[{"_1":2,"_3":-5,"_4":-5},"loaderData",{"_5":6,"_7":8},"actionData","errors","root",{"_98":99},"en-item",{"_9":10,"_10":11},"kind","item",{"_12":13,"_14":15,"_16":17,"_18":19,"_20":21,"_22":-5,"_23":24,"_25":26,"_27":28,"_29":30,"_31":30,"_32":33,"_34":35,"_36":37,"_38":39,"_40":41,"_42":43,"_44":45,"_46":-5,"_47":48,"_49":-5,"_50":-5,"_51":52,"_53":54,"_55":56,"_57":41,"_58":41,"_59":60,"_61":41,"_62":63},"id","o8vdfgt0ub9xaqvvd4qqqh30k","revision",2,"title","McGrath RentCorp 2026 年第三季度及前九个月 10-Q 财务披露","originalTitle","10-Q - MCGRATH RENTCORP (0000752714) (Filer)","summary","McGrath RentCorp 提交截至 2026 年 9 月 30 日的第三季度及前九个月 10-Q：第三季度收入 2.746 亿美元、净利润 4,880.3 万美元，摊薄每股收益 2.00 美元。前九个月收入为 6.9426 亿美元，净利润为 1.08174 亿美元；财报未经审计，审阅不构成审计意见。","reason","source",{"_12":89,"_90":91,"_9":92,"_93":41,"_94":95,"_96":97},"links",{"_86":87,"_77":88},"publishedAt","2026-10-28T20:00:41.000Z","discoveredAt","2026-10-29T02:34:42.221Z","timelineAt","category","ai-products","tags",[83,84,85],"stockSymbols",[82],"score",50,"selected",true,"channel","news","story",{"_72":73,"_16":74},"x","readingMode","full","author","language","body",{"_63":76,"_77":-5,"_78":79,"_80":81},"outline",[],"relatedStories",[75],"indexable","markdownAvailable","group",{"_64":65,"_44":66,"_67":15,"_68":69,"_70":71},"hasTranslation","bodyLanguage","zh","factId","f_oHlgpi3LAY",{"_72":73,"_16":74},"reportCount","additionalSourceCount",1,"developmentCount",0,"publicId","e03281e1-e48f-4d75-8212-0313302d884b","McGrath RentCorp三季度业绩及2026年指引",{"_72":73,"_16":74},"

美国

证券交易委员会

华盛顿特区 20549

表格 10-Q

☒根据1934年《证券交易法》第13或15(d)条提交的季度报告

截至季度期间 September 30, 2026

☐ 过渡报告根据1934年《证券交易法》第13或15(d)条提交

委员会档案编号 000-13292

McGRATH RENTCORP

（注册人章程中指定的确切名称）

\n \n \n \n \n \n \n \n \n \n \n

加利福尼亚州

94-2579843

（注册成立或组织所在

的州或其他司法管辖区）

（美国国税局雇主

识别号）

5700 Las Positas Road, Livermore, CA 94551-7800

（主要行政办公地址）

注册人电话号码：（925）606-9200

根据该法第12(b)条注册的证券

\n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n
各类别证券名称	交易代码	上市交易所名称
普通股	MGRC	纳斯达克全球精选市场

请勾选以表明注册人是否 (1) 已在此前12个月内（或注册人须提交此类报告的较短期间内）提交《1934年证券交易法》第13或15(d)条规定须提交的所有报告，且 (2) 在过去90天内一直受此类提交要求约束。是 ☒ 否 ☐

请勾选以表明注册人是否已在此前12个月内（或注册人须提交此类文件的较短期间内），以电子方式提交根据S-T条例第405条（本章§232.405）须提交的每份交互式数据文件。是 ☒ 否 ☐

请勾选以表明注册人属于大型加速申报公司、加速申报公司、非加速申报公司、较小申报公司还是新兴成长型公司。参见《交易法》规则12b-2中“大型加速申报公司”“加速申报公司”“较小申报公司”和“新兴成长型公司”的定义。

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n
大型加速申报公司		☒		加速申报公司		☐

非加速申报公司		☐		较小申报公司		☐

新兴成长型公司		☐

如果是新兴成长型公司，请勾选以表明注册人是否选择不采用《交易法》第13(a)条规定的、遵守任何新发布或修订的财务会计准则的延长过渡期。 ☐

请勾选以说明注册人是否为壳公司（定义见《交易法》规则 12b-2）。是 ☐ 否 ☒

截至 2026 年 10 月 27 日，24,364,345 股注册人的普通股已发行在外。

前瞻性陈述

本 10-Q 表季度报告（以下简称“本 10-Q 表”）中所载非历史事实的陈述，均属于《1995 年私人证券诉讼改革法》所指的前瞻性陈述。除历史事实陈述外，所有关于 McGrath RentCorp（以下简称“公司”）预期、战略、前景或目标的陈述均为前瞻性陈述。这些前瞻性陈述还可通过使用“预期”“相信”“继续”“可能”“估计”“预计”“打算”“或许”“计划”“预测”“预计”或“将”等前瞻性术语，或这些术语的否定形式及其他类似术语来识别。

管理层提醒，前瞻性陈述并不保证未来业绩，且受到可能导致我们的实际结果与此类前瞻性陈述所预测结果存在重大差异的风险和不确定性影响。此外，我们未来的业务、财务状况和经营业绩可能与此类前瞻性陈述所预期的情况存在重大差异，并受到本 10-Q 表“风险因素”部分所述风险和不确定性的影响。此外，我们和任何其他人士均不对前瞻性陈述的准确性和完整性承担责任。

前瞻性陈述仅以本 10-Q 表日期为准，并基于管理层的合理假设，但这些假设可能有误，也可能受到已知或未知风险和不确定性的影响。任何前瞻性陈述均无法得到保证，后续事实或情况可能与此类陈述相矛盾、使其失效、削弱其依据，或以其他方式未能支持或证实此类陈述。读者不应过度依赖这些前瞻性陈述，并应注意，任何此类前瞻性陈述均不保证未来业绩。除法律另有要求外，我们没有义务在本 10-Q 表日期之后更新任何前瞻性陈述，使其符合实际结果或我们预期的变化。

第一部分——财务信息

第 1 项财务报表

独立注册会计师事务所报告

董事会及股东

McGrath RentCorp

中期财务报表审阅结果

我们已审阅随附的 McGrath RentCorp（一家加利福尼亚州公司）及其子公司截至2026年9月30日的简明合并资产负债表，以及截至2026年9月30日止三个月和九个月期间（2026年和2025年）的相关简明合并收益表、股东权益表和现金流量表及相关附注（统称“中期财务报表”）。根据我们的审阅，我们未发现随附中期财务报表需要作出任何重大修改，方能符合美国公认会计原则。

我们此前已按照美国公众公司会计监督委员会（“PCAOB”）的标准审计了公司截至2025年12月31日的合并资产负债表，以及截至该日止年度的相关合并收益表、综合收益表、股东权益表和现金流量表（本文未列示）；并在我们日期为2026年2月25日的报告中，对该等合并财务报表发表了无保留意见。我们认为，随附截至2025年12月31日的简明合并资产负债表所列信息，在所有重大方面均公允列报，且与其所依据的合并资产负债表一致。

审阅结果的依据

这些中期财务报表由公司管理层负责。我们是一家在PCAOB注册的会计师事务所，并须根据美国联邦证券法以及证券交易委员会和PCAOB适用的规则和法规，保持对公司的独立性。我们按照PCAOB的标准进行了审阅。中期财务信息审阅主要包括实施分析程序，并向负责财务和会计事务的人员进行询问。其范围远小于按照PCAOB标准进行的审计；审计旨在对财务报表整体发表意见。因此，我们不发表此类意见。

/s/ GRANT THORNTON LLP

加利福尼亚州旧金山

2026年10月28日

MCGRATH RENTCORP

简明合并收益表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至9月30日止三个月 30日，			截至9月30日止九个月，
（单位：千美元，每股金额除外）		2026			2025			2026			2025
收入
租赁		$	139,057			$	128,488			$	397,598			$	374,586
租赁相关服务			50,418				49,622				126,608				121,021
租赁业务			189,475				178,110				524,206				495,607
销售			82,898				76,058				163,288				184,759
其他			2,233				2,275				6,766				7,109
总收入			274,606				256,443				694,260				687,475
成本和费用
租赁业务直接成本：
租赁设备折旧			24,534				21,868				70,477				64,799
租赁相关服务			36,229				35,422				89,722				85,212
其他			34,931				32,308				101,537				91,479
租赁业务直接成本总额			95,694				89,598				261,736				241,490
销售成本			48,038				47,588				96,853				119,578
收入成本总额			143,732				137,186				358,589				361,068
毛利			130,874				119,257				335,671				326,407
费用：
销售及管理费用			56,935				52,540				166,859				156,952
其他收入，净额			—				—				(1,814	)			—
营业收入			73,939				66,717				170,626				169,455
利息费用			7,965				8,177				21,578				24,130
外币汇兑损失（收益）			6				32				77				(54	)
所得税前收入			65,968				58,508				148,971				145,379
所得税费用			17,165				16,211				39,463				38,900
净收入			48,803				42,297				109,508				106,479
每股收益：
基本		$	2.00			$	1.72			$	4.47			$	4.33
稀释		$	2.00			$	1.72			$	4.46			$	4.32
每股计算所用股份数：
基本			24,413				24,612				24,502				24,598
稀释			24,451				24,644				24,536				24,628
每股宣派现金股息		$	0.495			$	0.485			$	1.485			$	1.455

附注是这些简明合并财务报表不可分割的一部分。

McGrath RentCorp

简明合并资产负债表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		9月30日，			12月31日，
（千美元）		2026			2025
资产
现金		$	1,038			$	295
应收账款，扣除信用损失准备金 $2,400 （截至2026年9月30日）和 $2,866 （截至2025年12月31日）			244,850				231,865
租赁设备，按成本计：
可移动模块化建筑			1,607,898				1,485,794
便携式储物集装箱			245,917				245,141
电子测试设备			389,141				337,100
			2,242,956				2,068,035
减：累计折旧			(685,814	)			(647,137	)
租赁设备，净额			1,557,142				1,420,898
不动产、厂房和设备，净额			263,680				233,492
存货			9,589				8,027
预付费用及其他资产			123,036				83,351
无形资产，净额			39,120				46,605
商誉			337,362				332,584
资产总额		$	2,575,817			$	2,357,117
负债和股东权益
负债：
应付票据		$	618,257			$	514,924
应付账款			69,232				66,233
应计负债			133,903				114,764
递延收入			145,148				110,593
递延所得税，净额			331,170				313,580
负债总额			1,297,710				1,120,094
股东权益：
普通股，无面值 - 授权 40,000 股
已发行并流通在外 - 24,364 股（截至2026年9月30日）和 24,612 股（截至2025年12月31日）			122,626				121,785
留存收益			1,155,481				1,115,238
股东权益总额			1,278,107				1,237,023
负债和股东权益总额		$	2,575,817			$	2,357,117

附注是这些简明合并财务报表不可分割的一部分。

McGrath RentCorp

简明合并股东权益表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股			留存			股东权益总额
（千美元，每股金额除外）		股份			金额			收益			权益
2025年12月31日余额			24,612			$	121,785			$	1,115,238			$	1,237,023
净收入			—				—				27,033				27,033
股份支付薪酬			—				2,823				—				2,823
根据股票计划发行的普通股，扣除为支付员工税款而扣留的股份			59				—				—				—
回购普通股			(114	)			(543	)			(11,372	)			(11,915	)
与股票奖励净额结算相关的已付税款			—				(5,955	)			—				(5,955	)
应计股息，每股 $0.495			—				—				(12,265	)			(12,265	)
2026年3月31日余额			24,557			$	118,110			$	1,118,634			$	1,236,744
净收入			—				—				33,672				33,672
股份支付薪酬			—				2,856				—				2,856
根据股票计划发行的普通股，扣除为支付员工税款而扣留的股份			5				—				—				—
回购普通股			(136	)			(661	)			(14,880	)			(15,541	)
与股票奖励净额结算相关的已付税款			—				(77	)			—				(77	)
应计股息，每股 $0.495			—				—				(12,195	)			(12,195	)
2026年6月30日余额			24,426			$	120,228			$	1,125,231			$	1,245,459
净利润			—				—				48,803				48,803
股份支付薪酬			—				2,772				—				2,772
根据股票计划发行的普通股，扣除为缴纳员工税款而扣留的股份			—				—				—				—
回购普通股			(62	)			(374	)			(6,371	)			(6,745	)
与股票奖励净额结算相关支付的税款			—				—				—				—
应计股息，每股 $0.495 per share			—				—				(12,182	)			(12,182	)
截至 2026 年 9 月 30 日的余额			24,364			$	122,626			$	1,155,481			$	1,278,107

