Revenue growth remains volatile at 11.4% in 2026Q1, while gross margins have compressed from 48.4% in 2024Q1 to 43.5% by 2025Q4, reflecting ongoing integration cost pressures.
| 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 |
|---|
| Sales/Revenue | 4.74B | 4.67B | 4.28B | 3.68B | 1.73B | 1.42B | 1.38B | 1.32B | 1.17B | 971.19M | 1.13B | 515.88M | 481.1M | 467.4M | 437.95M | 396.1M | 357.37M | 377.21M | 354.82M | 314.06M | 221.34M | 212.63M | 151.89M | 125.41M | 133.55M | 116.99M | 106.13M | 104.6M | 94.9M | 60M |
| Revenue Growth % | 9.41% | 9.03% | 16.43% | 112.23% | 22.36% | 2.89% | 4.45% | 12.7% | 20.47% | -13.82% | 118.46% | 7.23% | 2.93% | 6.72% | 10.57% | 10.84% | -5.26% | 6.31% | 12.98% | 41.89% | 4.1% | 39.99% | 21.12% | -6.1% | 14.16% | 10.24% | 1.46% | 10.22% | 58.17% | - |
| Cost of Goods Sold | 1.92B | 3B | 2.28B | 1.9B | 776.7M | 603.1M | 615.59M | 645.82M | 533.4M | 439.69M | 626.64M | 56.03M | 57.88M | 54.01M | 49.69M | 48.04M | 47.02M | 49.89M | 49.75M | 46.8M | 34.73M | 27.04M | 19.56M | 17.16M | 19.68M | 18.86M | 17.94M | 17.5M | 16M | 13M |
| COGS % of Revenue | - | 64.16% | 53.21% | 51.67% | 44.8% | 42.56% | 44.7% | 48.98% | 45.59% | 45.27% | 55.6% | 10.86% | 12.03% | 11.55% | 11.35% | 12.13% | 13.16% | 13.23% | 14.02% | 14.9% | 15.69% | 12.71% | 12.88% | 13.68% | 14.74% | 16.12% | 16.9% | 16.73% | 16.86% | 21.67% |
| Gross Profit | 1.58B | 1.67B | 2B | 1.78B | 957.1M | 813.9M | 761.67M | 672.83M | 636.63M | 531.5M | 500.33M | 459.85M | 423.21M | 413.39M | 388.27M | 348.06M | 310.35M | 327.32M | 305.07M | 267.26M | 186.62M | 185.6M | 132.33M | 108.25M | 113.87M | 98.13M | 88.19M | 87.1M | 78.9M | 47M |
| Gross Margin % | 33.37% | 35.84% | 46.79% | 48.33% | 55.2% | 57.44% | 55.3% | 51.02% | 54.41% | 54.73% | 44.4% | 89.14% | 87.97% | 88.45% | 88.65% | 87.87% | 86.84% | 86.77% | 85.98% | 85.1% | 84.31% | 87.29% | 87.12% | 86.32% | 85.26% | 83.88% | 83.1% | 83.27% | 83.14% | 78.33% |
| Gross Profit Growth % | - | -16.49% | 12.72% | 85.81% | 17.59% | 6.86% | 13.2% | 5.69% | 19.78% | 6.23% | 8.8% | 8.66% | 2.38% | 6.47% | 11.55% | 12.15% | -5.19% | 7.29% | 14.15% | 43.21% | 0.55% | 40.25% | 22.25% | -4.93% | 16.04% | 11.27% | 1.25% | 10.39% | 67.87% | - |
| Operating Expenses | 1.94B | 849.21M | 1.24B | 1.31B | 503.6M | 572.9M | 498.51M | 449.62M | 451.44M | 424.05M | 364.61M | 285.01M | 295.29M | 413.39M | 388.27M | 244.34M | 218.83M | 200.07M | 189.32M | 165.37M | 113.94M | 107.84M | 81.98M | 64.46M | 72.99M | 65.59M | 60.7M | 52.9M | 42.1M | 28.9M |
| OpEx % of Revenue | - | 18.18% | 29.03% | 35.52% | 29.05% | 40.43% | 36.2% | 34.1% | 38.58% | 43.66% | 32.35% | 55.25% | 61.38% | 88.45% | 88.65% | 61.69% | 61.23% | 53.04% | 53.36% | 52.65% | 51.47% | 50.72% | 53.98% | 51.4% | 54.66% | 56.07% | 57.2% | 50.57% | 44.36% | 48.17% |
