EquipmentShare Rental Growth Accelerates as Full-Year Outlook Is Lifted
Second-quarter rental revenue reached $908 million, up 39% from a year earlier, and the company lifted 2026 rental growth to a 33% midpoint.
EquipmentShare.com Inc (EQPT), a nationwide construction technology and equipment solutions provider, reported that Equipment Rental and Services Operations revenue rose 39% year over year to $908 million in the second quarter ended June 30, 2026, accelerating from 37% growth in the first quarter.
Total revenue was $1,449 million, up 26% from a year earlier, after 38% growth in the prior quarter. Founder and Chief Executive Officer Jabbok Schlacks said the company delivered another exceptional quarter supported by strong customer demand, continued market share gains and disciplined execution, and that customer demand remains healthy, the mega-project pipeline continues to expand, and the company remains confident in its outlook.
The rental mix of the business continued to carry the top line. Equipment sales revenue was $483 million, up 1% year over year, after 23% growth in the first quarter. The company said the sales increase reflected an $11 million rise in disciplined, selective placements into the OWN Program, partially offset by a $6 million decrease in sales of new and used equipment to contractors and other end users. OWN Program payouts were $234 million.
Adjusted Core EBITDA increased 34% year over year to $531 million, after 38% growth in the first quarter. The company attributed the increase to continued expansion of the full-service rental location footprint and maturation of existing rental sites. Rental Segment Adjusted EBITDA was $389 million, with a 42.8% Adjusted EBITDA margin. Equipment Sales Adjusted EBITDA was $82 million. Mature rental locations posted 55% Adjusted EBITDA margins on a trailing-twelve-month basis.
Net income was $19 million, a $3 million increase from the year-ago quarter, after a $29 million net loss in the first quarter. The increase reflected $30 million of higher operating income, partially offset by $27 million of higher income tax provision. Excluding $24 million of stock-based compensation related to the IPO Founders Awards, Adjusted Net Income was $43 million, after an adjusted net loss of $12 million in the first quarter.
The company opened 23 operational locations in the second quarter, including 20 full-service rental locations and 3 building materials locations, bringing the count to 430. Original equipment cost under management increased $786 million in the quarter to $9,851 million, comprising $4,235 million of EquipmentShare-owned fleet, $5,533 million of OWN Program fleet, and $83 million of equipment on operating leases. Net rental equipment capex was $321 million after gross purchases of $689 million. Net leverage decreased to 3.0x as of June 30, 2026, from 3.4x a year earlier.
On July 9, the company raised its full-year 2026 outlook and the board authorized a $500 million share repurchase program for Class A common stock expiring December 31, 2028. Current full-year guidance is total revenue of $5,254 million to $5,682 million, Rental Segment revenue of $3,472 million to $3,748 million, Adjusted Core EBITDA of $1,946 million to $2,058 million, and OEC of $10,577 million to $11,627 million. The midpoint full-year Rental Segment revenue growth outlook was increased to 33% from 29%. Gross rental capex guidance is $2,664 million to $2,886 million and net rental capex $980 million to $1,060 million. The company anticipates 427 to 435 full-service rental locations by year-end and 264 mature rental sites, up from 186 at December 31, 2025.
As of June 30, total available liquidity was $1,424 million, including $980 million of undrawn availability on the asset-based revolving credit facility and $443 million of cash and cash equivalents. Liquidity was $2,763 million as adjusted for a bond issuance funded on July 1, 2026. Willy Schlacks, Founder and President, said customers that engage with T3 spend approximately six times more with the company, and that the platform is expanding beyond rental into mixed fleet, service, logistics and broader enterprise workflows.