a decline in lower-priced rental and transportation lot volumes.
Kessler also announced plans to expand international channels with a new reserved auction format on rbauction.com. He said reserved auctions are intended to give sellers more control over price realization by guaranteeing minimum value thresholds, while providing flexibility to optimize liquidity. In Q&A, Kessler pointed to countries such as Germany and the Nordics where reserved formats are common, saying the addition helps the company compete for market share and can serve as a transition point for sellers toward unreserved auctions.
Efficiency initiatives, AI investments, and capital allocation
Management emphasized ongoing productivity and efficiency initiatives. Kessler highlighted “AI-enabled role playing” for territory managers, describing it as a “flight simulator” that allows employees to practice customer conversations, receive scoring and coaching, and track progress. Guerin said the company’s focus on operating leverage is “evergreen,” spanning yard efficiency, SG&A optimization, and faster ramp-up for sales roles, with no defined endpoint.
On AI’s broader role, Kessler said the company views it as an enabler rather than a disruptor, citing RB Global’s physical infrastructure, embedded partner workflows, transaction ecosystem, and proprietary data developed over decades. He also suggested AI could help turn inventory faster and improve capacity utilization, but said he did not see AI easily replacing aspects of the business that involve inspection and management of physical assets.
Regarding capital allocation, Guerin said the company ended the quarter at 1.4x net debt to adjusted EBITDA and continues to evaluate uses of cash across debt paydown, investment in the business, tuck-in acquisitions, and dividends. He said the company reviews share repurchase authorization with the board quarterly and would consider establishing one “at the appropriate time.”
2026 guidance
For 2026, management guided to full-year GTV growth of 5% to 8% and adjusted EBITDA of $1.47 billion to $1.53 billion, representing about 7% growth at the midpoint. Guerin said the company expects “volume-led growth” and will continue executing its Operational Excellence program to translate incremental volume into EBITDA growth through cost savings, yard-level efficiency technology, and productivity improvements.
Additional 2026 outlook items included:
- Capital expenditures: $350 million to $400 million (including TPNE net of proceeds and additions to intangible assets); Guerin said the expected mix is about two-thirds traditional PP&E and one-third technology-related spending.
- Tax rate: GAAP and adjusted tax rate expected to be 23% to 25%.
In closing remarks, Kessler thanked employees for execution and said the company remains focused on delivering commitments and creating long-term shareholder value.
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.
