United Rentals (URI) Financials

$933.61 +8.40 (+0.91%)

Closing price 03:59 PM Eastern

Extended Trading

$932.92 -0.69 (-0.07%)

As of 04:43 PM 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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Consolidated Net Income / (Loss)	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Net Income / (Loss) Continuing Operations	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Total Pre-Tax Income	963	909	1,048	1,476	1,514	1,139	1,846	2,802	3,211	3,388	3,338
Total Operating Income	1,518	1,415	1,507	1,951	2,152	1,800	2,277	3,232	3,827	4,065	3,973
Total Gross Profit	2,480	2,403	2,769	3,364	3,670	3,183	3,853	4,996	5,813	6,150	6,144
Total Revenue	5,817	5,762	6,641	8,047	9,351	8,530	9,716	11,642	14,332	15,345	16,099
Operating Revenue	5,817	5,762	6,641	8,047	9,351	8,530	9,716	11,642	14,332	15,345	16,099
Total Cost of Revenue	3,337	3,359	3,872	4,683	5,681	5,347	5,863	6,646	8,519	9,195	9,955
Operating Cost of Revenue	3,337	3,359	3,872	4,683	5,681	5,347	5,863	6,646	8,519	9,195	9,955
Total Operating Expenses	962	988	1,262	1,413	1,518	1,383	1,576	1,764	1,986	2,085	2,171
Selling, General & Admin Expense	714	719	903	1,038	1,092	979	1,199	1,400	1,527	1,645	1,732
Depreciation Expense	268	255	259	308	407	387	372	364	431	437	438
Restructuring Charge	-20	14	100	67	19	17	5.00	0.00	28	3.00	1.00
Total Other Income / (Expense), net	-555	-506	-459	-475	-638	-661	-431	-430	-616	-677	-635
Interest & Investment Income	-567	-511	-464	-481	-648	-669	-424	-445	-635	-691	-716
Other Income / (Expense), net	12	5.00	5.00	6.00	10	8.00	-7.00	15	19	14	81
Income Tax Expense	378	343	-298	380	340	249	460	697	787	813	844
Basic Earnings per Share	$6.14	$6.49	$15.91	$13.26	$15.18	$12.24	$19.14	$29.77	$35.40	$38.82	$38.71
Weighted Average Basic Shares Outstanding	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
Diluted Earnings per Share	$6.07	$6.45	$15.73	$13.12	$15.11	$12.20	$19.04	$29.65	$35.28	$38.69	$38.61
Weighted Average Diluted Shares Outstanding	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
Weighted Average Basic & Diluted Shares Outstanding	95.17M	87.22M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
Cash Dividends to Common per Share	-	-	-	-	-	-	-	-	$5.92	$6.52	$7.16

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	703	679	542	636	708	689	518	622	701	653	531
Consolidated Net Income / (Loss)	703	679	542	636	708	689	518	622	701	653	531
Net Income / (Loss) Continuing Operations	703	679	542	636	708	689	518	622	701	653	531
Total Pre-Tax Income	943	902	695	835	949	909	688	839	937	874	701
Total Operating Income	1,099	1,063	852	1,004	1,122	1,087	804	1,003	1,114	1,052	869
Total Gross Profit	1,585	1,562	1,346	1,518	1,648	1,638	1,356	1,533	1,665	1,590	1,469
Total Revenue	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229	4,208	3,985
Operating Revenue	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229	4,208	3,985
Total Cost of Revenue	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564	2,618	2,516
Operating Cost of Revenue	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564	2,618	2,516
Total Operating Expenses	486	499	494	514	526	551	552	530	551	538	600
Selling, General & Admin Expense	374	393	389	404	416	436	437	422	442	431	441
Depreciation Expense	107	102	104	109	109	115	114	108	109	107	114
Restructuring Charge	5.00	4.00	1.00	1.00	1.00	-	1.00	0.00	0.00	-	45
Total Other Income / (Expense), net	-156	-161	-157	-169	-173	-178	-116	-164	-177	-178	-168
Interest & Investment Income	-163	-161	-160	-173	-178	-180	-184	-171	-178	-183	-176
Other Income / (Expense), net	7.00	-	3.00	4.00	5.00	2.00	68	7.00	1.00	5.00	8.00
Income Tax Expense	240	223	153	199	241	220	170	217	236	221	170
Basic Earnings per Share	$10.30	$10.00	$8.06	$9.56	$10.73	$10.47	$7.92	$9.59	$10.93	$10.27	$8.44
Weighted Average Basic Shares Outstanding	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
Diluted Earnings per Share	$10.29	$9.94	$8.04	$9.54	$10.70	$10.41	$7.91	$9.59	$10.91	$10.20	$8.43
Weighted Average Diluted Shares Outstanding	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
Weighted Average Basic & Diluted Shares Outstanding	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
Cash Dividends to Common per Share	$1.48	-	$1.63	$1.63	-	-	$1.79	$1.79	-	-	$1.97

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Net Change in Cash & Equivalents	21	133	22	-301	9.00	150	-58	-38	257	94	2.00
Net Cash From Operating Activities	1,995	1,941	2,209	2,853	3,024	2,658	3,689	4,433	4,704	4,546	5,190
Net Cash From Continuing Operating Activities	1,995	1,941	2,209	2,853	3,024	2,658	3,689	4,433	4,704	4,546	5,190
Net Income / (Loss) Continuing Operations	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Consolidated Net Income / (Loss)	585	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Depreciation Expense	1,244	1,245	1,383	1,671	2,038	1,988	1,983	2,217	2,781	2,903	3,108
Amortization Expense	10	9.00	9.00	12	15	14	13	13	14	15	15
Non-Cash Adjustments To Reconcile Net Income	-88	-118	-4.00	-137	-202	-110	-312	-463	-723	-662	-553
Changes in Operating Assets and Liabilities, net	244	239	-525	211	-1.00	-124	619	561	208	-285	126
Net Cash From Investing Activities	-1,170	-847	-3,684	-4,551	-1,710	-223	-3,611	-5,016	-2,976	-4,148	-3,369
Net Cash From Continuing Investing Activities	-1,170	-847	-3,684	-4,551	-1,710	-223	-3,611	-5,016	-2,976	-4,148	-3,369
Purchase of Property, Plant & Equipment	-102	-93	-120	-185	-218	-197	-200	-254	-356	-374	-379
Acquisitions	-86	-28	-2,377	-2,966	-249	-2.00	-1,436	-2,340	-574	-1,655	-357
Purchase of Investments	-3.00	-2.00	-5.00	-3.00	-3.00	-3.00	0.00	-7.00	-4.00	-5.00	-3.00
Sale of Property, Plant & Equipment	17	14	16	23	37	42	30	24	60	67	56
Other Investing Activities, net	-996	-738	-1,198	-1,420	-1,277	-63	-2,005	-2,439	-2,102	-2,181	-2,686
Net Cash From Financing Activities	-775	-964	1,497	1,397	-1,305	-2,293	-140	552	-1,474	-274	-1,841
Net Cash From Continuing Financing Activities	-775	-964	1,497	1,397	-1,305	-2,293	-140	552	-1,474	-274	-1,841
Repayment of Debt	-8,509	-9,247	-10,251	-9,966	-9,706	-11,268	-8,470	-8,265	-8,574	-9,878	-10,567
Repurchase of Common Equity	-789	-528	-56	-817	-870	-286	-34	-1,068	-1,070	-1,571	-1,969
Payment of Dividends	-	-	-	-	-	-	0.00	0.00	-406	-434	-464
Issuance of Debt	8,566	8,752	11,801	12,178	9,260	9,260	8,364	9,885	8,576	11,609	11,182
Other Financing Activities, net	-43	59	3.00	2.00	11	1.00	-	-	0.00	0.00	-23
Effect of Exchange Rate Changes	-29	3.00	-	-	0.00	8.00	4.00	-7.00	3.00	-30	22
Cash Interest Paid	447	415	357	455	581	483	391	406	614	674	703
Cash Income Taxes Paid	60	99	205	71	238	318	202	326	493	994	602

