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Rental & leasing services · Industrials · Fiscal year ends Dec 31
EquipmentShare.com reported revenue of $2B in the fiscal year ended Dec 2025, up 3.2% from the year before. Operating income was $297M, an operating margin of 14.6%, and net income was $40M. Net debt was $3B.
Ranks among the 13 rental & leasing services companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue | 1,110 | 1,977 | 2,040 |
| Cost of revenue | 1,798 | 2,818 | 3,140 |
| Gross profit | 759 | 946 | 1,239 |
| Selling, general & admin | 509 | 728 | 942 |
| Operating income | 250 | 218 | 297 |
| Interest expense | 213 | 261 | 285 |
| Pre-tax income | 21.0 | 6.0 | 54.0 |
| Income tax | 4.0 | 3.0 | 14.0 |
| Net income | 17.0 | 3.0 | 40.0 |
| Diluted EPS | −0.20 | −0.48 | 0.01 |
| Diluted shares | 75.0 | 77.0 | 226 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Cash & equivalents | 316 | 407 | 306 |
| Receivables | – | 563 | 748 |
| Inventory | – | 331 | 401 |
| Current assets | – | 1,407 | 1,730 |
| Net PP&E | – | 339 | 504 |
| Total assets | – | 4,816 | 5,987 |
| Payables | – | 91.0 | 95.0 |
| Deferred revenue | – | 20.0 | 30.0 |
| Current liabilities | – | 658 | 880 |
| Short-term debt | – | 19.0 | 4.0 |
| Long-term debt | – | 2,528 | 3,268 |
| Total liabilities | – | 3,943 | 5,099 |
| Shareholders' equity | 588 | 549 | 528 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Operating cash flow | 279 | 282 | 264 |
| Depreciation & amortisation | 295 | 332 | 365 |
| Stock-based compensation | 3.0 | 4.0 | 4.0 |
| Acquisitions | 0.0 | 6.0 | 48.0 |
| Dividends paid | 5.0 | 9.0 | 37.0 |
| Fiscal year | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|
| Revenue growth (YoY) | – | 78.1% | 3.2% |
| Operating income growth (YoY) | – | −12.8% | 36.2% |
| Gross margin | 68.4% | 47.9% | 60.7% |
| Operating margin | 22.5% | 11.0% | 14.6% |
| Net margin | 1.5% | 0.2% | 2.0% |
| Return on equityBlank when equity is negative | 2.9% | 0.5% | 7.6% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 5.2% | 5.8% |
| Cash conversion (CFO ÷ net income) | 16.4x | 94.0x | 6.60x |
| Receivable days | – | 104 | 134 |
| Inventory days | – | 43 | 47 |
| Payable days | – | 12 | 11 |
| Interest cover | 1.17x | 0.84x | 1.04x |
| Debt ÷ equity | – | 4.64x | 6.20x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 2,140 | 2,966 |
| Current ratio | – | 2.14x | 1.97x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.