Vamos reported to CVM on October 29 that its Q3 2026 net income reached R$ 150.9 million—triple the figure from a year earlier—while EBITDA surpassed R$ 1 billion for the first time. The results are positive, but more than half of the pre-tax earnings gain came from lower financial expenses rather than faster business growth. In addition, used-asset sales declined.
What Did Vamos Report for Q3 2026?
In the earnings release filed with CVM on October 29, 2026, the company behind the VAMO3 stock reported growth across its three main lines compared to Q3 2025: net revenue up 4.3%, EBITDA up 15.7%, and net income up 199.1%. Management notes that this net income is the highest in seven quarters, achieved against an average CDI rate of 14.1% during the period. The earnings call with the market was scheduled for October 30 at 11:00 AM.
| R$ millions | Q3 26 | Q3 25 | Q2 26 |
|---|---|---|---|
| Net revenue | 1,594.2 | 1,529.0 | 1,564.3 |
| EBITDA | 1,035.5 | 895.0 | 971.5 |
| Adjusted EBITDA margin | 65.0% | 58.5% | 62.1% |
| Financial result | -479.8 | -562.1 | -547.4 |
| Net income | 150.9 | 50.4 | 101.1 |
| Net debt | 11,723.1 | 11,959.9 | 11,561.1 |
| Leverage (net debt/EBITDA) | 2.93x | 3.27x | 3.00x |
Revenue grew modestly (4.3%), but EBITDA outpaced it significantly, which explains why the margin jumped 6.4 percentage points over 12 months. Net income advanced much faster than EBITDA, raising the natural question of why.
Where Did the Tripled Net Income Come From?
Net income increased by R$ 100.5 million compared to Q3 2025. Rather than looking only at EBITDA, it is helpful to follow the line-by-line math from operating income (EBIT) to taxes:
The sum equals R$ 100.3 million, and the R$ 0.2 million difference is due to rounding in the earnings release. EBITDA rose by R$ 140.5 million, but depreciation and amortization increased by R$ 71.1 million (+26.0%), limiting EBIT growth to 11.2%. Half of the operating gain was absorbed along the way, which is the cost of maintaining a larger and newer fleet.
The financial result made the difference: net financial expenses fell 14.7% over 12 months, even amid high interest rates. The excerpt of the release we reviewed does not detail the reason for this drop, making it a key question for the earnings call. Meanwhile, income taxes worked against the bottom line, with an effective tax rate of 28.7% compared to 15.6% in Q3 2025, which was well below the 24.4% rate for the first nine months of 2025. In other words, the comparison was made against an atypically low tax burden, and net income grew in spite of it. But did equipment rental perform well enough on its own? That depends on what is being sold.
Did VAMO3 Sell Real Estate? Asset Sales Drive the Results
The release excerpt we analyzed makes no mention of real estate sales. Instead, it reflects the sale of fleet assets: R$ 310.3 million in the quarter, a 21.4% decrease from Q3 2025. Used asset sales alone totaled R$ 301.0 million (-23.8%), dropping from 25.8% to 18.9% of net revenue. The remainder comes from a separate line item, "asset sales (CPC-06)," totaling R$ 9.3 million.
By contrast, rental revenue—which is recurring—grew 11.4% and rose from 67.9% to 72.6% of the total. This represents a higher-quality revenue mix, though used-asset sales remain part of the operation, and the stock tends to react to the speed at which these assets turn over. The fleet stood at 51,751 assets, 0.6% smaller than a year earlier and 1.0% larger than in Q2 2026. The industrial machinery segment added R$ 130.5 million in revenue (+28.3%), with industrial EBITDA of R$ 16.0 million compared to R$ 5.6 million. It remains a small piece of the total. And what about debt, which has always weighed on the investment thesis?
Does a 2.93x Leverage Ratio Resolve Concerns Over Debt?
It helps, but absolute debt barely moved. Net debt fell 2.0% over 12 months and rose 1.4% compared to Q2 2026. Leverage declined by about 10% (from 3.27x to 2.93x), meaning most of the improvement came from growth in trailing 12-month EBITDA rather than debt paydown. Management noted that the figure came in below its target of 3.0x for December 2026.
Capital expenditures (capex) show why this matters. Contracted capex—representing committed demand—totaled R$ 1,179.9 million (+42.1% over 12 months, but down 11.1% compared to Q2 2026). Deployed capex, which actually becomes an asset and consumes cash, reached R$ 965.0 million, up 25.2% from the previous quarter. Management stated that automakers are delivering more assets. If deployment continues to accelerate, debt reduction may slow down. Solid returns help absorb this pressure, as the ROIC of 13.7% sits 3.1 percentage points above the cost of debt (the spread was 3.3% in Q3 2025).
What Does This Mean for VAMO3 Investors?
The release confirms that the earnings turnaround, which management notes began in Q3 2025, remains intact. It does not dictate how the market will react: our sources do not include the stock price following the release, and the stock approached earnings after a sharp decline, as we covered in our coverage of the October stock drop. Better numbers do not guarantee a stock price recovery, as valuations also respond to interest rates and elections.
The deleveraging thesis has become more credible, and net income is backed by operational fundamentals, though it relies heavily on lower financial expenses. For current investors, there is no immediate need to take action. Remaining risks lie in used-asset turnover, capex, and interest rates, rather than quarterly EBITDA.
Investors looking to compare sector peers can read about the recent results of competitor Movida in our analysis of Movida's record profit, and company filings are available on the VAMO3 stock page.
What to Monitor Going Forward
Leverage — the company's target is 3.0x by December 2026; Q3 2026 closed at 2.93x. Moving back above 3.0x would alter the outlook.
Used-asset sales — R$ 301.0 million in Q3 2026, down from Q2 2026 (R$ 358.7 million). Further declines will pressure revenue.
Deployed capex — R$ 965.0 million in the quarter; if it continues to rise without matching EBITDA growth, net debt will climb again.
Financial results — R$ 479.8 million in expenses for Q3 2026; a return to the R$ 547.4 million range seen in Q2 2026 would erase much of the net income gain.