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URIUnited Rentals

Industrials · Equipment Rental · NYSE

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. 10-K, Item 1

Employees
1,800
Headquarters
Stamford, CT
Next results
around Jan 27, 2027
Compare with peers → Embed
All key numbers (42, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)45.43Sales (ttm)17.5BNet income (ttm)2.9BSales growth+4.9%EPS growth-0.2%Sales Q/Q+15.7%
Free cash flow-Gross margin39.1%Oper. margin25.5%Net margin16.3%FCF margin-ROE29.5%
ROA8.7%R&D / sales-Dividend7.16Debt/Eq1.51Curr. ratio0.80Cash153.0M
Op. cash flow (ttm)6.2BEBITDA4.4BEBITDA margin27.4%Net debt14.5BQuick ratio0.75Interest cover5.65
ROIC12.2%Payout ratio18.5%Tax rate25.3%Stock pay / sales0.8%Shares out.61.9MShares Y/Y-2.9%
Book / share156.58Cash / share2.47Sales / share282.57Asset turnover0.53Inventory turns41.48Days sales out.57
Sales 3Y CAGR+11.4%Sales 5Y CAGR+13.5%EPS 3Y CAGR+9.2%EPS 5Y CAGR+25.9%Employees1,800Sales / employee9.7M

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

URI against Industrials peers

Ten years, side by side → · All 83 →
GrowthProfitBalanceCleanInsiders
URIPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth
+4.9%41st of 82 · median +4.8%
Net margin
16.3%22nd of 82 · median 13.0%
Return on equity
29.5%30th of 77 · median 24.9%
Debt / equity (less is better)
1.5165th of 72 · median 0.72
URI and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
URI United Rentals$17.5B +4.9%39.1%16.3%29.5%-1.51
GWW W. W. Grainger$19.4B +4.5%39.4%11.2%49.8%8.9%0.67
EMR Emerson Electric$19.0B +5.4%53.4%14.2%13.0%18.6%0.59
CHRW C.H. Robinson$18.2B -8.4%-3.7%42.3%2.9%1.18
LDOS Leidos$17.8B +3.1%17.3%8.0%27.4%11.0%1.17
ITW Illinois Tool Works$16.6B +0.9%44.3%19.4%102.7%17.2%2.39

From $9.7B of sales to $1.4B of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $3.9BRevenue to Cost of revenue: $5.9BGross profit to Operating profit: $2.3BGross profit to Operating expenses: $1.6BOperating profit to Net profit: $1.4BOperating profit to Tax & other: $891.0M Revenue: $9.7B Revenue$9.7B +14% Y/Y Gross profit: $3.9B · 40% margin Gross profit$3.9B40% margin +21% Y/Y Cost of revenue: $5.9B · 60% of revenue Cost of revenue$5.9B60% of revenue Operating profit: $2.3B · 23% margin Operating profit$2.3B23% margin +26% Y/Y Operating expenses: $1.6B · 16% of revenue Operating expenses$1.6B16% of revenue Net profit: $1.4B · 14% margin Net profit$1.4B14% margin +56% Y/Y Tax & other: $891.0M · 9% of revenue Tax & other$891.0M9% of revenue

Swipe sideways for the whole flow →

From $11.6B of sales to $2.1B of profit

FY2022, from the 10-K income statement and revenue by segment
General rentals to Revenue: $8.6BSpecialty to Revenue: $3.1BRevenue to Gross profit: $5.0BRevenue to Cost of revenue: $6.6BGross profit to Operating profit: $3.2BGross profit to Operating expenses: $1.8BOperating profit to Net profit: $2.1BOperating profit to Tax & other: $1.1B General rentals: $8.6B · 74% General rentals$8.6B74% Specialty: $3.1B · 26% Specialty$3.1B26% Revenue: $11.6B Revenue$11.6B +20% Y/Y Gross profit: $5.0B · 43% margin Gross profit$5.0B43% margin +30% Y/Y Cost of revenue: $6.6B · 57% of revenue Cost of revenue$6.6B57% of revenue Operating profit: $3.2B · 28% margin Operating profit$3.2B28% margin +42% Y/Y Operating expenses: $1.8B · 15% of revenue Operating expenses$1.8B15% of revenue Net profit: $2.1B · 18% margin Net profit$2.1B18% margin +52% Y/Y Tax & other: $1.1B · 10% of revenue Tax & other$1.1B10% of revenue

