- Company name
- RB Global
- Sector
- Equipment & vehicle marketplaces
- About
- RB Global runs online and live marketplaces where sellers sell used vehicles and heavy equipment to buyers around the world. Its main brands are Ritchie Bros. for heavy equipment and IAA for damaged and total-loss vehicles, most of which come from insurance companies. Other brands include BigIron for farm equipment, Rouse Services for equipment data and SmartEquip for parts. RB Global earns fees from buyers and sellers on each sale (service revenue), and it also buys and resells some equipment itself (inventory sales). Gross transaction value (GTV), the total value of goods sold on its marketplaces, was $9.0 billion in the first half of 2026. Its advantage is the size of its buyer network, which helps sellers get good prices and brings more sellers. The company has its head office in Westchester, Illinois, and trades on the NYSE and the TSX.
- Thesis
- The market prices RB Global for lower fees per sale and for weak volumes in heavy equipment. The service revenue take rate fell to 20.0% in Q2 2026 from 21.1% a year earlier, because acquired businesses charge lower fees and because of price incentives to large automotive sellers. Without acquisitions, heavy equipment GTV fell slightly in Q2 2026 as customers were more cautious, mainly in Canada. Net debt rose to $2.38 billion at June 30, 2026, after the $316.6 million purchase of BigIron, and the company changed its CFO and COO on October 8, 2026. For the gap to close, three things must be true. GTV growth must stay at 9% to 11% for 2026, and adjusted EBITDA must reach the high end of the $1,495 million to $1,545 million range, as the company said on October 8, 2026. The take rate must become stable as the automotive incentives and the acquisitions are fully in the base. Free cash flow must pay for the larger buyback program of $1 billion while leverage stays near 1.6 times adjusted EBITDA. The Q3 2026 report on November 9, 2026, gives the first test. The full-year report and the 2027 outlook in February 2027 give the second. If these checks pass, the gap can close over the next three to five quarters. The main reason it may not close is a longer drop in used heavy equipment sales, which depends on construction and freight activity.
- Risks
- The service revenue take rate fell 110 basis points in Q2 2026. Price incentives to large insurance and automotive sellers, and acquired businesses with lower fees, can keep it falling and slow profit growth.
Heavy equipment volumes depend on construction, freight and farm activity. Without acquisitions, heavy equipment GTV fell slightly in Q2 2026, with lower volumes in Canada. A longer downturn lowers fees and inventory returns.
The company changed its CFO and COO in October 2026 and had $47.9 million of executive transition costs in the 12 months to June 30, 2026. More changes at the top can slow the execution of its plans.
Holders of the Series A senior preferred shares can raise the preferred dividend to 7.50% from 5.5% from February 2027. This raises the cost of the preferred shares unless the company converts or redeems them.
- Balance sheet
- Cash: $525M
Debt: $2.9B
Net debt: $2.4B
EBITDA, last 12 months: $1.5B
Net debt / EBITDA: 1.6× (low)
Interest cover: 5.1×
Undrawn credit line: $686M, to April 2030
Debt due within 12 months: $70M
Last debt due: 2031
RB Global funds itself with bank loans, notes and convertible preferred shares. At June 30, 2026, debt principal was $2.92 billion: Term Loan A loans of $971 million and revolving loans of $599 million under a credit agreement that runs to April 2030, $550 million of 6.75% senior secured notes due March 2028, and $800 million of 7.75% senior unsecured notes due March 2031. Debt rose from $2.49 billion at December 31, 2025, mainly because the company borrowed $300 million for BigIron. Cash was $525 million, not counting $131 million of restricted cash. Adjusted net debt was 1.6 times adjusted EBITDA of $1,457 million over the 12 months to June 30, 2026, up from 1.5 times a year earlier. Undrawn revolving commitments were $685.5 million. Interest cover is operating income divided by interest expense for the first half of 2026. The company also has Series A senior preferred shares with a 5.5% dividend, convertible into common shares at $71.58 per share.
As of 2026-06-30.
- Checkpoints
- Nov 9, 2026: Q3 2026 results: GTV and take rate. Pending. Watch: GTV growth near 10% with a stable take rate and the 2026 outlook kept at the high end pass; a lower outlook or a further large fall in the take rate fails.
Feb 2027 (estimate): Full-year 2026 results and 2027 outlook. Pending. Watch: Adjusted EBITDA near the top of the $1,495 million to $1,545 million range and a 2027 outlook for growth in heavy equipment volumes pass; a miss or a flat outlook fails.
- Recent events
- 2026-10-08: RB Global promoted Steve Steinberg to CFO and named new leaders for strategy, heavy equipment in North America, and automotive. CFO Eric Guerin and COO Steve Lewis are leaving the company. RB Global said it expects 2026 results at the high end of its outlook of 9% to 11% GTV growth and adjusted EBITDA of $1,495 million to $1,545 million.
2026-09-15: RB Global increased its normal course issuer bid to up to $1 billion of shares, from $500 million. By September 11, 2026, it had bought back 5,363,497 shares at an average price of about $93.22.
2026-08-04: RB Global reported Q2 2026 results. GTV rose 11% to $4.7 billion, and 7% without acquisitions. Total revenue rose 11% to $1.3 billion. Adjusted EPS rose 6% to $1.13 and adjusted EBITDA rose 6% to $387.2 million. The service revenue take rate fell to 20.0% from 21.1%. The company raised its 2026 GTV growth outlook to 9% to 11%, from 6% to 9%.
2026-07-21: RB Global raised its quarterly dividend to $0.33 per share from $0.31.
2026-05-15: RB Global completed the purchase of BigIron, a U.S. online marketplace for farm equipment, land and livestock, for $316.6 million. It borrowed $300 million under its revolving facilities to pay for it. BigIron had revenue of about $86.2 million in 2025.