United Rentals (URI) Financials

$926.48 +12.18 (+1.33%)

As of 10:52 AM Eastern

Annual Income Statements for United Rentals

This table shows United Rentals' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Income / (Loss) Attributable to Common Shareholders	540	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575
Consolidated Net Income / (Loss)	540	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575
Net Income / (Loss) Continuing Operations	540	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575
Total Pre-Tax Income	850	963	909	1,048	1,476	1,514	1,139	1,846	2,802	3,211	3,388
Total Operating Income	1,391	1,518	1,415	1,507	1,951	2,152	1,800	2,277	3,232	3,827	4,065
Total Gross Profit	2,432	2,480	2,403	2,769	3,364	3,670	3,183	3,853	4,996	5,813	6,150
Total Revenue	5,685	5,817	5,762	6,641	8,047	9,351	8,530	9,716	11,642	14,332	15,345
Operating Revenue	5,685	5,817	5,762	6,641	8,047	9,351	8,530	9,716	11,642	14,332	15,345
Total Cost of Revenue	3,253	3,337	3,359	3,872	4,683	5,681	5,347	5,863	6,646	8,519	9,195
Operating Cost of Revenue	3,253	3,337	3,359	3,872	4,683	5,681	5,347	5,863	6,646	8,519	9,195
Total Operating Expenses	1,041	962	988	1,262	1,413	1,518	1,383	1,576	1,764	1,986	2,085
Selling, General & Admin Expense	758	714	719	903	1,038	1,092	979	1,199	1,400	1,527	1,645
Depreciation Expense	273	268	255	259	308	407	387	372	364	431	437
Restructuring Charge	10	-20	14	100	67	19	17	5.00	0.00	28	3.00
Total Other Income / (Expense), net	-541	-555	-506	-459	-475	-638	-661	-431	-430	-616	-677
Interest & Investment Income	-555	-567	-511	-464	-481	-648	-669	-424	-445	-635	-691
Other Income / (Expense), net	14	12	5.00	5.00	6.00	10	8.00	-7.00	15	19	14
Income Tax Expense	310	378	343	-298	380	340	249	460	697	787	813
Basic Earnings per Share	$5.54	$6.14	$6.49	$15.91	$13.26	$15.18	$12.24	$19.14	$29.77	$35.40	$38.82
Weighted Average Basic Shares Outstanding	97.49M	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Diluted Earnings per Share	$5.15	$6.07	$6.45	$15.73	$13.12	$15.11	$12.20	$19.04	$29.65	$35.28	$38.69
Weighted Average Diluted Shares Outstanding	97.49M	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Weighted Average Basic & Diluted Shares Outstanding	97.49M	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	-	$5.92	$6.52

This table shows United Rentals' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	451	591	703	679	542	636	708	689	518	622	701
Consolidated Net Income / (Loss)	451	591	703	679	542	636	708	689	518	622	701
Net Income / (Loss) Continuing Operations	451	591	703	679	542	636	708	689	518	622	701
Total Pre-Tax Income	594	772	943	902	695	835	949	909	688	839	937
Total Operating Income	740	925	1,099	1,063	852	1,004	1,122	1,087	804	1,003	1,114
Total Gross Profit	1,241	1,425	1,585	1,562	1,346	1,518	1,648	1,638	1,356	1,533	1,665
Total Revenue	3,285	3,554	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229
Operating Revenue	3,285	3,554	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229
Total Cost of Revenue	2,044	2,129	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564
Operating Cost of Revenue	2,044	2,129	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564
Total Operating Expenses	501	500	486	499	494	514	526	551	552	530	551
Selling, General & Admin Expense	382	378	374	393	389	404	416	436	437	422	442
Depreciation Expense	118	104	107	102	104	109	109	115	114	108	109
Restructuring Charge	1.00	18	5.00	4.00	1.00	1.00	1.00	-	1.00	0.00	0.00
Total Other Income / (Expense), net	-146	-153	-156	-161	-157	-169	-173	-178	-116	-164	-177
Interest & Investment Income	-150	-161	-163	-161	-160	-173	-178	-180	-184	-171	-178
Other Income / (Expense), net	4.00	8.00	7.00	-	3.00	4.00	5.00	2.00	68	7.00	1.00
Income Tax Expense	143	181	240	223	153	199	241	220	170	217	236
Basic Earnings per Share	$6.50	$8.60	$10.30	$10.00	$8.06	$9.56	$10.73	$10.47	$7.92	$9.59	$10.93
Weighted Average Basic Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M
Diluted Earnings per Share	$6.47	$8.58	$10.29	$9.94	$8.04	$9.54	$10.70	$10.41	$7.91	$9.59	$10.91
Weighted Average Diluted Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M
Weighted Average Basic & Diluted Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M

This table details how cash moves in and out of United Rentals' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Net Change in Cash & Equivalents	-17	21	133	22	-301	9.00	150	-58	-38	257	94
Net Cash From Operating Activities	1,801	1,995	1,941	2,209	2,853	3,024	2,658	3,689	4,433	4,704	4,546
Net Cash From Continuing Operating Activities	1,801	1,995	1,941	2,209	2,853	3,024	2,658	3,689	4,433	4,704	4,546
Net Income / (Loss) Continuing Operations	540	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575
Consolidated Net Income / (Loss)	540	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575
Depreciation Expense	1,194	1,244	1,245	1,383	1,671	2,038	1,988	1,983	2,217	2,781	2,903
Amortization Expense	17	10	9.00	9.00	12	15	14	13	13	14	15
Non-Cash Adjustments To Reconcile Net Income	-76	-88	-118	-4.00	-137	-202	-110	-312	-463	-723	-662
Changes in Operating Assets and Liabilities, net	126	244	239	-525	211	-1.00	-124	619	561	208	-285
Net Cash From Investing Activities	-2,000	-1,170	-847	-3,684	-4,551	-1,710	-223	-3,611	-5,016	-2,976	-4,148
Net Cash From Continuing Investing Activities	-2,000	-1,170	-847	-3,684	-4,551	-1,710	-223	-3,611	-5,016	-2,976	-4,148
Purchase of Property, Plant & Equipment	-1,821	-102	-93	-120	-185	-218	-197	-200	-254	-356	-374
Acquisitions	-756	-86	-28	-2,377	-2,966	-249	-2.00	-1,436	-2,340	-574	-1,655
Purchase of Investments	0.00	-3.00	-2.00	-5.00	-3.00	-3.00	-3.00	0.00	-7.00	-4.00	-5.00
Sale of Property, Plant & Equipment	577	17	14	16	23	37	42	30	24	60	67
Other Investing Activities, net	-	-996	-738	-1,198	-1,420	-1,277	-63	-2,005	-2,439	-2,102	-2,181
Net Cash From Financing Activities	196	-775	-964	1,497	1,397	-1,305	-2,293	-140	552	-1,474	-274
Net Cash From Continuing Financing Activities	196	-775	-964	1,497	1,397	-1,305	-2,293	-140	552	-1,474	-274
Repayment of Debt	-6,305	-8,509	-9,247	-10,251	-9,966	-9,706	-11,268	-8,470	-8,265	-8,574	-9,878
Repurchase of Common Equity	-613	-789	-528	-56	-817	-870	-286	-34	-1,068	-1,070	-1,571
Payment of Dividends	0.00	-	-	-	-	-	-	0.00	0.00	-406	-434
Issuance of Debt	7,070	8,566	8,752	11,801	12,178	9,260	9,260	8,364	9,885	8,576	11,609
Effect of Exchange Rate Changes	-14	-29	3.00	-	-	0.00	8.00	4.00	-7.00	3.00	-30
Cash Interest Paid	457	447	415	357	455	581	483	391	406	614	674
Cash Income Taxes Paid	100	60	99	205	71	238	318	202	326	493	994

