United Rentals Inc. (URI) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q3 26	$11.6	$12.8	+10.1%	—	—	—
Q2 26	$8.94	$9.71	+8.6%	—	—	—
Q1 26	$11.8	$11.1	-6.0%	—	—	—
Q4 25	$10.5	$10.5	-0.7%	—	—	—
Q3 25	$8.81	$8.86	+0.6%	—	—	—
Q2 25	$11.6	$11.6	-0.3%	—	—	—
Q1 25	$12.5	$11.8	-5.5%	—	—	—
Q4 24	$10.5	$10.7	+1.7%	—	—	—
Q3 24	$8.34	$9.15	+9.7%	—	—	—
Q2 24	$10.9	$11.3	+3.2%	—	—	—
Q1 24	$11.2	$11.7	+4.7%	—	—	—
Q4 23	$9.01	$9.88	+9.7%	—	—	—
Q3 23	$7.92	$7.95	+0.4%	—	—	—
Q2 23	$10.4	$9.74	-6.2%	—	—	—
Q1 23	$9.07	$9.27	+2.2%	—	—	—
Q4 22	$6.46	$7.86	+21.7%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$38.7	—	—	$16.1B	—
FY24	—	$38.8	—	—	$15.3B	—
FY23	—	$35.4	—	—	$14.3B	—
FY22	—	$29.8	—	—	$11.6B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$5.8B	$6.6B	$8B	$9.4B	$8.5B	$9.7B	$11.6B	$14.3B	$15.3B	$16.1B
YoY change	-0.95%	+15.3%	+21.2%	+16.2%	-8.78%	+13.9%	+19.8%	+23.1%	+7.07%	+4.91%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	5.8B	6.6B	8B	9.4B	8.5B	9.7B	11.6B	14.3B	15.3B	16.1B
Cost of revenue	3.4B	3.9B	4.7B	5.7B	5.3B	5.9B	6.6B	8.5B	9.2B	10B
Gross profit	2.4B	2.8B	3.4B	3.7B	3.2B	3.9B	5B	5.8B	6.2B	6.1B
Gross margin	41.7%	41.7%	41.8%	39.2%	37.3%	39.7%	42.9%	40.6%	40.1%	38.2%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	719M	903M	1B	1.1B	979M	1.2B	1.4B	1.5B	1.6B	1.7B
Operating expenses	719M	903M	1B	1.1B	979M	1.2B	1.4B	1.5B	1.6B	1.7B
Operating income	1.4B	1.6B	2B	2.2B	1.8B	2.3B	3.2B	3.9B	4.1B	4B
Operating margin	24.8%	24.2%	25.1%	23.2%	21.3%	23.5%	27.8%	26.9%	26.5%	24.7%
Non-operating income, net	-9M	-95M	-61M	-9M	-9M	-12M	15M	-9M	11M	80M
Pretax income	909M	1B	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
Net margin	9.82%	20.3%	13.6%	12.6%	10.4%	14.3%	18.1%	16.9%	16.8%	15.5%
EBITDA	2.7B	3B	3.7B	4.2B	3.8B	4.3B	5.5B	6.7B	7B	7.2B
EPS	6.49	15.9	13.3	15.2	12.2	19.1	29.8	35.4	38.8	38.7
Diluted EPS	6.45	15.7	13.1	15.1	12.2	19	29.6	35.3	38.7	38.6

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	3.8B	3.7B	3.5B	3.8B	4B	4.1B	3.7B	3.9B	4.2B	4.2B	4B	4.4B
Cost of revenue	2.2B	2.2B	2.1B	2.3B	2.3B	2.5B	2.4B	2.4B	2.6B	2.6B	2.5B	2.7B
Gross profit	1.6B	1.6B	1.3B	1.5B	1.6B	1.6B	1.4B	1.5B	1.7B	1.6B	1.5B	1.7B
Gross margin	42.1%	41.9%	38.6%	40.2%	41.3%	40%	36.5%	38.9%	39.4%	37.8%	36.9%	39.3%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	374M	393M	389M	404M	416M	436M	437M	422M	442M	431M	441M	472M
Operating expenses	374M	393M	389M	404M	416M	436M	437M	422M	442M	431M	441M	472M
Operating income	1.1B	1.1B	853M	1B	1.1B	1.1B	805M	1B	1.1B	1.1B	914M	1.1B
Operating margin	29.3%	28.6%	24.5%	26.6%	28.1%	26.5%	21.6%	25.4%	26.3%	25%	22.9%	25.9%
Non-operating income, net	2M	-4M	2M	3M	4M	2M	67M	7M	1M	5M	-37M	41M
Pretax income	943M	902M	695M	835M	949M	909M	688M	839M	937M	874M	701M	1B
Income tax	240M	223M	153M	199M	241M	220M	170M	217M	236M	221M	170M	254M
Net income	703M	679M	542M	636M	708M	689M	518M	622M	701M	653M	531M	753M
Net margin	18.7%	18.2%	15.6%	16.9%	17.7%	16.8%	13.9%	15.8%	16.6%	15.5%	13.3%	17.1%
EBITDA	1.8B	1.8B	1.5B	1.7B	1.9B	1.9B	1.6B	1.8B	1.9B	1.9B	1.7B	2B
EPS	10.3	—	8.06	9.56	10.7	—	7.92	9.58	10.9	10.3	8.44	12
Diluted EPS	10.3	—	8.04	9.54	10.7	—	7.91	9.58	10.9	10.3	8.43	12