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	57	79	66	38	12	-22	85	6.00	-36	-53	-303
Net Cash From Operating Activities	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181	1,256	1,514
Net Cash From Continuing Operating Activities	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181	1,256	1,514
Net Income / (Loss) Continuing Operations	703	679	542	636	708	689	518	622	701	653	531
Consolidated Net Income / (Loss)	703	679	542	636	708	689	518	622	701	653	531
Depreciation Expense	695	697	686	717	738	762	751	759	793	805	795
Amortization Expense	4.00	3.00	4.00	3.00	4.00	4.00	4.00	4.00	3.00	4.00	4.00
Non-Cash Adjustments To Reconcile Net Income	-170	-206	-173	-161	-139	-189	-132	-130	-131	-160	-93
Changes in Operating Assets and Liabilities, net	-170	241	-30	70	-107	-218	284	73	-185	-46	277
Net Cash From Investing Activities	-711	-437	-1,280	-1,186	-1,167	-515	-361	-1,211	-1,194	-603	-853
Net Cash From Continuing Investing Activities	-711	-437	-1,280	-1,186	-1,167	-515	-361	-1,211	-1,194	-603	-853
Purchase of Property, Plant & Equipment	-88	-89	-58	-107	-101	-108	-84	-98	-91	-106	-66
Acquisitions	12	-168	-1,118	-116	-108	-313	-17	1.00	-6.00	-335	-396
Purchase of Investments	-	-4.00	-2.00	-1.00	-1.00	-1.00	-1.00	-	-1.00	-1.00	0.00
Sale of Property, Plant & Equipment	18	14	13	17	20	17	14	17	13	12	13
Sale and/or Maturity of Investments	-	-	-	-	-	-	0.00	-	-	-	3.00
Other Investing Activities, net	-653	-190	-115	-979	-977	-110	-273	-1,131	-1,109	-173	-407
Net Cash From Financing Activities	-290	-906	325	-38	-33	-528	-981	-134	-14	-712	-958
Net Cash From Continuing Financing Activities	-290	-906	325	-38	-33	-528	-981	-134	-14	-712	-958
Repayment of Debt	-2,168	-2,399	-3,759	-1,855	-2,367	-1,897	-2,649	-2,317	-1,919	-3,682	-2,449
Repurchase of Common Equity	-252	-264	-415	-376	-377	-403	-289	-431	-618	-631	-421
Payment of Dividends	-100	-101	-110	-109	-107	-108	-118	-117	-115	-114	-125
Issuance of Debt	2,230	1,858	4,609	2,302	2,818	1,880	2,098	2,731	2,638	3,715	2,055
Other Financing Activities, net	-	-	0.00	-	-	-	-23	-	-	-	-18
Effect of Exchange Rate Changes	-4.00	8.00	-8.00	-3.00	8.00	-27	2.00	23	-9.00	6.00	-6.00
Cash Interest Paid	190	119	195	122	227	130	222	117	227	137	196
Cash Income Taxes Paid	177	104	131	475	206	182	42	498	34	28	17

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Total Assets	12,083	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163	29,866
Total Current Assets	1,294	1,361	1,772	1,761	1,842	2,017	2,151	2,723	2,933	3,249	3,608
Cash & Equivalents	179	312	352	43	52	202	144	106	363	457	459
Accounts Receivable	930	920	1,233	1,545	1,530	1,315	1,677	2,004	2,230	2,357	2,510
Inventories, net	69	68	75	109	120	125	164	232	205	200	240
Prepaid Expenses	116	61	112	64	140	375	166	381	135	235	399
Plant, Property, & Equipment, net	6,631	6,619	8,291	614	0.00	0.00	11,172	14,116	14,904	15,965	17,203
Total Noncurrent Assets	4,158	4,008	4,967	15,758	17,128	15,851	6,969	7,344	7,752	8,949	9,055
Goodwill	3,243	3,260	4,082	5,058	5,154	5,168	5,528	6,026	5,940	6,900	7,119
Intangible Assets	905	742	875	1,084	895	648	615	452	670	663	477
Other Noncurrent Operating Assets	10	6.00	10	9,616	11,079	10,035	826	866	1,142	1,386	1,459
Total Liabilities & Shareholders' Equity	12,083	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163	29,866
Total Liabilities	10,607	10,340	11,924	14,730	15,140	13,323	14,301	17,121	17,459	19,541	20,898
Total Current Liabilities	1,233	1,184	1,668	2,116	2,198	1,890	2,603	2,445	3,637	3,323	3,819
Short-Term Debt	607	597	723	903	997	704	906	161	1,465	1,178	1,577
Accounts Payable	271	243	409	536	454	466	816	1,139	905	748	776
Accrued Expenses	355	344	536	677	747	720	881	1,145	1,267	1,397	1,466
Total Noncurrent Liabilities	9,374	9,156	10,256	12,614	12,942	11,433	11,698	14,676	13,822	16,218	17,079
Long-Term Debt	7,555	7,193	8,717	10,844	10,431	8,978	8,779	11,209	10,053	12,228	12,652
Noncurrent Deferred & Payable Income Tax Liabilities	1,765	1,896	1,419	1,687	1,887	1,768	2,154	2,671	2,701	2,685	3,115
Other Noncurrent Operating Liabilities	54	67	120	83	624	687	765	796	1,068	1,305	1,312
Total Equity & Noncontrolling Interests	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622	8,968
Total Preferred & Common Equity	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622	8,968
Total Common Equity	1,476	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622	8,968
Common Stock	2,198	2,289	2,357	2,409	2,441	2,483	2,568	2,627	2,651	2,692	2,770
Retained Earnings	1,088	1,654	3,005	4,101	5,275	6,165	7,551	9,656	11,672	13,813	15,843
Treasury Stock	-1,560	-2,077	-2,105	-2,870	-3,700	-3,957	-3,957	-4,957	-5,965	-7,478	-9,396
Accumulated Other Comprehensive Income / (Loss)	-250	-218	-151	-237	-186	-146	-171	-264	-228	-405	-249

