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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Revenues:        
Total revenues $ 4,229 $ 3,992 $ 11,891 $ 11,250
Cost of revenues:        
Cost of equipment rentals, excluding depreciation 1,530 1,392 4,351 3,958
Depreciation of rental equipment 684 629 1,972 1,819
Total cost of revenues 2,564 2,344 7,337 6,738
Gross profit 1,665 1,648 4,554 4,512
Selling, general and administrative expenses 442 416 1,301 1,209
Restructuring charge 0 1 1 3
Non-rental depreciation and amortization 109 109 331 322
Operating income 1,114 1,122 2,921 2,978
Interest expense, net 178 178 533 511
Other income, net (1) (5) (76) (12)
Income before provision for income taxes 937 949 2,464 2,479
Provision for income taxes 236 241 623 593
Net income $ 701 $ 708 $ 1,841 $ 1,886
Basic earnings per share (in dollars per share) $ 10.93 $ 10.73 $ 28.42 $ 28.33
Diluted earnings per share (in dollars per share) $ 10.91 $ 10.70 $ 28.37 $ 28.25
Equipment rentals        
Revenues:        
Total revenues $ 3,665 $ 3,463 $ 10,225 $ 9,607
Sales of rental equipment        
Revenues:        
Total revenues 333 321 1,027 1,069
Cost of revenues:        
Cost of goods and services sold 186 176 567 564
Sales of new equipment        
Revenues:        
Total revenues 95 77 240 186
Cost of revenues:        
Cost of goods and services sold 75 65 192 152
Contractor supplies sales        
Revenues:        
Total revenues 43 38 120 116
Cost of revenues:        
Cost of goods and services sold 32 26 86 80
Service and other revenues        
Revenues:        
Total revenues 93 93 279 272
Cost of revenues:        
Cost of goods and services sold $ 57 $ 56 $ 169 $ 165