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v3.25.3

Segment Information (Tables) | 9 Months Ended
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Sep. 30, 2025
Segment Reporting [Abstract] |
Schedule of Financial Information by Segment | The following tables set forth financial information by segment, and include reconciliations of the primary measure of segment profit (equipment rentals gross profit) to income before provision for income taxes.
| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
| General rentals |  | Specialty |  | Total |  | General rentals |  | Specialty |  | Total
Equipment rentals | $ | 2,400 |  |  | $ | 1,265 |  |  | $ | 3,665 |  |  | $ | 2,327 |  |  | $ | 1,136 |  |  | $ | 3,463 |
Sales of rental equipment | 274 |  |  | 59 |  |  | 333 |  |  | 274 |  |  | 47 |  |  | 321 |
Sales of new equipment | 45 |  |  | 50 |  |  | 95 |  |  | 36 |  |  | 41 |  |  | 77 |
Contractor supplies sales | 23 |  |  | 20 |  |  | 43 |  |  | 22 |  |  | 16 |  |  | 38 |
Service and other revenues | 84 |  |  | 9 |  |  | 93 |  |  | 86 |  |  | 7 |  |  | 93 |
Total revenue (1) | 2,826 |  |  | 1,403 |  |  | 4,229 |  |  | 2,745 |  |  | 1,247 |  |  | 3,992 |
Equipment rentals gross profit (see calculation below) | 881 |  |  | 570 |  |  | 1,451 |  |  | 874 |  |  | 568 |  |  | 1,442 |
Equipment rentals gross margin | 36.7 | % |  | 45.1 | % |  | 39.6 | % |  | 37.6 | % |  | 50.0 | % |  | 41.6 | %
Calculation of equipment rentals gross profit:
Equipment rentals | 2,400 |  |  | 1,265 |  |  | 3,665 |  |  | 2,327 |  |  | 1,136 |  |  | 3,463 |
Less: |  |  |  |  |  |  |  |  |  |  |
Depreciation of rental equipment | (512) |  |  | (172) |  |  | (684) |  |  | (497) |  |  | (132) |  |  | (629) |
Significant/all other rental expenses (2):
Labor and benefits (3) | (416) |  |  | (134) |  |  | (550) |  |  | (396) |  |  | (115) |  |  | (511) |
Repairs and maintenance | (228) |  |  | (66) |  |  | (294) |  |  | (214) |  |  | (58) |  |  | (272) |
Delivery | (141) |  |  | (133) |  |  | (274) |  |  | (126) |  |  | (102) |  |  | (228) |
All other rental expenses (2) | (222) |  |  | (190) |  |  | (412) |  |  | (220) |  |  | (161) |  |  | (381) |
Equipment rentals gross profit | 881 |  |  | 570 |  |  | 1,451 |  |  | 874 |  |  | 568 |  |  | 1,442 |
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business |  |  |  |  | 214 |  |  |  |  |  |  | 206 |
Selling, general and administrative expenses |  |  |  |  | (442) |  |  |  |  |  |  | (416) |
Restructuring charge (4) |  |  |  |  | — |  |  |  |  |  |  | (1) |
Non-rental depreciation and amortization |  |  |  |  | (109) |  |  |  |  |  |  | (109) |
Interest expense, net |  |  |  |  | (178) |  |  |  |  |  |  | (178) |
Other income, net |  |  |  |  | 1 |  |  |  |  |  |  | 5 |
Income before provision for income taxes |  |  |  |  | $ | 937 |  |  |  |  |  |  | $ | 949 |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
| General rentals |  | Specialty |  | Total |  | General rentals |  | Specialty |  | Total
Equipment rentals | $ | 6,767 |  |  | $ | 3,458 |  |  | $ | 10,225 |  |  | $ | 6,606 |  |  | $ | 3,001 |  |  | $ | 9,607 |
Sales of rental equipment | 876 |  |  | 151 |  |  | 1,027 |  |  | 933 |  |  | 136 |  |  | 1,069 |
Sales of new equipment | 137 |  |  | 103 |  |  | 240 |  |  | 92 |  |  | 94 |  |  | 186 |
Contractor supplies sales | 65 |  |  | 55 |  |  | 120 |  |  | 65 |  |  | 51 |  |  | 116 |
Service and other revenues | 252 |  |  | 27 |  |  | 279 |  |  | 248 |  |  | 24 |  |  | 272 |
Total revenue (1) | 8,097 |  |  | 3,794 |  |  | 11,891 |  |  | 7,944 |  |  | 3,306 |  |  | 11,250 |
Equipment rentals gross profit (see calculation below) | 2,356 |  |  | 1,546 |  |  | 3,902 |  |  | 2,357 |  |  | 1,473 |  |  | 3,830 |
Equipment rentals gross margin | 34.8 | % |  | 44.7 | % |  | 38.2 | % |  | 35.7 | % |  | 49.1 | % |  | 39.9 | %
Capital expenditures (5) | 3,049 |  |  | 984 |  |  | 4,033 |  |  | 2,738 |  |  | 815 |  |  | 3,553 |
Calculation of equipment rentals gross profit:
