The combination of strong Rental Segment growth, high-margin expansion, and capital-light OWN Program scaling suggests durable operating leverage. Traders should monitor execution on 2026 guidance, particularly Adjusted Core EBITDA progression and OWN Program payout trends, as key indicators of sustained margin expansion.
Price Chart
Executive Summary
EquipmentShare (EQPT) reported strong 2025 full-year results with Rental Segment revenue up 34% to $2.72 billion and Adjusted Core EBITDA up 32% to $1.67 billion, driven by expansion to 385 locations and fleet growth. The company raised 2026 guidance, projecting Rental Segment revenue of $3.3–3.6 billion and Adjusted Core EBITDA of $1.8–1.9 billion, signaling continued momentum in its capital-light OWN Program and organic growth model.
Key Financial Metrics
Key Facts
- Rental Segment revenue grew 34% YoY to $2.724 billion in 2025, driven by 95 new locations and fleet expansion.
- Adjusted Core EBITDA increased 32% to $1.667 billion, with mature location EBITDA margins at 54%.
- Net income surged to $40 million from $3 million in 2024, despite higher interest and startup costs.
- Company guided 2026 total revenue of $5.05–5.47 billion and Rental Segment revenue of $3.31–3.59 billion.
- OEC under management reached $8.78 billion, with OWN Program fleet comprising 56% of total fleet.
- Pro forma net leverage decreased to 2.4x post-IPO, indicating improved capital structure.
Financial Impact
Revenue growth of 16% YoY to $4.38 billion and EBITDA growth of 32% to $1.67 billion, with 2026 revenue guidance implying 15–25% growth
Risk Factors
- Rising net leverage to 3.2x (though pro forma 2.4x post-IPO) increases interest rate sensitivity.
- Equipment sales revenue declined 8% to $1.54 billion, reflecting strategic pullback but reducing near-term cash flow diversity.
- High startup costs ($252M in 2025) may pressure margins if new locations underperform.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3258628 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 5d ago | Press Release | $16.33 | awaiting T+1 | — | $17.71 (+8.45%) |
Oct 19, 2026 8d ago | 8-K | $13.95 $15.60 | ▲ +11.83% | ▲ +11.49% | $17.71 (+26.95%) |
Sep 16, 2026 5w ago | Insider Buy | $18.37 $18.03 | ▼ −1.85% | ▼ −1.73% | $17.71 (−3.59%) |
Sep 4, 2026 7w ago | Insider Cluster | $19.40 $18.75 | ▼ −3.35% | ▼ −2.89% | $17.71 (−8.71%) |
Sep 1, 2026 8w ago | Insider Cluster | $17.81 $18.14 | ▲ +1.85% | ▲ +0.81% | $17.71 (−0.56%) |
Aug 24, 2026 9w ago | Insider Cluster | $18.47 $18.06 | ▲ +2.22% | ▲ +2.24% | $17.71 (+4.11%) |
Aug 18, 2026 10w ago | Insider Cluster | $19.68 $18.27 | ▲ +7.16% | ▲ +6.32% | $17.71 (+10.01%) |
Aug 18, 2026 10w ago | 144 | $19.68 $18.27 | ▲ +7.16% | ▲ +6.32% | $17.71 (+10.01%) |
Aug 14, 2026 10w ago | 144 | $21.43 $19.54 | ▲ +8.82% | ▲ +8.14% | $17.71 (+17.36%) |
Aug 14, 2026 10w ago | 144 | $21.43 $19.54 | ▼ −8.82% | ▼ −8.14% | $17.71 (−17.36%) |
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