Rental Segment(2) revenue of $764 million for the first quarter, an increase of 37% year over year, and on a TTM(1) basis $2,932 million, an increase of 36% year over year.
Net loss of $29 million for the first quarter and net income of $58 million on a TTM(1) basis.
Adjusted net loss(4) for the first quarter of $12 million and adjusted net income(4) of $75 million on a TTM(1) basis.
Adjusted Core EBITDA(3) of $399 million for the first quarter and $1,776 million on a TTM(1) basis.
Mature rental locations(2)(6) adjusted EBITDA margins were 55% on a TTM(1) basis.
407 locations(6) with 22 new locations opened during the first quarter.
COLUMBIA, Mo., May 13, 2026 (GLOBE NEWSWIRE) -- EquipmentShare.com Inc (NASDAQ:EQPT) ("EquipmentShare" or the "Company") today reported financial results for the first quarter ended March 31, 2026 which can be found on EquipmentShare's website at https://ir.equipmentshare.com/.
"We delivered a strong first quarter and are raising our 2026 outlook across the board," said Jabbok Schlacks, Founder and Chief Executive Officer of EquipmentShare. "Rental Segment revenue grew 37% year over year, supported by strong customer demand across industrial, infrastructure, data center, and advanced manufacturing projects. Trailing twelve month mature rental location adjusted EBITDA margin was 55%, highlighting strong organic unit economics and the embedded earnings power of our footprint as it matures. The quarter's strong financial performance reinforces the strength of our technology-enabled organic growth model, the value T3 brings to larger and more complex jobsites, and our continued focus on scaling EquipmentShare with discipline and attractive returns."
"What we're seeing every day with customers is that large, complex jobsites need more than equipment availability. They need visibility, control, and faster execution," said Willy Schlacks, Founder and President of EquipmentShare. "T3 is the live operating layer across equipment, access control, service, utilization, and jobsite activity that delivers that. T3 also what makes AI meaningful for construction by turning actual jobsite data into improved uptime, smarter service prioritization, and greater customer control. Our strong first quarter financial performance reflects growing customer demand for an integrated platform over fragmented alternatives, and that momentum continues to accelerate."
Financial Summary
Three Months Ended
Twelve Months Ended
($ in millions, except for operational locations)
March 31,
March 31,
2026
2025
% change
2026
2025
% change
Total revenue
$989
$716
38%
$4,652
$3,865
20%
Equipment Rental and Services Operations
$764
$556
37%
$2,932
$2,154
36%
Equipment Sales
$179
$145
23%
$1,575
$1,653
(5)%
All Other
$46
$15
207%
$145
$58
150%
OWN Program Payouts
$217
$154
41%
$777
$490
59%
Net (loss) income
$(29)
$(48)
(40)%
$58
$(5)
(1,260)%
Adjusted net (loss) income(4)
$(12)
$(48)
(75)%
$75
$(5)
(1600)%
Adjusted Core EBITDA(3)
$399
$289
38%
$1,776
$1,317
35%
New market startup costs(5)
$50
$55
(9)%
$246
$212
16%
Operational locations(6)
407
316
29%
407
316
29%
Original Equipment Cost
$9,065
$7,013
29%
$9,065
$7,013
29%
(1)
TTM refers to the trailing twelve month period ended March 31, 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 (loss) income 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 March 31, 2026, stock based compensation expense related to the IPO Founders Awards was $17 million.
(5)
New market start up costs attributable to new locations open less than twelve months.
(6)
Includes 371 full-service rental locations (161 growth and 210 mature), 27 building materials locations, and 9 dealerships as of March 31, 2026, and 292 full-service rental locations (152 growth and 140 mature), 16 building materials locations, and 8 dealerships as of March 31, 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.
First Quarter 2026 Results
Rental Segment(2) revenue increased 37% to $764 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 23% to $179 million due to a $27 million increase in sales of new and used equipment to contractors and other end users, supported by our expanded branch footprint, and a $7 million increase in disciplined, selective placements into the OWN Program. Investor demand for the OWN Program remains oversubscribed.
