Commercial asset marketplace RB Global (NYSE: RBA) announced better-than-expected revenue in Q2 CY2026, with sales up 11.1% year on year to $1.32 billion. Its non-GAAP profit of $1.13 per share was in line with analysts’ consensus estimates.
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RB Global (RBA) Q2 CY2026 Highlights:
- Revenue: $1.32 billion vs analyst estimates of $1.23 billion (11.1% year-on-year growth, 6.8% beat)
- Adjusted EPS: $1.13 vs analyst estimates of $1.14 (in line)
- Adjusted EBITDA: $387.2 million vs analyst estimates of $384.5 million (29.4% margin, 0.7% beat)
- EBITDA guidance for the full year is $1.52 billion at the midpoint, above analyst estimates of $1.5 billion
- Operating Margin: 17.1%, up from 15.9% in the same quarter last year
- Free Cash Flow Margin: 6.1%, down from 19.2% in the same quarter last year
- Market Capitalization: $20.91 billion
Company Overview
Born from the 1958 founding of Ritchie Bros. Auctioneers and rebranded in 2023, RB Global (NYSE: RBA) operates global marketplaces that connect buyers and sellers of commercial assets, vehicles, and equipment across multiple industries.
Revenue Growth
Reviewing a company’s long-term sales performance reveals insights into its quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years.
With $4.85 billion in revenue over the past 12 months, RB Global is one of the larger companies in the business services industry and benefits from a well-known brand that influences purchasing decisions.
As you can see below, RB Global grew its sales at an incredible 27.4% compounded annual growth rate over the last five years. This is an encouraging starting point for our analysis because it shows RB Global’s demand was higher than many business services companies.
We at StockStory place the most emphasis on long-term growth, but within business services, a half-decade historical view may miss recent innovations or disruptive industry trends. RB Global’s annualized revenue growth of 7.2% over the last two years is below its five-year trend, but we still think the results suggest healthy demand. 
This quarter, RB Global reported year-on-year revenue growth of 11.1%, and its $1.32 billion of revenue exceeded Wall Street’s estimates by 6.8%.
Looking ahead, sell-side analysts expect revenue to grow 3.8% over the next 12 months, a deceleration versus the last two years. This projection is underwhelming and indicates its products and services will face some demand challenges. At least the company is tracking well in other measures of financial health.
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Adjusted Operating Margin
Adjusted operating margin is a key measure of profitability. Think of it as net income (the bottom line) excluding the impact of non-recurring expenses, taxes, and interest on debt - metrics less connected to business fundamentals.
RB Global’s adjusted operating margin has generally stayed the same over the last 12 months, averaging 24.9% over the last five years. This profitability was elite for a business services business thanks to its efficient cost structure and economies of scale.
Analyzing the trend in its profitability, RB Global’s adjusted operating margin might have fluctuated slightly but has generally stayed the same over the last five years. This raises questions about the company’s expense base because its revenue growth should have given it leverage on its fixed costs, resulting in better economies of scale and profitability.
In Q2, RB Global generated an adjusted operating margin profit margin of 17.1%, down 8.7 percentage points year on year. This contraction shows it was less efficient because its expenses grew faster than its revenue.
Earnings Per Share
Revenue trends explain a company’s historical growth, but the long-term change in earnings per share (EPS) points to the profitability of that growth — for example, a company could inflate its sales through excessive spending on advertising and promotions.
RB Global’s EPS grew at an astounding 19.3% compounded annual growth rate over the last five years. However, this performance was lower than its 27.4% annualized revenue growth, telling us the company became less profitable on a per-share basis as it expanded.
Like with revenue, we analyze EPS over a more recent period because it can provide insight into an emerging theme or development for the business.
For RB Global, its two-year annual EPS growth of 11.2% was lower than its five-year trend. This wasn’t great, but at least the company was successful in other measures of financial health.
In Q2, RB Global reported adjusted EPS of $1.13, up from $1.07 in the same quarter last year. This print was close to analysts’ estimates. Over the next 12 months, Wall Street expects RB Global’s full-year EPS to grow 10.9% from $4.18 to $4.64.
Key Takeaways from RB Global’s Q2 Results
We were impressed by how significantly RB Global blew past analysts’ revenue expectations this quarter. On the other hand, its EPS was in line. Overall, we think this was a decent quarter with some key metrics above expectations. The stock remained flat at $111 immediately after reporting.
So should you invest in RB Global right now? When making that decision, it’s important to consider its valuation, business qualities, as well as what has happened in the latest quarter. We cover that in our actionable full research report which you can read here (it’s free).
