Segment Information (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Equipment rental revenue by equipment type

The following table presents the percentage of equipment rental revenue by equipment type for the years ended December 31, 2025, 2024 and 2023:


	Year Ended December 31,
	2025		2024		2023
Primarily rented by our general rentals segment:
General construction and industrial equipment	39	%	40	%	42	%
Aerial work platforms	22	%	23	%	25	%
General tools and light equipment	9	%	9	%	8	%
Primarily rented by our specialty segment:
Power and HVAC equipment	11	%	11	%	10	%
Trench safety equipment	5	%	5	%	5	%
Fluid solutions equipment	7	%	7	%	7	%
Mobile storage equipment and modular office space	3	%	3	%	3	%
Surface protection mats (1)	4	%	2	%	—	%

___________________

(1)In March 2024, we completed the acquisition of Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC (collectively, “Yak”), which was a leading provider of surface protection mats. Prior to the Yak acquisition, we did not rent material amounts of such equipment.

Schedule of Financial Information by Segment and Reconciliation to Consolidated Totals

The following table sets forth financial information by segment, and includes a reconciliation of the primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.


	Year Ended December 31,
	2025			2024			2023
	General rentals	Specialty	Total	General rentals	Specialty	Total	General rentals	Specialty	Total
Equipment rentals	$9,165	$4,641	$13,806	$8,945	$4,084	$13,029	$8,803	$3,261	$12,064
Sales of rental equipment	1,216	197	1,413	1,328	193	1,521	1,411	163	1,574
Sales of new equipment	199	149	348	159	123	282	95	123	218
Contractor supplies sales	87	76	163	87	68	155	89	57	146
Service and other revenues	334	35	369	326	32	358	299	31	330
Total revenue (1)	11,001	5,098	16,099	10,845	4,500	15,345	10,697	3,635	14,332
Equipment rentals gross profit (see calculation below)	3,225	2,023	5,248	3,232	1,966	5,198	3,219	1,595	4,814
Equipment rentals gross margin	35.2%	43.6%	38.0%	36.1%	48.1%	39.9%	36.6%	48.9%	39.9%
Capital expenditures (2)	3,409	1,159	4,568	3,102	1,028	4,130	3,051	813	3,864
Calculation of equipment rentals gross profit:
Equipment rentals	9,165	4,641	13,806	8,945	4,084	13,029	8,803	3,261	12,064
Less:
Depreciation of rental equipment	(2,021)	(649)	(2,670)	(1,968)	(498)	(2,466)	(1,989)	(361)	(2,350)
Significant/all other rental expenses (3):
Labor and benefits (4)	(1,637)	(524)	(2,161)	(1,576)	(442)	(2,018)	(1,519)	(377)	(1,896)
Repairs and maintenance	(848)	(239)	(1,087)	(830)	(211)	(1,041)	(827)	(176)	(1,003)
Delivery	(514)	(473)	(987)	(472)	(350)	(822)	(448)	(269)	(717)
All other rental expenses (3)	(920)	(733)	(1,653)	(867)	(617)	(1,484)	(801)	(483)	(1,284)
Equipment rentals gross profit	3,225	2,023	5,248	3,232	1,966	5,198	3,219	1,595	4,814
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business			896			952			999
Selling, general and administrative expenses			(1,732)			(1,645)			(1,527)

Restructuring charge (5)			(1)			(3)			(28)
Non-rental depreciation and amortization			(438)			(437)			(431)
Interest expense, net			(716)			(691)			(635)

Other income, net (6)			81			14			19
Income before provision for income taxes			$3,338			$3,388			$3,211
	December 31, 2025			December 31, 2024			December 31, 2023
	General rentals	Specialty	Total	General rentals	Specialty	Total	General rentals	Specialty	Total
Total assets (7)	$21,787	$8,079	$29,866	$21,044	$7,119	$28,163	$20,411	$5,178	$25,589

___________________

(1)Includes immaterial intersegment revenues.

(2)The consolidated statements of cash flows include the payments for capital expenditures, while the table above reflects the gross capital expenditures. Accounts payable as of December 31, 2025, 2024 and 2023 included $117, $77 and $74, respectively, of amounts due but unpaid for purchases of rental equipment.

(3)The significant expense categories align with the segment-level information that is regularly provided to the CODM. The “all other rental expenses” category reflects the difference between equipment rentals revenue less the significant expense categories above and the primary measure of segment profit (equipment rentals gross profit), and is primarily comprised of property costs, costs associated with re-rent revenue and certain ancillary revenues (see note 3 to the consolidated financial statements for a discussion of the different types of equipment rentals revenue), and insurance costs. Intersegment expenses are included within the amounts shown.

(4)Labor and benefits includes all internal labor and benefits costs associated with equipment rentals, including labor and benefits costs associated with repairs and maintenance and delivery.

(5)Primarily reflects severance and branch closure charges associated with our restructuring programs. The restructuring charges generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition. The amounts above primarily reflect charges associated with the restructuring program initiated following the December 2022 acquisition of Ahern Rentals. See note 5 to the consolidated financial statements for additional detail on our restructuring programs.

(6)In January 2025, we announced that we had signed a merger agreement to acquire H&E. In February 2025, the merger agreement was terminated. Other income, net for the year ended December 31, 2025 includes a break-up fee of $64 that we received following the termination of the H&E merger agreement.

(7)The increase in the specialty segment assets from December 31, 2023 to December 31, 2024 includes the impact of the Yak acquisition.

Schedule of Geographic Area Information

The following table presents geographic area information for the years ended December 31, 2025, 2024 and 2023, except for balance sheet information, which is presented as of December 31, 2025 and 2024:


	Domestic		Foreign		Total
2025
Equipment rentals	$	12,609	$	1,197	$	13,806
Sales of rental equipment	1,288		125		1,413
Sales of new equipment	305		43		348
Contractor supplies sales	136		27		163
Service and other revenues	333		36		369
Total revenue	14,671		1,428		16,099
Rental equipment, net	14,584		1,485		16,069
Property and equipment, net	1,022		112		1,134
Goodwill and other intangible assets, net	$	6,772	$	824	$	7,596
2024
Equipment rentals	$	11,919	$	1,110	$	13,029
Sales of rental equipment	1,379		142		1,521
Sales of new equipment	242		40		282
Contractor supplies sales	131		24		155
Service and other revenues	320		38		358
Total revenue	13,991		1,354		15,345
Rental equipment, net	13,634		1,297		14,931
Property and equipment, net	942		92		1,034
Goodwill and other intangible assets, net	$	6,910	$	653	$	7,563
2023
Equipment rentals	$	11,045	$	1,019	$	12,064
Sales of rental equipment	1,427		147		1,574
Sales of new equipment	168		50		218
Contractor supplies sales	130		16		146
Service and other revenues	293		37		330
Total revenue	$	13,063	$	1,269	$	14,332