0001628280-26-034842 | 10-Q | XBRL Viewer

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SEGMENT INFORMATION - Schedule of Segment Reporting by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Total revenues	$ 989	$ 716
Segment cost of revenues	702	516
Segment selling, general and administrative expenses	286	210
Segment Adjusted EBITDA	347	230
Equipment rental, parts, supplies and services
Segment Reporting Information [Line Items]
Total revenues	760	553
Equipment sales
Segment Reporting Information [Line Items]
Total revenues	179	145
Telematics
Segment Reporting Information [Line Items]
Total revenues	31	10
Sales of building materials, small tools, and hardware supplies
Segment Reporting Information [Line Items]
Total revenues	19	8
Operating Segments \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total revenues	764	556
Segment cost of revenues	216	165
Segment selling, general and administrative expenses	225	182
Segment Adjusted EBITDA	323	209
Operating Segments \| Equipment Sales
Segment Reporting Information [Line Items]
Total revenues	179	145
Segment cost of revenues	146	113
Segment selling, general and administrative expenses	7	7
Segment Adjusted EBITDA	26	25
Operating Segments \| Equipment rental, parts, supplies and services \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total revenues	760	553
Operating Segments \| Equipment rental, parts, supplies and services \| Equipment Sales
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments \| Equipment sales \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments \| Equipment sales \| Equipment Sales
Segment Reporting Information [Line Items]
Total revenues	179	145
Operating Segments \| Telematics \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total revenues	4	3
Operating Segments \| Telematics \| Equipment Sales
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments \| Sales of building materials, small tools, and hardware supplies \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total revenues	0	0
Operating Segments \| Sales of building materials, small tools, and hardware supplies \| Equipment Sales
Segment Reporting Information [Line Items]
Total revenues	0	0
All Other
Segment Reporting Information [Line Items]
Total revenues	46	15
Segment cost of revenues	28	8
Segment selling, general and administrative expenses	20	11
Segment Adjusted EBITDA	(2)	(4)
All Other \| Equipment rental, parts, supplies and services
Segment Reporting Information [Line Items]
Total revenues	0	0
All Other \| Equipment sales
Segment Reporting Information [Line Items]
Total revenues	0	0
All Other \| Telematics
Segment Reporting Information [Line Items]
Total revenues	27	7
All Other \| Sales of building materials, small tools, and hardware supplies
Segment Reporting Information [Line Items]
Total revenues	$ 19	$ 8

INVENTORY (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Inventory [Line Items]
Total inventories	$ 427	$ 401
Equipment inventory
Inventory [Line Items]
Total inventories	130	131
Equipment parts
Inventory [Line Items]
Total inventories	212	189
Telematics hardware
Inventory [Line Items]
Total inventories	47	48
Building materials, supplies, small tools, and other
Inventory [Line Items]
Total inventories	$ 38	$ 33

CONSOLIDATED STATEMENTS OF PERPETUAL PREFERRED STOCK AND EQUITY - USD ($) $ in Millions	Total	Impact of adoption of ASU 2020-06	Terminated Interest Rate Swap	Class A	Class B	Common Stock	Common Stock Class A	Common Stock Class B	Convertible Preferred Stock, net	Convertible Preferred Stock, net Impact of adoption of ASU 2020-06	Treasury Stock	Additional Paid-In Capital	Additional Paid-In Capital Impact of adoption of ASU 2020-06	Retained Earnings	Accumulated Other Comprehensive Income	Accumulated Other Comprehensive Income Terminated Interest Rate Swap
Beginning balance (in shares) at Dec. 31, 2024	14,000,000
Beginning balance at Dec. 31, 2024	$ 324
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of perpetual preferred stock to redemption value	$ 11
Ending balance (in shares) at Mar. 31, 2025	14,000,000
Ending balance at Mar. 31, 2025	$ 335
Common stock, beginning balance (in shares) at Dec. 31, 2024						78,000,000	0	0
Preferred stock, beginning balance (in shares) at Dec. 31, 2024									142,000,000
Beginning balance at Dec. 31, 2024	549	$ 0				$ 0	$ 0		$ 430	$ 0	$ (7)	$ 114	$ 0	$ 8	$ 4
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(48)													(48)
Change in fair value of derivative instruments, net of tax	(2)														(2)
Accretion of perpetual preferred stock to redemption value	11													11
Exercises of stock options	1											1
Stock-based compensation	1											1
Common stock, ending balance (in shares) at Mar. 31, 2025						78,000,000	0	0
Preferred stock, ending balance (in shares) at Mar. 31, 2025									142,000,000
Ending balance at Mar. 31, 2025	$ 490					$ 0	$ 0		$ 430		(7)	105		(40)	2
Beginning balance (in shares) at Dec. 31, 2025	14,000,000
Beginning balance at Dec. 31, 2025	$ 360
Increase (Decrease) in Temporary Equity [Roll Forward]
Accretion of perpetual preferred stock to redemption value	$ 11
Ending balance (in shares) at Mar. 31, 2026	14,000,000
Ending balance at Mar. 31, 2026	$ 371
Common stock, beginning balance (in shares) at Dec. 31, 2025				0	0	80,000,000	0	0
Preferred stock, beginning balance (in shares) at Dec. 31, 2025	142,000,000								142,000,000
Beginning balance at Dec. 31, 2025	$ 528					$ 0	$ 0	$ 0	$ 430		(7)	105		0	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(29)													(29)
Reclassification of net (gain) loss from derivative instruments, net of tax			$ (1)													$ (1)
Change in fair value of derivative instruments, net of tax	0
Conversion of shares to common stock, shares issued in conversion (in shares)						(80,000,000)	80,000,000
Conversion of convertible preferred stock to class A common stock in connection with IPO (in shares)							142,000,000		(142,000,000)
Conversion of convertible preferred stock to class A common stock in connection with IPO	0								$ (430)			430
Conversion of class A common stock to class B common stock in connection with IPO (in shares)							(38,000,000)	38,000,000
Issuance of class A common stock in connection with IPO, net of underwriting discounts and offering costs (in shares)							31,000,000
Issuance of class A common stock in connection with IPO, net of underwriting discounts and offering costs	692											692
Accretion of perpetual preferred stock to redemption value	0													11
Exercises of stock options	2											2
Stock-based compensation	$ 20											20
Common stock, ending balance (in shares) at Mar. 31, 2026				215,000,000	38,000,000	0	215,000,000	38,000,000
Preferred stock, ending balance (in shares) at Mar. 31, 2026	0								0
Ending balance at Mar. 31, 2026	$ 1,201					$ 0	$ 0	$ 0	$ 0		$ (7)	$ 1,238		$ (29)	$ (1)

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Millions	3 Months Ended
	Mar. 31, 2025 USD ($)
Purchases of rental equipment from related parties	$ 293
Proceeds from sale of of rental equipment from related parties	75
Related Party
Purchases of rental equipment from related parties	1
Proceeds from sale of of rental equipment from related parties	$ 21

REVENUE RECOGNITION - Schedule of the disaggregation of revenue (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Disaggregation of Revenue [Line Items]
Revenue under topic 842	$ 657	$ 475
Revenue under topic 606	332	241
Total revenues	989	716
Equipment rental revenue
Disaggregation of Revenue [Line Items]
Revenue under topic 842	607	439
Revenue under topic 606	0	0
Total revenues	607	439
Delivery and pick-up
Disaggregation of Revenue [Line Items]
Revenue under topic 842	23	16
Revenue under topic 606	21	16
Total revenues	44	32
Other equipment rental
Disaggregation of Revenue [Line Items]
Revenue under topic 842	27	20
Revenue under topic 606	5	4
Total revenues	32	24
Total equipment rental and related services
Disaggregation of Revenue [Line Items]
Revenue under topic 842	657	475
Revenue under topic 606	26	20
Total revenues	683	495
Equipment sales (new and used)
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	179	145
Total revenues	179	145
Equipment sales (new and used) \| OWN Program Participants
Disaggregation of Revenue [Line Items]
Revenue under topic 606	102	95
Equipment sales (new and used) \| Contractors and Other End Users
Disaggregation of Revenue [Line Items]
Revenue under topic 606	77	50
Equipment parts and supplies sales
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	31	20
Total revenues	31	20
Services
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	46	38
Total revenues	46	38
Total equipment parts, supplies, and services
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	77	58
Total revenues	77	58
Telematics
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	31	10
Total revenues	31	10
Other
Disaggregation of Revenue [Line Items]
Revenue under topic 842	0	0
Revenue under topic 606	19	8
Total revenues	$ 19	$ 8

ACQUISITIONS - Building Materials and Hardware Retail Stores (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) store purchase_agreement
Business Combination [Line Items]
Number of purchase agreements entered into during period \| purchase_agreement	2
Number of stores acquired during period \| store	3
Building Materials and Hardware Retail Stores
Business Combination [Line Items]
Business combination, purchase price	$ 1
Goodwill	0
Accounts receivable	$ 1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

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+ Details

SEGMENT INFORMATION - Schedule of Cash Flows from Investing Activities by Reportable Segment (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Purchases of rental equipment	$ (328)	$ (293)
Proceeds from sale of rental equipment	115	75
Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Purchases of rental equipment	(328)	(293)
Proceeds from sale of rental equipment	0	0
Equipment Sales
Segment Reporting Information [Line Items]
Purchases of rental equipment	0	0
Proceeds from sale of rental equipment	$ 115	$ 75

RENTAL EQUIPMENT, NET (Details) - USD ($) $ in Millions	3 Months Ended
RENTAL EQUIPMENT, NET (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 3,899		$ 3,677
Less: accumulated depreciation	(911)		(843)
Rental equipment, net	2,988		2,834
Depreciation expense	82	$ 67
Rental equipment
Property, Plant and Equipment [Line Items]
Total rental equipment	3,816		3,596
Installed telematics tracker devices
Property, Plant and Equipment [Line Items]
Total rental equipment	$ 83		$ 81

RENTAL EQUIPMENT, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

RENTAL EQUIPMENT, NET

Rental equipment, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Rental equipment ...................................................................................................	$3,816	$3,596
Installed telematics tracker devices ........................................................................	83	81
Total rental equipment ...........................................................................................	3,899	3,677
Less: accumulated depreciation .............................................................................	(911)	(843)
Rental equipment, net ............................................................................................	$2,988	$2,834

The Company recognized depreciation expense of $82 million and $67 million for the three months ended

March 31, 2026 and 2025, respectively, included within depreciation and amortization as a component of cost of

revenues on the condensed consolidated statements of operations.

PROPERTY AND OTHER FIXED ASSETS, NET

Property and other fixed assets, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Furniture, fixtures, office equipment and other .....................................................	$175	$167
Leasehold improvements .......................................................................................	176	161
Buildings and improvements .................................................................................	206	186
Construction in progress ........................................................................................	55	61
Land .......................................................................................................................	40	44
Total property and other fixed assets .....................................................................	652	619
Less: accumulated depreciation .............................................................................	(128)	(115)
Total property and other fixed assets, net .........................................................	$524	$504

The Company recognized depreciation expense of $14 million and $9 million, for the three months ended

March 31, 2026 and 2025, respectively, included in selling, general and administrative expenses on the condensed

consolidated statements of operations.

ACQUISITIONS	3 Months Ended
ACQUISITIONS	Mar. 31, 2026
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract]
ACQUISITIONS	ACQUISITIONS The Company accounts for business combinations using the acquisition method as defined in FASB ASC Topic 805, Business Combinations. Management uses its best estimates and assumptions to value the assets acquired and liabilities assumed at the acquisition date. Such estimates are inherently uncertain and may be subject to refinement. As a result, during the measurement period of up to one year from the acquisition date, the Company may record adjustments to the acquisition accounting, to the extent new information becomes available. Building Materials and Hardware Retail Stores During the three months ended March 31, 2026, the Company, through its wholly owned subsidiaries, entered into two separate purchase agreements to acquire substantially all of the business operations of three building supplies, lumber, and hardware retail stores for an aggregate purchase price of $1 million. No goodwill resulted from these transactions. The purchase price was preliminarily allocated to the estimated fair value of net assets acquired as of their respective acquisition dates of $1 million. Assuming the acquisition of these businesses were consummated as of January 1, 2025, the pro forma effect on revenue and earnings are not material to the condensed consolidated financial statements. Carbide Tooling and Industrial Supply, Inc. On January 21, 2026, the Company entered into purchase agreements to acquire substantially all of the assets and business operations of an industrial supplier business known as Carbide Tooling and Industrial Supply, located in Waller, Texas, for an aggregate purchase price of $6 million. The purchase price was preliminarily allocated to the estimated fair value of net assets acquired of $5 million and $1 million to goodwill, respectively. The goodwill relating to these acquisitions is expected to be deductible for income tax purposes over a fifteen year period. Assuming the acquisition of these businesses had occurred as of January 1, 2025, the pro forma effect on revenue and earnings would not have been material to the condensed consolidated financial statements.

- Definition

The entire disclosure for business combination.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting by Reportable Segment

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


	Three Months Ended March 31, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$760	$–	$–	$760
Equipment sales .............................................................	–	179	–	179
Telematics ......................................................................	4	–	27	31
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	19	19
Total revenues ................................................................	$764	$179	$46	$989
Significant expenses:
Segment cost of revenues .........................................	216	146	28
Segment selling, general and administrative expenses .................................................................	225	7	20
Segment Adjusted EBITDA ........................................	$323	$26	$(2)	$347


	Three Months Ended March 31, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$553	$–	$–	$553
Equipment sales .............................................................	–	145	–	145
Telematics ......................................................................	3	–	7	10
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	8	8
Total revenues ................................................................	$556	$145	$15	$716
Significant expenses:
Segment cost of revenues .........................................	165	113	8
Segment selling, general and administrative expenses .................................................................	182	7	11
Segment Adjusted EBITDA ........................................	$209	$25	$(4)	$230

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


	Three Months Ended March 31,
	2026	2025
Segment Adjusted EBITDA .............................................................................	$347	$230
Equipment operating lease expense ..................................................................	(6)	(6)
OWN Program payouts ....................................................................................	(217)	(154)
Depreciation expense on rental equipment .......................................................	(82)	(67)
Depreciation expense on property and other fixed assets .................................	(14)	(9)
Amortization expense on capitalized software and intangible assets ...............	(8)	(4)
Stock-based compensation expense ..................................................................	(19)	–
Interest expense ................................................................................................	(70)	(63)
Other income, net .............................................................................................	8	6
Loss before benefit from income taxes .............................................................	$(61)	$(67)

Schedule of Segment Adjusted EBITDA to Income Before Income Taxes

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


	Three Months Ended March 31, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$760	$–	$–	$760
Equipment sales .............................................................	–	179	–	179
Telematics ......................................................................	4	–	27	31
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	19	19
Total revenues ................................................................	$764	$179	$46	$989
Significant expenses:
Segment cost of revenues .........................................	216	146	28
Segment selling, general and administrative expenses .................................................................	225	7	20
Segment Adjusted EBITDA ........................................	$323	$26	$(2)	$347


	Three Months Ended March 31, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$553	$–	$–	$553
Equipment sales .............................................................	–	145	–	145
Telematics ......................................................................	3	–	7	10
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	8	8
Total revenues ................................................................	$556	$145	$15	$716
Significant expenses:
Segment cost of revenues .........................................	165	113	8
Segment selling, general and administrative expenses .................................................................	182	7	11
Segment Adjusted EBITDA ........................................	$209	$25	$(4)	$230