Swipe sideways for the whole flow →

From $14.3B of sales to $2.4B of profit

FY2023, from the 10-K income statement and revenue by segment
General rentals to Revenue: $10.7BSpecialty to Revenue: $3.6BRevenue to Gross profit: $5.8BRevenue to Cost of revenue: $8.5BGross profit to Operating profit: $3.8BGross profit to Operating expenses: $2.0BOperating profit to Net profit: $2.4BOperating profit to Tax & other: $1.4B General rentals: $10.7B · 75% General rentals$10.7B75% Specialty: $3.6B · 25% Specialty$3.6B25% Revenue: $14.3B Revenue$14.3B +23% Y/Y Gross profit: $5.8B · 41% margin Gross profit$5.8B41% margin +16% Y/Y Cost of revenue: $8.5B · 59% of revenue Cost of revenue$8.5B59% of revenue Operating profit: $3.8B · 27% margin Operating profit$3.8B27% margin +18% Y/Y Operating expenses: $2.0B · 14% of revenue Operating expenses$2.0B14% of revenue Net profit: $2.4B · 17% margin Net profit$2.4B17% margin +15% Y/Y Tax & other: $1.4B · 10% of revenue Tax & other$1.4B10% of revenue

Swipe sideways for the whole flow →

From $15.3B of sales to $2.6B of profit

FY2024, from the 10-K income statement and revenue by segment
General rentals to Revenue: $10.8BSpecialty to Revenue: $4.5BRevenue to Gross profit: $6.2BRevenue to Cost of revenue: $9.2BGross profit to Operating profit: $4.1BGross profit to Operating expenses: $2.1BOperating profit to Net profit: $2.6BOperating profit to Tax & other: $1.5B General rentals: $10.8B · 71% General rentals$10.8B71% Specialty: $4.5B · 29% Specialty$4.5B29% Revenue: $15.3B Revenue$15.3B +7% Y/Y Gross profit: $6.2B · 40% margin Gross profit$6.2B40% margin +6% Y/Y Cost of revenue: $9.2B · 60% of revenue Cost of revenue$9.2B60% of revenue Operating profit: $4.1B · 26% margin Operating profit$4.1B26% margin +6% Y/Y Operating expenses: $2.1B · 14% of revenue Operating expenses$2.1B14% of revenue Net profit: $2.6B · 17% margin Net profit$2.6B17% margin +6% Y/Y Tax & other: $1.5B · 10% of revenue Tax & other$1.5B10% of revenue

Swipe sideways for the whole flow →

From $16.1B of sales to $2.5B of profit

FY2025, from the 10-K income statement and revenue by segment
General rentals to Revenue: $11.0BSpecialty to Revenue: $5.1BRevenue to Gross profit: $6.1BRevenue to Cost of revenue: $10.0BGross profit to Operating profit: $4.0BGross profit to Operating expenses: $2.2BOperating profit to Net profit: $2.5BOperating profit to Tax & other: $1.5B General rentals: $11.0B · 68% General rentals$11.0B68% Specialty: $5.1B · 32% Specialty$5.1B32% Revenue: $16.1B Revenue$16.1B +5% Y/Y Gross profit: $6.1B · 38% margin Gross profit$6.1B38% margin +0% Y/Y Cost of revenue: $10.0B · 62% of revenue Cost of revenue$10.0B62% of revenue Operating profit: $4.0B · 25% margin Operating profit$4.0B25% margin −2% Y/Y Operating expenses: $2.2B · 13% of revenue Operating expenses$2.2B13% of revenue Net profit: $2.5B · 15% margin Net profit$2.5B15% margin −3% Y/Y Tax & other: $1.5B · 9% of revenue Tax & other$1.5B9% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

4 of 4
  • ✓
    Net margin above the peer median16.3% vs 13.0%
  • ✓
    Gross margin up over 5 years37.3% → 38.2%
  • ✓
    Return on equity above 15%29.5%
  • ✓
    A profit in every one of 10 years
Net margin, FY2016 to FY2025: 9.8% → 15.5%

