The equipment finance industry’s 2025 asset class rankings tell a story of realignment more than recovery. Trucks & Trailers had the most dramatic ranking change, as Wells Fargo Equipment Finance vaulted from third place to first, even as combined new business volume among the segment’s top 20 companies fell $474.7 million, or 2.6%, year over year. Construction remained Caterpillar Financial Services’ domain and Wells Fargo broke into the Industrial & Manufacturing top five with triple-digit growth. IT & Related Technology Services stayed concentrated around Dell Financial Services and Cisco Systems Capital even as smaller finance companies like PEAC Solutions surged. Materials Handling had modest overall movement with a standout gain from First Citizens Bank Equipment Finance, while Medical welcomed two new entrants, EverBank and MMP Capital, into its top five. Together, the rankings point to an industry reshuffling amid a mixed 2024 hangover.

Trucks & Trailers

Wells Fargo Equipment Finance, which had posted a steep decline in the prior ranking, rebounded to the top spot with $2.85 billion in new business volume, a 26.1% increase. BMO Financial Group fell to second at $2.67 billion despite a 19.5% decline. PNC Equipment Finance climbed to third with $1.64 billion, up 6.6%, while Huntington Asset Finance rose to fourth at $1.27 billion, up 20.9%. Fifth Third Bank rounded out the top five with $1.09 billion, up 3.9%. But the segment’s gains at the top didn’t translate into broader growth: combined NBV among the top 20 Trucks & Trailers lenders fell $474.7 million, or 2.6%, year over year, with BMO’s decline alone erasing more than Wells Fargo’s entire gain. The results suggest trucking finance is still working through the freight market’s extended downturn, with one lender’s rebound masking continued softness across the field.

Construction

Construction remained anchored by Caterpillar Financial Services, which posted $12.59 billion in originations, representing 88.2% of its own portfolio and a 5.8% increase year-over-year. John Deere Financial followed with $4.18 billion, up 2.0%. Wells Fargo Equipment Finance held third at $2.73 billion despite a slight 0.7% dip, while CNH Capital was fourth with $1.68 billion, down 2.3%. Huntington Asset Finance jumped from seventh to fifth, growing 40.6% to $1.36 billion. DLL USA, a top-five player a year ago, fell to seventh after its construction volume declined 24.0%. The sector continues to reward scale, even as some regional banks post outsized gains.

IT & Related Technology Services

Technology again consolidated around its two largest players. Dell Financial Services led with $11.93 billion in volume, up a strong 42.5%, while Cisco Systems Capital held second at $3.90 billion despite a 13.8% decline. Wells Fargo Equipment Finance was third at $1.95 billion, down 3.4%, followed by PNC Equipment Finance in fourth at $910.4 million, up 25.6%. DLL USA rounded out the top five with $778.9 million, down 4.5%. Below the leaders, smaller players moved quickly: PEAC Solutions’ technology volume grew nearly sevenfold to $378.7 million, and Dext Capital’s technology business grew more than 90%. The sector remains top-heavy, but challengers are gaining ground faster than the leaders.

Industrial & Manufacturing

Industrial & Manufacturing experienced one of the year’s biggest surprises. M&T Equipment Finance Group again led the category with $630.9 million, essentially flat year over year. U.S. Bank Equipment Finance moved into second with $545.6 million, up 25.1%. Wells Fargo Equipment Finance leaped from 17th place to third, with volume more than tripling to $476.6 million, a 259.4% increase. First American Equipment Finance slipped to fourth at $431.5 million, down 5.2%, while Eldridge Capital Management held fifth with $390.0 million, up 20.0%. The sector’s broad-based growth, led by Wells Fargo’s dramatic entrance into the top five, points to renewed lender appetite for industrial equipment after a weaker 2024.

Materials Handling

Materials Handling volumes were more subdued. Wells Fargo Equipment Finance again led with $1.01 billion, though volume declined 10.9%. DLL USA held second at $580.0 million, down slightly. First Citizens Bank Equipment Finance was the sector’s bright spot for a second consecutive year, climbing to third with $387.0 million, up 44.9%. U.S. Bank Equipment Finance was fourth at $281.2 million, down 6.6%, while PNC Equipment Finance rounded out the top five at $256.8 million, up 29.4%. The pattern echoes last year: established leaders pulling back while smaller, more focused competitors continue to expand share.

Medical

Medical continued to attract new entrants. DLL USA retained the top spot with $1.06 billion in NBV, up 6.0%. EverBank entered at second with $881.4 million and 8.7% growth. U.S. Bank Equipment Finance climbed to third at $576.7 million, up a strong 27.2%. MMP Capital, a newcomer to the top five, placed fourth with $346.0 million, up 14.7%, while First American Equipment Finance held fifth at $315.0 million, up 16.9%. Dext Capital, last year’s standout grower, fell to sixth after its medical volume declined 12.9%. The sector remains a consistent growth story in equipment finance, even as its leaderboard keeps shifting.

Sector Performance

The Alta Group’s 2026 “What’s Hot, What’s Not” survey of equipment managers and lessors found construction equipment ranked the most attractive asset type for the 12th consecutive year, narrowly ahead of medical and machine tools. Marine/intercoastal and aircraft also scored well, both improving from a year earlier. Truck/trailer, tied for seventh place, continued its recovery from 2024’s near-collapse, echoing the rebound visible in this year’s company rankings. At the bottom, furniture, fixtures and equipment fell to last place, while telecom and printing tied for second-to-last, reflecting continued digitization pressure and softer replacement demand. Overall, respondents reported a stronger preference for adding equipment across more categories than in either of the prior two years, suggesting increased confidence in the industry heading into 2026, even as residual value assumptions stayed conservative for roughly half of tracked equipment types.

Forecast for 2026

The Equipment Leasing & Finance Foundation’s 2026 U.S. Economic Outlook describes an economy that is expanding more slowly and is increasingly exposed to policy uncertainty and market volatility. AI-driven capital spending remains the standout growth driver: 2025 saw a record $350 billion in AI infrastructure investment, fueling exceptional strength in technology equipment and software financing, even as the Foundation flags stretched valuations and more debt dependent financing structures as risks. Trade policy will remain a central storyline.On the positive side, both the Foundation’s Monthly Confidence Index and ELFA’s CapEx Finance Index point to industry confidence above historical averages. Taken together, the rest of 2026 looks like a year of continued, if uneven, growth, concentrated in technology, with transportation finance still searching for a durable recovery. •

Rita E. Garwood is editor in chief of Monitor.