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	9.2B	14.5B	8.5B	12.9B	16.9B	24.1B	25.1B	39.3B	46.7B	52.1B	65B
Enterprise value	16.7B	23.6B	20.2B	25B	27.1B	34.4B	37.2B	51.6B	61.1B	67.3B	80.4B
Shares outstanding	87.2M	84.6M	82.7M	77.3M	72.7M	72.4M	70.7M	68.5M	66.3M	64.4M	64.4M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	16.3	10.8	7.74	11	18.9	17.4	11.9	16.2	18.1	20.9	25.1
P/S	1.6	2.19	1.05	1.38	1.98	2.48	2.16	2.74	3.05	3.24	3.85
P/B	5.59	4.68	2.49	3.37	3.71	4.02	3.56	4.83	5.42	5.81	7.04
EV/EBITDA	6.23	7.89	5.46	5.92	7.1	8.08	6.82	7.75	8.74	9.4	17.1
EV/Sales	2.9	3.56	2.51	2.67	3.17	3.54	3.2	3.6	3.98	4.18	4.78
Earnings yield	6.15%	9.25%	12.9%	9.11%	5.28%	5.76%	8.38%	6.17%	5.51%	4.79%	3.99%
FCF yield	6.54%	2.2%	6.63%	5.23%	8.9%	2.04%	2.96%	1.61%	0.9%	1.27%	2.63%
PEG	—	—	—	—	—	—	—	—	—	—	0.98

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	41.7%	41.7%	41.8%	39.2%	37.3%	39.7%	42.9%	40.6%	40.1%	38.2%	39.3%
Operating margin	24.8%	24.2%	25.1%	23.2%	21.3%	23.5%	27.8%	26.9%	26.5%	24.7%	26%
Net margin	9.82%	20.3%	13.6%	12.6%	10.4%	14.3%	18.1%	16.9%	16.8%	15.5%	15.7%
ROE	34.3%	43.3%	32.2%	30.7%	19.6%	23.1%	29.8%	29.8%	29.9%	27.8%	28.9%
ROA	4.72%	8.96%	6.04%	6.19%	4.98%	6.83%	8.7%	9.47%	9.14%	8.35%	8.77%
ROIC	9.75%	13.2%	9.92%	10.6%	9.62%	10.5%	12.7%	14.2%	13.5%	12.3%	12.9%
Return on tangible assets	14.2%	26.3%	18.7%	17.1%	14.3%	17.3%	18.7%	19.6%	19.8%	17%	16.7%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.15	1.06	0.83	0.84	1.07	0.83	1.11	0.81	0.98	0.94	0.76
Quick ratio	1.09	1.02	0.78	0.78	1	0.76	1.02	0.75	0.92	0.88	0.7
Debt / equity	4.73	3.04	3.45	3.17	2.29	1.75	1.73	1.56	1.72	1.75	1.67
Debt / assets	0.65	0.63	0.65	0.64	0.58	0.52	0.51	0.49	0.53	0.52	0.49
Net debt / EBITDA	2.79	3.03	3.17	2.86	2.68	2.43	2.22	1.85	2.05	2.12	2.04
Interest coverage	2.78	3.26	4.07	3.34	2.7	5.35	7.3	6.06	5.9	5.66	5.92
Effective tax rate	37.7%	0%	25.7%	22.5%	21.9%	24.9%	24.9%	24.5%	24%	25.3%	25%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	66.1	78.5	97.3	121	117.3	134.2	164.7	209.3	231.3	250	266.1
EPS (basic)	6.49	15.9	13.3	15.2	12.2	19.1	29.8	35.4	38.8	38.7	38.7
EPS (diluted)	6.45	15.7	13.1	15.1	12.2	19	29.6	35.3	38.7	38.6	41.6
Book value per share	18.9	36.7	41.1	49.5	62.5	82.7	99.9	118.7	130	139.3	148
FCF per share	6.9	3.78	6.8	8.72	20.6	6.78	10.5	9.26	6.32	10.3	10.1
Cash per share	3.58	4.16	0.52	0.67	2.78	1.99	1.5	5.3	6.89	7.13	1.8
Capex per share	9.51	15.6	19.4	19.2	3.55	30.4	38.2	35.6	38.3	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	14.4%	19.9%	19.9%	15.8%	3.02%	22.6%	23.2%	17%	16.5%	—	—
Capex / operating cash flow	41.9%	56.8%	51.8%	43.2%	8.48%	58.4%	54.9%	47.3%	47.6%	—	—
Payout ratio	—	—	—	—	—	0%	0%	16.7%	16.9%	18.6%	18.1%
Dividend yield	—	—	—	—	—	0%	0%	1.03%	0.93%	0.89%	0.75%

Yield

0.75%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.97

ex-dividend Aug 12, 2026

Payout ratio

18%

of earnings

Dividend growth

2 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 12, 2026	$1.97
May 13, 2026	$1.97
Feb 11, 2026	$1.97
Nov 12, 2025	$1.79
Aug 13, 2025	$1.79
May 14, 2025	$1.79
Feb 12, 2025	$1.79
Nov 13, 2024	$1.63

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$3.8B	$3.7B	$3.5B	$3.8B	$4B	$4.1B	$3.7B	$3.9B	$4.2B	$4.2B	$4B	$4.4B
YoY change	+23.4%	+13.1%	+6.09%	+6.16%	+6.03%	+9.84%	+6.71%	+4.51%	+5.94%	+2.76%	+7.15%	+11.8%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	312M	352M	43M	52M	202M	144M	106M	363M	457M	459M
Receivables	920M	1.2B	1.5B	1.5B	1.3B	1.7B	2B	2.2B	2.4B	2.5B
Inventory	68M	75M	109M	120M	125M	164M	232M	205M	200M	240M
Total current assets	1.4B	1.8B	1.8B	1.8B	2B	2.2B	2.7B	2.9B	3.2B	3.6B
Property, plant & equipment	6.4B	8.1B	10B	10.8B	9.8B	11.7B	14.7B	15.7B	17B	18.3B
Goodwill & intangibles	8B	9.9B	12.3B	12.1B	11.6B	12.3B	13B	13.2B	15.1B	15.2B
Total assets	12B	15B	18.1B	19B	17.9B	20.3B	24.2B	25.6B	28.2B	29.9B
Accounts payable	243M	409M	536M	454M	466M	816M	1.1B	905M	748M	776M
Short-term debt	597M	723M	903M	1.2B	882M	1.1B	372M	1.7B	1.5B	1.9B
Total current liabilities	1.2B	1.7B	2.1B	2.2B	1.9B	2.6B	2.4B	3.6B	3.3B	3.8B
Long-term debt	7.2B	8.7B	10.8B	11B	9.5B	9.4B	11.9B	10.9B	13.3B	13.8B
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	6B	7.1B	8.1B	8.6B	9B
Total debt	7.8B	9.4B	11.7B	12.1B	10.4B	10.5B	12.2B	12.7B	14.8B	15.7B
Net debt	7.5B	9.1B	11.7B	12.1B	10.2B	10.4B	12.1B	12.3B	14.3B	15.2B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	284M	363M	429M	467M	479M	457M	542M	548M	512M	459M	156M	112M
Receivables	2.3B	2.2B	2.2B	2.3B	2.4B	2.4B	2.3B	2.4B	2.6B	2.5B	2.6B	2.8B
Inventory	201M	205M	208M	219M	211M	200M	227M	242M	234M	240M	256M	294M
Total current assets	3B	2.9B	3B	3.2B	3.3B	3.2B	3.2B	3.5B	3.8B	3.6B	3.3B	3.6B
Property, plant & equipment	16.3B	15.7B	16.1B	16.9B	17.5B	17B	17.3B	18.2B	18.8B	18.3B	18.7B	19.9B
Goodwill & intangibles	13B	13.2B	15.1B	15B	15.1B	15.1B	15B	15B	14.8B	15.2B	15.7B	15.5B
Total assets	25.8B	25.6B	26.7B	27.6B	28.4B	28.2B	28.1B	29.2B	30.1B	29.9B	29.9B	31.3B
Accounts payable	1.1B	905M	959M	1.3B	1.2B	748M	1B	1.4B	1.3B	776M	1.1B	1.6B
Short-term debt	1.4B	1.7B	1.1B	1.4B	1.5B	1.5B	1.4B	1.3B	1.5B	1.9B	1.6B	1.5B
Total current liabilities	3.7B	3.6B	3.4B	4B	4B	3.3B	3.8B	4.1B	4.2B	3.8B	4.1B	4.7B
Long-term debt	11.5B	10.9B	12.3B	12.5B	12.9B	13.3B	12.6B	13.2B	13.7B	13.8B	13.4B	13.8B
Total liabilities	18.1B	17.5B	18.5B	19.3B	19.8B	19.5B	19.3B	20.2B	21.1B	20.9B	20.9B	22.1B
Shareholders' equity	7.8B	8.1B	8.1B	8.3B	8.6B	8.6B	8.8B	9B	9B	9B	9B	9.2B
Total debt	12.9B	12.7B	13.4B	13.9B	14.4B	14.8B	14B	14.5B	15.2B	15.7B	15B	15.4B
Net debt	12.6B	12.3B	12.9B	13.4B	13.9B	14.3B	13.5B	13.9B	14.7B	15.2B	14.9B	15.3B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	566M	1.3B	1.1B	1.2B	890M	1.4B	2.1B	2.4B	2.6B	2.5B
Depreciation & amortization	1.2B	1.4B	1.7B	2B	2B	2B	2.2B	2.8B	2.9B	3.1B
Stock-based compensation	45M	87M	102M	61M	70M	119M	127M	94M	112M	134M
Change in working capital	-13M	-42M	-86M	-55M	223M	16M	-50M	-193M	-208M	-180M
Operating cash flow	2B	2.3B	3.1B	3.4B	3B	3.8B	4.9B	5.1B	5.3B	5.2B
Capital expenditure	-829M	-1.3B	-1.6B	-1.5B	-258M	-2.2B	-2.7B	-2.4B	-2.5B	—
Investing cash flow	-847M	-3.7B	-4.6B	-1.7B	-223M	-3.6B	-5B	-3B	-4.1B	-310M
Dividends paid	—	—	—	—	—	0	0	-406M	-434M	-464M
Share repurchases	-528M	-56M	-817M	-870M	-286M	-34M	-1.1B	-1.1B	-1.6B	-2B
Financing cash flow	-965M	1.5B	1.4B	-1.3B	-2.3B	-140M	552M	-1.5B	-274M	-1.8B
Net change in cash	165M	139M	-59M	406M	524M	14M	453M	695M	908M	3B
Free cash flow	602M	320M	562M	674M	1.5B	491M	743M	634M	419M	662M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	703M	679M	542M	636M	708M	689M	518M	622M	701M	653M	531M	753M
Depreciation & amortization	695M	697M	686M	717M	738M	762M	751M	759M	793M	805M	795M	820M
Stock-based compensation	23M	22M	28M	27M	24M	33M	36M	34M	32M	32M	36M	43M
Change in working capital	-342M	54M	21M	288M	-203M	-314M	268M	225M	-396M	-277M	155M	142M
Operating cash flow	1.1B	1.4B	1.3B	1.6B	1.3B	1.2B	1.6B	1.6B	1.2B	1.3B	1.5B	1.8B
Capital expenditure	-734M	-273M	-173M	-1.1B	-1.1B	-214M	-354M	-1.2B	—	—	—	—
Investing cash flow	-711M	-437M	-1.3B	-1.2B	-1.2B	-515M	-361M	-1.2B	6M	-322M	-383M	91M
Dividends paid	-100M	-101M	-110M	-109M	-107M	-108M	-118M	-117M	-115M	-114M	-125M	-123M
Share repurchases	-252M	-264M	-415M	-376M	-377M	-403M	-289M	-431M	-618M	-631M	-421M	-395M
Financing cash flow	-290M	-906M	325M	-38M	-33M	-528M	-981M	-134M	-14M	-712M	-958M	-216M
Net change in cash	111M	55M	297M	422M	59M	130M	209M	265M	1.2B	222M	173M	1.7B
Free cash flow	-56M	689M	460M	-197M	-209M	365M	680M	-230M	-365M	577M	681M	-261M

United Rentals Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement