EquipmentShare Posts 54% Mature Site Margins, $40M Net Income and 95 New Locations
EquipmentShare’s mature sites achieved 54% margins and a 16.5% ROIC in 2025 with similar performance expected in 2026 under stable pricing and strong demand. Full-year net income rose to $40 million from $3 million, and the company added 95 locations to total 385 while fourth-quarter OWN program sales fell 22%.
1. Mature Site Results and 2026 Outlook
Mature sites delivered 54% margins and a 16.5% ROIC in 2025, with management expecting similar outputs in 2026 supported by stable pricing and robust equipment demand.
2. Net Income Growth and OWN Program Decline
The company’s net income rose to $40 million in 2025 from $3 million in the prior year, while the OWN program saw a 22% drop in fourth-quarter equipment sales, reflecting shifting sales dynamics.
3. Expansion and Site Opening Cadence
EquipmentShare added 95 new sites in 2025 to reach 385 total locations, and plans to open new rental sites at a linear cadence throughout 2026 based on solid visibility for the full year.
4. Competitive Advantage and Market Trends
The T3 platform’s OEM-agnostic design and vertical integration over a decade create a durable moat, while 89–90% of revenue from national and regional clients and a surge in mega-project construction provide favorable market conditions.