Balance sheet

1 of 3
  • ✓
    Interest covered more than 5 timesOperating income is 5.7× interest expense
  • !
    Debt larger than equityDebt / equity 1.51 on the latest balance sheet (peer median 0.72)
  • !
    Current ratio below 1Current ratio 0.80
Debt / equity at each year end, FY2016 to FY2025: 5.12 → 1.77
What the debt is made of ↓

Cash and shareholders

4 of 4
  • ✓
    Free cash flow positive in every one of 9 years$416.0M last year
  • ✓
    Share count down over 5 years−11.4%
  • ✓
    Dividend per share up over 2 years$5.92 → $7.16
  • ✓
    Cash from operations above net income$5.2B vs $2.5B
Free cash flow, FY2016 to FY2025: 1.8B → 416.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

What the debt is made of, and when it is due

balance sheet of Sep 30, 2026 · schedule of Dec 31, 2025
Debt: $14.7B Debt$14.7B Long-term debt: $13.1B · 89% Long-term debt$13.1B · 89% Short-term debt: $1.6B · 11% Short-term debt$1.6B · 11% Next 12 months: $1.6B · 11% Next 12 months$1.6B · 11% Year 2: $851.0M · 6% Year 2$851.0M · 6% Year 3: $1.7B · 12% Year 3$1.7B · 12% Year 4: $1.5B · 10% Year 4$1.5B · 10% Year 5: $3.2B · 22% Year 5$3.2B · 22% After year 5: $5.4B · 37% After year 5$5.4B · 37%

The debt note's own lines, 2025-12-31

Fixed rate $0Floating $975.0M Not stated $15.1B

Line, as the company names itKindRateFixed or floatingAmount
4 7/8 percent Senior Notes due 2028 (Senior Notes)Notes and bonds4.88%not stated$1.7B
4 7/8 percent Senior Notes due 2028, one (Senior Notes)Notes and bonds–not stated$1.7B
ABL Facility (Line Of Credit)––not stated$1.6B
6 percent Senior Secured Notes due 2029 (Senior Notes)Secured6.00%not stated$1.5B
5 3/8 percent Senior Notes due 2033 (Senior Notes)Notes and bonds5.38%not stated$1.5B
Accounts receivable securitization facility expiring 2025 (Line Of Credit)––not stated$1.5B
3 7/8 percent Senior Notes due 2031 (Senior Notes)Notes and bonds3.88%not stated$1.1B
6 1/8 percent Senior Notes due 2034 (Senior Notes)Notes and bonds6.12%not stated$1.1B
Term loan facility expiring 2031Bank loans–floating$975.0M
3 7/8 percent Senior Secured Notes due 2027 (Senior Notes)Secured3.88%not stated$748.0M
5 1/4 percent Senior Notes due 2030 (Senior Notes)Notes and bonds5.25%not stated$747.0M
3 3/4 percent Senior Notes due 2032 (Senior Notes)Notes and bonds3.75%not stated$746.0M
4 percent Senior Notes due 2030 (Senior Notes)Notes and bonds4.00%not stated$746.0M
5 1/2 percent Senior Notes due 2027 (Senior Notes)Notes and bonds5.50%not stated$500.0M
4 7/8 percent Senior Notes due 2028, two (Senior Notes)Notes and bonds–not stated$4.0M
All 15 lines

From the debt note in the 10-K's XBRL (0001067701-26-000007), as the company tags it: by issue, by year, by currency or by kind. Lines from two ways of cutting the same debt can overlap, so they are not added up. Fixed or floating is read from the line's own name only; "not stated" when it says neither.

Left: the debt lines on the balance sheet (XBRL). Right: the principal due each year, from the debt note's maturity schedule; it can differ a little from the balance sheet, which shows the debt net of discounts and fees. Leases are not counted. The full schedule →

Revenue and net income, FY2016 to FY2025

Revenue 16.1B Net income 2.5B
FY2016 revenue 5.8B · Revenues, 0001067701-19-000007 FY2016 net income 566.0M · NetIncomeLoss, 0001067701-19-000007 5.8B FY2016 FY2017 revenue 6.6B · Revenues, 0001067701-20-000008 FY2017 net income 1.3B · NetIncomeLoss, 0001067701-20-000008 6.6B FY2017 FY2018 revenue 8.0B · Revenues, 0001067701-21-000008 FY2018 net income 1.1B · NetIncomeLoss, 0001067701-21-000008 8.0B FY2018 FY2019 revenue 9.4B · Revenues, 0001067701-22-000008 FY2019 net income 1.2B · NetIncomeLoss, 0001067701-22-000008 9.4B FY2019 FY2020 revenue 8.5B · Revenues, 0001067701-23-000010 FY2020 net income 890.0M · NetIncomeLoss, 0001067701-23-000010 8.5B FY2020 FY2021 revenue 9.7B · Revenues, 0001067701-24-000007 FY2021 net income 1.4B · NetIncomeLoss, 0001067701-24-000007 9.7B FY2021 FY2022 revenue 11.6B · Revenues, 0001067701-25-000008 FY2022 net income 2.1B · NetIncomeLoss, 0001067701-25-000008 11.6B FY2022 FY2023 revenue 14.3B · Revenues, 0001067701-26-000007 FY2023 net income 2.4B · NetIncomeLoss, 0001067701-26-000007 14.3B FY2023 FY2024 revenue 15.3B · Revenues, 0001067701-26-000007 FY2024 net income 2.6B · NetIncomeLoss, 0001067701-26-000007 15.3B FY2024 FY2025 revenue 16.1B · Revenues, 0001067701-26-000007 FY2025 net income 2.5B · NetIncomeLoss, 0001067701-26-000007 16.1B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

URI's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue16.1B
FY2016: 5.8BFY2017: 6.6BFY2018: 8.0BFY2019: 9.4BFY2020: 8.5BFY2021: 9.7BFY2022: 11.6BFY2023: 14.3BFY2024: 15.3BFY2025: 16.1B FY2017FY2019FY2021FY2023FY2025
Net income2.5B
FY2016: 566.0MFY2017: 1.3BFY2018: 1.1BFY2019: 1.2BFY2020: 890.0MFY2021: 1.4BFY2022: 2.1BFY2023: 2.4BFY2024: 2.6BFY2025: 2.5B FY2017FY2019FY2021FY2023FY2025
Free cash flow416.0M
FY2016: 1.8BFY2017: 2.1BFY2018: 2.7BFY2019: 2.8BFY2020: 2.5BFY2021: 491.0MFY2022: 743.0MFY2023: 840.0MFY2024: 416.0MFY2025: - FY2017FY2019FY2021FY2023FY2025
EPS (diluted)38.61
FY2016: 6.45FY2017: 15.73FY2018: 13.12FY2019: 15.11FY2020: 12.20FY2021: 19.04FY2022: 29.65FY2023: 35.28FY2024: 38.69FY2025: 38.61 FY2017FY2019FY2021FY2023FY2025
Dividend per share7.16
FY2016: -FY2017: -FY2018: -FY2019: -FY2020: -FY2021: -FY2022: -FY2023: 5.92FY2024: 6.52FY2025: 7.16 FY2017FY2019FY2021FY2023FY2025
Diluted shares64.6M
FY2016: 87.8MFY2017: 85.6MFY2018: 83.5MFY2019: 77.7MFY2020: 72.9MFY2021: 72.8MFY2022: 71.0MFY2023: 68.7MFY2024: 66.6MFY2025: 64.6M FY2017FY2019FY2021FY2023FY2025

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
General rentals 11.0B68.3% +1.4%
Specialty 5.1B31.7% +13.3%

10-K 0001067701-26-000007, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Owned equipment rentals 11.0B68.6% +4.6%
Rental equipment, net 1.4B8.8% -7.1%
Total ancillary and other rental revenues 1.4B8.7% +10.2%
Equipment rentals 1.4B8.7% +10.2%
Delivery and pick-up 1.2B7.2% +7.9%
Service and other revenues 369.0M2.3% +3.1%
Sales of new equipment 348.0M2.2% +23.4%
Re-rent revenue 275.0M1.7% +6.6%
Other 249.0M1.5% +22.7%
Contractor supplies sales 163.0M1.0% +5.2%

10-K 0001067701-26-000007, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
Domestic 14.7B91.1% +4.9%
Foreign 1.4B8.9% +5.5%

10-K 0001067701-26-000007, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue5.8B6.6B8.0B9.4B8.5B9.7B11.6B14.3B15.3B16.1B
Cost of revenue3.4B3.9B4.7B5.7B5.3B5.9B6.6B8.5B9.2B10.0B
Gross profit2.4B2.8B3.4B3.7B3.2B3.9B5.0B5.8B6.2B6.1B
SG&A719.0M903.0M1.0B1.1B979.0M1.2B1.4B1.5B1.6B1.7B
Operating income1.4B1.5B2.0B2.2B1.8B2.3B3.2B3.8B4.1B4.0B
Interest expense415.0M357.0M455.0M581.0M483.0M391.0M406.0M614.0M674.0M703.0M
Pretax income909.0M1.0B1.5B1.5B1.1B1.8B2.8B3.2B3.4B3.3B
Income tax343.0M-298.0M380.0M340.0M249.0M460.0M697.0M787.0M813.0M844.0M
Net income566.0M1.3B1.1B1.2B890.0M1.4B2.1B2.4B2.6B2.5B
EPS (diluted)6.4515.7313.1215.1112.2019.0429.6535.2838.6938.61
Diluted shares87.8M85.6M83.5M77.7M72.9M72.8M71.0M68.7M66.6M64.6M
Depreciation & amortization1.2B259.0M308.0M407.0M387.0M372.0M364.0M431.0M437.0M438.0M
EBITDA2.7B1.8B2.3B2.6B2.2B2.6B3.6B4.3B4.5B4.4B
Gross margin41.7%41.7%41.8%39.2%37.3%39.7%42.9%40.6%40.1%38.2%
Operating margin24.6%22.7%24.2%23.0%21.1%23.4%27.8%26.7%26.5%24.7%
Net margin9.8%20.3%13.6%12.6%10.4%14.3%18.1%16.9%16.8%15.5%
Revenue growth-+15.3%+21.2%+16.2%-8.8%+13.9%+19.8%+23.1%+7.1%+4.9%
EPS growth-+144%-16.6%+15.2%-19.3%+56.1%+55.7%+19.0%+9.7%-0.2%

Cash flow

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow1.9B2.2B2.9B3.0B2.7B3.7B4.4B4.7B4.5B5.2B
Capital spending93.0M120.0M185.0M218.0M197.0M3.2B3.7B3.9B4.1B-
Free cash flow1.8B2.1B2.7B2.8B2.5B491.0M743.0M840.0M416.0M-
Stock-based pay (added back)45.0M87.0M102.0M61.0M70.0M119.0M127.0M94.0M112.0M134.0M
Dividends paid-----00406.0M434.0M464.0M
Buybacks528.0M56.0M817.0M870.0M286.0M34.0M1.1B1.1B1.6B2.0B
Acquisitions28.0M2.4B3.0B249.0M2.0M1.4B2.3B574.0M1.7B357.0M
Debt raised8.8B11.8B12.2B9.3B9.3B8.4B9.9B8.6B11.6B11.2B
Investing cash flow-847.0M-3.7B-4.6B-1.7B-223.0M-3.6B-5.0B-3.0B-4.1B-3.4B
Financing cash flow-964.0M1.5B1.4B-1.3B-2.3B-140.0M552.0M-1.5B-274.0M-1.8B
Dividend per share-------5.926.527.16

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)45.0M87.0M102.0M61.0M70.0M119.0M127.0M94.0M112.0M134.0M
Stock-based pay / revenue0.8%1.3%1.3%0.7%0.8%1.2%1.1%0.7%0.7%0.8%
Operating lease cash paid---202.0M207.0M221.0M244.0M304.0M328.0M371.0M
Finance lease principal paid---47.0M53.0M69.0M57.0M64.0M79.0M100.0M
Right-of-use assets--0669.0M688.0M784.0M819.0M1.1B1.3B1.4B
Operating lease liabilities---711.0M727.0M823.0M853.0M1.1B1.4B1.4B
Finance lease liabilities---127.0M135.0M135.0M123.0M192.0M263.0M331.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

Work on URI in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/URI/export.csv") into a cell.