HIGHLIGHTSAll comparisons are to Q3 2024 results unless indicated otherwise.
Q3 2025 revenue of $2.8 billion was up 14%, with growth in all regions.
Product support revenues increased 9% driven by strong mining sector activity.
New equipment sales increased 12% to over $1.0 billion, on strong power systems deliveries, while equipment backlog (3) was $2.9 billion at September 30, 2025 which included strong order intake in Canada.
Q3 2025 SG&A (2) margin (3) was 13.4%, a decrease of 290 basis points, reflecting higher revenues, strong cost control and savings from previously announced restructuring initiatives.
Q3 2025 EBIT (2) was $240 million, an increase of 25% from Q3 2024 Adjusted EBIT (4)(5). EBIT margin (3) was 8.5%, up 70 basis points from Q3 2024 Adjusted EBIT margin (3)(5). EBIT margin was 9.7% in South America, 8.7% in Canada, and 6.5% in the UK & Ireland.
Q3 2025 EPS (2) from continuing operations of $1.17 was up 33% from Q3 2024 Adjusted EPS (3)(5) of $0.88.
Q3 2025 Adjusted ROIC (2) from continuing operations (3)(5) was 19.3%. Q3 2025 free cash flow from continuing operations (4) was a use of $56 million, driven primarily by higher inventory to support increased activity levels.
"Our strategy continues to produce excellent results, and we are proud of our employees' commitment to consistent execution. These results reflect the strength and advantage of our diverse business, while the construction market continues to face challenges, demand in the mining and power systems sectors remains strong," said Kevin Parkes, President and CEO.
"Product support continued its steady growth to over $1.5 billion this quarter and new equipment revenue reached a quarterly record of over $1.0 billion. Invested capital turns from continuing operations (3) of 2.3 times was in line with last quarter, and SG&A costs declined reflecting the savings generated from previous restructuring actions, activities to simplify our business, and relentless focus on cost control. All these factors are contributing to a fundamentally improved earnings capacity and a more resilient business for the long-term."
"We will continue to maximize product support, drive full-cycle resilience and grow our used, rental and power businesses to improve our return on invested capital," said Mr. Parkes.
Q3 2025 FINANCIAL SUMMARY
3 months ended September 30
% change
2025
2024
fav (2)
($ millions, except per share amounts)
(Restated)
(unfav) (2)
New equipment
1,046
933
12
%
Used equipment
199
89
122
%
Equipment rental
79
76
5
%
Product support
1,517
1,388
9
%
Other
1
3
(53
)%
Revenue
2,842
2,489
14
%
Gross profit
616
583
6
%
Gross profit margin (3)
21.7
%
23.4
%
SG&A
(382
)
(404
)
6
%
SG&A margin
(13.4
)%
(16.3
)%
Equity earnings of joint ventures
6
—
Other expense
—
(19
)
EBIT
240
160
51
%
EBIT margin
8.5
%
6.4
%
Adjusted EBIT
240
193
25
%
Adjusted EBIT margin
8.5
%
7.8
%
Net income from continuing operations
154
96
60
%
EPS
1.17
0.69
68
%
Adjusted EPS
1.17
0.88
33
%
Free cash flow from continuing operations
(56
)
330
n/m (2)
Q3 2025 EBIT by Operation
South
UK &
Finning
($ millions, except per share amounts)
Canada
America
Ireland
Other
Total
EPS
EBIT / EPS
117
109
24
(10
)
240
1.17
EBIT margin
8.7
%
9.7
%
6.5
%
n/m
8.5
%
Q3 2024 EBIT by Operation
South
UK &
Finning
($ millions, except per share amounts)
Canada
America
Ireland
Other
Total
EPS
EBIT / EPS
61
101
16
(18
)
160
0.69
Severance costs
9
3
4
3
19
0.11
Estimated loss for a customer receivable
14
—
—
—
14
0.08
Adjusted EBIT / Adjusted EPS
84
104
20
(15
)
193
0.88
Adjusted EBIT margin
6.9
%
10.9
%
6.3
%
n/m
7.8
%
QUARTERLY KEY PERFORMANCE MEASURES FROM CONTINUING OPERATIONS
2023
2025 (Restated) (1)
2024 (Restated) (1)(a)
(Restated) (1)(a)(b)
Q3
Q2
Q1
Q4
Q3
Q2
Q1
Q4
Q3
EBIT ($ millions)
240
203
205
212
160
220
195
168
246
Adjusted EBIT ($ millions)
240
215
205
212
193
220
195
223
246
EBIT margin
Consolidated
8.5
%
7.8
%
8.4
%
8.4
%
6.4
%
8.5
%
8.5
%
7.2
%
10.2
%
Canada
8.7
%
8.5
%
8.4
%
7.5
%
5.0
%
8.9
%
8.7
%
8.9
%
10.7
%
South America
9.7
%
10.1
%
10.6
%
10.9
%
10.6
%
10.4
%
11.0
%
6.7
%
12.3
%
UK & Ireland
6.5
%
5.2
%
4.7
%
5.8
%
4.9
%
4.6
%
4.5
%
1.8
%
5.9
%
Adjusted EBIT margin
Consolidated
8.5
%
8.3
%
8.4
%
8.4
%
7.8
%
8.5
%
8.5
%
9.5
%
10.2
%
Canada
8.7
%
9.4
%
8.4
%
7.5
%
6.9
%
8.9
%
8.7
%
9.4
%
10.7
%
South America
9.7
%
10.1
%
10.6
%
10.9
%
10.9
%
10.4
%
11.0
%
12.6
%
12.3
%
UK & Ireland
6.5
%
5.2
%
4.7
%
5.8
%
6.3
%
4.6
%
4.5
%
2.7
%
5.9
%
EPS
1.17
0.94
0.95
0.97
0.69
0.97
0.81
0.55
1.03
Adjusted EPS
1.17
1.01
0.95
0.97
0.88
0.97
0.81
0.92
1.03
Invested capital from
continuing operations (4) ($ millions)
4,876
4,580
4,333
4,275
4,495
4,683
4,843
4,473
4,592
Adjusted ROIC from continuing operations
Consolidated
19.3
%
18.7
%
18.7
%
17.9
%
18.0
%
19.0
%
19.7
%
20.7
%
21.0
%
Canada
17.6
%
16.3
%
15.9
%
15.4
%
15.9
%
17.7
%
18.5
%
20.1
%
21.4
%
South America
24.6
%
25.9
%
26.3
%
25.9
%
26.5
%
26.5
%
27.4
%
27.6
%
27.6
%
UK & Ireland
20.2
%
18.4
%
16.9
%
15.0
%
11.5
%
11.0
%
11.5
%
12.3
%
14.1
%
Invested capital turnover from
continuing operations (times)
2.31
2.28
2.26
2.16
2.10
2.07
2.09
2.12
2.19
Inventory from continuing
operations (4) ($ millions)
3,145
3,066
2,908
2,638
2,873
2,963
3,064
2,832
2,902
Inventory turns from
continuing operations (3) (times)
2.72
2.58
2.73
2.78
2.67
2.46
2.36
2.47
2.61
Working capital to sales from
continuing operations (3)
26.4
%
26.4
%
26.6
%
28.2
%
29.0
%
29.5
%
29.0
%
28.3
%
27.2
