UNITED RENTALS, INC. URI
United Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand. The table below presents key information about our business as of and for the years ended December 31, 2025 and 2024. Our business is discussed in more detail below. The data below should be read in conjunction with, and is qualified by reference to, our Management's Discussion and Analysis and our consolidated financial statements and notes thereto contained elsewhere in this report.
(1)Reflects the estimated impact of inflation on the revenue productivity of fleet based on OEC, which is recorded at cost.
(2)Reflects the combined impact of changes in rental rates, time utilization, and mix that contribute to the variance in owned equipment rental revenue. See note 3 to the consolidated financial statements for a discussion of the different types of equipment rentals revenue. Rental rate changes are calculated based on the year-over-year variance in average contract rates, weighted by the prior period revenue mix. Time utilization is calculated by dividing the amount of time an asset is
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.69B | $3.59B | $3.40B | $2.50B | $2.26B | $1.99B | $2.06B | $8.05B | $6.64B | $5.76B |
| Cost of revenue | $9.96B | $9.20B | $8.52B | $6.65B | $5.86B | $5.35B | $5.68B | $4.68B | $3.87B | $3.36B |
| Gross profit | $6.14B | $6.15B | $5.81B | $5.00B | $3.85B | $3.18B | $3.67B | $3.36B | $2.77B | $2.40B |
| SG&A | $1.73B | $1.65B | $1.53B | $1.40B | $1.20B | $979.0M | $1.09B | $1.04B | $903.0M | $719.0M |
| Operating income | $3.97B | $4.07B | $3.83B | $3.23B | $2.28B | $1.80B | $2.15B | $1.95B | $1.51B | $1.42B |
| Pre-tax income | $3.34B | $3.39B | $3.21B | $2.80B | $1.85B | $1.14B | $1.51B | $1.48B | $1.05B | $909.0M |
| Income tax | $844.0M | $813.0M | $787.0M | $697.0M | $460.0M | $249.0M | $340.0M | $380.0M | $298.0M | $343.0M |
| Net income | $2.49B | $2.58B | $2.42B | $2.10B | $1.39B | $890.0M | $1.17B | $1.10B | $1.35B | $566.0M |
| EPS, basic | 38.71 | 38.82 | 35.40 | 29.77 | 19.14 | 12.24 | 15.18 | 13.26 | 15.91 | 6.49 |
| EPS, diluted | 38.61 | 38.69 | 35.28 | 29.65 | 19.04 | 12.20 | 15.11 | 13.12 | 15.73 | 6.45 |
| Shares, diluted (wtd. avg.) | 64.6M | 66.6M | 68.7M | 71.0M | 72.8M | 72.9M | 77.7M | 83.5M | 85.6M | 87.8M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $459.0M | $457.0M | $363.0M | $106.0M | $144.0M | $202.0M | $52.0M | $43.0M | $352.0M | $312.0M |
| Receivables | $2.51B | $2.36B | $2.23B | $2.00B | $1.68B | $1.31B | $1.53B | $1.54B | $1.23B | $920.0M |
| Inventory | $240.0M | $200.0M | $205.0M | $232.0M | $164.0M | $125.0M | $120.0M | $109.0M | $75.0M | $68.0M |
| Total current assets | $3.61B | $3.25B | $2.93B | $2.72B | $2.15B | $2.02B | $1.84B | $1.76B | $1.77B | $1.36B |
| Property, plant and equipment | — | — | — | — | — | — | $604.0M | $614.0M | $467.0M | $430.0M |
| Goodwill | $7.12B | $6.90B | $5.94B | $6.03B | $5.53B | $5.17B | $5.15B | $5.06B | $4.08B | $3.26B |
| Other intangibles | $477.0M | $663.0M | $670.0M | $452.0M | $615.0M | $648.0M | $895.0M | $1.08B | $875.0M | $742.0M |
| Total assets | $29.87B | $28.16B | $25.59B | $24.18B | $20.29B | $17.87B | $18.97B | $18.13B | $15.03B | $11.99B |
| Accounts payable | $776.0M | $748.0M | $905.0M | $1.14B | $816.0M | $466.0M | $454.0M | $536.0M | $409.0M | $243.0M |
| Short-term debt | $1.58B | $1.18B | $1.47B | $161.0M | $906.0M | $704.0M | $997.0M | $903.0M | $723.0M | $597.0M |
| Total current liabilities | $3.82B | $3.32B | $3.64B | $2.44B | $2.60B | $1.89B | $2.20B | $2.12B | $1.67B | $1.18B |
| Long-term debt | $14.30B | $13.47B | $11.58B | $11.45B | $9.75B | $9.76B | $11.52B | $11.83B | $9.52B | $7.84B |
| Total liabilities | $20.90B | $19.54B | $17.46B | $17.12B | $14.30B | $13.32B | $15.14B | $14.73B | $11.92B | $10.34B |
| Retained earnings | $15.84B | $13.81B | $11.67B | $9.66B | $7.55B | $6.17B | $5.28B | $4.10B | $3.00B | $1.65B |
| Total equity | $8.97B | $8.62B | $8.13B | $7.06B | $5.99B | $4.54B | $3.83B | $3.40B | $3.11B | $1.65B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.19B | $4.55B | $4.70B | $4.43B | $3.69B | $2.66B | $3.02B | $2.85B | $2.21B | $1.94B |
| Depreciation and amortisation | — | — | — | — | — | — | — | — | — | $1.25B |
| Stock-based compensation | $134.0M | $112.0M | $94.0M | $127.0M | $119.0M | $70.0M | $61.0M | $102.0M | $87.0M | $45.0M |
| Capital expenditure | — | $4.13B | $3.86B | $3.69B | $3.20B | $1.16B | $2.35B | $185.0M | $120.0M | $93.0M |
| Investing cash flow | -$3.37B | -$4.15B | -$2.98B | -$5.02B | -$3.61B | -$223.0M | -$1.71B | -$4.55B | -$3.68B | -$847.0M |
| Financing cash flow | -$1.84B | -$274.0M | -$1.47B | $552.0M | -$140.0M | -$2.29B | -$1.30B | $1.40B | $1.50B | -$964.0M |
| Dividends paid | $464.0M | $434.0M | $406.0M | $0 | $0 | — | — | — | — | — |
| Buybacks | $1.97B | $1.57B | $1.07B | $1.07B | $34.0M | $286.0M | $870.0M | $817.0M | $56.0M | $528.0M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001067701-26-000007.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.76B | $6.64B | $8.05B | $2.06B | $1.99B | $2.26B | $2.50B | $3.40B | $3.59B | $3.69B |
| Gross profit | $2.40B | $2.77B | $3.36B | $3.67B | $3.18B | $3.85B | $5.00B | $5.81B | $6.15B | $6.14B |
| Net income | $566.0M | $1.35B | $1.10B | $1.17B | $890.0M | $1.39B | $2.10B | $2.42B | $2.58B | $2.49B |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Regulation FD disclosure Item 7.01
- Regulation FD disclosure Item 7.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Regulation FD disclosure Item 7.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
Others in SIC 7359
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| UPBD | UPBOUND GROUP, INC. | $995.8M | 13.7x | 8.7% |
| KPLT | Katapult Holdings, Inc. | $39.0M | — | 18.0% |
| AER | AerCap Holdings N.V. | — | — | 6.5% |
| TRTN-PA | Triton International Ltd | — | — | 22.4% |