随附附注是这些简明合并财务报表不可分割的组成部分。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		普通股			留存			股东权益总额
（单位：千，股份金额除外）		股份			金额			收益			权益
截至 2024 年 12 月 31 日的余额			24,551			$	116,253			$	1,007,115			$	1,123,368
净利润			—				—				28,209				28,209
股份支付薪酬			—				2,544				—				2,544
根据股票计划发行的普通股，扣除为缴纳员工税款而扣留的股份			55				—				—				—
与股票奖励净额结算相关支付的税款			—				(5,616	)			—				(5,616	)
应计股息，每股 $0.485 per share			—				—				(12,094	)			(12,094	)
截至 2025 年 3 月 31 日的余额			24,606			$	113,181			$	1,023,230			$	1,136,411
净利润			—				—				35,973				35,973
股份支付薪酬			—				2,778				—				2,778
根据股票计划发行的普通股，扣除为缴纳员工税款而扣留的股份			6				—				—				—
与股票奖励净额结算相关支付的税款			—				(68	)			—				(68	)
应计股息，每股 $0.485 per share			—				—				(11,933	)			(11,933	)
截至 2025 年 6 月 30 日的余额			24,612			$	115,891			$	1,047,270			$	1,163,161
净利润			—				—				42,297				42,297
股份支付薪酬			—				2,766				—				2,766
根据股票计划发行的普通股，扣除为缴纳员工税款而扣留的股份			—				—				—				—
与股票奖励净额结算相关支付的税款			—				(9	)			—				(9	)
应计股息，每股 $0.485			—				—				(12,009	)			(12,009	)
截至 2025 年 9 月 30 日的余额			24,612			$	118,648			$	1,077,558			$	1,196,206

随附附注是这些简明合并财务报表不可分割的组成部分。

McGrath RentCorp

简明合并现金流量表

（未经审计）

\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的九个月
（单位：千）		2026			2025
经营活动产生的现金流量：
净利润		$	109,508			$	106,479
将净利润调节为经营活动提供的现金净额的调整项：经营活动：
折旧和摊销			85,973				79,717
递延所得税			15,645				22,918
信用损失准备			853				1,266
股份支付薪酬			8,451				8,088
出售不动产、厂房及设备的收益			(1,814	)			—
出售二手租赁设备的收益			(32,749	)			(30,188	)
外币汇兑损失（收益）			77				(54	)
债务发行成本摊销			6				204
变动：
应收账款			(13,692	)			(23,270	)
存货			(1,562	)			882
预付费用及其他资产			(39,614	)			(1,884	)
应付账款			(5,348	)			(8,041	)
应计负债			17,682				(1,854	)
递延收入			34,555				20,502
经营活动提供的现金净额			177,971				174,765
投资活动产生的现金流量：
购买租赁设备			(218,745	)			(91,516	)
购买不动产、厂房及设备			(37,969	)			(33,235	)
收购业务支付的现金，扣除收到的现金			(9,538	)			(21,947	)
出售二手租赁设备所得款项			59,969				58,647
出售不动产、厂房及设备所得款项			2,750				—
投资活动使用的现金净额			(203,533	)			(88,051	)
融资活动产生的现金流量：
银行信贷额度项下净借款（还款）			163,326				(40,612	)
定期票据协议本金偿还			—				(73,000	)
G 系列优先票据借款			—				75,000
E 系列优先票据本金偿还			(60,000	)			—
回购普通股			(34,223	)			—
与股票奖励净额结算相关的已付税款			(6,032	)			(5,693	)
支付股息			(36,766	)			(35,960	)
融资活动提供（使用）的现金净额			26,305				(80,265	)
现金净增加额			743				6,449
期初现金余额			295				807
期末现金余额		$	1,038			$	7,256
现金流信息补充披露：
本期支付的利息		$	23,419			$	24,869
本期支付的所得税净额		$	27,895			$	6,537
本期已计提但尚未支付的股息		$	12,617			$	12,535
尚未支付的租赁设备购置款		$	19,889			$	8,459
暂扣的业务收购款		$	1,110			$	1,815

随附附注是这些简明合并财务报表不可分割的一部分。

MCGRATH RENTCORP

未经审计的简明合并财务报表附注

2026年9月30日

附注1. 简明合并财务信息\t

截至2026年和2025年9月30日止九个月的简明合并财务报表未经审计，但管理层认为，已作出所有为公允列报 McGrath RentCorp（“公司”）合并财务状况、经营成果和现金流量所必需的调整（包括正常的经常性应计项目、合并和抵销分录）。随附的未经审计简明合并财务报表是根据美国证券交易委员会（“SEC”）的规则和规定编制的。根据这些规则和规定，按照美国公认会计原则（“GAAP”）编制的年度财务报表通常包含的某些信息和附注披露已予以简化或省略。截至2026年9月30日止三个月和九个月的合并业绩不应被视为必然代表整个财政年度的合并业绩。阅读这些简明合并财务报表时，应同时参阅公司最新的 10-K 表年度报告及其附注；该报告于2026年2月25日向 SEC 提交，涵盖截至2025年12月31日的年度（“2025年年度报告”）。

附注2. 新会计公告

2025年12月，财务会计准则委员会（“FASB”）发布了第2025-12号会计准则更新（“ASU”），编纂改进，作为其持续改进《会计准则编纂》的举措之一。这些修订涉及广泛的主题，包括技术性更正、澄清及其他小幅改进，旨在提升美国公认会计原则（U.S. GAAP）的可用性和一致性。预计这些修订不会对大多数实体当前的会计实务产生重大影响，也不会导致显著的实施成本。这些修订适用于2026年12月15日之后开始的年度期间及该等年度期间内的中期期间。允许提前采用。本公司预计采用该ASU不会对其合并财务报表（包括财务状况、经营成果或现金流量）产生重大影响

2025年12月，FASB发布了第2025-11号ASU，中期报告（第270主题）：范围狭窄的改进，该准则澄清并重新组织了第270主题中的指引，以提升中期报告的导航便利性和一致性。这些修订明确了哪些实体适用第270主题，具体规定了中期财务报表及其附注的形式和内容，并提供了中期披露要求的完整清单。该ASU还引入了一项披露原则，要求实体披露自最近一个年度报告期末以来对实体产生重大影响的事件和变化。这些修订并非旨在改变中期报告的基本性质，也不会显著扩大或缩减现有的中期披露要求，而是旨在澄清现有指引。对于公众企业，这些修订适用于2027年12月15日之后开始的财政年度内的中期报告期间。本公司目前正在评估该ASU对其中期财务报表披露的影响。本公司预计采用该ASU不会对其合并财务报表（包括财务状况、经营成果或现金流量）产生重大影响

2025年9月，FASB发布了 ASU 2025-06，无形资产——商誉及其他——内部使用软件（子主题 350-40）：内部使用软件会计处理的针对性改进。该 ASU 对内部使用软件开发成本的会计处理进行了现代化修订和澄清，以更好地反映当前的软件开发实践，包括敏捷和迭代方法。修订删除了现有的开发阶段模型，并建立了新的、以原则为基础的资本化框架。根据更新后的指引，只有同时满足以下两项条件，软件开发成本才予以资本化：管理层授权并承诺为软件项目提供资金；且项目很可能完成，软件也很可能用于预定用途（即“很可能完成”门槛）。该 ASU 还取代子主题 350-50，并将所有网站开发指引整合至子主题 350-40。该 ASU 对 2027年12月15日之后开始的财年生效，包括其后的中期期间。本公司预计采用该 ASU 不会对其合并财务报表（包括财务状况、经营业绩或现金流量）产生重大影响

2025年7月，FASB发布了 ASU 2025‑05，金融工具——信用损失（主题 326）：应收账款和合同资产的信用损失计量。该 ASU 修订 ASC 326‑20，为估算因按主题 606（与客户签订合同的收入）核算的交易而产生的流动应收账款和流动合同资产的预期信用损失提供一项实务简便方法。修订允许实体在估算预期信用损失时，假设资产负债表日的当前经济状况在资产剩余期限内保持不变，从而免除针对这类资产制定合理且有依据的预测的要求。该指引对 2025年12月15日之后开始的年度报告期间及这些年度期间内的中期期间生效，并允许提前采用。本公司

预计采用该 ASU 不会对其合并财务报表（包括财务状况、经营业绩或现金流量）产生重大影响

2024年11月，FASB发布了 ASU 2024-03，利润表——综合收益报告——费用分类披露（子主题 220-40）：利润表费用分类披露。该 ASU 要求增加特定费用类别的披露，包括但不限于员工薪酬、折旧、无形资产摊销、销售费用和存货采购。该 ASU 对 2026年12月15日之后开始的财年生效，并适用于 2027年12月15日之后开始的年度报告期间内的中期报告期间。允许提前采用，并可采用未来适用法或追溯法。本公司目前正在评估该 ASU 对财务报表的影响。

2023年10月，FASB发布了第2023‑06号会计准则更新（ASU），披露改进，将此前纳入 SEC《S-X条例》和《S-K条例》的某些披露和列报要求纳入 FASB《会计准则汇编》。这些修订旨在澄清或改进披露要求，并增强美国 GAAP 与 SEC 报告要求之间的一致性。修订涉及多个主题，主要涉及披露，包括但不限于现金流量表列报、承诺、债务、权益及其他财务报表披露。修订不改变确认或计量指引。各项修订的生效日期取决于相关披露要求从适用的 SEC 条例中移除的时间。修订生效后允许提前采用。公司预计采用本 ASU 不会对其合并财务报表产生重大影响，包括财务状况、经营业绩或现金流量

附注3. 企业合并

截至2026年6月30日的季度内，公司完成了对一家区域性临时及永久模块化空间解决方案提供商的收购，总购买价为$11.3百万，但需支付$1.1百万的留置款。初步购买价分摊为：所收购租赁设备公允价值$7.0百万、无形资产$0.2百万、商誉$4.8百万，扣除所收购净营运资本和递延所得税。此次收购拓展了公司在美国中西部地区的 Mobile Modular 业务。根据 ASC 805《企业合并》（“ASC 805”）中的标准，此次收购作为一项“业务”购买，采用购买法进行会计处理。截至2026年9月30日的九个月内，增量交易成本合计为$0.3百万。

截至2025年12月31日的年度内，公司以$11.8百万收购了一家区域性临时及永久模块化空间解决方案提供商，并以$12.0百万收购了一家区域性集装箱解决方案提供商。模块化解决方案提供商的最终购买价分摊为：所收购租赁设备公允价值$6.3百万、无形资产$1.1百万及商誉$4.3百万。集装箱解决方案提供商的最终购买价分摊为：所收购租赁设备公允价值$4.5百万、不动产、厂房及设备$1.0百万、无形资产$1.7百万及商誉$5.1百万。根据 ASC 805 中的标准，这些收购作为“业务”购买，采用购买法进行会计处理。截至2025年12月31日的年度内，增量交易成本合计为$0.5百万。

附注4. 收入确认

公司的收入核算受两项会计准则规范。公司的大部分收入被视为租赁或与租赁相关，并按照主题 842 租赁进行核算。被认定为与租赁无关的收入按照主题 606 与客户签订合同的收入进行核算。公司在双方均已批准并承诺履行合同、双方权利已明确、付款条款已明确、合同具有商业实质且对价很可能收回时确认收入。公司通常在某一时点确认与租赁无关的收入，因为客户不会同时消耗公司承诺提供的商品和服务（即履约义务）所带来的利益；只有在交付和安装完成后，客户才取得控制权。对于包含多项履约义务的合同，交易价格根据公司对合同中各项不同履约义务单独售价的最佳估计，分摊至各项履约义务。单独售价通常根据各项履约义务的预期成本加估计利润率确定。

符合随时间确认标准的合同收入，在履约过程中按照已发生成本占合同预计总成本的比例确认。这类合同的大部分收入来自长期项目，通常持续多个季度。收入确认、开票和现金收取的时间差异，导致公司合并资产负债表上出现已开票合同应收款和合同资产。在公司的合同中，款项按照约定的合同条款随工程进度开具账单，可以按定期时点开票，也可以在达到合同里程碑时开票。开票可能晚于收入确认，从而形成合同资产；也可能提前开票，从而形成合同负债。这些合同资产和负债在合并资产负债表上按合同逐项列报，位于

各报告期末。公司合并资产负债表中递延收入所含合同负债在 2026 年 9 月 30 日和 2025 年 12 月 31 日分别为 $49.2 百万美元和 $34.3 百万美元。截至 2026 年 9 月 30 日止的三个月和九个月期间确认的销售收入分别为 $8.6 百万美元和 $24.1 百万美元，这些收入已计入 2025 年 12 月 31 日的合同负债余额。对于某些模块化建筑销售，客户会保留一小部分合同价款，直至合同全部完成；或者收入可在向客户开票之前确认，因此形成已赚取收入超过开票金额的情况。这些未开票合同资产计入公司合并资产负债表中的应收账款，在 2026 年 9 月 30 日和 2025 年 12 月 31 日分别为 $6.5 百万美元和 $10.9 百万美元。在截至 2026 年 9 月 30 日和 2025 年 12 月 31 日的期间内，公司未确认任何重大合同资产减值。

公司与客户签有尚未完成、履约义务未满足或仅部分满足的合同。这些合同按时间段或在某一时点确认收入。公司选择采用 Topic 606 中的实务简便方法，因此不披露原预计期限为一年或更短的合同的剩余履约义务信息。截至 2026 年 9 月 30 日止的三个月和九个月期间，在某一时点转让的销售及非租赁服务分别确认收入 $89.9 百万美元和 $167.5 百万美元；在一段时间内转让的销售及非租赁服务分别确认收入 $12.5 百万美元和 $37.5 百万美元。

