Cumulative operating cash flow of $2.28B over the last ten quarters exceeded net income by $1.16B, but FCF margin remains below prior peaks at 6.9% in Q2 2026, with capex intensity rising to 5.9% of revenue.
RB Global, Inc. (RBA) cash flow statement — 29-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Cash from Operations | 861.88M | 995.32M | 932M | 544M | 463.1M | 317.6M | 257.87M | 332.79M | 144.28M | 147.57M | 177.56M | 196.46M | 149.02M | 146.64M | 134.06M | 141.15M | 40.16M | 138.46M | 90.69M | 101.97M | 56.34M | 85.07M | 48.88M | 60.42M | 47.04M | 15.49M | 37.15M | 23.3M | 25.5M | 5.6M |
| Operating CF Margin % | - | 21.31% | 21.75% | 14.78% | 26.71% | 22.41% | 18.72% | 25.24% | 12.33% | 15.19% | 15.76% | 38.08% | 30.97% | 31.37% | 30.61% | 35.63% | 11.24% | 36.7% | 25.56% | 32.47% | 25.46% | 40.01% | 32.18% | 48.18% | 35.22% | 13.24% | 35% | 22.28% | 26.87% | 9.33% |
| Operating CF Growth % | 10.66% | 6.79% | 71.32% | 17.47% | 45.81% | 23.16% | -22.51% | 130.66% | -2.23% | -16.89% | -9.62% | 31.83% | 1.62% | 9.38% | -5.02% | 251.42% | -70.99% | 52.67% | -11.06% | 80.97% | -33.77% | 74.03% | -19.09% | 28.44% | 203.69% | -58.3% | 59.44% | -8.63% | 355.36% | - |
| Net Income | 485.28M | 430.51M | 412.8M | 206M | 319.8M | 151.9M | 170.36M | 149.14M | 121.51M | 75.31M | 93.51M | 138.57M | 92.56M | 94.44M | 79.55M | 76.63M | 65.91M | 93.45M | 101.4M | 76.51M | 49.12M | 53.58M | 29.09M | 28.41M | 28.37M | 20.05M | 17.2M | 22.3M | 24.8M | 2.4M |
| Depreciation & Amortization | 674.93M | 654.97M | 598.8M | 462.1M | 116.6M | 100.7M | 87.16M | 82.78M | 66.61M | 52.69M | 40.86M | 42.03M | 44.54M | 43.28M | 41.14M | 42.41M | 37.81M | 31.76M | 24.76M | 19.55M | 12.89M | 13.17M | 10.59M | 9.14M | 9.21M | 9.08M | 7.76M | 5.6M | 2.8M | 1.5M |
| Stock-Based Compensation | 33.5M | 0 | 62.4M | 55.8M | 41.7M | 31.3M | 16.55M | 12.74M | 19.51M | 17.23M | 7.49M | 4M | 3.71M | 4.5M | 4.3M | 3.88M | 3.39M | 2.11M | 2.31M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -55.15M | -55.15M | -69.2M | -65.8M | -300K | 3.9M | 9.15M | 8.83M | 6.24M | -17.27M | -3.36M | -4.56M | 3.15M | 3.4M | 2.1M | 5.29M | 2.69M | 2.84M | -1.22M | 2.13M | 937K | 230K | 1.11M | 1.06M | 2.56M | 1.15M | 176K | 600K | -2.5M | 0 |
| Other Non-Cash Items | 33.29M | 103.58M | 27M | 29.6M | -165.9M | 5.4M | 3.78M | 2.7M | -4.04M | 9.33M | 28.37M | -8.72M | 6.85M | -9.51M | -31.41M | -24.44M | -32.84M | 438K | -18.03M | -1.07M | 1.02M | -5.1M | 1.03M | 798K | -758K | -721K | 0 | 1.3M | -100K | 10.3M |
| Working Capital Changes | -309.4M | -138.58M | -99.8M | -143.7M | 151.2M | 24.4M | -29.13M | 76.6M | -65.55M | 10.28M | 10.68M | 25.13M | -1.8M | 10.52M | 38.38M | 37.38M | -36.8M | 7.86M | -18.54M | 4.86M | -7.62M | 23.19M | 7.07M | 21.02M | 7.66M | -14.07M | 12.01M | -6.5M | 500K | -8.6M |