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	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026
Period end date	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	3/31/2026
Total Assets	25,506	25,832	25,589	26,658	27,613	28,412	28,163	28,050	29,206	30,065	29,888
Total Current Assets	2,838	2,978	2,933	3,009	3,219	3,321	3,249	3,241	3,520	3,783	3,311
Cash & Equivalents	227	284	363	429	467	479	457	542	548	512	156
Accounts Receivable	2,138	2,277	2,230	2,221	2,260	2,396	2,357	2,298	2,368	2,579	2,561
Inventories, net	210	201	205	208	219	211	200	227	242	234	256
Prepaid Expenses	263	216	135	151	273	235	235	174	362	458	338
Plant, Property, & Equipment, net	14,923	15,195	14,904	14,895	15,643	16,241	15,965	15,931	16,825	17,480	17,290
Total Noncurrent Assets	7,745	7,659	7,752	8,754	8,751	8,850	8,949	8,878	8,861	8,802	9,287
Goodwill	5,826	5,792	5,940	6,863	6,749	6,853	6,900	6,860	6,888	6,884	7,285
Intangible Assets	773	728	670	666	744	694	663	642	588	531	547
Other Noncurrent Operating Assets	1,146	1,139	1,142	1,225	1,258	1,303	1,386	1,376	1,385	1,387	1,455
Total Liabilities & Shareholders' Equity	25,506	25,832	25,589	26,658	27,613	28,412	28,163	28,050	29,206	30,065	29,888
Total Liabilities	18,092	18,076	17,459	18,538	19,332	19,831	19,541	19,261	20,171	21,065	20,920
Total Current Liabilities	3,810	3,673	3,637	3,364	3,969	4,026	3,323	3,794	4,100	4,211	4,127
Short-Term Debt	1,444	1,448	1,465	1,087	1,369	1,510	1,178	1,420	1,287	1,548	1,623
Accounts Payable	1,339	1,121	905	959	1,349	1,216	748	1,029	1,439	1,276	1,085
Accrued Expenses	1,027	1,104	1,267	1,318	1,251	1,300	1,397	1,345	1,374	1,387	1,419
Total Noncurrent Liabilities	14,282	14,403	13,822	15,174	15,363	15,805	16,218	15,467	16,071	16,854	16,793
Long-Term Debt	10,493	10,580	10,053	11,318	11,520	11,884	12,228	11,502	12,098	12,600	12,263
Noncurrent Deferred & Payable Income Tax Liabilities	2,724	2,757	2,701	2,690	2,672	2,675	2,685	2,692	2,678	2,971	3,199
Other Noncurrent Operating Liabilities	1,065	1,066	1,068	1,166	1,171	1,246	1,305	1,273	1,295	1,283	1,331
Total Equity & Noncontrolling Interests	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000	8,968
Total Preferred & Common Equity	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000	8,968
Total Common Equity	7,414	7,756	8,130	8,120	8,281	8,581	8,622	8,789	9,035	9,000	8,968
Common Stock	2,622	2,643	2,651	2,639	2,665	2,687	2,692	2,689	2,722	2,752	2,763
Retained Earnings	10,493	11,094	11,672	12,103	12,630	13,231	13,813	14,214	14,718	15,304	16,250
Treasury Stock	-5,460	-5,713	-5,965	-6,343	-6,722	-7,100	-7,478	-7,730	-8,151	-8,773	-9,773
Accumulated Other Comprehensive Income / (Loss)	-241	-268	-228	-279	-292	-237	-405	-384	-254	-283	-272

