SEGMENT INFORMATION (Tables)

6 Months Ended

Jun. 30, 2026

Schedule of Segment Reporting by Reportable Segment

The following table presents information about reportable segments (in millions):


	Three Months Ended June 30, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$903	$–	$–	$903
Equipment sales .............................................................	–	483	–	483
Telematics ......................................................................	5	–	29	34
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	29	29
Total revenues ................................................................	$908	$483	$58	$1,449
Significant expenses:
Segment cost of revenues .........................................	271	394	35
Segment selling, general and administrative expenses .................................................................	248	7	22
Segment Adjusted EBITDA ........................................	$389	$82	$1	$472


	Three Months Ended June 30, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$647	$–	$–	$647
Equipment sales .............................................................	–	478	–	478
Telematics ......................................................................	4	–	6	10
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	12	12
Total revenues ................................................................	$651	$478	$18	$1,147
Significant expenses:
Segment cost of revenues .........................................	175	411	11
Segment selling, general and administrative expenses .................................................................	201	7	12
Segment Adjusted EBITDA ........................................	$275	$60	$(5)	$330


	Six Months Ended June 30, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$1,663	$–	$–	$1,663
Equipment sales .............................................................	–	661	–	661
Telematics ......................................................................	9	–	56	65
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	48	48
Total revenues ................................................................	$1,672	$661	$104	$2,437
Significant expenses:
Segment cost of revenues .........................................	486	540	63
Segment selling, general and administrative expenses .................................................................	473	14	43
Segment Adjusted EBITDA ........................................	$713	$107	$(2)	$818


	Six Months Ended June 30, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$1,200	$–	$–	$1,200
Equipment sales .............................................................	–	624	–	624
Telematics ......................................................................	7	–	13	20
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	20	20
Total revenues ................................................................	$1,207	$624	$33	$1,864
Significant expenses:
Segment cost of revenues .........................................	341	524	19
Segment selling, general and administrative expenses .................................................................	383	14	23
Segment Adjusted EBITDA ........................................	$483	$86	$(9)	$560

The following table reconciles total Segment Adjusted EBITDA to income before income taxes (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Segment Adjusted EBITDA ................................	$472	$330	$818	$560
Equipment operating lease expense ....................	(6)	(6)	(12)	(12)
OWN Program payouts .......................................	(234)	(173)	(451)	(328)
Depreciation expense on rental equipment .........	(91)	(72)	(173)	(139)
Depreciation expense on property and other fixed assets ......................................................	(14)	(10)	(27)	(19)
Amortization expense on capitalized software and intangible assets ........................................	(8)	(5)	(16)	(9)
Stock-based compensation expense ....................	(25)	–	(45)	–
Interest expense ...................................................	(73)	(69)	(143)	(131)
Other income, net ................................................	12	8	20	14
Income (loss) before income taxes ......................	$33	$3	$(29)	$(64)

Schedule of Segment Adjusted EBITDA to Income Before Income Taxes

The following table presents information about reportable segments (in millions):


	Three Months Ended June 30, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$903	$–	$–	$903
Equipment sales .............................................................	–	483	–	483
Telematics ......................................................................	5	–	29	34
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	29	29
Total revenues ................................................................	$908	$483	$58	$1,449
Significant expenses:
Segment cost of revenues .........................................	271	394	35
Segment selling, general and administrative expenses .................................................................	248	7	22
Segment Adjusted EBITDA ........................................	$389	$82	$1	$472


	Three Months Ended June 30, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$647	$–	$–	$647
Equipment sales .............................................................	–	478	–	478
Telematics ......................................................................	4	–	6	10
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	12	12
Total revenues ................................................................	$651	$478	$18	$1,147
Significant expenses:
Segment cost of revenues .........................................	175	411	11
Segment selling, general and administrative expenses .................................................................	201	7	12
Segment Adjusted EBITDA ........................................	$275	$60	$(5)	$330


	Six Months Ended June 30, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$1,663	$–	$–	$1,663
Equipment sales .............................................................	–	661	–	661
Telematics ......................................................................	9	–	56	65
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	48	48
Total revenues ................................................................	$1,672	$661	$104	$2,437
Significant expenses:
Segment cost of revenues .........................................	486	540	63
Segment selling, general and administrative expenses .................................................................	473	14	43
Segment Adjusted EBITDA ........................................	$713	$107	$(2)	$818


	Six Months Ended June 30, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$1,200	$–	$–	$1,200
Equipment sales .............................................................	–	624	–	624
Telematics ......................................................................	7	–	13	20
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	20	20
Total revenues ................................................................	$1,207	$624	$33	$1,864
Significant expenses:
Segment cost of revenues .........................................	341	524	19
Segment selling, general and administrative expenses .................................................................	383	14	23
Segment Adjusted EBITDA ........................................	$483	$86	$(9)	$560

The following table reconciles total Segment Adjusted EBITDA to income before income taxes (in millions):


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Segment Adjusted EBITDA ................................	$472	$330	$818	$560
Equipment operating lease expense ....................	(6)	(6)	(12)	(12)
OWN Program payouts .......................................	(234)	(173)	(451)	(328)
Depreciation expense on rental equipment .........	(91)	(72)	(173)	(139)
Depreciation expense on property and other fixed assets ......................................................	(14)	(10)	(27)	(19)
Amortization expense on capitalized software and intangible assets ........................................	(8)	(5)	(16)	(9)
Stock-based compensation expense ....................	(25)	–	(45)	–
Interest expense ...................................................	(73)	(69)	(143)	(131)
Other income, net ................................................	12	8	20	14
Income (loss) before income taxes ......................	$33	$3	$(29)	$(64)

Schedule of Identified Assets by Reportable Segment

The following table presents information about identified assets by reportable segment (in millions):


	June 30, 2026	December 31, 2025
Segment identified assets:
Equipment Rental and Service Operations .....................................	$4,742	$3,948
Equipment Sales ..............................................................................	178	160
All Other .........................................................................................	307	274
Shared Resources ............................................................................	1,884	1,605
Total assets ......................................................................................	$7,111	$5,987

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):


	June 30, 2026		June 30, 2025
	Equipment		Equipment
	Rental and		Rental and
	Services	Equipment	Services	Equipment
	Operations	Sales	Operations	Sales
Cash flows from investing activities:
Purchases of rental equipment ................	$(1,017)	$–	$(799)	$–
Proceeds from sale of rental equipment ..	–	483	–	500

- Definition

Tabular disclosure of segment reporting. Includes, but is not limited to, reconciliation of reportable segment amount to corresponding consolidated total.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 34
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-34

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 26A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-26A

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 25
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-25

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-15

+ Details