-- Total revenue of $1,572 million for the fourth quarter and $4,379 million
for the full-year.
-- Rental Segment(1) revenue of $772 million for the fourth quarter, an
increase of 35% year over year, and full-year revenue of $2,724 million,
an increase of 34% year over year.
-- Net income of $65 million for the fourth quarter and $40 million for the
full-year.
-- Adjusted Core EBITDA(2) of $559 million for the fourth quarter and $1,667
million for the full-year.
-- Mature rental location(1) adjusted EBITDA margins were 54% for the
full-year.
-- Mature rental location(1) return on invested capital was 16.5% for the
full year.
-- 385 locations(4) with 95 new locations opened during the full-year.
COLUMBIA, Mo., March 18, 2026 (GLOBE NEWSWIRE) -- EquipmentShare.com Inc (Nasdaq: EQPT) ("EquipmentShare" or the "Company") today reported financial results for the fourth quarter and year ended December 31, 2025 which can be found on EquipmentShare's website at https://ir.equipmentshare.com/.
"We delivered strong results in 2025, with Rental Segment revenue growing 34% to $2.7 billion," said Jabbok Schlacks, Co-Founder and Chief Executive Officer of EquipmentShare. "I am proud of how our team executed through the IPO process while continuing to scale the business, opening 95 new sites and ending the year with 385 operational locations. Looking to 2026, we see a supportive industry backdrop as infrastructure, data center, manufacturing, and energy projects continue to drive larger and more complex jobsites. We believe our position as a fully integrated jobsite solutions provider, enabled by T3 and supported by the capital-efficient scaling of the OWN Program, positions us to continue gaining share through disciplined growth."
"2025 was a milestone year for EquipmentShare, as we continued to deliver strong growth and scale T3," said Willy Schlacks, Co-Founder and President of EquipmentShare. "For more than a decade, we have been building T3 to connect the jobsite from sensor to server and create a more unified operating environment for construction. That connected platform, combined with the physical distribution business we have built, has given us a differentiated dataset across equipment, utilization, diagnostics, and service workflows. Capabilities enabled by AI are now accelerating that advantage across product development, how we run the business, and the tools we provide customers to improve uptime, visibility, and efficiency."
Financial Summary
Three Months
Ended Year Ended
December 31, December 31,
--------------- --------------
($ in millions,
except for
operational
locations) 2025 2024 % change 2025 2024 % change
----- ------ ---------- ----- ----- ----------
Total revenue $1,572 $ 1,553 1% $4,379 $3,764 16%
Equipment
Rental and
Services
Operations $ 772 $ 570 35% $2,724 $2,035 34%
Equipment
Sales $ 751 $ 968 (22)% $1,541 $1,676 (8)%
All Other $ 49 $ 15 227% $ 114 $ 53 115%
OWN Program
payouts $ 202 $ 132 53% $ 714 $ 420 70%
Net income $ 65 $ 50 30% $ 40 $ 3 1,233%
Adjusted Core
EBITDA((2) () $ 559 $ 418 34% $1,667 $1,260 32%
New market
startup
costs((3) () $ 66 $ 67 (1)% $ 252 $ 197 28%
Operational
locations((4)
() 385 290 33% 385 290 33%
Original
Equipment Cost $8,780 $ 6,601 33% $8,780 $6,601 33%
____________________
(1) Refers to the Equipment Rental and Services Operations
segment.
(2) Adjusted Core EBITDA is a non-GAAP measure. See "Non-GAAP
Financial Measures" for additional information on
non-GAAP financial measures and a reconciliation to
the most comparable GAAP measures.
(3) New market start up costs attributable to new locations
open less than twelve months.
(4) Includes 352 full-service rental locations (166 growth
and 186 mature), 24 building materials locations,
and 9 dealerships as of December 31, 2025, and 267
full-service rental locations (144 growth and 123
mature), 15 building materials locations, and 8 dealerships
as of December 31, 2024. Growth sites refers to full-service
rental locations opened 24 months or less. Mature
sites refers to full-service rental locations opened
greater than 24 months.
Fourth Quarter 2025 Results
-- Rental Segment(1) revenue increased 35% to $772 million due to
significant customer demand which drove continued expansion of the
Company's operational location footprint and an increase in the size of
the Company's managed fleet.
-- Equipment sales ("Sales Segment") revenue decreased 22% to $751 million
primarily due to our disciplined and selective equipment sales into the
OWN Program. The Company continues to experience high market demand and
remained oversubscribed for the OWN Program.
-- The Company opened 14 operational locations during the fourth quarter,
including 12 full-service rental locations and 2 building material
locations.
-- The Company's original equipment cost ("OEC") under management increased
$727 million in the fourth quarter to $8,780 million.
