-- Total revenue of $989 million for the first quarter and $4,652 million on
a TTM(1) basis.
-- 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 Twelve Months
Ended Ended
March 31, March 31,
-------------- --------------
($ in millions,
except for
operational
locations) 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 $329 million.
-- Net leverage(8) decreased to 2.8x as of March 31, 2026, from 3.2x as of
March 31, 2025.
(7) Reflects capital expenditures related to our rental
equipment fleet, net of proceeds from the sale of
rental equipment.
(8) See "Net Debt and Leverage Calculation" for additional
information on our calculation of the net leverage
ratio.
2026 Outlook
Year Ending Year Ending
December 31, 2026 December 31, 2026
-------------------- -------------------
(Current Guidance) (Prior Guidance)
-------------------- -------------------
($ in millions, except for
full-service rental
locations) 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 - $229 million of Sales Segment EBITDA.
We cannot provide a reconciliation between the expected non-GAAP measures and the most directly comparable GAAP measures for the period reflected above because certain significant information required for such reconciliation is not available without unreasonable efforts. This is due to the inherent difficulty of forecasting the timing or amounts of these items that have not yet occurred and are out of the Company's control or cannot be reasonably predicted. These items are uncertain, depend on various factors, and could have a material impact on GAAP reported results.
Conference Call
EquipmentShare will hold a conference call discussing first quarter 2026 financial results tomorrow, Thursday, May 14, 2026 at 7:30 a.m. Central Time. The conference call will be available live via a webcast at ir.equipmentshare.com. Alternatively, the call will be accessible by dialing 585-542-9983 (local) or 833-461-5787 (toll-free). The passcode for both numbers is 564125798. A replay of the webcast will also be hosted on the EquipmentShare investor relations website.
About EquipmentShare
Founded in 2015 and headquartered in Columbia, Missouri, EquipmentShare is a nationwide construction technology and equipment solutions provider dedicated to transforming the construction industry through innovative tools, platforms and data-driven insights. By empowering contractors, builders and equipment owners with its proprietary technology, T3$(R)$ , 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 SUBSIDIARIES
CONDENSED 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)
Deemed dividends
on perpetual
preferred stock (12) (12) (37) (41)
----- ----- ----- -----
Net income (loss)
attributable to
shareholders $ (41) $ (60) $ 21 $ (46)
===== ===== ===== =====
Weighted average
common shares
outstanding:
Basic 209 78 109 78
Diluted 209 78 233 78
Earnings (loss)
earnings per
common share:
Basic $ (0.20) $(0.77) $ 0.20 $(0.59)
Diluted $ (0.20) $(0.77) $ 0.09 $(0.59)
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In millions, except par value)
March 31, 2026 December 31, 2025
------------------ ---------------------
ASSETS
Cash and cash equivalents $ 329 $ 306
Accounts receivable, net ($19 and
$20, respectively, due from
related parties) 818 748
Inventories 427 401
Prepaid costs 203 169
Other current assets 93 106
---------- --- ------------
Total current assets 1,870 1,730
Rental equipment, net 2,988 2,834
Property and other fixed assets,
net 524 504
Capitalized software, net 113 110
Right of use assets, operating 707 676
Investments in non-consolidated
affiliates 60 59
Intangible assets, net 30 31
Other assets 65 43
---------- --- ------------
Total assets $ 6,357 $ 5,987
========== === ============
LIABILITIES, PERPETUAL PREFERRED
STOCK, AND EQUITY
Accounts payable ($1 and $1,
respectively, due to related
parties) $ 73 $ 95
Accrued liabilities 495 609
Manufacturer flooring plans
payable 83 74
Current portion of long-term debt 5 4
Current portion of operating
lease liabilities 75 69
Current portion of finance lease
liabilities 18 19
Current portion of financing
obligations 9 10
---------- --- ------------
Total current liabilities 758 880
Long-term debt, net of current
portion, original issue
discounts, and debt issuance
costs 3,077 3,268
Operating lease liabilities, net
of current portion ($6 and $5,
respectively, due to related
parties) 681 655
Finance lease liabilities, net of
current portion ($31 and $28,
respectively, due to related
parties) 183 169
Financing obligations, net of
current portion 75 83
Deferred tax liabilities, net 10 43
Other liabilities 1 1
---------- --- ------------
Total liabilities 4,785 5,099
Perpetual preferred stock, net -
$0.00000125 par value, 15 shares
authorized, 14 and 14 shares
issued and outstanding at March
31, 2026 and December 31, 2025,
respectively 371 360
Common stock - $0.00000125 par
value, no shares authorized,
issued and outstanding as of
March 31, 2026, 273 shares
authorized, 80 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 March
31, 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 March 31, 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 March 31,
2026, 149 shares authorized, 142
and shares issued and
outstanding at December 31,
2025 -- 430
Treasury stock, at cost, 5 and 5
shares at March 31, 2026 and
2025, respectively (7) (7)
