MCGRATH RENTCORP
For the period ended Sep 30, 2025. Filed Oct 23, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 23, 2025
MGRC$125.02-1.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-06-30; filed 2025-07-24.
0000950170-25-098322
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-09-30; filed 2025-10-23.
0001193125-25-248724
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 151 previous paragraphs and 148 current paragraphs.
66 unchanged; 60 reworded; 22 added; 25 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 8 previous and 8 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (22)
Current report
Consolidated revenues for the three months ended September 30, 2025, decreased 4% to $256.4 million, from $266.8 million for the same period in 2024. Consolidated net income for the three months ended September 30, 2025, decreased 72% to $42.3 million, from $149.3 million for the same period in 2024. Earnings per diluted share for the three months ended September 30, 2025, decreased by $4.36 to $1.72, compared to $6.08 for the same period in 2024. The decrease in consolidated net income and earnings per diluted share during the period was primarily attributed to the terminated Merger Agreement in 2024 which provided a $180.0 million gain on merger termination, partly offset by $39.4 million in transaction costs, net of provision for income taxes. Excluding the gain and transaction costs attributed to the merger termination in the current year, the Company's consolidated net income decreased by approximately $3.6 million, or 8%, to $42.3 million, and diluted earnings per share decreased $0.15, or 8%, to $1.72.
Current report
Adjusted EBITDA decreased $7.5 million, or 7%, to $96.5 million in 2025.
Current report
Mobile Modular’s gross profit for the three months ended September 30, 2025, decreased $6.7 million, or 7%, to $83.1 million. For the three months ended September 30, 2025, compared to the same period in 2024:
Current report
Gross Profit on Rental Revenues– Rental revenues increased $1.7 million, or 2%, due to 1% higher average rental equipment on rent and 1% higher average monthly rental rates in 2025. As a percentage of rental revenues, depreciation was 13% in 2025 and 12% in 2024, and other direct costs were 29% and 25% in 2025 and 2024, respectively, which resulted in gross margin percentages of 58% in 2025, compared to 62% in 2024. The increase in other direct costs was primarily due to higher labor and material costs incurred during 2025 to prepare equipment to meet customer rental demand. The higher rental revenues, offset by lower rental margins, resulted in gross profit on rental revenues decreasing $2.7 million, or 5%, to $48.2 million in 2025.
Current report
For the three months ended September 30, 2025, selling and administrative expenses increased $1.4 million, or 4%, to $35.4 million, primarily due to $1.2 million higher allocated corporate expenses when compared to 2024.
Current report
Portable Storage’s gross profit for the three months ended September 30, 2025, decreased $0.7 million, or 5%, to $14.8 million. For the three months ended September 30, 2025, compared to the same period in 2024:
Current report
For the three months ended September 30, 2025, Portable Storage’s selling and administrative expenses increased $1.1 million, or 17%, to $7.9 million, primarily due to a $0.5 million increase in employee salaries and benefits and $0.3 million higher allocated corporate expenses when compared to 2024.
Current report
TRS-RenTelco’s gross profit for the three months ended September 30, 2025 increased $2.8 million, or 20%, to $16.9 million. For the three months ended September 30, 2025 compared to the same period in 2024:
Current report
Nine Months Ended September 30, 2025 Compared to
Current report
Nine Months Ended September 30, 2024
Current report
Selling and administrative expenses increased $8.2 million to $157.0 million, primarily due to $3.8 million higher employees' salaries and benefit costs and $2.6 million higher marketing and administrative expenses.
Current report
Adjusted EBITDA decreased $2.2 million, or 1%, to $257.6 million in 2025.
Current report
Mobile Modular – Nine Months Ended 9/30/25 compared to Nine Months Ended 9/30/24 (Unaudited)
Current report
Mobile Modular’s gross profit for the nine months ended September 30, 2025, decreased $1.1 million, or 1%, to $221.8 million. For the nine months ended September 30, 2025, compared to the same period in 2024:
Current report
Portable Storage – Nine Months Ended 9/30/25 compared to Nine Months Ended 9/30/24 (Unaudited)
Current report
Portable Storage’s gross profit for the nine months ended September 30, 2025, decreased $5.2 million, or 11%, to $43.8 million. For the nine months ended September 30, 2025, compared to the same period in 2024:
Current report
TRS-RenTelco – Nine Months Ended 9/30/25 compared to Nine Months Ended 9/30/24 (Unaudited)
Current report
TRS-RenTelco’s gross profit for the nine months ended September 30, 2025 increased $7.2 million, or 17%, to $48.1 million. For the nine months ended September 30, 2025 compared to the same period in 2024:
Current report
Cash Flows from Financing Activities: Net cash used in financing activities was $80.3 million in 2025, compared to $193.6 million in 2024. The $113.3 million change was primarily attributable to $113.8 million lower net payments under bank lines of credit in 2025, partially offset by $75.0 million in borrowings under issued Series G senior notes in 2025, which were used to pay the principal balance in full of the Company's $73.0 million term note entered into in 2024. The reduction in total net payments under bank lines of credit when compared to the previous year was primarily due to lower cash flows from operations, including the net impact of the gain on merger termination from WillScot Mobile Mini after transaction costs, partly offset by the $75.8 million reduction in purchases of rental equipment when compared to the previous year.
Current report
5.30% Senior Notes Due in 2032
Current report
On September 8, 2025, the Company issued and sold to the purchasers $75.0 million aggregate principal amount of 5.30% Series G Notes (the “Series G Senior Notes”) pursuant to the terms of the Note Purchase Agreement.
Current report
The Series G Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 5.30% per annum and mature on September 8, 2032. Interest on the Series G Senior Notes is payable semi-annually beginning on March 8, 2026 and continuing thereafter on September 8 and March 8 of each year until maturity. The principal balance is due when the notes mature on September 8, 2032. The full net proceeds from the Series G Senior Notes were used to pay down the Company’s term loan "A" facility in its entirety. At September 30, 2025, the principal balance outstanding under the Series G Senior Notes was $75.0 million.
