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United Rentals

URI NYSE Trading Companies & Distributors Financials FY2016–FY2025

United Rentals' revenue rose 4.9% to $16.1 billion in fiscal 2025. Its operating margin was 24.7%, down from 26.5% a year earlier. It paid out $2.4 billion in dividends and buybacks. The diluted share count fell 3.0%.

Last close · Oct 23, 2026

$1,098.88

1.1%
Value it Compare
Revenue Total sales reported in the income statement.
$16.1B
4.9% vs prior year
Operating margin Operating income as a share of revenue.
24.7%
1.8 pts
Net income Profit after all expenses, interest and tax.
$2.5B
3.1%
Free cash flow Cash from operations minus capital spending.
—
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
13.4%
1.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$69.2B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
28.0x
On $39.20 EPS (TTM)

About these figures. Total debt is the balance sheet's long-term debt plus its current debt line, both including finance leases, so year-end and quarterly figures are on the same basis. United Rentals' capital spending is mostly purchases of rental equipment, which its filings tag differently from year to year (in some years only its other property and equipment, in 2025 under its own label), so capital spending and free cash flow are left blank rather than shown on a basis that changes. Property and equipment is left blank: the figure its filings tag leaves out its rental fleet, its largest asset.

What United Rentals does

No business description yet.

Legal name
United Rentals, Inc.
Fiscal year ends
December 31, 2025
Latest annual report
—
Accession · CIK
0001067701-26-000007
0001067701

Revenue and margins

United Rentals had $16.1B of revenue in fiscal 2025, up 4.9% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 22.0% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was — in fiscal 2025, — of revenue. Cash from operations minus capital spending.

Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

United Rentals returned $2.4B to shareholders in fiscal 2025. The diluted share count fell 3.0%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value United Rentals yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$13.8B and divides by 64.6M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 28.0x · peers 22.0x · sector 26.0x.

Balance sheet

Cash, debt and the ratios that show how comfortably United Rentals can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $144M$106M$363M$457M$459M
Debt incl. finance leases $9.7B$11.4B$11.5B$13.4B$14.2B
Net debt / EBITDA 3.6x3.1x2.6x2.9x3.1x
Debt / equity 1.6x1.6x1.4x1.6x1.6x
Interest coverage 5.8x8.0x6.2x6.0x5.7x
Current ratio 0.8x1.1x0.8x1.0x0.9x
Quick ratio 0.8x1.0x0.8x0.9x0.9x
Total assets $20.3B$24.2B$25.6B$28.2B$29.9B
Total liabilities $14.3B$17.1B$17.5B$19.5B$20.9B
Shareholders' equity $6.0B$7.1B$8.1B$8.6B$9.0B
Net debt (− = net cash) $9.5B$11.3B$11.2B$12.9B$13.8B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$30.5M

6 insiders

Of sales under plans

0%

$0.0M

DateInsiderTradeSharesPriceValueFiling
Jul 24, 2026 William E. GraceEVP, CFO Sold 1,500 $1,133.15 $1.7M Form 4
Apr 27, 2026 Craig Adam PintoffEVP, Chief Admin. Officer Sold 2,466 $963.00 $2.4M Form 4
Apr 27, 2026 Joli L. GrossSVP, Chief LGL & Sustain. Off. Sold 306 $954.99 $0.3M Form 4
Apr 24, 2026 Andrew B. LimogesVP, Controller Sold 548 $977.86 $0.5M Form 4
Apr 24, 2026 Matthew John FlanneryPresident & CEO, Director Sold 22,768 $984.98 $22.4M Form 4
Feb 3, 2026 William E. GraceEVP, CFO Sold 1,498 $790.89 $1.2M Form 4
Feb 2, 2026 Michael D DurandEVP, Chief Operating Officer Sold 2,490 $791.14 $2.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✕
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✓ ✕ ✓
Current ratio rose ✕ ✓ ✕
Share count didn't rise ✓ ✓ ✓
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✕
F-score 6 / 97 / 95 / 9
Accruals ratio −9.2%−7.3%−9.3%
Altman Z'' 2.803.013.03