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


	Three Months Ended March 31,
	2026	2025
Segment Adjusted EBITDA .............................................................................	$347	$230
Equipment operating lease expense ..................................................................	(6)	(6)
OWN Program payouts ....................................................................................	(217)	(154)
Depreciation expense on rental equipment .......................................................	(82)	(67)
Depreciation expense on property and other fixed assets .................................	(14)	(9)
Amortization expense on capitalized software and intangible assets ...............	(8)	(4)
Stock-based compensation expense ..................................................................	(19)	–
Interest expense ................................................................................................	(70)	(63)
Other income, net .............................................................................................	8	6
Loss before benefit from income taxes .............................................................	$(61)	$(67)

Schedule of Identified Assets by Reportable Segment

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


	March 31, 2026	December 31, 2025
Segment identified assets:
Equipment Rental and Service Operations .....................................	$4,224	$3,948
Equipment Sales ..............................................................................	171	160
All Other .........................................................................................	287	274
Shared Resources ............................................................................	1,675	1,605
Total assets ......................................................................................	$6,357	$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):


	March 31, 2026		March 31, 2025
	Equipment		Equipment
	Rental and		Rental and
	Services	Equipment	Services	Equipment
	Operations	Sales	Operations	Sales
Cash flows from investing activities:
Purchases of rental equipment ................	$(328)	$–	$(293)	$–
Proceeds from sale of rental equipment ..	–	115	–	75

PROPERTY AND OTHER FIXED ASSETS, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Property and Other Fixed Assets, Net

Rental equipment, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Rental equipment ...................................................................................................	$3,816	$3,596
Installed telematics tracker devices ........................................................................	83	81
Total rental equipment ...........................................................................................	3,899	3,677
Less: accumulated depreciation .............................................................................	(911)	(843)
Rental equipment, net ............................................................................................	$2,988	$2,834

Property and other fixed assets, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Furniture, fixtures, office equipment and other .....................................................	$175	$167
Leasehold improvements .......................................................................................	176	161
Buildings and improvements .................................................................................	206	186
Construction in progress ........................................................................................	55	61
Land .......................................................................................................................	40	44
Total property and other fixed assets .....................................................................	652	619
Less: accumulated depreciation .............................................................................	(128)	(115)
Total property and other fixed assets, net .........................................................	$524	$504

COMMON STOCK AND EQUITY PLANS (Tables)

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

Schedule of IPO Founder Awards

Any PSUs for which the applicable

stock price hurdle is not achieved prior to the end of the performance period will be forfeited in their entirety.


Tranche	Price Hurdle (per Share)	% of Award eligible to be Earned
1	$29.85	17.70%
2	$59.69	21.11%
3	$119.39	21.11%
4	$238.77	21.11%
5	$358.16	18.97%

Schedule of The Fair Value Of Each Milestone-based Award was Estimated on the Date of Grant Using Monte Carlo Simulations

The fair value of the IPO Founders Awards was estimated as of the Grant Date using Monte Carlo simulations

with the following assumptions:


Expected dividend yield .............................................................................................	0.0%
Expected volatility .....................................................................................................	40.0%
Risk-free interest rate .................................................................................................	4.2%
Requisite Service Period (years) - Tranche 1 ............................................................	4.00
Requisite Service Period (years) - Tranche 2 ............................................................	7.24
Requisite Service Period (years) - Tranche 3 ............................................................	9.75
Requisite Service Period (years) - Tranche 4 ............................................................	11.28
Requisite Service Period (years) - Tranche 5 ............................................................	11.81

ACCRUED LIABILITIES (Tables)

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consist of the following (In millions):


	March 31, 2026	December 31, 2025
Accrued expenses ...........................................................................................	$100	$65
Accrued salaries and benefits .........................................................................	74	57
Accrued equipment purchases .......................................................................	70	281
Payable to OWN Program participants ..........................................................	63	53
Accrued interest .............................................................................................	60	33
Insurance claims, including incurred but not reported ...................................	46	43
Deferred revenue ............................................................................................	30	30
Manufacturer liability ....................................................................................	15	12
Real and personal property tax payable .........................................................	13	13
Sales and income tax payable ........................................................................	14	12
Other ..............................................................................................................	10	10
Total accrued liabilities .............................................................................	$495	$609

CAPITALIZED SOFTWARE, NET (Tables)

3 Months Ended

Mar. 31, 2026

Research and Development [Abstract]

Schedule of Capitalized Computer Software

Capitalized software, net, consists of the following (In millions):


	March 31, 2026	December 31, 2025
Capitalized software ..............................................................................................	$163	$153
Less: accumulated amortization ............................................................................	(50)	(43)
Total capitalized software, net ..........................................................................	$113	$110

EARNINGS PER SHARE - Narrative (Details) - shares	3 Months Ended
EARNINGS PER SHARE - Narrative (Details) - shares	Mar. 31, 2026	Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of EPS (in shares)	4,836,914
Employee stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of EPS (in shares)	6,422,297	5,335,661
Convertible preferred shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from the calculation of EPS (in shares)	36,099,070	141,989,676

BUSINESS	3 Months Ended
BUSINESS	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BUSINESS	BUSINESS EquipmentShare.com Inc and subsidiaries (“EquipmentShare” or the “Company”) was organized in 2014 and commenced operations on January 1, 2015. Effective June 30, 2025, EquipmentShare.com Inc changed its jurisdiction of incorporation from the state of Delaware to the state of Texas. The Company is a vertically integrated platform that combines proprietary technology, a connected equipment fleet, and a nationwide footprint to serve the construction industry. More than a rental company, EquipmentShare delivers jobsite visibility and control through its cloud-based platform (“T3”), which integrates embedded telematics hardware, software applications, and real-time data to support both customers and internal operations. The T3 platform is original equipment manufacturer (“OEM”)-agnostic and gives the Company and its rental customers the ability to track mixed fleets, maximize utilization, reduce unplanned downtime, streamline maintenance, and improve jobsite security and operator accountability. The Company utilizes its proprietary T3 platform in its equipment rental and service operations to manage construction equipment that is owned by the Company, as well as construction equipment that is leased from third party participants in the Company’s “OWN Program.” Under the OWN Program, participants may purchase from the Company new or used (typically less than four years old) equipment which is fully enabled with T3. Concurrently, the participant and the Company enter into a lease agreement whereby this qualified equipment is placed on the Company’s T3 platform, to be rented to third party users. Rental revenue generated from equipment enrolled under the OWN Program is divided and shared between the Company and the owner of the equipment, and for the duration of the arrangement the Company manages the owner’s equipment utilizing the T3 platform. At the end of the sharing period under the OWN Program, the Company may assist the owner with remarketing services if the equipment is to be sold in the market as used construction equipment. The Company also offers several add-on services to the owner of the equipment. In addition to equipment rentals, the Company also offers complementary products and services, such as equipment parts, supplies, services, and select jobsite support offerings. These products and services are integrated with the T3 platform to support broader jobsite needs as part of the Company’s equipment rental and services operations. The Company offers new and used equipment for sale to customers. Separately, the Company offers telematics software as a service (“SaaS”) subscriptions, supported by embedded telematics hardware to customers who use the digital tools to monitor fleet performance, manage maintenance, and oversee jobsite activity through a single platform. The Company develops and enhances these tools and services with input from customers. The Company also retails building materials and hardware supplies to customers. As of March 31, 2026, the Company had 371 full-service branches, 9 dealership sites, and 27 building materials and hardware retail stores located across 45 states in the U.S. The Company’s full-service, technology-enabled model supports multiple customer touchpoints and allows it to operate a high-quality, diversified rental fleet. The Company’s branch network also serves as an effective distribution channel for fleet disposition and supports related activities including new and used equipment sales, parts, supplies and services. The Company is an authorized dealer for JLG, Takeuchi, Skyjack, Genie, and other major brands of construction and aerial equipment, and offers equipment rentals, parts, and services. Initial Public Offering On January 26, 2026, the Company completed its initial public offering (“IPO”) of 30.5 million shares of the Company’s Class A common stock at a price of $24.50, resulting in gross proceeds of $747 million and net proceeds of $706 million after deducting underwriting discounts and commissions. In connection with the IPO, the Company capitalized $14 million of equity issuance costs. The Company intends to use the net proceeds of the offering for general corporate purposes. Immediately prior to the completion of the IPO, the Company’s certificate of formation, bylaws, and investors’ rights agreement were amended and restated, resulting in, among other things, all shares of the Company’s common stock, including shares of common stock issued upon the automatic conversion of the Company’s preferred stock (other than shares of perpetual preferred stock which remain outstanding) being reclassified into shares of Class A common stock, and immediately thereafter all shares of Class A common stock then held by the Company’s Chief Executive Officer or President (the “Founders”) were exchanged into an equivalent number of shares of Class B common stock. Additionally, shares of Class A common stock will be issuable upon exercise or vesting of all outstanding options and restricted stock units, as applicable, except that Class B shares will be issuable upon exercise or vesting of options and restricted stock units held by the Founders and upon vesting of performance stock units (“PSUs”) granted to the Founders (see IPO Founders Awards below). Concurrent with the IPO, all outstanding shares of the Company’s convertible preferred stock were automatically converted into 142 million shares of Class A common stock. Following the completion of the IPO, the Company had 3,500 million of authorized shares of Class A common stock and approximately 215 million shares of Class A common stock issued and outstanding, along with 200 million of authorized shares of Class B common stock and approximately 38 million shares of Class B common stock issued and outstanding. Following the completion of the IPO, the Class B common stock (which is held by the Founders who have agreed to vote together as a group) represented more than 80% of the total voting power of the outstanding common stock and, as a result, the Company is considered to be a “controlled company” within the meaning of Nasdaq corporate governance standards.

ACCOUNTS RECEIVABLE, NET (Tables)

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

Schedule of Accounts Receivable, Net

Accounts receivable, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Equipment rental and related services ...................................................................	$523	$494
Equipment sales .....................................................................................................	39	21
Equipment parts, supplies and services ..................................................................	141	128
Billed or uninvoiced OEM reimbursement receivables .........................................	98	97
Other ......................................................................................................................	91	76
Total accounts receivable ....................................................................................	892	816
Allowance for credit losses and doubtful accounts ................................................	(74)	(68)
Accounts receivable, net ......................................................................................	$818	$748

REVENUE RECOGNITION (Tables)

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

Schedule of Disaggregation of Revenue

The following table disaggregates the Company’s revenue based on type and the applicable accounting standard

(In millions):


	Three Months Ended March 31,
	2026			2025
	Topic 842	Topic 606	Total	Topic 842	Topic 606	Total
Equipment rental revenue .............................................	$607	$–	$607	$439	$–	$439
Ancillary and other rental revenue:
Delivery and pick-up ...............................................	23	21	44	16	16	32
Other equipment rental ...........................................	27	5	32	20	4	24
Total equipment rental and related services ..................	657	26	683	475	20	495
Equipment sales (new and used)(1) ................................	–	179	179	–	145	145
Equipment parts, supplies, and services:
Equipment parts and supplies sales .........................	–	31	31	–	20	20
Services ...................................................................	–	46	46	–	38	38
Total equipment parts, supplies, and services ...............	–	77	77	–	58	58
Platform revenue:
Telematics ...............................................................	–	31	31	–	10	10
Other .......................................................................	–	19	19	–	8	8
Total revenues ...............................................................	$657	$332	$989	$475	$241	$716

__________________

(1)For the three months ended March 31, 2026 and 2025, equipment sales to OWN Program participants were $102 million and $95 million,

respectively. For the three months ended March 31, 2026 and 2025, equipment sales to contractors and other end users were $77 million and

$50 million, respectively.

ACCOUNTS RECEIVABLE, NET (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 892	$ 816
Allowance for credit losses and doubtful accounts	(74)	(68)
Accounts receivable, net	818	748
Equipment rental and related services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	523	494
Equipment sales
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	39	21
Equipment parts, supplies and services
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	141	128
Billed or uninvoiced OEM reimbursement receivables
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	98	97
Other
Accounts, Notes, Loans and Financing Receivable [Line Items]
Total accounts receivable	$ 91	$ 76

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS On April 15, 2026, the ABL Credit Facility was amended to, among other things, add certain defined terms and clarifications with respect to the required timing of repayment of outstanding borrowings, when certain conditions are met, following the receipt by the Company of net cash proceeds from equipment sales to OWN Program participants.

COMMON STOCK AND EQUITY PLANS - RSUs (Details) - Restricted Stock Units (RSUs) - 2016 Plan - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Stock-based compensation expense	$ 2.0	$ 0.0
Unrecognized stock-based compensation expense yet to be recognized	$ 3.0
Unrecognized stock-based compensation expense yet to be recognized, weighted average remaining life (in years)	1 year 2 months 12 days
Minimum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	12 months
Maximum
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period	48 months

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

RELATED PARTY TRANSACTIONS - Transactions with Investee (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Equipment sales from related parties	$ 989.0	$ 716.0
Accounts receivable, net	818.0		$ 748.0
Accounts payable	73.0		95.0
Segment selling, general and administrative expenses	286.0	210.0
Telematics
Related Party Transaction [Line Items]
Equipment sales from related parties	31.0	10.0
Equity Method Investee
Related Party Transaction [Line Items]
Insurance expense	3.0	2.0
Prepaid insurance	$ 3.0		2.0
Equity Method Investee \| 10G LLC
Related Party Transaction [Line Items]
Investment ownership, as a percent	50.10%
Equity Method Investee \| Powers Group, Inc. \| The Company
Related Party Transaction [Line Items]
Noncontrolling ownership interest, as a percent	26.95%
Equity Method Investee \| 10G LLC
Related Party Transaction [Line Items]
Accounts receivable, net	$ 4.0		2.0
Accounts payable	0.3		$ 0.2
Equity Method Investee \| 10G LLC \| Telematics
Related Party Transaction [Line Items]
Equipment sales from related parties	$ 8.0
Equity Method Investee \| Telematics Tracker Devices
Related Party Transaction [Line Items]
Segment selling, general and administrative expenses		4.0
Equity Method Investee \| Design and Development Services
Related Party Transaction [Line Items]
Segment selling, general and administrative expenses		$ 0.3

FAIR VALUE MEASUREMENTS AND OTHER

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS AND OTHER

The fair value measurements relating to cash equivalents and short-term investments (included in other current

assets) are categorized in the fair value hierarchy as follows (In millions):


	March 31, 2026
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$64	$–	$–	$64
Short-term investments:
Mutual funds ...........................................................	6	–	–	6
Equity securities .....................................................	31	2	–	33
Common stocks ......................................................	4	–	–	4
Corporate bonds ......................................................	–	10	–	10
U.S. government bonds ..........................................	26	1	–	27
Real estate investment trust ....................................	–	1	–	1
Total .............................................................................	$131	$14	$–	$145


	December 31, 2025
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$62	$–	$–	$62
Short-term investments:
Mutual funds ...........................................................	5	–	–	5
Equity securities .....................................................	30	2	–	32
Common stocks ......................................................	5	–	–	5
Corporate bonds ......................................................	–	9	–	9
U.S. government bonds ..........................................	25	1	–	26
Real estate investment trust ....................................	–	1	–	1
Total .............................................................................	$127	$13	$–	$140

The carrying amounts presented on the condensed consolidated balance sheets for accounts receivable, accounts

payable, and other liabilities approximate their fair values due to the short-term maturity of these financial

instruments.