This table details how cash moves in and out of United Rentals' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Net Change in Cash & Equivalents	-7.00	128	57	79	66	38	12	-22	85	6.00	-36
Net Cash From Operating Activities	939	1,289	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181
Net Cash From Continuing Operating Activities	939	1,289	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181
Net Income / (Loss) Continuing Operations	451	591	703	679	542	636	708	689	518	622	701
Consolidated Net Income / (Loss)	451	591	703	679	542	636	708	689	518	622	701
Depreciation Expense	693	696	695	697	686	717	738	762	751	759	793
Amortization Expense	4.00	3.00	4.00	3.00	4.00	3.00	4.00	4.00	4.00	4.00	3.00
Non-Cash Adjustments To Reconcile Net Income	-178	-169	-170	-206	-173	-161	-139	-189	-132	-130	-131
Changes in Operating Assets and Liabilities, net	-31	168	-170	241	-30	70	-107	-218	284	73	-185
Net Cash From Investing Activities	-760	-1,068	-711	-437	-1,280	-1,186	-1,167	-515	-361	-1,211	-1,194
Net Cash From Continuing Investing Activities	-760	-1,068	-711	-437	-1,280	-1,186	-1,167	-515	-361	-1,211	-1,194
Purchase of Property, Plant & Equipment	-73	-106	-88	-89	-58	-107	-101	-108	-84	-98	-91
Acquisitions	-299	-119	12	-168	-1,118	-116	-108	-313	-17	1.00	-6.00
Purchase of Investments	0.00	-	-	-4.00	-2.00	-1.00	-1.00	-1.00	-1.00	-	-1.00
Sale of Property, Plant & Equipment	12	16	18	14	13	17	20	17	14	17	13
Other Investing Activities, net	-400	-859	-653	-190	-115	-979	-977	-110	-273	-1,131	-1,109
Net Cash From Financing Activities	-186	-92	-290	-906	325	-38	-33	-528	-981	-134	-14
Net Cash From Continuing Financing Activities	-186	-92	-290	-906	325	-38	-33	-528	-981	-134	-14
Repayment of Debt	-2,110	-1,897	-2,168	-2,399	-3,759	-1,855	-2,367	-1,897	-2,649	-2,317	-1,919
Repurchase of Common Equity	-303	-251	-252	-264	-415	-376	-377	-403	-289	-431	-618
Payment of Dividends	-103	-102	-100	-101	-110	-109	-107	-108	-118	-117	-115
Issuance of Debt	2,330	2,158	2,230	1,858	4,609	2,302	2,818	1,880	2,098	2,731	2,638
Effect of Exchange Rate Changes	0.00	-1.00	-4.00	8.00	-8.00	-3.00	8.00	-27	2.00	23	-9.00
Cash Interest Paid	178	127	190	119	195	122	227	130	222	117	227
Cash Income Taxes Paid	29	183	177	104	131	475	206	182	42	498	34

This table presents United Rentals' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Total Assets	12,129	12,083	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163
Total Current Assets	1,298	1,294	1,361	1,772	1,761	1,842	2,017	2,151	2,723	2,933	3,249
Cash & Equivalents	158	179	312	352	43	52	202	144	106	363	457
Accounts Receivable	940	930	920	1,233	1,545	1,530	1,315	1,677	2,004	2,230	2,357
Inventories, net	78	69	68	75	109	120	125	164	232	205	200
Prepaid Expenses	122	116	61	112	64	140	375	166	381	135	235
Plant, Property, & Equipment, net	6,446	6,631	6,619	8,291	614	0.00	0.00	11,172	14,116	14,904	15,965
Total Noncurrent Assets	4,385	4,158	4,008	4,967	15,758	17,128	15,851	6,969	7,344	7,752	8,949
Goodwill	3,272	3,243	3,260	4,082	5,058	5,154	5,168	5,528	6,026	5,940	6,900
Intangible Assets	1,106	905	742	875	1,084	895	648	615	452	670	663
Other Noncurrent Operating Assets	7.00	10	6.00	10	9,616	11,079	10,035	826	866	1,142	1,386
Total Liabilities & Shareholders' Equity	12,129	12,083	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163
Total Liabilities	10,331	10,607	10,340	11,924	14,730	15,140	13,323	14,301	17,121	17,459	19,541
Total Current Liabilities	1,478	1,233	1,184	1,668	2,116	2,198	1,890	2,603	2,445	3,637	3,323
Short-Term Debt	618	607	597	723	903	997	704	906	161	1,465	1,178
Accounts Payable	285	271	243	409	536	454	466	816	1,139	905	748
Accrued Expenses	575	355	344	536	677	747	720	881	1,145	1,267	1,397
Total Noncurrent Liabilities	8,853	9,374	9,156	10,256	12,614	12,942	11,433	11,698	14,676	13,822	16,218
Long-Term Debt	7,344	7,555	7,193	8,717	10,844	10,431	8,978	8,779	11,209	10,053	12,228
Noncurrent Deferred & Payable Income Tax Liabilities	1,444	1,765	1,896	1,419	1,687	1,887	1,768	2,154	2,671	2,701	2,685
Other Noncurrent Operating Liabilities	65	54	67	120	83	624	687	765	796	1,068	1,305
Total Equity & Noncontrolling Interests	1,796	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622
Total Preferred & Common Equity	1,796	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622
Total Common Equity	1,796	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622
Common Stock	2,169	2,198	2,289	2,357	2,409	2,441	2,483	2,568	2,627	2,651	2,692
Retained Earnings	503	1,088	1,654	3,005	4,101	5,275	6,165	7,551	9,656	11,672	13,813
Treasury Stock	-802	-1,560	-2,077	-2,105	-2,870	-3,700	-3,957	-3,957	-4,957	-5,965	-7,478
Accumulated Other Comprehensive Income / (Loss)	-74	-250	-218	-151	-237	-186	-146	-171	-264	-228	-405