公司通常以 30 天付款期限向客户出租和销售。公司通常不提供可变付款条款，也不接受非货币对价。向公司客户开具账单且到期应收的款项，列为公司合并资产负债表中的应收账款。对于某些模块化建筑销售，客户会在新设备制造或二手设备准备期间支付进度款。预付款不被视为包含重大融资成分，因为这些款项用于满足合同期间的营运资金需求，并保护公司免受客户未能充分履行合同义务的风险。

租赁收入

经营租赁收入在所有运营部门均按直线法在租赁期内确认。跨越期末的租金账单记为递延收入，并在赚取收入的期间确认。租赁相关服务收入主要与可移动模块化建筑有关。对于模块化建筑租赁，改造、交付、安装、拆卸和返还运输的租赁相关服务收入属于租赁相关收入，因为相关付款被视为与客户协商的租赁协议不可分割的最低租赁付款。这些收入在租赁期内按直线法确认。某些租赁按融资租赁核算。对于这些租赁，设备交付并安装后确认销售收入及相关应收账款，未赚取的利息则在租赁期内按使未收回租赁投资获得固定回报率的方式确认。截至2026年9月30日止九个月，公司根据不可取消融资租赁应收取的未来最低租赁付款为$4.8百万。销售型租赁总投资中，预计未来最低租赁付款为：2026年剩余期间$1.0百万，2027年$1.8百万，2028年$1.1百万，2029年$0.9百万，2030年$0.1百万。公司评估认为这些应收款的当前预期损失并不重大，因此截至2026年9月30日止九个月未计提信用损失费用。其他收入包括融资租赁利息收入和设施租赁租金收入。

截至2026年9月30日止三个月和九个月，公司的租赁收入分别为$172.2百万和$489.3百万，其中经营租赁收入分别为$171.2百万和$486.9百万，融资租赁收入分别为$1.0百万和$2.4百万。公司已签订融资租赁，为向客户销售的某些设备提供融资。租赁协议规定，租赁期末可按优惠价格购买设备。对于这些租赁，设备交付并安装后确认销售收入及相关应收账款，未赚取的利息则在租赁期内按直线法确认，从而使未收回租赁投资获得固定回报率。公司截至2026年9月30日止三个月和九个月的融资租赁收入分别包括$0.8百万和$1.8百万销售收入，以及$0.2百万和$0.6百万利息收入。模块化建筑以外的场地相关服务收入（如平整、排水、园林绿化和铺路）被视为非租赁收入。

非租赁收入

非租赁收入在履约义务的控制权转移期间确认，确认金额反映公司预期有权因提供这些商品或服务而获得的对价。对于便携式存储集装箱和电子测试设备，交付和退还交付相关的租赁服务收入被视为非租赁收入。模块化建筑以外的场地相关服务收入，例如整地、排水、景观绿化和铺路，被视为非租赁收入。

销售收入通常在某一时点确认，即设备完成交付、安装并经客户验收时。符合随时间确认标准的销售合同，则按每份合同已发生成本与预计总合同成本的比率，随着工作的进行确认收入。非租赁收入的会计处理

需要运用判断来确定客户取得设备控制权的时点，以及确认收入的适当会计期间。

向客户收取的销售税按净额列报，不计入收入和费用。

下表按租赁（属于 Topic 842 的范围）和非租赁收入（属于 Topic 606 的范围）以及所提供的基础服务，对公司截至2026年和2025年9月30日止三个月和九个月的收入进行细分：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（千美元）		移动模块化			便携式存储			TRS- RenTelco			Enviroplex			合并
截至9月30日止三个月，
2026
租赁		$	118,262			$	17,207			$	36,689			$	—			$	172,158
非租赁：
租赁相关服务			14,583				4,142				1,143				—				19,868
销售			47,054				2,267				7,120				25,699				82,140
其他			26				54				360				—				440
非租赁收入总额			61,663				6,463				8,623				25,699				102,448
收入总额		$	179,925			$	23,670			$	45,312			$	25,699			$	274,606

2025
租赁		$	112,056			$	17,725			$	29,098			$	—			$	158,879
非租赁：
租赁相关服务			17,072				3,939				743				—				21,754
销售			52,336				2,693				6,730				13,684				75,443
其他			4				45				318				—				367
非租赁收入总额			69,412				6,677				7,791				13,684				97,564
收入总额		$	181,468			$	24,402			$	36,889			$	13,684			$	256,443

截至9月30日止九个月，
2026
租赁		$	338,548			$	51,307			$	99,420			$	—			$	489,275
非租赁：
租赁相关服务			26,994				11,934				3,231				—				42,159
销售			99,128				5,724				22,793				33,819				161,464
其他			82				153				1,127				—				1,362
非租赁收入总额			126,204				17,811				27,151				33,819				204,985
收入总额		$	464,752			$	69,118			$	126,571			$	33,819			$	694,260

2025
租赁		$	324,791			$	51,700			$	84,499			$	—			$	460,990
非租赁：
租赁相关服务			29,199				11,451				2,217				—				42,867
销售			115,310				5,649				20,597				40,763				182,319
其他			74				214				1,011				—				1,299
非租赁收入总额			144,583				17,314				23,825				40,763				226,485
收入总额		$	469,374			$	69,014			$	108,324			$	40,763			$	687,475

在租赁合同期限结束前退还租赁设备的客户通常会被收取取消费，该费用在开票期间记作租赁收入。公司销售的新型可搬迁模块化建筑、便携式存储集装箱和电子测试设备通常由所售产品的制造商提供保修。对于某些二手租赁设备的销售，公司通常提供有限的 90 天保修；对于 Enviroplex 制造的设备，公司提供一年保修。尽管公司政策规定，在特定情况下需要时应计提保修准备金，但迄今为止保修成本并不重大。

公司取得租赁合同的增量成本（包括销售人员佣金）予以递延，并在模块化租赁的初始租赁期内摊销。对于所有其他经营分部，取得合同的增量成本在发生期间计入费用，因为租赁期限通常少于 12 个月。

其他收入，净额

其他收入，净额包括出售不动产、厂房和设备的净收益。这些销售通常在某一时点确认，合同中定义的履约义务通常在销售交割日转移。这类销售发生频率较低，并根据 ASC 610 其他收入的适用范围列报于简明合并损益表中。出售不动产、厂房和设备应收取的款项计入公司简明合并资产负债表中的应收账款。

附注 5. 每股收益

基本每股收益（“EPS”）按净利润除以当期普通股流通股加权平均数计算。稀释每股收益假设所有可能具有稀释性的证券均已转换，其中包括股票期权、未归属限制性股票奖励及其他可能具有稀释性的证券的稀释影响。下表列示了用于计算基本和稀释每股收益的普通股加权平均数：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
		截至 9 月 30 日的三个月			截至 9 月 30 日的九个月
（千股）		2026			2025			2026			2025
用于计算基本每股收益的普通股加权平均数			24,413				24,612				24,502				24,598
股权薪酬中可能具有稀释性的证券的影响			38				32				34				30
用于计算稀释每股收益的普通股加权平均数			24,451				24,644				24,536				24,628

截至 2026 年和 2025 年 9 月 30 日的九个月，分别有 36,791 和 57,157 项反稀释证券未计入稀释每股收益的计算。

公司过去曾不时通过场外市场（NASDAQ）交易、私下协商的大宗交易以及根据经修订的《1934年证券交易法》（“《交易法》”）第10b5-1条制定的股票回购计划，购买其普通股。2024年9月，公司董事会扩大了股票回购计划的额度，授权公司回购最多 2,000,000 股已发行普通股（“回购计划”）；此前，根据2015年8月设立的回购计划，获授权回购的剩余股份为 1,309,805 股。具体回购的数量和时间取决于当时的市场状况、适用的法律要求及其他因素，包括管理层的酌情决定。公司回购的所有股份均予以注销，并恢复为已授权但未发行的普通股。无法保证任何获授权股份一定会被回购；公司董事会可随时修改、延长或终止回购计划。下表列示了截至2026年和2025年9月30日止三个月及九个月的股份回购活动。截至2026年9月30日，根据回购计划仍有 1,688,637 股获授权回购。

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
	截至三个月			截至九个月
	9月30日			9月30日
（单位：千，股份数和每股金额除外）	2026			2025			2026			2025
回购股份数		61,363				—				311,363				—
购买总价 (1)	$	6,745			$	—			$	33,950			$	—
每股回购均价	$	109.91			$	—			$	109.04			$	—

对普通股“净回购”（某些购买减去某些发行）征收 1％消费税。购买总价和每股回购均价不包括消费税；截至2026年9月30日止三个月和九个月的消费税分别为 $0.1 百万美元和 $0.4 百万美元。

附注6. 存货

下表列示存货账面价值：

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n
（金额单位：千美元）		9月30日		12月31日
		2026		2025
原材料		$	4,453		$	3,904
在制品			5,136			4,123
存货总额		$	9,589		$	8,027

附注7. 商誉和无形资产

无形资产包括以下各项：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（金额单位：千美元）		预计使用年限（年）		平均剩余年限（年）		成本		累计摊销		账面净值
2026年9月30日
客户关系		6 至 11		5.5		$75,783		$(39,486)		$36,297
竞业禁止协议		5		1.7		10,916		(8,691)		2,225
商号		0.75 至 8		2.4		2,068		(1,641)		427
摊销类合计						88,767		(49,818)		38,949
商号——不摊销		无限期				171		—		171
合计						$88,938		$(49,818)		$39,120

2025年12月31日
客户关系		6 至 11		6.1		$75,734		$(33,243)		$42,491
竞业禁止协议		5		2.1		10,806		(7,351)		3,455
商号		0.75 至 8		3.3		2,000		(1,512)		488
摊销总额						88,540		(42,106)		46,434
商号 - 不摊销		无限期				171		—		171
总计						$88,711		$(42,106)		$46,605

商誉包括以下内容：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（金额单位：千美元）		Mobile Modular			Portable Storage			Enviroplex			总计
2025年12月31日余额		$	319,574			$	11,212			$	1,798			$	332,584
通过业务合并取得的商誉			4,778				—				—				4,778
2026年9月30日余额		$	324,352			$	11,212			$	1,798			$	337,362

当有证据表明已发生某些事件或情况，显示某项资产的账面价值可能无法收回时，公司会评估商誉和无形资产是否存在潜在减值。无论是否有减值迹象，公司还会每年评估使用寿命不确定的商誉和无形资产是否存在潜在减值。如果经营中使用的无形资产出现减值指标，且预计未来折现现金流不足以收回该资产的账面价值，则将在识别出减值的期间将减值损失计入费用。确认的减值损失金额为资产账面价值超过其公允价值的部分。公司认为可能导致减值的重要因素包括但不限于：收购资产的使用方式发生重大变化、行业或经济趋势转差，以及相对于历史或预计经营业绩出现重大不佳表现。公司最近一次对商誉和无形资产进行定性分析是在2025年第四季度，当时未发现减值指标。此外，在截至2026年9月30日的三个月和九个月期间，未发生触发减值的事件。截至2026年9月30日的九个月内，因收购一家区域性临时和永久模块化空间解决方案提供商，商誉增加了$4.8百万。确定报告单位的公允价值具有判断性，需要运用重大估计和假设。公司依据其认为合理、但具有不确定性且会受到市场状况变化影响的假设来估算公允价值。

使用寿命有限的无形资产按各自的使用寿命进行摊销。截至2026年和2025年9月30日的九个月内，摊销费用分别为$7.7百万和$7.8百万。根据截至2026年9月30日的账面价值，并假设相关资产后续未发生减值，预计摊销费用为：2026财年剩余期间$2.5百万，2027年$10.0百万，2028年$8.7百万，2029年$5.1百万，2030年$3.4百万，2031年$3.1百万。

附注8. 分部报告

FASB 准则为企业经营分部及其产品、服务、地理区域和主要客户的相关披露制定了年度和中期报告标准。根据这些准则，公司的四个应报告分部为 Mobile Modular、Portable Storage、TRS-RenTelco 和 Enviroplex。公司首席运营决策者（“CODM”）Phil Hawkins（首席执行官）及高级管理层重点关注若干关键指标，以评估各分部的业绩，包括租赁、租赁相关服务及销售收入增长、毛利、运营收入和所得税准备前收入。除评估各应报告分部的上述关键指标外，CODM 和高级管理层还会按应报告分部评估补充信息，例如租赁设备购置额、车队利用率和平均利用率，以进一步评估分部业绩及公司资源的未来分配。

CODM 是负责资源分配的主要个人，资源分配决策由其与公司高级管理团队协商作出，CODM 也是该团队成员。CODM 作出的最重要资源分配决策涉及租赁设备采购和员工人数。这些决策通常在年度预算过程中作出，并在全年定期审查；根据相对于预算的业绩，审查可能导致资源分配调整。CODM 每月在决定向各分部分配资本和员工资源时，会考虑期末及平均租赁设备利用率，以及毛利、运营收入、所得税准备前收入和净收入的预算与实际差异。除利息费用外，与这些分部均无直接关联的收入和费用通常按直接收入的比例分配至 Mobile Modular、Portable Storage 和 TRS-RenTelco。利息费用则根据平均租赁设备成本、商誉、无形资产、应收账款、递延收入和客户保证金的比例，在 Mobile Modular、Portable Storage 和 TRS-RenTelco 之间分配。公司不按业务分部报告总资产。