The fair values of long-term debt, excluding the Company’s Notes, approximate their book values as of

March 31, 2026 and December 31, 2025. The aggregate fair value of the Company’s Notes which are categorized in

Level 2 of the fair value hierarchy, is estimated based on observable inputs other than quoted prices in active

markets and approximated $2,212 million and $2,237 million as of March 31, 2026 and December 31, 2025,

respectively.

Investments in equity securities in which the Company does not have significant influence of $29 million and

$29 million as of March 31, 2026 and December 31, 2025, respectively, are carried at cost under the measurement

alternative for equity investments that do not have readily determinable fair values. Investments in equity securities

in which the Company has significant influence, but not control, of $31 million and $30 million as of March 31,

2026 and December 31, 2025, respectively, are carried under the equity method. These amounts are reported as

Investments in non-consolidated affiliates on the accompanying condensed consolidated balance sheets.

The Company recognized $1 million and $0.4 million of realized and unrealized gains on short-term

investments and investments in non-consolidated affiliates during the years ended March 31, 2026 and 2025,

respectively, which are included in other income, net on the condensed consolidated statements of operations.

The Company recognized $2 million and $2 million of interest income from interest bearing cash and money

market accounts during the years ended March 31, 2026 and 2025, respectively, which are included in other income,

net on the condensed consolidated statements of operations.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

LEASES (Tables)

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

Schedule of Lease Costs and Net Income

The following table presents the components of the Company’s lease costs and the classification of such costs in

the condensed consolidated statements of operations (In millions):


	Statements of Operations	Three Months Ended March 31,
Component of Lease Cost	Line Item	2026	2025
OWN Program lease payments ...................	OWN Program payouts	$217	$154
Equipment and vehicle operating lease expense ....................................................	Direct operating costs	6	6
Real estate operating lease expense ............	Selling, general and administrative expenses	26	21
Finance lease expense:
Amortization of equipment leased assets ..................................................	Depreciation of rental equipment	3	2
Amortization of property leased assets ..	Selling, general and administrative expenses	3	1
Interest on lease liabilities .....................	Interest expense, net	3	2
Short-term lease cost ...................................	Selling, general and administrative expenses	1	–
Total lease expense .....................................		$259	$186

REVENUE RECOGNITION - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equipment rental revenue
Disaggregation of Revenue [Line Items]
Sublease income	$ 351	$ 245

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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+ Details

CAPITALIZED SOFTWARE, NET (Details) - USD ($) $ in Millions	3 Months Ended
CAPITALIZED SOFTWARE, NET (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Research and Development [Abstract]
Capitalized software	$ 163		$ 153
Less: accumulated amortization	(50)		(43)
Total capitalized software, net	113		$ 110
Capitalized software, amortization expense	$ 7	$ 4

ACCRUED LIABILITIES

3 Months Ended

Mar. 31, 2026

Payables and Accruals [Abstract]

ACCRUED LIABILITIES

Accrued liabilities consist of the following (In millions):


	March 31, 2026	December 31, 2025
Accrued expenses ...........................................................................................	$100	$65
Accrued salaries and benefits .........................................................................	74	57
Accrued equipment purchases .......................................................................	70	281
Payable to OWN Program participants ..........................................................	63	53
Accrued interest .............................................................................................	60	33
Insurance claims, including incurred but not reported ...................................	46	43
Deferred revenue ............................................................................................	30	30
Manufacturer liability ....................................................................................	15	12
Real and personal property tax payable .........................................................	13	13
Sales and income tax payable ........................................................................	14	12
Other ..............................................................................................................	10	10
Total accrued liabilities .............................................................................	$495	$609

EARNINGS PER SHARE (Tables)

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Basic earnings per common share:
Allocation of net loss .......................................................................	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock ....................	(10)	(2)	(12)
Less: Earnings allocated to participating securities .........................	—	—	—
Net loss attributable to common shareholders .................................	(35)	(6)	(60)
Weighted average common shares outstanding - Basic ...................	181	28	78
Basic loss per common share ...........................................................	$(0.20)	$(0.20)	$(0.77)

	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Diluted earnings per common share:
Allocation of net loss	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock	(10)	(2)	(12)
Net loss attributable to common shareholders	(35)	(6)	(60)
Weighted average common shares outstanding - Diluted	181	28	78
Diluted loss per common share	$(0.20)	$(0.20)	$(0.77)

Schedule of Earnings Per Share, Diluted

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Basic earnings per common share:
Allocation of net loss .......................................................................	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock ....................	(10)	(2)	(12)
Less: Earnings allocated to participating securities .........................	—	—	—
Net loss attributable to common shareholders .................................	(35)	(6)	(60)
Weighted average common shares outstanding - Basic ...................	181	28	78
Basic loss per common share ...........................................................	$(0.20)	$(0.20)	$(0.77)

	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Diluted earnings per common share:
Allocation of net loss	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock	(10)	(2)	(12)
Net loss attributable to common shareholders	(35)	(6)	(60)
Weighted average common shares outstanding - Diluted	181	28	78
Diluted loss per common share	$(0.20)	$(0.20)	$(0.77)

COMMON STOCK AND EQUITY PLANS - Schedule of IPO Founder Awards (Details)	Jan. 26, 2026 $ / shares
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price hurdle (in dollars per share)	$ 29.85
Percentage of award eligible to be earned	17.70%
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price hurdle (in dollars per share)	$ 59.69
Percentage of award eligible to be earned	21.11%
Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price hurdle (in dollars per share)	$ 119.39
Percentage of award eligible to be earned	21.11%
Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price hurdle (in dollars per share)	$ 238.77
Percentage of award eligible to be earned	21.11%
Tranche Five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Price hurdle (in dollars per share)	$ 358.16
Percentage of award eligible to be earned	18.97%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM DEBT AND LINES OF CREDIT - Other (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($)
Debt Instrument [Line Items]
Adjusted fixed charge coverage ratio	0.0115
Debt to adjusted EBITDA ratio	0.0600
Secured Debt \| Line of Credit
Debt Instrument [Line Items]
Letters of credit outstanding, amount	$ 6

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

COMMON STOCK AND EQUITY PLANS - EquipmentShare.com Inc 2025 Omnibus Incentive Plan (Details) - 2025 Omnibus Incentive Plan - shares		3 Months Ended
	Jan. 26, 2026	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options issued (in shares)		0
Options outstanding (in shares)		0
Stock Options, Stock Appreciation Rights, Restricted Stock, Performance Awards, Cash-Based Awards, and Stock-Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options authorized (in shares)	40,370,162
ESPP, incremental increase period for ESPP shares available	10 years
Percent of outstanding shares	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

LONG-TERM DEBT AND LINES OF CREDIT - Schedule of long-term debt (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025	Nov. 26, 2025
Debt Instrument [Line Items]
Total long-term debt and lines of credit	$ 3,139	$ 3,335
Less: original issue discounts	(19)	(22)
Less: debt issuance costs	(38)	(41)
Long-term debt	3,082	3,272
Less: current maturities	(5)	(4)
Long-term debt and lines of credit, net of current portion, original issue discounts, and debt issuance costs	$ 3,077	3,268
Line of Credit \| Revolving Credit Facility \| Asset-Based Revolving Credit Facility
Debt Instrument [Line Items]
Interest rate	4.80%
Total long-term debt and lines of credit	$ 999	1,196
Less: debt issuance costs			$ (8)
Line of Credit \| Financing Credit Facility \| Equipment Financing Lines Of Credit
Debt Instrument [Line Items]
Total long-term debt and lines of credit	$ 4	3
Line of Credit \| Financing Credit Facility \| Equipment Financing Lines Of Credit \| Minimum
Debt Instrument [Line Items]
Interest rate	5.30%
Line of Credit \| Financing Credit Facility \| Equipment Financing Lines Of Credit \| Maximum
Debt Instrument [Line Items]
Interest rate	12.63%
Senior Secured Second Lien Notes \| Senior Secured Second Lien Notes, 9.00%
Debt Instrument [Line Items]
Interest rate	9.00%
Total long-term debt and lines of credit	$ 1,034	1,034
Senior Secured Second Lien Notes \| Senior Secured Second Lien Notes, 8.625%
Debt Instrument [Line Items]
Interest rate	8.625%
Total long-term debt and lines of credit	$ 600	600
Senior Secured Second Lien Notes \| Senior Secured Second Lien Notes, 8.00%
Debt Instrument [Line Items]
Interest rate	8.00%
Total long-term debt and lines of credit	$ 500	500
Notes payable to various institutions
Debt Instrument [Line Items]
Total long-term debt and lines of credit	$ 2	$ 2
Notes payable to various institutions \| Minimum
Debt Instrument [Line Items]
Interest rate	3.75%
Notes payable to various institutions \| Maximum
Debt Instrument [Line Items]
Interest rate	5.10%

CAPITALIZED SOFTWARE, NET

3 Months Ended

Mar. 31, 2026

Research and Development [Abstract]

CAPITALIZED SOFTWARE, NET

Capitalized software, net, consists of the following (In millions):


	March 31, 2026	December 31, 2025
Capitalized software ..............................................................................................	$163	$153
Less: accumulated amortization ............................................................................	(50)	(43)
Total capitalized software, net ..........................................................................	$113	$110

The Company recognized amortization expense of $7 million and $4 million for the three months ended

March 31, 2026 and 2025, respectively, included within depreciation and amortization as a component of cost of

revenues on the condensed consolidated statements of operations.

Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2026	May 10, 2026
Entity Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
Document Transition Report	false
Entity File Number	001-43062
Entity Registrant Name	EquipmentShare.com Inc
Entity Incorporation, State or Country Code	TX
Entity Tax Identification Number	47-2405753
Entity Address, Address Line One	5710 Bull Run Dr
Entity Address, City or Town	Columbia
Entity Address, State or Province	MO
Entity Address, Postal Zip Code	65201
City Area Code	573
Local Phone Number	299-5222
Title of 12(b) Security	Class A Common Stock, $0.00000125 par value
Trading Symbol	EQPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001693736
Document Fiscal Year Focus	2026
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q1
Amendment Flag	false
Class A
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		214,806,153
Class B
Entity Information [Line Items]
Entity Common Stock, Shares Outstanding		37,568,944

PROPERTY AND OTHER FIXED ASSETS, NET (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	$ 652		$ 619
Less: accumulated depreciation	(128)		(115)
Total property and other fixed assets, net	524		504
Depreciation	14	$ 9
Furniture, fixtures, office equipment and other
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	175		167
Leasehold improvements
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	176		161
Buildings and improvements
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	206		186
Construction in progress
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	55		61
Land
Property, Plant and Equipment [Line Items]
Total property and other fixed assets	$ 40		$ 44

LEASES

3 Months Ended

Mar. 31, 2026

Leases [Abstract]

LEASES

Leasing Activities – Lessee:

Lease arrangements with OWN Program participants: Under the OWN Program, the Company leases

equipment owned by participants. The Company accounts for these arrangements as a lease under FASB Accounting

Standards Codification (“ASC”) Topic 842, Leases (“Topic 842”) whereby the Company is the lessee.

Lease arrangements with other parties: The Company, as a lessee, also leases properties, vehicles, certain

equipment used in its operations from parties not participating in the OWN Program, and aircraft under various

operating and finance leases.

The leases are noncancellable and expire on various terms through 2040. There are no material payments for

leases that have not yet commenced.

The following table presents the components of the Company’s lease costs and the classification of such costs in

the condensed consolidated statements of operations (In millions):


	Statements of Operations	Three Months Ended March 31,
Component of Lease Cost	Line Item	2026	2025
OWN Program lease payments ...................	OWN Program payouts	$217	$154
Equipment and vehicle operating lease expense ....................................................	Direct operating costs	6	6
Real estate operating lease expense ............	Selling, general and administrative expenses	26	21
Finance lease expense:
Amortization of equipment leased assets ..................................................	Depreciation of rental equipment	3	2
Amortization of property leased assets ..	Selling, general and administrative expenses	3	1
Interest on lease liabilities .....................	Interest expense, net	3	2
Short-term lease cost ...................................	Selling, general and administrative expenses	1	–
Total lease expense .....................................		$259	$186

LEASES

Leasing Activities – Lessee:

Lease arrangements with OWN Program participants: Under the OWN Program, the Company leases

equipment owned by participants. The Company accounts for these arrangements as a lease under FASB Accounting

Standards Codification (“ASC”) Topic 842, Leases (“Topic 842”) whereby the Company is the lessee.

Lease arrangements with other parties: The Company, as a lessee, also leases properties, vehicles, certain

equipment used in its operations from parties not participating in the OWN Program, and aircraft under various

operating and finance leases.

The leases are noncancellable and expire on various terms through 2040. There are no material payments for

leases that have not yet commenced.

The following table presents the components of the Company’s lease costs and the classification of such costs in

the condensed consolidated statements of operations (In millions):


	Statements of Operations	Three Months Ended March 31,
Component of Lease Cost	Line Item	2026	2025
OWN Program lease payments ...................	OWN Program payouts	$217	$154
Equipment and vehicle operating lease expense ....................................................	Direct operating costs	6	6
Real estate operating lease expense ............	Selling, general and administrative expenses	26	21
Finance lease expense:
Amortization of equipment leased assets ..................................................	Depreciation of rental equipment	3	2
Amortization of property leased assets ..	Selling, general and administrative expenses	3	1
Interest on lease liabilities .....................	Interest expense, net	3	2
Short-term lease cost ...................................	Selling, general and administrative expenses	1	–
Total lease expense .....................................		$259	$186

ACCRUED LIABILITIES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Payables and Accruals [Abstract]
Accrued expenses	$ 100	$ 65
Accrued salaries and benefits	74	57
Accrued equipment purchases	70	281
Payable to OWN Program participants	63	53
Accrued interest	60	33
Insurance claims, including incurred but not reported	46	43
Deferred revenue	30	30
Manufacturer liability	15	12
Real and personal property tax payable	13	13
Sales and income tax payable	14	12
Other	10	10
Total accrued liabilities	$ 495	$ 609

