tickdelta
Sign in

Tickdelta is free for now. Sign up and get Pro free

← Screener

URIUnited Rentals

Industrials · Equipment Rental · NYSE
Compare with peers → Embed
The 10-K against last year's

101 changes: 16 added, 17 removed, 68 reworded

10-K Jan 28, 2026 vs Jan 29, 2025
Risk FactorsRedline ↓
13.7%
of the text changed · 10,403 words now
21.9%
of the text changed · 11,441 words now
Legal ProceedingsRedline ↓
0.0%
of the text changed · 321 words now
Accounting PoliciesRedline ↓
15.7%
of the text changed · 2,926 words now

10-K 0001067701-26-000007 (2026-01-28) vs 10-K 0001067701-25-000008 (2025-01-29)

The redline

The paragraph that changed most in each section

Marked against last year's 10-K: cut words struck through, new words highlighted and underlined.

MD&A 246 words changed in this paragraph; it is 50% similar to last year's version.
In October 2022, our Board of Directors authorized a $1.25 billion share repurchase program, which was completed in the first quarter of 2024. In January 2024, April 2025, our Board of Directors authorized a $1.5 billion share repurchase program, and repurchases under this the program began in March 2024, following April 2025. Subsequent to the completion enactment of the $1.25 new federal tax legislation discussed below (see note 13 to the consolidated financial statements) in July 2025, and with consideration of the expected cash flow benefit associated with the legislation, our Board of Directors approved an increase in the size of the share repurchase program, from $1.5 billion program. to $2.0 billion. We repurchased $1.25 $1.65 billion under this program in 2024. We have paused repurchases under 2025, and intend to complete the program due to our pending acquisition of H&E. As discussed in note 19 to the consolidated financial statements, on January 13, 2025, we entered into a definitive merger agreement to acquire H&E, which is expected to close in the first quarter of 2025. 2026. On January 28, 2026, our Board of Directors authorized a new $5.0 billion share repurchase program. We currently plan to begin repurchases under the new program following the planned completion of the existing $2.0 billion share repurchase program in the first quarter of 2026. This program does not have an established expiration date, and we intend to complete repurchase $1.15 billion under the share repurchase program; however, we will re-evaluate the timing over which we expect to do so as we integrate H&E and assess other potential uses of capital. program in 2026. A 1 percent excise tax is imposed on “net repurchases” (certain purchases minus certain issuances) of common stock. The repurchases above (as well as the total program sizes) do not include the excise tax, which totaled $13 $18 in 2024. 2025 (the total excise tax amount relates to both the current program and a prior program that was completed in the first quarter of 2025). Since 2012, we have repurchased a total of $7.478 $9.396 billion (inclusive of immaterial excise taxes, which were first imposed in 2023) of Holdings' common stock under our share repurchase programs (comprised of eight nine programs that have ended and the current program).

Source: Item 7, 10-K 0001067701-26-000007 vs Item 7, 10-K 0001067701-25-000008

Risk Factors 191 words changed in this paragraph; it is 54% similar to last year's version.
Although the Board of Directors has authorized the share repurchase program, the share repurchase program does not obligate us to repurchase any specific dollar amount or to acquire any specific number of shares. The timing and amount of repurchases, if any, will depend upon several factors, including market and legislative conditions, the trading price of the Company’s common stock and the nature of other investment opportunities. For example, the Inflation Reduction Act imposes a one percent tax on stock repurchases, subject to certain adjustments, by publicly traded U.S. companies, including us, and may impact our decision to engage in share repurchases. Also, our ability to repurchase shares of stock may be limited by restrictive covenants in our debt agreements. The repurchase program may be limited, suspended or discontinued at any time without prior notice. In addition, repurchases Repurchases of our common stock pursuant to our share repurchase program programs could affect our stock price and increase its volatility. The existence of a share repurchase program programs could cause our stock price to be higher than it would be in the absence of such a program programs and could potentially reduce the market liquidity for our stock. Additionally, our share repurchase program programs could diminish our cash reserves, which may impact our ability to finance future growth, to continue to pay a dividend and to pursue possible future strategic opportunities and acquisitions. There can be no assurance that any share repurchases will enhance stockholder value because the market price of our common stock may decline below the levels at which we repurchased shares of stock. Although our share repurchase program is programs are intended to enhance long-term stockholder value, there is no assurance that it they will do so and short-term stock price fluctuations could reduce the program’s effectiveness. effectiveness of the programs.

Source: Item 1A, 10-K 0001067701-26-000007 vs Item 1A, 10-K 0001067701-25-000008

Accounting Policies 163 words changed in this paragraph; it is 42% similar to last year's version.
Improvements to Reportable Segment Income Tax Disclosures. In November December 2023, the FASB issued ASU 2023-07, 2023-09, which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU require, among other things, requires disclosure of significant segment expenses that are regularly provided to an entity's chief operating decision maker (“CODM”) and a description of other segment items (the difference between segment revenue less disaggregated income taxes paid, prescribes standard categories for the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure components of the title effective tax rate reconciliation, and position of the CODM, and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. Annual disclosures are required modifies other income tax-related disclosures. ASU 2023-09 is effective for fiscal years beginning after December 15, 2023 2024 and interim disclosures are required for periods within fiscal years beginning after December 15, 2024. may be applied prospectively or retrospectively. We have retrospectively adopted this guidance, which did not have an impact on our financial statements, although it did result in expanded reportable segment income tax-related disclosures, which are included in note 5 13 to our consolidated financial statements.