Removed paragraphs (25)
Previous report
Consolidated revenues for the three months ended June 30, 2025, increased 11% to $235.6 million, from $212.6 million for the same period in 2024. Consolidated net income for the three months ended June 30, 2025, increased 74% to $36.0 million, from $20.6 million for the same period in 2024. Earnings per diluted share for the three months ended June 30, 2025, increased by $0.62 to $1.46, compared to $0.84 for the same period in 2024. The increase in net income and earnings per diluted share during the quarter was primarily attributed to an increase in gross profit on rental operations revenues at Mobile Modular and TRS-RenTelco, and an increase in gross profit on sales revenues at Enviroplex, lower interest expense incurred on outstanding debt obligations and $12.4 million in transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini in 2024.
Previous report
Adjusted EBITDA increased $2.9 million, or 3%, to $86.5 million in 2025.
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
Mobile Modular’s gross profit for the three months ended June 30, 2025, increased $1.9 million, or 3%, to $73.2 million. For the three months ended June 30, 2025, compared to the same period in 2024:
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
Portable Storage’s gross profit for the three months ended June 30, 2025, decreased $1.3 million, or 8%, to $15.0 million. For the three months ended June 30, 2025, compared to the same period in 2024:
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
TRS-RenTelco’s gross profit for the three months ended June 30, 2025 increased $3.4 million, or 26%, to $16.4 million. For the three months ended June 30, 2025 compared to the same period in 2024:
Previous report
Six Months Ended June 30, 2025 Compared to
Previous report
Six Months Ended June 30, 2024
Previous report
Selling and administrative expenses increased $4.9 million to $104.4 million, primarily due to $2.5 million higher employees' salaries and benefit costs and $2.3 million higher marketing and administrative expenses.
Previous report
Adjusted EBITDA increased $5.3 million, or 3%, to $161.0 million in 2025.
Previous report
Mobile Modular – Six Months Ended 6/30/25 compared to Six Months Ended 6/30/24 (Unaudited)
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
Mobile Modular’s gross profit for the six months ended June 30, 2025, increased $5.6 million, or 4%, to $138.7 million. For the six months ended June 30, 2025, compared to the same period in 2024:
Previous report
Gross Profit on Rental Revenues– Rental revenues increased $5.9 million, or 4%, due to 3% higher average rental equipment on rent and 1% higher average monthly rental rates in 2025. As a percentage of rental revenues, depreciation was 13% in both 2025 and 2024, and other direct costs were 28% in both 2025 and 2024, which resulted in gross margin percentages of 59% in both periods. The higher rental revenues and comparable rental margins, resulted in gross profit on rental revenues increasing $3.6 million, or 4%, to $94.3 million in 2025.
Previous report
For the six months ended June 30, 2025, selling and administrative expenses increased $3.9 million, or 6%, to $70.8 million, primarily due to a $1.5 million increase in employees' salaries and benefit costs and $1.3 million higher allocated corporate expenses.
Previous report
Portable Storage – Six Months Ended 6/30/25 compared to Six Months Ended 6/30/24 (Unaudited)
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
Portable Storage’s gross profit for the six months ended June 30, 2025, decreased $4.4 million, or 13%, to $29.0 million. For the six months ended June 30, 2025, compared to the same period in 2024:
Previous report
For the six months ended June 30, 2025, Portable Storage’s selling and administrative expenses decreased $0.2 million, or 1%, to $15.1 million.
Previous report
TRS-RenTelco – Six Months Ended 6/30/25 compared to Six Months Ended 6/30/24 (Unaudited)
Previous report
Transaction costs incurred as a result of the terminated merger with WillScot Mobile Mini have been reclassified to the corporate segment and presented separately on the condensed consolidated statements of income for the period ended June 30, 2024.
Previous report
TRS-RenTelco’s gross profit for the six months ended June 30, 2025 increased $4.4 million, or 16%, to $31.2 million. For the six months ended June 30, 2025 compared to the same period in 2024:
Previous report
Cash Flows from Financing Activities: Net cash used in financing activities was $47.4 million in 2025, compared to $3.8 million of cash provided in 2024. The $51.2 million change was primarily attributable to the $75.0 million of borrowings under term note agreements in 2024 and $26.0 million lower net payments under bank lines of credit in 2025. The $49.0 million lower net borrowings was primarily the result of lower rental equipment purchases during the period, compared to 2024.
Reworded paragraphs (60)
Previous wording
In the six months ended June 30, 2025, Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex contributed 63%, 14%, 16% and 7% of the Company’s income before provision for taxes (the equivalent of “pretax income”), respectively, compared to 62%, 24%, 12% and 2% for the same period in 2024.
Current wording
In the nine months ended September 30, 2025, Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex contributed 66%, 12%, 16% and 6% of the Company’s income before provision for taxes (the equivalent of “pretax income”), respectively, compared to 69%, 17%, 11% and 3% for the same period in 2024.
Previous wording
The Company’s modular revenues (consisting of revenues from Mobile Modular, Kitchens To Go and Enviroplex) are derived from rentals and sales to commercial and education customers. Modular revenues are affected by demand for classrooms, which in turn is affected by shifting and fluctuating school populations, the levels of state funding to public schools, the need for temporary classroom space during reconstruction of older schools and changes in policies regarding class size. As a result of any reduced funding, lower expenditures by these schools may result in certain planned programs to increase the number of classrooms, such as those that the Company provides, to be postponed or terminated. However, reduced expenditures may also result in schools reducing their long-term facility construction projects in favor of using the Company’s modular classroom solutions. At this time, the Company can provide no assurances as to whether public schools will either reduce or increase their demand for the Company's modular classrooms as a result of fluctuations in state funding of public schools. Looking forward, the Company believes that any interruption in the passage of facility bonds or contraction of class size reduction programs by public schools may have a material adverse effect on both rental and sales revenues of the Company. (For more information, see “Item 1. Business – Relocatable Modular Buildings – Classroom Rentals and Sales to Public Schools (K-12)” in the Company’s 2024 Annual Report and “Item 1a. Risk Factors – Significant reductions of, or delays in, funding to public schools have caused the demand and pricing for our modular classroom units to decline, which has in the past caused, and may cause in the future, a reduction in our revenues and profitability” in Part II – Other Information of this Form 10-Q.)
