EquipmentShare.com Inc

Listed Company

EQPTCIK 0001693736NasdaqNon-AcceleratedServices-Equipment Rental & Leasing, NecTexasFY ends Dec 31

Period

FY 2025

Revenue

$4.38B

Net Income

$40.00M

Total Assets

$5.99B

Equity

$528.00M

Shares Out

79.00M

Op. Cash Flow

$264.00M

Business

EquipmentShare.com Inc is a publicly listed company in Equipment Rental & Leasing, incorporated in Texas. Common stock trades on Nasdaq under the ticker EQPT.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Total revenues	4,379	3,764	2,557
Direct operating costs	799	663	546
OWN Program payouts ($40, $74, and $56, respectively, to related parties)	714	420	209
Equipment sales	1,237	1,400	728
Platform expense	68	30	29
Depreciation and amortization	322	305	286
Total cost of revenues	3,140	2,818	1,798
Gross profit	1,239	946	759
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES	942	728	509
Operating income	297	218	250
Gain on sale of properties and other assets	1	20	10
Loss on debt extinguishment	−8	0	−30
Interest expense	−285	−261	−213
Other income, net ($9 and $6 from related parties in 2025 and 2024, respectively)	49	29	4
Total other expense, net	−243	−212	−229
INCOME BEFORE INCOME TAXES	54	6	21
Provision for income taxes	14	3	4
Net income	40	3	17
Less: Deemed dividends on perpetual preferred stock	−37	−40	−32
Net income (loss) attributable to common shareholders	3	−37	−15
Weighted-average number of common shares outstanding, basic (in shares)	78	77	75
Weighted-average number of common shares outstanding, diluted (in shares)	226	77	75
Net loss per common share, basic (in dollars per share)	0.01	−0.48	−0.2
Net loss per common share, diluted (in dollars per share)	0.01	−0.48	−0.2

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash and cash equivalents	306	407	—	—
Accounts receivable, net ($20 and $36, respectively, due from related parties)	748	563	—	—
Inventories	401	331	—	—
Prepaid costs	169	42	—	—
Other current assets	106	64	—	—
Total current assets	1,730	1,407	—	—
Rental equipment, net	2,834	2,335	—	—
Property and other fixed assets, net	504	339	—	—
Capitalized software, net	110	92	—	—
Right of use assets, operating	676	569	—	—
Investments in non-consolidated affiliates	59	54	44	48
Intangible assets, net	31	3	—	—
Other assets	43	17	—	—
Total assets	5,987	4,816	—	—
Accounts payable ($0.3 and $1, respectively, due to related parties)	95	91	—	—
Accrued liabilities ($4 due to related parties in 2024)	609	344	—	—
Manufacturer flooring plans payable	74	108	—	—
Current portion of long-term debt	4	19	—	—
Current portion of operating lease liabilities	69	59	—	—
Current portion of finance lease liabilities	19	17	—	—
Current portion of financing obligations	10	20	—	—
Total current liabilities	880	658	—	—
Long-term debt, net of current portion, original issue discounts, and debt issuance costs	3,268	2,528	—	—
Operating lease liabilities, net of current portion ($5 and $25, respectively, due to related parties)	655	555	—	—
Finance lease liabilities, net of current portion ($28 and $29, respectively, due to related parties)	169	71	—	—
Financing obligations, net of current portion	83	99	—	—
Deferred tax liabilities, net	43	31	—	—
Other liabilities	1	1	—	—
Total liabilities	5,099	3,943	—	—
Perpetual preferred stock, net - $0.00000125 par value, 15 shares authorized, 14 and 14 shares issued and outstanding at December 31, 2025 and 2024, respectively	360	324	284	151
Common stock - $0.00000125 par value, 273 shares authorized, 79 and 78 shares issued and outstanding at December 31, 2025 and 2024, respectively	0	0	—	—
Convertible preferred stock, net - $0.00000125 par value, 149 shares authorized, 142 and 142 shares issued and outstanding at December 31, 2025 and 2024, respectively	430	430	—	—
Treasury stock, at cost, 5 and 5 shares at December 31, 2025 and 2024, respectively	−7	−7	—	—
Additional paid-in-capital	105	114	—	—
Retained earnings	0	8	—	—
Accumulated other comprehensive income	0	4	—	—
Total equity	528	549	588	556
Total liabilities, perpetual preferred stock, and equity	5,987	4,816	—	—

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31
Depreciation and amortization expense	365	332	295
Gain on sale of properties and other assets	−1	−20	−10
Amortization of debt issuance costs and original issue discounts	21	20	14
Allowance for credit losses and doubtful accounts	28	24	10
Change in operating lease cost	115	153	151
Stock-based compensation expense	4	4	3
Deferred taxes	12	0	4
Other	−18	−1	1
Accounts receivable	−206	−135	−84
Inventories	−50	−92	−114
Prepaid costs and other assets	−146	−37	−2
Accounts payable and manufacturer flooring plans payable	−58	37	70
Accrued liabilities	266	125	38
Operating lease liabilities	−116	−131	−143
Other liabilities	0	0	−1
Net cash provided by operating activities	264	282	279
Purchases of rental equipment ($27 and $133 from related parties in 2025 and 2024, respectively)	−1,780	−1,586	−1,098
Proceeds from sale of rental equipment ($55, $202, and $62, respectively, from related parties)	1,160	1,323	647
Purchases of and deposits on property and other fixed assets	−248	−195	−186
Proceeds from sale of property and other fixed assets	2	102	58
Investments in internally developed software	−39	−38	−25
Purchases of investments in equity and debt securities	−46	−26	−37
Proceeds from sale of investments in equity and debt securities	19	10	27
Acquisition of businesses, net of cash acquired	−48	−6	0
Net cash outflow from deconsolidation of subsidiary	0	−3	0
Net cash used in investing activities	−980	−419	−614
Payments on long-term debt and finance leases	−1,679	−2,195	−1,338
Proceeds from long-term debt, net	2,357	2,436	1,595
Payments on deferred financing costs	−3	−6	−6
Payments on financing obligations	−19	−67	−24
Proceeds on financing obligations	1	68	55
Proceeds from issuance of perpetual preferred stock, net	0	0	103
Proceeds from issuance of convertible preferred stock, net	0	0	2
Proceeds from issuance of common stock	0	0	44
Dividends paid on perpetual preferred stock	−37	−9	−5
Exercise of stock options	2	3	2
Lease termination and debt redemption prepayment fees	0	−2	−20
Other	−7	0	0
Net cash provided by financing activities	615	228	408
Net (decrease) increase in cash and cash equivalents	−101	91	73
Cash paid for interest	272	230	200
Cash paid for taxes	6	2	1
Purchase of rental equipment with long-term debt	0	6	17
Purchase of rental equipment remaining in accounts payable	14	4	12
Purchase of property and other fixed assets remaining in accounts payable	5	9	17
Equity issued in exchange for acquisition of business and other assets	10	0	0

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