-- Total revenue of $1,449 million for the second quarter and $4,952 million
on a TTM(1) basis.
-- Rental Segment(2) revenue of $908 million for the second quarter, an
increase of 39% year over year, and on a TTM(1) basis $3,189 million, an
increase of 37% year over year.
-- Net income of $19 million for the second quarter and net income of $62
million on a TTM(1) basis.
-- Adjusted Net Income(4) for the second quarter of $43 million and Adjusted
Net Income(4) of $103 million on a TTM(1) basis.
-- Adjusted Core EBITDA(3) of $531 million for the second quarter and $1,911
million on a TTM(1) basis.
-- Mature rental locations(2)(6) adjusted EBITDA margins were 55% on a
TTM(1) basis.
-- 430 locations(6) with 23 new locations opened during the second quarter.
COLUMBIA, Mo., Aug. 12, 2026 (GLOBE NEWSWIRE) -- EquipmentShare.com Inc (Nasdaq: EQPT) ("EquipmentShare" or the "Company") today reported financial results for the second quarter ended June 30, 2026 which can be found on EquipmentShare's website at https://ir.equipmentshare.com/.
"We delivered another exceptional quarter, supported by strong customer demand, continued market share gains and disciplined execution across the business," said Jabbok Schlacks, Founder and Chief Executive Officer of EquipmentShare. "Rental Segment revenue increased more than 39% year over year, while our mature rental locations continued to generate industry-leading margins that demonstrate the embedded earnings power of our expanding network. As customers undertake larger and more complex projects, they are increasingly consolidating spend with EquipmentShare because of our ability to combine equipment, technology and service through one integrated platform. Looking ahead, customer demand remains healthy, our mega-project pipeline continues to expand, and we remain confident in our outlook and see a meaningful opportunity for growth."
"We built T3 to run EquipmentShare, and increasingly our customers want to run more of their businesses on it," said Willy Schlacks, Founder and President of EquipmentShare. "Customers that engage with T3 spend approximately six times more with us, and we are seeing the platform expand beyond rental into mixed fleet, service, logistics and broader enterprise workflows."
Financial Summary
Three Months Twelve Months
Ended Ended
June 30, June 30,
--------------- ---------------
($ in millions,
except for
operational
locations) 2026 2025 % change 2026 2025 % change
----- ------ ---------- ----- ------ ----------
Total revenue $1,449 $ 1,147 26% $4,952 $ 4,195 18%
Equipment
Rental and
Services
Operations $ 908 $ 651 39% $3,189 $ 2,327 37%
Equipment Sales $ 483 $ 478 1% $1,578 $ 1,804 (13)%
All Other $ 58 $ 18 222% $ 185 $ 64 189%
OWN Program
Payouts $ 234 $ 173 35% $ 837 $ 569 47%
Net income $ 19 $ 16 19% $ 62 $ 22 182%
Adjusted Net
Income(4) $ 43 $ 16 169% $ 103 $ 22 368%
Adjusted Core
EBITDA(3) $ 531 $ 395 34% $1,911 $ 1,430 34%
New market
start-up
costs(5) $ 60 $ 60 --% $ 245 $ 229 7%
Operational
locations(6) 430 348 24% 430 348 24%
Original
Equipment Cost $9,851 $ 7,360 34% $9,851 $ 7,360 34%
(1) TTM refers to the trailing twelve month period ended
June 30, 2026. See "Trailing Twelve Month Financial
Information" for additional information on TTM.
(2) Refers to the Equipment Rental and Services Operations
segment.
(3) Adjusted Core EBITDA is a non-GAAP measure. See "Non-GAAP
Financial Measures" for additional information on
non-GAAP financial measures and a reconciliation to
the most comparable GAAP measures.
(4) Adjusted Net Income (Loss) is a non-GAAP measure that excludes
stock-based compensation expense related to equity awards granted to
each of the Company's Chief Executive Officer and President (the "IPO
Founders Awards"). See "Non-GAAP Financial Measures" for additional
information on non-GAAP financial measures and a reconciliation to the
most comparable GAAP measures. For the three and twelve months ended
June 30, 2026, stock-based compensation expense related to the IPO
Founders Awards was $24 million and $41 million, respectively.
