EquipmentShare.com (EQPT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 38% year-over-year to $989 million, driven by expansion in branch locations, fleet size, and strong demand across industrial, infrastructure, data center, and advanced manufacturing projects.

• Adjusted Core EBITDA for Q1 reached $399 million, up 38–39% year-over-year, with mature rental locations achieving 55% adjusted EBITDA margins and 16.5% ROIC.

• Net loss narrowed to $29 million for Q1 2026, a $19 million improvement from the prior year; TTM net income was $58 million.

• Opened 22 new locations in Q1, ending with 407 operational sites; mature rental locations delivered strong margins.

• Completed IPO in January 2026, raising $706 million in net proceeds and converting all convertible preferred stock to Class A common stock.

Financial highlights

• Equipment Rental and Services Operations revenue rose 37–38% year-over-year to $764 million for Q1, maintaining a 69% share of total revenue.

• Equipment Sales revenue increased 23% year-over-year to $179 million, with strong demand from OWN Program participants and contractors.

• Platform revenue (telematics and hardware) surged 210% to $31 million, reflecting SaaS growth and the Morey acquisition.

• Gross profit for Q1 was $287 million, up 44% year-over-year, with margin expansion due to scale and product mix.

• OWN Program payouts increased 41% year-over-year to $217 million in Q1 2026.

Outlook and guidance

• Full-year 2026 guidance raised: revenue of $5.15B–$5.58B, rental segment revenue of $3.37B–$3.64B, adjusted core EBITDA of $1.88B–$2.00B, and gross rental capex of $2.28B–$2.5B.

• Full-service rental locations projected to reach 427–435 by year-end 2026, with a long-term target of 700 branches and $20B OEC by 2030.

• OWN Program payouts projected at $906M–$962M for 2026; OEC under management expected to reach $10.15B–$11.2B.

• Expecting OWN Program OEC at 55%–60% of total OEC under management at year-end.

• Management expects continued growth from geographic expansion, fleet investments, and increased OWN Program participation.