Full-Year 2025 Results
-- Rental Segment(1) revenue increased 34% to $2,724 million due to
significant customer demand which drove continued expansion of the
Company's operational location footprint and increase in the size of the
Company's managed fleet.
-- Equipment Sales Segment revenue decreased 8% to $1,541 million primarily
due to disciplined and selective equipment sales into the OWN Program
compared to the prior year. The Company continues to experience high
market demand for the OWN Program and remained oversubscribed across
investor channels.
-- Net income increased $37 million to $40 million primarily due to improved
business performance, partially offset by $31 million of higher total
other expense, net.
-- Adjusted Core EBITDA increased $407 million to $1,667 million due to the
continued expansion of our full-service rental location footprint and
maturation of existing rental sites within the Rental Segment(1). The
Company believes the earnings power embedded in our branch network
continues to increase as recently opened locations mature, which should
support earnings growth and margin expansion over time.
-- The Company opened a total of 95 operational locations for the year,
including 85 full-service rental locations, 9 building material locations,
and 1 dealership location. In conjunction with the opening of these new
sites, the Company incurred $252 million of new market startup costs for
the year. The Company estimates more than 75% of first-year revenue in
newly opened rental locations came from existing customers already
renting from EquipmentShare in other markets, reflecting the durability
of customer relationships and the repeatability of the Company's
expansion model.
-- The Company's OEC under management grew to $8,780 million throughout the
year comprising of $3,740 million of EquipmentShare owned fleet, $4,942
million of OWN Program fleet, and $98 million of equipment on operating
leases. In addition, the appraised value of the OWN Program fleet was
$4,069 million as of December 31, 2025.
-- Net rental equipment CAPEX(5) for the year was $620 million after gross
purchases of rental equipment of $1,780 million, up from $263 million
after gross purchases of rental equipment of $1,586 million in 2024.
-- As of December 31, 2025, total available liquidity was $1,345 million,
which included availability on the asset-based revolving credit facility
of $1,039 million and cash and cash equivalents of $306 million.
-- Net leverage increased to 3.2x as of December 31, 2025, from 2.8x as of
December 31, 2024. The leverage ratio(6) as of December 31, 2025 on a pro
forma basis reflecting the impact of proceeds from the Company's initial
public offering was 2.4x.
____________________
(5) Reflects capital expenditures related to our rental
equipment fleet, net of proceeds from the sale of
rental equipment.
(6) See "Net Debt and Leverage Calculation" for additional
information on our calculation of the net leverage
ratio.
2026 Outlook
Year Ending
December 31, 2026
-----------------------
(Guidance)
-----------------------
($ in millions, except for full-service rental
locations) Low High
---------- -----------
OEC $9,975 $11,025
Full-Service Rental Locations((7) () 421 429
Total Revenue $5,051 $ 5,471
Rental Segment(1) Revenue $3,311 $ 3,587
OWN Program Payouts $ 891 $ 947
Adjusted Core EBITDA $1,813 $ 1,925
Gross Rental Capex $2,106 $ 2,328
Net Rental CapEx $ 759 $ 839
OWN Program % of OEC 55% 60%
____________________
(7) The Company anticipates the total number of mature
rental site locations within our Rental Segment to
be 264 sites by the end of 2026, up from 186 for the
year ended December 31, 2025.
We cannot provide a reconciliation between the expected non-GAAP measures and the most directly comparable GAAP measures for the period reflected above because certain significant information required for such reconciliation is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amounts of these items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.
Conference Call
EquipmentShare will hold a conference call discussing fourth quarter and full year 2025 financial results tomorrow, Thursday, March 19, 2026 at 7:30 a.m. Central Time. The conference call will be available live via a webcast at ir.equipmentshare.com. Alternatively, the call will be accessible by dialing 404-975-4839 (local) or 833-470-1428 (toll-free). The passcode for both numbers is 814997. A replay of the webcast will also be hosted on the EquipmentShare investor relations website.
