EquipmentShare's IPO: Can They Compete with the Rental Giants?

Equipment rental company EquipmentShare has officially filed for an initial public offering on the NASDAQ, revealing new details about its finances and enabling first-time comparisons with its industry rivals.

The filing, dated December 9, offers a detailed overview of the company's performance over the last several years and a pitch for its plans for expansion in the construction market. The number of available shares and their set price have not yet been determined.

A statement within the filing from EquipmentShare Co-Founders Jabbok and Willy Schlacks illustrates how the capital raised from the IPO will fuel growth:

“We see a clear path to expand our footprint to 700 rental locations, broaden our adoption of our technology and jobsite solutions, and position EquipmentShare to capture opportunity from $7 trillion of U.S. projects in the pipeline today.”

Once the IPO begins, which will see EquipmentShare listed under the ticker "EQPT", the company will join the ranks of fellow equipment rental powerhouses United Rentals, Herc Rentals, and Sunbelt Rentals in going public.

The full IPO filing, coming in at over 200 pages, can be found here.

Steady Revenue Growth

A major selling point for the IPO is EquipmentShare's revenue growth. Since opening its first location in 2015, the company has reported consistent year-over-year revenue growth, culminating in a 47% increase to $3.8 billion for EquipmentShare's 2024 fiscal year.

A notable portion of that $3.8 billion in 2024 total revenue came from equipment sales, which rose 91% year-over-year to $1.7 billion. At the same time, equipment rental revenue rose 24% to $1.9 billion that year.

For the first nine months of its 2025 fiscal year, EquipmentShare reported $2.8 billion in total revenue, up 27% from the same period last year.

EquipmentShare's gross profit has risen from $542.9 million in 2022 to $945.6 million in 2024. Net income, however, has fallen in the same period from $49.6 million to $2.4 million, alongside a growing negative impact from interest expense.

Thus far in 2025, EquipmentShare has reported a $25.2 million loss of net income, below the $47.2 million loss it was reporting at the same time last year.

Sizing Up the Competition

Here’s a look at how EquipmentShare’s now-public finances and business operations compare to its competitors.

Note: the following analysis will account for Sunbelt Rentals'/Ashtead Group's unique financial calendar that concludes its fiscal year on April 30 instead of December 31.

Figures reported for United Rentals include the small portion of its business done outside North America.

2024 Total Revenue 

1. United Rentals*: $15.4 billion (+7.1%)
2. Sunbelt Rentals*: $10.8 billion (–0.6%)
3. EquipmentShare: $3.8 billion (+47.2%)
4. Herc Rentals: $3.6 billion (+8.7%)

*includes revenue from outside North America and specialty rental revenue outside the equipment industry

2024 Equipment Rental Revenue

1. United Rentals: $9 billion (+1.6%)
2. Sunbelt Rentals*: $4.9 billion (+1.1%)
3. Herc Rentals: $3.2 billion (+11.1%)
4. EquipmentShare: $1.9 billion (+23.5%)

*North American equipment rental only

Number of North American Locations

1. United Rentals: 1,639 (as of December 18, 2025)
2. Sunbelt Rentals*: 781 (as of July 24, 2025)
3. Herc Rentals: 612 (as of September 30, 2025)
4. EquipmentShare: 373 (as of September 30, 2025)

*Equipment rental locations only

Number of Employees (approximate)

1. United Rentals: 27,900 (as of December 18, 2025)
2. Sunbelt Rentals: 12,695 (as of July 24, 2025)
3. Herc Rentals: 9,900 (as of September 30, 2025)
4. EquipmentShare: 7,768 (as of September 30, 2025)

Fleet Original Equipment Cost (OEC)

• United Rentals: $22.8 billion (as of September 30, 2025)
• Sunbelt Rentals (reported as North America "fleet size"): $12.5 billion (as of July 24, 2025)
• EquipmentShare: $8.1 billion (as of September 30, 2025)
• Herc Rentals: $7 billion (as of December 31, 2024)