(5) New market start-up costs attributable to new locations
open less than twelve months.
(6) Includes 391 full-service rental locations (172 growth
and 219 mature), 30 building materials locations,
and 9 dealerships as of June 30, 2026, and 324 full-service
rental locations (173 growth and 151 mature), 16 building
materials locations, and 8 dealerships as of June
30, 2025. Growth sites refers to full-service rental
locations opened 24 months or less. Mature sites refers
to full-service rental locations opened greater than
24 months.
(7) Reflects capital expenditures related to our rental
equipment fleet, net of proceeds from the sale of
rental equipment.
(8) See "Net Debt and Leverage Calculation" for additional
information on our calculation of the net leverage
ratio.
(9) The Company anticipates the total number of mature
rental site locations within our Rental Segment to
be 264 sites by the end of 2026, up from 186 for the
year ended December 31, 2025.
(10) Includes $224 - $240 million of Sales Segment EBITDA.
(11) NM refers to "not meaningful".
Second Quarter 2026 Results
-- Rental Segment(2) revenue increased 39% to $908 million due to
significant customer demand which drove continued expansion of the
Company's operational location footprint and an increase in the size of
the Company's managed fleet.
-- Equipment sales ("Sales Segment") revenue increased 1% to $483 million
due to an $11 million increase in disciplined, selective placements into
the OWN Program, partially offset by a decrease of $6 million in the sale
of new and used equipment to contractors and other end users.
-- Net income increased by $3 million to $19 million due to $30 million of
higher operating income, partially offset by $27 million of higher income
tax provision. Excluding stock-based compensation expense of $24 million
related to the IPO Founders Awards, Adjusted Net Income increased in the
second quarter by $27 million to $43 million and Adjusted Net Income
increased by $81 million to $103 million on a TTM basis.
-- Adjusted Core EBITDA increased $136 million to $531 million due to the
continued expansion of our full-service rental location footprint and
maturation of existing rental sites within the Rental Segment(2)(6). The
Company believes the earnings power embedded in our branch network
continues to increase as recently opened locations mature, which should
support earnings growth and margin expansion over time.
-- The Company opened 23 operational locations during the second quarter,
including 20 full-service rental locations and 3 building material
locations.
-- The Company's original equipment cost ("OEC") under management increased
$786 million in the second quarter to $9,851 million comprising of $4,235
million of EquipmentShare owned fleet, $5,533 million of OWN Program
fleet, and $83 million of equipment on operating leases. In addition, the
appraised value of the OWN Program fleet was $4,090 million as of
June 30, 2026.
-- Net rental equipment capex(7) for the second quarter was $321 million
after gross purchases of rental equipment of $689 million, and was $856
million after gross purchases of rental equipment of $1,998 million for
the TTM period.
-- As of June 30, 2026, total available liquidity was $1,424 million, which
included undrawn availability on the asset-based revolving credit
facility of $980 million and cash and cash equivalents of $443 million.
Liquidity was $2,763 million as adjusted for the impact of the bond
issuance funded on July 1, 2026.
-- Net leverage(8) decreased to 3.0x as of June 30, 2026, from 3.4x as of
June 30, 2025.
2026 Outlook
Year Ending
December 31, 2026
------------------------
(Current Guidance)
------------------------
($ in millions, except for full-service
rental locations) Low High
----------- -----------
OEC $10,577 $11,627
Full-Service Rental Locations(9) 427 435
Total Revenue $ 5,254 $ 5,682
Rental Segment(2) Revenue $ 3,472 $ 3,748
OWN Program Payouts $ 929 $ 985
Adjusted Core EBITDA(10) $ 1,946 $ 2,058
Gross Rental Capex $ 2,664 $ 2,886
Net Rental Capex $ 980 $ 1,060
OWN Program % of OEC 55% 60%
We cannot provide a reconciliation between the expected non-GAAP measures and the most directly comparable GAAP measures for the period reflected above because certain significant information required for such reconciliation is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amounts of these items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.
Conference Call
EquipmentShare will hold a conference call discussing second quarter 2026 financial results tomorrow, Thursday, August 13, 2026 at 7:30 a.m. Central Time. The conference call will be available live via a webcast at ir.equipmentshare.com. Alternatively, the call will be accessible by dialing 585-542-9983 (local) or 833-461-5787 (toll-free). The passcode for both numbers is 290010130. A replay of the webcast will also be hosted on the EquipmentShare investor relations website.
About EquipmentShare
Founded in 2015 and headquartered in Columbia, Missouri, EquipmentShare is a nationwide construction technology and equipment solutions provider dedicated to transforming the construction industry through innovative tools, platforms and data-driven insights. By empowering contractors, builders and equipment owners with its proprietary technology, T3 , EquipmentShare aims to drive productivity, efficiency and collaboration across the construction sector. With a comprehensive suite of solutions that includes a fleet management platform, telematics devices and a best-in-class equipment rental marketplace, EquipmentShare continues to lead the industry in building the future of construction. EquipmentShare is listed on the Nasdaq stock exchange under the stock symbol EQPT. For more information, visit https://www.equipmentshare.com.
Forward-Looking Statements
This press release includes certain "forward-looking statements" for purposes of United States federal and state securities laws. Forward-looking statements are statements other than statements of historical fact and can be identified by words such as "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "our vision," "plan," "potential," "preliminary," "predict," "should," "will," or "would" or the negative thereof or other variations thereof or comparable terminology. These forward-looking statements, which include statements regarding EquipmentShare's financial and operating performance, growth opportunities, customer demand, market share gains, profitability, and the OWN Program, are subject to numerous risks and uncertainties, most of which are difficult to predict and many of which are beyond EquipmentShare's control, including but not limited to, risks and uncertainties related to economic, market or business conditions, the construction equipment rental industry, our operational locations and the size of our managed fleet, the ability to execute on our expansion strategy, the T3 operating system, the OWN Program, and other risks and uncertainties. For a further list and description of such risks and uncertainties, please refer to EquipmentShare's filings with the Securities and Exchange Commission available at www.sec.gov. All forward-looking statements, expressed or implied, included in this press release are made as of the date of this press release and are expressly qualified in their entirety by this cautionary statement. Except as otherwise required by applicable law, EquipmentShare disclaims any duty to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release.
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(In millions, except per share data)
Three Months Six Months Ended
Ended June30, June30,
---------------- ------------------
2026 2025 2026 2025
----- ----- ----- -----
REVENUES
Equipment rental and
related services $ 815 $ 577 $1,498 $1,072
Equipment sales 483 478 661 624
Equipment parts and
supplies and
services 88 70 165 128
Platform:
Telematics 34 10 65 20
Other 29 12 48 20
----- ----- ----- -----
Total revenues 1,449 1,147 2,437 1,864
----- ----- ----- -----
COST OF REVENUES
Direct operating
costs 277 181 498 353
OWN Program payouts 234 173 451 328
Equipment sales 394 411 540 524
Platform expense 35 11 63 19
Depreciation and
amortization 98 78 188 148
----- ----- ----- -----
Total cost of
revenues 1,038 854 1,740 1,372
----- ----- ----- -----
Gross profit 411 293 697 492
SELLING, GENERAL AND
ADMINISTRATIVE
EXPENSES 317 229 603 439
----- ----- ----- -----
Operating income 94 64 94 53
----- ----- ----- -----
OTHER INCOME (EXPENSE)
Interest expense (73) (69) (143) (131)
Other income, net 12 8 20 14
----- ----- ----- -----
Total other
expense, net (61) (61) (123) (117)
----- ----- ----- -----
INCOME (LOSS) BEFORE
INCOME TAXES 33 3 (29) (64)
Provision for (benefit
from) income taxes 14 (13) (19) (32)
NET INCOME (LOSS) $ 19 $ 16 $ (10) $ (32)
===== ===== ===== =====
Deemed dividends on
perpetual preferred
stock (3) (3) (15) (15)
----- ----- ----- -----
Net income (loss)
attributable to
common shareholders $ 16 $ 13 $ (25) $ (47)
===== ===== ===== =====
Weighted average
common shares
outstanding:
Basic 253 78 228 78
Diluted (Class A and
Common Stock) 222 226 196 78
Diluted (Class B) 38 N/A 32 N/A
Earnings (loss) per
common share:
Basic earnings
(loss) per common
share $ 0.07 $ 0.17 $(0.11) $(0.60)
Diluted earnings
(loss) per common
share (Class A and
Common Stock) $ 0.06 $ 0.06 $(0.11) $(0.60)
Diluted earnings
(loss) per common
share (Class B) $ 0.07 N/A $(0.11) N/A
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except par value)
June 30, 2026 December 31, 2025
--------------- ---------------------
ASSETS
Cash and cash equivalents $ 443 $ 306
Accounts receivable, net 971 748
Inventories 460 401
Prepaid costs 232 169
Other current assets 104 106
---------- --- ------------
Total current assets 2,210 1,730
Rental equipment, net 3,286 2,834
Property and other fixed assets,
net 590 504
Capitalized software, net 114 110
Right of use assets, operating 719 676
Investments in non-consolidated
affiliates 63 59
Intangible assets, net 29 31
Other assets 100 43
---------- --- ------------
Total assets $ 7,111 $ 5,987
========== === ============
LIABILITIES, PERPETUAL
PREFERRED STOCK, AND EQUITY
Accounts payable $ 105 $ 95
Accrued liabilities 593 609
Manufacturer flooring plans
payable 107 74
Current portion of long-term
debt 2 4
Current portion of operating
lease liabilities 79 69
Current portion of finance lease
liabilities 19 19
Current portion of financing
obligations 9 10
---------- --- ------------
Total current liabilities 914 880
Long-term debt, net of current
portion, original issue
discounts, and debt issuance
costs 3,635 3,268
Operating lease liabilities, net
of current portion 690 655
Finance lease liabilities, net
of current portion 197 169
Financing obligations, net of
current portion 71 83
Deferred tax liabilities, net 22 43
Other liabilities -- 1
---------- --- ------------
Total liabilities 5,529 5,099
Perpetual preferred stock, net -
$0.00000125 par value, 15
shares authorized, 14 and 14
shares issued and outstanding
at June 30, 2026 and December
31, 2025, respectively 370 360
Common stock - $0.00000125 par
value, no shares authorized,
issued and outstanding as of
June 30, 2026, 273 shares
authorized, 79 shares issued
and outstanding at December 31,
2025 -- --
Class A common stock -
$0.00000125 par value, 3,500
shares authorized, 215 shares
issued and outstanding at June
30, 2026, no shares authorized,
issued and outstanding as of
December 31, 2025 -- --
Class B common stock -
$0.00000125 par value, 200
shares authorized, 38 shares
issued and outstanding at June
30, 2026, no shares authorized,
issued and outstanding as of
December 31, 2025 -- --
Convertible preferred stock, net
- $0.00000125 par value, no
shares authorized, issued and
outstanding as of June 30,
2026, 149 shares authorized,
142 shares issued and
outstanding at December 31,
2025 -- 430
Treasury stock, at cost, 5 and 5
shares at June 30, 2026 and
December 31, 2025,
respectively (7) (7)
Additional paid-in-capital 1,266 105
Retained earnings (accumulated
deficit) (47) --
---------- --- ------------
Total equity 1,212 528
---------- --- ------------
Total liabilities,
perpetual preferred
stock, and equity $ 7,111 $ 5,987
========== === ============
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Six Months Ended
June 30,
2026 2025
OPERATING ACTIVITIES
Net loss $ (10) $ (32)
Adjustments to reconcile net loss to net cash
used in operating activities:
Depreciation and amortization expense 216 167
Amortization of debt issuance costs and
original issue discounts 9 10
Allowance for credit losses and doubtful
accounts 18 12
Change in operating lease cost 64 55
Stock-based compensation expense 45 2
Deferred taxes (21) (33)
Other 3 (4)
Change in operating assets and liabilities:
Accounts receivable (222) (117)
Inventories (68) (40)
Prepaid costs and other assets (102) (66)
Accounts payable and manufacturer flooring
plans payable 6 (29)
Accrued liabilities (17) 4
Operating lease liabilities (63) (56)
------- ----
Net cash used in operating activities (142) (127)
------- ----
INVESTING ACTIVITIES
Purchases of rental equipment (1,017) (799)
Proceeds from sale of rental equipment 483 500
Purchases of and deposits on property and
other fixed assets (163) (116)
Proceeds from sale of property and other
fixed assets 1 1
Investments in internally developed software (17) (20)
Purchases of investments in equity and debt
securities (15) (15)
Proceeds from sale of investments in equity
and debt securities 7 8
Acquisition of businesses, net of cash
acquired (9) (9)
------- ----
Net cash used in investing activities (730) (450)
------- ----
FINANCING ACTIVITIES
Payments on long-term debt and finance
leases (984) (318)
Proceeds from long-term debt, net 1,332 900
Payments on deferred financing costs (1) --
Payments on financing obligations (3) (16)
Proceeds on financing obligations -- 1
Dividends paid on perpetual preferred stock (37) (37)
Proceeds from issuance of class A common
stock upon initial public offering, net of
underwriting discount and commissions 706 --
Payments of equity issuance costs (7) --
Exercise of stock options 3 1
------- ----
Net cash provided by financing activities 1,009 531
------- ----
Net increase (decrease) in cash and cash
equivalents 137 (46)
Cash and cash equivalents, beginning of
period 306 407
------- ----
Cash and cash equivalents, end of period $ 443 $ 361
======= ====
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest $ 131 $ 126
Cash paid for taxes 2 1
NON-CASH ACTIVITIES:
Purchase of rental equipment remaining in
accounts payable and manufacturer flooring
plans $ 51 $ 12
Purchase of property and other fixed assets
remaining in accounts payable 6 8
Accretion of perpetual preferred stock to
redemption value 10 14
Stock-based compensation for capitalized 1 --
software development
Trailing Twelve Month Financial Information
This press release includes certain unaudited financial information for the trailing twelve months ("TTM") ended June 30, 2026 and 2025, which is calculated as the six months ended June 30, 2026 and 2025, plus the year ended December 31, 2025 and 2024 less the six months ended June 30, 2025 and 2024. This presentation is not in accordance with generally accepted accounting principles ("GAAP"). However, the Company believes that this presentation provides useful information to investors regarding our recent financial performance, and management views this presentation of the four most recently completed fiscal quarters as a key measurement period for investors to assess our historical results. In addition, the Company uses TTM information to evaluate our financial performance for ongoing planning purposes.
Non-GAAP Financial Measures
This press release contains certain financial information that is not presented in accordance with GAAP. Non-GAAP financial measures should not be used as a substitute for the corresponding GAAP measures. Non-GAAP measures in this presentation may be calculated in a way that is not comparable to similarly-titled measures reported by other companies. Non-GAAP measures in this presentation include, but are not limited to, "EBITDA", "Adjusted Earnings Per Share", "Adjusted Net Income (Loss)", "Core EBITDA", and "Adjusted Core EBITDA", and certain ratios and other metrics derived therefrom. These non-GAAP financial measures are not measures of financial performance in accordance with GAAP and may exclude items that are significant in understanding and assessing the Company's financial results. Therefore, these measures should not be considered in isolation or as an alternative to net income, cash flows from operations or other measures of the Company's profitability, liquidity or performance under GAAP. Schedules that reconcile certain non-GAAP financial measures to a financial measure included in financial statements calculated and presented in accordance with GAAP are included in the below tables.
EBITDA, Adjusted Net Income (Loss), Adjusted Earnings Per Share, Core EBITDA, and Adjusted Core EBITDA
EBITDA is defined as net income before interest expense, income taxes, depreciation and amortization and non-cash stock compensation expense. The exclusion of these items and other similar items in our non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. The Company believes EBITDA is meaningful to investors because it provides investors with a useful representation of our ongoing operations and performance.
Adjusted Net Income (Loss) is defined as net income (loss) adjusted to exclude stock-based compensation expense related to the IPO Founders Awards. The Company believes Adjusted Net Income (Loss) is meaningful to investors because it provides investors with a useful representation of our ongoing operations and performance.
Adjusted Earnings Per Share ("Adjusted EPS") is defined as Adjusted Net Income (Loss) less deemed dividends on perpetual preferred stock divided by adjusted fully diluted weighted average shares outstanding. The Company believes Adjusted EPS is meaningful to investors because it provides investors with a useful representation of our ongoing operations and performance.
Core EBITDA is defined as the sum of Equipment Rental and Services Operations Segment EBITDA and Equipment Sales Segment EBITDA. The Company believes Core EBITDA is meaningful to investors because it reflects the profitability of our two core segments.
Adjusted Core EBITDA is defined as Core EBITDA adjusted for new market start-up costs attributable to new locations less than twelve months old. The Company believes Adjusted Core EBITDA is meaningful to investors as it is the primary operating performance measure used by the Company to assess its core operating performance.
Adjusted Core EBITDA can also be calculated as EBITDA less amortization and non-cash stock compensation expense, other (income) expense, (gain) loss on sale of properties and other assets, and All Other Segment Adjusted EBITDA, plus the sum of OWN Program payouts, equipment and vehicle operating lease expense, loss (gain) on debt extinguishment, and new market start-up costs. Adjusted Core EBITDA reflects the Company's underlying operating performance by excluding items unique to the Company's organic growth and financing strategy such as (i) OWN Program payouts and (ii) new market start-up costs. As a capital-light fleet growth model, the OWN Program enables third-party participants to own rental equipment deployed and managed by EquipmentShare. When the equipment rents, OWN Program participants receive a portion of the rental revenue generated by the equipment. When equipment is included in the OWN Program rather than purchased and owned or leased directly by the Company, depreciation and interest expense associated with that equipment are reduced, while OWN Program payouts are recorded as cost of revenues. This shift increases cost of revenues and decreases depreciation and interest expense. Excluding OWN Program payouts assists investors in evaluating the Company's business and performance relative to industry peers as no other company uses a similar model.
New market start-up costs reflect the upfront investments required to support our continued geographic expansion. As the only large-scale equipment rental provider that is fully focused on organic growth, excluding new market start-up costs provides greater transparency with respect to the Company's financial condition and results of operation as it enhances comparability with industry peers.
These non-GAAP financial measures should be considered supplemental to and are not a substitute for financial information prepared in accordance with GAAP. Our use of the terms EBITDA and Adjusted Core EBITDA may vary from the use of similar terms by other companies in our industry and accordingly may not be comparable to similarly titled measures used by other companies.
(See Accompanying Tables)
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Segment Information
($ in millions)
Three Months Ended Twelve Months Ended
June 30, June 30,
-------------------- ----------------------
2026 2025 % change 2026 2025 % change
---- ---- ---------- ----- ----- ----------
Equipment
Rental and
Services
Operations
Reportable
segment
revenue $ 908 $ 651 39.5% $3,189 $2,327 37.0%
Reportable
segment
Adjusted
EBITDA $ 389 $ 275 41.5% $1,369 $ 945 44.9%
Reportable
segment
Adjusted
EBITDA
margin 42.8% 42.2% 1.4% 42.9% 40.6% 5.7%
Equipment
Sales
Reportable
segment
revenue $ 483 $ 478 1.0% $1,578 $1,804 (12.5)%
Reportable
segment
Adjusted
EBITDA $ 82 $ 60 36.7% $ 297 $ 256 16.0%
Reportable
segment
Adjusted
EBITDA
margin 17.0% 12.6% 34.9% 18.8% 14.2% 32.4%
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Equipment Sales Information
($ in millions)
Three Months Ended Twelve Months Ended
June 30, June 30,
---------------------- -------------------------
2026 2025 2026 2025
------- -------
Equipment sales
to OWN Program
participants(1) $ 428 $ 417 $ 1,314 $ 1,580
Other equipment
sales 55 61 264 224
-------- ------- -------- -------
Total revenues -
equipment sales $ 483 $ 478 $ 1,578 $ 1,804
======== ======= ======== =======
Cost of equipment
sold to OWN
Program
participants 346 360 1,029 1,341
Cost of other
equipment sales 48 51 224 180
-------- ------- -------- -------
Total cost of
revenues -
equipment sales $ 394 $ 411 $ 1,253 $ 1,521
======== ======= ======== =======
(1) For the three months ended June 30, 2026 and 2025,
equipment sales to OWN Program participants included
net revenue of $32 million and $17 million, respectively,
recognized on an agent basis, with overall transaction
values of $195 million and $143 million, respectively.
For the twelve months ended June 30, 2026 and 2025,
equipment sales to OWN Program participants included
net revenue of $115 million and $78 million, respectively,
recognized on an agent basis, with overall transaction
values of $743 million and $472 million, respectively.