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.32%	-0.95%	15.26%	21.17%	16.20%	-8.78%	13.90%	19.82%	23.11%	7.07%	4.91%
EBITDA Growth	6.42%	-3.95%	8.60%	25.34%	15.80%	-9.61%	11.97%	28.39%	21.25%	5.36%	2.57%
EBIT Growth	8.90%	-7.19%	6.48%	29.43%	10.48%	-16.37%	25.55%	43.04%	18.45%	6.06%	-0.61%
NOPAT Growth	4.35%	-4.46%	119.68%	-25.15%	15.19%	-15.71%	21.55%	42.02%	18.99%	6.94%	-3.92%
Net Income Growth	8.33%	-3.25%	137.81%	-18.57%	7.12%	-24.19%	55.73%	51.88%	15.15%	6.23%	-3.15%
EPS Growth	17.86%	6.26%	143.88%	-16.59%	15.17%	-19.26%	56.07%	55.72%	18.99%	9.67%	-0.21%
Operating Cash Flow Growth	10.77%	-2.71%	13.81%	29.15%	5.99%	-12.10%	38.79%	20.17%	6.11%	-3.36%	14.17%
Free Cash Flow Firm Growth	734.14%	13.98%	-193.28%	-29.30%	207.20%	64.84%	-92.17%	-280.63%	627.38%	-58.37%	124.19%
Invested Capital Growth	-1.49%	-3.52%	33.62%	23.89%	0.66%	-7.77%	10.75%	17.99%	5.23%	11.85%	5.41%
Revenue Q/Q Growth	-0.70%	-20.74%	40.28%	5.01%	1.63%	-2.03%	5.39%	4.68%	3.11%	2.45%	0.71%
EBITDA Q/Q Growth	-0.93%	0.19%	4.72%	5.35%	2.01%	-3.25%	6.97%	6.52%	2.39%	1.33%	0.15%
EBIT Q/Q Growth	-1.99%	0.35%	3.99%	5.67%	1.69%	-4.79%	11.00%	9.81%	0.94%	0.64%	-0.78%
NOPAT Q/Q Growth	-4.04%	2.96%	111.97%	-35.46%	3.64%	-5.23%	10.68%	7.73%	2.50%	0.78%	-1.26%
Net Income Q/Q Growth	-4.10%	-2.75%	123.59%	-34.88%	2.44%	-4.40%	15.31%	8.12%	1.68%	0.39%	-1.42%
EPS Q/Q Growth	-1.14%	-0.31%	124.39%	-33.87%	4.42%	-2.63%	15.25%	9.01%	2.62%	1.23%	-0.54%
Operating Cash Flow Q/Q Growth	5.44%	-6.14%	6.87%	10.75%	-8.70%	-2.64%	8.79%	15.14%	3.59%	-7.45%	4.18%
Free Cash Flow Firm Q/Q Growth	23.43%	-16.43%	-1,022.34%	-73.45%	628.85%	-4.17%	-35.82%	-127.44%	490.33%	-24.88%	-3.48%
Invested Capital Q/Q Growth	-3.88%	-1.28%	18.87%	13.19%	-0.31%	-0.09%	1.74%	13.21%	-1.10%	0.35%	0.45%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.63%	41.70%	41.70%	41.80%	39.25%	37.32%	39.66%	42.91%	40.56%	40.08%	38.16%
EBITDA Margin	47.86%	46.41%	43.73%	45.23%	45.08%	44.67%	43.91%	47.05%	46.34%	45.60%	44.58%
Operating Margin	26.10%	24.56%	22.69%	24.25%	23.01%	21.10%	23.44%	27.76%	26.70%	26.49%	24.68%
EBIT Margin	26.30%	24.64%	22.77%	24.32%	23.12%	21.20%	23.36%	27.89%	26.84%	26.58%	25.18%
Profit (Net Income) Margin	10.06%	9.82%	20.27%	13.62%	12.55%	10.43%	14.27%	18.08%	16.91%	16.78%	15.49%
Tax Burden Percent	60.75%	62.27%	128.44%	74.25%	77.54%	78.14%	75.08%	75.12%	75.49%	76.00%	74.72%
Interest Burden Percent	62.94%	64.01%	69.31%	75.42%	70.03%	63.00%	81.32%	86.30%	83.49%	83.06%	82.34%
Effective Tax Rate	39.25%	37.73%	-28.44%	25.75%	22.46%	21.86%	24.92%	24.88%	24.51%	24.00%	25.28%
Return on Invested Capital (ROIC)	9.68%	9.48%	18.16%	10.61%	11.01%	9.62%	11.57%	14.34%	15.36%	15.12%	13.40%
ROIC Less NNEP Spread (ROIC-NNEP)	5.40%	5.41%	11.04%	7.22%	6.72%	4.67%	8.17%	11.24%	11.21%	10.85%	9.85%
Return on Net Nonoperating Assets (RNNOA)	26.06%	26.75%	38.47%	23.06%	21.45%	11.63%	14.74%	17.91%	16.55%	15.62%	14.96%
Return on Equity (ROE)	35.74%	36.24%	56.63%	33.68%	32.46%	21.25%	26.31%	32.25%	31.91%	30.74%	28.36%
Cash Return on Invested Capital (CROIC)	11.18%	13.07%	-10.62%	-10.73%	10.36%	17.70%	1.37%	-2.16%	10.26%	3.93%	8.13%
Operating Return on Assets (OROA)	12.64%	11.80%	11.19%	11.80%	11.65%	9.82%	11.90%	14.60%	15.45%	15.18%	13.97%
Return on Assets (ROA)	4.83%	4.70%	9.96%	6.61%	6.33%	4.83%	7.26%	9.47%	9.74%	9.58%	8.60%
Return on Common Equity (ROCE)	35.71%	36.24%	56.63%	33.68%	32.46%	21.25%	26.31%	32.25%	31.91%	30.74%	28.36%
Return on Equity Simple (ROE_SIMPLE)	39.63%	34.34%	43.34%	32.21%	30.65%	19.58%	23.13%	29.81%	29.82%	29.87%	0.00%
Net Operating Profit after Tax (NOPAT)	922	881	1,936	1,449	1,669	1,406	1,710	2,428	2,889	3,090	2,968
NOPAT Margin	15.85%	15.29%	29.15%	18.00%	17.85%	16.49%	17.60%	20.86%	20.16%	20.13%	18.44%
Net Nonoperating Expense Percent (NNEP)	4.27%	4.08%	7.12%	3.39%	4.29%	4.95%	3.40%	3.11%	4.15%	4.27%	3.55%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	13.17%	14.70%	14.03%	12.80%
Cost of Revenue to Revenue	57.37%	58.30%	58.30%	58.20%	60.75%	62.68%	60.34%	57.09%	59.44%	59.92%	61.84%
SG&A Expenses to Revenue	12.27%	12.48%	13.60%	12.90%	11.68%	11.48%	12.34%	12.03%	10.65%	10.72%	10.76%
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	16.54%	17.15%	19.00%	17.56%	16.23%	16.21%	16.22%	15.15%	13.86%	13.59%	13.49%
Earnings before Interest and Taxes (EBIT)	1,530	1,420	1,512	1,957	2,162	1,808	2,270	3,247	3,846	4,079	4,054
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,784	2,674	2,904	3,640	4,215	3,810	4,266	5,477	6,641	6,997	7,177
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.50	5.32	4.62	2.41	3.23	3.63	3.96	3.41	4.74	5.36	5.74
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	41.22	25.34	43.65	37.53
Price to Revenue (P/Rev)	1.14	1.52	2.16	1.02	1.32	1.93	2.44	2.07	2.69	3.01	3.20
Price to Earnings (P/E)	11.35	15.49	10.65	7.48	10.53	18.53	17.11	11.44	15.89	17.95	20.65
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	1.04%	0.93%	0.88%
Earnings Yield	8.81%	6.46%	9.39%	13.37%	9.50%	5.40%	5.84%	8.74%	6.29%	5.57%	4.84%
Enterprise Value to Invested Capital (EV/IC)	1.55	1.78	1.92	1.32	1.56	1.85	2.14	1.93	2.58	2.74	2.87
Enterprise Value to Revenue (EV/Rev)	2.51	2.82	3.53	2.47	2.54	3.05	3.42	3.04	3.47	3.86	4.05
Enterprise Value to EBITDA (EV/EBITDA)	5.25	6.08	8.07	5.47	5.63	6.82	7.80	6.45	7.48	8.46	9.09
Enterprise Value to EBIT (EV/EBIT)	9.56	11.44	15.49	10.17	10.98	14.37	14.65	10.88	12.92	14.51	16.10
Enterprise Value to NOPAT (EV/NOPAT)	15.86	18.44	12.10	13.74	14.22	18.47	19.46	14.55	17.19	19.15	21.99
Enterprise Value to Operating Cash Flow (EV/OCF)	7.33	8.37	10.60	6.98	7.85	9.77	9.02	7.97	10.56	13.02	12.58
Enterprise Value to Free Cash Flow (EV/FCFF)	13.73	13.38	0.00	0.00	15.12	10.04	164.17	0.00	25.74	73.64	36.23