| Change in Receivables | 61.48M | 47.72M | -5.7M | -43.4M | -27.3M | -25.1M | 22.09M | -9.06M | -30.29M | -25.23M | -4.27M | 13.5M | -1.07M | -3.68M | -9.37M | -1.44M | -18.56M | 14.84M | -3.35M | -20.62M | -15.19M | -7.85M | -1.85M | -2.61M | -1.32M | -1.81M | -920K | -2.9M | 0 | 7.4M |
| Change in Inventory | -25.33M | -13.13M | 26.2M | -10.7M | -7.2M | -21.9M | -18.15M | 44.63M | -77.29M | -8.56M | 26.56M | -17.64M | 4.11M | 8.9M | -11.32M | -23.01M | -19.51M | 3.86M | -4.76M | 246K | 4M | 3.02M | -2.93M | -1.83M | -4.38M | 6.24M | -5.97M | -1.1M | 4.7M | 11.1M |
| Change in Payables | 54.79M | 111.32M | 104.2M | 174.5M | 18.6M | 28M | 38.08M | -21.3M | 39.53M | 21.85M | 5.63M | -7.65M | 13.83M | 901K | 22.4M | 20.22M | 4.52M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -849.66M | -562.58M | -301.6M | -3.11B | 77.2M | -214.1M | -276.72M | -36.06M | -30.95M | -710.95M | -116.86M | -29.35M | -30.12M | -27.53M | -110.87M | -70.1M | -54.59M | -164.66M | -110.21M | -106.45M | -39.96M | -32.21M | -20.46M | -8.56M | -33.41M | -32.88M | -46.54M | -79.1M | -37.1M | -3.2M |
| Capital Expenditures | -305M | -382.07M | -167.4M | -227.9M | -32M | -9.8M | -14.26M | -13.59M | -16.86M | -10.81M | -18.92M | -22.05M | -24.99M | -35.9M | -58.71M | -77.05M | -62.28M | -157.42M | -145.02M | -114M | -43.98M | -42.74M | -19.54M | -12.63M | -29.04M | -38.1M | -46.54M | -53.5M | -37.1M | -3.2M |
| CapEx % of Revenue | 6.27% | 8.18% | 3.91% | 6.19% | 1.85% | 0.69% | 1.04% | 1.03% | 1.44% | 1.11% | 1.68% | 4.28% | 5.19% | 7.68% | 13.4% | 19.45% | 17.43% | 41.73% | 40.87% | 36.3% | 19.87% | 20.1% | 12.87% | 10.07% | 21.74% | 32.56% | 43.85% | 51.15% | 39.09% | 5.33% |
| Acquisitions | -485.82M | -154.86M | -8.6M | -2.78B | -100K | -171M | -248.34M | 0 | 6.15M | -675.85M | -45.74M | -15.11M | 0 | 0 | -55.62M | 0 | 0 | -3.8M | 0 | -601K | -1.97M | 0 | -1.05M | 0 | -8.74M | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | -67.01M | -5.29M | -125.6M | -101.8M | 109.3M | -33.3M | -15.82M | -22.47M | -26.39M | -24.29M | -52.21M | 10.81M | -5.13M | 8.37M | 3.45M | 6.95M | 7.69M | -3.44M | 34.81M | 8.15M | 6M | 10.53M | 132K | 4.08M | 4.37M | 5.22M | 0 | -25.6M | 0 | 0 |
| Cash from Financing | -206.27M | -469.48M | -645.5M | 2.68B | -1.26B | 960.9M | -111.46M | -187.22M | -134.11M | 119.26M | 404.14M | -80.69M | -101.63M | -97.92M | 43.41M | -24.67M | -43.34M | 22.91M | -6.19M | -27.96M | -18.59M | -13.14M | -20.52M | -10.71M | -2.85M | 3.48M | 16.9M | 38.1M | 58.1M | -53.2M |
| Debt Issued (Net) | 35.71M | -235.15M | -463.8M | 2.54B | -1.14B | 1.07B | -1.67M | -98.5M | -81.88M | 196.19M | 507.35M | 2.59M | -55.68M | -50.26M | 90.81M | 11.4M | -3.71M | 56.59M | 25.95M | -749K | -195K | 4.24M | -21.63M | -5.05M | -6.29M | 3.48M | 16.9M | 38.1M | 4.2M | -5.6M |
| Equity Issued (Net) | -101.24M | 51.38M | 71.87M | 550.51M | 5.64M | 16.11M | -9.52M | -939.34K | 27.07M | 10.29M | -12.24M | -16.28M | 11.56M | 5.97M | 2.23M | 9.45M | 3.4M | 5.11M | 3.04M | 3.94M | 5.05M | 3.02M | 3.97M | 2.56M | 365K | 2K | 2K | 0 | 53.9M | -2.8M |