RELATED PARTY TRANSACTIONS	3 Months Ended
RELATED PARTY TRANSACTIONS	Mar. 31, 2026
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS Transactions with Investee The Company has a 50.1% ownership interest in 10G, a joint venture arrangement accounted for under the equity method. For the three months ended March 31, 2026, the Company recognized revenue from sales to 10G of $8 million, which is included in telematics platform revenue on the condensed consolidated statements of operations. At March 31, 2026 and December 31, 2025, the Company had amounts due from 10G of $4 million and $2 million, respectively, which are included in accounts receivable on the condensed consolidated balance sheets, and amounts owed to 10G of $0.3 million and $0.2 million, respectively, which are included in accounts payable on the consolidated balance sheets. The Company holds a 26.95% noncontrolling interest in Powers Group, Inc. (“Powers”), a third-party insurance agency that provides customers with a range of personal and business insurance policies and related services. The Company purchases insurance coverage through a wholly owned subsidiary of Powers, acting as an agent. For the three months ended March 31, 2026 and 2025, the Company purchased insurance policies through this equity method investee and recognized $3 million and $2 million of insurance expense in selling, general and administrative expenses on the condensed consolidated statements of operations, respectively. At March 31, 2026 and December 31, 2025, the Company had $3 million and $2 million of prepaid insurance related to these policies, respectively, which are included in prepaid costs on the condensed consolidated balance sheets. The Company purchased telematics tracker devices from an equity method investee totaling approximately $4 million for the three months ended and March 31, 2025. Design and development services paid to the same equity method investee were $0.3 million for the three months ended March 31, 2025, and included in selling, general and administrative expenses on the condensed consolidated statements of operations. Transactions with Entities Owned or Controlled by the Founders The Company has entered into various transactions with related party entities either owned or controlled by the Company’s Chief Executive Officer or President. Revenues During the three months ended March 31, 2026 and 2025, the Company recognized the following revenues from transactions with entities owned or controlled by the Founders: •Approximately $1 million of equipment rental and related services revenues, including equipment rental revenues whereby the Company acts as an agent in the rental arrangement during the three months ended March 31, 2025. There were no such amounts during the three months ended March 31, 2026.. •Equipment sales revenue of $102 million during the three months ended March 31, 2025. There were no such amounts during the three months ended March 31, 2026. A portion of the equipment sales for the three months ended March 31, 2025, were agent OEM transactions and the related cost of the equipment sold of $42 million is presented net of the associated equipment sales revenues for these periods on the consolidated statements of operations. The equipment sold was subsequently listed on the Company’s marketplace under the OWN Program. •$0.1 million and $2 million, respectively, of equipment parts, supplies and services revenues; and zero and $0.1 million, respectively, of T3 telematics services revenues relating to equipment enrolled under the OWN Program. In addition, the Company recognized $0.1 million and zero for the three months ended March 31, 2026 and 2025, respectively, in sales of building materials and hardware supplies to the Founders, which are included in other platform revenues on the condensed consolidated statements of operations. OWN Program payouts OWN Program payouts to entities owned or controlled by the Founders were $0.3 million and $12 million for the three months ended March 31, 2026 and 2025, respectively, included in cost of revenues on the condensed consolidated statements of operations. At March 31, 2026 and December 31, 2025, there were no accrued expenses under the OWN Program due to entities owned or controlled by the Founders. Assignment of property site purchase rights and construction developer fees For the three months ended March 31, 2026 and 2025, the Company recognized $1 million and $2 million, respectively, of other miscellaneous income for the assignment of new property site purchase rights and related transaction services and $2 million and $1 million, respectively, for construction developer fees provided to entities owned or controlled by the Founders. These amounts are included in other income, net on the condensed consolidated statements of operations. Accounts receivable and other current assets At March 31, 2026 and December 31, 2025, the Company had receivables due from entities owned or controlled by the Founders related to the transactions described above in the amounts of $16 million and $19 million, respectively, which are included in accounts receivable or other current assets on the condensed consolidated balance sheets. Leases The Company leases or has leased certain properties, facilities, vehicles, and aircraft for its operations under various lease arrangements with entities owned or controlled by the Founders. Lease expenses associated with various operating lease arrangements with entities owned or controlled by the Founders were $0.3 million and $2 million for the three months ended March 31, 2026 and 2025, respectively, which are included in direct operating costs or selling, general and administrative expenses on the condensed consolidated statements of operations. At March 31, 2026, the Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities owned or controlled by the Founders of $7 million and $7 million, respectively. At December 31, 2025, the Company had operating lease right of use assets and operating lease liabilities under lease arrangements with entities owned or controlled by the Founders of $6 million and $6 million, respectively. The Company recognized variable lease expense, short-term rental expense, and other miscellaneous expenses, which are included in direct operating costs or selling, general and administrative expenses on the condensed consolidated statements of operations, of $1 million and $0.3 million for the years ended March 31, 2026 and 2025, respectively, primarily relating to certain leases and short-term rentals from entities owned or controlled by the Founders. During the three months ended March 31, 2026 and 2025, the Company made payments of $1 million and $1 million under property finance lease arrangements with entities owned or controlled by the Co-Founders, respectively. At March 31, 2026 and December 31, 2025, the Company had finance lease liabilities under finance lease arrangements with entities owned or controlled by the Founders of $32 million and $29 million, respectively. Purchases of rental equipment, parts, supplies and other During the three months ended March 31, 2025, the Company purchased $1 million of equipment previously enrolled in the OWN Program from entities owned or controlled by the Founders. The equipment purchased was added to the Company’s rental fleet, and is included in rental equipment, net, on the condensed consolidated balance sheets. Purchases of property and other fixed assets During the three months ended March 31, 2026 and 2025, entities owned or controlled by the Founders provided construction services to the Company in the amounts of $0.4 million and $1 million, respectively, which were capitalized to property and other fixed assets. Accounts payable At March 31, 2026 and December 31 2025, amounts due to entities owned or controlled by the Founders were $0.4 million and $0.4 million, respectively, which are included in accounts payable on the condensed consolidated balance sheets. Cash equivalents During the three months ended March 31, 2025, the Company deposited $5 million into a money market account at a financial institution in which the Founders have an ownership interest. As of March 31, 2026 and December 31, 2025, the Company had an aggregate of $21 million and $21 million, respectively, on deposit in a money market account with this financial institution, which is included in cash and cash equivalents on the condensed consolidated balance sheets. For the three months ended March 31, 2026 and 2025, the funds on deposit earned $0.2 million and $0.1 million of interest income, respectively, which is included in other income, net on the condensed consolidated statements of operations. The Company does not provide any financial support or guarantee any debt of the related party entities involved in the transactions described above.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

FAIR VALUE MEASUREMENTS AND OTHER (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements

The fair value measurements relating to cash equivalents and short-term investments (included in other current

assets) are categorized in the fair value hierarchy as follows (In millions):


	March 31, 2026
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$64	$–	$–	$64
Short-term investments:
Mutual funds ...........................................................	6	–	–	6
Equity securities .....................................................	31	2	–	33
Common stocks ......................................................	4	–	–	4
Corporate bonds ......................................................	–	10	–	10
U.S. government bonds ..........................................	26	1	–	27
Real estate investment trust ....................................	–	1	–	1
Total .............................................................................	$131	$14	$–	$145


	December 31, 2025
	Level 1	Level 2	Level 3	Total
Cash equivalents ..........................................................	$62	$–	$–	$62
Short-term investments:
Mutual funds ...........................................................	5	–	–	5
Equity securities .....................................................	30	2	–	32
Common stocks ......................................................	5	–	–	5
Corporate bonds ......................................................	–	9	–	9
U.S. government bonds ..........................................	25	1	–	26
Real estate investment trust ....................................	–	1	–	1
Total .............................................................................	$127	$13	$–	$140

BUSINESS (Details) $ / shares in Units, shares in Millions, $ in Millions	Jan. 26, 2026 USD ($) $ / shares shares	Mar. 31, 2026 USD ($) branch dealership_site store state shares	Dec. 31, 2025 USD ($) shares
Subsidiary, Sale of Stock [Line Items]
Number of full-service branches \| branch		371
Number of dealership sites \| dealership_site		9
Number of stores \| store		27
Number of states in which stores are located \| state		45
Debt issuance costs, net \| $		$ 38	$ 41
IPO
Subsidiary, Sale of Stock [Line Items]
Gross proceeds from IPO \| $	$ 747
Net proceeds from IPO \| $	706
Debt issuance costs, net \| $	$ 14
Class A
Subsidiary, Sale of Stock [Line Items]
Convertible preferred stock converted to common stock (in shares)		142.0
Common stock, shares authorized (in shares)		3,500.0	0.0
Common stock, shares issued (in shares)		215.0	0.0
Common stock, shares outstanding (in shares)		215.0	0.0
Class A \| IPO
Subsidiary, Sale of Stock [Line Items]
Number of shares issued in IPO (in shares)	30.5
IPO, price per share (in dollars per share) \| $ / shares	$ 24.50
Class B
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized (in shares)		200.0	0.0
Common stock, shares issued (in shares)		38.0	0.0
Common stock, shares outstanding (in shares)		38.0	0.0
Class B \| IPO
Subsidiary, Sale of Stock [Line Items]
Voting power percentage	80.00%

COMMON STOCK AND EQUITY PLANS

3 Months Ended

Mar. 31, 2026

Share-Based Payment Arrangement [Abstract]

COMMON STOCK AND EQUITY PLANS

Initial Public Offering

Concurrent with the IPO, all outstanding shares of the Company’s convertible preferred stock were

automatically converted into 142 million shares of Class A common stock. As of March 31, 2026, the Company had

3,500 million authorized shares of Class A common stock and approximately 215 million shares of Class A common

stock issued and outstanding, along with 200 million authorized shares of Class B common stock and approximately

38 million shares of Class B common stock issued and outstanding.

Employee Stock Purchase Plan

In connection with the IPO, the Company adopted the EquipmentShare.com 2025 Employee Stock Purchase

Plan (the “ESPP”). The maximum number of shares initially available for issuance under the ESPP is 2,316,263

shares of common stock and will be increased on the first day of each fiscal year for a period of up to 10 years

following the effective date of the ESPP in an amount equal to the least of (i) 12,000,000 shares; (ii) 1% of the total

number of shares of the Company’s Class A and Class B common stock outstanding as of the last completed fiscal

year; and (iii) such number of shares as determined by the Company’s Board of Directors (the “Board”) in its

discretion. The number of shares available at any time under the ESPP is subject to adjustment in the event of a

dividend or other distribution (other than an ordinary dividend or distribution), recapitalization, stock split, reverse

stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase or exchange of shares

or other securities of the Company, or other change in the Company’s structure affecting the shares occurs. The

number of shares which a participant may purchase in an offering under the ESPP may be reduced if the offering is

over-subscribed. The Company did not grant any shares of common stock pursuant to the ESPP during the three

months ended March 31, 2026.

2025 Omnibus Incentive Plan

In connection with the IPO, the Company also adopted the EquipmentShare.com Inc 2025 Omnibus Incentive

Plan (the “2025 Plan”). Awards under the 2025 Plan include stock options, stock appreciation rights, restricted

stock, restricted stock units, performance awards, other cash-based awards and other stock-based awards

(collectively, the “Awards”). The total number of shares of the Company’s common stock initially authorized for

issuance under the 2025 Plan is 40,370,162 shares of common stock and this amount will be increased on January 1

of each year following the effective date of the 2025 Plan for a period of 10 years in an amount equal to the lesser of

(i) 1% of outstanding shares on the last day of the immediately preceding fiscal year and (ii) such number of shares

as determined by the Compensation Committee of the Board in its sole discretion. The Awards granted pursuant to

the 2025 Plan will be issued with respect to shares of Class A common stock of the Company, other than the IPO

Founders Awards. As of March 31, 2026, there were no options issued and outstanding under the 2025 Plan.

IPO Founders Awards

In connection with the IPO, the Board approved grants of PSUs to each of the Founders under the 2025 Plan

that could result in the issuance, to each of the Founders, of as few as zero shares of the Company’s Class B

common stock and up to 18,321,644 shares of Class B common stock. Each of the IPO Founders Awards was

granted on January 26, 2026 (the “Grant Date”) and is comprised of five tranches of PSUs as set forth in the table

below, the vesting of which are subject to service conditions and market conditions, including the Company

achieving specified stock price hurdles, as set forth in the table below and subject to anti-dilution adjustments,

during the performance period beginning on the first day following the expiration of the lock-up period set forth in

the Company’s agreement with its underwriters in connection with the IPO (or, with respect to tranche 1, beginning

on January 27, 2026) and ending on the earliest to occur of (i) the tenth anniversary of the Grant Date, (ii) a change

in control (as defined in the 2025 Plan) or (iii) the date on which the shares of the Company’s Class A common

stock are no longer traded on a securities exchange or market. Achievement of the applicable stock price hurdle for

any PSU tranche will occur on the date that the average closing price per share of the Company’s Class A common

stock during any 60 consecutive trading days during the performance period equaled or exceeded the applicable

stock price hurdle for such tranche, except that achievement of the stock price hurdle for tranche 1 occurred on

January 27, 2026, the date that the closing price per share of the Company’s Class A common stock during the

performance period equaled or exceeded the stock price hurdle for such tranche. Any PSUs for which the applicable

stock price hurdle is not achieved prior to the end of the performance period will be forfeited in their entirety.


Tranche	Price Hurdle (per Share)	% of Award eligible to be Earned
1	$29.85	17.70%
2	$59.69	21.11%
3	$119.39	21.11%
4	$238.77	21.11%
5	$358.16	18.97%

The fair value of the IPO Founders Awards was estimated as of the Grant Date using Monte Carlo simulations

with the following assumptions:


Expected dividend yield .............................................................................................	0.0%
Expected volatility .....................................................................................................	40.0%
Risk-free interest rate .................................................................................................	4.2%
Requisite Service Period (years) - Tranche 1 ............................................................	4.00
Requisite Service Period (years) - Tranche 2 ............................................................	7.24
Requisite Service Period (years) - Tranche 3 ............................................................	9.75
Requisite Service Period (years) - Tranche 4 ............................................................	11.28
Requisite Service Period (years) - Tranche 5 ............................................................	11.81

The Company historically has not paid dividends on common stock and has no plans to issue dividends in the

foreseeable future. The expected volatility assumption used to estimate the Grant Date fair value of each tranche of

the award was based on the average historical volatility of comparable entities with publicly traded shares. The risk-

free rate for the requisite service period for each tranche was based on the U.S. Treasury yield curve as of the Grant

Date.

The Grant Date fair value of the IPO Founders Awards was $624 million. Stock-based compensation expense of

$17 million was recorded for the IPO Founders Awards during the three months ended March 31, 2026, and is

included in selling, general and administrative expenses in the condensed consolidated statements of operations. As

of March 31, 2026, the unrecognized stock-based compensation expense yet to be recognized over the vesting period

was $73 million in 2026, $98 million in 2027, $98 million in 2028, $98 million in 2029, $52 million in 2030, and

$189 million thereafter. The weighted average remaining life was 7.5 years as of March 31, 2026.

2016 Equity Incentive Plan

During 2016, the Company created the 2016 Equity Incentive Plan (“2016 Plan”), which allows for the issuance

of options to purchase shares of EquipmentShare common stock. The employees eligible to participate in the plan

are determined by the plan’s committee. Options are issued with an exercise price equal to the fair value of the

Company’s common stock and with vesting conditions as determined by the plan’s committee. Option awards with

time-based vesting conditions generally range from 12 to 48 months. Option awards with service, performance, and/

or market conditions, as defined, vest when those milestones are achieved (the “milestone-based awards”). Options

are generally forfeited upon termination or when performance or market conditions are not met, and forfeitures are

accounted for as they occur.

Stock Options

As of March 31, 2026, the Company has a total of 22,525,256 options authorized. There were 9,723,781 options

issued and outstanding 5,474,473 options were exercised or cancelled and not returned to the pool as of March 31,

2026, and 7,327,002 options available for issuance transferred to the 2025 Plan.

Stock-based compensation expense of $1 million and $1 million was recorded for vested time-based options

during the three months ended March 31, 2026 and 2025, respectively, and is included in selling, general and

administrative expenses in the condensed consolidated statements of operations. As of March 31, 2026, the

unrecognized stock-based compensation expense yet to be recognized over the vesting period was $6 million. The

weighted average remaining life of the outstanding stock options was 1.6 years as of March 31, 2026.

