Toromont Revenue Jumps 12.7 Percent in First Quarter of 2026

Toromont Industries, owner of one of the world’s largest Caterpillar dealers, posted CDN $1,228.1 million in revenue in the first quarter of 2026, compared to $1,089.6 in the first quarter of 2025, a 12.7-percent increase year over year.

Focusing on the Equipment Group, which provides more than 90 percent of Toromont’s revenue (the rest of Toromont is CIMCO, a leading supplier of thermal management solutions that enable customers to reduce energy consumption and emissions and use natural refrigerants), revenue was $1.1 billion, a 14-percent increase for the first quarter. Rental revenue increased 11 percent, generally reflecting a larger fleet and improved activity across all markets and regions. New equipment sales increased 18 percent, as higher power systems, construction and material handling markets were slightly offset by lower mining deliveries because of project timing and a high comparable from the previous year.

Used equipment sales increased 21 percent with higher activity in construction, power systems and mining markets, slightly offset by lower material handling activity.

Product support revenue leaped 11 percent with higher parts and service activity.

Bookings in the first quarter of 2026 were $728.9 million, an increase of $227.0 million or 45 percent versus the prior year, largely reflecting healthy power system order activity, including enclosures, on good demand for Toromont’s products and supported by expanded capacity. Mining orders were higher and construction orders were slightly lower reflecting normal demand dynamics and material handling order intake was also down compared to the prior period.

Solid in rental

"Our team performed well in the quarter despite ongoing uncertainty in global trade markets," said Michael McMillan, president and CEO of Toromont Industries Ltd. "Both revenue and earnings increased, reflecting good execution across most areas of the business. The Equipment Group had healthy increases in both new and used equipment sales along with solid activity in rentals and product support. Our AVL enclosure business continued to increase production, supporting data center requirements primarily in the eastern US region. CIMCO posted higher package revenue however profitability was lower mainly because of the timing of projects and deferred support activity. Bookings were strong and backlog is healthy. Our balance sheet and financial position remained strong, with good cash generation along with working capital management.”

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. 

Headquartered in Concord, Ontario, Canada, Toromont Industries is No. 14 on the RER 100.