NYSE : URI
United Rentals, Inc. — Financial statements
Industrials · Rental & Leasing Services · United States
Last price 1198.68 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 74.22B
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
United Rentals, Inc. (URI) reported revenue of 17.50B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 17.50B | 16.10B | 15.35B | 14.33B | 11.64B | 9.72B |
| Cost of Revenue | 10.64B | 9.92B | 9.13B | 8.41B | 6.62B | 5.83B |
| Gross Profit | 6.86B | 6.17B | 6.21B | 5.92B | 5.02B | 3.89B |
| Selling, General & Admin | 1.82B | 1.72B | 1.65B | 1.53B | 1.40B | 1.20B |
| Operating Expenses | 2.26B | 2.16B | 2.08B | 1.96B | 1.76B | 1.57B |
| Operating Income | 4.59B | 4.02B | 4.13B | 3.96B | 3.26B | 2.32B |
| Interest Expense | -785.00M | -703.00M | -691.00M | -635.00M | -445.00M | -394.00M |
| Other Non Operating Income (Expenses) | 18.00M | 17.00M | 14.00M | 19.00M | 15.00M | -7.00M |
| EBT Excluding Unusual Items | 3.83B | 3.33B | 3.45B | 3.35B | 2.83B | 1.92B |
| Merger & Restructuring Charges | -41.00M | 38.00M | -3.00M | -28.00M | -5.00M | |
| Gain (Loss) on Sale of Assets | 48.00M | |||||
| Other Unusual Items | -20.00M | -31.00M | -63.00M | -108.00M | -27.00M | -67.00M |
| Pretax Income | 3.81B | 3.34B | 3.39B | 3.21B | 2.80B | 1.85B |
| Income Tax Expense | 956.00M | 844.00M | 813.00M | 787.00M | 697.00M | 460.00M |
| Net Income | 2.86B | 2.49B | 2.58B | 2.42B | 2.10B | 1.39B |
| Net Income to Common | 2.86B | 2.49B | 2.58B | 2.42B | 2.10B | 1.39B |
| Shares Outstanding (Basic) | 62.75M | 64.44M | 66.34M | 68.47M | 70.70M | 72.43M |
| Shares Outstanding (Diluted) | 62.92M | 64.60M | 66.57M | 68.71M | 70.97M | 72.82M |
| EPS (Basic) | 45.53 | 38.70 | 38.81 | 35.40 | 29.77 | 19.14 |
| EPS (Diluted) | 45.42 | 38.61 | 38.69 | 35.28 | 29.65 | 19.04 |
| Free Cash Flow | 2.31B | 2.08B | 1.94B | 2.21B | 1.71B | 1.46B |
| Free Cash Flow Per Share | 36.65 | 32.12 | 29.14 | 32.13 | 24.07 | 20.04 |
| Dividend Per Share | 7.70 | 7.16 | 6.52 | 5.92 | ||
| Gross Margin | 39.19% | 38.36% | 40.49% | 41.31% | 43.15% | 40.04% |
| Operating Margin | 26.25% | 24.95% | 26.92% | 27.65% | 27.99% | 23.87% |
| Profit Margin | 16.33% | 15.49% | 16.78% | 16.91% | 18.08% | 14.27% |
| Free Cash Flow Margin | 13.18% | 12.89% | 12.64% | 15.41% | 14.67% | 15.02% |
| EBITDA | 5.04B | 4.46B | 4.57B | 4.39B | 3.62B | 2.69B |
| EBITDA Margin | 28.81% | 27.67% | 29.77% | 30.66% | 31.12% | 27.70% |
| D&A For EBITDA | 448.00M | 438.00M | 437.00M | 431.00M | 364.00M | 372.00M |
| EBIT | 4.59B | 4.02B | 4.13B | 3.96B | 3.26B | 2.32B |
| EBIT Margin | 26.25% | 24.95% | 26.92% | 27.65% | 27.99% | 23.87% |
| Effective Tax Rate | 25.07% | 25.29% | 24.00% | 24.51% | 24.88% | 24.92% |
| Revenue as Reported | 17.50B | 16.10B | 15.35B | 14.33B | 11.64B | 9.72B |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 153.00M | 459.00M | 457.00M | 363.00M | 106.00M | 144.00M |