No milestone-based awards were granted during the three months ended March 31, 2026 or 2025. No stock

compensation expense for milestone-based option awards was recognized during 2025 or 2026. The Company had

320,000 unvested milestone-based option awards granted in 2022 outstanding as of March 31, 2026. If the 2022

award milestones, as defined, are not achieved by January 31, 2032, then these unvested options will be forfeited.

The Company has not recognized stock compensation expense for these unvested stock options granted during 2022

as of March 31, 2026 because, for accounting measurement purposes, it is not highly probable that the performance

conditions will be achieved. The estimated unrecognized stock-based compensation expense to be recognized if and

when the performance conditions are considered highly probable of being achieved could be up to $0.4 million for

the 2022 awards as of March 31, 2026. The average remaining life of the outstanding milestone-based stock option

awards was 5.8 years for the 2022 awards as of March 31, 2026.

RSUs

The Company issued performance-based restricted stock units (“RSUs”) under the 2016 Plan with two-tiered

vesting conditions which include a service requirement and a liquidity event requirement. The service condition of

the RSUs will be met provided the participant is in continuous service over the defined period of time generally 12

to 48 months. The liquidity event requirement was satisfied on the effective date of the IPO. RSUs shall be settled

no later than March 15 of the calendar year following the calendar year in which each vesting event occurs. Upon

the consummation of the IPO, the performance-based vesting conditions for outstanding RSUs was satisfied. As a

result, the RSUs that had satisfied the service-based condition date had vested. For the three months ended March

31, 2026, the Company recognized $2 million of stock-based compensation expense attributable to RSUs. No stock-

based compensation expense attributable to RSUs was recognized for the three months ended March 31, 2025, as the

performance-based vesting condition had not been satisfied at that time. As of March 31, 2026, the unrecognized

stock-based compensation expense yet to be recognized over the vesting period was $3 million. The weighted

average remaining life of the outstanding RSUs was 1.2 years as of March 31, 2026.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Mar. 31, 2026
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures required by U.S. GAAP for complete financial statements have been condensed or omitted in accordance with Securities and Exchange Commission (“SEC”) rules and regulations. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations, changes in perpetual preferred stock and equity, and cash flows, for the three months ended March 31, 2026 and 2025. Interim results of operations are not necessarily indicative of the results of the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The Company’s significant accounting policies are described in Note 2 of the Company’s Audited Consolidated Financial Statements as of and for the year ended December 31, 2025. There have been no significant changes to those accounting policies in the Company’s preparation of the accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2026.
Use of estimates	Use of estimates: Management used estimates and assumptions in preparing these financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities, and the reported revenues and expenses. As future events and their effects cannot be determined with precision, actual results could differ from the estimates that were used.
Recently Adopted Accounting Pronouncements and Accounting Pronouncements Issued, Not Yet Adopted	Recently Adopted Accounting Pronouncements Measurement of Credit Losses for Accounts Receivable and Contract Assets: In July 2025, the FASB issued ASU 2025-05, which provides optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets. This guidance permits entities to apply a practical expedient when estimating credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Effective January 1, 2026, the Company began applying the practical expedient when estimating credit losses on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Issued, Not Yet Adopted Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. Improvements to the Accounting for Internal-Use Software: In September 2025, the FASB issued ASU 2025-06, which amends the guidance in ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-06 on its consolidated financial statements and related disclosures. Interim Reporting - Narrow Scope Improvements: In December 2025, the FASB issued ASU 2025-11, which clarifies interim disclosure requirements and the applicability of ASC 270, Interim Reporting. The objective of the amendment is to provide further clarity about the current interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-11 on its interim reporting requirements in the future. Codification Improvements: In December 2025, the FASB issued ASU 2025-12, which updates U.S. GAAP for a broad range of topics arising from technical corrections, unintended application of the codification, clarifications, and other minor improvements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-11 on its consolidated financial statements and related disclosures.

- Definition

Disclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

ACCOUNTS RECEIVABLE, NET

3 Months Ended

Mar. 31, 2026

Receivables [Abstract]

ACCOUNTS RECEIVABLE, NET

Accounts receivable, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Equipment rental and related services ...................................................................	$523	$494
Equipment sales .....................................................................................................	39	21
Equipment parts, supplies and services ..................................................................	141	128
Billed or uninvoiced OEM reimbursement receivables .........................................	98	97
Other ......................................................................................................................	91	76
Total accounts receivable ....................................................................................	892	816
Allowance for credit losses and doubtful accounts ................................................	(74)	(68)
Accounts receivable, net ......................................................................................	$818	$748

INCOME TAXES (Details) - USD ($) $ in Millions	3 Months Ended
INCOME TAXES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Income Tax Disclosure [Abstract]
Benefit from income taxes	$ 32	$ 19

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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+ Details

LONG-TERM DEBT AND LINES OF CREDIT - ABL Credit Facility (Details) - USD ($) $ in Millions	Nov. 26, 2025	Mar. 31, 2026	Dec. 31, 2025
Debt Instrument [Line Items]
Debt issuance costs, net		$ 38	$ 41
Long-term debt		3,139	3,335
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 2,750	$ 2,280
Interest rate		4.80%
Debt issuance costs, net	8
Debt issuance costs capitalized	$ 9
Financial covenant, maximum borrowing capacity availability threshold, percent	10.00%
Financial covenant, maximum borrowing capacity availability threshold, amount	$ 175
Long-term debt		$ 999	$ 1,196
Remaining borrowing capacity		1,276
Remaining borrowing capacity not subject to repayment conditions		$ 1,048
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component One \| Minimum
Debt Instrument [Line Items]
Basis spread on interest rate	1.125%
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component One \| Maximum
Debt Instrument [Line Items]
Basis spread on interest rate	1.375%
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component Two
Debt Instrument [Line Items]
Basis spread on interest rate	0.50%
Interest rate	0.00%
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component Three
Debt Instrument [Line Items]
Basis spread on interest rate	1.00%
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component Four \| Minimum
Debt Instrument [Line Items]
Basis spread on interest rate	0.125%
Revolving Credit Facility \| Asset-Based Revolving Credit Facility \| Line of Credit \| Variable Rate Component Four \| Maximum
Debt Instrument [Line Items]
Basis spread on interest rate	0.375%

RELATED PARTY TRANSACTIONS - Transactions with Entities Owned or Controlled by the Co-Founders (Details) - USD ($)	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Related Party Transaction [Line Items]
Total revenues	$ 989,000,000	$ 716,000,000
Equipment sales	146,000,000	113,000,000
OWN program payouts, related parties	217,000,000	154,000,000
Other income, related parties	8,000,000	6,000,000
Equipment operating lease expense	6,000,000	6,000,000
Right of use assets, operating	707,000,000		$ 676,000,000
Segment selling, general and administrative expenses	286,000,000	210,000,000
Rental equipment, net	2,988,000,000		2,834,000,000
Property and other fixed assets, net	524,000,000		504,000,000
Accounts payable	73,000,000		95,000,000
Cash and cash equivalents	329,000,000		306,000,000
Equipment rental and related services
Related Party Transaction [Line Items]
Total revenues	683,000,000	495,000,000
Equipment sales
Related Party Transaction [Line Items]
Total revenues	179,000,000	145,000,000
Equipment parts and supplies and services
Related Party Transaction [Line Items]
Total revenues	77,000,000	58,000,000
Telematics
Related Party Transaction [Line Items]
Total revenues	31,000,000	10,000,000
Other
Related Party Transaction [Line Items]
Total revenues	19,000,000	8,000,000
Chief Executive Officer or the President
Related Party Transaction [Line Items]
Other income, related parties	200,000	100,000
Accounts payable	400,000		400,000
Chief Executive Officer or the President \| Money Market Funds
Related Party Transaction [Line Items]
Cash and cash equivalents, amount deposited during period		5,000,000
Cash and cash equivalents	21,000,000	21,000,000
Chief Executive Officer or the President \| Revenue Transactions
Related Party Transaction [Line Items]
Equipment sales		42,000,000
Chief Executive Officer or the President \| Revenue Transactions \| Equipment rental and related services
Related Party Transaction [Line Items]
Total revenues	0	1,000,000
Chief Executive Officer or the President \| Revenue Transactions \| Equipment sales
Related Party Transaction [Line Items]
Total revenues	0	102,000,000
Chief Executive Officer or the President \| Revenue Transactions \| Equipment parts and supplies and services
Related Party Transaction [Line Items]
Total revenues	100,000	2,000,000
Chief Executive Officer or the President \| Revenue Transactions \| Telematics
Related Party Transaction [Line Items]
Total revenues	0	100,000
Chief Executive Officer or the President \| Revenue Transactions \| Other
Related Party Transaction [Line Items]
Total revenues	100,000	0
Chief Executive Officer or the President \| OWN Program Payout Transactions
Related Party Transaction [Line Items]
OWN program payouts, related parties	300,000	12,000,000
Accrued expenses	0		0
Chief Executive Officer or the President \| Assignment of Property Site Purchase Rights and Construction Developer Fees \| Property Site Purchase Rights and Transaction Services
Related Party Transaction [Line Items]
Other income, related parties	1,000,000	2,000,000
Chief Executive Officer or the President \| Assignment of Property Site Purchase Rights and Construction Developer Fees \| Construction Developer Fees
Related Party Transaction [Line Items]
Other income, related parties	2,000,000	1,000,000
Chief Executive Officer or the President \| Accounts Receivable and Other Current Assets
Related Party Transaction [Line Items]
Accounts receivable or other current assets	16,000,000		19,000,000
Chief Executive Officer or the President \| Leases
Related Party Transaction [Line Items]
Equipment operating lease expense	300,000	2,000,000
Right of use assets, operating	7,000,000		6,000,000
Operating lease liabilities	7,000,000		6,000,000
Segment selling, general and administrative expenses	1,000,000	300,000
Payments for finance lease arrangements	1,000,000	1,000,000
Finance lease liabilities	32,000,000		$ 29,000,000
Chief Executive Officer or the President \| Purchases of Rental Equipment, Parts, Supplies and Other
Related Party Transaction [Line Items]
Rental equipment, net		1,000,000
Property and other fixed assets, net	$ 400,000	$ 1,000,000

LEASES (Details) - USD ($) $ in Millions	3 Months Ended
LEASES (Details) - USD ($) $ in Millions	Mar. 31, 2026	Mar. 31, 2025
Finance lease expense:
Interest on lease liabilities	$ 3	$ 2
Short-term lease cost	1	0
Total lease expense	259	186
OWN Program payouts
Lessee, Lease, Description [Line Items]
Operating lease cost	217	154
Direct operating costs
Lessee, Lease, Description [Line Items]
Operating lease cost	6	6
Selling, general and administrative expenses
Lessee, Lease, Description [Line Items]
Operating lease cost	26	21
Finance lease expense:
Amortization of leased assets	3	1
Depreciation of rental equipment
Finance lease expense:
Amortization of leased assets	$ 3	$ 2

COMMON STOCK AND EQUITY PLANS - Initial Public Offering (Details) - shares shares in Millions	Mar. 31, 2026	Dec. 31, 2025
Class A
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Convertible preferred stock converted to common stock (in shares)	142
Common stock, shares authorized (in shares)	3,500	0
Common stock, shares issued (in shares)	215	0
Common stock, shares outstanding (in shares)	215	0
Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares authorized (in shares)	200	0
Common stock, shares issued (in shares)	38	0
Common stock, shares outstanding (in shares)	38	0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 329.0	$ 306.0
Accounts receivable, net ($19 and $20, respectively, due from related parties)	818.0	748.0
Inventories	427.0	401.0
Prepaid costs	203.0	169.0
Other current assets	93.0	106.0
Total current assets	1,870.0	1,730.0
Rental equipment, net	2,988.0	2,834.0
Property and other fixed assets, net	524.0	504.0
Capitalized software, net	113.0	110.0
Right of use assets, operating	707.0	676.0
Investments in non-consolidated affiliates	60.0	59.0
Intangible assets, net	30.0	31.0
Other assets	65.0	43.0
Total assets	6,357.0	5,987.0
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY
Accounts payable ($1 and $1, respectively, due to related parties)	73.0	95.0
Accrued liabilities	495.0	609.0
Manufacturer flooring plans payable	83.0	74.0
Current portion of long-term debt	5.0	4.0
Current portion of operating lease liabilities	75.0	69.0
Current portion of finance lease liabilities	18.0	19.0
Current portion of financing obligations	9.0	10.0
Total current liabilities	758.0	880.0
Long-term debt, net of current portion, original issue discounts, and debt issuance costs	3,077.0	3,268.0
Operating lease liabilities, net of current portion ($6 and $5, respectively, due to related parties)	681.0	655.0
Finance lease liabilities, net of current portion ($31 and $28, respectively, due to related parties)	183.0	169.0
Financing obligations, net of current portion	75.0	83.0
Deferred tax liabilities, net	10.0	43.0
Other liabilities	1.0	1.0
Total liabilities	4,785.0	5,099.0
Perpetual preferred stock, net - $0.00000125 par value, 15 shares authorized, 14 and 14 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively	371.0	360.0
Convertible preferred stock, net - $0.00000125 par value, no shares authorized, issued and outstanding as of March 31, 2026, 149 shares authorized, 142 and shares issued and outstanding at December 31, 2025	0.0	430.0
Treasury stock, at cost, 5 and 5 shares at March 31, 2026 and 2025, respectively	(7.0)	(7.0)
Additional paid-in-capital	1,238.0	105.0
Retained earnings (accumulated deficit)	(29.0)	0.0
Accumulated other comprehensive income (loss)	(1.0)	0.0
Total equity	1,201.0	528.0
Total liabilities, perpetual preferred stock, and equity	6,357.0	5,987.0
Common Stock
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY
Common stock, value, issued	0.0	0.0
Class A
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY
Common stock, value, issued	0.0	0.0
Class B
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY
Common stock, value, issued	0.0	0.0
Related Party
ASSETS
Accounts receivable, net ($19 and $20, respectively, due from related parties)	19.0	20.0
LIABILITIES, PERPETUAL PREFERRED STOCK, AND EQUITY
Accounts payable ($1 and $1, respectively, due to related parties)	1.0	1.0
Operating lease liabilities, net of current portion ($6 and $5, respectively, due to related parties)	6.0	5.0
Finance lease liabilities, net of current portion ($31 and $28, respectively, due to related parties)	$ 31.0	$ 28.0

COMMON STOCK AND EQUITY PLANS - IPO Founder Awards (Details) $ in Millions	3 Months Ended
	Mar. 31, 2026 USD ($) Days shares	Jan. 26, 2026 shares	Dec. 31, 2025 shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Consecutive trading days \| Days	60
IPO Founders Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
IPO founders award, fair value	$ 624
Stock-based compensation expense	$ 17
Unrecognized stock-based compensation expense yet to be recognized, weighted average remaining life (in years)	7 years 6 months
IPO Founders Awards \| Financial Year 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	$ 73
IPO Founders Awards \| Financial Year 2027
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	98
IPO Founders Awards \| Financial Year 2028
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	98
IPO Founders Awards \| Financial Year 2029
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	98
IPO Founders Awards \| Financial Year 2030
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	52
IPO Founders Awards \| Subsequent To Financial Year 2030
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	$ 189
Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued (in shares) \| shares	38,000,000		0
Minimum \| Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued (in shares) \| shares		0
Maximum \| Class B
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Common stock, shares issued (in shares) \| shares		18,321,644

FAIR VALUE MEASUREMENTS AND OTHER - Narrative (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Equity securities without readily determinable fair value	$ 29.0		$ 29.0
Equity securities with readily determinable fair value	31.0		30.0
Gain (loss) on investments	1.0	$ 0.4
Interest income from investments	2.0	$ 2.0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Notes payable, fair value	$ 2,212.0		$ 2,237.0

- Definition

Amount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)(i)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
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-Paragraph 2
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+ Details

- Definition

Fair value portion of notes payable.

