Revenue Jumps 8.8 Percent in Fourth Quarter for Canadian Cat Dealer Toromont; Rental Up 9 Percent
Toromont Industries, owner of one of the world’s largest Caterpillar dealers, posted CDN $1,421.9 million in fourth quarter 2025 revenue, up from $1,307.0 million in the fourth quarter of 2024, an 8.8-percent increase. For the full year 2025, total revenue was $5,208.8 million, compared to $5,021.2, a 3.6-percent increase.
“Our team delivered solid results in the fourth quarter, closing out the year on a positive note despite persistent macroeconomic and trade uncertainty,” said Michael McMillan, president and CEO of Toromont Industries. “We remain focused on long-term performance, continuing to invest in our people and capabilities to support our customers and driving sustainable growth over the longer-term cycle. Earnings improved over the course of the year, although full year earnings showed a modest decline due to factors such as investment in growth-related initiatives, lower net interest income, and short-term non-cash costs from the AVL acquisition.
“The Equipment Group performed well, with solid activity in rentals, product support, and new equipment deliveries in power systems. As expected, mining deliveries were lower due to the segment’s inherent variability and against a strong comparator last year, however fourth quarter bookings were strong. CIMCO posted higher revenue and earnings, driven by good demand and disciplined execution in both Canada and the US. Market activity improved through the year, with good order intake and strong closing backlogs for the year in both Groups.”
Solid Growth in Rental
For the Equipment Group, including the Caterpillar dealership for several provinces, brought in $1.3 billion in revenue for the quarter, more than 90 percent of the company’s revenue. New equipment sales increased 10 percent for the quarter, on higher power systems revenue, including revenue from the acquired business, partially offset by lower mining deliveries against a strong comparable. Rental revenue increased 5 percent, with improved utilization and a larger fleet. Product support revenue was up 9 percent on higher parts and service revenue.
For the full year, revenue was $4.7 billion, a 3 percent hike. Rental revenue increased 9 percent and product support revenue increased 4 percent, with similar trends as the fourth quarter.
Toromont Industries Ltd. operates through two business segments: the Equipment Group and CIMCO. The Equipment Group includes one of the larger Caterpillar dealerships by revenue and geographic territory, spanning the Canadian provinces of Newfoundland and Labrador, Nova Scotia, New Brunswick, Prince Edward Island, Québec, Ontario and Manitoba, in addition to most of the territory of Nunavut. The Equipment Group includes industry-leading rental operations, a material handling business and a power generation enclosure manufacturer. CIMCO is one of North America's leading suppliers of thermal management solutions that enable customers to reduce energy consumption and emissions, use natural refrigerants, and monitor and control their operating environments autonomously.
Toromont, based in Concord, Ontario, Canada, is No. 14 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.