EquipmentShare.com (EQPT) Q4 2025 earnings summary

Executive summary

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

• Mature rental sites delivered 54% EBITDA margin and 16.5% ROIC, driven by strong customer demand, technology adoption, and disciplined organic expansion.

• T3 technology platform and capital-light OWN Program fueled rapid expansion, high customer retention, and capital efficiency.

Financial highlights

• Rental segment revenue grew 34% year-over-year to $2.7 billion in 2025; Equipment Sales declined 8% to $1.54 billion.

• Adjusted Core EBITDA rose 32% to $1.67 billion; mature site EBITDA margin was 54%.

• Net income for 2025 was $40 million, up from $3 million in 2024.

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

• 95 new operational locations opened in 2025, with average new market start-up costs of $2.5 million per site.

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 $10–$11 billion; plan to open 421–429 full-service rental locations by end of 2026.

• Growth remains discretionary, with flexibility to moderate investments if demand softens.