| Selling, General & Admin | 868.04M | 905.2M | 773.9M | 743.7M | 539.9M | 456.2M | 417.52M | 382.39M | 382.68M | 323.27M | 283.53M | 254.39M | 248.22M | 243.74M | 227.09M | 201.94M | 181.02M | 168.31M | 164.56M | 145.81M | 101.05M | 94.67M | 71.39M | 55.32M | 63.79M | 56.52M | 52.94M | 47.3M | 39.3M | 27.4M |
| SG&A % of Revenue | - | 19.38% | 18.06% | 20.21% | 31.14% | 32.19% | 30.32% | 29% | 32.71% | 33.29% | 25.16% | 49.31% | 51.59% | 52.15% | 51.85% | 50.98% | 50.65% | 44.62% | 46.38% | 46.43% | 45.65% | 44.52% | 47% | 44.12% | 47.76% | 48.31% | 49.89% | 45.22% | 41.41% | 45.67% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 3M | -55.99M | 469.6M | 563.4M | -36.3M | 116.7M | 80.99M | 67.23M | 68.76M | 100.78M | 81.08M | 30.62M | 47.07M | 169.66M | 161.18M | 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 |
| Operating Income | 881.5M | 824.99M | 761.2M | 471.3M | 453.5M | 241M | 263.16M | 223.2M | 185.19M | 107.45M | 135.72M | 174.84M | 127.93M | 126.38M | 119.15M | 103.71M | 91.52M | 127.25M | 115.75M | 101.89M | 72.68M | 77.76M | 50.35M | 43.79M | 40.87M | 32.54M | 27.49M | 34.2M | 36.8M | 18.1M |
| Operating Margin % | 18.62% | 17.66% | 17.77% | 12.81% | 26.16% | 17.01% | 19.11% | 16.93% | 15.83% | 11.06% | 12.04% | 33.89% | 26.59% | 27.04% | 27.21% | 26.18% | 25.61% | 33.73% | 32.62% | 32.44% | 32.84% | 36.57% | 33.15% | 34.92% | 30.61% | 27.81% | 25.9% | 32.7% | 38.78% | 30.17% |
| Operating Income Growth % | - | 8.38% | 61.51% | 3.92% | 88.17% | -8.42% | 17.9% | 20.53% | 72.34% | -20.83% | -22.37% | 36.67% | 1.22% | 6.07% | 14.88% | 13.33% | -28.08% | 9.94% | 13.6% | 40.19% | -6.53% | 54.44% | 14.98% | 7.13% | 25.62% | 18.38% | -19.63% | -7.07% | 103.31% | - |
| EBITDA | 1.41B | 1.48B | 1.36B | 933.4M | 570.1M | 341.7M | 350.32M | 305.98M | 251.8M | 160.15M | 176.58M | 216.87M | 172.46M | 169.66M | 160.29M | 146.12M | 129.33M | 159.01M | 140.51M | 121.44M | 85.57M | 90.93M | 60.94M | 52.93M | 50.08M | 41.61M | 35.25M | 39.8M | 39.6M | 19.6M |
| EBITDA Margin % | 29.75% | 31.68% | 31.74% | 25.37% | 32.88% | 24.11% | 25.44% | 23.2% | 21.52% | 16.49% | 15.67% | 42.04% | 35.85% | 36.3% | 36.6% | 36.89% | 36.19% | 42.15% | 39.6% | 38.67% | 38.66% | 42.76% | 40.12% | 42.2% | 37.5% | 35.57% | 33.21% | 38.05% | 41.73% | 32.67% |
| EBITDA Growth % | 3.7% | 8.82% | 45.7% | 63.73% | 66.84% | -2.46% | 14.49% | 21.52% | 57.23% | -9.31% | -18.58% | 25.75% | 1.65% | 5.85% | 9.69% | 12.98% | -18.67% | 13.16% | 15.7% | 41.92% | -5.89% | 49.22% | 15.14% | 5.68% | 20.35% | 18.06% | -11.44% | 0.51% | 102.04% | - |
| D&A (Non-Cash Add-back) | 527.41M | 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 |
| EBIT | 539.84M | 739.93M | 783.8M | 496.2M | 463.9M | 242.3M | 271.46M | 232.04M | 197.04M | 115.69M | 136.06M | 181.4M | 134.31M | 142.19M | 118.88M | 113.56M | 95.57M | 132.07M | 140.14M | 101.89M | 72.68M | 77.76M | 50.35M | 43.79M | 40.87M | 32.54M | 27.49M | 34.2M | 36.8M | 18.1M |
