What is an NCIB and how does it differ from a standard buyback program?

A Normal Course Issuer Bid (NCIB) is a Canadian securities framework that permits listed companies to repurchase their own shares in the open market without seeking shareholder approval for each transaction. The TSX pre-approves the program structure, including maximum share quantities and dollar caps, and sets daily volume limits. RB Global's NCIB can execute via automatic repurchase plan through its broker, even during blackout periods, subject to regulatory compliance.

Why did RB Global increase the repurchase authorization by $500 million?

The filing states the company believes share repurchases at certain market prices are an attractive and appropriate use of capital. The amendment reflects management's assessment that deploying capital to reduce share count is preferable to alternative uses. Doubling the authorization provides flexibility to continue the program through March 2027 without seeking another amendment.

How many shares has RB Global repurchased so far?

As of September 11, 2026, the company repurchased 5,363,497 shares at an average price of $93.22 per share under the original $500 million authorization. This represents approximately $500 million in deployed capital in the first six months of the program.

What is the maximum daily purchase volume under the NCIB?

RB Global may purchase up to 75,349 shares on any single trading day on the TSX, subject to certain exemptions for block purchases. This daily limit is set at 25% of the average daily trading volume for the six months ended February 28, 2026, a standard TSX requirement to prevent market manipulation.

When will the NCIB terminate and what happens to repurchased shares?

The amended NCIB is effective September 17, 2026, and expires March 17, 2027, or earlier if the $1 billion authorization is fully deployed or the company elects to exit. All shares repurchased under the NCIB will be cancelled, reducing the outstanding share count and potentially benefiting remaining shareholders' ownership stakes.

Can RB Global stop the buyback program before the March 2027 deadline?

Yes, the filing explicitly states the company may discontinue purchases at any time subject to compliance with regulatory requirements. There is no assurance regarding the precise number or dollar amount of shares to be repurchased, and the program may be suspended or not fully completed prior to termination.

RBA 8-K Filed 2026-09-15 Amendment

RB Global increases share repurchase program to $1 billion

Amendment to TSX-approved NCIB doubles authorization from $500 million; 5.4M shares already repurchased.

MechanismNormal Course Issuer Bid (NCIB

What the filing says

RB Global, Inc. announced on September 15, 2026, that the Toronto Stock Exchange has approved an amendment to its normal course issuer bid (NCIB) that doubles the repurchase authorization from $500 million to $1 billion. The amendment increases the maximum share count to 14,224,129 shares, representing approximately 10% of the public float as of March 6, 2026. The NCIB was originally launched on March 18, 2026, and permits repurchases through open market transactions on the TSX, NYSE, and alternative trading systems under the terms of an automatic repurchase plan.

As of September 11, 2026, RB Global has already executed 5,363,497 share repurchases at an average price of approximately $93.22 per share under the original program. The amended NCIB is expected to become effective on September 17, 2026, and will terminate on March 17, 2027, or earlier if the authorization is fully deployed or the company determines to exit the program. All shares repurchased will be cancelled, and daily purchase volumes are subject to a 75,349-share cap (25% of average daily trading volume).

The company stated that it believes share repurchases at certain market prices represent an attractive use of capital. Purchases may be made through the company's broker subject to TSX-prescribed parameters, applicable Canadian and U.S. securities laws, and agreed-upon terms.

RB Global is expanding its existing buyback authorization by 100%, signaling management confidence in capital deployment and shareholder returns. With 5.4 million shares already repurchased at an average price near $93, the company has deployed approximately $500 million of its original authorization and sought regulatory approval to continue the program at a higher cap. The amendment effectively doubles the share-count reduction potential over the program's nine-month life. Investors should note that buyback execution is discretionary and subject to market conditions; no assurance exists that the full $1 billion will be deployed before the March 17, 2027 termination date.

RB Global, Inc. (NYSE: RBA) (TSX: RBA) announced today that the Toronto Stock Exchange ("TSX") has approved an amendment to its current normal course issuer bid ("NCIB") to increase the maximum number of common shares of the Company ("Shares") that may be repurchased to be the lesser of 14,224,129 Shares, representing approximately 10% of the total public float of the Company as of March 6, 2026, and that number of Shares worth an aggregate of US$1 billion. — RB GLOBAL INC. 8-K filing · View on SEC EDGAR →

What this means

Frequently asked questions

What is an NCIB and how does it differ from a standard buyback program?: A Normal Course Issuer Bid (NCIB) is a Canadian securities framework that permits listed companies to repurchase their own shares in the open market without seeking shareholder approval for each transaction. The TSX pre-approves the program structure, including maximum share quantities and dollar caps, and sets daily volume limits. RB Global's NCIB can execute via automatic repurchase plan through its broker, even during blackout periods, subject to regulatory compliance.
Why did RB Global increase the repurchase authorization by $500 million?: The filing states the company believes share repurchases at certain market prices are an attractive and appropriate use of capital. The amendment reflects management's assessment that deploying capital to reduce share count is preferable to alternative uses. Doubling the authorization provides flexibility to continue the program through March 2027 without seeking another amendment.
How many shares has RB Global repurchased so far?: As of September 11, 2026, the company repurchased 5,363,497 shares at an average price of $93.22 per share under the original $500 million authorization. This represents approximately $500 million in deployed capital in the first six months of the program.
What is the maximum daily purchase volume under the NCIB?: RB Global may purchase up to 75,349 shares on any single trading day on the TSX, subject to certain exemptions for block purchases. This daily limit is set at 25% of the average daily trading volume for the six months ended February 28, 2026, a standard TSX requirement to prevent market manipulation.
When will the NCIB terminate and what happens to repurchased shares?: The amended NCIB is effective September 17, 2026, and expires March 17, 2027, or earlier if the $1 billion authorization is fully deployed or the company elects to exit. All shares repurchased under the NCIB will be cancelled, reducing the outstanding share count and potentially benefiting remaining shareholders' ownership stakes.
Can RB Global stop the buyback program before the March 2027 deadline?: Yes, the filing explicitly states the company may discontinue purchases at any time subject to compliance with regulatory requirements. There is no assurance regarding the precise number or dollar amount of shares to be repurchased, and the program may be suspended or not fully completed prior to termination.

amendment NCIB normal-course-issuer-bid rule-10b-18 canadian-securities execution

Source. This editorial summary is based on the SEC filing linked above. BuybackStocks aggregates and editorializes publicly available SEC EDGAR filings. Not investment advice. Past authorization announcements do not guarantee future repurchase activity or share price performance. See our full disclosures policy.