Toromont Jumps Double Digits in Second Quarter and First Half of 2026
Toromont posted CDN $1,597.9 million in second quarter 2026 revenue, compared to $1,376.5 million in the second quarter of 2025, a 16-percent year-over-year increase.
For the first six months of 2026, total revenue was $2,825.8 million, compared with $2,466.1 million for the first six months of 2025, a 14.6-percent jump.
"We are pleased with our second quarter and first-half performance," said Michael McMillan, president and CEO of Toromont Industries Ltd. "Revenue and earnings increased, reflecting solid execution across the business. The Equipment Group delivered growth in new and used equipment sales, rentals, and product support, while AVL continued to expand production. We also increased our ownership in AVL to 80 percent and acquired land in Canada to support future manufacturing growth. CIMCO's results were slightly lower in the quarter due to project timing and investments for future growth. Across the business, bookings were strong and backlog healthy. Our financial position remained robust, supported by strong cash generation and disciplined working capital management."
Equipment Group crackles
Revenue increased 18 percent to $1.5 billion for the quarter. New equipment sales increased 31 percent, largely on higher power systems revenue, which includes revenue from the acquired business and higher mining deliveries. Rental revenue increased 11 percent, with improved utilization and a larger fleet. Product support revenue was up 8 percent in Q2 on increased customer activity.
For the first six months of the year, revenue of $2.6 billion increased 16 percent for the year-to-date period. New equipment sales increased 25 percent, as higher power systems, and improved mining activity, were slightly offset by lower construction deliveries because of project timing. Used equipment sales increased 9 percent, with higher activity in most markets. Rental revenue increased 11 percent, generally reflecting the larger fleet and improved activity across most markets and regions. Product support revenue increased 9 percent with increased customer activity.
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.