Current wording
The Company’s modular revenues (consisting of revenues from Mobile Modular, Kitchens To Go and Enviroplex) are derived from rentals and sales to commercial and education customers. Modular revenues are affected by demand for classrooms, which in turn is affected by shifting and fluctuating school populations, the levels of state funding to public schools, the need for temporary classroom space during reconstruction of older schools and changes in policies regarding class size. As a result of any reduced funding, lower expenditures by these schools may result in certain planned programs to increase the number of classrooms, such as those that the Company provides, to be postponed or terminated. However, reduced expenditures may also result in schools reducing their long-term facility construction projects in favor of using the Company’s modular classroom solutions. At this time, the Company can provide no assurances as to whether public schools will either reduce or increase their demand for the Company's modular classrooms as a result of fluctuations in state funding of public schools. Looking forward, the Company believes that any interruption in the passage of facility bonds or contraction of class size reduction programs by public schools may have a material adverse effect on both rental and sales revenues of the Company. (For more information, see “Item 1. Business – Relocatable Modular Buildings – Classroom Rentals and Sales to Public Schools (K-12)” in the Company’s 2024 Annual Report and “Item 1a. Risk Factors – Significant reductions of, or delays in, funding to public schools have caused the demand and pricing for our modular classroom units to decline, which has in the past caused, and may cause in the future, a reduction in our revenues and profitability” in the Company's 2024 Annual Report.
Previous wording
The Company’s rental operations include rental and rental related service revenues which comprised approximately 74% and 75% of consolidated revenues in the six months ended June 30, 2025 and 2024, respectively. Of the total rental operations revenues for the six months ended June 30, 2025, Mobile Modular, Portable Storage and TRS-RenTelco comprised 70%, 13% and 17%, respectively, compared to 68%, 15% and 17%, respectively, in the same period of 2024. The Company’s direct costs of rental operations include depreciation of rental equipment, rental related service costs, impairment of rental equipment (if applicable), and other direct costs of rental operations (which include direct labor, supplies, repairs, insurance, property taxes, license fees, cost of sub-rentals and amortization of certain lease costs).
Current wording
The Company’s rental operations include rental and rental related service revenues which comprised approximately 72% and 71% of consolidated revenues in the nine months ended September 30, 2025 and 2024, respectively. Of the total rental operations revenues for the nine months ended September 30, 2025, Mobile Modular, Portable Storage and TRS-RenTelco comprised 71%, 12% and 17%, respectively, compared to 69%, 14% and 17%, respectively, in the same period of 2024. The Company’s direct costs of rental operations include depreciation of rental equipment, rental related service costs, impairment of rental equipment (if applicable), and other direct costs of rental operations (which include direct labor, supplies, repairs, insurance, property taxes, license fees, cost of sub-rentals and amortization of certain lease costs).
Previous wording
The Company’s Mobile Modular, Portable Storage and TRS-RenTelco business segments sell modular units, storage containers and electronic test equipment, respectively, which are either new or previously rented. In addition, Enviroplex sells new modular buildings used primarily as classrooms in California. For the six months ended June 30, 2025 and 2024, sales and other revenues of modular, container and electronic test equipment comprised approximately 26% and 25% of the Company’s consolidated revenues, respectively. Of the total sales and other revenues from operations for the six months ended June 30, 2025 and 2024, Mobile Modular and Enviroplex together comprised 82% and 81%, respectively, Portable Storage comprised 3% and 4%, respectively, and TRS-RenTelco comprised 15% in both periods. The Company’s cost of sales includes the carrying value of the equipment sold and the direct costs associated with the equipment sold, such as delivery, installation, modifications and related site work.
Current wording
The Company’s Mobile Modular, Portable Storage and TRS-RenTelco business segments sell modular units, storage containers and electronic test equipment, respectively, which are either new or previously rented. In addition, Enviroplex sells new modular buildings used primarily as classrooms in California. For the nine months ended September 30, 2025 and 2024, sales and other revenues of modular, container and electronic test equipment comprised approximately 28% and 29% of the Company’s consolidated revenues, respectively. Of the total sales and other revenues from operations for the nine months ended September 30, 2025 and 2024, Mobile Modular and Enviroplex together comprised 84% and 85%, respectively, Portable Storage comprised 3% in both periods, and TRS-RenTelco comprised 13% and 12%, respectively. The Company’s cost of sales includes the carrying value of the equipment sold and the direct costs associated with the equipment sold, such as delivery, installation, modifications and related site work.
Previous wording
Macroeconomic conditions, such as a volatile interest rate environment, ongoing inflation, the geopolitical landscape, and foreign exchange rate fluctuations, continue to impact the global economy. In addition, recent changes in legislation and regulations, including enacted and proposed tariffs and other trade policies, have introduced additional uncertainty in the global economy. In periods of perceived or actual unfavorable economic conditions, our customers or potential customers could delay or re-evaluate their decisions to initiate various projects which in turn could result in a delay or cessation of engagement or other business activities with us. These factors also make it difficult for us to forecast and plan future budgetary decisions or business activities accurately. Our operating results could be materially impacted by changes in the overall macroeconomic environment and other economic factors.
Current wording
Macroeconomic conditions, such as a volatile interest rate environment, ongoing inflation, the geopolitical landscape, and foreign exchange rate fluctuations, continue to impact the global economy. In addition, recent changes in legislation and regulations, including enacted and proposed tariffs and other trade policies, have introduced additional uncertainty in the global economy. The ongoing federal government shutdown, along with other recent political and fiscal developments in the United States, has further increased uncertainty in the economic environment and may negatively impact customer confidence, project funding and the timing of new business activity. In periods of perceived or actual unfavorable economic conditions, our customers or potential customers could delay or re-evaluate their decisions to initiate various projects which in turn could result in a delay or cessation of engagement or other business activities with us. These factors also make it difficult for us to forecast and plan future budgetary decisions or business activities accurately. Our operating results could be materially impacted by changes in the overall macroeconomic environment and other economic factors.