下表列示了公司截至2026年和2025年9月30日止九个月的应报告分部财务信息汇总：

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（金额单位：千美元）		Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			合并
截至9月30日止九个月
2026
收入
租赁收入		$	251,518			$	49,909			$	96,171			$	—			$	397,598
租赁相关服务收入			110,202				12,799				3,607				—				126,608
销售			99,127				5,724				24,618				33,819				163,288
其他			3,905				686				2,175				—				6,766
总收入			464,752				69,118				126,571				33,819				694,260
收入成本
租赁设备折旧			35,329				3,300				31,848				—				70,477
租赁相关服务			70,792				15,469				3,461				—				89,722
其他			75,968				6,595				18,974				—				101,537
销售成本			64,596				3,575				9,990				18,692				96,853
收入总成本			246,685				28,939				64,273				18,692				358,589
毛利			218,067				40,179				62,298				15,127				335,671
分部重大费用 3
工资和福利			45,568				11,732				9,114				3,889				70,303
折旧和摊销			10,833				1,471				106				322				12,732
营销和行政费用			16,071				5,980				4,579				2,080				28,710
分摊的企业服务 4			37,357				5,666				10,520				—				53,543
其他分部项目 5			1,103				341				128				—				1,572
费用总额			110,932				25,190				24,447				6,290				166,859
营业收入			107,135				14,989				37,851				8,837				168,812
利息费用（收入）分摊			18,219				2,432				3,206				(2,279	)			21,578
外币汇兑损失			—				—				77				—				77
所得税拨备前收入			88,916				12,557				34,568				11,116				147,157
所得税拨备			23,514				3,321				9,148				3,000				38,983
净收入		$	65,402			$	9,236			$	25,420			$	8,116			$	108,174
分部利润调节
分部毛利总额														$	335,671
分部运营费用净额															166,859
其他收入净额 6															(1,814	)
利息费用分摊															21,578
外币汇兑损失															77
所得税拨备前收入															148,971
所得税拨备															39,463
净收入														$	109,508
其他选定信息
租赁设备购置		$	142,899			$	4,001			$	80,064			$	—			$	226,964
应收账款净额（期末）		$	193,927			$	10,534			$	30,061			$	10,328			$	244,850
租赁设备，按成本计（期末）		$	1,607,898			$	245,917			$	389,141			$	—			$	2,242,956
租赁设备，账面净值（期末）		$	1,193,387			$	216,907			$	146,848			$	—			$	1,557,142
利用率（期末） 2			70.1	%			60.6	%			71.9	%
平均利用率 2			70.1	%			58.7	%			68.0	%

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
（金额单位：千）		Mobile Modular			Portable Storage			TRS- RenTelco			Enviroplex1			合并
截至9月30日的九个月，
2025
收入
租赁收入		$	243,572			$	50,307			$	80,707			$	—			$	374,586
租赁相关服务收入			106,191				12,212				2,618				—				121,021
销售额			115,308				5,649				23,039				40,763				184,759
其他			4,303				846				1,960				—				7,109
收入总额			469,374				69,014				108,324				40,763				687,475
收入成本
租赁设备折旧			32,105				3,125				29,569				—				64,799
租赁相关服务			69,999				12,976				2,237				—				85,212
其他			69,001				5,636				16,842				—				91,479
销售成本			76,483				3,509				11,574				28,012				119,578
收入成本总额			247,588				25,246				60,222				28,012				361,068
毛利			221,786				43,768				48,102				12,751				326,407
重大分部费用 3
工资和福利			44,021				10,772				8,799				3,813				67,405
折旧和摊销			10,739				1,252				44				312				12,347
营销和行政费用			13,803				5,080				4,056				1,787				24,726
分摊的企业服务 4			36,786				5,472				8,820				—				51,078
其他分部项目 5			805				438				152				—				1,395
费用总额			106,154				23,014				21,871				5,913				156,952
营业收入			115,632				20,754				26,231				6,838				169,455
利息费用（收入）分摊			19,509				2,847				3,660				(1,886	)			24,130
外币汇兑收益			—				—				(54	)			—				(54	)
所得税拨备前收入			96,123				17,907				22,625				8,724				145,379
所得税拨备			25,827				4,815				5,999				2,259				38,900
净收入		$	70,296			$	13,092			$	16,626			$	6,465			$	106,479
其他选定信息
租赁设备购置		$	60,654			$	1,338			$	32,590			$	—			$	94,582
应收账款净额（期末）		$	187,777			$	11,125			$	25,039			$	17,405			$	241,346
租赁设备，按成本计（期末）		$	1,456,049			$	243,386			$	338,397			$	—			$	2,037,832
租赁设备，账面净值（期末）		$	1,077,335			$	218,256			$	104,378			$	—			$	1,399,969
利用率（期末） 2			71.9	%			62.1	%			64.1	%
平均利用率 2			73.6	%			60.8	%			63.5	%

Enviroplex 的销售总收入为 $36,724 和 $40,763，分别对应截至2026年和2025年9月30日的九个月。截至2026年9月30日的九个月内，向 Mobile Modular 的分部间销售额为 $2,905，需在合并时抵销。2025年同期没有无需在合并时抵销的分部间销售额。

利用率按月计算，方法是将正在出租的租赁设备成本除以租赁设备总成本（不包括新设备库存和配件设备）。该期间的平均利用率按租赁设备的平均成本计算。

重要分部费用类别及金额与定期提供给首席运营决策者（CODM）的分部层面信息一致。

分摊的公司服务成本包括公司发生的、并非各业务分部在正常运营中直接产生的费用。这些分摊的间接公司成本主要包括工资和福利、公司资本资产折旧、信息技术、法律、会计及其他行政费用。

各可报告分部的其他分部项目主要包括信用损失和收购相关交易成本。

截至2026年9月30日的九个月内，公司出售了一处公司物业，产生税前出售净收益$1,814。出售净收益及归属于该出售事项的所得税拨备共计$480，未分摊至公司的经营分部。

没有任何单一客户占截至2026年9月30日和2025年9月30日的九个月总收入的比例超过10%。同期，来自外国客户的收入占公司总收入的2%。

第2项：管理层对财务状况及经营业绩的讨论与分析

本10-Q表格（包括以下管理层对财务状况及经营业绩的讨论与分析（“MD&A”））包含联邦证券法所定义的前瞻性陈述。前瞻性陈述并非对未来业绩的保证，且涉及多项风险和不确定性。由于各种因素，我们的实际业绩可能与前瞻性陈述所示存在重大差异。这些因素包括但不限于本项下所列因素、第二部分第1A项“风险因素”及本10-Q表格其他部分讨论的因素，以及我们在向美国证券交易委员会（SEC）提交的报告和注册声明中不时指出的因素。除法律另有要求外，我们不承担在提交本10-Q表格之日之后更新任何前瞻性陈述以使其符合实际结果或修订后的预期的义务。

本讨论应与本10-Q表格第一部分第1项所载的简明合并财务报表及相关附注，以及我们截至2025年12月31日止年度的10-K表格年度报告（于2026年2月25日向SEC提交，“2025年年度报告”）中所载的合并财务报表及相关附注，以及管理层对财务状况及经营业绩的讨论与分析一并阅读。在编写以下MD&A时，我们假定读者能够查阅并已阅读我们2025年年度报告中的MD&A，这是根据S-K条例第303项(b)段指示2的要求。

概述

The Company, incorporated in 1979, is a leading rental provider of relocatable modular buildings for classroom and office space and electronic test equipment for general purpose and communications needs. The Company’s primary emphasis is on equipment rentals. The Company is comprised of four reportable business segments: (1) its modular building segment (“Mobile Modular”); (2) its portable storage container segment (“Portable Storage”); (3) its electronic test equipment segment (“TRS-RenTelco”); and (4) its classroom manufacturing business selling modular buildings used primarily as classrooms in California (“Enviroplex”).

In the nine months ended September 30, 2026, Mobile Modular, Portable Storage, TRS-RenTelco and Enviroplex contributed 60%, 9%, 23% and 8% of the Company’s income before provision for taxes (the equivalent of “pretax income”), respectively, compared to 66%, 12%, 16% and 6% for the same period in 2025.

The Company generates its revenues primarily from the rental of its equipment on operating leases and from sales of equipment occurring in the normal course of business. The Company requires significant capital outlay to purchase its rental inventory and recovers its investment through rental and sales revenues. Rental revenues and certain other service revenues negotiated as part of lease agreements with customers and related costs are recognized on a straight-line basis over the terms of the leases. Sales revenues and related costs are recognized upon delivery and installation of the equipment to customers. Sales revenues are less predictable and can fluctuate from quarter to quarter and year to year depending on customer demands and requirements. Generally, rental revenues less cash operating costs recover the equipment’s capitalized cost in a short period of time relative to the equipment’s potential rental life and when sold, sale proceeds are usually above its net book value.

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 2025 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 of the Company's 2025 Annual Report)

Revenues of Portable Storage consists of the rental and sale of steel containers and ground level offices to provide a temporary storage solution that is delivered to the customer’s location and addresses the need for secure temporary storage with immediate access to the unit. The portable storage container rental market in the U.S. has a large and diverse number of market segments including construction, retail, commercial and industrial, energy and petrochemical, manufacturing, education and healthcare.

Revenues of TRS-RenTelco are derived from the rental and sale of general purpose and communications test equipment to a broad range of companies, from Fortune 500 to middle and smaller market companies primarily in the aerospace, defense, communications, manufacturing and semiconductor industries. Electronic test equipment revenues are primarily affected by the business activity within these industries related to research and development, manufacturing, and communication infrastructure installation and maintenance.

The Company’s rental operations include rental and rental related service revenues which comprised approximately 76% and 72% of consolidated revenues in the nine months ended September 30, 2026 and 2025, respectively. Of the total rental operations revenues for the nine months ended September 30, 2026, Mobile Modular, Portable Storage and TRS-RenTelco comprised 69%, 12% and 19%, respectively, compared to 71%, 12% and 17%, respectively, in the same period of 2025. 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).

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, 2026 and 2025, sales and other revenues of modular, container and electronic test equipment comprised approximately 24% and 28% of the Company’s consolidated revenues, respectively. Of the total sales and other revenues from operations for the nine months ended September 30, 2026 and 2025, Mobile Modular and Enviroplex together comprised 80% and 84%, respectively, Portable Storage comprised 4% and 3%, respectively, and TRS-RenTelco comprised 16% and 13%, 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.

Selling and administrative expenses primarily include personnel and benefit costs, which include share-based compensation, depreciation and amortization, bad debt expense, advertising costs, and professional service fees. The Company believes that sharing of common facilities, financing, senior management, and operating and accounting systems by all of the Company’s operations results in an efficient use of overhead. Historically, the Company’s operating margins have been impacted favorably to the extent its costs and expenses are leveraged over a large installed customer base. However, there can be no assurances as to the Company’s ability to maintain a large installed customer base or ability to sustain its historical operating margins.

Recent Developments

Dividends

On September 18, 2026, the Company announced that the Board of Directors declared a quarterly cash dividend of $0.495 per common share for the quarter ended September 30, 2026, an increase of 2% over the prior year’s comparable quarter.

Business Outlook

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.

Results of Operations

Three Months Ended September 30, 2026 Compared to

Three Months Ended September 30, 2025

Overview

Consolidated revenues for the three months ended September 30, 2026, increased 7% to $274.6 million from $256.4 million for the same period in 2025. Consolidated net income for the three months ended September 30, 2026, increased 15% to $48.8 million from $42.3 million for the same period in 2025. Earnings per diluted share for the three months ended September 30, 2026, increased 16% to $2.00, from $1.72 for the same period in 2025. The increase in consolidated net income and earnings per diluted share during the period was primarily attributed to higher gross profit at Enviroplex and TRS-RenTelco when compared to the same period in 2025.

For the three months ended September 30, 2026, on a consolidated basis:

•

Gross profit increased $11.6 million to $130.9 million in 2026. Mobile Modular’s gross profit decreased $0.2 million to $82.9 million, primarily due to lower gross profit on sales and other revenues, partly offset by higher gross profit on rental operations revenues. Portable Storage's gross profit decreased $1.4 million, or 9%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $5.0 million, or 30%, primarily due to higher gross profit on rental and sales revenues. Enviroplex’s gross profit increased $8.2 million to $12.7 million due to higher sales revenues and higher gross margin in 2026.

•

Selling and administrative expenses increased $4.4 million, or 8%, to $56.9 million, primarily attributed to $2.7 million higher marketing and administrative expenses and $1.8 million higher employees' salaries and benefit costs.

•

Interest expense decreased $0.2 million, or 3%, to $8.0 million, which was primarily attributed to a lower effective interest rate in 2026 of 5.31%, compared to 5.81% for the same period in 2025, partly offset by $36.9 million higher average debt levels of the Company.

