v3.26.3
REVENUE
 9 Months Ended
Sep. 30, 2026
Revenue from Contract with Customer [Abstract]  
REVENUE REVENUE
Disaggregation of Revenue
The following tables disaggregate our revenue recognized by primary geographical market by our reportable business segments, by FMS product line and by SCS industry.

Primary Geographical Markets
Three months ended September 30, 2026
(In millions)FMSSCSDTSEliminationsTotal
United States$1,535 $1,320 $606 $(279)$3,182 
Canada81 90 — (14)157 
Mexico— 94 — — 94 
Total revenue$1,616 $1,504 $606 $(293)$3,433 


Three months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$1,390 $1,219 $570 $(234)$2,945 
Canada75 73 — (10)138 
Mexico— 88 — — 88 
Total revenue$1,465 $1,380 $570 $(244)$3,171 
Nine months ended September 30, 2026
(In millions)FMSSCSDTSEliminationsTotal
United States$4,397 $3,810 $1,758 $(785)$9,180 
Canada239 255 — (40)454 
Mexico— 272 — — 272 
Total revenue$4,636 $4,337 $1,758 $(825)$9,906 
Nine months ended September 30, 2025
(In millions)FMSSCSDTSEliminationsTotal
United States$4,156 $3,608 $1,778 $(712)$8,830 
Canada223 220 — (32)411 
Mexico— 249 — — 249 
Total revenue$4,379 $4,077 $1,778 $(744)$9,490 

Product Line

Our FMS revenue disaggregated by product line is as follows:

Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
ChoiceLease$913 $875 $2,676 $2,613 
Commercial rental244 242 684 700 
SelectCare and other187 165 551 517 
Fuel services revenue272 183 725 549 
Total FMS revenue$1,616 $1,465 $4,636 $4,379 

Industry

Our SCS business segment included revenue from the following industries:

Three months ended September 30,Nine months ended September 30,
(In millions)2026202520262025
Omnichannel retail$560 $467 $1,575 $1,340 
Automotive394 390 1,154 1,191 
Consumer packaged goods305 311 904 921 
Industrial and other245 212 704 625 
Total SCS revenue$1,504 $1,380 $4,337 $4,077 
Lease & Related Maintenance and Rental Revenue
The non-lease revenue from maintenance services related to our ChoiceLease product is recognized in "Lease & related maintenance and rental revenue" in the Condensed Consolidated Statements of Earnings. For the three months ended September 30, 2026 and 2025, we recognized $274 million and $250 million, respectively. For the nine months ended September 30, 2026 and 2025, we recognized $798 million and $749 million, respectively.
Deferred Revenue
The following table includes the changes in deferred revenue due to the collection and deferral of cash or the satisfaction of our performance obligation under the contract:
Nine months ended September 30,
(In millions)20262025
Balance as of beginning of period$684 $600 
Recognized as revenue during period from beginning balance(138)(128)
Consideration deferred during period, net$171 185 
Foreign currency translation adjustment and other(2)4 
Balance as of end of period$715 $661 
Contracted Not Recognized Revenue

Revenue allocated to remaining performance obligations represents contracted revenue that has not yet been recognized (contracted not recognized revenue). Contracted not recognized revenue was $3.4 billion as of both September 30, 2026, and December 31, 2025, and primarily includes amounts for ChoiceLease maintenance revenue that will be recognized as revenue in future periods as we provide maintenance services to our customers and deferred revenue.