Overview
- Q4 revenue reached $528 million with adjusted EBITDA of $121 million, and full-year revenue totaled $1.944 billion with adjusted EBITDA of $384 million.
- Rental momentum led the results with utilization just under 84% in Q4 and average OEC on rent up about 14%, with early 2026 utilization tracking near 82%.
- 2026 guidance calls for $2.005–$2.12 billion in revenue and $410–$435 million in adjusted EBITDA, more than $50 million in levered free cash flow, lower net rental investment of $150–$170 million, and net leverage meaningfully below 4x by year-end.
- Equipment sales lagged due to pulled-forward spending and delivery timing, yet the TES backlog stood at roughly $370 million entering 2026.
- The fleet’s average age was reduced to 2.9 years, inventory fell by over $100 million in Q4, reporting will shift to SER and STEM in Q1 2026, a new HyAV partnership broadens the portfolio, and the 2027 EPA mandate is being monitored with no material order impact yet.