•

Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 57%, 6% and 19%, respectively, compared to 70%, 10% and 15%, respectively, for the comparable 2025 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 18% in 2026, compared to 5% in 2025. The higher pre-tax income contribution from Enviroplex was primarily due to $12.0 million higher sales revenues and increased gross margin in 2026.

•

The provision for income taxes resulted in an effective tax rate of 26.0% and 27.7%, for the quarters ended September 30, 2026 and 2025, respectively.

•

Adjusted EBITDA increased $10.0 million, or 10%, to $106.5 million in 2026.

Mobile Modular

For the three months ended September 30, 2026, Mobile Modular’s total revenues decreased $1.5 million, or 1%, to $179.9 million compared to the same period in 2025, primarily due to lower sales revenues, partly offset by higher rental operations revenues. Higher gross profit on rental operations revenues, offset by lower gross profit on sales and other revenues, and higher selling and administrative expenses, resulted in a $3.3 million decrease in pre-tax income to $37.9 million for the three months ended September 30, 2026, from $41.1 million for the same period in 2025.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

Mobile Modular – Three Months Ended 9/30/26 compared to Three Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Three Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	86,901			$	83,168			$	3,733				4	%
Rental related services			44,648				44,544				104				0	%
Rental operations			131,549				127,712				3,837				3	%
Sales			47,053				52,334				(5,281	)			(10	)%
Other			1,323				1,422				(99	)			(7	)%
Total revenues			179,925				181,468				(1,543	)			(1	)%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			11,962				10,810				1,152				11	%
Rental related services			28,923				29,809				(886	)			(3	)%
Other			25,945				24,199				1,746				7	%
Total direct costs of rental operations			66,830				64,818				2,012				3	%
Costs of sales			30,210				33,558				(3,348	)			(10	)%
Total costs of revenues			97,040				98,376				(1,336	)			(1	)%
Gross Profit
Rental			48,994				48,159				835				2	%
Rental related services			15,725				14,735				990				7	%
Rental operations			64,719				62,894				1,825				3	%
Sales			16,843				18,776				(1,933	)			(10	)%
Other			1,323				1,422				(99	)			(7	)%
Total gross profit			82,885				83,092				(207	)			(0	)%
Expenses:
Selling and administrative expenses			38,320				35,389				2,931				8	%
Income from operations			44,565				47,703				(3,138	)			(7	)%
Interest expense allocation			6,714				6,597				117				2	%
Pre-tax income		$	37,851			$	41,106			$	(3,255	)			(8	)%
Other Selected Information
Adjusted EBITDA		$	62,637			$	64,573				(1,936	)			(3	)%
Average rental equipment 1		$	1,458,867			$	1,328,245			$	130,622				10	%
Average rental equipment on rent		$	1,023,970			$	963,917			$	60,053				6	%
Average monthly total yield 2			1.99	%			2.09	%						(5	)%
Average utilization 3			70.2	%			72.6	%						(3	)%
Average monthly rental rate 4			2.83	%			2.88	%						(2	)%
Period end rental equipment 1		$	1,480,329			$	1,341,377			$	138,952				10	%
Period end utilization 3			70.1	%			71.9	%						(3	)%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Period end utilization is calculated by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding new equipment inventory and accessory equipment. Average utilization for the period is calculated using the average month end costs of rental equipment.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

Mobile Modular’s gross profit for the three months ended September 30, 2026, decreased $0.2 million to $82.9 million. For the three months ended September 30, 2026, compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues increased $3.7 million, or 4%, due to 6% higher average rental equipment on rent, partly offset by 2% lower average monthly rental rates in 2026. As a percentage of rental revenues, depreciation was 14% and 13% in 2026 and 2025, respectively, and other direct costs were 30% in 2026 and 29% in 2025, which resulted in gross margin percentages of 56% in 2026, compared to 58% in 2025. The higher rental revenues and lower rental margins resulted in gross profit on rental revenues increasing $0.8 million, or 2%, to $49.0 million in 2026.

•

Gross Profit on Rental Related Services – Rental related services revenues increased $0.1 million compared to 2025. The increase in rental related services revenues was primarily attributable to higher delivery and dismantle revenues, partly offset by lower site related services revenues. The increase in rental related services revenues and higher gross margin percentage of 35% in 2026, compared to 33% in 2025, resulted in rental related services gross profit increasing $1.0 million, or 7%, to $15.7 million in 2026.

•

Gross Profit on Sales – Sales revenues decreased $5.3 million, or 10%, compared to 2025, primarily due to lower new equipment sales. The lower sales revenues and comparable gross margin percentage of 36% resulted in gross profit on sales decreasing $1.9 million, or 10%, to $16.8 million. 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.

For the three months ended September 30, 2026, selling and administrative expenses increased $2.9 million, or 8%, to $38.3 million. The increase in selling and administrative expenses was primarily attributed to a $1.5 million increase in employees' salaries and benefit costs and $1.2 million higher marketing and administrative expenses.

Portable Storage

For the three months ended September 30, 2026, Portable Storage’s total revenues decreased $0.7 million, or 3%, to $23.7 million compared to the same period in 2025, primarily due to lower rental and sales revenues, partly offset by higher rental related services revenues. Lower gross profit on rental operations and sales revenues, together with higher selling and administrative expenses, partly offset by lower allocated interest expense, resulted in a decrease in pre-tax income of $1.7 million, or 29%, to $4.2 million in 2026.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

Portable Storage – Three Months Ended 9/30/26 compared to Three Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Three Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	16,769			$	17,293			$	(524	)			(3	)%
Rental related services			4,416				4,187				229				5	%
Rental operations			21,185				21,480				(295	)			(1	)%
Sales			2,267				2,693				(426	)			(16	)%
Other			218				229				(11	)			(5	)%
Total revenues			23,670				24,402				(732	)			(3	)%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			1,104				1,056				48				5	%
Rental related services			5,524				4,739				785				17	%
Other			2,222				2,191				31				1	%
Total direct costs of rental operations			8,850				7,986				864				11	%
Costs of sales			1,425				1,629				(204	)			(13	)%
Total costs of revenues			10,275				9,615				660				7	%
Gross Profit (Loss)
Rental			13,443				14,046				(603	)			(4	)%
Rental related services			(1,108	)			(552	)			(556	)		nm
Rental operations			12,335				13,494				(1,159	)			(9	)%
Sales			842				1,064				(222	)			(21	)%
Other			218				229				(11	)			(5	)%
Total gross profit			13,395				14,787				(1,392	)			(9	)%
Expenses:
Selling and administrative expenses			8,328				7,912				416				5	%
Income from operations			5,067				6,875				(1,808	)			(26	)%
Interest expense allocation			872				994				(122	)			(12	)%
Pre-tax income		$	4,195			$	5,881			$	(1,686	)			(29	)%
Other Selected Information
Adjusted EBITDA		$	7,375			$	9,245			$	(1,870	)			(20	)%
Average rental equipment 1		$	242,827			$	237,227			$	5,600				2	%
Average rental equipment on rent		$	143,554			$	145,533			$	(1,979	)			(1	)%
Average monthly total yield 2			2.30	%			2.43	%						(5	)%
Average utilization 3			59.1	%			61.4	%						(4	)%
Average monthly rental rate 4			3.89	%			3.96	%						(2	)%
Period end rental equipment 1		$	242,810			$	238,132			$	4,678				2	%
Period end utilization 3			60.6	%			62.1	%						(2	)%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Period end utilization is calculated by dividing the cost of rental equipment on rent by the total cost of rental equipment, excluding new rental equipment inventory and accessory equipment. Average utilization for the period is calculated using the average month end costs of rental equipment.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

nm = Not meaningful

Portable Storage’s gross profit for the three months ended September 30, 2026, decreased $1.4 million, or 9%, to $13.4 million. For the three months ended September 30, 2026, compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues decreased $0.5 million, or 3%, due to 1% lower average rental equipment on rent and 2% lower average monthly rental rates in 2026. As a percentage of rental revenues, depreciation was 7% and 6% in 2026 and 2025, respectively, and other direct costs were 13% in both periods, which resulted in gross margin percentage of 80% and 81% in 2026 and 2025, respectively. The lower rental revenues and lower rental margins resulted in gross profit on rental revenues decreasing $0.6 million, or 4%, to $13.4 million in 2026.

•

Gross Profit on Rental Related Services – Rental related services revenues increased 5% to $4.4 million in 2026. The gross margin on rental related services revenues was negative 25% in 2026, compared to negative 13% in 2025, primarily due to higher trucking related costs. The higher revenues coupled with lower gross margins in 2026 resulted in rental related services gross profit decreasing $0.6 million, when compared to 2025.

•

Gross Profit on Sales– Sales revenues decreased $0.4 million, or 16%, to $2.3 million in 2026. The lower sales revenues and lower gross margin of 37% in 2026, compared to 40% in 2025, resulted in a $0.2 million decrease in gross profit on sales revenues to $0.8 million in 2026. 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.

For the three months ended September 30, 2026, Portable Storage’s selling and administrative expenses increased $0.4 million, or 5%, to $8.3 million, primarily attributed to $0.5 million higher marketing and administrative expenses, partly offset by $0.1 million lower employees' salaries and benefit costs.

TRS-RenTelco

For the three months ended September 30, 2026, TRS-RenTelco’s total revenues increased $8.4 million, or 23%, to $45.3 million, compared to the same period in 2025, primarily due to higher rental operations and sales revenues. The total revenue increase, together with higher gross profit on rental and sales revenues and lower interest expense, partly offset by lower gross profit on rental related services revenues and an increase in selling and administrative expenses, resulted in an increase in pre-tax income of $4.0 million, or 47%, to $12.5 million for the three months ended September 30, 2026, when compared to 2025.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

TRS-RenTelco – Three Months Ended 9/30/26 compared to Three Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Three Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	35,387			$	28,027			$	7,360				26	%
Rental related services			1,354				891				463				52	%
Rental operations			36,741				28,918				7,823				27	%
Sales			7,879				7,347				532				7	%
Other			692				624				68				11	%
Total revenues			45,312				36,889				8,423				23	%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			11,468				10,002				1,466				15	%
Rental related services			1,782				874				908				104	%
Other			6,764				5,918				846				14	%
Total direct costs of rental operations			20,014				16,794				3,220				19	%
Costs of sales			3,428				3,231				197				6	%
Total costs of revenues			23,442				20,025				3,417				17	%
Gross Profit
Rental			17,155				12,107				5,048				42	%
Rental related services			(428	)			17				(445	)		nm
Rental operations			16,727				12,124				4,603				38	%
Sales			4,451				4,116				335				8	%
Other			692				624				68				11	%
Total gross profit			21,870				16,864				5,006				30	%
Expenses:
Selling and administrative expenses			8,194				7,113				1,081				15	%
Income from operations			13,676				9,751				3,925				40	%
Interest expense allocation			1,212				1,250				(38	)			(3	)%
Foreign currency exchange loss (gain)			6				32				(26	)		nm
Pre-tax income		$	12,458			$	8,469			$	3,989				47	%
Other Selected Information
Adjusted EBITDA		$	25,739			$	20,212			$	5,527				27	%
Average rental equipment 1		$	366,209			$	333,045			$	33,164				10	%
Average rental equipment on rent		$	255,922			$	215,879			$	40,043				19	%
Average monthly total yield 2			3.22	%			2.81	%						15	%
Average utilization 3			69.9	%			64.8	%						8	%
Average monthly rental rate 4			4.61	%			4.33	%						6	%
Period end rental equipment 1		$	379,840			$	335,482			$	44,358				13	%
Period end utilization 3			71.9	%			64.1	%						12	%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

nm = Not meaningful

TRS-RenTelco’s gross profit for the three months ended September 30, 2026 increased $5.0 million, or 30%, to $21.9 million. For the three months ended September 30, 2026 compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues increased $7.4 million, or 26%, depreciation expense increased $1.5 million, or 15%, and other direct costs increased by $0.8 million, or 14%, resulting in a $5.0 million, or 42% increase in gross profit on rental revenues to $17.2 million. As a percentage of rental revenues, depreciation was 32% and 36% in 2026 and 2025, respectively, and other direct costs were 19% and 21% in 2026 and 2025, respectively, which resulted in a gross margin percentage of 49% in 2026 compared to 43% in 2025.

•

Gross Profit on Sales – Sales revenues increased $0.5 million, or 7%, to $7.9 million in 2026. Gross profit on sales increased $0.3 million, or 8%, to $4.5 million, with a comparable gross margin percentage of 56% in 2026. 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.

For the three months ended September 30, 2026, selling and administrative expenses increased $1.1 million, or 15%, to $8.2 million, primarily attributed to $0.6 million higher allocated corporate expenses and $0.3 million higher marketing and administrative costs.

Nine Months Ended September 30, 2026 Compared to

Nine Months Ended September 30, 2025

Overview

Consolidated revenues for the nine months ended September 30, 2026, increased 1% to $694.3 million, from $687.5 million for the same period in 2025. Consolidated net income for the nine months ended September 30, 2026, increased 3% to $109.5 million, from $106.5 million for the same period in 2025. Earnings per diluted share for the nine months ended September 30, 2026, increased $0.14 to $4.46, compared to $4.32 for the same period in 2025. The increase in consolidated net income during the current period was primarily attributed to higher gross profit on rental operations and sales revenues, $2.6 million lower interest expense and a $1.8 million gain on sale of a corporate property, partly offset by $9.9 million higher selling and administrative expenses.