+ References

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
REVENUES
Total revenues	$ 989	$ 716
COST OF REVENUES
Direct operating costs	222	171
OWN Program payouts ( $12 to related parties in 2025)	217	154
Equipment sales	146	113
Platform expense	28	8
Depreciation and amortization	89	70
Total cost of revenues	702	516
Gross profit	287	200
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	286	210
Operating income (loss)	1	(10)
OTHER INCOME (EXPENSE)
Interest expense	(70)	(63)
Other income, net ($3 and $2 from related parties, respectively)	8	6
Total other expense, net	(62)	(57)
LOSS BEFORE BENEFIT FROM INCOME TAXES	(61)	(67)
Benefit from income taxes	(32)	(19)
NET LOSS	(29)	(48)
Deemed dividends on perpetual preferred stock	(12)	(12)
Net loss attributable to common shareholders	(41)	(60)
Related Party
REVENUES
Total revenues		60
COST OF REVENUES
OWN Program payouts ( $12 to related parties in 2025)		12
OTHER INCOME (EXPENSE)
Other income, net ($3 and $2 from related parties, respectively)	$ 3	2
Class A and B Common Stock
Weighted average common shares outstanding (Class A and Class B):
Basic (in shares)	209
Diluted (in shares)	209
Loss per common share (Class A and Class B):
Basic (in dollars per share)	$ (0.20)
Diluted (in dollars per share)	$ (0.20)
Common Stock
OTHER INCOME (EXPENSE)
Deemed dividends on perpetual preferred stock		$ (12)
Weighted average common shares outstanding (Class A and Class B):
Basic (in shares)		78
Diluted (in shares)	78	78
Loss per common share (Class A and Class B):
Basic (in dollars per share)		$ (0.77)
Diluted (in dollars per share)		$ (0.77)
Equipment rental and related services
REVENUES
Total revenues	$ 683	$ 495
Equipment sales
REVENUES
Total revenues	179	145
Equipment parts and supplies and services
REVENUES
Total revenues	77	58
Telematics
REVENUES
Total revenues	31	10
Other
REVENUES
Total revenues	$ 19	$ 8

PROPERTY AND OTHER FIXED ASSETS, NET

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

PROPERTY AND OTHER FIXED ASSETS, NET

RENTAL EQUIPMENT, NET

Rental equipment, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Rental equipment ...................................................................................................	$3,816	$3,596
Installed telematics tracker devices ........................................................................	83	81
Total rental equipment ...........................................................................................	3,899	3,677
Less: accumulated depreciation .............................................................................	(911)	(843)
Rental equipment, net ............................................................................................	$2,988	$2,834

The Company recognized depreciation expense of $82 million and $67 million for the three months ended

March 31, 2026 and 2025, respectively, included within depreciation and amortization as a component of cost of

revenues on the condensed consolidated statements of operations.

PROPERTY AND OTHER FIXED ASSETS, NET

Property and other fixed assets, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Furniture, fixtures, office equipment and other .....................................................	$175	$167
Leasehold improvements .......................................................................................	176	161
Buildings and improvements .................................................................................	206	186
Construction in progress ........................................................................................	55	61
Land .......................................................................................................................	40	44
Total property and other fixed assets .....................................................................	652	619
Less: accumulated depreciation .............................................................................	(128)	(115)
Total property and other fixed assets, net .........................................................	$524	$504

The Company recognized depreciation expense of $14 million and $9 million, for the three months ended

March 31, 2026 and 2025, respectively, included in selling, general and administrative expenses on the condensed

consolidated statements of operations.

SEGMENT INFORMATION - Schedule of Segment Adjusted EBITDA to Income Before Income Taxes (Details) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting [Abstract]
Segment Adjusted EBITDA	$ 347	$ 230
Equipment operating lease expense	(6)	(6)
OWN Program payouts	(217)	(154)
Depreciation expense on rental equipment	(82)	(67)
Depreciation expense on property and other fixed assets	(14)	(9)
Amortization expense on capitalized software and intangible assets	(8)	(4)
Stock-based compensation expense	(19)	0
Interest expense	(70)	(63)
Other income, net	8	6
LOSS BEFORE BENEFIT FROM INCOME TAXES	$ (61)	$ (67)

INVENTORY

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

INVENTORY

Inventories consist of the following (In millions):


	March 31, 2026	December 31, 2025
Equipment inventory ..............................................................................................	$130	$131
Equipment parts .....................................................................................................	212	189
Telematics hardware ..............................................................................................	47	48
Building materials, supplies, small tools, and other ..............................................	38	33
Total inventories ..................................................................................................	$427	$401

INCOME TAXES	3 Months Ended
INCOME TAXES	Mar. 31, 2026
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The benefit for income taxes was $32 million and $19 million for the three months ended March 31, 2026 and 2025, respectively. Although the Company incurred a loss in the current interim period, it anticipates generating taxable income for the full fiscal year. Accordingly, the estimated annual effective tax rate reflects the expected full- year income and related expense. Differences between applicable federal and state statutory tax rates and the effective income tax rates for the income tax benefit recorded by the Company are primarily due to nondeductible expenses and the Texas franchise tax, offset by research and development tax credits.

- Definition

The entire disclosure for income tax.

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+ Details

COMMON STOCK AND EQUITY PLANS -2016 Equity Incentive Plan (Details) - 2016 Plan - USD ($) $ in Millions	3 Months Ended		12 Months Ended
	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2016
Employee stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options authorized (in shares)	22,525,256
Options issued (in shares)	9,723,781
Options outstanding (in shares)	9,723,781
Options exercised or cancelled (in shares)	5,474,473
Options available for issuance (in shares)	7,327,002
Stock-based compensation expense	$ 1.0	$ 1.0
Time-Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unrecognized stock-based compensation expense yet to be recognized	$ 6.0
Unrecognized stock-based compensation expense yet to be recognized, weighted average remaining life (in years)	1 year 7 months 6 days
Milestone-Based Awards
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options issued (in shares)	0	0
Stock-based compensation expense	$ 0.0	$ 0.0
Milestone-Based Awards, Granted in 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options outstanding (in shares)	320,000
Stock-based compensation expense	$ 0.0
Unrecognized stock-based compensation expense yet to be recognized	$ 0.4
Unrecognized stock-based compensation expense yet to be recognized, weighted average remaining life (in years)	5 years 9 months 18 days
Minimum \| Employee stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			12 months
Maximum \| Employee stock options
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Award vesting period			48 months

LONG-TERM DEBT AND LINES OF CREDIT (Tables)

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

Schedule of Long-Term Debt

The Company had the following outstanding amounts of long-term debt (In millions):


	March 31, 2026	December 31, 2025
Long-term debt and lines of credit:
Asset based revolving credit facility, bearing interest at a rate of 4.80%, secured by equipment and other current assets .................................................	$999	$1,196
Senior Secured Second Lien Notes bearing interest at a rate of 9.00% ................	1,034	1,034
Senior Secured Second Lien Notes bearing interest at a rate of 8.625% ..............	600	600
Senior Secured Second Lien Notes bearing interest at a rate of 8.00% ................	500	500
Notes payable to various institutions, bearing interest at rates ranging from 3.75% to 5.10%, maturing through 2029, secured by specific equipment .......	2	2
Equipment financing lines of credit with various institutions, bearing interest at rates ranging from 5.30% to 12.63%, maturing through 2025 ........................	4	3
Total long-term debt and lines of credit ....................................................................	3,139	3,335
Less: original issue discounts ....................................................................................	(19)	(22)
Less: debt issuance costs ...........................................................................................	(38)	(41)
	3,082	3,272
Less: current maturities .............................................................................................	(5)	(4)
Long-term debt and lines of credit, net of current portion, original issue discounts, and debt issuance costs ..........................................................................................	$3,077	$3,268

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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-Section S99
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+ Details

RENTAL EQUIPMENT, NET (Tables)

3 Months Ended

Mar. 31, 2026

Property, Plant and Equipment [Abstract]

Schedule of Rental Equipment, Net

Rental equipment, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Rental equipment ...................................................................................................	$3,816	$3,596
Installed telematics tracker devices ........................................................................	83	81
Total rental equipment ...........................................................................................	3,899	3,677
Less: accumulated depreciation .............................................................................	(911)	(843)
Rental equipment, net ............................................................................................	$2,988	$2,834

Property and other fixed assets, net, consist of the following (In millions):


	March 31, 2026	December 31, 2025
Furniture, fixtures, office equipment and other .....................................................	$175	$167
Leasehold improvements .......................................................................................	176	161
Buildings and improvements .................................................................................	206	186
Construction in progress ........................................................................................	55	61
Land .......................................................................................................................	40	44
Total property and other fixed assets .....................................................................	652	619
Less: accumulated depreciation .............................................................................	(128)	(115)
Total property and other fixed assets, net .........................................................	$524	$504

SEGMENT INFORMATION - Schedule of Identified Assets by Reportable Segment (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Segment Reporting Information [Line Items]
Total assets	$ 6,357	$ 5,987
Operating Segments \| Equipment Rental and Service Operations
Segment Reporting Information [Line Items]
Total assets	4,224	3,948
Operating Segments \| Equipment Sales
Segment Reporting Information [Line Items]
Total assets	171	160
All Other
Segment Reporting Information [Line Items]
Total assets	287	274
Shared Resources
Segment Reporting Information [Line Items]
Total assets	$ 1,675	$ 1,605

- Definition

Amount of asset recognized for present right to economic benefit.

+ References

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+ Details

COMMON STOCK AND EQUITY PLANS - Schedule of The Fair Value Of Each Milestone-based Award was Estimated on the Date of Grant Using Monte Carlo Simulations (Details) - Time-Based Awards - Black-Scholes-Merton Model	3 Months Ended
	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0.00%
Expected volatility	40.00%
Risk-free interest rate	4.20%
Tranche One
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	4 years
Tranche Two
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	7 years 2 months 26 days
Tranche Three
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	9 years 9 months
Tranche Four
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	11 years 3 months 10 days
Tranche Five
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected term (years)	11 years 9 months 21 days

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Mar. 31, 2026
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation: The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures required by U.S. GAAP for complete financial statements have been condensed or omitted in accordance with Securities and Exchange Commission (“SEC”) rules and regulations. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2026, and its results of operations, changes in perpetual preferred stock and equity, and cash flows, for the three months ended March 31, 2026 and 2025. Interim results of operations are not necessarily indicative of the results of the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Form 10-K”). The Company’s significant accounting policies are described in Note 2 of the Company’s Audited Consolidated Financial Statements as of and for the year ended December 31, 2025. There have been no significant changes to those accounting policies in the Company’s preparation of the accompanying condensed consolidated financial statements as of and for the three months ended March 31, 2026. Use of estimates: Management used estimates and assumptions in preparing these financial statements in accordance with U.S. GAAP. Those estimates and assumptions affect the reported amounts of assets and liabilities, the disclosures of contingent assets and liabilities, and the reported revenues and expenses. As future events and their effects cannot be determined with precision, actual results could differ from the estimates that were used. Recently Adopted Accounting Pronouncements Measurement of Credit Losses for Accounts Receivable and Contract Assets: In July 2025, the FASB issued ASU 2025-05, which provides optional guidance relating to the estimation of expected credit losses on current accounts receivable and current contract assets. This guidance permits entities to apply a practical expedient when estimating credit losses that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. Effective January 1, 2026, the Company began applying the practical expedient when estimating credit losses on a prospective basis. The adoption of this guidance did not have a material impact on the Company’s consolidated financial statements and related disclosures. Accounting Pronouncements Issued, Not Yet Adopted Disaggregation of Income Statement Expenses: In November 2024, the FASB issued ASU 2024-03, which is intended to improve the disclosures about a public entity's expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures. Improvements to the Accounting for Internal-Use Software: In September 2025, the FASB issued ASU 2025-06, which amends the guidance in ASC 350-40, Intangibles - Goodwill and Other - Internal-Use Software. The amendments modernize the recognition and disclosure framework for internal-use software costs, removing the previous “development stage” model and introducing a more judgment-based approach. ASU 2025-06 is effective for fiscal years beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-06 on its consolidated financial statements and related disclosures. Interim Reporting - Narrow Scope Improvements: In December 2025, the FASB issued ASU 2025-11, which clarifies interim disclosure requirements and the applicability of ASC 270, Interim Reporting. The objective of the amendment is to provide further clarity about the current interim disclosure requirements. ASU 2025-11 is effective for interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-11 on its interim reporting requirements in the future. Codification Improvements: In December 2025, the FASB issued ASU 2025-12, which updates U.S. GAAP for a broad range of topics arising from technical corrections, unintended application of the codification, clarifications, and other minor improvements. The guidance is effective for fiscal years beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. The Company is currently evaluating the potential impact of ASU 2025-11 on its consolidated financial statements and related disclosures.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
OPERATING ACTIVITIES
Net loss	$ (29)	$ (48)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	104	79
Amortization of debt issuance costs and original issue discounts	5	5
Allowance for credit losses and doubtful accounts	9	5
Change in operating lease cost	31	27
Stock-based compensation expense	19	1
Deferred taxes	(33)	(20)
Other	2	0
Change in operating assets and liabilities:
Accounts receivable	(57)	(75)
Inventories	(27)	(26)
Prepaid costs and other assets	(52)	(32)
Accounts payable and manufacturer flooring plans payable	(26)	(9)
Accrued liabilities	(115)	69
Operating lease liabilities	(31)	(27)
Net cash used in operating activities	(200)	(51)
INVESTING ACTIVITIES
Purchases of rental equipment ($1 from related parties in 2025)	(328)	(293)
Proceeds from sale of rental equipment ($21 from related parties in 2025)	115	75
Purchases of and deposits on property and other fixed assets	(48)	(50)
Investments in internally developed software	(9)	(10)
Purchases of investments in equity and debt securities	(6)	(6)
Proceeds from sale of investments in equity and debt securities	3	2
Acquisition of businesses, net of cash acquired	(7)	(1)
Net cash used in investing activities	(280)	(283)
FINANCING ACTIVITIES
Payments on long-term debt and finance leases	(582)	(15)
Proceeds from long-term debt	381	300
Payments on financing obligations	(2)	(14)
Proceeds on financing obligations	0	1
Proceeds from issuance of class A common stock upon initial public offering, net of underwriting discount and commissions	706	0
Exercise of stock options	2	1
Payments of equity issuance costs	(2)	0
Net cash provided by financing activities	503	273
Net increase (decrease) in cash and cash equivalents	23	(61)
Cash and cash equivalents, beginning of period	306	406
Cash and cash equivalents, end of period	329	345
SUPPLEMENTAL CASH FLOW DISCLOSURES:
Cash paid for interest	39	32
Cash paid for taxes	0	0
NON-CASH ACTIVITIES:
Purchase of rental equipment remaining in accounts payable	23	4
Purchase of property and other fixed assets remaining in accounts payable	5	9
Accretion of perpetual preferred stock to redemption value	11	11
Stock-based compensation for capitalized software development	$ 1	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (29)	$ (48)
Other comprehensive income (loss), net of tax:
Change in fair value of derivative instruments	0	(2)
COMPREHENSIVE LOSS	$ (29)	$ (50)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Reference 20: http://www.xbrl.org/2003/role/disclosureRef
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Reference 21: http://www.xbrl.org/2003/role/disclosureRef
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Reference 22: http://www.xbrl.org/2003/role/disclosureRef
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Reference 23: http://www.xbrl.org/2003/role/disclosureRef
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Reference 24: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
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Reference 32: http://www.xbrl.org/2003/role/disclosureRef
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Reference 33: http://www.xbrl.org/2003/role/disclosureRef
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Reference 34: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://www.xbrl.org/2003/role/disclosureRef
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Reference 38: http://www.xbrl.org/2003/role/disclosureRef
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Reference 39: http://www.xbrl.org/2003/role/disclosureRef
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Reference 41: http://www.xbrl.org/2003/role/disclosureRef
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Reference 43: http://www.xbrl.org/2003/role/disclosureRef
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Reference 44: http://www.xbrl.org/2003/role/disclosureRef
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Reference 45: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 46: http://www.xbrl.org/2003/role/disclosureRef
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Reference 47: http://www.xbrl.org/2003/role/disclosureRef
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Reference 48: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SEGMENT INFORMATION - Narrative (Details)	3 Months Ended
SEGMENT INFORMATION - Narrative (Details)	Mar. 31, 2026 segment
Segment Reporting [Abstract]
Number of reportable segments	2