Equipment rentals | 6,767 |  |  | 3,458 |  |  | 10,225 |  |  | 6,606 |  |  | 3,001 |  |  | 9,607 |
Less: |  |  |  |  |  |  |  |  |  |  |
Depreciation of rental equipment | (1,497) |  |  | (475) |  |  | (1,972) |  |  | (1,465) |  |  | (354) |  |  | (1,819) |
Significant/all other rental expenses (2): |  |  |  |  |  |  |  |
Labor and benefits (3) | (1,237) |  |  | (382) |  |  | (1,619) |  |  | (1,178) |  |  | (319) |  |  | (1,497) |
Repairs and maintenance | (630) |  |  | (178) |  |  | (808) |  |  | (619) |  |  | (154) |  |  | (773) |
Delivery | (384) |  |  | (348) |  |  | (732) |  |  | (346) |  |  | (256) |  |  | (602) |
All other rental expenses (2) | (663) |  |  | (529) |  |  | (1,192) |  |  | (641) |  |  | (445) |  |  | (1,086) |
Equipment rentals gross profit | 2,356 |  |  | 1,546 |  |  | 3,902 |  |  | 2,357 |  |  | 1,473 |  |  | 3,830 |
Reconciliation of equipment rentals gross profit to income before provision for income taxes:
Gross profit from other lines of business |  |  |  |  | 652 |  |  |  |  |  |  | 682 |
Selling, general and administrative expenses |  |  |  |  | (1,301) |  |  |  |  |  |  | (1,209) |
Restructuring charge (4) |  |  |  |  | (1) |  |  |  |  |  |  | (3) |
Non-rental depreciation and amortization |  |  |  |  | (331) |  |  |  |  |  |  | (322) |
Interest expense, net |  |  |  |  | (533) |  |  |  |  |  |  | (511) |
Other income, net (6) |  |  |  |  | 76 |  |  |  |  |  |  | 12 |
Income before provision for income taxes |  |  |  |  | $ | 2,464 |  |  |  |  |  |  | $ | 2,479 |
| September 30, 2025 |  | December 31, 2024
| General rentals |  | Specialty |  | Total |  | General rentals |  | Specialty |  | Total
Total assets | $ | 22,147 |  |  | $ | 7,918 |  |  | $ | 30,065 |  |  | $ | 21,044 |  |  | $ | 7,119 |  |  | $ | 28,163 |
___________________ (1)Includes immaterial intersegment revenues. (2)The significant expense categories align with the segment-level information that is regularly provided to the CODM. The “all other rental expenses” category reflects the difference between equipment rentals revenue less the significant separately disclosed expense categories above and the primary measure of segment profit (equipment rentals gross profit), and is primarily comprised of property costs, costs associated with re-rent revenue and certain ancillary revenues (see note 2 to the condensed consolidated financial statements for a discussion of the different types of equipment rentals revenue), and insurance costs. Intersegment expenses are included within the amounts shown. (3)Labor and benefits includes all internal labor and benefits costs associated with equipment rentals, including labor and benefits costs associated with repairs and maintenance and delivery. (4)Primarily reflects severance and branch closure charges associated with our restructuring programs. The restructuring charges generally involve the closure of a large number of branches over a short period of time, often in periods following a major acquisition. As of September 30, 2025, there were no open restructuring programs. (5)The condensed consolidated statements of cash flows include the payments for capital expenditures, while the table above reflects the gross capital expenditures. Accounts payable included $261 and $77 as of September 30, 2025 and December 31, 2024, respectively, and $183 and $74 as of September 30, 2024 and December 31, 2023, respectively, of amounts due but unpaid for purchases of rental equipment. (6)In January 2025, we announced that we had signed a merger agreement to acquire H&E. In February 2025, the merger agreement was terminated. Other income, net for the nine months ended September 30, 2025 includes a break-up fee of $64 that we received following the termination of the H&E merger agreement.

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-25 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-22 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-30 + Details
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