v3.26.1
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Jun. 30, 2026
Dec. 31, 2025
ASSETS    
Cash and cash equivalents $ 443 $ 306
Accounts receivable, net [1] 971 748
Inventories 460 401
Prepaid costs 232 169
Other current assets 104 106
Total current assets 2,210 1,730
Rental equipment, net 3,286 2,834
Property and other fixed assets, net 590 504
Right of use assets, operating 719 676
Investments in non-consolidated affiliates 63 59
Other assets 100 43
Total assets 7,111 5,987
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY    
Accounts payable 105 95
Accrued liabilities 593 609
Manufacturer flooring plans payable 107 74
Current portion of long-term debt 2 4
Current portion of operating lease liabilities 79 69
Current portion of finance lease liabilities 19 19
Current portion of financing obligations 9 10
Total current liabilities 914 880
Long-term debt, net of current portion, original issue discounts, and debt issuance costs 3,635 3,268
Operating lease liabilities, net of current portion [2] 690 655
Finance lease liabilities, net of current portion [3] 197 169
Financing obligations, net of current portion 71 83
Deferred tax liabilities, net 22 43
Other liabilities 0 1
Total liabilities 5,529 5,099
Perpetual preferred stock, net - $0.00000125 par value, 15 shares authorized, 14 and 14 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively 370 360
Convertible preferred stock, net - $0.00000125 par value, no shares authorized, issued and outstanding as of June 30, 2026, 149 shares authorized, 142 shares issued and outstanding at December 31, 2025 0 430
Treasury stock, at cost, 5 and 5 shares at June 30, 2026 and December 31, 2025, respectively (7) (7)
Additional paid-in-capital 1,266 105
Retained earnings (accumulated deficit) (47) 0
Accumulated other comprehensive income (loss) 0 0
Total equity 1,212 528
Total liabilities, perpetual preferred stock, and equity 7,111 5,987
Common Stock    
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY    
Common stock, value, issued 0 0
Class A    
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY    
Common stock, value, issued 0 0
Class B    
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY    
Common stock, value, issued 0 0
Software, In-Development, Internally Developed, and Purchased    
ASSETS    
Capitalized software, net 114 110
Other    
ASSETS    
Capitalized software, net $ 29 $ 31
[1] Includes amounts due from related parties of $40 and $20 as of June 30, 2026 and December 31, 2025, respectively.
[2] Includes amounts due to related parties of $8 and $5 as of June 30, 2026 and December 31, 2025, respectively.
[3] Includes amounts due to related parties of $30 and $28 as of June 30, 2026 and December 31, 2025, respectively.