Revenue for Wajax Dips in First Quarter
Canadian distributor Wajax posted CDN $502.1 million in revenue for the first quarter of 2026, compared to $555.0 million for the first quarter of 2025, a 9.5-percent decrease. Equipment rental revenue tumbled 7.7 percent, from $11.4 million a year ago to $10.6 million in Q126. Equipment sales declined from $170.9 million in Q125 to $131.1 million in the first quarter of 2026. Product support revenue decreased 7 percent and industrial parts revenue dipped 4.9 percent.
“Our first quarter results reflect continued progress against our operational priorities, with improved margins, strong operating cash flow and further reduced leverage, despite lower year-over-year revenue,” said George McClean, president and CEO. “We maintained a strong balance sheet and delivered meaningful improvements in gross profit margin and working capital efficiency, reflecting the benefits of our ongoing operational focus. While customer uncertainty persists, with increased caution across certain sectors, our focus remains on disciplined execution. We continue to prioritize cost control and margin improvement, supported by prudent capital allocation. These efforts position us to manage near-term market variability while continuing to strengthen our foundation for long-term performance.”
Looking ahead, Wajax continues to see solid customer demand in the mining and energy sectors. Mining demand is supported by a backlog that includes one large mining shovel scheduled for delivery within the next four quarters. Market conditions in other sectors remain mixed across regions, with ongoing macroeconomic softness and uncertainty related to Canada–U.S. tariff and trade dynamics.
Wajax continues to maintain a strong balance sheet and a solid backlog. Inventory levels are within a normal operating range, while margin improvement and cost control remain key focus areas. Although demand visibility varies across end markets, Wajax’s diversified exposure and focused execution position it to manage current market conditions effectively.
Wajax is headquartered in Toronto.
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.