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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2026
Sep. 30, 2025
Cash Flows From Operating Activities:    
Net income $ 2,204 $ 1,841
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 2,468 2,303
Amortization of deferred financing costs and original issue discounts 13 11
Gain on sales of rental equipment (470) (460)
Gain on sales of non-rental equipment (10) (15)
Gain on sale of business [1] (53) 0
Insurance proceeds from damaged equipment (34) (36)
Stock compensation expense, net 122 102
Restructuring charge 66 1
Debt related activity [2] 0 15
Increase in deferred taxes 488 259
Changes in operating assets and liabilities, net of amounts acquired:    
Increase in accounts receivable (568) (208)
Increase in inventory (71) (33)
Decrease (increase) in prepaid expenses and other assets 16 (202)
Increase in accounts payable 507 338
Increase in accrued expenses and other liabilities 256 18
Net cash provided by operating activities 4,934 3,934
Cash Flows From Investing Activities:    
Payments for purchases of rental equipment (4,339) (3,576)
Payments for purchases of non-rental equipment and intangible assets (280) (273)
Proceeds from sales of rental equipment 1,028 1,027
Proceeds from sales of non-rental equipment 44 44
Insurance proceeds from damaged equipment 34 36
Purchases of other companies, net of cash acquired (527) (22)
Proceeds from sale of business [1] 92 0
Purchases of investments (4) (2)
Proceeds from sales of investments 3 0
Net cash used in investing activities (3,949) (2,766)
Cash Flows From Financing Activities:    
Proceeds from debt 7,391 7,467
Payments of debt (7,094) (6,862)
Payment of contingent consideration (18) (23)
Common stock repurchased, including tax withholdings for share-based compensation (1,191) (1,338)
Payments of financing and other debt related costs [2] (1) (23)
Dividends paid (371) (350)
Net cash used in financing activities (1,284) (1,129)
Effect of foreign exchange rates (7) 16
Net (decrease) increase in cash and cash equivalents (306) 55
Cash and cash equivalents at beginning of period 459 457
Cash and cash equivalents at end of period 153 512
Supplemental disclosure of cash flow information:    
Cash paid for income taxes, net 228 574
Cash paid for interest $ 541 $ 566
[1] See note 3 to the condensed consolidated financial statements for a discussion of the gain on sale of business.
[2] The amounts for the nine months ended September 30, 2025 primarily reflect bridge financing fees associated with the terminated acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) discussed below.