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	5.53	4.73	3.04	3.45	2.98	2.13	1.62	1.61	1.42	1.55	1.59
Long-Term Debt to Equity	5.12	4.36	2.81	3.19	2.72	1.98	1.47	1.59	1.24	1.42	1.41
Financial Leverage	4.82	4.95	3.48	3.19	3.19	2.49	1.81	1.59	1.48	1.44	1.52
Leverage Ratio	7.40	7.71	5.68	5.09	5.13	4.40	3.62	3.41	3.28	3.21	3.30
Compound Leverage Factor	4.65	4.93	3.94	3.84	3.59	2.77	2.95	2.94	2.74	2.67	2.72
Debt to Total Capital	84.69%	82.54%	75.24%	77.54%	74.90%	68.05%	61.78%	61.69%	58.62%	60.86%	61.34%
Short-Term Debt to Total Capital	6.30%	6.33%	5.76%	5.96%	6.53%	4.95%	5.78%	0.87%	7.46%	5.35%	6.80%
Long-Term Debt to Total Capital	78.39%	76.21%	69.48%	71.58%	68.36%	63.11%	56.00%	60.81%	51.17%	55.51%	54.54%
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	15.31%	17.46%	24.76%	22.46%	25.10%	31.95%	38.22%	38.31%	41.38%	39.14%	38.66%
Debt to EBITDA	2.93	2.91	3.25	3.23	2.71	2.54	2.27	2.08	1.73	1.92	1.98
Net Debt to EBITDA	2.87	2.80	3.13	3.22	2.70	2.49	2.24	2.06	1.68	1.85	1.92
Long-Term Debt to EBITDA	2.71	2.69	3.00	2.98	2.47	2.36	2.06	2.05	1.51	1.75	1.76
Debt to NOPAT	8.85	8.84	4.88	8.11	6.85	6.88	5.67	4.68	3.99	4.34	4.79
Net Debt to NOPAT	8.66	8.49	4.70	8.08	6.82	6.74	5.58	4.64	3.86	4.19	4.64
Long-Term Debt to NOPAT	8.19	8.16	4.50	7.49	6.25	6.38	5.14	4.62	3.48	3.96	4.26
Altman Z-Score	1.41	1.59	1.78	1.43	1.73	2.05	2.34	2.34	2.99	3.13	3.20
Noncontrolling Interest Sharing Ratio	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.05	1.15	1.06	0.83	0.84	1.07	0.83	1.11	0.81	0.98	0.94
Quick Ratio	0.90	1.04	0.95	0.75	0.72	0.80	0.70	0.86	0.71	0.85	0.78
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,065	1,214	-1,132	-1,464	1,570	2,587	203	-366	1,930	804	1,801
Operating Cash Flow to CapEx	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%	1,606.81%
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	0.48	0.48	0.49	0.49	0.50	0.46	0.51	0.52	0.58	0.57	0.55
Accounts Receivable Turnover	6.22	6.23	6.17	5.79	6.08	6.00	6.49	6.33	6.77	6.69	6.62
Inventory Turnover	45.40	49.04	54.15	50.90	49.62	43.65	40.57	33.57	38.99	45.41	45.25
Fixed Asset Turnover	0.89	0.87	0.89	1.81	0.00	0.00	0.00	0.92	0.99	0.99	0.97
Accounts Payable Turnover	12.00	13.07	11.88	9.91	11.48	11.62	9.15	6.80	8.34	11.13	13.06
Days Sales Outstanding (DSO)	58.67	58.60	59.17	63.00	60.01	60.87	56.20	57.70	53.91	54.55	55.17
Days Inventory Outstanding (DIO)	8.04	7.44	6.74	7.17	7.36	8.36	9.00	10.87	9.36	8.04	8.07
Days Payable Outstanding (DPO)	30.41	27.93	30.73	36.83	31.80	31.40	39.91	53.68	43.79	32.81	27.94
Cash Conversion Cycle (CCC)	36.30	38.11	35.18	33.35	35.57	37.83	25.29	14.89	19.49	29.78	35.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	9,459	9,126	12,194	15,107	15,206	14,025	15,532	18,326	19,285	21,571	22,738
Invested Capital Turnover	0.61	0.62	0.62	0.59	0.62	0.58	0.66	0.69	0.76	0.75	0.73
Increase / (Decrease) in Invested Capital	-143	-333	3,068	2,913	99	-1,181	1,507	2,794	959	2,286	1,167
Enterprise Value (EV)	14,623	16,246	23,424	19,903	23,735	25,976	33,261	35,335	49,672	59,176	65,267
Market Capitalization	6,640	8,768	14,336	8,199	12,359	16,496	23,720	24,071	38,517	46,227	51,497
Book Value per Share	$15.90	$19.57	$36.73	$41.96	$50.96	$63.01	$82.76	$101.89	$119.94	$131.39	$140.94
Tangible Book Value per Share	($28.78)	($27.95)	($21.89)	($33.77)	($29.53)	($17.62)	($2.10)	$8.43	$22.43	$16.14	$21.56
Total Capital	9,638	9,438	12,546	15,150	15,258	14,227	15,676	18,432	19,648	22,028	23,197
Total Debt	8,162	7,790	9,440	11,747	11,428	9,682	9,685	11,370	11,518	13,406	14,229
Total Long-Term Debt	7,555	7,193	8,717	10,844	10,431	8,978	8,779	11,209	10,053	12,228	12,652
Net Debt	7,983	7,478	9,088	11,704	11,376	9,480	9,541	11,264	11,155	12,949	13,770
Capital Expenditures (CapEx)	85	79	104	162	181	155	170	230	296	307	323
Debt-free, Cash-free Net Working Capital (DFCFNWC)	489	462	475	505	589	629	310	333	398	647	907
Debt-free Net Working Capital (DFNWC)	668	774	827	548	641	831	454	439	761	1,104	1,366
Net Working Capital (NWC)	61	177	104	-355	-356	127	-452	278	-704	-74	-211
Net Nonoperating Expense (NNE)	337	315	590	353	495	516	324	323	465	515	474
Net Nonoperating Obligations (NNO)	7,983	7,478	9,088	11,704	11,376	9,480	9,541	11,264	11,155	12,949	13,770
Total Depreciation and Amortization (D&A)	1,254	1,254	1,392	1,683	2,053	2,002	1,996	2,230	2,795	2,918	3,123
Debt-free, Cash-free Net Working Capital to Revenue	8.41%	8.02%	7.15%	6.28%	6.30%	7.37%	3.19%	2.86%	2.78%	4.22%	5.63%
Debt-free Net Working Capital to Revenue	11.48%	13.43%	12.45%	6.81%	6.85%	9.74%	4.67%	3.77%	5.31%	7.19%	8.49%
Net Working Capital to Revenue	1.05%	3.07%	1.57%	-4.41%	-3.81%	1.49%	-4.65%	2.39%	-4.91%	-0.48%	-1.31%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$6.14	$6.49	$15.91	$13.26	$15.18	$12.24	$19.14	$29.77	$35.40	$38.82	$38.71
Adjusted Weighted Average Basic Shares Outstanding	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
Adjusted Diluted Earnings per Share	$6.07	$6.45	$15.73	$13.12	$15.11	$12.20	$19.04	$29.65	$35.28	$38.69	$38.61
Adjusted Weighted Average Diluted Shares Outstanding	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
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	90.97M	84.31M	84.43M	79.59M	74.38M	72.20M	72.42M	69.36M	67.19M	65.31M	63.00M
Normalized Net Operating Profit after Tax (NOPAT)	910	890	1,125	1,498	1,683	1,420	1,713	2,428	2,910	3,092	2,969
Normalized NOPAT Margin	15.64%	15.44%	16.94%	18.62%	18.00%	16.64%	17.63%	20.86%	20.31%	20.15%	18.44%
Pre Tax Income Margin	16.55%	15.78%	15.78%	18.34%	16.19%	13.35%	19.00%	24.07%	22.40%	22.08%	20.73%
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%	16.75%	16.85%	18.60%
Augmented Payout Ratio	134.87%	93.29%	4.16%	74.54%	74.11%	32.13%	2.45%	50.74%	60.89%	77.86%	97.55%

