SEGMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of segment reporting by reportable segment

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

Schedule of segment adjusted EBITDA to income before income taxes

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

Schedule of identified assets by reportable segment

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

Schedule of cash flows from investing activities by reportable segment

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