EquipmentShare reported total revenue of $1,468 million for the quarter ended Sept. 30, a 55% increase year over year.
Revenue from the Rental Segment, which the company refers to as Equipment Rental and Services Operations, increased 49% to $1,113 million, on 32% growth in original equipment cost (OEC) under management. Rental Segment Adjusted EBITDA increased 52% to $491 million, with margin expanding about 70 basis points year over year and 130 basis points sequentially to 44%. Adjusted EBITDA margins at mature rental locations were 54% on a trailing 12-month basis.
Net income was $20 million, compared to $6 million in Q3/25. Adjusted Net Income, a non-GAAP measure that excludes stock-based compensation expense related to equity awards granted to the company’s CEO and president, was $46 million, compared to $6 million in Q3/25. The excluded expense was $26 million for the quarter.
Jabbok Schlacks, founder and CEO at EquipmentShare, said the 32% growth in OEC produced 49% growth in Rental Segment revenue and 52% growth in Rental Segment Adjusted EBITDA, while margins expanded both year over year and sequentially.
“Strong fleet absorption and the maturation of our network were meaningful drivers of that performance,” Schlacks said. “Mature rental locations generated 54% margins on a trailing 12-month basis, and we expect over 260 mature sites by year-end, up 76 since the start of 2026. Alongside that, customers are taking on larger, more complex projects and consolidating their spend with us on one platform that combines equipment, technology and service. Given our visibility into customer demand, we are confident in our full-year 2026 outlook and see an opportunity to outperform it.”
“Construction teams have no patience for technology that adds steps, so we build T3 to be intuitive, reliable and useful in the flow of work,” Willy Schlacks, founder and president at EquipmentShare, said. “This quarter we advanced touchless equipment access, machine-mounted 360-degree safety and capture systems, and our next-generation telemetry device. Across all three, the goal is the same: make the equipment more useful and give customers better visibility and control.”
Sales Segment revenue increased 76% to $294 million, due to a $139 million increase in placements into the OWN Program, partially offset by a $12 million decrease in sales of new and used equipment to contractors and other end users. Adjusted Core EBITDA, a non-GAAP measure, increased $170 million to $594 million due to the expansion of the company’s full-service rental location footprint and the maturation of existing rental sites within the Rental Segment. The company said it believes the earnings power of its branch network should continue to increase as recently opened locations mature, which should support earnings growth and margin expansion over time.
Net income increased by $14 million due to $53 million of higher operating income, partially offset by $32 million of higher total other expense, net, and $7 million of higher income tax provision. Adjusted Net Income increased by $40 million for the quarter and by $118 million to $143 million on a trailing 12-month basis.
EquipmentShare opened 18 operational locations during the quarter, including 17 full-service rental locations and one building materials location. As of Sept. 30, it had 448 operational locations: 408 full-service rental locations (171 growth and 237 mature), 31 building materials locations and nine dealerships.
OEC under management increased $812 million in the quarter to $10,663 million, comprising $4,816 million of EquipmentShare-owned fleet, $5,765 million of OWN Program fleet and $82 million of equipment on operating leases. The appraised value of the OWN Program fleet was $4,213 million as of Sept. 30.
Net rental equipment capex for the quarter was $590 million after gross purchases of rental equipment of $822 million. For the trailing 12-month period, net rental equipment capex was $1,052 million after gross purchases of $2,322 million.
As of Sept. 30, total available liquidity was $2,298 million, which included undrawn availability on the asset-based revolving credit facility of $1,939 million and cash and cash equivalents of $359 million. Net leverage decreased to 3.4x from 3.7x as of Sept. 30, 2025.
For 2026, EquipmentShare’s current guidance calls for total revenue of $5,808 million to $6,045 million and Rental Segment revenue of $3,823 million to $3,979 million. It projects Adjusted Core EBITDA of $2,136 million to $2,224 million, which includes $278 million to $290 million of Sales Segment EBITDA, and net rental capex of $980 million to $1,060 million. The company expects OEC of $11,391 million to $11,613 million and 427 to 435 full-service rental locations by year-end. It anticipates 262 mature rental sites by the end of 2026, up from 186 at year-end 2025.
EquipmentShare will discuss the results on a conference call Nov. 10 at 7:30 a.m. CT. A webcast will be available at ir.equipmentshare.com.
Founded in 2015 and headquartered in Columbia, Mo., EquipmentShare is a nationwide construction technology and equipment solutions provider. Its proprietary technology, T3, is used by contractors, builders and equipment owners, and its offerings include a fleet management platform, telematics devices and an equipment rental marketplace.