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

Metric	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026
Period end date	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	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,998,147.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	62,998,147.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	8.43
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	23.40%	13.11%	6.09%	6.16%	6.03%	9.84%	6.71%	4.51%	5.94%	2.76%	7.15%
EBITDA Growth	21.55%	9.64%	7.22%	5.88%	3.55%	5.22%	5.31%	2.60%	2.25%	0.59%	3.01%
EBIT Growth	19.96%	3.51%	14.92%	8.04%	1.90%	2.45%	1.99%	0.20%	-1.06%	-2.94%	0.57%
NOPAT Growth	19.78%	9.45%	18.26%	7.99%	2.17%	2.96%	-8.89%	-2.76%	-0.44%	-4.60%	8.74%
Net Income Growth	16.01%	6.26%	20.18%	7.61%	0.71%	1.47%	-4.43%	-2.20%	-0.99%	-5.23%	2.51%
EPS Growth	18.82%	9.96%	24.27%	11.19%	3.98%	4.73%	-1.62%	0.52%	1.96%	-2.02%	6.57%
Operating Cash Flow Growth	-7.01%	13.03%	9.58%	-1.86%	13.37%	-25.88%	38.48%	4.98%	-1.91%	19.85%	6.25%
Free Cash Flow Firm Growth	-956.56%	92.30%	71.56%	68.88%	53.53%	-820.68%	37.86%	47.76%	73.55%	73.94%	-86.19%
Invested Capital Growth	20.47%	5.23%	7.59%	8.26%	10.24%	11.85%	5.34%	5.65%	5.30%	5.41%	7.22%
Revenue Q/Q Growth	5.94%	-0.98%	-6.52%	8.26%	5.80%	2.58%	-9.18%	6.02%	7.25%	-0.50%	-5.30%
EBITDA Q/Q Growth	10.60%	-2.33%	-12.37%	11.84%	8.16%	-0.75%	-12.29%	8.97%	7.78%	-2.35%	-10.18%
EBIT Q/Q Growth	18.54%	-3.89%	-19.57%	17.89%	11.81%	-3.37%	-19.93%	15.83%	10.40%	-5.20%	-17.03%
NOPAT Q/Q Growth	15.70%	-2.33%	-16.97%	15.09%	9.46%	-1.57%	-26.53%	22.84%	12.08%	-5.69%	-16.25%
Net Income Q/Q Growth	18.95%	-3.41%	-20.18%	17.34%	11.32%	-2.68%	-24.82%	20.08%	12.70%	-6.85%	-18.68%
EPS Q/Q Growth	19.93%	-3.40%	-19.11%	18.66%	12.16%	-2.71%	-24.02%	21.24%	13.76%	-6.51%	-17.35%
Operating Cash Flow Q/Q Growth	-17.61%	33.15%	-27.23%	22.93%	-4.82%	-12.96%	35.97%	-6.81%	-11.07%	6.35%	20.54%
Free Cash Flow Firm Q/Q Growth	4.71%	93.63%	-373.89%	-8.20%	-42.33%	-26.16%	68.01%	9.03%	27.93%	-24.28%	-128.54%
Invested Capital Q/Q Growth	1.97%	-1.10%	4.21%	3.02%	3.83%	0.35%	-1.86%	3.32%	3.49%	0.45%	-0.18%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	42.10%	41.90%	38.62%	40.23%	41.28%	40.00%	36.46%	38.88%	39.37%	37.79%	36.86%
EBITDA Margin	47.94%	47.29%	44.33%	45.80%	46.82%	45.30%	43.75%	44.97%	45.19%	44.34%	42.06%
Operating Margin	29.19%	28.51%	24.45%	26.61%	28.11%	26.54%	21.62%	25.44%	26.34%	25.00%	21.81%
EBIT Margin	29.38%	28.51%	24.53%	26.72%	28.23%	26.59%	23.45%	25.62%	26.37%	25.12%	22.01%
Profit (Net Income) Margin	18.67%	18.21%	15.55%	16.86%	17.74%	16.83%	13.93%	15.77%	16.58%	15.52%	13.33%
Tax Burden Percent	74.55%	75.28%	77.99%	76.17%	74.60%	75.80%	75.29%	74.14%	74.81%	74.71%	75.75%
Interest Burden Percent	85.26%	84.85%	81.29%	82.84%	84.21%	83.47%	78.90%	83.07%	84.04%	82.69%	79.93%
Effective Tax Rate	25.45%	24.72%	22.01%	23.83%	25.40%	24.20%	24.71%	25.86%	25.19%	25.29%	24.25%
Return on Invested Capital (ROIC)	16.95%	16.36%	14.29%	15.01%	15.32%	15.11%	12.29%	13.95%	14.28%	13.57%	12.32%
ROIC Less NNEP Spread (ROIC-NNEP)	15.87%	15.28%	13.25%	13.95%	14.28%	13.99%	11.57%	12.99%	13.28%	12.58%	11.35%
Return on Net Nonoperating Assets (RNNOA)	24.28%	22.54%	20.44%	21.44%	21.55%	20.14%	16.67%	18.95%	20.06%	19.11%	16.69%
Return on Equity (ROE)	41.23%	38.90%	34.73%	36.46%	36.87%	35.25%	28.96%	32.90%	34.33%	32.68%	29.01%
Cash Return on Invested Capital (CROIC)	-2.77%	10.26%	8.12%	7.38%	5.22%	3.93%	9.49%	8.65%	8.46%	8.13%	6.80%
Operating Return on Assets (OROA)	17.28%	16.42%	13.90%	14.84%	15.59%	15.18%	13.35%	14.20%	14.42%	13.94%	12.43%
Return on Assets (ROA)	10.99%	10.49%	8.81%	9.36%	9.79%	9.61%	7.93%	8.74%	9.06%	8.61%	7.53%
Return on Common Equity (ROCE)	41.23%	38.90%	34.73%	36.46%	36.87%	35.25%	28.96%	32.90%	34.33%	32.68%	29.01%
Return on Equity Simple (ROE_SIMPLE)	30.74%	0.00%	30.97%	30.91%	29.89%	0.00%	29.02%	28.08%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	819	800	664	765	837	824	605	744	833	786	658
NOPAT Margin	21.76%	21.46%	19.07%	20.27%	20.97%	20.12%	16.28%	18.86%	19.71%	18.68%	16.52%
Net Nonoperating Expense Percent (NNEP)	1.08%	1.08%	1.04%	1.07%	1.05%	1.12%	0.72%	0.96%	1.00%	1.00%	0.97%
Return On Investment Capital (ROIC_SIMPLE)	-	4.07%	-	-	-	3.74%	2.79%	3.32%	3.60%	3.39%	2.88%
Cost of Revenue to Revenue	57.90%	58.10%	61.38%	59.77%	58.72%	60.00%	63.54%	61.12%	60.63%	62.21%	63.14%
SG&A Expenses to Revenue	9.93%	10.54%	11.16%	10.71%	10.42%	10.65%	11.75%	10.70%	10.45%	10.24%	11.07%
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	12.91%	13.39%	14.18%	13.62%	13.18%	13.46%	14.84%	13.44%	13.03%	12.79%	15.06%
Earnings before Interest and Taxes (EBIT)	1,106	1,063	855	1,008	1,127	1,089	872	1,010	1,115	1,057	877
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	1,805	1,763	1,545	1,728	1,869	1,855	1,627	1,773	1,911	1,866	1,676
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	3.87	4.74	6.02	5.20	6.24	5.36	4.66	5.42	6.82	5.74	5.12
Price to Tangible Book Value (P/TBV)	24.30	25.34	82.70	54.65	51.79	43.65	31.80	31.41	38.75	37.53	40.40
Price to Revenue (P/Rev)	2.16	2.69	3.36	2.92	3.58	3.01	2.63	3.11	3.84	3.20	2.80
Price to Earnings (P/E)	12.60	15.89	19.43	16.82	20.88	17.95	16.04	19.30	24.28	20.65	18.31
Dividend Yield	1.01%	1.04%	0.84%	0.96%	0.79%	0.93%	1.07%	0.91%	0.73%	0.88%	1.01%
Earnings Yield	7.94%	6.29%	5.15%	5.94%	4.79%	5.57%	6.23%	5.18%	4.12%	4.84%	5.46%
Enterprise Value to Invested Capital (EV/IC)	2.14	2.58	3.03	2.68	3.09	2.74	2.52	2.83	3.32	2.87	2.63
Enterprise Value to Revenue (EV/Rev)	3.01	3.47	4.19	3.76	4.44	3.86	3.42	3.92	4.70	4.05	3.64
Enterprise Value to EBITDA (EV/EBITDA)	6.44	7.48	9.02	8.11	9.63	8.46	7.53	8.68	10.47	9.09	8.25
Enterprise Value to EBIT (EV/EBIT)	10.97	12.92	15.38	13.76	16.40	14.51	13.01	15.08	18.37	16.10	14.69
Enterprise Value to NOPAT (EV/NOPAT)	14.82	17.19	20.34	18.21	21.68	19.15	17.59	20.53	24.97	21.99	19.74
Enterprise Value to Operating Cash Flow (EV/OCF)	9.20	10.56	12.69	11.63	13.53	13.02	10.79	12.35	15.07	12.58	11.30
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	25.74	38.66	37.78	62.14	73.64	27.23	33.57	40.22	36.23	39.97
