v3.25.2
Equipment held for lease (Tables)
6 Months Ended
Jun. 30, 2025
Property, Plant and Equipment [Abstract]  
Summary of equipment held for lease

Equipment held for lease includes railcars, aircraft and other equipment, including over-the-road trailers, intermodal tank containers, cranes, storage units and furniture. Equipment held for lease is summarized below (in millions).

 

June 30,
2025

 

 

December 31,
2024

 

Railcars

$

10,299

 

 

$

10,137

 

Aircraft

 

14,894

 

 

 

14,201

 

Other

 

5,713

 

 

 

5,686

 

 

30,906

 

 

 

30,024

 

Accumulated depreciation

 

(12,783

)

 

 

(12,196

)

$

18,123

 

 

$

17,828

 

Summary of fixed and variable operating lease revenues

Depreciation expense on equipment held for lease in the first six months was $749 million in 2025 and $695 million in 2024. Fixed and variable operating lease revenues are summarized below (in millions).

 

Second Quarter

 

 

First Six Months

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Fixed lease revenue

$

1,737

 

 

$

1,612

 

 

$

3,420

 

 

$

3,164

 

Variable lease revenue

 

772

 

 

 

696

 

 

 

1,520

 

 

 

1,366

 

 

$

2,509

 

 

$

2,308

 

 

$

4,940

 

 

$

4,530