NYSE: URI
United Rentals
Industrials · Services-Equipment Rental & Leasing, NEC
52-week range
$701.59$1,202.12
Stock price
Market cap
At each fiscal year end, then the latest quarter end: closing price × shares outstanding.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$62.0B
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| Period | Market cap |
|---|---|
| FY2016, ended Dec 31, 2016 | $8.90B |
| FY2017, ended Dec 31, 2017 | $14.5B |
| FY2018, ended Dec 31, 2018 | $8.16B |
| FY2019, ended Dec 31, 2019 | $12.4B |
| FY2020, ended Dec 31, 2020 | $16.7B |
| FY2021, ended Dec 31, 2021 | $24.1B |
| FY2022, ended Dec 31, 2022 | $24.7B |
| FY2023, ended Dec 31, 2023 | $38.5B |
| FY2024, ended Dec 31, 2024 | $46.0B |
| FY2025, ended Dec 31, 2025 | $51.0B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $62.0B |
Revenue
By fiscal year, then the trailing 12 months.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$17.5B
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| Period | Revenue |
|---|---|
| FY2016, ended Dec 31, 2016 | $5.76B |
| FY2017, ended Dec 31, 2017 | $6.64B |
| FY2018, ended Dec 31, 2018 | $8.05B |
| FY2019, ended Dec 31, 2019 | $9.35B |
| FY2020, ended Dec 31, 2020 | $8.53B |
| FY2021, ended Dec 31, 2021 | $9.72B |
| FY2022, ended Dec 31, 2022 | $11.6B |
| FY2023, ended Dec 31, 2023 | $14.3B |
| FY2024, ended Dec 31, 2024 | $15.3B |
| FY2025, ended Dec 31, 2025 | $16.1B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $17.5B |
Net income and free cash flow
By fiscal year, then the trailing 12 months. Free cash flow is operating cash flow minus capex.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Show tableHide table
| Period | Net income | Free cash flow |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $566M | $1.85B |
| FY2017, ended Dec 31, 2017 | $1.35B | $2.09B |
| FY2018, ended Dec 31, 2018 | $1.10B | $2.67B |
| FY2019, ended Dec 31, 2019 | $1.17B | $2.81B |
| FY2020, ended Dec 31, 2020 | $890M | $2.46B |
| FY2021, ended Dec 31, 2021 | $1.39B | $491M |
| FY2022, ended Dec 31, 2022 | $2.10B | $743M |
| FY2023, ended Dec 31, 2023 | $2.42B | $840M |
| FY2024, ended Dec 31, 2024 | $2.58B | $416M |
| FY2025, ended Dec 31, 2025 | $2.49B | — |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $2.86B | — |
Cash and cash equivalents
At each fiscal year end, then the latest quarter end.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$153M
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| Period | Cash and cash equivalents |
|---|---|
| FY2016, ended Dec 31, 2016 | $312M |
| FY2017, ended Dec 31, 2017 | $352M |
| FY2018, ended Dec 31, 2018 | $43.0M |
| FY2019, ended Dec 31, 2019 | $52.0M |
| FY2020, ended Dec 31, 2020 | $202M |
| FY2021, ended Dec 31, 2021 | $144M |
| FY2022, ended Dec 31, 2022 | $106M |
| FY2023, ended Dec 31, 2023 | $363M |
| FY2024, ended Dec 31, 2024 | $457M |
| FY2025, ended Dec 31, 2025 | $459M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $153M |
Total debt
At each fiscal year end, then the latest quarter end. Short- and long-term borrowings, excluding leases.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.$14.7B
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| Period | Total debt |
|---|---|
| FY2016, ended Dec 31, 2016 | $7.84B |
| FY2017, ended Dec 31, 2017 | $9.52B |
| FY2018, ended Dec 31, 2018 | $11.8B |