This table presents United Rentals' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Total Assets	24,629	25,506	25,832	25,589	26,658	27,613	28,412	28,163	28,050	29,206	30,065
Total Current Assets	2,622	2,838	2,978	2,933	3,009	3,219	3,321	3,249	3,241	3,520	3,783
Cash & Equivalents	99	227	284	363	429	467	479	457	542	548	512
Accounts Receivable	2,034	2,138	2,277	2,230	2,221	2,260	2,396	2,357	2,298	2,368	2,579
Inventories, net	222	210	201	205	208	219	211	200	227	242	234
Prepaid Expenses	267	263	216	135	151	273	235	235	174	362	458
Plant, Property, & Equipment, net	14,322	14,923	15,195	14,904	14,895	15,643	16,241	15,965	15,931	16,825	17,480
Total Noncurrent Assets	7,685	7,745	7,659	7,752	8,754	8,751	8,850	8,949	8,878	8,861	8,802
Goodwill	5,708	5,826	5,792	5,940	6,863	6,749	6,853	6,900	6,860	6,888	6,884
Intangible Assets	868	773	728	670	666	744	694	663	642	588	531
Other Noncurrent Operating Assets	1,109	1,146	1,139	1,142	1,225	1,258	1,303	1,386	1,376	1,385	1,387
Total Liabilities & Shareholders' Equity	24,629	25,506	25,832	25,589	26,658	27,613	28,412	28,163	28,050	29,206	30,065
Total Liabilities	17,499	18,092	18,076	17,459	18,538	19,332	19,831	19,541	19,261	20,171	21,065
Total Current Liabilities	2,280	3,810	3,673	3,637	3,364	3,969	4,026	3,323	3,794	4,100	4,211
Short-Term Debt	156	1,444	1,448	1,465	1,087	1,369	1,510	1,178	1,420	1,287	1,548
Accounts Payable	1,117	1,339	1,121	905	959	1,349	1,216	748	1,029	1,439	1,276
Accrued Expenses	1,007	1,027	1,104	1,267	1,318	1,251	1,300	1,397	1,345	1,374	1,387
Total Noncurrent Liabilities	15,219	14,282	14,403	13,822	15,174	15,363	15,805	16,218	15,467	16,071	16,854
Long-Term Debt	11,492	10,493	10,580	10,053	11,318	11,520	11,884	12,228	11,502	12,098	12,600
Noncurrent Deferred & Payable Income Tax Liabilities	2,703	2,724	2,757	2,701	2,690	2,672	2,675	2,685	2,692	2,678	2,971
Other Noncurrent Operating Liabilities	1,024	1,065	1,066	1,068	1,166	1,171	1,246	1,305	1,273	1,295	1,283
Total Equity & Noncontrolling Interests	7,130	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000
Total Preferred & Common Equity	7,130	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000
Total Common Equity	7,130	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000
Common Stock	2,599	2,622	2,643	2,651	2,639	2,665	2,687	2,692	2,689	2,722	2,752
Retained Earnings	10,003	10,493	11,094	11,672	12,103	12,630	13,231	13,813	14,214	14,718	15,304
Treasury Stock	-5,208	-5,460	-5,713	-5,965	-6,343	-6,722	-7,100	-7,478	-7,730	-8,151	-8,773
Accumulated Other Comprehensive Income / (Loss)	-264	-241	-268	-228	-279	-292	-237	-405	-384	-254	-283

This table displays calculated financial ratios and metrics derived from United Rentals' official financial filings.