Additional paid-in-capital 1,238 105
Retained earnings (accumulated
deficit) (29) --
Accumulated other comprehensive
income (loss) (1) --
Total equity 1,201 528
---------- --- ------------
Total liabilities,
perpetual preferred stock,
and equity $ 6,357 $ 5,987
========== === ============
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(In millions)
Three Months Ended
March 31,
2026 2025
OPERATING ACTIVITIES
Net loss $ (29) $ (48)
Adjustments to reconcile net loss to net cash
used by operating activities:
Depreciation and amortization expense 104 79
Amortization of debt issuance costs and
original issue discounts 5 5
Allowance for credit losses and doubtful
accounts 9 5
Change in operating lease cost 31 27
Stock-based compensation expense 19 1
Deferred taxes (33) (20)
Other 2 --
Change in operating assets and liabilities:
Accounts receivable (57) (75)
Inventories (27) (26)
Prepaid costs and other assets (52) (32)
Accounts payable and manufacturer flooring
plans payable (26) (9)
Accrued liabilities (115) 69
Operating lease liabilities (31) (27)
Net cash used in operating activities (200) (51)
------- ------
INVESTING ACTIVITIES
Purchases of rental equipment ($1 from
related parties in 2025) (328) (293)
Proceeds from sale of rental equipment ($21
from related parties in 2025) 115 75
Purchases of and deposits on property and
other fixed assets (48) (50)
Investments in internally developed software (9) (10)
Purchases of investments in equity and debt
securities (6) (6)
Proceeds from sale of investments in equity
and debt securities 3 2
Acquisition of businesses, net of cash
acquired (7) (1)
Net cash used in investing activities (280) (283)
------- ------
FINANCING ACTIVITIES
Payments on long-term debt and finance
leases (582) (15)
Proceeds from long-term debt 381 300
Payments on financing obligations (2) (14)
Proceeds on financing obligations -- 1
Proceeds from issuance of class A common
stock upon initial public offering, net of
underwriting discount and commissions 706 --
Exercise of stock options 2 1
Payments of equity issuance costs (2) --
------- ------
Net cash provided by financing activities 503 273
Net increase (decrease) in cash and cash
equivalents 23 (61)
Cash and cash equivalents, beginning of
period 306 406
------- ------
Cash and cash equivalents, end of period $ 329 $ 345
======= ======
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest $ 39 $ 32
Cash paid for taxes -- --
NON-CASH ACTIVITIES:
Purchase of rental equipment remaining in
accounts payable 23 4
Purchase of property and other fixed assets
remaining in accounts payable 5 9
Accretion of perpetual preferred stock to
redemption value 11 11
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 March 31, 2026 and 2025, which is calculated as the three months ended March 31, 2026 and 2025, plus the year ended December 31, 2025 and 2024 less the three months ended March 31, 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 (Loss) Income", "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 (Loss) Income, 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 (Loss) Income is defined as net (loss) income adjusted to exclude stock based compensation expense related to the IPO Founders Awards. The Company believes Adjusted Net (Loss) Income 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 (Loss) Income less deemed dividends on perpetual preferred stock divided by adjusted fully diluted weighted average diluted 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 startup 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 startup 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 startup 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 startup 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 Twelve Months
Ended Ended
March 31, March 31,
---------------- -----------------
2026 2025 % change 2026 2025 % change
------- --------
Equipment
Rental and
Services
Operations
Reportable
segment
revenue $764 $556 37.4% $2,932 $2,154 36.1%
Reportable
segment
Adjusted
EBITDA $323 $209 54.5% $1,253 $853 46.9%
Reportable
segment
Adjusted
EBITDA
margin 42.3% 37.6% 12.5% 42.7% 39.6% 7.8%
Equipment
Sales
Reportable
segment
revenue $179 $145 23.4% $1,575 $1,653 (4.7)%
Reportable
segment
Adjusted
EBITDA $26 $25 4.0% $277 $252 9.9%
Reportable
segment
Adjusted
EBITDA
margin 14.5% 17.2% (15.7)% 17.6% 15.2% 15.8%
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Equipment Sales Information
($ in millions)
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------------ -------------------------
2026 2025 2026 2025
------------ ---------- ------------ -----------
Equipment sales to
OWN Program
participants(1) $ 102 $ 95 $ 1,303 $ 1,440
Other equipment
sales 77 50 272 213
--- ------- ------ -------- -------
Total revenues -
equipment sales $ 179 $ 145 $ 1,575 $ 1,653
=== ======= ====== ======== =======
Cost of equipment
sold to OWN
Program
participants 82 72 1,043 1,200
Cost of other
equipment sales 64 41 227 172
--- ------- ------ -------- -------
Total cost of
revenues -
equipment sales $ 146 $ 113 $ 1,270 $ 1,372
=== ======= ====== ======== =======
(1) For the three months ended March 31, 2026 and 2025,
equipment sales to OWN Program participants included
net revenue of $6 million and $13 million, respectively,
recognized on an agent basis, with overall transaction
values of $41 million and $97 million, respectively.
