RB Global

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 $13.7 billion in the first nine months 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.

The market prices RB Global for lower fees per sale and for the debt that it uses to buy back shares. The service revenue take rate fell to 19.8% in Q3 2026 from 21.7% a year earlier, because acquired businesses and real estate sales have lower fees and because automotive remarketing grows fast. Adjusted net debt rose to $2.66 billion at September 30, 2026, or 1.8 times adjusted EBITDA, from 1.4 times a year earlier, after the $316.6 million purchase of BigIron and $500.0 million of buybacks in 2026. The company also changed its CFO and COO on October 8, 2026.

Volumes are strong: GTV rose 20% in Q3 2026, and 14% without acquisitions, and the company raised its 2026 outlook to GTV growth of 14% to 15% and adjusted EBITDA of $1,525 million to $1,545 million. For the gap to close, three things must be true. Adjusted EBITDA must reach the 2026 outlook, and the 2027 outlook must show more growth. The take rate must become stable as the acquisitions and the automotive mix are fully in the base.

Free cash flow must pay for the remaining $500 million of the buyback program while leverage falls back toward 1.6 times adjusted EBITDA. The full-year report and the 2027 outlook in February 2027 are the next test. 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.

1. Nov 9, 2026Passed

   Q3 2026 results: GTV and take rateGTV 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.Outcome: GTV rose 20% and the company raised its 2026 outlook, while the take rate was 19.8%, close to 20.0% in Q2 2026 but down from 21.7% a year earlier.
2. Feb 9, 2027 · est.Pending

   Full-year 2026 results and 2027 outlookAdjusted EBITDA within the $1,525 million to $1,545 million range, a 2027 outlook for growth in heavy equipment volumes and lower leverage pass; a miss, a flat outlook or higher leverage fails.

Every passed and failed checkpoint across all picks

• November 9, 2026RB Global reported Q3 2026 results. GTV rose 20% to $4.7 billion, and 14% without acquisitions. Total revenue rose 17% to $1.3 billion. Diluted adjusted EPS rose 11% to $1.03, and adjusted EBITDA rose 13% to $370.9 million. The service revenue take rate fell to 19.8% from 21.7%. The company bought back 3.9 million shares for $350.0 million in the quarter. It raised its 2026 outlook to GTV growth of 14% to 15%, from 9% to 11%, and to adjusted EBITDA of $1,525 million to $1,545 million, from $1,495 million to $1,545 million. On November 6, 2026, it declared a quarterly dividend of $0.33 per share.
• October 8, 2026RB 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.
• September 15, 2026RB 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.

Last earnings

November 9, 2026 (8-K on sec.gov)

Next earnings

Expected about February 9, 2027. The company has not confirmed the date.

• 10-QQuarterly report for the period ended Sep 30, 2026Filed November 9, 2026 · rba-20260930
• 8-KEarnings release and Other company newsFiled November 9, 2026 · Press release and exhibits
• 8-KChange of directors or officers and Investor disclosureFiled October 8, 2026 · Read it on sec.gov
• 8-KOther company newsFiled September 15, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Jun 30, 2026Filed August 4, 2026 · rba-20260630
• 8-KEarnings release and Other company newsFiled August 4, 2026 · Press release and exhibits
• 8-KOther company newsFiled May 18, 2026 · Read it on sec.gov
• 10-QQuarterly report for the period ended Mar 31, 2026Filed May 4, 2026 · rba-20260331
• 8-KEarnings release and Other company newsFiled May 4, 2026 · Press release and exhibits
• 8-KShareholder vote resultsFiled May 1, 2026 · Read it on sec.gov

Every filing on SEC EDGAR (CIK 1046102)

• The service revenue take rate fell 186 basis points in Q3 2026, to 19.8%. Acquired businesses with lower fees, real estate sales and growth in automotive remarketing can keep it falling and slow profit growth.
• Heavy equipment volumes depend on construction, freight and farm activity. Heavy equipment GTV rose 19% in Q3 2026 with acquisitions, after a small fall without acquisitions in Q2 2026. A downturn lowers fees and inventory returns.
• The company changed its CFO and COO in October 2026 and had $43.2 million of executive transition costs in the 12 months to September 30, 2026. More changes at the top can slow the execution of its plans.
• Leverage rose to 1.8 times adjusted EBITDA at September 30, 2026, from 1.4 times a year earlier, because the company borrowed for BigIron and for buybacks. Most of the bank debt has variable interest rates.
• 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.

RB Global funds itself with bank loans, notes and convertible preferred shares. At September 30, 2026, debt principal was $3.19 billion: Term Loan A loans of $958 million and revolving loans of $883 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. Read more

Yield at the current rate

1.3% (current annual rate, at today’s price)

Dividend yield

1.3% (last 12 months, at today’s price of CA$136.18)

Paid per share

CA$1.746 in the last 12 months (4 payments)

Current annual rate

CA$1.828 (CA$0.457 × 4 a year)

Latest ex-dividend date

August 25, 2026, CA$0.457 per share

Dividends per share by year

From 2020 to 2025, the dividend grew by about 8.3% a year. From 2015 to 2025, the dividend grew by about 8.2% a year.

One-off payments far above the usual dividend are left out of these numbers.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.