EquipmentShare.com | 8-K: FY2026 Q2 Revenue Beats Estimate at USD 1.449 B

Revenue: As of FY2026 Q2, the actual value is USD 1.449 B, beating the estimate of USD 1.144 B.

EPS: As of FY2026 Q2, the actual value is USD 0.06.

EBIT: As of FY2026 Q2, the actual value is USD 107 M.

Revenue

• Total Revenue: For Q2 2026, total revenue was $1,449 million, an increase of 26% year-over-year from $1,147 million in Q2 2025. On a TTM basis, total revenue was $4,952 million, up 18% from $4,195 million in the TTM ended June 30, 2025.
• Equipment Rental and Services Operations Revenue: This segment reported $908 million in Q2 2026, a 39% increase year-over-year from $651 million in Q2 2025. On a TTM basis, it reached $3,189 million, a 37% increase from $2,327 million in the TTM ended June 30, 2025.
• Equipment Sales Revenue: Increased by 1% year-over-year to $483 million in Q2 2026 from $478 million in Q2 2025. On a TTM basis, it decreased by -13% to $1,578 million from $1,804 million in the TTM ended June 30, 2025.
• All Other Revenue: Saw a significant increase of 222% year-over-year to $58 million in Q2 2026 from $18 million in Q2 2025. On a TTM basis, it grew by 189% to $185 million from $64 million in the TTM ended June 30, 2025.

Profitability

• Net Income: EquipmentShare.com Inc. reported net income of $19 million for Q2 2026, a 19% increase from $16 million in Q2 2025. On a TTM basis, net income was $62 million, an increase of 182% from $22 million in the TTM ended June 30, 2025.
• Adjusted Net Income: For Q2 2026, Adjusted Net Income was $43 million, a 169% increase from $16 million in Q2 2025. On a TTM basis, it was $103 million, up 368% from $22 million in the TTM ended June 30, 2025.
• Adjusted Core EBITDA: Reached $531 million for Q2 2026, a 34% increase from $395 million in Q2 2025. On a TTM basis, it was $1,911 million, also a 34% increase from $1,430 million in the TTM ended June 30, 2025.
• Gross Profit: For the six months ended June 30, 2026, gross profit was $697 million, compared to $492 million for the six months ended June 30, 2025.
• Operating Income: For the six months ended June 30, 2026, operating income was $94 million, compared to $53 million for the six months ended June 30, 2025.
• Equipment Rental and Services Operations Adjusted EBITDA Margin: Was 42.8% in Q2 2026, up from 42.2% in Q2 2025. On a TTM basis, the margin was 42.9%, up from 40.6% in the TTM ended June 30, 2025.
• Equipment Sales Adjusted EBITDA Margin: Was 17.0% in Q2 2026, up from 12.6% in Q2 2025. On a TTM basis, the margin was 18.8%, up from 14.2% in the TTM ended June 30, 2025.

Cash Flow and Liquidity

• Net Cash Used in Operating Activities: For the six months ended June 30, 2026, net cash used was -$142 million, compared to -$127 million for the same period in 2025.
• Net Cash Used in Investing Activities: For the six months ended June 30, 2026, net cash used was -$730 million, compared to -$450 million for the same period in 2025.
• Net Cash Provided by Financing Activities: For the six months ended June 30, 2026, net cash provided was $1,009 million, compared to $531 million for the same period in 2025.
• Net Rental Equipment Capex: For Q2 2026, net rental equipment capex was $321 million. For the TTM period, it was $856 million.
• Total Available Liquidity: As of June 30, 2026, total available liquidity was $1,424 million, including $980 million of undrawn availability on the asset-based revolving credit facility and $443 million in cash and cash equivalents. Liquidity adjusted for a bond issuance funded on July 1, 2026, was $2,763 million.
• Net Leverage Ratio: Decreased to 3.0x as of June 30, 2026, from 3.4x as of June 30, 2025.

Operational Metrics

• Operational Locations: EquipmentShare.com Inc. had 430 operational locations as of Q2 2026, a 24% increase from 348 locations in Q2 2025. 23 new locations were opened during Q2 2026.
• Original Equipment Cost (OEC): OEC under management increased by 34% to $9,851 million as of Q2 2026 from $7,360 million in Q2 2025. This includes $4,235 million of EquipmentShare.com Inc. owned fleet and $5,533 million of OWN Program fleet.
• OWN Program Payouts: Totaled $234 million in Q2 2026, up 35% from $173 million in Q2 2025. On a TTM basis, payouts were $837 million, a 47% increase from $569 million in the TTM ended June 30, 2025.
• New Market Start-up Costs: Remained flat at $60 million in Q2 2026 compared to Q2 2025. On a TTM basis, these costs increased by 7% to $245 million from $229 million in the TTM ended June 30, 2025.

2026 Outlook

EquipmentShare.com Inc. anticipates total revenue for the year ending December 31, 2026, to be between $5,254 million and $5,682 million, with Rental Segment revenue projected between $3,472 million and $3,748 million. Adjusted Core EBITDA is expected to range from $1,946 million to $2,058 million. The company plans for 427 to 435 full-service rental locations.