| Dividends Paid | -266.82M | -262.62M | -240.2M | -328.4M | -115.2M | -103.8M | -91.74M | -82.53M | -75.68M | -72.78M | -70.46M | -64.34M | -57.93M | -53.92M | -50.04M | -46.18M | -43.27M | -39.97M | -35.6M | -31.5M | -23.13M | -19.94M | -10.54M | -3.95M | 0 | 0 | 0 | 0 | 0 | -42.2M |
| Share Repurchases | -150M | 0 | 0 | 0 | 0 | 0 | -55.98M | -42.99M | 0 | 0 | -36.28M | -43.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.8M |
| Other Financing | 126.09M | -23.1M | -13.37M | -84.91M | -8.04M | -20.51M | -8.54M | -2.95M | -3.62M | -14.43M | -20.5M | -2.66M | 414.96K | 286.93K | 412.19K | 656.62K | 239.97K | 1.18M | 419.92K | 351.52K | -315.38K | 286.84K | 7.69M | -4.26M | 3.07M | 0 | 0 | 0 | 0 | -2.6M |
| Net Change in Cash | -203.47M | -14.84M | -39.1M | 122M | -736.6M | 1.06B | -113.36M | 114.69M | -25.55M | -426.97M | 464.84M | 60.16M | -1.27M | 22.2M | 68.73M | 41.14M | -54.41M | 15.32M | -43.04M | -21.86M | 2.38M | 36.62M | 11.35M | 44.08M | 12.69M | -13.9M | 7.51M | -17.7M | -27.1M | -78M |
| Free Cash Flow | 612.2M | 731.79M | 655.1M | 197.8M | 391.1M | 274.1M | 214.74M | 291.79M | 101.27M | 108.17M | 141.08M | 165.64M | 110.09M | 95.08M | 71.72M | 64.09M | -22.12M | -18.96M | -54.34M | -12.03M | 12.36M | 42.33M | 29.34M | 47.79M | 18M | -22.61M | -9.39M | -30.2M | -11.6M | 2.4M |
| FCF Margin % | 12.58% | 15.67% | 15.29% | 5.38% | 22.56% | 19.34% | 15.59% | 22.13% | 8.66% | 11.14% | 12.52% | 32.11% | 22.88% | 20.34% | 16.38% | 16.18% | -6.19% | -5.03% | -15.31% | -3.83% | 5.58% | 19.91% | 19.32% | 38.11% | 13.48% | -19.32% | -8.85% | -28.87% | -12.22% | 4% |
| FCF Growth % | 1.01% | 11.71% | 231.19% | -49.42% | 42.69% | 27.65% | -26.41% | 188.14% | -6.38% | -23.33% | -14.83% | 50.45% | 15.79% | 32.57% | 11.9% | 389.76% | -16.66% | 65.1% | -351.6% | -197.34% | -70.8% | 44.28% | -38.6% | 165.42% | 179.64% | -140.77% | 68.91% | -160.34% | -583.33% | - |
| FCF per Share | 3.28 | 3.92 | 3.54 | 1.18 | 3.50 | 2.46 | 1.95 | 2.66 | 0.93 | 1.00 | 1.31 | 1.54 | 1.02 | 0.89 | 0.67 | 0.60 | -0.21 | -0.18 | -0.51 | -0.11 | 0.12 | 0.41 | 0.29 | 0.47 | 0.18 | -0.22 | -0.09 | -0.30 | -0.12 | 0.03 |
| FCF Conversion (FCF/Net Income) | 1.26x | 2.28x | 2.26x | 2.63x | 1.45x | 2.09x | 1.52x | 2.23x | 1.19x | 1.97x | 1.93x | 1.44x | 1.64x | 1.57x | 1.69x | 1.84x | 0.61x | 1.48x | 0.89x | 1.33x | 1.15x | 1.59x | 1.68x | 2.13x | 1.66x | 0.77x | 2.16x | 1.04x | 1.03x | 2.33x |
| Interest Paid | 69.6M | 0 | 228.8M | 163.4M | 38M | 45M | 32.52M | 37.05M | 39.43M | 23.36M | 5.79M | 4.99M | 4.82M | 8.25M | 0 | 0 | 5.51M | 5.59M | 3.48M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 48.5M | 0 | 201M | 180M | 29.6M | 71.2M | 43.4M | 26.7M | 10.35M | 28.28M | 54.04M | 34.66M | 29.09M | 27.74M | 0 | 0 | 26.9M | 35.57M | 34.63M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying RBA stock.
