United Rentals, Inc. (NYSE: URI) rents construction and industrial equipment and supplies specialty jobsite solutions, principally through United Rentals (North America), Inc. It also sells used fleet equipment, new equipment, contractor supplies and related services. Operations are concentrated in North America.
Loading the company summary…
A snapshot of what UNITED RENTALS, INC. owns and owes at a point in time.
Read the company’s balance sheet in the original annual reports below.
Browse original filingsSee the original statement for its reporting period, currency, and unit.
3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230001067701-24-000007 | Jan 24, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240001067701-25-000008 | Jan 29, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001067701-26-000007 | Jan 28, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
United Rentals’ revenue growth masked weaker profitability in 2025. Revenue reached $16.099 billion, but GAAP net income fell to $2.494 billion as rental margins compressed and the effective tax rate increased after a prior-year state-tax benefit did not recur. Lower cash taxes separately supported operating cash flow; they did not reverse the earnings decline. Performance improved through September 2026, with faster specialty growth and better rental margins. However, earnings retained disposal and prior-year merger-termination benefits, while cash generation benefited from tax timing and working-capital movements. Fleet investment remains substantial, and most reported liquidity is conditional borrowing capacity rather than cash. Company-reported credit ratings improved by October 19, 2026, but neither financing access nor restructuring savings is assured. The central finding is operating improvement after 2025 margin compression—not proof of entirely organic growth.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
Equipment rentals generated 86% of 2025 revenue. General rentals supplies construction, industrial, aerial and light equipment; specialty supplies trench safety, power/HVAC, fluid solutions, storage, modular offices and surface-protection mats. Management attributes competitive advantages to purchasing scale, equipment transfers between branches, large-account relationships and specialty cross-selling. These are company explanations, not independently measured incremental returns. At September 30, 2026, the network comprised 1,795 locations and $24.8 billion of fleet original equipment cost—not market value. Rentals are generally short-term, and winter demand is weaker. Revenue therefore should not be mistaken for a long-duration contracted backlog. Routine fleet sales recover capital but expose earnings and cash generation to resale conditions.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-09-30
For the year ended December 31, 2025, revenue increased 4.9% to $16.099 billion, but operating income declined to $3.973 billion and GAAP net income fell 3.1% to $2.494 billion. Rental gross margin fell from 39.9% to 38.0%. Management cited inflation, delivery and labor costs, depreciation and more lower-margin ancillary revenue. Some delivery spending repositioned fleet to meet strong demand, so higher costs do not establish demand weakness. Taxes compounded the operating pressure: pretax income fell $50 million, while income-tax expense rose $31 million. The effective rate increased from 24.0% to 25.3%, principally because a 2024 state-tax benefit did not recur. Fewer diluted shares cushioned EPS, which declined only slightly to $38.61. Adjusted EBITDA increased, but its margin fell and it retained a merger-termination benefit.
Sources: 10-K · 2025-12-31
2025 operating cash flow increased to $5.190 billion despite lower profit. Cash taxes fell to $602 million from $994 million, principally because of federal legislation enacted July 4, 2025. The company reported no material enactment effect on its effective tax rate; this cash-tax benefit is distinct from the annual effective-rate increase. Cash rental-equipment purchases reached $4.149 billion, with another $379 million spent on non-rental equipment and intangibles. Company-defined non-GAAP free cash flow was $2.181 billion after equipment purchases, disposal proceeds and damaged-equipment insurance proceeds, but before acquisitions and shareholder distributions. Used-fleet proceeds support cash generation, whereas only the gain contributes to profit.
Sources: 10-K · 2025-12-31
The October 21, 2026 Form 10-Q reported nine-month revenue of $13.288 billion, up 11.7%, and GAAP net income of $2.204 billion, up 19.7%. Third-quarter revenue was $4.893 billion and net income $920 million. Nine-month rental gross margin improved to 39.4%; management cited depreciation, labor, maintenance and delivery efficiencies, partly offset by lower-margin ancillary and re-rent growth. Specialty rental revenue grew 25.1%, versus 7.3% for general rentals. Fleet productivity increased 4.2%, but combines rates, utilization and mix rather than measuring pure pricing or organic growth. Earnings included a $39 million after-tax business-sale benefit, compared with a $29 million H&E termination benefit in the prior-year period.
Sources: 10-Q · 2026-09-30
At September 30, 2026, debt carrying value was $14.671 billion, including finance leases but excluding operating leases. Reported liquidity of $2.615 billion comprised $153 million cash, $2.436 billion undrawn ABL capacity and $26 million receivables-facility capacity. Access depends on collateral and contractual conditions. As of October 19, the company reported Moody’s Ba1/Positive and S&P BBB-/Stable, including a Moody’s outlook improvement and S&P upgrade—not realized interest savings or guaranteed funding. The June 18 amendment extended receivables financing to June 18, 2027; further renewals require agreement. Company-reported compliance does not quantify headroom: the ABL coverage test was inapplicable. Through September, purchases under the new $5 billion authorization totaled $775 million.
Sources: 10-Q · 2026-09-30 · 8-K · 2026-06-18 · 8-K · 2026-01-28
Construction and industrial cyclicality, fixed costs, used-equipment prices, tariffs, labor and insurance costs can weaken returns even when revenue rises. Nine-month 2026 operating cash flow of $4.934 billion benefited from lower cash taxes and liability movements, while higher fleet spending limited free cash flow to $1.421 billion. Restructuring remained unfinished at September 30, with savings unquantified. Management expected existing cash sources to support operations for twelve months, but that assessment includes operating receipts, equipment sales and borrowing access—not cash alone. The supplied primaries provide no numerical full-year 2026 operating guidance, and seasonal nine-month results are not annual totals.
Sources: 10-Q · 2026-09-30 · 10-K · 2025-12-31
USD 16.099 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 16.099 bn | 4.9% |
| 2024 | USD 15.345 bn | 7.1% |
| 2023 | USD 14.332 bn | — |
Consolidated revenue, including Topic 842 lease revenue and Topic 606 revenue.
Sources: 10-K · 2025-12-31
USD 2.494 bn
FY2025 · GAAP · consolidated · Attribution: parent · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 2.494 bn | -3.1% |
| 2024 | USD 2.575 bn | 6.2% |
| 2023 | USD 2.424 bn | — |
Consolidated GAAP net income available to common stockholders.
Sources: 10-K · 2025-12-31
USD 5.19 bn
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 5.19 bn | 14.2% |
| 2024 | USD 4.546 bn | -3.4% |
| 2023 | USD 4.704 bn | — |
GAAP operating cash flow; not profit or free cash flow.
Sources: 10-K · 2025-12-31
Reading times are estimates for the English text. Financial tables and charts may take additional time.
