EquipmentShare Achieves Strong Q4 2025 Results, Poised for Further Growth in 2026
Company Sees Significant Increase in Rental Revenue and Adjusted Core EBITDA, Expands Location Footprint
In a recent conference call, EquipmentShare reported strong fourth quarter and full year 2025 financial results, highlighting the company's continued execution against operational and financial objectives. Driven by a differentiated tech-empowered offering, a strong demand environment in the end markets served, and a relentless focus on execution, 2025 was a banner year for EquipmentShare.
Full year 2025 highlights include rental segment revenue of $2.7 billion, up 34% year-over-year, and adjusted core EBITDA of $1.7 billion, up 32% year-over-year. The company also added 95 locations in 2025, bringing the total number of locations to 385 at the end of the year. Mature site rental segment adjusted EBITDA margin was a strong 54%, in line with the company's target of over 50%. Additionally, mature site return on invested capital was 16.5%.
CEO Jabbok Schlacks noted that the company's focus on growth, margins, and ROIC has set it up well for 2026. EquipmentShare expects rental segment revenue to grow approximately 27% year-over-year in 2026, supported by its differentiated offering and a constructive industry backdrop.
The company continues to invest in organic growth, with new locations consistently generating strong returns and attractive unit economics as they mature. In 2025, EquipmentShare incurred $252 million of one-time new market startup costs to support new site openings, which are expected to contribute meaningfully to earnings and cash flow as those sites ramp and mature.
EVP Mark Wopata emphasized that the equipment rental industry is a great industry with a long runway for share gains for companies that can deliver at scale and solve increasingly complex job site needs. The company believes it has a unique value proposition, driven by its tech-empowered offering, which enables customers to efficiently manage their equipment rentals.
EquipmentShare's strong performance in 2025 and ambitious outlook for 2026 demonstrate the company's commitment to innovation and growth in the equipment rental industry.