For the nine months ended September 30, 2026, on a consolidated basis:

•

Gross profit increased $9.3 million, or 3%, to $335.7 million in 2026. Mobile Modular’s gross profit decreased $3.7 million, or 2%, largely due to lower gross profit on sales revenues, partly offset by higher gross profit on rental operations revenues. Portable Storage's gross profit decreased $3.6 million, or 8%, primarily due to lower gross profit on rental operations revenues. TRS-RenTelco’s gross profit increased $14.2 million, or 30%, primarily due to higher gross profit on rental and sales revenues. Enviroplex’s gross profit increased $2.4 million due to higher sales margins, partly offset by lower sales revenues in 2026.

•

Selling and administrative expenses increased $9.9 million to $166.9 million, primarily due to $5.4 million higher marketing and administrative expenses and $4.4 million higher employees' salaries and benefit costs.

•

Other income, net, increased $1.8 million due to the gain on sale of a corporate property in 2026.

•

Interest expense decreased $2.6 million to $21.6 million, which was primarily attributed to a lower effective interest rate in 2026 of 5.08%, compared to 5.69% for the same period in 2025, partly offset by $1.1 million higher average debt levels of the Company.

•

Pre-tax income contribution by Mobile Modular, Portable Storage and TRS-RenTelco was 60%, 9% and 23%, respectively, compared to 66%, 12% and 16%, respectively, for the comparable 2025 period. These results are discussed on a segment basis below. Enviroplex pre-tax income contribution was 8% in 2026, compared to 6% in 2025. The higher pre-tax income contribution from Enviroplex was primarily due to $2.4 million higher gross profit on sales revenues in 2026.

•

The provision for income taxes resulted in an effective tax rate of 26.5% and 26.8%, for the nine month periods ended September 30, 2026 and 2025, respectively.

•

Adjusted EBITDA increased $5.8 million, or 2%, to $263.4 million for the nine month period ended September 30, 2026.

Mobile Modular

For the nine months ended September 30, 2026, Mobile Modular’s total revenues decreased $4.6 million, or 1%, to $464.8 million compared to the same period in 2025, primarily due to lower sales revenues, partly offset by higher rental operations revenues. The revenue decrease, together with lower gross profit on sales and rental revenues and higher selling and administrative expenses, partly offset by higher gross profit on rental related services revenues and a $1.3 million reduction in allocated interest expense, resulted in a $7.2 million decrease in pre-tax income to $88.9 million for the nine months ended September 30, 2026, from $96.1 million for the same period in 2025.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

Mobile Modular – Nine Months Ended 9/30/26 compared to Nine Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Nine Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	251,518			$	243,572			$	7,946				3	%
Rental related services			110,202				106,191				4,011				4	%
Rental operations			361,720				349,763				11,957				3	%
Sales			99,127				115,308				(16,181	)			(14	)%
Other			3,905				4,303				(398	)			(9	)%
Total revenues			464,752				469,374				(4,622	)			(1	)%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			35,329				32,105				3,224				10	%
Rental related services			70,792				69,999				793				1	%
Other			75,968				69,001				6,967				10	%
Total direct costs of rental operations			182,089				171,105				10,984				6	%
Costs of sales			64,596				76,483				(11,887	)			(16	)%
Total costs of revenues			246,685				247,588				(903	)			(0	)%
Gross Profit
Rental			140,221				142,466				(2,245	)			(2	)%
Rental related services			39,410				36,192				3,218				9	%
Rental operations			179,631				178,658				973				1	%
Sales			34,531				38,825				(4,294	)			(11	)%
Other			3,905				4,303				(398	)			(9	)%
Total gross profit			218,067				221,786				(3,719	)			(2	)%
Expenses:
Selling and administrative expenses			110,932				106,154				4,778				5	%
Income from operations			107,135				115,632				(8,497	)			(7	)%
Interest expense allocation			18,219				19,509				(1,290	)			(7	)%
Pre-tax income		$	88,916			$	96,123			$	(7,207	)			(7	)%
Other Selected Information
Adjusted EBITDA		$	160,567			$	165,290			$	(4,723	)			(3	)%
Average rental equipment 1		$	1,422,229			$	1,304,716			$	117,513				9	%
Average rental equipment on rent		$	996,704			$	960,541			$	36,163				4	%
Average monthly total yield 2			1.96	%			2.07	%						(5	)%
Average utilization 3			70.1	%			73.6	%						(5	)%
Average monthly rental rate 4			2.80	%			2.82	%						(1	)%
Period end rental equipment 1		$	1,480,329			$	1,341,377			$	138,952				10	%
Period end utilization 3			70.1	%			71.9	%						(3	)%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

Mobile Modular’s gross profit for the nine months ended September 30, 2026, decreased $3.7 million, or 2%, to $218.1 million. For the nine months ended September 30, 2026, compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues increased $7.9 million, or 3%, due to 4% higher average rental equipment on rent, partly offset by 1% lower average monthly rental rates in 2026. As a percentage of rental revenues, depreciation was 14% and 13% in 2026 and 2025, respectively, and other direct costs were 30% in 2026 and 28% in 2025, which resulted in gross margin percentages of 56% and 58% in 2026 and 2025, respectively. The higher rental revenues offset by lower rental margins, resulted in gross profit on rental revenues decreasing $2.2 million, or 2%, to $140.2 million in 2026.

•

Gross Profit on Rental Related Services – Rental related services revenues increased $4.0 million, or 4%, compared to 2025. The increase in rental related services revenues was primarily attributable to higher delivery and return delivery revenues, partly offset by lower site related services and repair revenues. The increase in rental related services revenues and higher gross margin percentage of 36% in 2026, compared to 34% in 2025, resulted in rental related services gross profit increasing $3.2 million, or 9%, to $39.4 million in 2026.

•

Gross Profit on Sales – Sales revenues decreased $16.2 million, or 14%, compared to 2025, primarily due to lower new equipment sales. The higher gross margin percentage of 35% in 2026 compared to 34% in 2025, together with lower sales revenue, resulted in gross profit on sales decreasing $4.3 million, or 11%, to $34.5 million. The higher gross margin on sales in 2026 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.

For the nine months ended September 30, 2026, selling and administrative expenses increased $4.8 million, or 5%, to $110.9 million, primarily due to a $2.5 million increase in marketing and administrative expenses, $1.5 million higher employees' salaries and benefit costs and $0.6 million higher allocated corporate expenses.

Portable Storage

For the nine months ended September 30, 2026, Portable Storage’s total revenues increased $0.1 million to $69.1 million compared to the same period in 2025, primarily due to higher rental related services and sales revenues, offset by lower rental and other revenues. Lower gross profit on rental operations revenues and higher selling and administrative expenses, partly offset by $0.4 million lower allocated interest expense, resulted in a decrease in pre-tax income of $5.4 million, or 30%, to $12.6 million in 2026.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

Portable Storage – Nine Months Ended 9/30/26 compared to Nine Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Nine Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	49,909			$	50,307			$	(398	)			(1	)%
Rental related services			12,799				12,212				587				5	%
Rental operations			62,708				62,519				189				0	%
Sales			5,724				5,649				75				1	%
Other			686				846				(160	)			(19	)%
Total revenues			69,118				69,014				104				0	%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			3,300				3,125				175				6	%
Rental related services			15,469				12,976				2,493				19	%
Other			6,595				5,636				959				17	%
Total direct costs of rental operations			25,364				21,737				3,627				17	%
Costs of sales			3,575				3,509				66				2	%
Total costs of revenues			28,939				25,246				3,693				15	%
Gross Profit (Loss)
Rental			40,014				41,546				(1,532	)			(4	)%
Rental related services			(2,670	)			(764	)			(1,906	)		nm
Rental operations			37,344				40,782				(3,438	)			(8	)%
Sales			2,149				2,140				9				0	%
Other			686				846				(160	)			(19	)%
Total gross profit			40,179				43,768				(3,589	)			(8	)%
Expenses:
Selling and administrative expenses			25,190				23,014				2,176				9	%
Income from operations			14,989				20,754				(5,765	)			(28	)%
Interest expense allocation			2,432				2,847				(415	)			(15	)%
Pre-tax income		$	12,557			$	17,907			$	(5,350	)			(30	)%
Other Selected Information
Adjusted EBITDA		$	22,101			$	27,666			$	(5,565	)			(20	)%
Average rental equipment 1		$	242,832			$	234,957			$	7,875				3	%
Average rental equipment on rent		$	142,421			$	142,830			$	(409	)			(0	)%
Average monthly total yield 2			2.28	%			2.38	%						(4	)%
Average utilization 3			58.7	%			60.8	%						(4	)%
Average monthly rental rate 4			3.89	%			3.91	%						(1	)%
Period end rental equipment 1		$	242,810			$	238,132			$	4,678				2	%
Period end utilization 3			60.6	%			62.1	%						(2	)%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

nm = Not meaningful

Portable Storage’s gross profit for the nine months ended September 30, 2026, decreased $3.6 million, or 8%, to $40.2 million. For the nine months ended September 30, 2026, compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues decreased $0.4 million, due to 1% lower average monthly rental rates and comparable average rental equipment on rent in 2026. As a percentage of rental revenues, depreciation was 7% and 6% in 2026 and 2025, respectively, and other direct costs were 13% and 11% in 2026 and 2025, respectively, which resulted in gross margin percentage of 80% and 83% in 2026 and 2025, respectively. The lower rental revenues together with lower rental margins resulted in gross profit on rental revenues decreasing $1.5 million, or 4%, to $40.0 million in 2026.

•

Gross Profit on Rental Related Services – Rental related services revenues was $12.8 million, an increase of $0.6 million compared to 2025. The gross margin on rental related services revenues was negative 21% in 2026, compared to negative 6% in 2025. The higher revenues coupled with lower gross margins in 2026 due to higher trucking costs, resulted in rental related services gross profit decreasing $1.9 million, when compared to 2025.

•

Gross Profit on Sales– Sales revenues increased $0.1 million, primarily due to higher new equipment sales. The higher sales revenues and comparable gross margin of 38% in 2026, resulted in a comparable sales gross profit of $2.1 million in 2026. 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.

For the nine months ended September 30, 2026, Portable Storage’s selling and administrative expenses increased $2.2 million, or 9%, to $25.2 million, primarily attributed $1.0 million higher employees' salaries and benefit costs and $0.8 million higher marketing and administrative expenses.

TRS-RenTelco

For the nine months ended September 30, 2026, TRS-RenTelco’s total revenues increased $18.2 million, or 17%, to $126.6 million, compared to the same period in 2025, primarily due to higher rental operations and sales revenues. Higher gross profit on rental and sales revenues and $0.5 million lower allocated interest expense, partly offset by $2.6 million higher selling and administrative expenses, resulted in a $11.9 million, or 53%, increase in pre-tax income to $34.6 million for the nine months ended September 30, 2026, from $22.6 million for the same period in 2025.

The following table summarizes results for each revenue and gross profit category, income from operations, pre-tax income and other selected information.

TRS-RenTelco – Nine Months Ended 9/30/26 compared to Nine Months Ended 9/30/25 (Unaudited)

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)		Nine Months Ended September 30,			Increase (Decrease)
		2026			2025			$			%
Revenues
Rental		$	96,171			$	80,707			$	15,464				19	%
Rental related services			3,607				2,618				989				38	%
Rental operations			99,778				83,325				16,453				20	%
Sales			24,618				23,039				1,579				7	%
Other			2,175				1,960				215				11	%
Total revenues			126,571				108,324				18,247				17	%
Costs and Expenses
Direct costs of rental operations:
Depreciation of rental equipment			31,848				29,569				2,279				8	%
Rental related services			3,461				2,237				1,224				55	%
Other			18,974				16,842				2,132				13	%
Total direct costs of rental operations			54,283				48,648				5,635				12	%
Costs of sales			9,990				11,574				(1,584	)			(14	)%
Total costs of revenues			64,273				60,222				4,051				7	%
Gross Profit
Rental			45,349				34,296				11,053				32	%
Rental related services			146				381				(235	)			(62	)%
Rental operations			45,495				34,677				10,818				31	%
Sales			14,628				11,465				3,163				28	%
Other			2,175				1,960				215				11	%
Total gross profit			62,298				48,102				14,196				30	%
Expenses:
Selling and administrative expenses			24,447				21,871				2,576				12	%
Income from operations			37,851				26,231				11,620				44	%
Interest expense allocation			3,206				3,660				(454	)			(12	)%
Foreign currency exchange loss (gain)			77				(54	)			131			nm
Pre-tax income		$	34,568			$	22,625			$	11,943				53	%
Other Selected Information
Adjusted EBITDA		$	71,583			$	57,463			$	14,120				25	%
Average rental equipment 1		$	349,022			$	334,389			$	14,633				4	%
Average rental equipment on rent		$	237,256			$	212,433			$	24,823				12	%
Average monthly total yield 2			3.06	%			2.68	%						14	%
Average utilization 3			68.0	%			63.5	%						7	%
Average monthly rental rate 4			4.50	%			4.22	%						7	%
Period end rental equipment 1		$	379,840			$	335,482			$	44,358				13	%
Period end utilization 3			71.9	%			64.1	%						12	%

Average and Period end rental equipment represents the cost of rental equipment, excluding new equipment inventory and accessory equipment.