Previous wording
Gross profit increased $7.3 million, or 7%, to $110.7 million in 2025. Mobile Modular’s gross profit increased $1.9 million, or 3%, largely due to higher gross profit on rental operations revenues. Portable Storage's gross profit decreased $1.3 million, or 8%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $3.4 million, or 26%, primarily due to higher gross profit on rental and sales revenues. Enviroplex’s gross profit increased $3.2 million, due to higher sales revenue and an increase in sales margins in 2025.
Current wording
Gross profit decreased $4.7 million, or 4%, to $119.3 million in 2025. Mobile Modular’s gross profit decreased $6.7 million, or 7%, largely due to lower gross profit on sales and rental operations revenues. Portable Storage's gross profit decreased $0.7 million, or 5%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $2.8 million, or 20%, primarily due to higher gross profit on rental revenues. Enviroplex’s gross profit was $4.5 million, representing a 1% decrease compared to the same period in 2024.
Previous wording
Selling and administrative expenses increased $4.5 million to $53.5 million, primarily due to a $2.5 million increase in marketing and administrative expenses and $2.0 million higher employees' salaries and benefit costs during the period.
Current wording
Selling and administrative expenses increased $3.2 million to $52.5 million, primarily due to a $1.6 million increase in marketing and administrative expenses and $1.3 million higher employees' salaries and benefit costs during the period.
Previous wording
During the three months ended June 30, 2024, the Company incurred $12.4 million in transaction costs related to the Merger Agreement with Willscot Mobile Mini that was terminated September 20, 2024. These significant costs that did not recur during the three months ended June 30, 2025, are reported separately on the Company’s condensed consolidated statements of income.
Current wording
During the three months ended September 30, 2024, the Company incurred $39.4 million in transaction costs related to the Merger Agreement with Willscot Mobile Mini that was terminated September 20, 2024. These significant costs that did not recur during the three months ended September 30, 2025, are reported separately on the Company’s condensed consolidated statements of income.
Previous wording
Interest expense decreased $5.2 million to $7.8 million, which was primarily attributed to $232.4 million lower average debt levels of the Company and a lower effective interest rate in 2025 of 5.56%, compared to 6.57% for the same period in 2024. The 29% decrease in average debt when compared to 2024 was primarily attributed to lower rental equipment purchases in 2025 and the proceeds received in 2024 from the terminated merger with WillScot Mobile Mini after transaction costs and income taxes.
Current wording
Interest expense decreased $4.5 million to $8.2 million, which was primarily attributed to $199.4 million lower average debt levels of the Company and a lower effective interest rate in 2025 of 5.81%, compared to 6.63% for the same period in 2024. The 26% decrease in average debt when compared to 2024 was primarily attributed to lower rental equipment purchases in 2025 and the proceeds received in 2024 from the terminated merger with WillScot Mobile Mini after transaction costs and income taxes.
Previous wording
Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 63%, 14% and 16%, respectively, compared to 62%, 24% and 12%, respectively, for the comparable 2024 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 7% and 2% in 2025 and 2024, respectively.
Current wording
Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 70%, 10% and 15%, respectively, compared to 71%, 12% and 9%, respectively, for the comparable 2024 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 5% in both periods.
Previous wording
The provision for income taxes resulted in an effective tax rate of 27.3% and 28.8%, for the quarters ended June 30, 2025 and 2024, respectively.
Current wording
The provision for income taxes resulted in an effective tax rate of 27.7% and 26.4%, for the quarters ended September 30, 2025 and 2024, respectively.
Previous wording
For the three months ended June 30, 2025, Mobile Modular’s total revenues increased $11.4 million, or 8%, to $156.0 million compared to the same period in 2024, primarily due to higher sales and rental operations revenues. The revenue increase, together with higher gross profit on rental and rental related services revenues, partly offset by $3.5 million higher selling and administrative expenses, resulted in a $2.2 million increase in pre-tax income to $30.0 million for the three months ended June 30, 2025, from $27.9 million for the same period in 2024.
Current wording
For the three months ended September 30, 2025, Mobile Modular’s total revenues decreased $9.9 million, or 5%, to $181.5 million compared to the same period in 2024, primarily due to lower sales revenues. The sales revenue decrease, together with lower gross profit on sales and rental operations revenues, and $1.4 million higher selling and administrative expenses, resulted in a $4.7 million decrease in pre-tax income to $41.1 million for the three months ended September 30, 2025, from $45.8 million for the same period in 2024.
Previous wording
Gross Profit on Rental Related Services – Rental related services revenues increased $8.6 million, or 16%, compared to 2024. The increase in rental related services revenues was primarily attributable to higher delivery, return delivery and dismantle revenues and higher site related services. The increase in revenues accompanied by higher gross margin percentage of 35% in 2025, compared to 33% in 2024, resulted in rental related services gross profit increasing $4.0 million, or 23%, to $21.5 million in 2025.
Current wording
Gross Profit on Rental Related Services – Rental related services revenues increased $2.1 million, or 5%, compared to 2024. The increase in rental related services revenues was primarily attributable to higher site related services when compared to 2024. The increase in revenues together with lower gross margin percentage of 33% in 2025, compared to 35% in 2024, resulted in rental related services gross profit decreasing $0.3 million, or 2%, to $14.7 million in 2025.
Previous wording
Gross Profit on Sales – Sales revenues increased $4.6 million, or 13%, compared to 2024, due to higher new and used equipment sales. The lower gross margin percentage of 32% in 2025 compared to 38% in 2024, together with higher sales revenues, resulted in gross profit on sales decreasing $0.9 million, or 6%, to $12.9 million. The lower gross margin on sales in 2025 was primarily due to a higher mix of new versus used sales. Sales occur routinely as a normal part of Mobile Modular’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter and year to year depending on customer requirements, the scope of work to be performed, equipment availability and funding.
