H&E Equipment Services, Inc.

he-equipment.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2025 10-Q, filed Apr 29, 2025. Its latest SEC filing is a SCHEDULE 13G/A from Aug 13, 2026.

The sections below describe the company as of the FY2024 annual report.

What Did They Do?

Rents construction equipment to contractors, industrial and commercial companies, and public utilities, and sells used equipment, parts and repair services.

How Did They Make Money?

Customers rent construction equipment at daily, weekly or monthly rates, with charges accruing each day the rental remains active. Equipment sales are completed at delivery or pickup; parts sales and repair work are completed at pickup or when the service is finished.

revenue

Segment	Share	How money arrives
Equipment Rentals Recurring	83% FY2021: 69%	Recurring
Sales Of New Equipment Sold outright	3.7% FY2021: 8.7%	Sold outright
Sales Of Rental Equipment Sold outright	9.2% FY2021: 13%	Sold outright
Parts, Service and Other Sold outright	4.5% FY2021: 9.9%	Sold outright

Who Were Their Customers?

H&E's salespeople regularly visit job sites to assess customers' equipment needs; branches serve local and regional accounts, while its infrastructure supports multi-regional and national accounts.

Did Revenues Turn Into Profits?

Yes. It kept 8 cents of every revenue dollar as net income in FY2024 and turned 26 cents into free cash flow.

Operating income, FY2024

15% of revenue

▼ −17% vs FY2023 ($276.7M, 19%)

Net income, FY2024

8% of revenue

▼ −27% vs FY2023 ($169.3M, 12%)

Free cash flow, FY2024

26% of revenue

▲ +21% vs FY2023 ($321.6M, 22%)

How Were They Changing?

Since the FY2024 annual report

Latest quarter: Q1 FY2025, the three months to Mar 31, 2025

Revenue: ▼ −14%; vs $371.4M in Q1 FY2024
Net income: ▼ Now a loss; vs $25.9M in Q1 FY2024

Equipment Rentals share of revenue vs 79.5% in Q1 FY2024

Jun 2, 2025 Herc completed its acquisition of H&E H&E became a wholly owned Herc subsidiary in a cash-and-stock transaction.

Grew. Revenue grew 51% in 4 years, from $1B in FY2020 to $1.5B in FY2024, about 11% a year.

From integrated services to rentals H&E shifted from combining equipment rentals with equipment distribution and related sales to operating as a pure-play rental company, while retaining used-equipment sales, parts and service support.

Revenue over time

Equipment Rentals Sales Of New Equipment Sales Of Rental Equipment Parts, Service and Other New Equipment Sales Services Revenues Used Equipment Sales Other Parts Sales

$2B$1B$0

FY2020 FY2021 FY2022 FY2023 FY2024

Who Did They Compete With?

Competes with United Rentals, Sunbelt Rentals, and Herc Rentals

Comments