| Net Interest Income | -132.89M | -179.79M | -207.5M | -191.8M | -50.9M | -35.6M | -35.57M | -41.28M | -44.53M | -38.29M | -5.56M | -2.3M | -3.06M | -4.73M | -4.44M | -3.21M | -3.18M | 1.86M | 4.13M | -1.21M | -1.01M | -1.91M | -3.22M | -4.77M | -4.3M | -4.02M | -3.38M | 0 | -1.6M | 0 |
| Interest Income | 14.76M | 15.16M | 26.2M | 22M | 7M | 1.4M | 0 | 0 | 0 | 0 | 0 | 2.66M | 2.22M | 2.71M | 2.42M | 2.33M | 2.04M | 2.4M | 4.99M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 101.05M | 194.95M | 233.7M | 213.8M | 57.9M | 37M | 35.57M | 41.28M | 44.53M | 38.29M | 5.56M | 4.96M | 5.28M | 7.43M | 6.86M | 5.54M | 5.22M | 544K | 859K | 1.21M | 1.01M | 1.91M | 3.22M | 4.77M | 4.3M | 4.02M | 3.38M | 0 | 1.6M | 0 |
| Other Income/Expense | -313.52M | -280.02M | -211.1M | -188.9M | -47.5M | -35.7M | -27.27M | -32.44M | -32.68M | -30.06M | -5.23M | 1.6M | 1.11M | 8.38M | -7.13M | 4.3M | -1.16M | 4.28M | 23.54M | 10.78M | 6.35M | 4.76M | -1.8M | -2.88M | -1.85M | -2.62M | -2.13M | -400K | 1.7M | -11.2M |
| Pretax Income | 567.98M | 544.98M | 550.1M | 282.4M | 406M | 205.3M | 235.89M | 190.76M | 152.51M | 77.39M | 130.49M | 176.44M | 129.04M | 134.75M | 112.02M | 108.02M | 90.36M | 131.52M | 139.28M | 112.67M | 79.03M | 82.51M | 48.54M | 40.91M | 39.03M | 29.92M | 25.36M | 33.8M | 38.5M | 6.9M |
| Pretax Margin % | 11.99% | 11.67% | 12.84% | 7.67% | 23.42% | 14.49% | 17.13% | 14.47% | 13.03% | 7.97% | 11.58% | 34.2% | 26.82% | 28.83% | 25.58% | 27.27% | 25.28% | 34.87% | 39.26% | 35.87% | 35.7% | 38.81% | 31.96% | 32.62% | 29.22% | 25.58% | 23.9% | 32.31% | 40.57% | 11.5% |
| Income Tax | 116.4M | 109.89M | 137.3M | 76.4M | 86.2M | 53.4M | 65.53M | 41.62M | 31.01M | 2.09M | 36.98M | 37.86M | 36.48M | 40.31M | 32.47M | 31.38M | 24.68M | 38.07M | 37.88M | 36.16M | 29.91M | 28.93M | 19.46M | 12.5M | 10.66M | 9.87M | 8.15M | 11.5M | 13.7M | 4.5M |
| Effective Tax Rate % | 20.49% | 20.16% | 24.96% | 27.05% | 21.23% | 26.01% | 27.78% | 21.82% | 20.33% | 2.7% | 28.34% | 21.46% | 28.27% | 29.91% | 28.99% | 29.05% | 27.32% | 28.95% | 27.2% | 32.09% | 37.85% | 35.07% | 40.08% | 30.55% | 27.3% | 32.98% | 32.16% | 34.02% | 35.58% | 65.22% |
| Net Income | 451.58M | 435.9M | 413.1M | 206.5M | 319.8M | 151.9M | 170.09M | 149.04M | 121.48M | 75.03M | 91.83M | 136.21M | 90.98M | 93.64M | 79.55M | 76.63M | 65.67M | 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 |
| Net Margin % | 9.54% | 9.33% | 9.64% | 5.61% | 18.45% | 10.72% | 12.35% | 11.3% | 10.38% | 7.73% | 8.15% | 26.4% | 18.91% | 20.04% | 18.16% | 19.35% | 18.38% | 24.77% | 28.58% | 24.36% | 22.19% | 25.2% | 19.15% | 22.65% | 21.24% | 17.14% | 16.21% | 21.32% | 26.13% | 4% |