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Millions, $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Accounts receivable, net	$ 818.0	$ 748.0
Accounts payable	73.0	95.0
Operating lease liabilities, net of current portion	681.0	655.0
Finance lease liabilities, net of current portion	$ 183.0	$ 169.0
Perpetual preferred stock, par value (in dollars per share)	$ 0.00000125	$ 0.00000125
Perpetual preferred stock, shares authorized (in shares)	15	15
Perpetual preferred stock, shares issued (in shares)	14	14
Perpetual preferred stock, shares outstanding (in shares)	14	14
Preferred stock, par value (in dollars per share)	$ 0.00000125	$ 0.00000125
Preferred stock, shares authorized (in shares)	0	149
Preferred stock, shares issued (in shares)	0	142
Preferred stock, shares outstanding (in shares)	0	142
Treasury stock (in shares)	5	5
Common Stock
Common stock, par value (in dollars per share)	$ 0.00000125	$ 0.00000125
Common stock, shares authorized (in shares)	0	273
Common stock, shares issued (in shares)	0	80
Common stock, shares outstanding (in shares)	0	80
Class A
Common stock, par value (in dollars per share)	$ 0.00000125	$ 0.00000125
Common stock, shares authorized (in shares)	3,500	0
Common stock, shares issued (in shares)	215	0
Common stock, shares outstanding (in shares)	215	0
Class B
Common stock, par value (in dollars per share)	$ 0.00000125	$ 0.00000125
Common stock, shares authorized (in shares)	200	0
Common stock, shares issued (in shares)	38	0
Common stock, shares outstanding (in shares)	38	0
Related Party
Accounts receivable, net	$ 19.0	$ 20.0
Accounts payable	1.0	1.0
Operating lease liabilities, net of current portion	6.0	5.0
Finance lease liabilities, net of current portion	$ 31.0	$ 28.0

EARNINGS PER SHARE

3 Months Ended

Mar. 31, 2026

Earnings Per Share [Abstract]

EARNINGS PER SHARE

Basic earnings per share is calculated using the two-class method as the Company’s convertible preferred stock

is considered a participating security because these shares participate in dividends on an as-converted basis with

common stock, and for the three months ended March 31, 2026, the Company has two classes of common stock,

which are referred to as Class A common stock and Class B common stock. On January 26, 2026, concurrent with

the IPO, all outstanding shares of the Company’s convertible preferred stock were converted into Class A common

stock and all shares of Class A common stock then held by the Founders were exchanged into an equivalent number

of shares of Class B common stock. Income and losses are shared pro-rata between the two classes of common

stock. The two-class method requires an allocation of earnings to all classes of common stock and participating

securities. Basic earnings per share is calculated by dividing net income (loss) attributable to common shareholders

by the weighted average number of common shares outstanding for the period. The participating securities are not

required to participate in the losses of the Company, and therefore during periods of loss there is no allocation

required under the two-class method between common and participating securities. The Company calculated diluted

earnings per share using the more dilutive of either the two-class, if-converted method or the treasury stock method.

For the three months ended March 31, 2026 and 2025 the two-class, if-converted method and the treasury stock

method yielded the same result. Diluted earnings per common share is computed by dividing net (loss) income

attributable to common shareholders by the weighted average number of common shares plus the effect of dilutive

potential common shares outstanding during the period.

The following table sets forth the computation of basic and diluted earnings per common share (In millions):


	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Basic earnings per common share:
Allocation of net loss .......................................................................	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock ....................	(10)	(2)	(12)
Less: Earnings allocated to participating securities .........................	—	—	—
Net loss attributable to common shareholders .................................	(35)	(6)	(60)
Weighted average common shares outstanding - Basic ...................	181	28	78
Basic loss per common share ...........................................................	$(0.20)	$(0.20)	$(0.77)

	Three months ended March 31,
	2026		2025
	Class A	Class B	Common Stock
Diluted earnings per common share:
Allocation of net loss	$(25)	$(4)	$(48)
Less: Deemed dividends on perpetual preferred stock	(10)	(2)	(12)
Net loss attributable to common shareholders	(35)	(6)	(60)
Weighted average common shares outstanding - Diluted	181	28	78
Diluted loss per common share	$(0.20)	$(0.20)	$(0.77)

Employee stock options of 6,422,297 and 5,335,661 were excluded from the calculation of diluted earnings per

share for the three months ended March 31, 2026 and 2025, respectively, as a result of their anti-dilutive effect. In

addition, convertible preferred shares of 36,099,070 and 141,989,676, which are considered participating securities,

were excluded from the calculation of diluted earnings per share for the three months ended March 31, 2026 and

2025, respectively, as a result of their anti-dilutive effect. IPO Founders Awards of 4,836,914 were excluded from

the calculation of diluted earnings per share for the three months ended March 31, 2026, as a result of their anti-

dilutive effect.

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES From time to time, the Company is involved in various claims and legal actions. These matters include, but are not limited to, claims arising from the operation of rented equipment, workers' compensation claims, and alleged breaches of obligations of certain employees to former employers. Management believes that such claims and legal actions taken against the Company are without merit and the Company intends to vigorously defend itself in these cases. Management is of the opinion that the ultimate resolution of any ongoing litigation and related matters, individually or in the aggregate, will not have a material adverse effect on the Company’s condensed consolidated financial position, results of operations, or cash flows.

LONG-TERM DEBT AND LINES OF CREDIT

3 Months Ended

Mar. 31, 2026

Debt Disclosure [Abstract]

LONG-TERM DEBT AND LINES OF CREDIT

The Company had the following outstanding amounts of long-term debt (In millions):


	March 31, 2026	December 31, 2025
Long-term debt and lines of credit:
Asset based revolving credit facility, bearing interest at a rate of 4.80%, secured by equipment and other current assets .................................................	$999	$1,196
Senior Secured Second Lien Notes bearing interest at a rate of 9.00% ................	1,034	1,034
Senior Secured Second Lien Notes bearing interest at a rate of 8.625% ..............	600	600
Senior Secured Second Lien Notes bearing interest at a rate of 8.00% ................	500	500
Notes payable to various institutions, bearing interest at rates ranging from 3.75% to 5.10%, maturing through 2029, secured by specific equipment .......	2	2
Equipment financing lines of credit with various institutions, bearing interest at rates ranging from 5.30% to 12.63%, maturing through 2025 ........................	4	3
Total long-term debt and lines of credit ....................................................................	3,139	3,335
Less: original issue discounts ....................................................................................	(19)	(22)
Less: debt issuance costs ...........................................................................................	(38)	(41)
	3,082	3,272
Less: current maturities .............................................................................................	(5)	(4)
Long-term debt and lines of credit, net of current portion, original issue discounts, and debt issuance costs ..........................................................................................	$3,077	$3,268

ABL Credit Facility

During 2021, the Company entered into an asset-based lending facility (the “ABL Facility”). On November 26,

2025, the Company refinanced existing borrowings under the ABL Facility by entering into a new senior secured

asset-based revolving credit facility (the “ABL Credit Facility”). The ABL Credit Facility has a maturity date of

November 26, 2030. The ABL Credit Facility provides available “borrowing capacity” (the maximum borrowing

permitted, assuming there is sufficient collateral as identified under the ABL Credit Facility) up to $2.75 billion.

Borrowings under the ABL Credit Facility bear interest at a rate (at the Company’s election) equal to either (i) the

Secured Overnight Financing Rate (“SOFR”) plus a spread between 112.5 to 137.5 basis points or (ii) the greatest of

(a) 0%, (b) the Federal Funds Rate in effect on such day plus 50 basis points, (c) the SOFR for a one month tenor in

effect on such day (to the extent ascertainable), plus 100 basis points, and (d) the Prime Rate plus (y) a spread

between 12.5 basis points and 37.5 basis points. In connection with the refinancing, the Company expensed $8

million of previously capitalized debt issuance costs relating to certain lenders under the ABL Facility who exited

the syndicate, and included in loss on debt extinguishment on the consolidated statements of net income.

Additionally, in connection with the refinancing, the Company capitalized $9 million of debt issuance costs.

The ABL Credit Facility contains negative covenants that permit, subject to certain defined conditions, the

Company to, among other things, (i) incur additional indebtedness or engage in certain other types of financing

transactions, (ii) allow certain liens to attach to assets, (iii) repurchase, or pay dividends, or make certain other

restricted payments on, capital stock and certain other securities, subject to applicable caps, (iv) prepay certain

indebtedness and (v) make certain acquisitions and investments. Under the ABL Credit Facility, there is one

financial covenant that will only apply in the future if excess availability under the ABL Credit Facility falls below

the greater of 10 percent of the maximum borrowing amount under the ABL Credit Facility or $175 million. As of

March 31, 2026, availability under the ABL Credit Facility exceeded this threshold and, as a result, the financial

covenant was not applicable.

As of March 31, 2026, the Company had $999 million outstanding under the ABL Credit Facility bearing

interest at the SOFR of 4.80%, included in long-term debt on the condensed consolidated balance sheets.

The ABL Credit Facility provides available “borrowing capacity” (the maximum borrowing permitted,

assuming there is sufficient collateral as identified under the ABL Facility) and “net excess availability” (the amount

of additional debt the Company could borrow based on the existing borrowing base). As of March 31, 2026, the

Company had a borrowing base, as defined in the ABL Credit Facility, of $2,280 million. After outstanding

borrowings and letters of credit, the net excess availability at March 31, 2026, as defined in the ABL Credit Facility,

was $1,276 million, of which the Company could borrow up to $1,048 million without any additional repayment

conditions.

Other

Certain note agreements between the Company and various institutions contain restrictions and financial

covenants, including maintaining an adjusted fixed charge coverage ratio of 1.15 to 1.00 and a net funded debt to

adjusted EBITDA ratio of 6.00 to 1.00. As of March 31, 2026, the Company was in compliance with those

restrictions and financial covenants.

As of March 31, 2026 the Company had $6 million of letters of credit outstanding with financial institutions

secured by line of credit availability. The letters of credit automatically renew annually unless the Company gives

notice to the financial institution to terminate the letter of credit.

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has two reportable segments: (1) Equipment Rental and Services Operations, and (2) Equipment

Sales. Equipment Rental and Services Operations are comprised of recurring activity performed at the Company's

full-service branch locations, such as equipment rentals and related services (including allocated telematics revenue

related to rental customer access to the T3 platform), and sales of parts, supplies and maintenance services to

construction contractors and others. Equipment Sales are comprised of sales by the Company of new or used

equipment made at any of the Company's branch locations and dealership sites, including equipment sales to

participants in the OWN Program. All other business activities, which include telematics SaaS subscriptions,

software applications, and related telematics devices purchased by customers for their owned fleet, as well as

building materials and hardware supplies, are included in “All Other.” The Company generates all of its revenue in

the U.S. and all long-lived assets are located in the U.S.

These segments are based upon revenue streams and how the chief operating decision maker (“CODM”) of the

Company allocates resources and assesses performance. The Company’s Chief Executive Officer is the CODM. The

CODM uses Segment Adjusted EBITDA to make resource allocation decisions and to assess the performance of

these segments. The CODM uses Segment Adjusted EBITDA to evaluate segment performance without regard to

potential distortions and to assess period-over-period growth. Excluding OWN Program payouts and equipment

operating lease expense from Equipment Rental and Services Operations Segment Adjusted EBITDA provides the

CODM with a more meaningful metric to compare operating performance to industry peers who do not source their

equipment fleet through lease arrangements. The most significant decisions made by the CODM relate to site

expansion, capital deployment, and employee hiring, among other things.

Significant expenses regularly provided to the CODM and reported in Segment Adjusted EBITDA include

segment cost of revenues and segment selling, general, and administrative expenses. Segment cost of revenues for

the Equipment Rental and Services Operations segment includes direct operating costs, excluding equipment and

vehicle operating lease expense. Segment cost of revenues for the Equipment Sales segment includes the cost of

equipment sales. Segment cost of revenues for All Other business activities includes platform expenses. Segment

Adjusted EBITDA also excludes operating expenses related to OWN Program payouts, depreciation expense on

rental equipment, and amortization expense on capitalized software. Segment selling, general and administrative

expenses exclude depreciation expense related to the Company’s property and other fixed assets, and during the first

quarter of 2026, on a prospective basis, segment selling, general and administrative expenses exclude stock-based

compensation expense, following a change in the information regularly reviewed by the CODM. There are no other

significant segment expenses.

The accounting policies of the reportable segments are consistent with those described in Note 2: Summary of

Significant Accounting Policies in the Company’s Audited Consolidated Financial Statements as of and for the year

ended December 31, 2025. Certain corporate selling, general and administrative expenses, including corporate

employee compensation, technology costs, professional service fees, and insurance expenses are deemed to be of an

operating nature and are allocated to each segment based primarily on segment employee headcount. There were no

sales or transactions between segments for any of the periods presented. The Company retains various unattributed

assets at the general corporate level, which the Company refers to as “Shared Resources” in the table below. Assets

identified as Shared Resources primarily consist of cash, investments, property and other fixed assets and property

right of use assets. All other costs and assets are directly attributable to the segments. The Company does not

compile discrete financial information for segments other than the information presented below.

