UNITED RENTALS, INC.

Listed Company

URICIK 0001067701NYSELarge AcceleratedServices-Equipment Rental & Leasing, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$16.10B

Net Income

$2.49B

Total Assets

$29.87B

Equity

$8.97B

Shares Out

62.65M

Op. Cash Flow

$5.19B

Business

United Rentals is the largest equipment rental company in the world and provides rental solutions across North America with a smaller presence in Europe, Australia and New Zealand. It offers a broad fleet for rent and sells new and used equipment, contractor supplies, repair and maintenance services, and digital tools for account management. The company reports two business segments: general rentals (construction, aerial and industrial equipment and related services) and specialty (trench safety, power/HVAC, fluid solutions, mobile storage and surface protection). It distributes through an extensive branch network, national account program, a customer care center and online platforms.

Summary from filing dated 2025-01-29

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total revenues	16,099	15,345	14,332	11,642	9,716
Cost of equipment rentals, excluding depreciation	5,888	5,365	4,900	4,018	3,329
Depreciation of rental equipment	2,670	2,466	2,350	1,853	1,611
Total cost of revenues	9,955	9,195	8,519	6,646	5,863
Gross profit	6,144	6,150	5,813	4,996	3,853
Selling, general and administrative expenses	1,732	1,645	1,527	1,400	1,199
Restructuring charge	1	3	28	0	2
Non-rental depreciation and amortization	438	437	431	364	372
Operating income	3,973	4,065	3,827	3,232	2,277
Interest expense, net	716	691	635	445	424
Other income, net	−81	−14	−19	−15	7
Income before provision for income taxes	3,338	3,388	3,211	2,802	1,846
Provision for income taxes	844	813	787	697	460
Net income	2,494	2,575	2,424	2,105	1,386
Basic earnings per share (in dollars per share)	38.71	38.82	35.4	29.77	19.14
Diluted earnings per share (in dollars per share)	38.61	38.69	35.28	29.65	19.04

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	459	457	363	106	144
Accounts receivable, net	2,510	2,357	2,230	2,004	1,677
Inventory	240	200	205	232	164
Prepaid expenses and other assets	399	235	135	381	166
Total current assets	3,608	3,249	2,933	2,723	2,151
Goodwill	7,119	6,900	5,940	6,026	5,528
Other intangible assets, net	477	663	670	452	615
Operating lease right-of-use assets	1,395	1,337	1,099	819	784
Other long-term assets	64	49	43	47	42
Total assets	29,866	28,163	25,589	24,183	20,292
Short-term debt and current maturities of long-term debt	1,577	1,178	1,465	161	906
Accounts payable	776	748	905	1,139	816
Accrued expenses and other liabilities	1,466	1,397	1,267	1,145	881
Total current liabilities	3,819	3,323	3,637	2,445	2,603
Long-term debt	12,652	12,228	10,053	11,209	8,779
Deferred taxes	3,115	2,685	2,701	2,671	2,154
Operating lease liabilities	1,124	1,089	895	642	621
Other long-term liabilities	188	216	173	154	144
Total liabilities	20,898	19,541	17,459	17,121	14,301
Common stock$0.01 par value, 500,000,000 shares authorized, 115,354,590 and 63,095,970 shares issued and outstanding, respectively, at December 31, 2025 and 115,179,350 and 65,305,731 shares issued and outstanding, respectively, at December 31, 2024	1	1	1	1	1
Additional paid-in capital	2,769	2,691	2,650	2,626	2,567
Retained earnings	15,843	13,813	11,672	9,656	7,551
Treasury stock at cost52,258,620 and 49,873,619 shares at December 31, 2025 and December 31, 2024, respectively	−9,396	−7,478	−5,965	−4,957	−3,957
Accumulated other comprehensive loss	−249	−405	−228	−264	−171
Total stockholders equity	8,968	8,622	8,130	7,062	5,991
Total liabilities and stockholders equity	29,866	28,163	25,589	24,183	20,292

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	3,108	2,903	2,781	2,217	1,983
Amortization of deferred financing costs and original issue discounts	15	15	14	13	13
Gain on sales of rental equipment	−635	−710	−786	−566	−431
Gain on sales of non-rental equipment	−18	−17	−21	−9	−10
Insurance proceeds from damaged equipment	−50	−51	−38	−32	−25
Stock compensation expense, net	134	112	94	127	119
Debt related activity	15	1	0	17	30
Increase (decrease) in deferred taxes	405	−19	35	537	268
Increase in accounts receivable	−120	−20	−167	−329	−300
(Increase) decrease in inventory	−38	15	19	−25	9
(Increase) decrease in prepaid expenses and other assets	−135	−27	281	−164	248
Decrease in accounts payable	−22	−203	−45	304	307
Increase (decrease) in accrued expenses and other liabilities	36	−31	85	238	87
Net cash provided by operating activities	5,190	4,546	4,704	4,433	3,689
Payments for purchases of rental equipment	−4,149	−3,753	−3,714	−3,436	−2,998
Payments for purchases of non-rental equipment and intangible assets	−379	−374	−356	−254	−200
Proceeds from sales of rental equipment	1,413	1,521	1,574	965	968
Proceeds from sales of non-rental equipment	56	67	60	24	30
Insurance proceeds from damaged equipment	50	51	38	32	25
Purchases of other companies, net of cash acquired	−357	−1,655	−574	−2,340	−1,436
Purchases of investments	−3	−5	−4	−7	0
Net cash used in investing activities	−3,369	−4,148	−2,976	−5,016	−3,611
Proceeds from debt	11,182	11,609	8,576	9,885	8,364
Payments of debt	−10,529	−9,861	−8,574	−8,241	−8,462
Payment of contingent consideration	−23	0	0	—	—
Payments of financing and other debt related costs	−38	−17	0	−24	−8
Dividends paid	−464	−434	−406	0	0
Common stock repurchased, including tax withholdings for share based compensation	−1,969	−1,571	−1,070	−1,068	−34
Net cash used in financing activities	−1,841	−274	−1,474	552	−140
Effect of foreign exchange rates	22	−30	3	−7	4
Net increase in cash and cash equivalents	2	94	257	−38	−58
Cash paid for interest	703	674	614	406	391
Cash paid for income taxes, net	602	994	493	326	202

Filings

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