Current wording
Gross Profit on Sales – Sales revenues decreased $13.7 million, or 21%, compared to 2024, due to lower new equipment sales. The higher gross margin percentage of 36% in 2025 compared to 34% in 2024, together with lower sales revenues, resulted in gross profit on sales decreasing $3.6 million, or 16%, to $18.8 million. The higher gross margin on sales in 2025 was primarily due to a higher mix of used versus new sales. Sales occur routinely as a normal part of Mobile Modular’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter and year to year depending on customer requirements, the scope of work to be performed, equipment availability and funding.
Previous wording
For the three months ended June 30, 2025, Portable Storage’s total revenues decreased $0.7 million, or 3%, to $23.3 million compared to the same period in 2024, primarily due to lower rental and rental related services revenues. Lower gross profit on rental and rental related services revenues, partly offset by lower allocated interest expense, resulted in a decrease in pre-tax income of $0.8 million, or 11%, to $6.6 million in 2025.
Current wording
For the three months ended September 30, 2025, Portable Storage’s total revenues increased $1.4 million, or 6%, to $24.4 million compared to the same period in 2024, primarily due to higher rental and sales revenues, partly offset by lower rental related services revenues. Lower gross profit on rental operations revenues, higher gross profit on sales revenues, coupled with higher selling and administrative expenses and lower allocated interest expense, resulted in a decrease in pre-tax income of $1.5 million, or 20%, to $5.9 million in 2025.
Previous wording
Gross Profit on Rental Revenues – Rental revenues decreased $0.9 million, or 5%, due to 5% lower average rental equipment on rent and comparable average monthly rental rates in 2025 as compared to 2024. As a percentage of rental revenues, depreciation was 6% in both 2025 and 2024, and other direct costs were 11% and 9% in 2025 and 2024, respectively, which resulted in gross margin percentage of 83% and 86% in 2025 and in 2024, respectively. The lower rental revenues and rental margins resulted in gross profit on rental revenues decreasing $1.3 million, or 9%, to $14.0 million in 2025.
Current wording
Gross Profit on Rental Revenues – Rental revenues increased $0.3 million, or 1%, due to 1% higher average rental equipment on rent and 1% higher average monthly rental rates in 2025 as compared to 2024. As a percentage of rental revenues, depreciation was 6% in both 2025 and 2024, and other direct costs were 13% and 8% in 2025 and 2024, respectively, which resulted in gross margin percentages of 81% and 86% in 2025 and in 2024, respectively. The higher rental revenues, offset by lower rental margins resulted in gross profit on rental revenues decreasing $0.7 million, or 4%, to $14.0 million in 2025.
Previous wording
Gross Profit on Rental Related Services – Rental related services revenues was $8.0 million, a decrease of $1.3 million compared to 2024. The gross margin on rental related services revenues was negative 3% in 2025, compared to 5% in 2024. The lower revenues coupled with lower gross margins in 2025, resulted in rental related services gross profit decreasing $0.6 million, when compared to 2024.
Current wording
Gross Profit on Rental Related Services – Rental related services revenues decreased $0.2 million, or 5%, to $4.2 million in 2025. The gross margin on rental related services revenues was negative 13% in 2025, compared to 3% in 2024. The lower revenues coupled with lower gross margins in 2025, resulted in rental related services gross profit decreasing $0.7 million, when compared to 2024.
Previous wording
Gross Profit on Sales– Sales revenues increased $0.5 million, primarily due to higher used equipment sales. The higher sales revenues and lower gross margins of 36% in 2025, compared to 40% in 2024, resulted in sales gross profit increasing $0.1 million, or 8%, to $1.1 million in 2025. Sales occur routinely as a normal part of Portable Storage’s rental business; however, these sales can fluctuate from period to period depending on customer requirements, equipment availability and funding.
Current wording
Gross Profit on Sales– Sales revenues increased $1.3 million, primarily due to higher used equipment sales. The higher sales revenues and higher gross margins of 40% in 2025, compared to 36% in 2024, resulted in sales gross profit increasing $0.6 million to $1.1 million in 2025. Sales occur routinely as a normal part of Portable Storage’s rental business; however, these sales can fluctuate from period to period depending on customer requirements, equipment availability and funding.
Previous wording
For the three months ended June 30, 2025, TRS-RenTelco’s total revenues increased $3.7 million, or 11%, to $36.4 million, compared to the same period in 2024, primarily due to higher sales and rental revenues. Higher gross profit on rental and sales revenues, coupled with higher selling and administrative expenses and a decrease in allocated interest expense, resulted in an 86% increase in pre-tax income to $8.0 million for the three months ended June 30, 2025, from $4.3 million for the same period in 2024.
Current wording
For the three months ended September 30, 2025, TRS-RenTelco’s total revenues increased $2.1 million, or 6%, to $36.9 million, compared to the same period in 2024, primarily due to higher rental revenues. Higher gross profit on rental and sales revenues, together with higher selling and administrative expenses and a decrease in allocated interest expense, resulted in a 48% increase in pre-tax income to $8.5 million for the three months ended September 30, 2025, from $5.7 million for the same period in 2024.
Previous wording
Gross Profit on Rental Revenues – Rental revenues increased $1.9 million, or 4%, depreciation expense decreased $3.1 million, or 14%, and other direct costs increased by $0.9 million, or 9%, resulting in a 23% increase in gross profit on rental revenues to $22.2 million. As a percentage of rental revenues, depreciation was 37% and 45% in 2025 and 2024, respectively, and other direct costs were 21% and 20%, in 2025 and 2024, respectively, which resulted in a gross margin percentage of 42% and 36% in 2025 and 2024, respectively. The increase in rental revenues was primarily due to a 1% increase in average rental equipment on rent and 3% higher average monthly rental rates in 2025, as compared to 2024.