| FY2019, ended Dec 31, 2019 | $11.5B |
| FY2020, ended Dec 31, 2020 | $9.76B |
| FY2021, ended Dec 31, 2021 | $9.75B |
| FY2022, ended Dec 31, 2022 | $11.4B |
| FY2023, ended Dec 31, 2023 | $11.6B |
| FY2024, ended Dec 31, 2024 | $13.5B |
| FY2025, ended Dec 31, 2025 | $14.3B |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $14.7B |
Shares outstanding
At each fiscal year end, then the latest quarter end, adjusted for splits. Down 26.6% since 2016.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.61.9M
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| Period | Shares outstanding |
|---|---|
| FY2016, ended Dec 31, 2016 | 84.3M |
| FY2017, ended Dec 31, 2017 | 84.4M |
| FY2018, ended Dec 31, 2018 | 79.6M |
| FY2019, ended Dec 31, 2019 | 74.4M |
| FY2020, ended Dec 31, 2020 | 72.2M |
| FY2021, ended Dec 31, 2021 | 72.4M |
| FY2022, ended Dec 31, 2022 | 69.4M |
| FY2023, ended Dec 31, 2023 | 67.2M |
| FY2024, ended Dec 31, 2024 | 65.3M |
| FY2025, ended Dec 31, 2025 | 63.0M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | 61.9M |
Buybacks and new shares
By fiscal year, then the trailing 12 months, in dollars. Below zero: bought back. Above zero: issued to employees, sold or used in acquisitions.Figures shown are for the trailing 12 months to Sep 30, 2026. Hover or tap a column for another year.Net: $1.67B more bought back than issued
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| Period | Bought back | Paid to employees |
|---|---|---|
| FY2016, ended Dec 31, 2016 | $528M | $45.0M |
| FY2017, ended Dec 31, 2017 | $56.0M | $87.0M |
| FY2018, ended Dec 31, 2018 | $817M | $102M |
| FY2019, ended Dec 31, 2019 | $870M | $61.0M |
| FY2020, ended Dec 31, 2020 | $286M | $70.0M |
| FY2021, ended Dec 31, 2021 | $34.0M | $119M |
| FY2022, ended Dec 31, 2022 | $1.07B | $127M |
| FY2023, ended Dec 31, 2023 | $1.07B | $94.0M |
| FY2024, ended Dec 31, 2024 | $1.57B | $112M |
| FY2025, ended Dec 31, 2025 | $1.97B | $134M |
| Trailing 12 months to Sep 30, 2026 (through Q3 FY2026) | $1.82B | $154M |
Revenue (TTM)
$17.5B
+9.4% YoY
Net income (TTM)
$2.86B
+12.9% YoY
Cash
$153M
−70.1% YoY
Total debt
$14.7B
+3.7% YoY
Valuation
At current price- Market Cap
- $72.4B
- P/E
- 25.4×
- Forward P/E
- —. Needs analyst estimates; not available from the current data provider
- Price / Sales
- 4.1×
- Price / Book
- 7.5×
- EV / EBITDA
- 17.7×
Growth
Trailing 12 months- Revenue (TTM)
- $17.5B
- Revenue Growth YoY
- 9.4%
- Revenue CAGR 3Y
- 11.4%
- Revenue CAGR 5Y
- 13.5%
- EPS Growth YoY
- 17.1%
- Net Income Growth YoY
- 12.9%
Profitability
Trailing 12 months- Gross Margin
- 39.1%
- Operating Margin
- 25.5%
- Net Margin
- 16.3%
- FCF Margin
- —. Free cash flow / revenue
- Return on Equity
- 30.6%
Earnings
Trailing 12 months- Net Income
- $2.86B
- EPS (diluted)
- $45.43
- EBITDA
- $4.92B
- Operating Income
- $4.47B
Balance Sheet
As of Sep 30, 2026- Cash and cash equivalents
- $153M
- Total Debt
- $14.7B
- Net Debt
- $14.5B
- Total Assets
- $32.8B
- Total Liabilities
- $23.1B
- Shareholders' Equity
- $9.70B
Cash Flow
Trailing 12 months- Operating Cash Flow
- $6.19B
- Capital Expenditure
- —
- Free Cash Flow
- —. Operating cash flow − capital expenditure
Dividends and risk
Last 12 months- Dividend Yield
- 0.7%
- Dividend / Share
- $7.70
- Beta (5Y)
- 1.82
Every ratio is calculated from the company’s reported figures.