| Cash & Short-Term Investments | 153.00M | 459.00M | 457.00M | 363.00M | 106.00M | 144.00M |
| Accounts Receivable | 3.10B | 2.51B | 2.36B | 2.23B | 2.00B | 1.68B |
| Other Receivables | 27.00M | 260.00M | 24.00M | |||
| Receivables | 3.10B | 2.51B | 2.36B | 2.26B | 2.26B | 1.70B |
| Inventory | 313.00M | 240.00M | 200.00M | 205.00M | 232.00M | 164.00M |
| Prepaid Expenses | 423.00M | 399.00M | 235.00M | 29.00M | 31.00M | 29.00M |
| Other Current Assets | 79.00M | 90.00M | 113.00M | |||
| Total Current Assets | 3.98B | 3.61B | 3.25B | 2.93B | 2.72B | 2.15B |
| Property, Plant & Equipment | 2.61B | 2.53B | 2.37B | 2.00B | 1.66B | 1.40B |
| Goodwill | 7.26B | 7.12B | 6.90B | 5.94B | 6.03B | 5.53B |
| Other Intangible Assets | 507.00M | 477.00M | 663.00M | 670.00M | 452.00M | 615.00M |
| Other Long-Term Assets | 18.42B | 16.13B | 14.98B | 14.04B | 13.32B | 10.60B |
| Total Assets | 32.78B | 29.87B | 28.16B | 25.59B | 24.18B | 20.29B |
| Accounts Payable | 1.69B | 776.00M | 748.00M | 905.00M | 1.14B | 816.00M |
| Accrued Expenses | 1.71B | 726.00M | 678.00M | 691.00M | 660.00M | 501.00M |
| Short-Term Debt | 100.00M | 100.00M | ||||
| Current Portion of Long-Term Debt | 1.61B | 1.47B | 1.09B | 1.31B | 10.00M | 853.00M |
| Current Portion of Leases | 425.00M | 377.00M | 304.00M | 262.00M | 255.00M | |
| Current Unearned Revenue | 175.00M | 185.00M | 138.00M | 131.00M | 83.00M | |
| Other Current Liabilities | 248.00M | 240.00M | 189.00M | 143.00M | 95.00M | |
| Total Current Liabilities | 5.01B | 3.82B | 3.32B | 3.64B | 2.44B | 2.60B |
| Long-Term Debt | 12.69B | 12.43B | 12.05B | 9.92B | 11.14B | 8.70B |
| Long-Term Leases | 1.57B | 1.35B | 1.27B | 1.03B | 714.00M | 703.00M |
| Long-Term Deferred Tax Liabilities | 3.59B | 3.12B | 2.69B | 2.70B | 2.67B | 2.15B |
| Other Long-Term Liabilities | 230.00M | 188.00M | 216.00M | 173.00M | 154.00M | 144.00M |
| Total Liabilities | 23.09B | 20.90B | 19.54B | 17.46B | 17.12B | 14.30B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 2.85B | 2.77B | 2.69B | 2.65B | 2.63B | 2.57B |
| Retained Earnings | 17.68B | 15.84B | 13.81B | 11.67B | 9.66B | 7.55B |
| Treasury Stock | -10.53B | -9.40B | -7.48B | -5.96B | -4.96B | -3.96B |
| Comprehensive Income & Other | -297.00M | -249.00M | -405.00M | -228.00M | -264.00M | -171.00M |
| Shareholders' Equity | 9.70B | 8.97B | 8.62B | 8.13B | 7.06B | 5.99B |
| Total Liabilities & Equity | 32.78B | 29.87B | 28.16B | 25.59B | 24.18B | 20.29B |
| Total Debt | 15.87B | 15.67B | 14.79B | 12.66B | 12.22B | 10.51B |
| Net Cash (Debt) | -15.71B | -15.21B | -14.33B | -12.30B | -12.12B | -10.36B |
| Net Cash Per Share | -249.76 | -235.45 | -215.30 | -179.00 | -170.73 | -142.33 |
| Filing Date Shares Outstanding | 61.92M | 63.00M | 65.31M | 67.19M | 69.36M | 72.42M |
| Total Common Shares Outstanding | 61.99M | 63.10M | 65.31M | 67.27M | 69.36M | 72.42M |