Current wording
Gross Profit on Rental Revenues – Rental revenues increased $2.4 million, or 9%, depreciation expense decreased $0.8 million, or 8%, and other direct costs increased by $0.5 million, or 10%, resulting in a 28% increase in gross profit on rental revenues to $12.1 million. As a percentage of rental revenues, depreciation was 36% and 42% in 2025 and 2024, respectively, and other direct costs were 21% in both 2025 and 2024, which resulted in a gross margin percentage of 43% and 37% in 2025 and 2024, respectively. The increase in rental revenues was due to a 4% increase in average rental equipment on rent and 5% higher average monthly rental rates in 2025, as compared to 2024.
Previous wording
Gross Profit on Sales – Sales revenues increased $1.9 million, or 32%, to $7.7 million in 2025. Gross profit on sales increased $0.5 million, or 16%, to $3.6 million, with gross margin percentages of 47% and 54% in 2025 and 2024, respectively. Sales occur as a normal part of TRS-RenTelco’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter depending on customer requirements and related mix of equipment sold, equipment availability and funding.
Current wording
Gross Profit on Sales – Sales revenues decreased $0.3 million, or 3%, to $7.3 million in 2025. Gross profit on sales increased $0.2 million, or 5%, to $4.1 million, with gross margin percentages of 56% and 52% in 2025 and 2024, respectively. Sales occur as a normal part of TRS-RenTelco’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter depending on customer requirements and related mix of equipment sold, equipment availability and funding.
Previous wording
For the three months ended June 30, 2025, selling and administrative expenses increased $0.7 million, or 11%, to $7.3 million. The increase was primarily attributed to $0.4 million higher employees' salaries and benefit costs when compared to 2024.
Current wording
For the three months ended September 30, 2025, selling and administrative expenses increased $0.5 million, or 7%, to $7.1 million. The increase was primarily attributed to $0.4 million higher allocated corporate expenses when compared to 2024.
Previous wording
Consolidated revenues for the six months ended June 30, 2025, increased 8% to $431.0 million, from $400.4 million for the same period in 2024. Consolidated net income for the six months ended June 30, 2025, increased 48% to $64.2 million, from $43.5 million for the same period in 2024. Earnings per diluted share for the six months ended June 30, 2025, increased $0.84 to $2.61, compared to $1.77 for the same period in 2024. The increase in consolidated net income during the current period was primarily attributed to higher gross profit on rental operations and sales revenues and a $9.8 million reduction in interest expense incurred on outstanding debt obligations, partly offset by $5.0 million higher selling and administrative expenses. In 2024 the Company reported Other income, net of $9.3 million from the sale of a corporate property and incurred $21.7 million in transaction costs attributed to the terminated merger with WillScot Mobile Mini, which further contributed to the current period increases in net income and diluted earnings per share as compared to 2024.
Current wording
Consolidated revenues for the nine months ended September 30, 2025, increased 3% to $687.5 million, from $667.2 million for the same period in 2024. Consolidated net income for the nine months ended September 30, 2025, decreased 45% to $106.5 million, from $192.8 million for the same period in 2024. Earnings per diluted share for the nine months ended September 30, 2025, decreased $3.52 to $4.32, compared to $7.85 for the same period in 2024. The decrease in consolidated net income and earnings per diluted share during the period was primarily attributed to the terminated Merger Agreement which provided a $180.0 million gain on merger termination, partly offset by $61.2 million in transaction costs, net of provision for income taxes. Excluding the gain and transaction costs attributed to the merger termination in the prior year, the Company's net income increased by approximately $1.3 million, or 1%, to $106.5 million, and diluted earnings per share increased $0.04, or 1%, to $4.32. Additionally, in 2024 the Company reported Other income, net of $9.3 million from the sale of a corporate property, which further contributed to the period-over-period change in net income and diluted earnings per share.
Previous wording
For the six months ended June 30, 2025, on a consolidated basis:
Current wording
For the nine months ended September 30, 2025, on a consolidated basis:
Previous wording
Gross profit increased $10.5 million, or 5%, to $207.2 million in 2025. Mobile Modular’s gross profit increased $5.6 million, or 4%, largely due to higher gross profit on rental operations revenues. Portable Storage's gross profit decreased $4.4 million, or 13%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $4.4 million, or 16%, primarily due to higher gross profit on rental revenues. Enviroplex’s gross profit increased $4.9 million due to higher sales revenue and an increase in sales margins in 2025.
Current wording
Gross profit increased $5.7 million, or 2%, to $326.4 million in 2025. Mobile Modular’s gross profit decreased $1.1 million, or 1%, primarily due to lower gross profit on sales revenues, partly offset by higher gross profit on rental operations revenues. Portable Storage's gross profit decreased $5.2 million, or 11%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $7.2 million, or 17%, primarily due to higher gross profit on rental revenues. Enviroplex’s gross profit increased $4.9 million due to higher sales revenue and an increase in sales margins in 2025.
Previous wording
During the six months ended June 30, 2024, the Company incurred $21.7 million in transaction costs related to the Merger Agreement with Willscot Mobile Mini that was terminated on September 20, 2024. These significant costs that did not recur during the six months ended June 30, 2025 are reported separately on the Company’s condensed consolidated statements of income.
Current wording
During the nine months ended September 30, 2024, the Company incurred $61.2 million in transaction costs related to the Merger Agreement with Willscot Mobile Mini that was terminated on September 20, 2024. These significant costs are reported separately on the Company’s condensed consolidated statements of income.
Previous wording
Interest expense decreased $9.8 million to $16.0 million, which was primarily attributed to $215.2 million lower average debt levels of the Company and a lower effective interest rate in 2025 of 5.63% compared to 6.59% for the same period in 2024. The 28% decrease in average debt when compared to 2024 was primarily the result of lower rental equipment purchases in 2025 and the $180.0 million payment received from the terminated merger with WillScot Mobile Mini, net of transaction costs and income taxes, which was primarily used to pay down existing debt obligations.
