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CONSOLIDATED STATEMENTS OF INCOME - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues:      
Total revenues $ 16,099 $ 15,345 $ 14,332
Cost of revenues:      
Cost of equipment rentals, excluding depreciation 5,888 5,365 4,900
Depreciation of rental equipment 2,670 2,466 2,350
Total cost of revenues 9,955 9,195 8,519
Gross profit 6,144 6,150 5,813
Selling, general and administrative expenses 1,732 1,645 1,527
Restructuring charge 1 3 28
Non-rental depreciation and amortization 438 437 431
Operating income 3,973 4,065 3,827
Interest expense, net 716 691 635
Other income, net (81) (14) (19)
Income before provision for income taxes 3,338 3,388 3,211
Provision for income taxes 844 813 787
Net income $ 2,494 $ 2,575 $ 2,424
Basic earnings per share (in dollars per share) $ 38.71 $ 38.82 $ 35.40
Diluted earnings per share (in dollars per share) $ 38.61 $ 38.69 $ 35.28
Equipment rentals      
Revenues:      
Total revenues $ 13,806 $ 13,029 $ 12,064
Sales of rental equipment      
Revenues:      
Total revenues 1,413 1,521 1,574
Cost of revenues:      
Cost of goods and services sold 778 811 788
Sales of new equipment      
Revenues:      
Total revenues 348 282 218
Cost of revenues:      
Cost of goods and services sold 278 229 179
Contractor supplies sales      
Revenues:      
Total revenues 163 155 146
Cost of revenues:      
Cost of goods and services sold 113 103 99
Service and other revenues      
Revenues:      
Total revenues 369 358 330
Cost of revenues:      
Cost of goods and services sold $ 228 $ 221 $ 203