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
United Rentals URI $69.2B 4.9% 24.7% — 13.4% 28.0x 5
WESCO International WCC $15.7B 7.8% 5.2% 0.1% 9.4% 22.0x 5 Compare →
AerCap AER $25.7B 6.5% — — 8.5% — — Compare →
Fastenal FAST $59.7B 8.7% 20.2% 12.8% 34.3% 42.2x 7 Compare →
Core & Main CNM $8.1B 2.8% 9.4% 7.9% 13.7% 17.3x 7 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $5.8B $6.6B $8.0B $9.4B $8.5B $9.7B $11.6B $14.3B $15.3B $16.1B
Gross profit $2.4B $2.8B $3.4B $3.7B $3.2B $3.9B $5.0B $5.8B $6.2B $6.1B
Operating income $1.4B $1.5B $2.0B $2.2B $1.8B $2.3B $3.2B $3.8B $4.1B $4.0B
Interest expense $415M $357M $455M $581M $483M $391M $406M $614M $674M $703M
Pretax income $909M $1.0B $1.5B $1.5B $1.1B $1.8B $2.8B $3.2B $3.4B $3.3B
Income tax $343M −$298M $380M $340M $249M $460M $697M $787M $813M $844M
Net income $566M $1.3B $1.1B $1.2B $890M $1.4B $2.1B $2.4B $2.6B $2.5B
Diluted EPS $6.45 $15.73 $13.12 $15.11 $12.20 $19.04 $29.65 $35.28 $38.69 $38.61
Diluted shares 0.09B 0.09B 0.08B 0.08B 0.07B 0.07B 0.07B 0.07B 0.07B 0.06B
Cash flow
Cash from operations $1.9B $2.2B $2.9B $3.0B $2.7B $3.7B $4.4B $4.7B $4.5B $5.2B
Depreciation and amortization $1.2B $259M $308M $407M $387M $372M $364M $431M $437M $438M
Stock-based compensation $45.0M $87.0M $102M $61.0M $70.0M $119M $127M $94.0M $112M $134M
Acquisitions $28.0M $2.4B $3.0B $249M $2.0M $1.4B $2.3B $574M $1.7B $357M
Share buybacks $528M $56.0M $817M $870M $286M $34.0M $1.1B $1.1B $1.6B $2.0B
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $406M $434M $464M
Dividends and buybacks $528M $56.0M $817M $870M $286M $34.0M $1.1B $1.5B $2.0B $2.4B
Balance sheet
Cash and short-term investments $312M $352M $43.0M $52.0M $202M $144M $106M $363M $457M $459M
Total debt $7.8B $9.4B $11.7B $11.4B $9.7B $9.7B $11.4B $11.5B $13.4B $14.2B
Finance lease liabilities $0.0M $0.0M $0.0M $127M $135M $135M $123M $192M $263M $331M
Current assets $1.4B $1.8B $1.8B $1.8B $2.0B $2.2B $2.7B $2.9B $3.2B $3.6B
Current liabilities $1.2B $1.7B $2.1B $2.2B $1.9B $2.6B $2.4B $3.6B $3.3B $3.8B
Inventory $68.0M $75.0M $109M $120M $125M $164M $232M $205M $200M $240M
Total assets $12.0B $15.0B $18.1B $19.0B $17.9B $20.3B $24.2B $25.6B $28.2B $29.9B
Total liabilities $10.3B $11.9B $14.7B $15.1B $13.3B $14.3B $17.1B $17.5B $19.5B $20.9B
Shareholders' equity $1.6B $3.1B $3.4B $3.8B $4.5B $6.0B $7.1B $8.1B $8.6B $9.0B
Margins
Gross margin 41.7% 41.7% 41.8% 39.3% 37.3% 39.7% 42.9% 40.6% 40.1% 38.2%
Operating margin 24.6% 22.7% 24.3% 23.0% 21.1% 23.4% 27.8% 26.7% 26.5% 24.7%
EBITDA margin 46.2% 26.6% 28.1% 27.4% 25.6% 27.3% 30.9% 29.7% 29.3% 27.4%
Net margin 9.8% 20.3% 13.6% 12.6% 10.4% 14.3% 18.1% 16.9% 16.8% 15.5%
Returns
Return on capital 9.5% 14.1% 10.6% 11.0% 9.6% 11.6% 14.3% 15.4% 15.1% 13.4%
Return on capital employed 13.1% 12.5% 13.3% 13.1% 11.0% 13.5% 16.4% 17.5% 17.4% 15.6%
Return on equity 36.2% 56.6% 33.7% 32.5% 21.3% 26.3% 32.3% 31.9% 30.7% 28.4%
Return on assets 4.7% 10.0% 6.6% 6.3% 4.8% 7.3% 9.5% 9.7% 9.6% 8.6%
Growth
Revenue growth −1.0% 15.3% 21.2% 16.2% −8.8% 13.9% 19.8% 23.1% 7.1% 4.9%
Net income growth −3.3% 137.8% −18.6% 7.1% −24.2% 55.7% 51.9% 15.2% 6.2% −3.2%
EPS growth 6.3% 143.9% −16.6% 15.2% −19.3% 56.1% 55.7% 19.0% 9.7% −0.2%
Share count change −8.9% −2.5% −2.4% −7.0% −6.2% −0.2% −2.5% −3.2% −3.1% −3.0%
Financial health
Net debt / EBITDA 2.8x 5.2x 5.2x 4.5x 4.3x 3.6x 3.1x 2.6x 2.9x 3.1x
Debt / equity 4.7x 3.0x 3.5x 3.0x 2.1x 1.6x 1.6x 1.4x 1.6x 1.6x
Interest coverage 3.4x 4.2x 4.3x 3.7x 3.7x 5.8x 8.0x 6.2x 6.0x 5.7x
Current ratio 1.2x 1.1x 0.8x 0.8x 1.1x 0.8x 1.1x 0.8x 1.0x 0.9x
Quick ratio 1.1x 1.0x 0.8x 0.8x 1.0x 0.8x 1.0x 0.8x 0.9x 0.9x
Capital allocation
Stock comp / revenue 0.8% 1.3% 1.3% 0.7% 0.8% 1.2% 1.1% 0.7% 0.7% 0.8%
Quality scores
Piotroski F-score 6.0 6.0 5.0 6.0 6.0 8.0 8.0 6.0 7.0 5.0
Altman Z'' 1.5 1.6 1.6 1.8 2.2 2.3 2.7 2.8 3.0 3.0
Accruals ratio −11.4% −6.4% −10.6% −10.0% −9.6% −12.1% −10.5% −9.2% −7.3% −9.3%

Source: SEC EDGAR XBRL filings (CIK 0001067701). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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