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United Rentals, Inc.

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United Rentals, Inc. • NYSE
$815.18 ▲ 0.03% (+0.21)
Market Cap $52.98 B
52w High $1021.47
52w Low $525.91
Dividend Yield 7.16%
P/E 21.01
Volume 259.71K
Outstanding Shares 64.99M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $4.229B ▲ $442M ▲ $701M ▲ 16.576% ▲ $10.93 ▲ $1.224B ▼
Q2-2025 $3.943B ▲ $422M ▼ $622M ▲ 15.775% ▲ $9.59 ▲ $1.769B ▲
Q1-2025 $3.719B ▼ $437M ▲ $518M ▼ 13.928% ▼ $7.92 ▼ $1.623B ▼
Q4-2024 $4.095B ▲ $436M ▲ $689M ▼ 16.825% ▼ $10.5 ▼ $1.851B ▼
Q3-2024 $3.992B $416M $708M 17.735% $10.72 $1.865B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $512M ▼ $30.065B ▲ $21.065B ▲ $9B ▼
Q2-2025 $548M ▲ $29.206B ▲ $20.171B ▲ $9.035B ▲
Q1-2025 $542M ▲ $28.05B ▼ $19.261B ▼ $8.789B ▲
Q4-2024 $457M ▼ $28.163B ▼ $19.541B ▼ $8.622B ▲
Q3-2024 $479M $28.412B $19.831B $8.581B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $701M ▲ $1.181B ▼ $-1.194B ▲ $-14M ▲ $-36M ▼ $3.484B ▲
Q2-2025 $622M ▲ $1.328B ▼ $-1.211B ▼ $-134M ▲ $6M ▼ $-230M ▼
Q1-2025 $518M ▼ $1.425B ▲ $-361M ▲ $-981M ▼ $85M ▲ $680M ▲
Q4-2024 $689M ▼ $1.048B ▼ $-515M ▲ $-528M ▼ $-22M ▼ $365M ▲
Q3-2024 $708M $1.204B $-1.167B $-33M $12M $-209M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Ancillary and Other Rental Revenue
Ancillary and Other Rental Revenue
 $600.00M ▲$560.00M ▼$610.00M ▲$660.00M ▲
Contractor Supplies
Contractor Supplies
 $40.00M ▲$40.00M ▲$40.00M ▲$40.00M ▲
New Equipment
New Equipment
 $100.00M ▲$70.00M ▼$70.00M ▲$100.00M ▲
Owned Equipment Rentals
Owned Equipment Rentals
 $2.75Bn ▲$2.52Bn ▼$2.75Bn ▲$2.94Bn ▲
Rerent Revenue
Rerent Revenue
 $70.00M ▲$60.00M ▼$60.00M ▲$70.00M ▲
Rental Equipment
Rental Equipment
 $450.00M ▲$380.00M ▼$320.00M ▼$330.00M ▲
Service and Other Revenues
Service and Other Revenues
 $90.00M ▲$90.00M ▲$100.00M ▲$90.00M ▼

Five-Year Company Overview

Income Statement

Income Statement United Rentals’ income statement shows a business that has grown steadily and become more profitable over the past five years. Sales have risen each year, and profit at every major level – gross, operating, and net – has expanded alongside that growth rather than being squeezed. Profit margins are healthy for a rental model, suggesting strong pricing power, good cost control, and efficient use of the fleet. Earnings per share have climbed even faster than net income, helped by share repurchases and operating leverage. Overall, the company looks like a mature but still-growing industrial business with solid and improving profitability.

Balance Sheet

Balance Sheet The balance sheet reflects a capital‑intensive company that leans heavily on debt but has also been building its equity base. Total assets have grown as the rental fleet and footprint have expanded, while debt has increased but at a slower pace than equity, indicating gradual balance‑sheet strengthening. Cash on hand is relatively modest for the size of the business, which is typical for rental operators that constantly reinvest in equipment. Leverage remains a key feature and a risk factor, especially in downturns, but it appears more manageable than in the past thanks to higher earnings and stronger equity.

Cash Flow

Cash Flow Cash generation from day‑to‑day operations is robust and has trended upward, showing that profits are backed by real cash, not just accounting gains. However, free cash flow is much thinner and more volatile because the company consistently spends heavily on new and replacement equipment. This pattern signals a deliberate choice to prioritize growth and fleet refresh over maximizing near‑term cash surplus. In good times, that reinvestment can support higher future earnings; in weak cycles, it can pressure cash if demand slows. The business model works best when utilization and rates remain healthy enough to cover this ongoing capital outlay.

Competitive Edge

Competitive Edge United Rentals holds a dominant position as the largest equipment rental provider in a fragmented market, which gives it clear scale advantages. Its dense branch network, broad fleet, and “one‑stop shop” offering make it hard for smaller rivals to match its coverage, availability, and service levels. Specialty rental segments – such as trench safety, power, fluid solutions, and onsite services – deepen customer relationships and tend to carry better economics. A long history of bolt‑on acquisitions has also expanded its reach and customer base. The main structural risks are the cyclical nature of construction and industrial spending and the constant need to stay ahead of regional competitors and original equipment makers that might push more directly into rental.

Innovation and R&D

Innovation and R&D Innovation at United Rentals is focused less on lab‑style R&D and more on digital tools, data, and new service models that make renting easier and more valuable for customers. Its Total Control platform, mobile app, and telematics create a connected worksite where customers can track usage, costs, and emissions in real time. Newer features using artificial intelligence and augmented reality aim to simplify equipment selection and planning, reducing mistakes and downtime. The company is leaning into sustainability with tools to measure and manage carbon impact and a growing mix of greener equipment options. Experiments with autonomous and advanced equipment, along with ongoing expansion of higher‑margin specialty solutions, suggest a pipeline of incremental innovations rather than one big, binary bet.

Summary

Overall, United Rentals combines strong growth, solid profitability, and a leading competitive position in a cyclical, capital‑heavy industry. The company’s scale, specialty rentals, and digital ecosystem provide meaningful advantages that help support pricing and utilization. Financially, it has converted rising revenue into higher earnings and operating cash flow, while gradually improving the balance sheet even as it continues to rely on significant debt. The main trade‑off is heavy, recurring investment in equipment, which keeps free cash flow tighter and makes results sensitive to economic cycles. How well management balances growth investments, leverage, and technology‑driven efficiency through different macro environments will be key to the company’s long‑term performance.

NEWS

November 24, 2025 · 4:20 PM UTC

United Rentals Announces Redemption of 5½% Senior Notes due 2027

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November 24, 2025 · 4:10 PM UTC

United Rentals Announces Pricing of Private Offering of $1.5 Billion of 5.375% Senior Notes due 2033

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November 24, 2025 · 8:19 AM UTC

United Rentals Announces Proposed Private Offering of $1.5 Billion of Senior Notes Due 2033

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October 22, 2025 · 4:30 PM UTC

United Rentals Declares Quarterly Cash Dividend

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October 22, 2025 · 4:15 PM UTC

United Rentals Announces Strong Third Quarter 2025 Results and Raises Full-Year Guidance for Revenue and Capital Spending Supported by Strong Customer Demand

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