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REVENUE (Tables)

9 Months Ended

Sep. 30, 2025

Revenue from Contract with Customer [Abstract]

Schedule of Revenue from External Customers by Geographic Areas

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, 2025
(In millions)						FMS						SCS						DTS						Eliminations						Total
United States						$	1,390					$	1,219					$	570					$	(234)					$	2,945
Canada						75						73						—						(10)						138
Mexico						—						88						—						—						88
Total revenue						$	1,465					$	1,380					$	570					$	(244)					$	3,171

						Three months ended September 30, 2024
(In millions)						FMS						SCS						DTS						Eliminations						Total
United States						$	1,393					$	1,170					$	633					$	(242)					$	2,954
Canada						77						66						—						(10)						133
Mexico						—						81						—						—						81
Total revenue						$	1,470					$	1,317					$	633					$	(252)					$	3,168

						Nine months ended September 30, 2025
(In millions)						FMS						SCS						DTS						Eliminations						Total
United States						$	4,156					$	3,608					$	1,778					$	(712)					$	8,830
Canada						223						220						—						(32)						411
Mexico						—						249						—						—						249
Total revenue						$	4,379					$	4,077					$	1,778					$	(744)					$	9,490
						Nine months ended September 30, 2024
(In millions)						FMS						SCS						DTS						Eliminations						Total
United States						$	4,174					$	3,506					$	1,831					$	(714)					$	8,797
Canada						229						207						—						(33)						403
Mexico						—						247						—						—						247
Total revenue						$	4,403					$	3,960					$	1,831					$	(747)					$	9,447

Schedule of Disaggregation of Revenue

Our FMS revenue disaggregated by product line is as follows:

						Three months ended September 30,												Nine months ended September 30,
(In millions)						2025						2024						2025						2024
ChoiceLease						$	875					$	857					$	2,613					$	2,556
Commercial rental						242						251						700						726
SelectCare and other						165						173						517						526
Fuel services revenue						183						189						549						595
Total FMS revenue						$	1,465					$	1,470					$	4,379					$	4,403

Our SCS business segment included revenue from the following industries:

						Three months ended September 30,												Nine months ended September 30,
(In millions)						2025						2024						2025						2024
Omnichannel retail						$	467					$	421					$	1,340					$	1,254
Automotive						390						384						1,191						1,207
Consumer packaged goods						311						302						921						886
Industrial and other						212						210						625						613
Total SCS revenue						$	1,380					$	1,317					$	4,077					$	3,960

Schedule of 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)						2025						2024
Balance as of beginning of period						$	600					$	545
Recognized as revenue during period from beginning balance						(128)						(146)
Consideration deferred during period, net						185						185
Foreign currency translation adjustment and other						4						2
Balance as of end of period						$	661					$	586

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Tabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
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-Name Accounting Standards Codification
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Tabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.

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