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Segment Information (Tables)
9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Financial Information by Segment
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 93 86 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, net
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.