Current wording
Interest expense decreased $14.3 million to $24.1 million, which was primarily attributed to $209.9 million lower average debt levels of the Company and a lower effective interest rate in 2025 of 5.69% compared to 6.60% for the same period in 2024. The 27% decrease in average debt when compared to 2024 was primarily the result of lower rental equipment purchases in 2025 and the $180.0 million payment received from the terminated merger with WillScot Mobile Mini, net of transaction costs and income taxes, which was primarily used to pay down existing debt obligations.
Previous wording
Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 61%, 13% and 16%, respectively, compared to 65%, 21% and 8%, respectively, for the comparable 2024 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 10% and 6% in 2025 and 2024, respectively.
Current wording
Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 66%, 12% and 16%, respectively, compared to 69%, 17% and 11%, respectively, for the comparable 2024 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 6% and 3% in 2025 and 2024, respectively.
Previous wording
The provision for income taxes resulted in an effective tax rate of 26.1% and 26.2%, for the periods ended June 30, 2025 and 2024, respectively.
Current wording
The provision for income taxes resulted in an effective tax rate of 26.8% and 26.3%, for the periods ended September 30, 2025 and 2024, respectively.
Previous wording
For the six months ended June 30, 2025, Mobile Modular’s total revenues increased $15.8 million, or 6%, to $287.9 million compared to the same period in 2024, primarily due to higher rental operations and sales revenues. The revenue increase, together with higher gross profit on rental operations revenues and lower allocated interest expense, partly offset by lower gross profit on sales revenues, resulted in a $2.5 million increase in pre-tax income to $55.0 million for the six months ended June 30, 2025, from $52.5 million for the same period in 2024. Included within pre-tax income for the period ended June 30, 2024, was other income, net of $6.2 million which contributed to the period-over-period change. In 2024, other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding other income, net, the total change in pre-tax income for 2025 was an increase of $8.7 million, or 19%.
Current wording
For the nine months ended September 30, 2025, Mobile Modular’s total revenues increased $5.8 million, or 1%, to $469.4 million compared to the same period in 2024, due to higher rental operations revenues, partly offset by lower sales revenues. The total revenue increase, together with higher gross profit on rental operations revenues, lower gross profit on sales revenues, higher selling and administrative expenses and lower allocated interest expense, resulted in a $2.2 million decrease in pre-tax income to $96.1 million for the nine months ended September 30, 2025, from $98.3 million for the same period in 2024. Included within pre-tax income for the period ended September 30, 2024, was Other income, net of $6.2 million which contributed to the period-over-period change. In 2024, Other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding Other income, net, the total change in pre-tax income for 2025 was an increase of $4.1 million, or 4%.
Previous wording
Gross Profit on Rental Revenues– Rental revenues increased $3.9 million, or 5%, due to 2% higher average rental equipment on rent and 3% higher average monthly rental rates in 2025. As a percentage of rental revenues, depreciation was 13% in both 2025 and 2024, and other direct costs were 29% and 27% in 2025 and 2024, respectively, which resulted in gross margin percentages of 58% in 2025, compared to 60% in 2024. The higher rental revenues, partly offset by lower rental margins, resulted in gross profit on rental revenues increasing $0.4 million, or 1%, to $47.2 million in 2025.
Current wording
Gross Profit on Rental Revenues– Rental revenues increased $7.5 million, or 3%, due to 2% higher average rental equipment on rent and 1% higher average monthly rental rates in 2025. As a percentage of rental revenues, depreciation was 13% in both 2025 and 2024, and other direct costs were 28% in 2025 and 27% in 2024, which resulted in gross margin percentages of 58% in 2025, compared to 60% in 2024. The higher rental revenues, partly offset by lower rental margins, resulted in gross profit on rental revenues increasing $0.9 million, or 1%, to $142.5 million in 2025.
Previous wording
Gross Profit on Rental Related Services – Rental related services revenues increased $3.3 million, or 11%, compared to 2024. The increase in rental related services revenues was primarily attributable to higher delivery, return delivery and dismantle revenues and higher site related services. The increase in revenues accompanied by higher gross margin percentage of 36% in 2025, compared to 31% in 2024, resulted in rental related services gross profit increasing $2.6 million, or 29%, to $11.7 million in 2025.
Current wording
Gross Profit on Rental Related Services – Rental related services revenues increased $10.7 million, or 11%, compared to 2024. The increase in rental related services revenues was primarily attributable to higher site related services and delivery revenues, partly offset by lower return delivery and dismantle revenues. The increase in revenues accompanied by a comparable gross margin percentage of 34% in 2025, resulted in rental related services gross profit increasing $3.7 million, or 11%, to $36.2 million in 2025.
Previous wording
Gross Profit on Sales – Sales revenues increased $1.7 million, or 3%, compared to 2024, due to higher new and used equipment sales. The lower gross margin percentage of 32% in 2025 compared to 35% in 2024, together with higher sales revenue, resulted in gross profit on sales decreasing $1.6 million, or 7%, to $20.0 million. The lower gross margin on sales in 2025 was primarily due to a higher mix of new versus used sales. Sales occur routinely as a normal part of Mobile Modular’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter and year to year depending on customer requirements, the scope of work to be performed, equipment availability and funding.
Current wording
Gross Profit on Sales – Sales revenues decreased $11.9 million, or 9%, compared to 2024, due to lower new equipment sales. The lower gross margin percentage of 34% in 2025 compared to 35% in 2024, coupled with lower sales revenue, resulted in gross profit on sales decreasing $5.2 million, or 12%, to $38.8 million. The lower total gross margin on sales in 2025 was primarily due to a reduction in new equipment sales margins. Sales occur routinely as a normal part of Mobile Modular’s rental business; however, these sales and related gross margins can fluctuate from quarter to quarter and year to year depending on customer requirements, the scope of work to be performed, equipment availability and funding.
Previous wording
For the three months ended June 30, 2025, selling and administrative expenses increased $3.5 million, or 11%, to $36.8 million, primarily due to a $1.7 million increase in employees' salaries and benefit costs, $0.9 million higher allocated corporate expenses and $0.7 million higher marketing and administrative expenses.