Metric	2014	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	12/31/2014	12/31/2015	12/31/2016	12/31/2017	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.73%	2.32%	-0.95%	15.26%	21.17%	16.20%	-8.78%	13.90%	19.82%	23.11%	7.07%
EBITDA Growth	18.80%	6.42%	-3.95%	8.60%	25.34%	15.80%	-9.61%	11.97%	28.39%	21.25%	5.36%
EBIT Growth	29.73%	8.90%	-7.19%	6.48%	29.43%	10.48%	-16.37%	25.55%	43.04%	18.45%	6.06%
NOPAT Growth	28.15%	4.35%	-4.46%	119.68%	-25.15%	15.19%	-15.71%	21.55%	42.02%	18.99%	6.94%
Net Income Growth	39.53%	8.33%	-3.25%	137.81%	-18.57%	7.12%	-24.19%	55.73%	51.88%	15.15%	6.23%
EPS Growth	41.48%	17.86%	6.26%	143.88%	-16.59%	15.17%	-19.26%	56.07%	55.72%	18.99%	9.67%
Operating Cash Flow Growth	16.12%	10.77%	-2.71%	13.81%	29.15%	5.99%	-12.10%	38.79%	20.17%	6.11%	-3.36%
Free Cash Flow Firm Growth	-81.10%	734.14%	13.98%	-193.28%	-29.30%	207.20%	64.84%	-92.17%	-280.63%	627.38%	-58.37%
Invested Capital Growth	8.55%	-1.49%	-3.52%	33.62%	23.89%	0.66%	-7.77%	10.75%	17.99%	5.23%	11.85%
Revenue Q/Q Growth	4.14%	-0.70%	-20.74%	40.28%	5.01%	1.63%	-2.03%	5.39%	4.68%	3.11%	2.45%
EBITDA Q/Q Growth	4.47%	-0.93%	0.19%	4.72%	5.35%	2.01%	-3.25%	6.97%	6.52%	2.39%	1.33%
EBIT Q/Q Growth	6.52%	-1.99%	0.35%	3.99%	5.67%	1.69%	-4.79%	11.00%	9.81%	0.94%	0.64%
NOPAT Q/Q Growth	6.43%	-4.04%	2.96%	111.97%	-35.46%	3.64%	-5.23%	10.68%	7.73%	2.50%	0.78%
Net Income Q/Q Growth	11.11%	-4.10%	-2.75%	123.59%	-34.88%	2.44%	-4.40%	15.31%	8.12%	1.68%	0.39%
EPS Q/Q Growth	11.47%	-1.14%	-0.31%	124.39%	-33.87%	4.42%	-2.63%	15.25%	9.01%	2.62%	1.23%
Operating Cash Flow Q/Q Growth	-5.31%	5.44%	-6.14%	6.87%	10.75%	-8.70%	-2.64%	8.79%	15.14%	3.59%	-7.45%
Free Cash Flow Firm Q/Q Growth	-53.28%	23.43%	-16.43%	-1,022.34%	-73.45%	628.85%	-4.17%	-35.82%	-127.44%	490.33%	-24.88%
Invested Capital Q/Q Growth	-1.45%	-3.88%	-1.28%	18.87%	13.19%	-0.31%	-0.09%	1.74%	13.21%	-1.10%	0.35%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.78%	42.63%	41.70%	41.70%	41.80%	39.25%	37.32%	39.66%	42.91%	40.56%	40.08%
EBITDA Margin	46.02%	47.86%	46.41%	43.73%	45.23%	45.08%	44.67%	43.91%	47.05%	46.34%	45.60%
Operating Margin	24.47%	26.10%	24.56%	22.69%	24.25%	23.01%	21.10%	23.44%	27.76%	26.70%	26.49%
EBIT Margin	24.71%	26.30%	24.64%	22.77%	24.32%	23.12%	21.20%	23.36%	27.89%	26.84%	26.58%
Profit (Net Income) Margin	9.50%	10.06%	9.82%	20.27%	13.62%	12.55%	10.43%	14.27%	18.08%	16.91%	16.78%
Tax Burden Percent	63.53%	60.75%	62.27%	128.44%	74.25%	77.54%	78.14%	75.08%	75.12%	75.49%	76.00%
Interest Burden Percent	60.50%	62.94%	64.01%	69.31%	75.42%	70.03%	63.00%	81.32%	86.30%	83.49%	83.06%
Effective Tax Rate	36.47%	39.25%	37.73%	-28.44%	25.75%	22.46%	21.86%	24.92%	24.88%	24.51%	24.00%
Return on Invested Capital (ROIC)	9.58%	9.68%	9.48%	18.16%	10.61%	11.01%	9.62%	11.57%	14.34%	15.36%	15.12%
ROIC Less NNEP Spread (ROIC-NNEP)	4.94%	5.40%	5.41%	11.04%	7.22%	6.72%	4.67%	8.17%	11.24%	11.21%	10.85%
Return on Net Nonoperating Assets (RNNOA)	20.04%	26.06%	26.75%	38.47%	23.06%	21.45%	11.63%	14.74%	17.91%	16.55%	15.62%
Return on Equity (ROE)	29.62%	35.74%	36.24%	56.63%	33.68%	32.46%	21.25%	26.31%	32.25%	31.91%	30.74%
Cash Return on Invested Capital (CROIC)	1.38%	11.18%	13.07%	-10.62%	-10.73%	10.36%	17.70%	1.37%	-2.16%	10.26%	3.93%
Operating Return on Assets (OROA)	12.03%	12.64%	11.80%	11.19%	11.80%	11.65%	9.82%	11.90%	14.60%	15.45%	15.18%
Return on Assets (ROA)	4.62%	4.83%	4.70%	9.96%	6.61%	6.33%	4.83%	7.26%	9.47%	9.74%	9.58%
Return on Common Equity (ROCE)	29.44%	35.71%	36.24%	56.63%	33.68%	32.46%	21.25%	26.31%	32.25%	31.91%	30.74%
Return on Equity Simple (ROE_SIMPLE)	30.07%	39.63%	34.34%	43.34%	32.21%	30.65%	19.58%	23.13%	29.81%	29.82%	29.87%
Net Operating Profit after Tax (NOPAT)	884	922	881	1,936	1,449	1,669	1,406	1,710	2,428	2,889	3,090
NOPAT Margin	15.54%	15.85%	15.29%	29.15%	18.00%	17.85%	16.49%	17.60%	20.86%	20.16%	20.13%
Net Nonoperating Expense Percent (NNEP)	4.64%	4.27%	4.08%	7.12%	3.39%	4.29%	4.95%	3.40%	3.11%	4.15%	4.27%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	13.17%	14.70%	14.03%
Cost of Revenue to Revenue	57.22%	57.37%	58.30%	58.30%	58.20%	60.75%	62.68%	60.34%	57.09%	59.44%	59.92%
SG&A Expenses to Revenue	13.33%	12.27%	12.48%	13.60%	12.90%	11.68%	11.48%	12.34%	12.03%	10.65%	10.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	18.31%	16.54%	17.15%	19.00%	17.56%	16.23%	16.21%	16.22%	15.15%	13.86%	13.59%
Earnings before Interest and Taxes (EBIT)	1,405	1,530	1,420	1,512	1,957	2,162	1,808	2,270	3,247	3,846	4,079
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,616	2,784	2,674	2,904	3,640	4,215	3,810	4,266	5,477	6,641	6,997
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	5.59	4.50	5.32	4.62	2.41	3.23	3.63	3.96	3.41	4.74	5.36
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.22	25.34	43.65
Price to Revenue (P/Rev)	1.77	1.14	1.52	2.16	1.02	1.32	1.93	2.44	2.07	2.69	3.01
Price to Earnings (P/E)	18.59	11.35	15.49	10.65	7.48	10.53	18.53	17.11	11.44	15.89	17.95
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.04%	0.93%
Earnings Yield	5.38%	8.81%	6.46%	9.39%	13.37%	9.50%	5.40%	5.84%	8.74%	6.29%	5.57%
Enterprise Value to Invested Capital (EV/IC)	1.86	1.55	1.78	1.92	1.32	1.56	1.85	2.14	1.93	2.58	2.74
Enterprise Value to Revenue (EV/Rev)	3.14	2.51	2.82	3.53	2.47	2.54	3.05	3.42	3.04	3.47	3.86
Enterprise Value to EBITDA (EV/EBITDA)	6.82	5.25	6.08	8.07	5.47	5.63	6.82	7.80	6.45	7.48	8.46
Enterprise Value to EBIT (EV/EBIT)	12.70	9.56	11.44	15.49	10.17	10.98	14.37	14.65	10.88	12.92	14.51
Enterprise Value to NOPAT (EV/NOPAT)	20.19	15.86	18.44	12.10	13.74	14.22	18.47	19.46	14.55	17.19	19.15
Enterprise Value to Operating Cash Flow (EV/OCF)	9.91	7.33	8.37	10.60	6.98	7.85	9.77	9.02	7.97	10.56	13.02
Enterprise Value to Free Cash Flow (EV/FCFF)	139.75	13.73	13.38	0.00	0.00	15.12	10.04	164.17	0.00	25.74	73.64
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	4.43	5.53	4.73	3.04	3.45	2.98	2.13	1.62	1.61	1.42	1.55
Long-Term Debt to Equity	4.08	5.12	4.36	2.81	3.19	2.72	1.98	1.47	1.59	1.24	1.42
Financial Leverage	4.06	4.82	4.95	3.48	3.19	3.19	2.49	1.81	1.59	1.48	1.44
Leverage Ratio	6.41	7.40	7.71	5.68	5.09	5.13	4.40	3.62	3.41	3.28	3.21
Compound Leverage Factor	3.88	4.65	4.93	3.94	3.84	3.59	2.77	2.95	2.94	2.74	2.67
Debt to Total Capital	81.58%	84.69%	82.54%	75.24%	77.54%	74.90%	68.05%	61.78%	61.69%	58.62%	60.86%
Short-Term Debt to Total Capital	6.33%	6.30%	6.33%	5.76%	5.96%	6.53%	4.95%	5.78%	0.87%	7.46%	5.35%
Long-Term Debt to Total Capital	75.25%	78.39%	76.21%	69.48%	71.58%	68.36%	63.11%	56.00%	60.81%	51.17%	55.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	18.40%	15.31%	17.46%	24.76%	22.46%	25.10%	31.95%	38.22%	38.31%	41.38%	39.14%
Debt to EBITDA	3.04	2.93	2.91	3.25	3.23	2.71	2.54	2.27	2.08	1.73	1.92
Net Debt to EBITDA	2.98	2.87	2.80	3.13	3.22	2.70	2.49	2.24	2.06	1.68	1.85
Long-Term Debt to EBITDA	2.81	2.71	2.69	3.00	2.98	2.47	2.36	2.06	2.05	1.51	1.75
Debt to NOPAT	9.01	8.85	8.84	4.88	8.11	6.85	6.88	5.67	4.68	3.99	4.34
Net Debt to NOPAT	8.83	8.66	8.49	4.70	8.08	6.82	6.74	5.58	4.64	3.86	4.19
Long-Term Debt to NOPAT	8.31	8.19	8.16	4.50	7.49	6.25	6.38	5.14	4.62	3.48	3.96
Altman Z-Score	1.47	1.41	1.59	1.78	1.43	1.73	2.05	2.34	2.34	2.99	3.13
Noncontrolling Interest Sharing Ratio	0.60%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.88	1.05	1.15	1.06	0.83	0.84	1.07	0.83	1.11	0.81	0.98
Quick Ratio	0.74	0.90	1.04	0.95	0.75	0.72	0.80	0.70	0.86	0.71	0.85
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	128	1,065	1,214	-1,132	-1,464	1,570	2,587	203	-366	1,930	804
Operating Cash Flow to CapEx	144.77%	2,347.06%	2,456.96%	2,124.04%	1,761.11%	1,670.72%	1,714.84%	2,170.00%	1,927.39%	1,589.19%	1,480.78%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.48	0.48	0.49	0.49	0.50	0.46	0.51	0.52	0.58	0.57
Accounts Receivable Turnover	6.52	6.22	6.23	6.17	5.79	6.08	6.00	6.49	6.33	6.77	6.69
Inventory Turnover	43.96	45.40	49.04	54.15	50.90	49.62	43.65	40.57	33.57	38.99	45.41
Fixed Asset Turnover	0.93	0.89	0.87	0.89	1.81	0.00	0.00	0.00	0.92	0.99	0.99
Accounts Payable Turnover	11.28	12.00	13.07	11.88	9.91	11.48	11.62	9.15	6.80	8.34	11.13
Days Sales Outstanding (DSO)	55.99	58.67	58.60	59.17	63.00	60.01	60.87	56.20	57.70	53.91	54.55
Days Inventory Outstanding (DIO)	8.30	8.04	7.44	6.74	7.17	7.36	8.36	9.00	10.87	9.36	8.04
Days Payable Outstanding (DPO)	32.37	30.41	27.93	30.73	36.83	31.80	31.40	39.91	53.68	43.79	32.81
Cash Conversion Cycle (CCC)	31.92	36.30	38.11	35.18	33.35	35.57	37.83	25.29	14.89	19.49	29.78
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,602	9,459	9,126	12,194	15,107	15,206	14,025	15,532	18,326	19,285	21,571
Invested Capital Turnover	0.62	0.61	0.62	0.62	0.59	0.62	0.58	0.66	0.69	0.76	0.75
Increase / (Decrease) in Invested Capital	756	-143	-333	3,068	2,913	99	-1,181	1,507	2,794	959	2,286
Enterprise Value (EV)	17,845	14,623	16,246	23,424	19,903	23,735	25,976	33,261	35,335	49,672	59,176
Market Capitalization	10,039	6,640	8,768	14,336	8,199	12,359	16,496	23,720	24,071	38,517	46,227
Book Value per Share	$17.99	$15.90	$19.57	$36.73	$41.96	$50.96	$63.01	$82.76	$101.89	$119.94	$131.39
Tangible Book Value per Share	($25.87)	($28.78)	($27.95)	($21.89)	($33.77)	($29.53)	($17.62)	($2.10)	$8.43	$22.43	$16.14
Total Capital	9,760	9,638	9,438	12,546	15,150	15,258	14,227	15,676	18,432	19,648	22,028
Total Debt	7,962	8,162	7,790	9,440	11,747	11,428	9,682	9,685	11,370	11,518	13,406
Total Long-Term Debt	7,344	7,555	7,193	8,717	10,844	10,431	8,978	8,779	11,209	10,053	12,228
Net Debt	7,804	7,983	7,478	9,088	11,704	11,376	9,480	9,541	11,264	11,155	12,949
Capital Expenditures (CapEx)	1,244	85	79	104	162	181	155	170	230	296	307
Debt-free, Cash-free Net Working Capital (DFCFNWC)	280	489	462	475	505	589	629	310	333	398	647
Debt-free Net Working Capital (DFNWC)	438	668	774	827	548	641	831	454	439	761	1,104
Net Working Capital (NWC)	-180	61	177	104	-355	-356	127	-452	278	-704	-74
Net Nonoperating Expense (NNE)	344	337	315	590	353	495	516	324	323	465	515
Net Nonoperating Obligations (NNO)	7,804	7,983	7,478	9,088	11,704	11,376	9,480	9,541	11,264	11,155	12,949
Total Depreciation and Amortization (D&A)	1,211	1,254	1,254	1,392	1,683	2,053	2,002	1,996	2,230	2,795	2,918
Debt-free, Cash-free Net Working Capital to Revenue	4.93%	8.41%	8.02%	7.15%	6.28%	6.30%	7.37%	3.19%	2.86%	2.78%	4.22%
Debt-free Net Working Capital to Revenue	7.70%	11.48%	13.43%	12.45%	6.81%	6.85%	9.74%	4.67%	3.77%	5.31%	7.19%
Net Working Capital to Revenue	-3.17%	1.05%	3.07%	1.57%	-4.41%	-3.81%	1.49%	-4.65%	2.39%	-4.91%	-0.48%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$5.54	$6.14	$6.49	$15.91	$13.26	$15.18	$12.24	$19.14	$29.77	$35.40	$38.82
Adjusted Weighted Average Basic Shares Outstanding	96.52M	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Adjusted Diluted Earnings per Share	$5.15	$6.07	$6.45	$15.73	$13.12	$15.11	$12.20	$19.04	$29.65	$35.28	$38.69
Adjusted Weighted Average Diluted Shares Outstanding	96.52M	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	96.52M	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M
Normalized Net Operating Profit after Tax (NOPAT)	890	910	890	1,125	1,498	1,683	1,420	1,713	2,428	2,910	3,092
Normalized NOPAT Margin	15.66%	15.64%	15.44%	16.94%	18.62%	18.00%	16.64%	17.63%	20.86%	20.31%	20.15%
Pre Tax Income Margin	14.95%	16.55%	15.78%	15.78%	18.34%	16.19%	13.35%	19.00%	24.07%	22.40%	22.08%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	16.75%	16.85%
Augmented Payout Ratio	113.52%	134.87%	93.29%	4.16%	74.54%	74.11%	32.13%	2.45%	50.74%	60.89%	77.86%

This table displays calculated financial ratios and metrics derived from United Rentals' official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	3/31/2023	6/30/2023	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	30.15%	28.26%	23.40%	13.11%	6.09%	6.16%	6.03%	9.84%	6.71%	4.51%	5.94%
EBITDA Growth	29.59%	28.30%	21.55%	9.64%	7.22%	5.88%	3.55%	5.22%	5.31%	2.60%	2.25%
EBIT Growth	28.94%	29.40%	19.96%	3.51%	14.92%	8.04%	1.90%	2.45%	1.99%	0.20%	-1.06%
NOPAT Growth	29.27%	22.14%	19.78%	9.45%	18.26%	7.99%	2.17%	2.96%	-8.89%	-2.76%	-0.44%
Net Income Growth	22.89%	19.88%	16.01%	6.26%	20.18%	7.61%	0.71%	1.47%	-4.43%	-2.20%	-0.99%
EPS Growth	28.12%	24.35%	18.82%	9.96%	24.27%	11.19%	3.98%	4.73%	-1.62%	0.52%	1.96%
Operating Cash Flow Growth	5.98%	11.70%	-7.01%	13.03%	9.58%	-1.86%	13.37%	-25.88%	38.48%	4.98%	-1.91%
Free Cash Flow Firm Growth	-77.91%	-768.70%	-956.56%	92.30%	71.56%	68.88%	53.53%	-820.68%	37.86%	47.76%	73.55%
Invested Capital Growth	20.74%	21.05%	20.47%	5.23%	7.59%	8.26%	10.24%	11.85%	5.34%	5.65%	5.30%
Revenue Q/Q Growth	-0.33%	8.19%	5.94%	-0.98%	-6.52%	8.26%	5.80%	2.58%	-9.18%	6.02%	7.25%
EBITDA Q/Q Growth	-10.39%	13.25%	10.60%	-2.33%	-12.37%	11.84%	8.16%	-0.75%	-12.29%	8.97%	7.78%
EBIT Q/Q Growth	-27.56%	25.40%	18.54%	-3.89%	-19.57%	17.89%	11.81%	-3.37%	-19.93%	15.83%	10.40%
NOPAT Q/Q Growth	-23.15%	26.03%	15.70%	-2.33%	-16.97%	15.09%	9.46%	-1.57%	-26.53%	22.84%	12.08%
Net Income Q/Q Growth	-29.42%	31.04%	18.95%	-3.41%	-20.18%	17.34%	11.32%	-2.68%	-24.82%	20.08%	12.70%
EPS Q/Q Growth	-28.43%	32.61%	19.93%	-3.40%	-19.11%	18.66%	12.16%	-2.71%	-24.02%	21.24%	13.76%
Operating Cash Flow Q/Q Growth	-24.94%	37.27%	-17.61%	33.15%	-27.23%	22.93%	-4.82%	-12.96%	35.97%	-6.81%	-11.07%
Free Cash Flow Firm Q/Q Growth	-28.27%	1.11%	4.71%	93.63%	-373.89%	-8.20%	-42.33%	-26.16%	68.01%	9.03%	27.93%
Invested Capital Q/Q Growth	1.93%	2.38%	1.97%	-1.10%	4.21%	3.02%	3.83%	0.35%	-1.86%	3.32%	3.49%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	37.78%	40.10%	42.10%	41.90%	38.62%	40.23%	41.28%	40.00%	36.46%	38.88%	39.37%
EBITDA Margin	43.87%	45.92%	47.94%	47.29%	44.33%	45.80%	46.82%	45.30%	43.75%	44.97%	45.19%
Operating Margin	22.53%	26.03%	29.19%	28.51%	24.45%	26.61%	28.11%	26.54%	21.62%	25.44%	26.34%
EBIT Margin	22.65%	26.25%	29.38%	28.51%	24.53%	26.72%	28.23%	26.59%	23.45%	25.62%	26.37%
Profit (Net Income) Margin	13.73%	16.63%	18.67%	18.21%	15.55%	16.86%	17.74%	16.83%	13.93%	15.77%	16.58%
Tax Burden Percent	75.93%	76.55%	74.55%	75.28%	77.99%	76.17%	74.60%	75.80%	75.29%	74.14%	74.81%
Interest Burden Percent	79.84%	82.74%	85.26%	84.85%	81.29%	82.84%	84.21%	83.47%	78.90%	83.07%	84.04%
Effective Tax Rate	24.07%	23.45%	25.45%	24.72%	22.01%	23.83%	25.40%	24.20%	24.71%	25.86%	25.19%
Return on Invested Capital (ROIC)	12.42%	15.05%	16.95%	16.36%	14.29%	15.01%	15.32%	15.11%	12.29%	13.95%	14.28%
ROIC Less NNEP Spread (ROIC-NNEP)	11.36%	13.95%	15.87%	15.28%	13.25%	13.95%	14.28%	13.99%	11.57%	12.99%	13.28%
Return on Net Nonoperating Assets (RNNOA)	18.01%	22.25%	24.28%	22.54%	20.44%	21.44%	21.55%	20.14%	16.67%	18.95%	20.06%
Return on Equity (ROE)	30.43%	37.30%	41.23%	38.90%	34.73%	36.46%	36.87%	35.25%	28.96%	32.90%	34.33%
Cash Return on Invested Capital (CROIC)	-3.82%	-3.68%	-2.77%	10.26%	8.12%	7.38%	5.22%	3.93%	9.49%	8.65%	8.46%
Operating Return on Assets (OROA)	12.54%	14.94%	17.28%	16.42%	13.90%	14.84%	15.59%	15.18%	13.35%	14.20%	14.42%
Return on Assets (ROA)	7.60%	9.47%	10.99%	10.49%	8.81%	9.36%	9.79%	9.61%	7.93%	8.74%	9.06%
Return on Common Equity (ROCE)	30.43%	37.30%	41.23%	38.90%	34.73%	36.46%	36.87%	35.25%	28.96%	32.90%	34.33%
Return on Equity Simple (ROE_SIMPLE)	30.70%	30.85%	30.74%	0.00%	30.97%	30.91%	29.89%	0.00%	29.02%	28.08%	0.00%
Net Operating Profit after Tax (NOPAT)	562	708	819	800	664	765	837	824	605	744	833
NOPAT Margin	17.10%	19.92%	21.76%	21.46%	19.07%	20.27%	20.97%	20.12%	16.28%	18.86%	19.71%
Net Nonoperating Expense Percent (NNEP)	1.06%	1.09%	1.08%	1.08%	1.04%	1.07%	1.05%	1.12%	0.72%	0.96%	1.00%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	4.07%	-	-	-	3.74%	2.79%	3.32%	3.60%
Cost of Revenue to Revenue	62.22%	59.90%	57.90%	58.10%	61.38%	59.77%	58.72%	60.00%	63.54%	61.12%	60.63%
SG&A Expenses to Revenue	11.63%	10.64%	9.93%	10.54%	11.16%	10.71%	10.42%	10.65%	11.75%	10.70%	10.45%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	15.25%	14.07%	12.91%	13.39%	14.18%	13.62%	13.18%	13.46%	14.84%	13.44%	13.03%
Earnings before Interest and Taxes (EBIT)	744	933	1,106	1,063	855	1,008	1,127	1,089	872	1,010	1,115
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,441	1,632	1,805	1,763	1,545	1,728	1,869	1,855	1,627	1,773	1,911
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.80	4.08	3.87	4.74	6.02	5.20	6.24	5.36	4.66	5.42	6.82
Price to Tangible Book Value (P/TBV)	48.90	37.14	24.30	25.34	82.70	54.65	51.79	43.65	31.80	31.41	38.75
Price to Revenue (P/Rev)	2.18	2.30	2.16	2.69	3.36	2.92	3.58	3.01	2.63	3.11	3.84
Price to Earnings (P/E)	12.38	13.23	12.60	15.89	19.43	16.82	20.88	17.95	16.04	19.30	24.28
Dividend Yield	0.38%	0.67%	1.01%	1.04%	0.84%	0.96%	0.79%	0.93%	1.07%	0.91%	0.73%
Earnings Yield	8.08%	7.56%	7.94%	6.29%	5.15%	5.94%	4.79%	5.57%	6.23%	5.18%	4.12%
Enterprise Value to Invested Capital (EV/IC)	2.07	2.20	2.14	2.58	3.03	2.68	3.09	2.74	2.52	2.83	3.32
Enterprise Value to Revenue (EV/Rev)	3.12	3.18	3.01	3.47	4.19	3.76	4.44	3.86	3.42	3.92	4.70
Enterprise Value to EBITDA (EV/EBITDA)	6.65	6.81	6.44	7.48	9.02	8.11	9.63	8.46	7.53	8.68	10.47
Enterprise Value to EBIT (EV/EBIT)	11.32	11.58	10.97	12.92	15.38	13.76	16.40	14.51	13.01	15.08	18.37
Enterprise Value to NOPAT (EV/NOPAT)	15.12	15.64	14.82	17.19	20.34	18.21	21.68	19.15	17.59	20.53	24.97
Enterprise Value to Operating Cash Flow (EV/OCF)	8.61	9.08	9.20	10.56	12.69	11.63	13.53	13.02	10.79	12.35	15.07
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	25.74	38.66	37.78	62.14	73.64	27.23	33.57	40.22
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.63	1.61	1.55	1.42	1.53	1.56	1.56	1.55	1.47	1.48	1.57
Long-Term Debt to Equity	1.61	1.42	1.36	1.24	1.39	1.39	1.38	1.42	1.31	1.34	1.40
Financial Leverage	1.58	1.59	1.53	1.48	1.54	1.54	1.51	1.44	1.44	1.46	1.51
Leverage Ratio	3.39	3.44	3.35	3.28	3.36	3.38	3.32	3.21	3.24	3.28	3.33
Compound Leverage Factor	2.71	2.85	2.86	2.78	2.73	2.80	2.80	2.68	2.55	2.73	2.80
Debt to Total Capital	62.03%	61.69%	60.80%	58.62%	60.44%	60.88%	60.95%	60.86%	59.52%	59.70%	61.12%
Short-Term Debt to Total Capital	0.83%	7.46%	7.32%	7.46%	5.30%	6.47%	6.87%	5.35%	6.54%	5.74%	6.69%
Long-Term Debt to Total Capital	61.20%	54.22%	53.48%	51.17%	55.14%	54.42%	54.08%	55.51%	52.98%	53.96%	54.43%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	37.97%	38.31%	39.20%	41.38%	39.56%	39.12%	39.05%	39.14%	40.48%	40.30%	38.88%
Debt to EBITDA	2.01	1.94	1.85	1.73	1.84	1.88	1.94	1.92	1.83	1.88	1.97
Net Debt to EBITDA	1.99	1.90	1.81	1.68	1.78	1.82	1.87	1.85	1.75	1.80	1.90
Long-Term Debt to EBITDA	1.98	1.70	1.63	1.51	1.68	1.68	1.72	1.75	1.62	1.70	1.76
Debt to NOPAT	4.56	4.45	4.27	3.99	4.15	4.23	4.37	4.34	4.26	4.45	4.71
Net Debt to NOPAT	4.52	4.36	4.17	3.86	4.00	4.08	4.21	4.19	4.08	4.26	4.54
Long-Term Debt to NOPAT	4.50	3.91	3.75	3.48	3.78	3.78	3.88	3.96	3.80	4.02	4.19
Altman Z-Score	2.12	2.17	2.25	2.63	2.85	2.60	2.90	2.78	2.62	2.79	3.10
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.15	0.74	0.81	0.81	0.89	0.81	0.82	0.98	0.85	0.86	0.90
Quick Ratio	0.94	0.62	0.70	0.71	0.79	0.69	0.71	0.85	0.75	0.71	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,646	-2,617	-2,494	-159	-753	-814	-1,159	-1,462	-468	-425	-307
Operating Cash Flow to CapEx	1,539.34%	1,432.22%	1,517.14%	1,885.33%	2,286.67%	1,405.56%	1,486.42%	1,151.65%	2,035.71%	1,639.51%	1,514.10%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.55	0.57	0.59	0.58	0.57	0.56	0.55	0.57	0.57	0.55	0.55
Accounts Receivable Turnover	6.81	6.79	6.60	6.77	6.83	6.71	6.41	6.69	6.89	6.81	6.43
Inventory Turnover	35.70	37.49	41.43	38.99	40.07	40.75	43.22	45.41	43.31	41.54	44.02
Fixed Asset Turnover	0.00	0.00	1.01	0.99	0.99	0.97	0.95	0.99	1.01	0.97	0.95
Accounts Payable Turnover	7.36	6.38	7.23	8.34	8.30	6.50	7.62	11.13	9.48	6.87	7.86
Days Sales Outstanding (DSO)	53.57	53.73	55.29	53.91	53.44	54.41	56.94	54.55	52.94	53.63	56.80
Days Inventory Outstanding (DIO)	10.22	9.74	8.81	9.36	9.11	8.96	8.44	8.04	8.43	8.79	8.29
Days Payable Outstanding (DPO)	49.59	57.23	50.47	43.79	43.98	56.13	47.90	32.81	38.52	53.15	46.44
Cash Conversion Cycle (CCC)	14.21	6.23	13.63	19.49	18.56	7.24	17.48	29.78	22.85	9.27	18.65
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	18,679	19,124	19,500	19,285	20,096	20,703	21,496	21,571	21,169	21,872	22,636
Invested Capital Turnover	0.73	0.76	0.78	0.76	0.75	0.74	0.73	0.75	0.76	0.74	0.72
Increase / (Decrease) in Invested Capital	3,208	3,325	3,313	959	1,417	1,579	1,996	2,286	1,073	1,169	1,140
Enterprise Value (EV)	38,638	41,978	41,782	49,672	60,854	55,488	66,467	59,176	53,308	61,807	75,060
Market Capitalization	27,089	30,268	30,038	38,517	48,878	43,066	53,552	46,227	40,928	48,970	61,424
Book Value per Share	$102.80	$107.87	$113.59	$119.94	$121.94	$124.36	$129.75	$131.39	$134.58	$139.00	$139.88
Tangible Book Value per Share	$7.99	$11.86	$18.10	$22.43	$8.88	$11.83	$15.63	$16.14	$19.71	$23.99	$24.63
Total Capital	18,778	19,351	19,784	19,648	20,525	21,170	21,975	22,028	21,711	22,420	23,148
Total Debt	11,648	11,937	12,028	11,518	12,405	12,889	13,394	13,406	12,922	13,385	14,148
Total Long-Term Debt	11,492	10,493	10,580	10,053	11,318	11,520	11,884	12,228	11,502	12,098	12,600
Net Debt	11,549	11,710	11,744	11,155	11,976	12,422	12,915	12,949	12,380	12,837	13,636
Capital Expenditures (CapEx)	61	90	70	75	45	90	81	91	70	81	78
Debt-free, Cash-free Net Working Capital (DFCFNWC)	399	245	469	398	303	152	326	647	325	159	608
Debt-free Net Working Capital (DFNWC)	498	472	753	761	732	619	805	1,104	867	707	1,120
Net Working Capital (NWC)	342	-972	-695	-704	-355	-750	-705	-74	-553	-580	-428
Net Nonoperating Expense (NNE)	111	117	116	121	122	129	129	135	87	122	132
Net Nonoperating Obligations (NNO)	11,549	11,710	11,744	11,155	11,976	12,422	12,915	12,949	12,380	12,837	13,636
Total Depreciation and Amortization (D&A)	697	699	699	700	690	720	742	766	755	763	796
Debt-free, Cash-free Net Working Capital to Revenue	3.22%	1.86%	3.37%	2.78%	2.09%	1.03%	2.18%	4.22%	2.09%	1.01%	3.80%
Debt-free Net Working Capital to Revenue	4.02%	3.58%	5.42%	5.31%	5.04%	4.20%	5.37%	7.19%	5.57%	4.49%	7.01%
Net Working Capital to Revenue	2.76%	-7.37%	-5.00%	-4.91%	-2.44%	-5.08%	-4.71%	-0.48%	-3.55%	-3.68%	-2.68%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.50	$8.60	$10.30	$10.00	$8.06	$9.56	$10.73	$10.47	$7.92	$9.59	$10.93
Adjusted Weighted Average Basic Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M
Adjusted Diluted Earnings per Share	$6.47	$8.58	$10.29	$9.94	$8.04	$9.54	$10.70	$10.41	$7.91	$9.59	$10.91
Adjusted Weighted Average Diluted Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	68.73M	68.28M	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M
Normalized Net Operating Profit after Tax (NOPAT)	563	722	823	803	665	765	838	824	606	744	833
Normalized NOPAT Margin	17.13%	20.31%	21.86%	21.55%	19.09%	20.29%	20.99%	20.12%	16.30%	18.86%	19.71%
Pre Tax Income Margin	18.08%	21.72%	25.05%	24.20%	19.94%	22.13%	23.77%	22.20%	18.50%	21.28%	22.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	4.71%	8.96%	12.79%	16.75%	16.42%	16.41%	16.65%	16.85%	17.33%	17.74%	18.10%
Augmented Payout Ratio	52.81%	44.08%	47.02%	60.89%	63.42%	67.46%	72.48%	77.86%	73.97%	76.86%	86.92%

Financials Breakdown Chart

Key Financial Trends

United Rentals (NYSE: URI) has demonstrated solid financial performance over the last several years with consistent growth in revenue and net income, though with some fluctuations in operating expenses and debt levels. Here's a summary of key trends and highlights based on the most recent quarterly financial data through Q3 2025 and prior periods:

Revenue Growth: Operating revenue increased from $3.3 billion in Q4 2022 to approximately $4.2 billion by Q3 2025, indicating a strong top-line growth trajectory.
Net Income Improvement: Net income from continuing operations rose from $451 million in Q1 2023 to $701 million in Q3 2025, reflecting improved profitability and operational efficiency.
Earnings Per Share Growth: Basic EPS increased from $6.50 in Q1 2023 to nearly $10.93 in Q3 2025, demonstrating value creation for shareholders.
Strong Operating Cash Flow: Net cash from continuing operating activities was $1.18 billion in Q3 2025, consistent with strong cash generation capability supporting investments and debt servicing.
Capital Expenditures Consistent with Growth: Property, plant, and equipment purchases ranged between approximately $58 million to $108 million quarterly, indicating continued investment in assets to support operations.
Debt Management: While the company maintains substantial long-term debt (~$12.6 billion as of Q3 2025), active debt issuances and repayments suggest active management of capital structure.
Increased Treasury Stock: The company’s treasury stock grew to -$8.77 billion by Q3 2025, aligning with share repurchase activities that can support share price but also utilize cash resources.
Other Investing Activities Net Outflow: Significant cash outflows in other investing activities (over $1 billion in Q3 2025) may indicate acquisitions or investments whose impact should be monitored.
Fluctuating Changes in Operating Assets and Liabilities: Variability in working capital effects, such as a negative $185 million change in Q3 2025, could pressure short-term liquidity if trends continue.
Net Cash From Financing Activities Negative: Financing activities resulted in net outflows in recent quarters, partly related to debt repayments and share repurchases, potentially impacting liquidity.

Overall, United Rentals exhibits growth in revenue, net income, and earnings per share, supported by robust operating cash flows. The company continues to invest in capital assets and actively manages its debt levels. Investors should watch for the impact of significant investing cash outflows and the effect of ongoing financing activities on cash position and financial flexibility.

10/24/25 10:52 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About United Rentals' Financials

When does United Rentals' financial year end?

According to the most recent income statement we have on file, United Rentals' fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has United Rentals' net income changed over the last 10 years?

United Rentals' net income appears to be on an upward trend, with a most recent value of $2.58 billion in 2024, rising from $540 million in 2014. The previous period was $2.42 billion in 2023. Find out what analysts predict for United Rentals in the coming months.

What is United Rentals' operating income?

United Rentals' total operating income in 2024 was $4.07 billion, based on the following breakdown:

Total Gross Profit: $6.15 billion
Total Operating Expenses: $2.09 billion

How has United Rentals' revenue changed over the last 10 years?

Over the last 10 years, United Rentals' total revenue changed from $5.69 billion in 2014 to $15.35 billion in 2024, a change of 169.9%.

How much debt does United Rentals have?

United Rentals' total liabilities were at $19.54 billion at the end of 2024, a 11.9% increase from 2023, and a 89.1% increase since 2014.

How much cash does United Rentals have?

In the past 10 years, United Rentals' cash and equivalents has ranged from $43 million in 2018 to $457 million in 2024, and is currently $457 million as of their latest financial filing in 2024.

How has United Rentals' book value per share changed over the last 10 years?

Over the last 10 years, United Rentals' book value per share changed from 17.99 in 2014 to 131.39 in 2024, a change of 630.2%.

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This page (NYSE:URI) was last updated on 10/24/2025 by MarketBeat.com Staff

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