v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2026
Jun. 30, 2025
Cash flows from operating activities:    
Net loss $ (5) $ (53)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation of rental equipment 484 367
Depreciation of property and equipment 65 47
Amortization of intangible assets 83 31
Amortization of deferred debt and financing obligations costs 6 3
Stock-based compensation charges 8 12
Provision for receivables allowances 51 31
Loss on assets held for sale 0 49
Deferred taxes (11) (58)
Gain on sale of rental equipment (53) (49)
Other 8 5
Changes in assets and liabilities, net of effects from acquisitions:    
Receivables (98) 3
Other assets 18 (14)
Accounts payable 21 (6)
Accrued liabilities and other long-term liabilities 14 44
Net cash provided by operating activities 591 412
Cash flows from investing activities:    
Rental equipment expenditures (557) (421)
Proceeds from disposal of rental equipment 230 183
Non-rental capital expenditures (82) (80)
Proceeds from disposal of property and equipment 20 9
Acquisitions, net of cash acquired 0 (4,251)
Net cash used in investing activities (389) (4,560)
Cash flows from financing activities:    
Proceeds from issuance of long-term debt 0 3,467
Proceeds from revolving lines of credit and securitization 1,026 3,361
Repayments on revolving lines of credit and securitization (1,170) (2,645)
Principal payments under finance lease and financing obligations (16) (10)
Payment of debt issuance costs 0 (9)
Dividends paid (47) (41)
Net settlement on vesting of equity awards (8) (7)
Proceeds from employee stock purchase plan 4 2
Net cash provided by (used in) financing activities (211) 4,118
Effect of foreign exchange rate changes on cash and cash equivalents 0 0
Net change in cash and cash equivalents during the period (9) (30)
Cash and cash equivalents at beginning of period 52 83
Cash and cash equivalents at end of period 43 53
Supplemental disclosure of cash flow information:    
Cash paid for interest 232 119
Cash paid for income taxes, net 6 17
Supplemental disclosure of non-cash investing activity:    
Purchases of rental equipment in accounts payable 139 47
Non-rental capital expenditures in accounts payable 0 6
Disposal of rental equipment in accounts receivable 0 12
Supplemental disclosure of non-cash investing and financing activity:    
Issuance of common stock for H&E acquisition 0 584
Equipment acquired through finance lease $ 23 $ 3