Net loss decreased by $19 million to $29 million due to $11 million of higher operating income, partially offset by $5 million of higher total other expenses, net and $13 million of higher income tax benefit. Adjusted net loss decreased by $36 million to $12 million and adjusted net income increased by $80 million to $75 million on a TTM basis.
Adjusted Core EBITDA increased $110 million to $399 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 22 operational locations during the first quarter, including 19 full-service rental locations and 3 building material locations.
The Company's original equipment cost ("OEC") under management increased $285 million in the first quarter to $9,065 million comprising of $3,930 million of EquipmentShare owned fleet, $5,056 million of OWN Program fleet, and $79 million of equipment on operating leases. In addition, the appraised value of the OWN Program fleet was $4,039 million as of March 31, 2026.
Net rental equipment capex(7) for the first quarter was $213 million after gross purchases of rental equipment of $328 million, and was $616 million after gross purchases of rental equipment of $1,815 million for the trailing twelve month period.
As of March 31, 2026, total available liquidity was $1,605 million, which included availability on the asset-based revolving credit facility of $1,276 million and cash and cash equivalents of $329 million.
Net leverage(8) decreased to 2.8x as of March 31, 2026, from 3.2x as of March 31, 2025.
(7)
Reflects capital expenditures related to our rental equipment fleet, net of proceeds from the sale of rental equipment.
(8)
See "Net Debt and Leverage Calculation" for additional information on our calculation of the net leverage ratio.
2026 Outlook
Year Ending
Year Ending
December 31, 2026
December 31, 2026
($ in millions, except for full-service rental locations)
(Current Guidance)
(Prior Guidance)
Low
High
Low
High
OEC
$10,150
$11,200
$9,975
$11,025
Full-Service Rental Locations(9)
427
435
421
429
Total Revenue
$5,147
$5,575
$5,051
$5,471
Rental Segment(2)Revenue
$3,366
$3,642
$3,311
$3,587
OWN Program Payouts
$906
$962
$891
$947
Adjusted Core EBITDA(10)
$1,883
$1,995
$1,813
$1,925
Gross Rental Capex
$2,281
$2,503
$2,106
$2,328
Net Rental Capex
$839
$919
$759
$839
OWN Program % of OEC
55%
60%
55%
60%
(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 $213 - $229 million of Sales Segment EBITDA.
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 first quarter 2026 financial results tomorrow, Thursday, May 14, 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 564125798. 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 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, 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 SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)(In millions, except per share data)
Three Months Ended
Twelve Months Ended
March 31,
March 31,
2026
2025
2026
2025
REVENUES
Equipment rental and related services
$
683
$
495
$
2,625
$
1,966
Equipment sales
179
145
1,575
1,653
Equipment parts and supplies and services
77
58
291
176
Platform:
Telematics
31
10
87
36
Other
19
8
74
34
Total revenues
989
716
4,652
3,865
COST OF REVENUES
Direct operating costs
222
171
851
679
OWN Program payouts
217
154
777
490
Equipment sales
146
113
1,270
1,372
Platform expense
28
8
88
33
Depreciation and amortization
89
70
341
299
Total cost of revenues
702
516
3,327
2,873
Gross profit
287
200
1,325
991
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
286
210
1,018
781
Operating income (loss)
1
(10
)
307
211
OTHER INCOME (EXPENSE)
Gain on sale of properties and other assets
–
–
1
14
Loss on debt extinguishment
–
–
(8
)
–
Interest expense
(70
)
(63
)
(292
)
(264
)
Other income, net
8
6
51
31
Total other expense, net
(62
)
(57
)
(248
)
(219
)
(LOSS) INCOME BEFORE BENEFIT FROM INCOME TAXES
(61
)
(67
)
59
(8
)
(Benefit) provision from income taxes
(32
)
(19
)
1
(3
)
NET (LOSS) INCOME
$
(29
)
$
(48
)
$
58
$
(5