For the twelve months ended March 31, 2026 and 2025,
equipment sales to OWN Program participants included
net revenue of $100 million and $71 million, respectively,
recognized on an agent basis, with overall transaction
values of $691 million and $385 million, respectively.
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
EBITDA, Core EBITDA, and Adjusted Core EBITDA GAAP
Reconciliation
($ in millions)
Three Months Ended Twelve Months Ended
March 31, March 31,
------------------------ ---------------------------
2026 2025 2026 2025
------------ ---------- ------------ -------------
Equipment
Rental and
Services
Operations
Segment
Adjusted
EBITDA $ 323 $ 209 $ 1,253 $ 853
Equipment
Sales
Segment
Adjusted
EBITDA 26 25 277 252
--- ------- ------ -------- -------
Core EBITDA 349 234 1,530 1,105
Plus: New
market
startup
costs 50 55 246 212
--- ------- ------ -------- -------
Adjusted
Core
EBITDA $ 399 $ 289 $ 1,776 $ 1,317
=== ======= ====== ======== =======
Three Months Ended Twelve Months Ended
March 31, March 31,
2026 2025 2026 2025
------ ------
Net (loss)
income $ (29) $ (48) $ 58 $ (5)
Plus: (Benefit)
provision for
income taxes (32) (19) 1 (3)
Plus:
Depreciation
and
amortization
expense 104 79 390 332
Plus: Interest
expense 70 63 292 264
Plus: Non-cash
stock
compensation 19 1 22 4
EBITDA 132 76 763 592
Less: Non-cash
stock
compensation -- (1) (3) (4)
Less: (Gain)
loss on sale
of properties
and other
assets -- -- (1) (14)
Less: Other
(income)
expense, net (8) (6) (51) (32)
Plus: OWN
Program
payouts 217 154 777 490
Plus: Equipment
operating
lease expense 6 7 26 64
Plus: Loss on
debt
extinguishment -- -- 8 --
Less: Non-Core
EBITDA 2 4 11 9
Core EBITDA 349 234 1,530 1,105
Plus: New
market startup
costs 50 55 246 212
Adjusted Core
EBITDA $ 399 $ 289 $ 1,776 $ 1,317
===== ====== ===== ======
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Adjusted Net (Loss) Income and Adjusted EPS GAAP Reconciliation
($ in millions)
Three Months Ended Twelve Months Ended
March 31, March 31,
2026 2025 2026 2025
----- -----
Net (loss) income $ (29) $ (48) $ 58 $ (5)
Plus: IPO
Founders Awards
Stock
Compensation
Expense 17 -- 17 --
Adjusted net
(loss) income (12) (48) 75 (5)
----- ----- ----- -----
Less: Deemed
dividends on
perpetual
preferred stock (12) (12) (37) (41)
----- ----- ----- -----
Adjusted net
(loss) income
used for
calculation of
adjusted EPS $ (24) $ (60) $ 38 $ (46)
===== ===== ===== =====
Weighted-average
common shares
used in GAAP
diluted net loss
(income) per
share 209 78 233 78
IPO Founders
Awards -- -- (1) --
Non-GAAP
weighted-average
common shares 209 78 232 78
===== ===== ===== =====
GAAP diluted net
(loss) income
per share $ (0.20) $(0.77) $ 0.09 $(0.59)
Total impact on
diluted net
(loss) income
per share from
non-GAAP
adjustments $ (0.09) $ -- $ 0.07 $ --
Adjusted EPS $ (0.11) $(0.77) $ 0.16 $(0.59)
EQUIPMENTSHARE.COM INC AND SUBSIDIARIES
SUPPLEMENTAL SCHEDULES
Net Debt and Leverage Calculation
($ in millions)
Twelve Months Ended
March 31,
---------------------------
2026 2025
------
Long-term debt, net of current portion,
original issue discounts, and debt issuance
costs $ 3,077 $ 2,824
Current portion of long-term debt 5 37
Finance lease liabilities, net of current
portion (Equipment) 37 26
Current portion of finance lease liabilities
(Equipment) 12 15
Financing obligations, net of current portion
(Equipment) 19 20
Current portion of financing obligations
(Equipment) 7 5
Cash and cash equivalents (329) (345)
------- ------
Net debt $ 2,828 $ 2,582
------- ------
EBITDA 763 592
New market startup costs 246 212
------- ------
Net leverage ratio 2.8x 3.2x
------- ------
Contact:
Rhett Butler
VP, Investor Relations
ir@equipmentshare.com
(END) Dow Jones Newswires
May 13, 2026 16:07 ET (20:07 GMT)