v3.26.1
SEGMENT INFORMATION
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company has two reportable segments: (1) Equipment Rental and Services Operations, and (2) Equipment
Sales. Equipment Rental and Services Operations are comprised of recurring activity performed at the Company's
full-service branch locations, such as equipment rentals and related services (including allocated telematics revenue
related to rental customer access to the T3 platform), and sales of parts, supplies and maintenance services to
construction contractors and others. Equipment Sales are comprised of sales by the Company of new or used
equipment made at any of the Company's branch locations and dealership sites, including equipment sales to
participants in the OWN Program. All other business activities, which include telematics SaaS subscriptions,
software applications, and related telematics devices purchased by customers for their owned fleet, as well as
building materials and hardware supplies, are included in “All Other.” The Company generates all of its revenue in
the U.S. and all long-lived assets are located in the U.S. 
These segments are based upon revenue streams and how the chief operating decision maker (“CODM”) of the
Company allocates resources and assesses performance. The Company’s Chief Executive Officer is the CODM. The
CODM uses Segment Adjusted EBITDA  to make resource allocation decisions and to assess the performance of
these segments. The CODM uses Segment Adjusted EBITDA to evaluate segment performance without regard to
potential distortions and to assess period-over-period growth. Excluding OWN Program payouts and equipment
operating lease expense from Equipment Rental and Services Operations Segment Adjusted EBITDA provides the
CODM with a more meaningful metric to compare operating performance to industry peers who do not source their
equipment fleet through lease arrangements. The most significant decisions made by the CODM relate to site
expansion, capital deployment, and employee hiring, among other things.
Significant expenses regularly provided to the CODM and reported in Segment Adjusted EBITDA include
segment cost of revenues and segment selling, general, and administrative expenses. Segment cost of revenues for
the Equipment Rental and Services Operations segment includes direct operating costs, excluding equipment and
vehicle operating lease expense. Segment cost of revenues for the Equipment Sales segment includes the cost of
equipment sales. Segment cost of revenues for All Other business activities includes platform expenses. Segment
Adjusted EBITDA also excludes operating expenses related to OWN Program payouts, depreciation expense on
rental equipment, and amortization expense on capitalized software. Segment selling, general and administrative
expenses exclude depreciation expense related to the Company’s property and other fixed assets. There are no other
significant segment expenses.
The accounting policies of the reportable segments are consistent with those described in Note 2: Summary of
Significant Accounting Policies in the Company’s Audited Consolidated Financial Statements as of and for the year
ended December 31, 2025. In the second quarter of 2025, following a change in the information regularly reviewed
by the CODM, the Company began to disclose total assets by segment. Prior to the second quarter of 2025, total
assets by segment were not disclosed because this information was not regularly reviewed by the CODM and used to
assess performance and allocate resources. Certain corporate selling, general and administrative expenses, including
corporate employee compensation, technology costs, professional service fees, and insurance expenses are deemed
to be of an operating nature and are allocated to each segment based primarily on segment employee headcount.
There were no sales or transactions between segments for any of the periods presented. The Company retains
various unattributed assets at the general corporate level, which the Company refers to as “Shared Resources” in the
table below. Assets identified as Shared Resources primarily consist of cash, investments, property and other fixed
assets and property right of use assets. All other costs and assets are directly attributable to the segments. The
Company does not compile discrete financial information for segments other than the information presented below.
The following table presents information about reportable segments (In millions):
Year Ended December 31, 2025
Equipment Rental
and Services
Equipment
Operations
Sales
All Other
Total
Equipment rental, parts, supplies and services ...............
$2,709
$–
$–
$2,709
Equipment sales .............................................................
–
1,541
–
1,541
Telematics ......................................................................
15
–
51
66
Sales of building materials, small tools, and hardware
supplies .......................................................................
–
–
63
63
Total revenues ................................................................
$2,724
$1,541
$114
$4,379
Significant expenses:
Segment cost of revenues .........................................
773
1,237
68
Segment selling, general and administrative
expenses .................................................................
812
28
59
Segment Adjusted EBITDA ........................................
$1,139
$276
$(13)
$1,402
Year Ended December 31, 2024
Equipment Rental
and Services
Equipment
Operations
Sales
All Other
Total
Equipment rental, parts, supplies and services ...............
$2,024
$–
$–
$2,024
Equipment sales .............................................................
–
1,676
–
1,676
Telematics ......................................................................
11
–
21
32
Sales of building materials, small tools, and hardware
supplies .......................................................................
–
–
32
32
Total revenues ................................................................
$2,035
$1,676
$53
$3,764
Significant expenses:
Segment cost of revenues .........................................
578
1,400
30
Segment selling, general and administrative
expenses .................................................................
641
29
31
Segment Adjusted EBITDA ........................................
$816
$247
$(8)
$1,055
Year Ended December 31, 2023
Equipment Rental
and Services
Equipment
Operations
Sales
All Other
Total
Equipment rental, parts, supplies and services ...............
$1,624
$–
$–
$1,624
Equipment sales .............................................................
–
879
–
879
Telematics ......................................................................
8
–
13
21
Sales of building materials, small tools, and hardware
supplies .......................................................................
–
–
33
33
Total revenues ................................................................
$1,632
$879
$46
$2,557
Significant expenses:
Segment cost of revenues .........................................
435
728
29
Segment selling, general and administrative
expenses .................................................................
441
28
31
Segment Adjusted EBITDA ........................................
$756
$123
$(14)
$865
The following table reconciles total Segment Adjusted EBITDA to income before income taxes (In millions):
Year Ended December 31,
2025
2024
2023
Segment Adjusted EBITDA .................................................................
$1,402
$1,055
$865
Equipment operating lease expense ......................................................
(26)
(85)
(111)
OWN Program payouts ........................................................................
(714)
(420)
(209)
Depreciation expense on rental equipment ...........................................
(300)
(293)
(280)
Depreciation expense on property and other fixed assets .....................
(42)
(27)
(9)
Amortization expense on capitalized software and intangible assets ...
(23)
(12)
(6)
Gain on sale of properties and other assets ...........................................
1
20
10
Loss on debt extinguishment ................................................................
(8)
—
(30)
Interest expense ....................................................................................
(285)
(261)
(213)
Other income, net .................................................................................
49
29
4
Income before income taxes .................................................................
$54
$6
$21
The following table presents information about identified assets by reportable segment (In millions):
December 31, 2025
December 31, 2024
Segment identified assets:
Equipment Rental and Service Operations .....................................
$3,948
$3,025
Equipment Sales ..............................................................................
160
213
All Other .........................................................................................
274
167
Shared Resources ............................................................................
1,605
1,411
Total assets ......................................................................................
$5,987
$4,816
The following table presents information about cash flows from investing activities by reportable segment (In
millions):
December 31, 2025
December 31, 2024
Equipment
Equipment
Rental and
Rental and
Services
Equipment
Services
Equipment
Operations
Sales
Operations
Sales
Cash flows from investing activities:
Purchases of rental equipment ................
(1,780)
–
(1,586)
–
Proceeds from sale of rental equipment ..
–
1,160
–
1,323