Key Takeaways
Strong FY25 Sets the Foundation for Growth
EquipmentShare delivered a strong full year 2025 performance, reflecting continued execution across growth, profitability, and capital efficiency. Rental Segment revenue reached $2.7 billion, up 34% year over year, while Adjusted Core EBITDA increased 32% to approximately $1.7 billion. Mature locations generated 50%+ Rental Segment Adjusted EBITDA margins, and site-level returns reached 16.5% ROIC, underscoring the strength of the company’s unit economics at scale.
The company continued to expand its footprint, adding 95 new locations during the year to reach 385 total locations at year-end. Looking ahead, EquipmentShare is guiding to 420–429 locations in 2026, supported by continued investment in fleet and greenfield expansion. New locations are ramping to profitability faster than prior cohorts, reinforcing the scalability of the model.
At the midpoint of its 2026 outlook, EquipmentShare expects Rental Segment revenue to grow approximately 27% year over year. Growth is supported by sustained customer demand, a differentiated technology-enabled offering, and a capital strategy that continues to leverage its OWN program to fund fleet expansion through third-party capital, reducing balance sheet intensity while maintaining growth velocity.
T3 Highlighted as a Key Differentiator
EquipmentShare’s proprietary T3 platform is embedded across both customer workflows and internal operations, providing real-time visibility across equipment, people, and jobsite activity. The platform is used daily by customers to manage operations, and that consistent engagement is translating into measurable commercial impact.
Customers actively using T3 consolidate more of their rental spend with EquipmentShare and demonstrate higher retention over time. Management noted that highly engaged national accounts spend approximately six times more on rentals than customers not using the platform, reinforcing T3’s role in driving wallet share and repeat business.
Beyond customer engagement, T3 supports internal decision-making around fleet deployment, utilization, and maintenance, contributing to improved capital efficiency. By owning the full sensor-to-server technology stack, EquipmentShare is able to integrate physical operations with a proprietary operating system, creating a differentiated model that continues to support growth, pricing power, and operating leverage.
Repeatable Site Model Drives Strong Returns
EquipmentShare continues to prioritize greenfield expansion, supported by a repeatable site-level model that delivers strong margins and attractive returns as locations mature. Each new location requires approximately $2.5 million of investment in the first year, primarily allocated toward fleet, personnel, and infrastructure, and is expensed through startup costs.
New sites follow a consistent ramp profile. In year one, locations scale revenue as investment is deployed. By year two, sites typically reach break-even. By month 24, locations are considered mature and begin contributing meaningfully to revenue, margins, and returns. Mature sites are generating approximately 45% EBITDA margins, highlighting the strength of the model once scaled.
This ramp dynamic supports a disciplined capital deployment strategy, where upfront investment is paired with strong visibility into returns. As the network continues to densify, management is focused on improving per-location productivity and driving higher returns over time, reinforcing greenfield expansion as a core driver of long-term growth.
Specialty Rental is a Fast-Growing Priority
EquipmentShare’s specialty rental segment continues to emerge as a meaningful growth driver, expanding 34% year over year as demand increases across more complex and power-intensive jobsites. The offering spans key categories including power, HVAC, pumps, compressed air, and other site solutions, positioning the company to support a broader range of customer needs beyond core equipment rental.
Importantly, these specialty categories are fully integrated into the same platform and operating model, allowing customers to manage mixed equipment types through a single system. This creates a more seamless experience on the jobsite while also improving cross-sell opportunities and increasing share of wallet.
Strategically, EquipmentShare is building toward a more comprehensive, one-stop-shop model that combines general rental, specialty equipment, and technology-enabled services. As customers increasingly prioritize uptime, coordination, and efficiency across larger and more complex projects, specialty rental is positioned to play a larger role in driving both revenue growth and customer stickiness.
