RB Global, Inc. (RBA) Income Statement

29Y historyFree accessUpdated daily

Revenue growth accelerated to 11.1% YoY in Q2 2026, but gross margin fell to 17.1% from 45.6% in Q1 2026 due to a surge in principal inventory sales, while operating leverage drove a 19.2% YoY increase in operating income.

Annual statement

RBA Income Statement

RB Global, Inc. (RBA) annual income statement — 29-year revenue, gross profit & net income history

Annual Quarterly

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	4.87B	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 %	10.15%	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	3.04B	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	1.82B	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 %	37.46%	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	900.94M	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	856.64M	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	1000K	-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	922.1M	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 %	18.95%	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	1.47B	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 %	30.11%	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 %	8.29%	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)	543.01M	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	788.54M	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	-169.32M	-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	14.02M	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	183.34M	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	-313.62M	-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	608.48M	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 %	12.5%	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	123M	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 %	20.21%	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	485.28M	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 %	9.97%	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 %	16.15%	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)	485.48M	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	500K	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)	2.60	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 %	15.35%	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	186.9M	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	185.8M	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%	-	-	-	-	-	-	-	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityModerate

Balance SheetMixed

Cash FlowStable

Top Statement Risk

Integration and leverage risks

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q2)

Accelerating Growth Post-IAA

Revenue growth accelerated to 11.1% YoY in Q2 2026, up from 7.0% in Q4 2025, driven by IAA integration and marketplace momentum, as per recent financial statements.

The sequential acceleration in revenue growth from 7.0% in Q4 2025 to 11.1% in Q2 2026 suggests that the IAA acquisition is contributing to a higher volume of transactions, particularly in the salvage vehicle segment. This growth appears to be organic, as the company has not announced any major acquisitions in the past year. The durability of this growth will depend on the company's ability to maintain service fee rates and cross-sell across its two asset classes.

Gross Margin Volatility from Mix Shift

Gross margin fell to 17.1% in Q2 2026 from 45.6% in Q1 2026, reflecting a surge in principal inventory sales, as reported in the latest quarterly data.

The dramatic drop in gross margin in Q2 2026 is likely due to a higher proportion of principal (inventory) sales, which record the full sale price as revenue but carry lower margins. This mix shift can obscure the underlying profitability of the fee-based service revenue. Investors should monitor the service revenue gross margin separately to assess the health of the core marketplace business.

Operating Leverage Emerging

Operating income grew 19.2% YoY in Q2 2026, outpacing revenue growth of 11.1%, indicating operating leverage, as per the income statement data.

The fact that operating income growth exceeded revenue growth suggests that the company is beginning to realize cost synergies from the IAA integration, with SG&A expenses growing at a slower pace than revenue. However, the operating margin of 17.1% in Q2 2026 is still below the 26.0% achieved in Q4 2025, indicating that the cost structure is not yet fully optimized. Continued integration and digitalization efforts may further improve operating leverage.

EPS Growth Boosted by Tax and SBC

EPS grew 34% YoY in Q2 2026, but net income growth was only 30.7%, with stock-based compensation of $17.9M, as per the latest quarterly report.

The EPS growth outpacing net income growth suggests a lower share count, possibly due to buybacks, or a lower effective tax rate. Stock-based compensation of $17.9M in Q2 2026 is a non-cash expense that dilutes shareholders, but it is not excessive relative to net income. The quality of earnings appears reasonable, but investors should be aware of the impact of amortization of acquired intangibles from the IAA deal, which is not separately disclosed but likely weighs on GAAP net income.

SG&A Discipline Amid Integration

SG&A expenses rose only 3.4% YoY in Q2 2026, despite revenue growth of 11.1%, indicating cost discipline, as reported in the income statement.

The modest increase in SG&A relative to revenue suggests that management is controlling overhead costs while integrating IAA. However, the absolute level of SG&A remains high, at $210.8M in Q2 2026, reflecting the costs of maintaining a global physical network. The company's ability to migrate more processes to digital formats could further reduce SG&A as a percentage of revenue.

Margin Compression Risk from Principal Sales

The surge in principal sales in Q2 2026, which drove gross margin down to 17.1%, raises concerns about revenue quality and margin sustainability, based on the latest financials.

Short-sellers might argue that the company is increasingly relying on lower-margin principal transactions to boost top-line growth, which could compress overall margins and reduce earnings quality. Additionally, the high leverage from the IAA acquisition (debt/equity of 0.91) and the cyclicality of used equipment prices could pressure profitability if the economy slows. Investors should monitor the mix of service vs. inventory revenue and the trajectory of service fee rates.

RBA — Frequently Asked Questions

Quick answers to the most common questions about buying RBA stock.

What was RB Global, Inc.'s (RBA) revenue in 2025?

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.

Is RB Global, Inc. (RBA) profitable?

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%.

What is RB Global, Inc.'s operating profit margin?

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.

What is RB Global, Inc.'s gross profit and gross margin?

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.