Strength
Revenue is up 9.4% year over year, at $17.5B.
Strength
Keeps 25.5% of revenue as operating profit.
Note
Net debt of $14.5B is 3.0× EBITDA.
Strength
Share count is down 2.7% in a year, from buybacks.
Written by fixed rules from the reported figures, not by a person or an AI.
Latest report
Pro10-Q for the quarter ended Sep 30, 2026 · filed Oct 21, 2026
The score and findings for the newest report are part of CoreStock Pro, coming soon. Every earlier report is free.
Score of each annual report
0 to 100 · 60 means nothing notable · tap a column for its details
2025 · 10-K64Mildly positive
64Mildly positive
10-K for the fiscal year ended Dec 31, 2025
Filed Jan 28, 2026 · Read the filing on EDGAR
- The planned $4.8 billion purchase of H&E Equipment Services fell through. United Rentals received a $64 million break-up fee and restarted share buybacks.
- Revenue rose 4.9% to $16.1 billion, but net income fell 3.1% to $2.49 billion as margins kept shrinking, especially in the specialty segment.
- Free cash flow rose 6% to $2.18 billion. The board approved a new $5 billion buyback program and plans $1.15 billion of buybacks under it in 2026.
- Total debt was $14.2 billion, well below the roughly $18 billion expected had the H&E deal closed.
Business momentum
Improving
“2025 total revenues of $16.1 billion increased 4.9 percent compared with 2024.”
Outlook
Neutral
“We intend to repurchase $1.15 billion under the program in 2026.”
Financial stress
Low
“We believe that our existing sources of cash will be sufficient to support our existing operations over the next 12 months.”
Tone against the previous report
About the same
Red flags
None found in this report.
Positives
Free cash flow grew
“Free cash flow for the year ended December 31, 2025 was $2.181 billion, an increase of $123, or 6.0 percent”
Large new buyback program
“On January 28, 2026, our Board of Directors authorized a new $5.0 billion share repurchase program.”
Specialty rentals growing fast
Concerns
Net income fell despite higher revenue
“net income decreased $81, or 3.1 percent, to $2.494 billion, which included the $29 after-tax H&E merger termination benefit discussed above.”
Margins keep shrinking
“Adjusted EBITDA margin decreased 120 basis points to 45.5 percent”
Used-equipment sale prices still falling
“Gross margin from sales of rental equipment decreased 180 basis points from 2024, which primarily reflected the normalization of the used equipment market, including pricing.”
New risks since the previous report
Smaller safety margin before goodwill write-downs
“all of our reporting units had estimated fair values which exceeded their respective carrying amounts by at least 32 percent.”
Sharp margin drop in specialty segment
“equipment rentals gross profit increased by $57, and equipment rentals gross margin decreased by 450 basis points from 2024.”
Risks from using artificial intelligence
“We use AI in our business and in our products, and challenges with properly managing its use could result in reputational harm, competitive harm, and legal liability”
Receivables financing facility up for renewal in 2026
“the accounts receivable securitization facility expires on June 24, 2026 and may be extended on a 364-day basis by mutual agreement with the purchasers under the facility.”
Biggest risks named
- Economic slowdown hurting construction and industrial demand
- $14.2 billion of debt, 29% at variable interest rates
- Inflation and tariffs pushing up costs and squeezing margins
- Falling used-equipment prices and sale margins
- Possible goodwill write-downs as the safety margin narrows
Artificial intelligence in this business: Mentioned
How the score adds up
| Starting point | 60 | |
| Business momentum | +6 | |
| Outlook | 0 | |
| Tone against the previous report | 0 | |
| Financial stress | 0 | |
| Red flags | 0 | |
| New risks | −2 | |
| Score | 64 | |
Written by AI (Claude Opus 5.5) from the report’s text. 12 of 13 quotes were found word for word in the filing; the rest are left out. Not investment advice.
All scored reports
| Period | Report | Filed | