United Rentals
URI · NYSEServices-Equipment Rental & Leasing, NEC · Fiscal year ends Dec 31
United Rentals reported revenue of $3.7B in the fiscal year ended Dec 2025, up 3.0% from the year before. Operating income was $4B, an operating margin of 107.5%, and net income was $2.5B. Net debt was $15.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $2.3B | $2.5B | $3.4B | $3.6B | $3.7B |
| Cost of revenue | $5.9B | $6.6B | $8.5B | $9.2B | $10B |
| Gross profit | $3.9B | $5B | $5.8B | $6.2B | $6.1B |
| Selling, general & admin | $1.2B | $1.4B | $1.5B | $1.6B | $1.7B |
| Operating income | $2.3B | $3.2B | $3.8B | $4.1B | $4B |
| Pre-tax income | $1.8B | $2.8B | $3.2B | $3.4B | $3.3B |
| Income tax | $460M | $697M | $787M | $813M | $844M |
| Net income | $1.4B | $2.1B | $2.4B | $2.6B | $2.5B |
| Diluted EPS | 19.04 | 29.65 | 35.28 | 38.69 | 38.61 |
| Diluted shares | 73M | 71M | 69M | 67M | 65M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $144M | $106M | $363M | $457M | $459M |
| Receivables | $1.7B | $2B | $2.2B | $2.4B | $2.5B |
| Inventory | $164M | $232M | $205M | $200M | $240M |
| Current assets | $2.2B | $2.7B | $2.9B | $3.2B | $3.6B |
| Goodwill | $5.5B | $6B | $5.9B | $6.9B | $7.1B |
| Total assets | $20.3B | $24.2B | $25.6B | $28.2B | $29.9B |
| Payables | $816M | $1.1B | $905M | $748M | $776M |
| Deferred revenue | $83M | $131M | $138M | $185M | $175M |
| Current liabilities | $2.6B | $2.4B | $3.6B | $3.3B | $3.8B |
| Short-term debt | $906M | $161M | $1.5B | $1.2B | $1.6B |
| Long-term debt | $9.8B | $11.4B | $11.6B | $13.5B | $14.3B |
| Total liabilities | $14.3B | $17.1B | $17.5B | $19.5B | $20.9B |
| Shareholders' equity | $6B | $7.1B | $8.1B | $8.6B | $9B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $3.7B | $4.4B | $4.7B | $4.5B | $5.2B |
| Capital expenditure | $3.2B | $3.7B | $3.9B | $4.1B | – |
| Free cash flow | $491M | $743M | $840M | $416M | – |
| Depreciation & amortisation | $372M | $364M | $431M | $437M | $438M |
| Stock-based compensation | $119M | $127M | $94M | $112M | $134M |
| Acquisitions | $1.4B | $2.3B | $574M | $1.7B | $357M |
| Share buybacks | $34M | $1.1B | $1.1B | $1.6B | $2B |
| Dividends paid | $0 | $0 | $406M | $434M | $464M |
| Dividend per share | – | – | 5.92 | 6.52 | 7.16 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 10.9% | 35.7% | 5.7% | 3.0% |
| Operating income growth (YoY) | – | 41.9% | 18.4% | 6.2% | −2.3% |
| EPS growth (YoY) | – | 55.7% | 19.0% | 9.7% | −0.2% |
| Gross margin | 170.8% | 199.8% | 171.2% | 171.4% | 166.3% |
| Operating margin | 100.9% | 129.2% | 112.7% | 113.3% | 107.5% |
| Net margin | 61.4% | 84.2% | 71.4% | 71.8% | 67.5% |
| Return on equityBlank when equity is negative | 23.1% | 29.8% | 29.8% | 29.9% | 27.8% |
| ROCEEBIT ÷ (assets − current liabilities) | 12.9% | 14.9% | 17.4% | 16.4% | 15.3% |
| Free cash flow margin | 21.8% | 29.7% | 24.7% | 11.6% | – |
| Cash conversion (CFO ÷ net income) | 2.66x | 2.11x | 1.94x | 1.77x | 2.08x |
| Receivable days | 271 | 292 | 240 | 240 | 248 |
| Inventory days | 10 | 13 | 9 | 8 | 9 |
| Payable days | 51 | 63 | 39 | 30 | 28 |
| Debt ÷ equity | 1.78x | 1.64x | 1.60x | 1.70x | 1.77x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $10.5B | $11.5B | $12.7B | $14.2B | $15.4B |
| Current ratio | 0.83x | 1.11x | 0.81x | 0.98x | 0.94x |
Recent filings
More in Services-Equipment Rental & Leasing, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.