| Working Capital | -1.02B | -211.00M | -74.00M | -704.00M | 278.00M | -452.00M |
| Book Value Per Share | 156.39 | 142.13 | 132.03 | 120.86 | 101.82 | 82.73 |
| Tangible Book Value | 1.93B | 1.37B | 1.06B | 1.52B | 584.00M | -152.00M |
| Tangible Book Value Per Share | 31.09 | 21.74 | 16.22 | 22.60 | 8.42 | -2.10 |
| Land | 186.00M | 170.00M | 157.00M | 131.00M | 117.00M | |
| Buildings | 230.00M | 205.00M | 199.00M | |||
| Machinery | 884.00M | 792.00M | 960.00M | 934.00M | 706.00M | |
| Leasehold Improvements | 678.00M | 610.00M | 567.00M | 516.00M | 427.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 2.86B | 2.49B | 2.58B | 2.42B | 2.10B | 1.39B |
| Depreciation & Amortization | 448.00M | 438.00M | 437.00M | 431.00M | 364.00M | 372.00M |
| Other Amortization | 2.84B | 2.69B | 2.48B | 2.36B | 1.87B | 1.62B |
| Loss (Gain) From Sale of Assets | -711.00M | -653.00M | -727.00M | -807.00M | -575.00M | -441.00M |
| Asset Writedown & Restructuring Costs | 66.00M | 1.00M | 3.00M | 28.00M | 2.00M | |
| Stock-Based Compensation | 154.00M | 134.00M | 112.00M | 94.00M | 127.00M | 119.00M |
| Other Operating Activities | 586.00M | 370.00M | -69.00M | -3.00M | 522.00M | 276.00M |
| Change in Accounts Receivable | -480.00M | -120.00M | -20.00M | -167.00M | -329.00M | -300.00M |
| Change in Inventory | -76.00M | -38.00M | 15.00M | 19.00M | -25.00M | 9.00M |
| Change in Accounts Payable | 147.00M | -22.00M | -203.00M | -45.00M | 304.00M | 307.00M |
| Change in Other Net Operating Assets | 357.00M | -99.00M | -58.00M | 366.00M | 74.00M | 335.00M |
| Operating Cash Flow | 6.19B | 5.19B | 4.55B | 4.70B | 4.43B | 3.69B |
| Capital Expenditures | -3.88B | -3.12B | -2.61B | -2.50B | -2.73B | -2.23B |
| Sale of Property, Plant & Equipment | 56.00M | 56.00M | 67.00M | 60.00M | 24.00M | 30.00M |
| Cash Acquisitions | -862.00M | -357.00M | -1.66B | -574.00M | -2.34B | -1.44B |
| Investment in Securities | -2.00M | -3.00M | -5.00M | -4.00M | -7.00M | |
| Other Investing Activities | 48.00M | 50.00M | 51.00M | 38.00M | 32.00M | 25.00M |
| Investing Cash Flow | -4.55B | -3.37B | -4.15B | -2.98B | -5.02B | -3.61B |
| Long-Term Debt Issued | 11.18B | 11.61B | 8.58B | 9.88B | 8.36B | |
| Long-Term Debt Repaid | -10.53B | -9.86B | -8.57B | -8.24B | -8.46B | |
| Net Debt Issued (Repaid) | 345.00M | 653.00M | 1.75B | 2.00M | 1.64B | -98.00M |
| Repurchase of Common Stock | -1.82B | -1.97B | -1.57B | -1.07B | -1.07B | -34.00M |
| Common Dividends Paid | -485.00M | -464.00M | -434.00M | -406.00M | ||
| Other Financing Activities | -34.00M | -61.00M | -17.00M | -24.00M | -8.00M | |
| Financing Cash Flow | -2.00B | -1.84B | -274.00M | -1.47B | 552.00M | -140.00M |
| Foreign Exchange Rate Adjustments | -1.00M | 22.00M | -30.00M | 3.00M | -7.00M | 4.00M |
| Net Cash Flow | -359.00M | 2.00M | 94.00M | 257.00M | -38.00M | -58.00M |
| Free Cash Flow | 2.31B | 2.08B | 1.94B | 2.21B | 1.71B | 1.46B |