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.55	1.42	1.53	1.56	1.56	1.55	1.47	1.48	1.57	1.59	1.55
Long-Term Debt to Equity	1.36	1.24	1.39	1.39	1.38	1.42	1.31	1.34	1.40	1.41	1.37
Financial Leverage	1.53	1.48	1.54	1.54	1.51	1.44	1.44	1.46	1.51	1.52	1.47
Leverage Ratio	3.35	3.28	3.36	3.38	3.32	3.21	3.24	3.28	3.33	3.30	3.26
Compound Leverage Factor	2.86	2.78	2.73	2.80	2.80	2.68	2.55	2.73	2.80	2.73	2.61
Debt to Total Capital	60.80%	58.62%	60.44%	60.88%	60.95%	60.86%	59.52%	59.70%	61.12%	61.34%	60.76%
Short-Term Debt to Total Capital	7.32%	7.46%	5.30%	6.47%	6.87%	5.35%	6.54%	5.74%	6.69%	6.80%	7.10%
Long-Term Debt to Total Capital	53.48%	51.17%	55.14%	54.42%	54.08%	55.51%	52.98%	53.96%	54.43%	54.54%	53.66%
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	39.20%	41.38%	39.56%	39.12%	39.05%	39.14%	40.48%	40.30%	38.88%	38.66%	39.24%
Debt to EBITDA	1.85	1.73	1.84	1.88	1.94	1.92	1.83	1.88	1.97	1.98	1.92
Net Debt to EBITDA	1.81	1.68	1.78	1.82	1.87	1.85	1.75	1.80	1.90	1.92	1.90
Long-Term Debt to EBITDA	1.63	1.51	1.68	1.68	1.72	1.75	1.62	1.70	1.76	1.76	1.70
Debt to NOPAT	4.27	3.99	4.15	4.23	4.37	4.34	4.26	4.45	4.71	4.79	4.60
Net Debt to NOPAT	4.17	3.86	4.00	4.08	4.21	4.19	4.08	4.26	4.54	4.64	4.54
Long-Term Debt to NOPAT	3.75	3.48	3.78	3.78	3.88	3.96	3.80	4.02	4.19	4.26	4.06
Altman Z-Score	2.25	2.63	2.85	2.60	2.90	2.78	2.62	2.79	3.10	2.87	2.69
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	0.81	0.81	0.89	0.81	0.82	0.98	0.85	0.86	0.90	0.94	0.80
Quick Ratio	0.70	0.71	0.79	0.69	0.71	0.85	0.75	0.71	0.73	0.78	0.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-2,494	-159	-753	-814	-1,159	-1,462	-468	-425	-307	-381	-871
Operating Cash Flow to CapEx	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%	1,336.17%	2,856.60%
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	0.59	0.58	0.57	0.56	0.55	0.57	0.57	0.55	0.55	0.55	0.56
Accounts Receivable Turnover	6.60	6.77	6.83	6.71	6.41	6.69	6.89	6.81	6.43	6.62	6.74
Inventory Turnover	41.43	38.99	40.07	40.75	43.22	45.41	43.31	41.54	44.02	45.25	41.86
Fixed Asset Turnover	1.01	0.99	0.99	0.97	0.95	0.99	1.01	0.97	0.95	0.97	0.99
Accounts Payable Turnover	7.23	8.34	8.30	6.50	7.62	11.13	9.48	6.87	7.86	13.06	9.56
Days Sales Outstanding (DSO)	55.29	53.91	53.44	54.41	56.94	54.55	52.94	53.63	56.80	55.17	54.19
Days Inventory Outstanding (DIO)	8.81	9.36	9.11	8.96	8.44	8.04	8.43	8.79	8.29	8.07	8.72
Days Payable Outstanding (DPO)	50.47	43.79	43.98	56.13	47.90	32.81	38.52	53.15	46.44	27.94	38.17
Cash Conversion Cycle (CCC)	13.63	19.49	18.56	7.24	17.48	29.78	22.85	9.27	18.65	35.30	24.74
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,500	19,285	20,096	20,703	21,496	21,571	21,169	21,872	22,636	22,738	22,698
Invested Capital Turnover	0.78	0.76	0.75	0.74	0.73	0.75	0.76	0.74	0.72	0.73	0.75
Increase / (Decrease) in Invested Capital	3,313	959	1,417	1,579	1,996	2,286	1,073	1,169	1,140	1,167	1,529
Enterprise Value (EV)	41,782	49,672	60,854	55,488	66,467	59,176	53,308	61,807	75,060	65,267	59,628
Market Capitalization	30,038	38,517	48,878	43,066	53,552	46,227	40,928	48,970	61,424	51,497	45,898
Book Value per Share	$113.59	$119.94	$121.94	$124.36	$129.75	$131.39	$134.58	$139.00	$139.88	$140.94	$142.35
Tangible Book Value per Share	$18.10	$22.43	$8.88	$11.83	$15.63	$16.14	$19.71	$23.99	$24.63	$21.56	$18.03
Total Capital	19,784	19,648	20,525	21,170	21,975	22,028	21,711	22,420	23,148	23,197	22,854
Total Debt	12,028	11,518	12,405	12,889	13,394	13,406	12,922	13,385	14,148	14,229	13,886
Total Long-Term Debt	10,580	10,053	11,318	11,520	11,884	12,228	11,502	12,098	12,600	12,652	12,263
Net Debt	11,744	11,155	11,976	12,422	12,915	12,949	12,380	12,837	13,636	13,770	13,730
Capital Expenditures (CapEx)	70	75	45	90	81	91	70	81	78	94	53
Debt-free, Cash-free Net Working Capital (DFCFNWC)	469	398	303	152	326	647	325	159	608	907	651
Debt-free Net Working Capital (DFNWC)	753	761	732	619	805	1,104	867	707	1,120	1,366	807
Net Working Capital (NWC)	-695	-704	-355	-750	-705	-74	-553	-580	-428	-211	-816
Net Nonoperating Expense (NNE)	116	121	122	129	129	135	87	122	132	133	127
Net Nonoperating Obligations (NNO)	11,744	11,155	11,976	12,422	12,915	12,949	12,380	12,837	13,636	13,770	13,730
Total Depreciation and Amortization (D&A)	699	700	690	720	742	766	755	763	796	809	799
Debt-free, Cash-free Net Working Capital to Revenue	3.37%	2.78%	2.09%	1.03%	2.18%	4.22%	2.09%	1.01%	3.80%	5.63%	3.98%
Debt-free Net Working Capital to Revenue	5.42%	5.31%	5.04%	4.20%	5.37%	7.19%	5.57%	4.49%	7.01%	8.49%	4.93%
Net Working Capital to Revenue	-5.00%	-4.91%	-2.44%	-5.08%	-4.71%	-0.48%	-3.55%	-3.68%	-2.68%	-1.31%	-4.99%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$10.30	$10.00	$8.06	$9.56	$10.73	$10.47	$7.92	$9.59	$10.93	$10.27	$8.44
Adjusted Weighted Average Basic Shares Outstanding	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
Adjusted Diluted Earnings per Share	$10.29	$9.94	$8.04	$9.54	$10.70	$10.41	$7.91	$9.59	$10.91	$10.20	$8.43
Adjusted Weighted Average Diluted Shares Outstanding	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
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	67.78M	67.19M	66.59M	66.14M	65.62M	65.31M	65.00M	64.34M	63.63M	63.00M	62.65M
Normalized Net Operating Profit after Tax (NOPAT)	823	803	665	765	838	824	606	744	833	786	692
Normalized NOPAT Margin	21.86%	21.55%	19.09%	20.29%	20.99%	20.12%	16.30%	18.86%	19.71%	18.68%	17.37%
Pre Tax Income Margin	25.05%	24.20%	19.94%	22.13%	23.77%	22.20%	18.50%	21.28%	22.16%	20.77%	17.59%
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	12.79%	16.75%	16.42%	16.41%	16.65%	16.85%	17.33%	17.74%	18.10%	18.60%	18.79%
Augmented Payout Ratio	47.02%	60.89%	63.42%	67.46%	72.48%	77.86%	73.97%	76.86%	86.92%	97.55%	102.59%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, data-driven take on United Rentals (NYSE: URI) using quarterly statements from the past four years. The focus is on trends in revenue, profitability, cash flow, liquidity, and leverage, with aRetail investor-friendly interpretation.