Average monthly total yield is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment, for the period.

Average monthly rental rate is calculated by dividing the averages of monthly rental revenues by the cost of rental equipment on rent, for the period.

nm = Not meaningful

TRS-RenTelco’s gross profit for the nine months ended September 30, 2026 increased $14.2 million, or 30%, to $62.3 million. For the nine months ended September 30, 2026 compared to the same period in 2025:

•

Gross Profit on Rental Revenues – Rental revenues increased $15.5 million, or 19%, depreciation expense increased $2.3 million, or 8%, and other direct costs increased by $2.1 million, or 13%, resulting in a 32% increase in gross profit on rental revenues to $45.3 million. As a percentage of rental revenues, depreciation was 33% and 37% in 2026 and 2025, respectively, and other direct costs were 20% and 21%, in 2026 and 2025, respectively, which resulted in a gross margin percentage of 47% and 42% in 2026 and 2025, respectively. The increase in rental revenues was primarily due to a 12% increase in average rental equipment on rent and 7% higher average monthly rental rates in 2026, as compared to 2025.

•

Gross Profit on Sales – Sales revenues increased $1.6 million, or 7%, to $24.6 million in 2026. Gross profit on sales was $14.6 million, an increase of $3.2 million, or 28%, compared to 2025, with a higher gross margin percentage of 59% in 2026, compared to 50% in 2025. 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.

For the nine months ended September 30, 2026, selling and administrative expenses increased $2.6 million, or 12%, to $24.4 million. The increase was primarily attributed to $1.7 million higher allocated corporate expenses and $0.5 million higher marketing and administrative costs when compared to 2025.

Adjusted EBITDA

To supplement the Company’s financial data presented on a basis consistent with accounting principles generally accepted in the United States of America (“GAAP”), the Company presents “Adjusted EBITDA”, which is defined by the Company as net income before interest expense, provision for income taxes, depreciation, amortization, non-cash impairment costs, share-based compensation, transaction costs, gains on property sales and non-operating transactions. The Company presents Adjusted EBITDA as a financial measure as management believes it provides useful information to investors regarding the Company’s liquidity and financial condition and because management, as well as the Company’s lenders, use this measure in evaluating the performance of the Company.

Management uses Adjusted EBITDA as a supplement to GAAP measures to further evaluate period-to-period operating performance, compliance with financial covenants in the Company’s revolving lines of credit and senior notes and the Company’s ability to meet future capital expenditure and working capital requirements. Management believes the exclusion of non-cash charges and non-recurring transactions, including share-based compensation, transaction costs and gains on property sales is useful in measuring the Company’s cash available for operations and performance of the Company. Because management finds Adjusted EBITDA useful, the Company believes its investors will also find Adjusted EBITDA useful in evaluating the Company’s performance.

Adjusted EBITDA should not be considered in isolation or as a substitute for net income, cash flows, or other consolidated income or cash flow data prepared in accordance with GAAP or as a measure of the Company’s profitability or liquidity. Adjusted EBITDA is not in accordance with or an alternative for GAAP and may be different from non−GAAP measures used by other companies. Unlike EBITDA, which may be used by other companies or investors, Adjusted EBITDA does not include share-based compensation charges, transaction costs, gains on property sales and non-operating transactions. The Company believes that Adjusted EBITDA is of limited use in that it does not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and does not accurately reflect real cash flow. In addition, other companies may not use Adjusted EBITDA or may use other non-GAAP measures, limiting the usefulness of Adjusted EBITDA for purposes of comparison. The Company’s presentation of Adjusted EBITDA should not be construed as an inference that the Company will not incur expenses that are the same as or similar to the adjustments in this presentation. Therefore, Adjusted EBITDA should only be used to evaluate the Company’s results of operations in conjunction with the corresponding GAAP measures. The Company compensates for the limitations of Adjusted EBITDA by relying upon GAAP results to gain a complete picture of the Company’s performance. Because Adjusted EBITDA is a non-GAAP financial measure, as defined by the SEC, the Company includes in the tables below reconciliations of Adjusted EBITDA to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Reconciliation of Net Income to Adjusted EBITDA

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)	Three Months Ended September 30,			Nine Months Ended September 30,			Twelve Months Ended September 30,
	2026			2025			2026			2025			2026			2025
Net income	$	48,803			$	42,297			$	109,508			$	106,479			$	159,336			$	145,428
Provision for income taxes		17,165				16,211				39,463				38,900				57,336				51,909
Interest expense		7,965				8,176				21,578				24,130				28,070				32,988
Depreciation and amortization		29,693				26,978				85,973				79,717				113,325				106,348
EBITDA		103,627				93,662				256,522				249,226				358,068				336,673
Share-based compensation		2,772				2,766				8,451				8,088				11,588				10,641
Transaction costs 3		88				98				252				253				465				2,255
Other income, net 4		—				—				(1,814	)			—				(1,814	)			—
Adjusted EBITDA 1	$	106,487			$	96,526			$	263,411			$	257,567			$	368,307			$	349,569
Adjusted EBITDA margin 2		39	%			38	%			38	%			37	%			39	%			38	%

Adjusted EBITDA is defined as income from operations before interest expense, provision for income taxes, depreciation, amortization, share-based compensation, other income, net and non-operating transactions.

Adjusted EBITDA margin is calculated as Adjusted EBITDA divided by total revenues for the period.

Transaction costs include merger and acquisition related legal and professional fees and other costs specific to these transactions.

Other income, net, consists of net gains on property, plant and equipment sales that are infrequent in nature and excluded from Adjusted EBITDA.

Reconciliation of Net Cash Provided by Operating Activities to Adjusted EBITDA

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
(dollar amounts in thousands)	Three Months Ended September 30,			Nine Months Ended September 30,			Twelve Months Ended September 30,
	2026			2025			2026			2025			2026			2025
Net cash provided by operating activities	$	72,279			$	65,071			$	177,971			$	174,765			$	258,889			$	211,544
Change in certain assets and liabilities:
Accounts receivable, net		4,828				7,545				12,839				22,004				3,358				16,817
Inventories, prepaid expenses and other assets		447				(2,261	)			41,176				1,002				36,770				14,103
Accounts payable and accrued liabilities		784				8,588				(18,000	)			18,854				(22,951	)			(5,834	)
Deferred income		(4,834	)			(5,378	)			(34,555	)			(20,502	)			(14,381	)			(6,413	)
Amortization of debt issuance costs		(1	)			(159	)			(6	)			(204	)			(8	)			(264	)
Foreign currency exchange (loss) gain		(6	)			(32	)			(77	)			54				(51	)			(214	)
Gain on sale of used rental equipment		14,714				13,514				32,749				30,188				46,752				40,088
Income taxes paid, net of refunds received		8,115				751				27,895				6,537				31,474				46,887
Interest paid		10,161				8,887				23,419				24,869				28,455				32,855
Adjusted EBITDA 1	$	106,487			$	96,526			$	263,411			$	257,567			$	368,307			$	349,569

Adjusted EBITDA is defined as income from operations before interest expense, provision for income taxes, depreciation, amortization, share-based compensation and non-operating transactions.

Adjusted EBITDA is a component of two restrictive financial covenants for the Company’s unsecured Credit Facility, the Note Purchase Agreement, Series D, E, F and G Senior Notes (as defined and more fully described under the heading “Liquidity and Capital Resources” in this MD&A). These instruments contain financial covenants requiring the Company to not:

•

Permit the Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Facility and the Note Purchase Agreement (as defined and more fully described under the heading “Liquidity and Capital Resources” in this MD&A)) of Adjusted EBITDA (as defined in the Credit Facility and the Note Purchase Agreement) to fixed charges as of the end of any fiscal quarter to be less than 2.50 to 1. At September 30, 2026, the actual ratio was 4.05 to 1.

•

Permit the Consolidated Leverage Ratio of funded debt (as defined in the Credit Facility and the Note Purchase Agreement) to Adjusted EBITDA at any time during any period of four consecutive quarters to be greater than 2.75 to 1. At September 30, 2026, the actual ratio was 1.68 to 1.

At September 30, 2026, the Company was in compliance with each of the aforementioned covenants. There are no anticipated trends that the Company is aware of that would indicate non-compliance with these covenants, although, significant deterioration in our financial performance could impact the Company’s ability to comply with these covenants.

Liquidity and Capital Resources

The Company’s rental businesses are capital intensive and generate significant cash flows. Cash flows for the Company for the nine months ended September 30, 2026 compared to the same period in 2025 are summarized as follows:

Cash Flows from Operating Activities: The Company’s operations provided net cash of $178.0 million in 2026, compared to $174.8 million in 2025. The $3.2 million increase in net cash provided by operating activities was primarily attributable to a $19.5 million increase in accrued expenses in 2026, primarily attributed to an increase in accrued leased real estate related expenses. In addition, the Company's deferred income provided for $14.1 million higher cash flows in 2026, a result of the timing of customer billings, cash proceeds received and recognition of revenue. Further, accounts receivable provided $9.5 million additional cash flows in 2026 due to improved collection of customer billings. Lastly, the increase in cash flows provided by accrued expenses and deferred income was partly offset by $37.7 million lower cash provided from prepaid expenses and other assets, a result of the timing of cash payments made and expense recognition during the period.

Cash Flows from Investing Activities: Net cash used in investing activities was $203.5 million in 2026, up from $88.1 million in 2025. The $115.5 million increase in net cash used was primarily due to $127.2 million higher rental equipment purchases when compared to the previous year, a result of customer demand. Further, the Company had $12.4 million lower cash paid for the acquisition of businesses during the current period, which partly offset the increase in net cash used.

Cash Flows from Financing Activities: Net cash provided by financing activities was $26.3 million in 2026, compared to $80.3 million in net cash used during 2025. The $106.6 million change was largely attributed to increased borrowings under bank lines of

credit, primarily the result of higher rental equipment investment, the $60.0 million principal payment of Series E senior notes, $34.2 million in repurchases of common stock during the period and $36.8 million of dividend payments, when compared to 2025.

Significant capital expenditures are required to maintain and grow the Company’s rental assets. During the last three years, the Company has financed its working capital and capital expenditure requirements through cash flow from operations, proceeds from the sale of rental equipment and from borrowings. Sales occur routinely as a normal part of the Company’s rental business. However, these sales can fluctuate from period to period depending on customer requirements and funding. Although the net proceeds received from sales may fluctuate from period to period, the Company believes its liquidity will not be adversely impacted from lower sales in any given year because it believes it has the ability to increase its bank borrowings and conserve its cash in the future by reducing the amount of cash it uses to purchase rental equipment, pay dividends, or repurchase the Company’s common stock.

Unsecured Revolving Lines of Credit

On May 8, 2026, the Company entered into an amended and restated credit agreement with Bank of America, N.A., as Administrative Agent, Swing Line Lender, L/C Issuer and lender, and other lenders named therein (the “Credit Facility”). The Credit Facility provides for a $725.0 million unsecured revolving credit facility (which may be further increased to $950.0 million, which includes a $40.0 million sublimit for the issuance of standby letters of credit and a $20.0 million sublimit for swingline loans. The proceeds of the Credit Facility are available to be used for general corporate purposes, including permitted acquisitions. The Credit Facility permits the Company’s existing indebtedness to remain, which includes the Company’s $20.0 million Treasury Sweep Note due July 15, 2027, the Company’s existing senior notes issued pursuant to the Note Purchase and Private Shelf Agreement with Prudential Investment Management, Inc., dated as of June 8, 2023 (as amended): (i) the $40.0 million aggregate outstanding principal of notes issued March 17, 2021 and due March 17, 2028, and (ii) the $60.0 million aggregate outstanding principal of notes issued June 16, 2021 and due June 16, 2026, and (iii) the $75.0 million aggregate outstanding principal of notes issued September 27, 2023 and due September 27, 2030, and (iv) the $75.0 million aggregate outstanding principal of notes issued September 8, 2025 and due September 8, 2032. In addition, the Company may incur additional senior note indebtedness in an aggregate amount not to exceed $350.0 million. The Credit Facility matures on May 8, 2031, and replaced the Company’s prior $650.0 million credit facility dated July 15, 2022 with Bank of America, N.A., as agent, as amended. All obligations outstanding under the prior credit facility as of the date of the Credit Facility were refinanced by the Credit Facility on May 8, 2026.

On May 20, 2026, the Company entered into an amended and restated Credit Facility Letter Agreement and a Credit Line Note in favor of U.S. Bank, N.A., which provides for a $20.0 million line of credit facility related to its cash management services (“Sweep Service Facility”). The Sweep Service Facility matures on the earlier of May 20, 2031, or the date the Company ceases to utilize U.S. Bank, N.A. for its cash management services. The Sweep Service Facility replaced the Company’s prior $20.0 million sweep service facility, dated as of August 19, 2022.