Source: Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001067701-26-000007 vs Item 8, Note 2 – Summary of Significant Accounting Policies, 10-K 0001067701-25-000008

Every change, by type

Sentences and paragraphs added, removed or reworded

Sentences and paragraphs of URI's Risk Factors and MD&A, 10-K 2026-01-28 against 10-K 2025-01-29. Each links to the text at sec.gov.

AddedRisk Factors
We rely on borrowings under the ABL facility and the accounts receivable securitization facility to provide funds to operate our business and make capital expenditures, and our business would be adversely affected if those facilities are not available to be drawn, or amounts available to be drawn are reduced.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
In April 2025, our Board of Directors authorized a $1.5 billion share repurchase program, and repurchases under this program began in April 2025. Subsequent to the enactment of the new federal tax legislation discussed below (see note 13 to the consolidated financial statements) in July 2025, and with consideration of the expected cash flow benefit associated with the legislation, our Board of Directors approved an increase in the size of the current share repurchase program, from $1.5 billion to $2.0 billion. We have completed $1.65 billion of repurchases under the program as of December 31, 2025, and expect to complete the program in the first quarter of 2026. On January 28, 2026, our Board of Directors authorized a new $5.0 billion share repurchase program. The program is expected to commence after completion of the current program, and does not have an established expiration date. We intend to repurchase $1.15 billion under the program in 2026.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
We collect, use, process, and store proprietary information and personal, sensitive, or confidential data relating to our business, customers, and employees. Privacy laws and similar regulations in many jurisdictions where we do business require that we take significant steps to safeguard that information, and these laws and regulations continue to evolve. New laws may add a broad array of requirements on how we handle or use information, increase our compliance obligations and impose new

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
We may fail to respond adequately to changes in technology and customer demands, which could adversely affect our results of operation, financial condition and cash flows.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
In recent years, our industry and end-markets have been characterized by rapid changes in technology and customer demands. Our ability to continually improve our current processes and customer-facing tools in response to changes in technology or in customer expectations is essential in maintaining our competitive position and maintaining current levels of customer satisfaction. Failure to correctly identify and predict customer needs and preferences, to deliver high quality, innovative and competitive products to the market, to adequately protect our intellectual property rights or to acquire rights to third-party technologies, to provide adequate data security and privacy protections, and to stimulate customer demand for, and convince customers to adopt, new products, digital solutions and support services, could adversely affect our consolidated results of operations, financial condition and cash flows. In addition, we may experience technical or other difficulties that could delay or prevent the development or implementation of new products, digital solutions and support services. We also may not achieve the benefits that we anticipate from new technologies we develop or implement. The effects of these risks may, individually or in the aggregate, materially adversely affect our results of operations, financial condition and cash flows.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
We use AI in our business and in our products, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability, and adversely affect our business or results of operations.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedRisk Factors
We incorporate AI solutions into our products, services and features, and we leverage AI in our product development and our operations. If we are unable to effectively integrate AI into our business processes or keep pace with rapidly evolving AI technological developments, we may face a competitive disadvantage. At the same time, the use or offering of AI technologies may result in new or expanded risks and liabilities, including enhanced government or regulatory scrutiny, litigation, privacy and compliance issues, ethical concerns, confidentiality, reputational harm, and security risks. It is difficult to predict all the risks related to the use of AI. Changes in laws, rules, directives, and regulations governing the use of AI may adversely affect our ability to develop and use AI or subject us to legal liability. The cost of complying with laws and regulations governing AI could be significant and would increase our operating expenses, which could adversely affect our business, financial condition, results of operations and cash flows. Further, market demand and acceptance of AI technologies are uncertain, and our efforts to further incorporate AI into our processes may not succeed.

Read it in 10-K 2026-01-28 at sec.gov ↗

Show the other 8
AddedMD&A
•Amended our term loan facility, which bears interest based on the Secured Overnight Financing Rate (“SOFR”) plus a spread, primarily to reduce the spread;

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedMD&A
Merger Termination Benefit. In January 2025, we announced that we had signed a merger agreement to acquire H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”). In February 2025, following the termination of that merger agreement, we received a break-up fee of $64. Our results for the year ended December 31, 2025 include a net $39 merger termination benefit, which reflects this break-up fee, net of related transaction costs. The net merger termination benefit is comprised of $12 of professional fees recorded in selling, general and administrative ("SG&A") expenses, $13 of bridge financing fees recorded in interest expense, net, and the break-up fee of $64 recorded in other income, net. For the year ended December 31, 2025, the impact of the merger termination was a $29 after-tax benefit, or $0.45 per diluted share, for net income and a $52 benefit for adjusted EBITDA (as defined below).

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedMD&A
(4)The amount for the year ended December 31, 2025 primarily reflects bridge financing fees associated with the terminated H&E acquisition discussed above.

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedMD&A
Allowance for Credit Losses. We maintain allowances for credit losses. These allowances reflect our estimate of the amount of our receivables that we will be unable to collect based on historical write-off experience and, as applicable, current

Read it in 10-K 2026-01-28 at sec.gov ↗

AddedMD&A
Interest expense, net for the year ended December 31, 2025 did not change significantly year-over-year, as the impact of decreased variable debt interest rates was offset by increased average debt. The weighted average interest rates on our variable debt instruments were 5.4 percent and 6.3 percent for the years December 31, 2025 and 2024, respectively. Interest expense, net

Read it in 10-K 2026-01-28 at sec.gov ↗

Next Related parties →