RENTAL EQUIPMENT, NET

12 Months Ended

Dec. 31, 2025

Property, Plant and Equipment [Abstract]

RENTAL EQUIPMENT, NET

RENTAL EQUIPMENT, NET

Rental equipment, net, consist of the following (In millions):

	December 31, 2025	December 31, 2024
Rental equipment ...................................................................................................	$3,596	$2,930
Installed telematics tracker devices ........................................................................	81	67
Total rental equipment ...........................................................................................	3,677	2,997
Less: accumulated depreciation .............................................................................	(843)	(662)
Rental equipment, net ............................................................................................	$2,834	$2,335

The Company recognized depreciation expense of $300 million, $293 million, and $280 million for the years

ended December 31, 2025, 2024, and 2023, respectively, included within depreciation and amortization as a

component of cost of revenues on the consolidated statements of net income.

PROPERTY AND OTHER FIXED ASSETS, NET

Property and other fixed assets, net, consist of the following (In millions):

	December 31, 2025	December 31, 2024
Furniture, fixtures, office equipment and other .....................................................	$167	$125
Leasehold improvements .......................................................................................	161	96
Buildings and improvements .................................................................................	186	86
Construction in progress ........................................................................................	61	57
Land .......................................................................................................................	44	48
Total property and other fixed assets .....................................................................	619	412
Less: accumulated depreciation .............................................................................	(115)	(73)
Total property and other fixed assets, net .........................................................	$504	$339

The Company recognized depreciation expense of $42 million, $27 million, and $9 million for the years ended

December 31, 2025, 2024, and 2023, respectively, included in selling, general and administrative expenses on the

consolidated statements of net income.