About EquipmentShare
Founded in 2015 and headquartered in Columbia, Missouri, EquipmentShare is a nationwide construction technology and equipment solutions provider dedicated to transforming the construction industry through innovative tools, platforms and data-driven insights. By empowering contractors, builders and equipment owners with its proprietary technology, T3 , EquipmentShare aims to drive productivity, efficiency and collaboration across the construction sector. With a comprehensive suite of solutions that includes a fleet management platform, telematics devices and a best-in-class equipment rental marketplace, EquipmentShare continues to lead the industry in building the future of construction. EquipmentShare is listed on the Nasdaq stock exchange under the stock symbol EQPT. For more information, visit https://www.equipmentshare.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" for purposes of United States federal and state securities laws. Forward-looking statements are statements other than statements of historical fact and can be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. These forward-looking statements are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond EquipmentShare's control, including but not limited to, risks and uncertainties related to economic, market or business conditions, the construction equipment rental industry, our operational locations and the size of our managed fleet, the ability to execute on our expansion strategy, and other risks and uncertainties. For a further list and description of such risks and uncertainties, please refer to EquipmentShare's filings with the Securities and Exchange Commission available at www.sec.gov. All forward-looking statements, expressed or implied, included in this press release are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by applicable law, EquipmentShare disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF NET INCOME (Unaudited)
(In millions, except per share data)
Three Months Ended Year Ended
December 31, December 31,
--------------------- ------------------
2025 2024 2025 2024
------ -----
REVENUES
Equipment
rental and
related
services $ 694 $ 523 $2,437 $1,867
Equipment sales 751 968 1,541 1,676
Equipment parts
and supplies
and services 74 44 272 157
Platform:
Telematics 31 9 66 32
Other 22 9 63 32
------ ------ ----- -----
Total
revenues 1,572 1,553 4,379 3,764
------ ------ ----- -----
COST OF GOODS
SOLD
Direct
operating
costs 227 164 799 663
OWN Program
payouts 202 132 714 420
Equipment sales 583 837 1,237 1,400
Platform
expense 30 7 68 30
Depreciation
and
amortization 89 72 322 305
------ ------ ----- -----
Total cost of
revenues 1,131 1,212 3,140 2,818
------ ------ ----- -----
Gross profit 441 341 1,239 946
SELLING, GENERAL
AND
ADMINISTRATIVE
EXPENSES 262 220 942 728
------ ------ ----- -----
Operating
income 179 121 297 218
------ ------ ----- -----
OTHER INCOME
(EXPENSE)
Gain on sale of
properties and
other assets -- -- 1 20
Loss on debt
extinguishment (8) -- (8) --
Interest
expense (78) (69) (285) (261)
Other income,
net 9 11 49 29
------ ------ ----- -----
Total other
expense,
net (77) (58) (243) (212)
------ ------ ----- -----
INCOME BEFORE
INCOME
TAXES 102 63 54 6
Provision for
income taxes 37 13 14 3
NET INCOME $ 65 $ 50 $ 40 $ 3
Deemed dividends
on perpetual
preferred stock (11) (11) (37) (40)
------ ------ ----- -----
Net income (loss)
attributable to
stockholders $ 54 $ 39 $ 3 $ (37)
====== ====== ===== =====
Weighted average
common shares
outstanding:
Basic 79 78 78 77
Diluted 227 229 226 77
Earnings (loss)
earnings per
common share:
Basic $ 0.24 $ 0.18 $ 0.01 $(0.48)
Diluted $ 0.24 $ 0.17 $ 0.01 $(0.48)
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except par value)
December 31, December 31,
2025 2024
-------------- ----------------
ASSETS
Cash and cash equivalents $ 306 $ 407
Accounts receivable, net ($20 and $36,
respectively, due from related
parties) 748 563
Inventories 401 331
Prepaid costs 169 42
Other current assets 106 64
--------- ---------
Total current assets 1,730 1,407
Rental equipment, net 2,834 2,335
Property and equipment, net 504 339
Capitalized software, net 110 92
Right of use assets, operating 676 569
Investments in non-consolidated
affiliates 59 54
Intangible assets, net 31 3
Other assets 43 17
--------- ---------
Total assets $ 5,987 $ 4,816
========= =========
LIABILITIES, PERPETUAL PREFERRED STOCK,
AND EQUITY
Accounts payable ($1 due to related
parties in 2024) $ 95 $ 91
Accrued liabilities ($4 due to related
parties in 2024) 609 344
Manufacturer flooring plans payable 74 108
Current portion of long-term debt 4 19
Current portion of operating lease
liabilities 69 59
Current portion of finance lease
liabilities 19 17
Current portion of financing obligations 10 20
--------- ---------
Total current liabilities 880 658
Long-term debt, net of current portion,
original issue discounts, and debt
issuance costs 3,268 2,528
Operating lease liabilities, net of
current portion ($5 and $25,
respectively, due to related parties) 655 555
Finance lease liabilities, net of
current portion ($28 and $29,
respectively, due to related parties) 169 71
Financing obligations, net of current
portion 83 99
Deferred tax liabilities, net 43 31
Other liabilities 1 1
--------- ---------
Total liabilities 5,099 3,943
Perpetual preferred stock, net -
$0.00000125 par value, 15 shares
authorized, 14 and 14 shares issued and
outstanding at December 31, 2025 and