| Net Income Growth % | 7.75% | 5.52% | 100.05% | -35.43% | 110.53% | -10.7% | 14.13% | 22.69% | 61.91% | -18.3% | -32.58% | 49.72% | -2.84% | 17.72% | 3.81% | 16.69% | -29.72% | -7.84% | 32.54% | 55.77% | -8.33% | 84.22% | 2.38% | 0.13% | 41.47% | 16.56% | -22.85% | -10.08% | 933.33% | - |
| Net Income (Continuing) | 451.48M | 435.09M | 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 | 65.67M | 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 |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 401.31K | 14.27M | 10.4M | 10.7M | 500K | 388K | 5.15M | 5.15M | 5.07M | 5.07M | 4.77M | 28.97M | 17.29M | 534K | -267K | 0 | 0 | 0 | 0 | 385K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 2.41 | 2.08 | 2.01 | 1.04 | 2.86 | 1.36 | 1.54 | 1.36 | 1.11 | 0.69 | 0.85 | 1.27 | 0.85 | 0.87 | 0.74 | 0.72 | 0.62 | 0.88 | 0.96 | 0.72 | 0.55 | 0.51 | 0.34 | 0.36 | 0.28 | 0.20 | 0.17 | 0.22 | 0.26 | 0.03 |
| EPS Growth % | 5.91% | 3.48% | 93.27% | -63.64% | 110.29% | -11.69% | 13.24% | 22.52% | 60.87% | -18.82% | -33.07% | 49.41% | -2.3% | 17.57% | 2.78% | 16.13% | -29.55% | -8.33% | 33.33% | 30.91% | 7.84% | 50% | -5.56% | 28.57% | 40% | 17.65% | -22.73% | -15.38% | 722.78% | - |
| EPS (Basic) | - | 2.09 | 2.03 | 1.05 | 2.89 | 1.38 | 1.56 | 1.37 | 1.12 | 0.70 | 0.86 | 1.27 | 0.85 | 0.88 | 0.75 | 0.72 | 0.62 | 0.89 | 0.97 | 0.73 | 0.55 | 0.52 | 0.34 | 0.36 | 0.28 | 0.20 | 0.17 | 0.22 | 0.26 | 0.03 |
| Diluted Shares Outstanding | 187.5M | 186.9M | 185.25M | 168.2M | 111.89M | 111.41M | 110.31M | 109.76M | 109.39M | 108.11M | 107.46M | 107.43M | 107.66M | 107.16M | 106.92M | 106.98M | 106.17M | 105.77M | 105.77M | 106.26M | 103.64M | 104.38M | 102.48M | 101.39M | 101.33M | 101.11M | 102.21M | 102.14M | 96.62M | 75.87M |
| Basic Shares Outstanding | 186M | 185.4M | 183.96M | 166.96M | 110.78M | 110.32M | 109.05M | 108.52M | 108.06M | 107.04M | 106.63M | 107.08M | 107.27M | 106.77M | 106.47M | 106.16M | 105.61M | 105.14M | 104.71M | 104.27M | 103.64M | 103.1M | 102.48M | 101.39M | 100.76M | 100.57M | 100.46M | 100.12M | 95.51M | 75.87M |
| Dividend Payout Ratio | - | 52.12% | 49.87% | 144.31% | 36.02% | 68.33% | 53.93% | 55.38% | 62.3% | 97.01% | 76.73% | 47.23% | 63.67% | 57.58% | 62.91% | 60.27% | 65.88% | 42.77% | 35.11% | - | - | - | - | - | - | - | - | - | - | - |
Integration and leverage overhang
According to recent financial filings, RB Global's revenue growth has exhibited significant volatility, with a 11.4% increase in 2026Q1 following a period of inconsistent performance, suggesting that the company is still navigating the post-merger integration phase while attempting to stabilize its core marketplace transaction volumes.
The revenue trajectory appears heavily influenced by the integration of IAA and the shift toward a diversified marketplace model. Investors should monitor whether the recent 11.4% growth represents a sustainable return to form or merely a reflection of seasonal auction timing and inventory fluctuations.
As reported in quarterly financial statements, RB Global's gross margin has faced downward pressure, declining from 48.4% in 2024Q1 to 43.5% by 2025Q4, which indicates that the company is struggling to maintain historical profitability levels while absorbing the operational complexities of its expanded salvage vehicle business.
The contraction in gross margins suggests that the higher-volume, lower-unit-value salvage business may be diluting the profitability of the legacy heavy equipment segment. This trend warrants further investigation into whether the company can achieve the necessary scale to offset these structural margin headwinds.
Based on the provided income statement data, operating margins have fluctuated between 14.5% and 26.0% over the last ten quarters, suggesting that the company has yet to demonstrate consistent operating leverage as it manages the significant SG&A burden associated with its recent large-scale corporate acquisition.
The lack of a clear upward trend in operating margins implies that the company's fixed-cost base remains elevated relative to its current revenue scale. Analysts should monitor whether future digital-only auction initiatives can effectively reduce the cost-to-serve and improve overall operating efficiency.
Data from recent filings suggests that RB Global faces a persistent risk of margin dilution, as the company's operating margin of 17.6% in 2026Q1 significantly trails the 36.5% margin reported by its primary competitor, Copart, highlighting potential inefficiencies in the current integrated business model.
Short-sellers may focus on the widening gap between RB Global's profitability and that of its pure-play peers, questioning the long-term value creation of the IAA merger. The reliance on principal transactions, which can inflate top-line figures while masking underlying margin weakness, remains a critical point of concern.
Quick answers to the most common questions about buying RBA stock.
For fiscal year 2025, RB Global, Inc. (RBA) reported total revenue of $4.67B. This represents a 7685.1% increase compared to $60.0M in 1997.
RB Global, Inc. (RBA) is profitable, generating $435.9M in net income for the fiscal year ending 2025 with a net profit margin of 9.3%.
RB Global, Inc. (RBA) reported an operating income of $825.0M, resulting in an operating profit margin of 17.7%. This margin reflects the operational efficiency of the business before interest and taxes.
RB Global, Inc. (RBA) generated $1.67B in gross profit for the year, representing a gross profit margin of 35.8%. This demonstrates the company's core pricing power and production efficiency.