EquipmentShare Increases Rental and Service Operations Revenue 35.4 Percent in Fourth Quarter of 2025
EquipmentShare posted rental and service operations revenue of $772 million in the fourth quarter of 2025, compared to $570 in the fourth quarter of 2024, a 35.4-percent equipment rental and service operations increase. Total revenue increased from $1,553 million in Q424 to $1,572 million in the fourth quarter of 2025, a 1.2-percent uptick. Equipment sales dropped from $968 million in the fourth quarter of 2024, to $751 million in last year’s fourth, a 21.7-percent decrease.
For the full year of 2025 equipment rental and services operations totaled $2,724 million, compared to $2,035 million in the previous year, a 33.9-percent increase. Equipment sales declined from $1,676 million to $1,541 million, a 8.1-percent decrease.
Equipment rental and related activities totaled $694 million for the fourth quarter compared to $523 million in the fourth quarter of 2024, a 32.7-percent leap. For the full year, equipment rental and related activities totaled $2,437 million compared to $1,867 million in 2024, a 30.5-percent jump.
Total revenue increased in 2025 to $4,379 million, compared to $3,764 million in 2024, a 16.3-percent jump.
It was the first time EquipmentShare reported quarterly and annual income since going public earlier this year.
“We delivered strong results in 2025, with Rental Segment revenue growing 34 percent to $2.7 billion,” said Jabbok Schlacks, co-founder and CEO of EquipmentShare. “I am proud of how our team executed through the IPO process while continuing to scale the business, opening 95 new sites and ending the year with 385 operational locations. Looking to 2026, we see a supportive industry backdrop as infrastructure, data center, manufacturing, and energy projects continue to drive larger and more complex jobsites. We believe our position as a fully integrated jobsite solutions provider, enabled by T3 and supported by the capital-efficient scaling of the OWN Program, positions us to continue gaining share through disciplined growth.”
“2025 was a milestone year for EquipmentShare, as we continued to deliver strong growth and scale T3,” said Willy Schlacks, co-founder and president of EquipmentShare. “For more than a decade, we have been building T3 to connect the jobsite from sensor to server and create a more unified operating environment for construction. That connected platform, combined with the physical distribution business we have built, has given us a differentiated dataset across equipment, utilization, diagnostics, and service workflows. Capabilities enabled by AI are now accelerating that advantage across product development, how we run the business, and the tools we provide customers to improve uptime, visibility, and efficiency.”
Adding branches
The company opened a total of 95 operational locations for the year, including 85 full-service rental locations, nine building material locations, and one dealership location. EquipmentShare opened 14 operational locations during the fourth quarter, including 12 full-service rental locations and two building material locations.
In conjunction with the opening of these new sites, the company incurred $252 million of new market startup costs for the year. EquipmentShare estimates more than 75 percent of first-year revenue in newly opened rental locations came from existing customers already renting from EquipmentShare in other markets, reflecting the durability of customer relationships and the repeatability of the company’s expansion model.
The company’s OEC under management grew to $8,780 million throughout the year comprising $3,740 million of EquipmentShare owned fleet, $4,942 million of OWN Program fleet, and $98 million of equipment on operating leases. The appraised value of the OWN Program fleet was $4,069 million as of December 31, 2025.
Net rental equipment Capex for the year was $620 million after gross purchases of rental equipment of $1,780 million, up from $263 million after gross purchases of rental equipment of $1,586 million in 2024. As of December 31, 2025, total available liquidity was $1,345 million, which included availability on the asset-based revolving credit facility of $1,039 million and cash and cash equivalents of $306 million.
EquipmentShare, based in Columbia, Mo., is No. 4 on the RER 100.
About the Author
Michael Roth
Editor
Michael Roth has covered the equipment rental industry full time for RER since 1989 and has served as the magazine’s editor in chief since 1994. He has nearly 30 years experience as a professional journalist. Roth has visited hundreds of rental centers and industry manufacturers, written hundreds of feature stories for RER and thousands of news stories for the magazine and its electronic newsletter RER Reports. Roth has interviewed leading executives for most of the industry’s largest rental companies and manufacturers as well as hundreds of smaller independent companies. He has visited with and reported on rental companies and manufacturers in Europe, Central America and Asia as well as Mexico, Canada and the United States. Roth was co-founder of RER Reports, the industry’s first weekly newsletter, which began as a fax newsletter in 1996, and later became an online newsletter. Roth has spoken at conventions sponsored by the American Rental Association, Associated Equipment Distributors, California Rental Association and other industry events and has spoken before industry groups in several countries. He lives and works in Los Angeles when he’s not traveling to cover industry events.