2024, respectively 360 324
Common stock - $0.00000125 par value,
273 shares authorized, 79 and 78 shares
issued and outstanding at December 31,
2025 and 2024, respectively -- --
Convertible preferred stock, net -
$0.00000125 par value, 149 shares
authorized, 142 and 142 shares issued
and outstanding at December 31, 2025
and 2024, respectively 430 430
Treasury stock, at cost, 5 and 5 shares
at December 31, 2025 and 2024,
respectively (7) (7)
Additional paid-in-capital 105 114
Retained earnings -- 8
Accumulated other comprehensive income -- 4
Total equity 528 549
--------- ---------
Total liabilities, perpetual
preferred stock, and equity $ 5,987 $ 4,816
========= =========
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Years Ended December 31,
------------------------------
2025 2024
---------
OPERATING ACTIVITIES
Net income $ 40 $ 3
Adjustments to reconcile net income to
net cash provided by operating
activities:
Depreciation and amortization expense 365 332
Gain on sale of properties and other
assets (1) (20)
Loss on debt extinguishment 8 --
Amortization of debt issuance costs
and original issue discounts 21 20
Allowance for doubtful accounts
provision 28 24
Change in operating lease cost 115 153
Stock-based compensation expense 4 4
Deferred taxes 12 --
Other (18) (1)
Change in operating assets and
liabilities:
Accounts receivable (206) (135)
Inventories (50) (92)
Prepaid costs and other assets (146) (37)
Accounts payable and manufacturer
flooring plans payable (58) 37
Accrued liabilities 266 125
Operating lease liabilities (116) (131)
Net cash provided by operating
activities 264 282
---------- ---------
INVESTING ACTIVITIES
Purchases of rental equipment ($27 and
$133 from related parties in 2025 and
2024, respectively) (1,780) (1,586)
Proceeds from sale of rental equipment
($55, $202, and $62, respectively,
from related parties) 1,160 1,323
Purchases of and deposits on property
and other fixed assets (248) (195)
Proceeds from sale of property and
other fixed assets 2 102
Investments in internally developed
software (39) (38)
Purchases of investments in equity and
debt securities (46) (26)
Proceeds from sale of investments in
equity and debt securities 19 10
Acquisition of businesses, net of cash
acquired (48) (6)
Net cash outflow from deconsolidation
of subsidiary -- (3)
---------- ---------
Net cash used in investing
activities (980) (419)
---------- ---------
FINANCING ACTIVITIES
Payments on long-term debt and finance
leases (1,679) (2,195)
Proceeds from long-term debt, net 2,357 2,436
Payments on deferred financing costs (3) (6)
Payments on financing obligations (19) (67)
Proceeds on financing obligations 1 68
Dividends paid on perpetual preferred
stock (37) (9)
Exercise of stock options 2 3
Lease termination and debt redemption
prepayment fees -- (2)
Other (7) --
---------- ---------
Net cash provided by financing
activities 615 228
Net increase in cash and cash
equivalents (101) 91
Cash and cash equivalents, beginning
of period 407 316
---------- ---------
Cash and cash equivalents, end of
period $ 306 $ 407
========== =========
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest $ 272 $ 230
Cash paid for taxes 6 2
NON-CASH ACTIVITIES:
Purchase of rental equipment with
long-term debt $ -- $ 6
Purchase of rental equipment remaining
in accounts payable 14 4
Purchase of property and other fixed
assets remaining in accounts payable 5 9
Accretion of perpetual preferred stock
to redemption value 36 40
Equity issued in exchange for 10 --
acquisition of business and other
assets
Non-GAAP Financial Measures
This press release contains certain financial information that is not presented in accordance with generally accepted accounting principles ("GAAP"). Non-GAAP financial measures should not be used as a substitute for the corresponding GAAP measures. Non-GAAP measures in this presentation may be calculated in a way that is not comparable to similarly-titled measures reported by other companies. Non-GAAP measures in this presentation include, but are not limited to, "EBITDA" and "Adjusted Core EBITDA", and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of the Company's profitability, liquidity or performance under GAAP. Schedules that reconcile certain non-GAAP financial measures to a financial measure included in financial statements calculated and presented in accordance with GAAP are included in the below tables.
EBITDA, Core EBITDA, and Adjusted Core EBITDA
EBITDA is defined as net income before interest expense, income taxes, depreciation and amortization and non-cash stock compensation expense. The exclusion of these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The Company believes EBITDA is meaningful to investors because it provides investors with a useful representation of our ongoing operations and performance.
Core EBITDA is defined as the sum of Equipment Rental and Services Operations Segment EBITDA and Equipment Sales Segment EBITDA. The Company believes Core EBITDA is meaningful to investors because it reflects the profitability of our two core segments.
Adjusted Core EBITDA is defined as Core EBITDA adjusted for new market start-up costs attributable to new locations less than twelve months old. The Company believes Adjusted Core EBITDA is meaningful to investors as it is the primary operating performance measure used by the Company to assess its core operating performance.
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