At September 30, 2026, under the Credit Facility and Sweep Service Facility, the Company had unsecured lines of credit that permit it to borrow up to $725.0 million of which $428.3 million was outstanding and had capacity to borrow up to an additional $296.7 million. The Credit Facility contains financial covenants requiring the Company to not (all defined terms used below not otherwise defined herein have the meaning assigned to such terms in the Credit Facility):

•

Permit the Consolidated Fixed Charge Coverage Ratio as of the end of any fiscal quarter to be less than 2.50 to 1. At September 30, 2026, the actual ratio was 4.05 to 1.

•

Permit the Consolidated Leverage Ratio at any time during any period of four consecutive fiscal quarters to be greater than 2.75 to 1. At September 30, 2026, the actual ratio was 1.68 to 1.

At September 30, 2026, the Company was in compliance with each of the aforementioned covenants. There are no anticipated trends that the Company is aware of that would indicate non-compliance with these covenants, although significant deterioration in our financial performance could impact the Company’s ability to comply with these covenants.

Note Purchase and Private Shelf Agreement

On June 8, 2023, the Company entered into a Second Amended and Restated Note Purchase and Private Shelf Agreement (the “Note Purchase Agreement”) with PGIM, Inc. (“PGIM”) and the holders of Series D and Series E Notes previously issued pursuant to the Prior NPA. The Note Purchase Agreement amended and restated, and superseded in its entirety, the Prior NPA. Pursuant to the Prior NPA, the Company issued (i) $40.0 million aggregate principal amount of its 2.57% Series D Senior Notes, due March 17, 2028, and (ii) $60.0 million aggregate principal amount of its 2.35% Series E Senior Notes, paid in full on June 16, 2026, to which the terms of the Note Purchase Agreement applied.

In addition, pursuant to the Note Purchase Agreement, the Company may authorize the issuance and sale of additional senior notes (the “Shelf Notes”) in the aggregate principal amount of (x) $300 million minus (y) the amount of other notes (such as the Series D Senior Notes, Series E Senior Notes, Series F Senior Notes and Series G Senior Notes, each defined below) then outstanding, to be dated the date of issuance thereof, to mature, in case of each Shelf Note so issued, no more than 15 years after the date of original issuance thereof, to have an average life, in the case of each Shelf Note so issued, of no more than 15 years after the date of original issuance thereof, to bear interest on the unpaid balance thereof from the date thereof at the rate per annum, and to have such other particular terms, as shall be set forth, in the case of each Shelf Note so issued, in accordance with the Note Purchase Agreement. Shelf Notes may be issued and sold from time to time at the discretion of the Company’s Board of Directors and in such amounts as the Board of Directors may determine, subject to prospective purchasers’ agreement to purchase the Shelf Notes. The Company will sell the Shelf Notes directly to such purchasers. The full net proceeds of each Shelf Note will be used in the manner described in the applicable Request for Purchase with respect to such Shelf Note.

5.30% Senior Notes Due in 2032

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.

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, 2026, the principal balance outstanding under the Series G Senior Notes was $75.0 million.

6.25% Senior Notes Due in 2030

On September 27, 2023, the Company issued and sold to the purchasers $75.0 million aggregate principal amount of 6.25% Series F Notes (the “Series F Senior Notes”) pursuant to the terms of the Second Amended and Restated Note Purchase and Private Shelf Agreement, dated June 8, 2023 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series F Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 6.25% per annum and mature on September 27, 2030. Interest on the Series F Senior Notes is payable semi-annually beginning on March 27, 2024 and continuing thereafter on September 27 and March 27 of each year until maturity. The principal balance is due when the notes mature on September 27, 2030. The full net proceeds from the Series F Senior Notes will primarily be used to fulfill the income tax obligations incurred from the divestiture of Adler Tanks. At September 30, 2026, the principal balance outstanding under the Series F Senior Notes was $75.0 million.

2.57% Senior Notes Due in 2028

On March 17, 2021, the Company issued and sold to the purchasers $40.0 million aggregate principal amount of 2.57% Series D Notes (the “Series D Senior Notes”) pursuant to the terms of the Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series D Senior Notes are an unsecured obligation of the Company and bear interest at a rate of 2.57% per annum and mature on March 17, 2028. Interest on the Series D Senior Notes is payable semi-annually beginning on September 17, 2021 and continuing thereafter on March 17 and September 17 of each year until maturity. The principal balance is due when the notes mature on March 17, 2028. The full net proceeds from the Series D Senior Notes were used to pay off the Company’s $40 million Series B Senior Notes. At September 30, 2026, the principal balance outstanding under the Series D Senior Notes was $40.0 million.

2.35% Senior Notes Due in 2026

On June 16, 2021, the Company issued and sold to the purchasers $60.0 million aggregate principal amount of 2.35% Series E Notes (the \"Series E Notes\") pursuant to the terms of the Amended and Restated Note Purchase and Private Shelf Agreement, dated March 31, 2020 (the “Note Purchase Agreement”), among the Company, PGIM, Inc. and the noteholders party thereto.

The Series E Senior Notes were an unsecured obligation of the Company and bore an interest at a rate of 2.35% per annum and matured on June 16, 2026. Interest on the Series E Senior Notes was payable semi-annually beginning on December 16, 2021 and continuing thereafter on June 16 and December 16 of each year until maturity. The principal balance was due when the note matured on June 16, 2026. The full net proceeds from the Series E Senior Notes were used to pay down the Company’s credit facility. At September 30, 2026, the principal balance under the Series E Senior Notes was paid in full.

Among other restrictions, the Note Purchase Agreement, which has superseded in its entirety the Prior NPA, under which the Series D, E, F and G Senior Notes were sold, contains financial covenants requiring the Company to not (all defined terms used below not otherwise defined herein have the meaning assigned to such terms in the Note Purchase Agreement):

•

Permit the Consolidated Fixed Charge Coverage Ratio of EBITDA to fixed charges as of the end of any fiscal quarter to be less than 2.50 to 1. At September 30, 2026, the actual ratio was 4.05 to 1.

•

Permit the Consolidated Leverage Ratio of funded debt to EBITDA at any time during any period of four consecutive quarters to be greater than 2.75 to 1. At September 30, 2026, the actual ratio was 1.68 to 1.

At September 30, 2026, the Company was in compliance with each of the aforementioned covenants. There are no anticipated trends that the Company is aware of that would indicate non-compliance with these covenants, although significant deterioration in our financial performance could impact the Company’s ability to comply with these covenants.

Although no assurance can be given, the Company believes it will continue to be able to negotiate general bank lines of credit and issue senior notes adequate to meet capital requirements not otherwise met by operational cash flows and proceeds from sales of rental equipment.

Contractual Obligations and Commitments

We believe that our contractual obligations and commitments have not changed materially from those included in our 2025 Annual Report.

Critical Accounting Estimates

There were no material changes in our judgments and assumptions associated with the development of our critical accounting estimates during the nine month period ended September 30, 2026. Refer to our 2025 Annual Report for a discussion of our critical accounting policies and estimates.

Item 3. Quantitative and Qualitative Disclosures About Market Risk

There have been no material changes in the Company’s market risk exposures from those reported in our 2025 Annual Report.

Item 4. Controls and Procedures

The Company’s management, under the supervision and with the participation of the Company’s Chief Executive Officer (the “CEO”) and Chief Financial Officer (the “CFO”), the Company’s principal executive officer and principal financial officer, respectively, performed an evaluation of the effectiveness of the design and operation of the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2026. Based on that evaluation, the CEO and CFO concluded that the Company’s disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) were effective as of September 30, 2026. There were no changes in the Company’s internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Company’s internal control over financial reporting.

Part II -Other Information

Item 1. Legal Proceedings

The Company is subject to various legal proceedings and claims arising in the ordinary course of business. The Company’s management does not expect that the outcome in the current proceedings, individually or collectively, will have a material adverse effect on the Company’s financial condition, operating results or cash flows.

Item 1a. Risk Factors

There have been no material changes from the risk factors associated with our business previously disclosed in the “Item 1A. Risk Factors” section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, except as set forth below. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business and the trading price of our common stock.

Conditions in the Middle East, including current uncertainty and instability resulting from conflict between the United States, Israel, and Iran, as well as other regional hostilities could adversely affect our business.

In February 2026, the United States and Israel launched military operations against Iran, resulting in an armed conflict that has caused significant disruption to global energy markets and international shipping, including the closure of the Strait of Hormuz. The profitability of our business could be impacted by the price of petroleum products because they are a component of the logistics costs for delivery of our goods to customers. Additionally, the conflict in and around Iran has increased instability in the Middle East region and generated new economic uncertainty in global supply chains, due in part to the restriction of shipping activity through the Strait of Hormuz. The broader consequences of these conflicts are uncertain, and could include further sanctions, embargoes, geopolitical shifts and adverse effects on macroeconomic conditions, adverse impacts on energy supplies and prices, supply chain disruptions and cost increases, inflationary pressures, capital markets dislocation, all of which could impact the Company's business, financial condition and results of operations.

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

Common Stock Purchase

During the nine months ended September 30, 2026, the Company repurchased 311,363 shares of common stock under a Rule 10b5-1 trading plan established on March 12, 2026, pursuant to an authorization under the Repurchase Plan (as defined below) for an aggregate repurchase price of $34.0 million, or an average price of $108.94 per share. The aggregate repurchase price and weighted average price per repurchased share excludes a 1% excise tax, which totaled $0.4 million for the nine months ended September 30, 2026. The table below sets forth the information with respect to repurchases of our common stock during the nine months ended September 30, 2026.

\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n	\n
Period		Total Number of Shares Purchased			Average price Paid Per Share			Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs			Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs (1)
January 1 - January 31			—				—				—				2,000,000
February 1 - February 28			—				—				—				—
March 1- March 31			113,591			$	104.44				113,591				(113,591	)
April 1 - April 30			—				—				—				—
May 1 - May 31			136,409			$	112.47				136,409				(136,409	)
June 1 - June 30			—				—				—				—
July 1 - July 31			—				—				—				—
August 1 - August 31			—				—				—				—
September 1 - September 30			61,363			$	109.42				61,363				(61,363	)
Total		$	311,363			$	108.94				311,363				1,688,637

The number represents the total number of shares of the Company's common stock that remain available for repurchase as of September 30, 2026, pursuant to the Company's Board of Directors' authorization.

The Company has in the past made purchases of shares of its common stock from time to time in over-the-counter market (NASDAQ) transactions, through privately negotiated, large block transactions and through a share repurchase plan, in accordance with Rule 10b5-1 of the Exchange Act. In September 2024, the Company's Board of Directors increased the capacity under the share repurchase program by authorizing the Company to repurchase up to 2,000,000 shares of the Company's outstanding common stock (the \"Repurchase Plan\"), an increase from the 1,309,805 remaining shares authorized for repurchase under the Repurchase Plan established in August 2015. The amount and time of the specific repurchases are subject to prevailing market conditions, applicable legal requirements and other factors, including management’s discretion. All shares repurchased by the Company are canceled and returned to the status of authorized but unissued shares of common stock. There can be no assurance that any authorized shares will be repurchased, and the Repurchase Plan may be modified, extended or terminated by the Company’s Board of Directors at any time. As of September 30, 2026, 1,688,637 shares were authorized for repurchase under the Repurchase Plan.

Item 3. Defaults Upon Senior Securities

None.

Item 4. Mine Safety Disclosures

None.

Item 5. Other Information

Rule 10b5-1 Trading Plans

During the quarter ended September 30, 2026, a current officer, Tara Wescott, adopted a \"Rule 10b5-1 trading arrangement\" as such term is defined under Item 408 of Regulation S-K as noted below. 

\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n

\n	\n	\n	\n	\n	\n	\n	\n	\n
			Trading Arrangement
Name and Title	Action	Date	Rule 10b5-1 (1)	Non-Rule 10b5-1 (2)	Aggregate Number of Securities to be Sold		Expiration Date

Tara Wescott, Senior Vice President, Chief Human Resources Officer	Adopt	9/1/2026	X			2,340		2/29/2028

With the exception of Mrs. Wescott, no other Company director or Section 16 officer adopted, modified or terminated a 10b5-1 plan or a \"non-Rule 10b5-1 trading arrangement\" (as such terms are defined under Item 408 of Regulation S-K), during the quarter ended September 30, 2026.

Item 6. Exhibits

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15.1	Awareness Letter From Grant Thornton LLP.

31.1	Certification of Chief Executive Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

31.2	Certification of Chief Financial Officer required by Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

32.1	Certification of Chief Executive Officer pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

32.2	Certification of Chief Financial Officer pursuant to Title 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

101	The following materials from McGrath RentCorp’s Quarterly report on Form 10-Q for the quarter ended September 30, 2026, formatted in iXBRL (Inline eXtensible Business Reporting Language): (i) the Condensed Consolidated Statement of Income, (ii) the Condensed Consolidated Balance Sheet, (iii) the Condensed Consolidated Statement of Cash Flows, and (iv) Notes to Condensed Consolidated Financial Statements.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document).

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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Date: October 28, 2026	McGrath RentCorp

	By:	/s/ Keith E. Pratt
		Keith E. Pratt
		Executive Vice President and Chief Financial Officer

	By:	/s/ David M. Whitney
		David M. Whitney
		Senior Vice President and Chief Accounting Officer

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