EquipmentShare.com Inc (EQPT) is a construction equipment rental company that rents, sells, and manages heavy and aerial equipment for commercial, industrial, and infrastructure construction customers across the United States. Revenue comes primarily from time-based equipment rentals and related services, which accounted for 56% of total revenue ($2,437 million) for the year ended December 31, 2025, up from 50% ($1,867 million) in FY2024. Equipment sales contributed 35% of revenue in FY2025. A secondary revenue stream comes from telematics SaaS subscriptions, software applications, custom electronic components, and building materials, grouped under an "All Other" segment. EquipmentShare operates 352 full-service equipment rental branch locations as of December 31, 2025, up from 267 at year-end 2024, with a fleet of 252,252 units and an original equipment cost (OEC) under management of $8.8 billion. The company competes against national and regional rental operators, independent local providers, equipment dealerships, and telematics software vendors in a U.S. market with more than 9,640 rental providers as of 2024.

Revenue model

Equipment rental and related services (56% of FY2025 revenue, $2,437 million) on a time-based transactional model. Equipment sales of new and used equipment (35% of FY2025 revenue) through retail, wholesale, brokered, and auction channels. A smaller "All Other" segment covers telematics SaaS subscriptions, custom electronic components, and building materials and hardware supplies.

Products and services

Equipment rental fleet of 252,252 units (as of December 31, 2025) with OEC of $8.8 billion, including telehandlers, excavators, compact track loaders, boom lifts, dozers, scissor lifts, and generators. New and used equipment sales. T3 proprietary technology platform integrating embedded hardware, cloud software, and data analytics for fleet and jobsite management. Telematics SaaS subscriptions. Custom electronic components including telematics devices and cloud-based access control keypads. Building materials and hardware supplies.

Customers and end markets

Construction contractors and project operators in commercial, industrial, and infrastructure construction end markets across the United States. Demand is tied to U.S. construction activity levels. Business is seasonal, with lower utilization from December through late spring and peak activity in Q3 and early Q4.

Value-chain role

Asset-heavy equipment rental intermediary sitting between OEM equipment manufacturers and construction end-users. Owns, leases from OWN Program participants, and operates equipment under financial institution leases. Provides fleet logistics, maintenance, service delivery, and proprietary technology to manage customer jobsite workflows.

Geographic exposure

United States, with geographic concentration in more southern regions. Expanding northward, which has gradually increased seasonal volatility. Branch count grew from 267 locations (December 31, 2024) to 352 locations (December 31, 2025).

Competitors

National equipment rental operators, Regional equipment rental operators, Independently owned local rental providers, Equipment dealerships offering rentals, Telematics and construction asset tracking software vendors

Source: SEC 10-K, filed 2026-03-19

Industry: Services-Equipment Rental & Leasing, NEC