EquipmentShare.com (EQPT) Q2 2026 earnings summary

Executive summary

• Achieved Q2 2026 total revenue of $1.449 billion, up 26% year-over-year, driven by strong rental segment growth, expansion to 430 locations, and increased fleet size.

• Rental segment revenue grew 39% year-over-year to $908 million, with mature locations delivering 55% EBITDA margins and 16.5% ROIC.

• Net income for Q2 2026 was $19 million, up 19% year-over-year, and adjusted net income was $43 million, up 169%.

• The OWN Program continues to drive capital-efficient growth, with $3.7 billion net OEC growth since 2024 and strong oversubscription.

• Completed IPO in January 2026, raising $706 million, and authorized a $500 million share repurchase program through 2028.

Financial highlights

• Q2 2026 total revenue was $1.449 billion (up 26% YoY); rental segment revenue was $908 million (up 39% YoY); equipment sales revenue was $483 million (up 1% YoY).

• Adjusted Core EBITDA for Q2 was $531 million (up 34% YoY); mature rental locations achieved 55% EBITDA margins.

• Net income for Q2 was $19 million (up 19% YoY); adjusted net income was $43 million (up 169% YoY).

• Gross profit increased 40% to $411 million, with a gross margin of 28%.

• Net leverage at quarter-end was 3.0x, with available liquidity totaling $1.4 billion.

Outlook and guidance

• 2026 full-year revenue guidance: $5.25–$5.68 billion; rental segment revenue: $3.47–$3.75 billion; adjusted core EBITDA: $1.95–$2.06 billion.

• Full-service rental locations projected to reach 427–435 by year-end 2026.

• Modest rental segment margin expansion expected in the second half as network matures and efficiencies increase.

• OWN Program expected to represent 55–60% of OEC by year-end.

• Guidance considered conservative, with significant opportunity to outperform due to strong demand visibility and mega project pipeline.