EquipmentShare.com (EQPT) Q4 2025 earnings summary

Executive summary

• Achieved $4.4 billion in 2025 revenue, up 16% year-over-year, with rental segment revenue up 34% to $2.7 billion and 95 new locations added, totaling 385 at year-end.

• Mature rental sites delivered EBITDA margins above 50% and ROIC at 16.5%, driven by organic growth, customer demand, and technology adoption, especially the T3 platform.

• Adjusted Core EBITDA rose 32% to $1.67 billion, with net income for 2025 at $40 million, up from $3 million in 2024.

• T3 technology platform and capital-light OWN Program underpin a differentiated business model, fueling rapid expansion and high customer retention.

• Specialty division revenue grew 34% year-over-year, and T3/materials business revenue more than doubled.

Financial highlights

• Rental segment revenue grew 34% year-over-year to $2.7 billion in 2025; Q4 rental segment revenue was $772 million, up over 35%.

• Equipment Sales revenue declined 8% to $1.54 billion in 2025.

• Adjusted Core EBITDA reached $1.67 billion, up 32% year-over-year; mature site EBITDA margin was 54%.

• Net income for 2025 was $40 million, with Q4 net income at $65 million.

• OEC under management rose 33% to $8.8 billion in 2025.

Outlook and guidance

• 2026 revenue guidance: $5.05–$5.47 billion; rental segment revenue: $3.31–$3.59 billion.

• Adjusted Core EBITDA expected between $1.81–$1.93 billion for 2026.

• OEC projected to reach $9.98–$11.03 billion; mature rental sites to increase to 264 by year-end 2026.

• Gross CapEx for 2026 expected at $2.1–$2.3 billion; net rental CapEx at $759–$839 million.

• If demand softens, plans to moderate investments and prioritize cash flow while protecting returns.