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Segment Information
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our reportable segments are (i) general rentals and (ii) specialty. Our determination of the operating segments is primarily based on geography, but also includes consideration of the offered products and services. For general rentals, the divisions discussed below, which are our operating segments, are aggregated into the reportable segment. The specialty segment is a single division that is both an operating segment and a reportable segment. We believe that the divisions that are aggregated into our reportable segments have similar economic characteristics, as each division is capital intensive, offers similar products to similar customers, uses similar methods to distribute its products, and is subject to similar competitive risks.
The aggregation of our divisions also reflects the management structure that we use for making operating decisions and assessing performance. We evaluate segment performance primarily based on segment equipment rentals gross profit.
The general rentals segment includes the rental of (i) general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment and material handling equipment, (ii) aerial work platforms, such as boom lifts and scissor lifts and (iii) general tools and light equipment, such as pressure washers, water pumps and power tools. The general rentals segment reflects the aggregation of four geographic divisions—Central, Northeast, Southeast and West—and operates throughout the United States and Canada.
The specialty segment, which, as noted above, is a single division that is both an operating segment and a reportable segment, rents products (and provides setup and other services on such rented equipment) including (i) trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers and line testing equipment for underground work, (ii) power and HVAC equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment, (iii) fluid solutions equipment primarily used for fluid containment, transfer and treatment, (iv) mobile storage equipment and modular office space and (v) surface protection mats. The specialty segment’s customers include construction companies involved in infrastructure projects, municipalities and industrial companies. This segment primarily operates in the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand.
Our Chief Operating Officer is our chief operating decision maker (“CODM”). Equipment rentals gross profit is the primary measure the CODM utilizes in assessing segment performance and determining the allocation of resources. The CODM is the primary individual in control of resource allocation, and the allocation determinations are made in consultation with our senior executive committee, of which the CODM is a member. The most significant allocation determinations made by the CODM pertain to purchases of rental equipment (see the table below for total capital expenditures, including rental and non-rental equipment, by segment), and these determinations are generally made as part of the annual budgeting process, with regular reviews occurring throughout the year that can result in allocation changes (for example, if a specific division outperforms its plan, that could result in a reallocation of resources between divisions or an increase in the total allocated resources). On a monthly basis, the CODM considers budget-to-actual variances for equipment rentals gross profit when making decisions about allocating capital to the segments. Equipment rentals gross profit is also used to assess the performance of each segment by comparing the results and return on assets of each segment with one another, which also informs the determinations made pertaining to the allocation of resources. 
The following tables set forth financial information by segment, and include reconciliations of the primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.
Three Months Ended September 30, 2025Three Months Ended September 30, 2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Equipment rentals$2,400 $1,265 $3,665 $2,327 $1,136 $3,463 
Sales of rental equipment274 59 333 274 47 321 
Sales of new equipment45 50 95 36 41 77 
Contractor supplies sales23 20 43 22 16 38 
Service and other revenues84 9 93 86 7 93 
Total revenue (1)2,826 1,403 4,229 2,745 1,247 3,992 
Equipment rentals gross profit (see calculation below)881 570 1,451 874 568 1,442 
Equipment rentals gross margin36.7 %45.1 %39.6 %37.6 %50.0 %41.6 %
Calculation of equipment rentals gross profit:
Equipment rentals2,400 1,265 3,665 2,327 1,136 3,463 
Less:
Depreciation of rental equipment(512)(172)(684)(497)(132)(629)
Significant/all other rental expenses (2):
Labor and benefits (3)(416)(134)(550)(396)(115)(511)
Repairs and maintenance(228)(66)(294)(214)(58)(272)
Delivery(141)(133)(274)(126)(102)(228)
All other rental expenses (2)(222)(190)(412)(220)(161)(381)
Equipment rentals gross profit881 570 1,451 874 568 1,442 
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business214 206 
Selling, general and administrative expenses(442)(416)
Restructuring charge (4)— (1)
Non-rental depreciation and amortization(109)(109)
Interest expense, net(178)(178)
Other income, net1 5 
Income before provision for income taxes$937 $949 
Nine Months Ended September 30, 2025Nine Months Ended September 30, 2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Equipment rentals$6,767 $3,458 $10,225 $6,606 $3,001 $9,607 
Sales of rental equipment876 151 1,027 933 136 1,069 
Sales of new equipment137 103 240 92 94 186 
Contractor supplies sales65 55 120 65 51 116 
Service and other revenues252 27 279 248 24 272 
Total revenue (1)8,097 3,794 11,891 7,944 3,306 11,250 
Equipment rentals gross profit (see calculation below)2,356 1,546 3,902 2,357 1,473 3,830 
Equipment rentals gross margin34.8 %44.7 %38.2 %35.7 %49.1 %39.9 %
Capital expenditures (5)3,049 984 4,033 2,738 815 3,553 
Calculation of equipment rentals gross profit:
Equipment rentals6,767 3,458 10,225 6,606 3,001 9,607 
Less:
Depreciation of rental equipment(1,497)(475)(1,972)(1,465)(354)(1,819)
Significant/all other rental expenses (2):
Labor and benefits (3)(1,237)(382)(1,619)(1,178)(319)(1,497)
Repairs and maintenance(630)(178)(808)(619)(154)(773)
Delivery(384)(348)(732)(346)(256)(602)
All other rental expenses (2)(663)(529)(1,192)(641)(445)(1,086)
Equipment rentals gross profit2,356 1,546 3,902 2,357 1,473 3,830 
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business652 682 
Selling, general and administrative expenses(1,301)(1,209)
Restructuring charge (4)(1)(3)
Non-rental depreciation and amortization(331)(322)
Interest expense, net(533)(511)
Other income, net (6)76 12 
Income before provision for income taxes$2,464 $2,479 
September 30,
2025		December 31,
2024
General
rentals		SpecialtyTotalGeneral
rentals		SpecialtyTotal
Total assets$22,147 $7,918 $30,065 $21,044 $7,119 $28,163 
 ___________________
(1)Includes immaterial intersegment revenues.
(2)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 separately disclosed 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 2 to the condensed 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.
(3)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.
(4)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. As of September 30, 2025, there were no open restructuring programs.
(5)The condensed consolidated statements of cash flows include the payments for capital expenditures, while the table above reflects the gross capital expenditures. Accounts payable included $261 and $77 as of September 30, 2025 and December 31, 2024, respectively, and $183 and $74 as of September 30, 2024 and December 31, 2023, respectively, of amounts due but unpaid for purchases of rental equipment.
(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 nine months ended September 30, 2025 includes a break-up fee of $64 that we received following the termination of the H&E merger agreement