| Free Cash Flow Margin | 13.18% | 12.89% | 12.64% | 15.41% | 14.67% | 15.02% |
| Free Cash Flow Per Share | 36.65 | 32.12 | 29.14 | 32.13 | 24.07 | 20.04 |
| Levered Free Cash Flow | 2.12B | 1.93B | 2.28B | 2.37B | 1.36B | 1.38B |
| Unlevered Free Cash Flow | 2.59B | 2.35B | 2.70B | 2.75B | 1.62B | 1.62B |
| Cash Interest Paid | 678.00M | 703.00M | 674.00M | 614.00M | 406.00M | 391.00M |
| Cash Income Tax Paid | 256.00M | 602.00M | 994.00M | 493.00M | 326.00M | 202.00M |
| Change in Working Capital | -52.00M | -279.00M | -266.00M | 173.00M | 24.00M | 351.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 72.78B | 51.50B | 46.23B | 38.87B | 24.63B | 24.06B |
| Enterprise Value | 88.49B | 66.20B | 60.16B | 51.50B | 35.10B | 34.65B |
| Last Close Price | 1,175.42 | 804.45 | 693.99 | 559.82 | 342.15 | 319.89 |
| PE Ratio | 25.88 | 20.65 | 17.95 | 16.03 | 11.70 | 17.36 |
| Forward PE | 19.73 | 17.82 | 15.57 | 13.82 | 9.93 | 13.46 |
| PS Ratio | 4.16 | 3.20 | 3.01 | 2.71 | 2.12 | 2.48 |
| PB Ratio | 7.52 | 5.74 | 5.36 | 4.78 | 3.49 | 4.01 |
| P/TBV Ratio | 37.77 | 37.53 | 43.65 | 25.57 | 42.18 | |
| P/FCF Ratio | 31.56 | 24.82 | 23.83 | 17.60 | 14.42 | 16.49 |
| P/OCF Ratio | 11.76 | 9.92 | 10.17 | 8.26 | 5.56 | 6.52 |
| PEG Ratio | 1.30 | 1.47 | 1.39 | 0.81 | 0.57 | 0.66 |
| EV/Sales Ratio | 5.06 | 4.11 | 3.92 | 3.59 | 3.02 | 3.57 |
| EV/EBITDA Ratio | 17.55 | 14.86 | 13.17 | 11.72 | 9.69 | 12.88 |
| EV/EBIT Ratio | 19.27 | 16.48 | 14.56 | 13.00 | 10.77 | 14.94 |
| EV/FCF Ratio | 38.37 | 31.90 | 31.01 | 23.32 | 20.55 | 23.75 |
| Debt / Equity Ratio | 1.64 | 1.75 | 1.72 | 1.56 | 1.73 | 1.75 |
| Debt / EBITDA Ratio | 2.86 | 3.19 | 2.97 | 2.65 | 3.14 | 3.57 |
| Debt / FCF Ratio | 6.88 | 7.55 | 7.62 | 5.74 | 7.16 | 7.20 |
| Net Debt / Equity Ratio | 1.62 | 1.70 | 1.66 | 1.51 | 1.72 | 1.73 |
| Net Debt / EBITDA Ratio | 3.12 | 3.41 | 3.14 | 2.80 | 3.34 | 3.85 |
| Net Debt / FCF Ratio | 6.81 | 7.33 | 7.39 | 5.57 | 7.09 | 7.10 |
| Asset Turnover | 0.56 | 0.56 | 0.57 | 0.58 | 0.52 | 0.51 |
| Inventory Turnover | 38.90 | 45.11 | 45.10 | 38.49 | 33.43 | 40.32 |
| Quick Ratio | 0.65 | 0.78 | 0.85 | 0.72 | 0.97 | 0.71 |
| Current Ratio | 0.80 | 0.94 | 0.98 | 0.81 | 1.11 | 0.83 |
| Return on Equity (ROE) | 30.56% | 28.36% | 30.74% | 31.91% | 32.25% | 26.31% |
| Return on Assets (ROA) | 9.13% | 8.65% | 9.61% | 9.95% | 9.16% | 7.60% |
| Return on Invested Capital (ROIC) | 13.79% | 12.73% | 14.47% | 15.11% | 13.78% | 11.19% |
| Return on Capital Employed (ROCE) | 16.50% | 15.40% | 16.60% | 18.10% | 15.00% | 13.10% |
| Earnings Yield | 3.86% | 4.84% | 5.57% | 6.24% | 8.54% | 5.76% |
| FCF Yield | 3.17% | 4.03% | 4.20% | 5.68% | 6.93% | 6.07% |
| Dividend Yield | 0.67% | 0.88% | 0.92% | 1.03% | ||
| Payout Ratio | 17.35% | 18.61% | 16.85% | 16.75% | ||
| Buyback Yield / Dilution | 3.44% | 2.95% | 3.12% | 3.19% | 2.53% | 0.15% |
| Total Shareholder Return | 4.11% | 3.83% | 4.04% | 4.21% | 2.53% | 0.15% |