v3.26.1
CONSOLIDATED STATEMENTS OF NET INCOME - USD ($)
shares in Millions, $ in Millions
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
REVENUES      
Total revenues $ 4,379 $ 3,764 $ 2,557
COST OF REVENUES      
Direct operating costs 799 663 546
OWN Program payouts ($40, $74, and $56, respectively, to related parties) 714 420 209
Equipment sales 1,237 1,400 728
Platform expense 68 30 29
Depreciation and amortization 322 305 286
Total cost of revenues 3,140 2,818 1,798
Gross profit 1,239 946 759
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES 942 728 509
Operating income 297 218 250
OTHER INCOME (EXPENSE)      
Gain on sale of properties and other assets 1 20 10
Loss on debt extinguishment (8) 0 (30)
Interest expense (285) (261) (213)
Other income, net ($9 and $6 from related parties in 2025 and 2024, respectively) 49 29 4
Total other expense, net (243) (212) (229)
INCOME BEFORE INCOME TAXES 54 6 21
Provision for income taxes 14 3 4
Net income 40 3 17
Less: Deemed dividends on perpetual preferred stock (37) (40) (32)
Net income (loss) attributable to common shareholders $ 3 $ (37) $ (15)
Weighted average common shares outstanding:      
Weighted-average number of common shares outstanding, basic (in shares) 78 77 75
Weighted-average number of common shares outstanding, diluted (in shares) 226 77 75
Earnings (loss) per common share:      
Net loss per common share, basic (in dollars per share) $ 0.01 $ (0.48) $ (0.20)
Net loss per common share, diluted (in dollars per share) $ 0.01 $ (0.48) $ (0.20)
Equipment rental and related services      
REVENUES      
Total revenues $ 2,437 $ 1,867 $ 1,511
Equipment sales      
REVENUES      
Total revenues 1,541 1,676 879
Equipment parts and supplies and services      
REVENUES      
Total revenues 272 157 113
Telematics      
REVENUES      
Total revenues 66 32 21
Other      
REVENUES      
Total revenues $ 63 $ 32 $ 33