United Rentals, Inc., through its subsidiaries, operates as an equipment rental company in the United States, Canada, Europe, Australia, and New Zealand. It operates through two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment, such as backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, including boom and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools for construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities. The specialty segment rents trench safety equipment consists of trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers, and line testing equipment for underground work; power and heating, ventilating, and air conditioning equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment; fluid solutions equipment for fluid containment, transfer, and treatment; surface protection mats; and mobile storage equipment and modular office space. This segment serves construction companies involved in infrastructure projects, and municipalities and industrial companies. The company also sells aerial lifts, reach forklifts, telehandlers, compressors, and generators; construction consumables, tools, small equipment, and safety supplies; and parts for equipment that is owned by its customers, as well as provides repair and maintenance services. It sells used equipment through its sales force, brokers, website, at auctions, and directly to manufacturers. United Rentals, Inc. was incorporated in 1997 and is headquartered in Stamford, Connecticut.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $16.1B | $7.2B | $2.5B | $662M | 27.8% | 4.9% | -3.1% |
| 2024 | $15.3B | $7.0B | $2.6B | $419M | 29.9% | 7.1% | 6.2% |
| 2023 | $14.3B | $6.6B | $2.4B | $634M | 29.8% | 23.1% | 15.2% |
| 2022 | $11.6B | $5.5B | $2.1B | $743M | 29.8% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 11,642 | 14,332 | 15,345 | 16,099 |
| Operating Revenue | - | 11,642 | 14,332 | 15,345 | 16,099 |
| Cost Of Revenue | - | 6,646 | 8,519 | 9,195 | 9,955 |
| Gross Profit | - | 4,996 | 5,813 | 6,150 | 6,144 |
| Operating Expense | - | 1,764 | 1,958 | 2,082 | 2,170 |
| Selling General And Administration | - | 1,400 | 1,527 | 1,645 | 1,732 |
| Total Expenses | - | 8,410 | 10,477 | 11,277 | 12,125 |
| Operating Income | - | 3,232 | 3,855 | 4,068 | 3,974 |
| Total Operating Income As Reported | - | 3,232 | 3,827 | 4,065 | 3,973 |
| EBITDA | - | 5,464 | 6,627 | 6,982 | 7,162 |
| Normalized EBITDA | - | 5,464 | 6,655 | 6,985 | 7,163 |
| EBIT | - | 3,247 | 3,846 | 4,079 | 4,054 |
| Interest Expense | - | 445 | 635 | 691 | 716 |
| Net Interest Income | - | -445 | -635 | -691 | -716 |
| Other Non Operating Income Expenses | - | 15 | 19 | 14 | 81 |
| Other Income Expense | - | 15 | -9 | 11 | 80 |
| Interest Expense Non Operating | - | 445 | 635 | 691 | 716 |
| Net Non Operating Interest Income Expense | - | -445 | -635 | -691 | -716 |
| Pretax Income | - | 2,802 | 3,211 | 3,388 | 3,338 |
| Tax Provision | - | 697 | 787 | 813 | 844 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | -6.86 | -0.72 | -0.25 |
| Net Income Continuous Operations | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Net Income From Continuing And Discontinued Operation | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Net Income From Continuing Operation Net Minority Interest | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Net Income | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Net Income Common Stockholders | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Net Income Including Noncontrolling Interests | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Normalized Income | - | 2,105 | 2,445.14 | 2,577.28 | 2,494.75 |
| Diluted NI Availto Com Stockholders | - | 2,105 | 2,424 | 2,575 | 2,494 |
| Basic Average Shares | - | 70.70 | 68.47 | 66.34 | 64.40 |
| Diluted Average Shares | - | - | - | - | 64.60 |
| Reconciled Depreciation | - | 2,217 | 2,781 | 2,903 | 3,108 |
| Reconciled Cost Of Revenue | - | 4,793 | 6,169 | 6,729 | 7,285 |
| Total Unusual Items | - | 0 | -28 | -3 | -1 |
| Total Unusual Items Excluding Goodwill | - | 0 | -28 | -3 | -1 |
| Special Income Charges | - | 0 | -28 | -3 | -1 |
| Restructuring And Mergern Acquisition | - | 0 | 28 | 3 | 1 |
| Depreciation Amortization Depletion Income Statement | - | 364 | 431 | 437 | 438 |
| Depreciation And Amortization In Income Statement | - | 364 | 431 | 437 | 438 |
Industrials sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| United Rentals, Inc.this co. | URI | $67.9B | 27.24β discount | 7.58 | 27.8% | 11.61 |
| Illinois Tool Works Inc. | ITW | $72.2B | 23.56 | 22.40 | 95.1% | 17.32 |
| Cintas Corporation | CTAS | $72.0B | 39.73 | 15.37 | 38.7% | 26.02 |
| Norfolk Southern Corporation | NSC | $69.0B | 24.01 | 4.44 | 18.5% | 14.49 |
| TransDigm Group Incorporated | TDG | $68.7B |
| - |
| - |
| - |
| - |
| - |
| 33.12 |
| -7.09 |
| -21.4% |
| 21.00 |
| Comfort Systems USA, Inc. | FIX | $67.4B | 65.88 | 27.51 | 41.8% | 46.36 |
| Republic Services, Inc. | RSG | $64.0B | 29.90 | 5.34 | 17.9% | 15.25 |
| PACCAR Inc | PCAR | $62.1B | 26.15 | 3.23 | 12.3% | 18.86 |
| W.W. Grainger, Inc. | GWW | $60.9B | 35.68 | 16.29 | 45.7% | 22.84 |
| Peer Median | - | 31.51 | 10.36 | 28.6% | 19.93 | |