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
EBITDA, Core EBITDA, and Adjusted Core EBITDA GAAP
Reconciliation
($ in millions)
Three Months Ended Twelve Months Ended
June 30, June 30,
---------------------- -------------------------
2026 2025 2026 2025
------- -------
Equipment Rental
and Services
Operations
Segment Adjusted
EBITDA $ 389 $ 275 $ 1,369 $ 945
Equipment Sales
Segment Adjusted
EBITDA 82 60 297 256
-------- ------- -------- -------
Core EBITDA 471 335 1,666 1,201
Plus: New market
start-up costs 60 60 245 229
-------- ------- -------- -------
Adjusted Core
EBITDA $ 531 $ 395 $ 1,911 $ 1,430
======== ======= ======== =======
Three Months Ended Twelve Months Ended
June 30, June 30,
------------------ ------------------------
2026 2025 2026 2025
----- -----
Net income $ 19 $ 16 $ 62 $ 22
Plus: Provision
for (benefit
from) income
taxes 14 (13) 27 (13)
Plus:
Depreciation
and
amortization
expense 113 88 414 340
Plus: Interest
expense 73 69 297 269
Plus: Non-cash
stock
compensation 26 1 47 4
---- ----- ----- -----
EBITDA 245 161 847 622
Less: Non-cash
stock
compensation -- (1) (2) (4)
Less: (Gain)
loss on sale of
properties and
other assets -- -- (1) (5)
Less: Other
(income)
expense, net (12) (8) (55) (35)
Plus: OWN
Program
payouts 234 173 837 569
Plus: Equipment
operating lease
expense 5 5 26 44
Plus: Loss on
debt
extinguishment -- -- 8 --
Less: Non-Core
EBITDA (1) 5 6 10
---- ----- ----- -----
Core EBITDA 471 335 1,666 1,201
Plus: New market
start-up costs 60 60 245 229
---- ----- ----- -----
Adjusted Core
EBITDA $ 531 $ 395 $ 1,911 $1,430
==== ===== ===== =====
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES SUPPLEMENTAL
SCHEDULES Adjusted Net (Loss) Income and Adjusted EPS GAAP
Reconciliation ($ in millions)
Three Months
Ended Twelve Months Ended
June 30, June 30,
-------------- -------------------
2026 2025 2026 2025
---- ----
Net income $ 19 $ 16 $ 62 $ 22
Plus: IPO Founders
Awards Stock
Compensation
Expense 24 -- 41 --
---- ---- ---- ----
Adjusted Net Income 43 16 103 22
---- ---- ---- ----
Less: Deemed
dividends on
perpetual preferred
stock (3) (3) (37) (44)
---- ---- ---- ----
Adjusted Net Income
(Loss) used for
calculation of
adjusted EPS $ 40 $ 13 $ 66 $ (22)
==== ==== ==== ====
Weighted-average
common shares used
in GAAP diluted net
income per
share(1(1) () 222 226 NM NM
==== ==== ========= ========
Adjusted EPS (Class
A and Common
Stock)(1(1) () :
GAAP diluted earnings
per common share $0.06 $0.06 NM NM
Total impact on
diluted earnings per
share from non-GAAP
adjustments $0.12 $ -- NM NM
---- ---- --------- --------
Adjusted EPS $0.18 $0.06 NM NM
==== ==== ========= ========
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Net Debt and Leverage Calculation
($ in millions)
Twelve Months Ended
June 30,
2026 2025
------
Long-term debt, net of current portion,
original issue discounts, and debt
issuance costs $ 3,635 $ 3,136
Current portion of long-term debt 2 10
Finance lease liabilities, net of current
portion (Equipment) 34 45
Current portion of finance lease
liabilities (Equipment) 11 25
Financing obligations, net of current
portion (Equipment) 18 24
Current portion of financing obligations
(Equipment) 6 5
Cash and cash equivalents (443) (361)
Net debt $ 3,263 $ 2,884
------- ------
EBITDA 847 622
New market start-up costs 245 229
Net leverage ratio 3.0x 3.4x
------- ------
Contact:
Rhett Butler
VP, Investor Relations
ir@equipmentshare.com