RB Global, Inc. (RBA) generated $995.3M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
RB Global, Inc. (RBA) generated $731.8M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
RB Global, Inc. (RBA) spent $382.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, RB Global, Inc. (RBA) returned $262.6M to shareholders via cash dividends. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Integration and leverage risks
Metrics are mathematically derived from official filings.
Cash Conversion Volatility Signals Integration Noise
Operating cash flow to net income swung from 0.99x in Q2 2026 to 2.38x in Q4 2025, indicating significant working capital swings, as per recent quarterly filings.
The OCF/NI ratio has been highly erratic, ranging from 0.99x to 3.75x over the past ten quarters, with the most recent quarter showing a near 1:1 conversion. This volatility appears tied to working capital swings, particularly in Q2 2026 where a $193.8M negative working capital change offset strong D&A. The gap between net income and operating cash flow is not driven by accruals but by timing of collections and payables, suggesting the marketplace model's cash conversion is inherently lumpy.
FCF Margin Recovery After Integration Dip
Free cash flow margin rebounded to 11.7% in Q1 2026 from 6.9% in Q2 2026, but remains below the 25.6% peak in Q2 2024, as reported in financial statements.
FCF margins have shown a clear downward trend from 25.6% in Q2 2024 to 6.9% in Q2 2026, though the latest quarter shows a sequential improvement. This compression appears tied to elevated capex and working capital outflows during the IAA integration, with capex intensity rising from 2.6% of revenue to 5.9% over the same period. The trajectory suggests that while the business is generating positive FCF, the integration phase is consuming more capital, and investors should monitor whether margins revert to pre-merger levels as synergies materialize.
Capex Intensity Rising for Integration
Capital expenditures as a percentage of revenue increased from 2.6% in Q2 2024 to 5.9% in Q2 2026, reflecting investment in physical infrastructure, as per recent financial data.
Capex has more than doubled in absolute terms from $28.7M in Q2 2024 to $78.1M in Q2 2026, with the capex-to-revenue ratio climbing steadily. This elevated spending appears directed at expanding and upgrading auction sites and technology to support the combined IAA and Ritchie Bros. operations. The increase suggests a mix of maintenance and growth capex, but the higher capital intensity may pressure near-term FCF if revenue growth does not keep pace.
Working Capital Swings Reflect Auction Timing
Working capital changes ranged from a $193.8M outflow in Q2 2026 to a $68.7M inflow in Q2 2024, indicating significant quarterly volatility, as reported in cash flow statements.
The working capital line has been the primary driver of OCF volatility, with large negative changes in Q1 and Q2 of 2026 and Q1 of 2025, offset by positive changes in Q4 2025 and Q2 2024. This pattern appears tied to the timing of large auction events and the settlement of receivables and payables, which can shift quarter to quarter. The negative swings in recent quarters may indicate faster growth in receivables or inventory buildup, but without segment detail, the exact cause remains unclear.
Capital Deployment Shifts to Buybacks and Acquisitions
Share repurchases totaled $150.0M in Q2 2026, the first buyback in the period, while dividends remained steady near $66M quarterly, as per recent filings.
The company initiated a significant buyback in Q2 2026, spending $150M, which is notable given no buybacks in prior quarters. This, combined with $331.1M in acquisition-related outflows, suggests management is actively deploying capital to enhance shareholder returns and integrate IAA. Dividends have grown modestly from $57.8M to $66.3M per quarter, indicating a commitment to returning cash, but the buyback may signal confidence in cash flow durability.
Cumulative Cash Generation Exceeds Net Income
Over the last ten quarters, cumulative operating cash flow of $2.28B exceeded cumulative net income of $1.12B, a gap of $1.16B, based on reported figures.
The cumulative OCF/NI ratio stands at approximately 2.0x, indicating that operating cash flow has been consistently and significantly higher than net income. This divergence is largely attributable to non-cash charges like D&A, which totaled over $1.5B cumulatively, and the timing of working capital. The large gap suggests that reported earnings understate the cash-generating ability of the business, but investors should note that this may also reflect heavy investment in depreciable assets.
Cash Flow Statement Obscures Integration Costs
Stock-based compensation of $17.9M in Q2 2026 and acquisition-related outflows of $331.1M are not fully reflected in operating cash flow, as per cash flow statements.
While SBC is added back to operating cash flow, it represents a real economic cost to shareholders, and the $17.9M quarterly figure is not trivial. More importantly, the $331.1M in acquisition net cash outflows in Q2 2026, likely related to IAA earnouts or deferred payments, are classified as investing activities, obscuring the true cash cost of the integration. Investors should adjust for these items to assess the underlying cash generation of the core marketplace operations.