Our unchanged 3Q:25 EPS estimate of $1.87 matches the year-earlier level, based on nearly unchanged total revenue. We anticipate margin contraction against 3Q:24 to be offset by interest expense savings of approximately $4.6 million due to reduced debt levels. In July, MGRC updated full-year guidance for total revenue of $925-$960 million (versus our $947.1 million estimate) and adjusted (for one-time items, transaction costs, and non-operating transactions) EBITDA of $347-$356 million (versus our $351 million estimate). We anticipate management commentary to update prior messaging, which hinted at the potential for reduced client demand from construction customers. We maintain our EPS estimates of $6.31 in 2025 and $6.73 in 2026. Our estimates imply annual EPS growth of 20.9% and 6.6%, respectively. Our free cash flow per share estimates of $6.52 in 2025 and $7.18 in 2026 imply respective FCF yields of 5.5% and 6.0%. Our $148 price target is based on 22x our 2026 EPS estimate of $6.73. Free cash flow, the balance sheet and the long-term dividend growth profile support the multiple and our moderate risk rating, in our view. McGrath RentCorp will be participating in the Sidoti December Small-Cap Virtual Conference on December 10-11.