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


	Three Months Ended March 31, 2026
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$760	$–	$–	$760
Equipment sales .............................................................	–	179	–	179
Telematics ......................................................................	4	–	27	31
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	19	19
Total revenues ................................................................	$764	$179	$46	$989
Significant expenses:
Segment cost of revenues .........................................	216	146	28
Segment selling, general and administrative expenses .................................................................	225	7	20
Segment Adjusted EBITDA ........................................	$323	$26	$(2)	$347


	Three Months Ended March 31, 2025
	Equipment Rental
	and Services	Equipment
	Operations	Sales	All Other	Total
Equipment rental, parts, supplies and services ...............	$553	$–	$–	$553
Equipment sales .............................................................	–	145	–	145
Telematics ......................................................................	3	–	7	10
Sales of building materials, small tools, and hardware supplies .......................................................................	–	–	8	8
Total revenues ................................................................	$556	$145	$15	$716
Significant expenses:
Segment cost of revenues .........................................	165	113	8
Segment selling, general and administrative expenses .................................................................	182	7	11
Segment Adjusted EBITDA ........................................	$209	$25	$(4)	$230

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


	Three Months Ended March 31,
	2026	2025
Segment Adjusted EBITDA .............................................................................	$347	$230
Equipment operating lease expense ..................................................................	(6)	(6)
OWN Program payouts ....................................................................................	(217)	(154)
Depreciation expense on rental equipment .......................................................	(82)	(67)
Depreciation expense on property and other fixed assets .................................	(14)	(9)
Amortization expense on capitalized software and intangible assets ...............	(8)	(4)
Stock-based compensation expense ..................................................................	(19)	–
Interest expense ................................................................................................	(70)	(63)
Other income, net .............................................................................................	8	6
Loss before benefit from income taxes .............................................................	$(61)	$(67)

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


	March 31, 2026	December 31, 2025
Segment identified assets:
Equipment Rental and Service Operations .....................................	$4,224	$3,948
Equipment Sales ..............................................................................	171	160
All Other .........................................................................................	287	274
Shared Resources ............................................................................	1,675	1,605
Total assets ......................................................................................	$6,357	$5,987

The following table presents information about cash flows from investing activities by reportable segment (In

millions):


	March 31, 2026		March 31, 2025
	Equipment		Equipment
	Rental and		Rental and
	Services	Equipment	Services	Equipment
	Operations	Sales	Operations	Sales
Cash flows from investing activities:
Purchases of rental equipment ................	$(328)	$–	$(293)	$–
Proceeds from sale of rental equipment ..	–	115	–	75

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Equipment sales from related parties	$ 989	$ 716
OWN program payouts, related parties	217	154
Other income, related parties	8	6
Equipment sales
Equipment sales from related parties	179	145
Related Party
Equipment sales from related parties		60
OWN program payouts, related parties		12
Other income, related parties	$ 3	$ 2

- Definition

Amount of revenue recognized from goods sold, services rendered, insurance premiums, or other activities that constitute an earning process. Includes, but is not limited to, investment and interest income before deduction of interest expense when recognized as a component of revenue, and sales and trading gain (loss).

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+ Details

EARNINGS PER SHARE - Schedule of Earnings Per Share, Basic and Diluted (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Basic earnings per common share:
Less: Deemed dividends on perpetual preferred stock	$ (12)	$ (12)
Diluted earnings per common share:
Less: Deemed dividends on perpetual preferred stock	(12)	(12)
Class A
Basic earnings per common share:
Allocation of net loss	(25)
Less: Deemed dividends on perpetual preferred stock	(10)
Less: Earnings allocated to participating securities	0
Net loss attributable to common shareholders	$ (35)
Weighted average common shares outstanding , Basic (in shares)	181
Basic loss per common share (in dollars per share)	$ (0.20)
Diluted earnings per common share:
Allocation of net loss	$ (25)
Less: Deemed dividends on perpetual preferred stock	(10)
Net loss attributable to common shareholders	$ (35)
Weighted average common shares outstanding - Diluted (in shares)	181
Diluted earnings (loss) per common share (in dollars per share)	$ (0.20)
Class B
Basic earnings per common share:
Allocation of net loss	$ (4)
Less: Deemed dividends on perpetual preferred stock	(2)
Less: Earnings allocated to participating securities	0
Net loss attributable to common shareholders	$ (6)
Weighted average common shares outstanding , Basic (in shares)	28
Basic loss per common share (in dollars per share)	$ (0.20)
Diluted earnings per common share:
Allocation of net loss	$ (4)
Less: Deemed dividends on perpetual preferred stock	(2)
Net loss attributable to common shareholders	$ (6)
Weighted average common shares outstanding - Diluted (in shares)	28
Diluted earnings (loss) per common share (in dollars per share)	$ (0.20)
Common Stock
Basic earnings per common share:
Allocation of net loss		(48)
Less: Deemed dividends on perpetual preferred stock		(12)
Less: Earnings allocated to participating securities		0
Net loss attributable to common shareholders		$ (60)
Weighted average common shares outstanding , Basic (in shares)		78
Basic loss per common share (in dollars per share)		$ (0.77)
Diluted earnings per common share:
Allocation of net loss		$ (48)
Less: Deemed dividends on perpetual preferred stock		(12)
Net loss attributable to common shareholders		$ (60)
Weighted average common shares outstanding - Diluted (in shares)	78	78
Diluted earnings (loss) per common share (in dollars per share)		$ (0.77)

INVENTORY (Tables)

3 Months Ended

Mar. 31, 2026

Inventory Disclosure [Abstract]

Schedule of Inventory

Inventories consist of the following (In millions):


	March 31, 2026	December 31, 2025
Equipment inventory ..............................................................................................	$130	$131
Equipment parts .....................................................................................................	212	189
Telematics hardware ..............................................................................................	47	48
Building materials, supplies, small tools, and other ..............................................	38	33
Total inventories ..................................................................................................	$427	$401

ACQUISITIONS - Carbide Tooling and Industrial Supply, Inc. (Details) - Carbide Tooling and Industrial Supply, Inc. $ in Millions	Jan. 21, 2026 USD ($)
Business Combination [Line Items]
Business combination, purchase price	$ 6
Estimated fair value of net assets acquired	5
Goodwill	$ 1
Goodwill, expected amount deductible for income tax purposes, period for deduction	15 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

COMMON STOCK AND EQUITY PLANS - Employee Stock Purchase Plan (Details) - Employee Stock - shares		3 Months Ended
	Jan. 26, 2026	Mar. 31, 2026
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Options authorized (in shares)	2,316,263
ESPP, incremental increase period for ESPP shares available	10 years
Number of additional shares allowable under the plan (in shares)	12,000,000
Shares granted (in shares)		0
Class A and B Common Stock
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Percent of outstanding shares	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

FAIR VALUE MEASUREMENTS AND OTHER - Schedule of fair value measurements (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	$ 64	$ 62
Total	145	140
Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	6	5
Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	33	32
Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	4	5
Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	10	9
U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	27	26
Real estate investment trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	1	1
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	64	62
Total	131	127
Level 1 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	6	5
Level 1 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	31	30
Level 1 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	4	5
Level 1 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 1 \| U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	26	25
Level 1 \| Real estate investment trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	14	13
Level 2 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 2 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	2	2
Level 2 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 2 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	10	9
Level 2 \| U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	1	1
Level 2 \| Real estate investment trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	1	1
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents	0	0
Total	0	0
Level 3 \| Mutual funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Equity securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Common Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Corporate bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| U.S. government bonds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	0	0
Level 3 \| Real estate investment trust
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments:	$ 0	$ 0

REVENUE RECOGNITION

3 Months Ended

Mar. 31, 2026

Revenue from Contract with Customer [Abstract]

REVENUE RECOGNITION

The Company recognizes revenue in accordance with two accounting standards: (1) Topic 842, which addresses

lease accounting, and (2) Topic 606, which addresses revenue from contracts with customers.

The following table disaggregates the Company’s revenue based on type and the applicable accounting standard

(In millions):


	Three Months Ended March 31,
	2026			2025
	Topic 842	Topic 606	Total	Topic 842	Topic 606	Total
Equipment rental revenue .............................................	$607	$–	$607	$439	$–	$439
Ancillary and other rental revenue:
Delivery and pick-up ...............................................	23	21	44	16	16	32
Other equipment rental ...........................................	27	5	32	20	4	24
Total equipment rental and related services ..................	657	26	683	475	20	495
Equipment sales (new and used)(1) ................................	–	179	179	–	145	145
Equipment parts, supplies, and services:
Equipment parts and supplies sales .........................	–	31	31	–	20	20
Services ...................................................................	–	46	46	–	38	38
Total equipment parts, supplies, and services ...............	–	77	77	–	58	58
Platform revenue:
Telematics ...............................................................	–	31	31	–	10	10
Other .......................................................................	–	19	19	–	8	8
Total revenues ...............................................................	$657	$332	$989	$475	$241	$716

__________________

(1)For the three months ended March 31, 2026 and 2025, equipment sales to OWN Program participants were $102 million and $95 million,

respectively. For the three months ended March 31, 2026 and 2025, equipment sales to contractors and other end users were $77 million and

$50 million, respectively.

The Company's Equipment Rental and Services Operations segment revenue (see Note 18) is comprised of

equipment rental and related services and equipment parts, supplies, and services revenue presented in the table

above.

The disaggregation of the Company's revenue from contracts to customers as reflected above, coupled with the

reportable segment disclosures (see Note 18), depicts how the nature, amount, timing and uncertainty of the

Company's revenue and cash flows are affected by economic factors.

Equipment rental sublease income was $351 million and $245 million for the three months ended March 31,

2026 and 2025, respectively.

Revenue for lease arrangements with customers (Topic 842)

Equipment rental revenue: The Company is in the business of renting equipment that is owned by the Company

or rented from vendors, contractors, and others and then re-rented to the Company’s third-party customers. Such

arrangements are accounted for as operating leases with the Company as a lessor and governed by the standard

rental contract.

As a lessor of rental equipment to customers, revenue is recognized in the period earned on a straight-line basis

over the contract term, regardless of timing of billing to customers. A rental contract term can be daily, weekly, or

monthly (28 days), and is billed when the monthly rental charge is achieved, or at the completion of the rental

contract, whichever is sooner. From time to time, the Company provides an option for the lessee to purchase the

rented equipment at the end of the lease, however, the Company does not generate material revenue from sales of

equipment under such rental purchase option arrangements.

Equipment rental revenue includes revenue generated by the Company, as a sublessor, from equipment that is

owned by others who are participants in the Company’s OWN Program. Under the OWN Program, the owner’s

equipment is fully enabled with the Company’s T3 telematics and placed on the Company’s platform to be rented.

Rental revenue generated while the equipment is rented to the Company’s customers is shared between the

Company and the owner of the equipment. The Company may also provide other services under the OWN Program,

such as maintenance, insurance, and remarketing services. Rental revenue generated from the OWN Program is

divided between the Company and the owner of the equipment, and for the duration of the arrangement the

Company manages the owner’s equipment utilizing the T3 operating system.

Ancillary and other equipment rental revenues: Delivery fees charged are variable, based on the type of

equipment being delivered, the requested delivery time, the distance of the delivery and other relevant

considerations. Delivery occurs before the rental period begins and, therefore, delivery fees charged are recognized

over the monthly rental period.

Other equipment rental revenue is primarily comprised of (i) revenue generated from customers who purchase

rental insurance coverage to protect against potential damages or loss to the equipment rented and (ii) environmental

fees assessed on the rental asset. Rental insurance coverage revenue is recognized as revenue in the period earned on

a straight-line basis over the contract term, regardless of timing of billing to customers. Environmental fee revenue

is recognized in the period earned on a straight-line basis over the contract term.

Revenues from contracts with customers (Topic 606)

Pick-up services: Pick-up services are at the customer’s option after the lease has terminated, and control of the

asset no longer resides with the lessee. Accordingly, the Company recognizes revenue from pick-up services at the

point in time when the pick-up service has been provided, regardless of timing of billing to customers.

Fuel recovery fees: Similar to pick-up services, fuel recovery charges are at the customer’s option after the lease

has terminated, and control of the asset no longer resides with the lessee. Accordingly, fuel recovery fees, which are

included in other equipment rental, are recognized at the point in time when the customer elects the service and the

service has been provided by the Company.

Equipment sales (new and used) and equipment parts and supplies sales: The Company recognizes revenue on

sales of new equipment and used equipment, as well as revenue on sales of parts and supplies, at the point in time

when it has a contract in place and satisfies the performance obligation by transferring control of the product or

service to a customer. The amount of revenue recognized reflects the consideration the Company expects to be

entitled to in exchange for such products or services. The Company recognizes revenue on sales of new equipment,

used equipment, and parts and supplies when control has transferred to the customer, which is typically when the

asset is picked up, delivered to the customer, or when significant risks and rewards of ownership have passed to the

customer. In certain cases, the Company acts as the agent for the sale of new equipment, resulting in the new

equipment sales revenue being presented net of new equipment cost of revenues in the equipment sales revenue on

the accompanying condensed consolidated statements of operations. Otherwise, the Company presents new and used

equipment sales on a gross basis within equipment sales revenue and the related equipment sales cost of revenues on

the accompanying condensed consolidated statements of operations. As described above, the Company sells

equipment assets to other parties and may allow the purchaser of the equipment to place the equipment asset in the

OWN Program to be rented to the Company’s customers. Sales and other tax amounts collected from customers and

remitted to government authorities are accounted for on a net basis and excluded from revenue.

Service revenue: Service revenue is primarily comprised of (i) warranty services and (ii) maintenance services

and other miscellaneous services. Warranty services revenue represents compensation for the service work the

Company has performed on behalf of the OEM in order to fulfill the warranty extended by the OEM to the

customer. Warranty revenue and the related receivable are short-term in nature and revenue is recognized at the

point in time when the repair service has been provided by the Company. The Company acts as the principal in these

transactions and, therefore, warranty revenue earned and warranty expense incurred are presented on a gross basis

within revenues and cost of revenues in the accompanying condensed consolidated statements of operations.

Maintenance services and other miscellaneous services revenue represents compensation for maintenance work the

Company has performed for customers and is recognized at the point in time when the services are performed, or

under certain OWN Program arrangements, the Company has a stand-ready performance obligation to provide

maintenance services and revenue is recognized over the contract service period.

Telematics revenue: Telematics revenue includes (i) the sale of subscriptions to the Company’s telematics

services, which are recognized on a straight-line basis over the period corresponding to the telematics subscriptions

that are sold separately to customers; (ii) as an allocation of the transaction consideration from equipment rentals for

the non-lease component of the rental arrangements, which is recognized on a straight-line basis over time based on

the monthly period for equipment rentals; or (iii) the sale of custom electronic components, including telematics

tracker devices and cloud-based access control keypads.

Other: Other platform revenue includes sales of building materials and hardware supplies, which are recognized

at a point in time when the products are purchased and picked up by the customer from one of the Company’s store

locations.

Contract assets and liabilities

The Company does not have material contract assets or material contract liabilities associated with contracts

with customers. The Company’s contracts with customers do not result in material amounts billed to customers in

excess of recognizable revenue. The Company did not recognize material revenues during the three months ended

March 31, 2026 or 2025 that were contract liabilities at the beginning of such periods.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-7

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-10

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-15

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-12

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-13

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org/606/tableOfContent

+ Details