Revenue and scale remain strong for 2025: Q4 2025 operating revenue was $4.208B, up from about $4.095B in Q4 2024, and Q3 2025 revenue was $4.229B versus roughly $3.993B in Q3 2024. This reflects continued scale in the fleet and geographic footprint.
Robust operating cash flow: Net cash from continuing operating activities was about $1.256B in Q4 2025, with other 2025 quarters also generating solid cash from operations (e.g., roughly $1.42B in Q1 2025 and $1.33B in Q2 2025).
Steady, sizable net income and EPS: Q4 2025 net income was $653M with diluted EPS around $10.20–$10.27, continuing the pattern of roughly $0.6–0.7B quarterly earnings in 2024–2025.
Asset base expanding (fleet growth): Plant, Property & Equipment net rose to about $17.5B by Q3 2025 from about $16.0B in late 2024, signaling ongoing fleet expansion and capacity buildup.
Capital allocation signals (dividends and modest buybacks): Per-share dividends around $1.63–$1.79 and a pattern of modest share repurchases accompany a robust earnings base, helping support per-share results while maintaining fleet growth.
Leverage and liquidity context are stable but high: Long-term debt hovered near $12.0–12.6B in 2024–2025, with total liabilities around $18–21B and cash around $0.5–$3.5B. The company maintains ample liquidity, but overall leverage remains elevated given the asset-heavy business.
Share count relatively stable: Weighted-average basic shares outstanding stay in the mid-60 millions (e.g., about 62.0–65.0M across 2025 quarters), helping EPS stay resilient even if earnings dip slightly year over year.
Interest expense and taxes remain a drag: Quarterly interest & investment income is negative (a cost), and taxes run in the low-to-mid hundreds of millions per quarter, modestly pressuring net income.
Gross-margin pressure vs 2024: Gross margin in Q4 2025 was about 37.8%, down from roughly 40% in Q4 2024, indicating some margin compression despite strong revenue.
Cash flow and financing pressures: Net change in cash and financing activity trends show periodic negative cash flow; for example, Q4 2025 net change in cash was about -$53M and net financing cash flow was -$712M, underscoring ongoing debt activity and capital returns pressure despite solid operating cash flow.

05/05/26 04:16 PM 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 2025 ended on December 31, 2025.

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 $2.49 billion in 2025, rising from $585 million in 2015. The previous period was $2.58 billion in 2024. See where experts think United Rentals is headed by visiting United Rentals' forecast page.

What is United Rentals' operating income?

United Rentals' total operating income in 2025 was $3.97 billion, based on the following breakdown:

Total Gross Profit: $6.14 billion
Total Operating Expenses: $2.17 billion

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

Over the last 10 years, United Rentals' total revenue changed from $5.82 billion in 2015 to $16.10 billion in 2025, a change of 176.8%.

How much debt does United Rentals have?

United Rentals' total liabilities were at $20.90 billion at the end of 2025, a 6.9% increase from 2024, and a 97.0% increase since 2015.

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 $459 million in 2025, and is currently $459 million as of their latest financial filing in 2025.

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 15.90 in 2015 to 140.94 in 2025, a change of 786.4%.

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Financial statements for NYSE:URI last updated on 4/23/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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United Rentals (URI) Financials

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United Rentals (URI) Financials

Annual Income Statements for United Rentals

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Quarterly Cash Flow Statements for United Rentals

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Quarterly Balance Sheets for United Rentals

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Quarterly Metrics And Ratios for United Rentals

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Key Financial Trends

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