Current wording
For the nine months ended September 30, 2025, selling and administrative expenses increased $5.3 million, or 5%, to $106.2 million, primarily due to $2.7 million higher allocated corporate expenses, an increase in employees' salaries and benefit costs of $1.0 million and $0.9 million higher marketing and administrative expenses.
Previous wording
For the six months ended June 30, 2025, Portable Storage’s total revenues decreased $4.2 million, or 9%, to $44.6 million compared to the same period in 2024, primarily due to lower rental operations revenues, partly offset by higher sales revenues. Lower gross profit on rental operations revenues, partly offset by $1.0 million lower allocated interest expense, resulted in a decrease in pre-tax income of $4.6 million, or 27%, to $12.0 million in 2025. Included within pre-tax income for the period ended June 30, 2024, was other income, net of $1.3 million which contributed to the period-over-period change. In 2024, other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding other income, net, the total change in pre-tax income for 2025 was a decrease of $3.2 million, or 21%.
Current wording
For the nine months ended September 30, 2025, Portable Storage’s total revenues decreased $2.8 million, or 4%, to $69.0 million compared to the same period in 2024, primarily due to lower rental operations revenues, partly offset by higher sales revenues. Lower gross profit on rental operations revenues, partly offset by $1.4 million lower allocated interest expense, resulted in a decrease in pre-tax income of $6.0 million, or 25%, to $17.9 million in 2025. Included within pre-tax income for the period ended September 30, 2024, was Other income, net of $1.3 million which contributed to the period-over-period change. In 2024, Other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding Other income, net, the total change in pre-tax income for 2025 was a decrease of $4.7 million, or 21%.
Previous wording
Gross Profit on Rental Revenues – Rental revenues decreased $3.2 million, or 9%, due to 2% lower average monthly rental rates and 7% lower average rental equipment on rent in 2025. As a percentage of rental revenues, depreciation was 6% and 5% in 2025 and 2024, respectively, and other direct costs were 10% and 8% in 2025 and 2024, respectively, which resulted in gross margin percentage of 83% and 86% in 2025 and 2024, respectively. The lower rental revenues and lower rental margins resulted in gross profit on rental revenues decreasing $3.8 million, or 12%, to $27.5 million in 2025.
Current wording
Gross Profit on Rental Revenues – Rental revenues decreased $3.0 million, or 6%, due to 1% lower average monthly rental rates and 5% lower average rental equipment on rent in 2025. As a percentage of rental revenues, depreciation was 6% in both 2025 and 2024, and other direct costs were 11% and 8% in 2025 and 2024, respectively, which resulted in gross margin percentage of 83% and 86% in 2025 and 2024, respectively. The lower rental revenues and lower rental margins resulted in gross profit on rental revenues decreasing $4.4 million, or 10%, to $41.5 million in 2025.
Previous wording
Gross Profit on Rental Related Services – Rental related services revenues was $4.4 million, compared to $4.6 million during the same period in 2024. The gross margin on rental related services revenues was 2% in 2025, compared to 4% in 2024. The lower revenues coupled with lower gross margins in 2025, resulted in rental related services gross profit decreasing $0.1 million, when compared to 2024.
Current wording
Gross Profit on Rental Related Services – Rental related services revenues decreased $1.6 million, or 11%, to $12.2 million in 2025. The gross margin on rental related services revenues was negative 6% in 2025, compared to 4% in 2024. The lower revenues coupled with lower gross margins in 2025, resulted in rental related services gross profit decreasing $1.3 million, when compared to 2024.
Previous wording
Gross Profit on Sales– Sales revenues increased $0.4 million, primarily due to higher used equipment sales. The higher sales revenues and lower gross margins of 39% in 2025, compared to 43% in 2024, resulted in sales gross profit increasing $0.1 million, or 21%, to $0.7 million in 2025. Sales occur routinely as a normal part of Portable Storage’s rental business; however, these sales can fluctuate from period to period depending on customer requirements, equipment availability and funding.
Current wording
Gross Profit on Sales– Sales revenues increased $1.8 million, primarily due to higher used equipment sales. The higher sales revenues and lower gross margins of 38% in 2025, compared to 39% in 2024, resulted in sales gross profit increasing $0.6 million, or 43%, to $2.1 million in 2025. Sales occur routinely as a normal part of Portable Storage’s rental business; however, these sales can fluctuate from period to period depending on customer requirements, equipment availability and funding.
Previous wording
For the three months ended June 30, 2025, Portable Storage’s selling and administrative expenses increased $0.1 million, or 1%, to $7.5 million.
Current wording
For the nine months ended September 30, 2025, Portable Storage’s selling and administrative expenses increased $1.0 million, or 4%, to $23.0 million, primarily attributable to $0.6 million higher marketing and administrative expenses compared to 2024.
Previous wording
For the six months ended June 30, 2025, TRS-RenTelco’s total revenues increased $5.0 million to $71.4 million, compared to the same period in 2024, primarily due to higher sales and rental revenues. Higher gross profit on rental revenues and $1.7 million lower allocated interest expense resulted in a 35% increase in pre-tax income to $14.2 million for the six months ended June 30, 2025, from $10.5 million for the same period in 2024. Included within pre-tax income for the period ended June 30, 2024, was other income, net of $1.7 million which contributed to the period-over-period change. In 2024, other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding other income, net, the total change in pre-tax income for 2025 was an increase of $5.4 million, or 62%.
Current wording
For the nine months ended September 30, 2025, TRS-RenTelco’s total revenues increased $7.1 million to $108.3 million, compared to the same period in 2024, primarily due to higher rental and sales revenues. Higher gross profit on rental and sales revenues, coupled with $2.4 million lower allocated interest expense, resulted in a 40% increase in pre-tax income to $22.6 million for the nine months ended September 30, 2025, from $16.2 million for the same period in 2024. Included within pre-tax income for the period ended September 30, 2024, was Other income, net of $1.7 million which contributed to the period-over-period change. In 2024, Other income, net was comprised of an allocated net gain on sale of a corporate property. Excluding Other income, net, the total change in pre-tax income for 2025 was an increase of $8.2 million, or 56%.
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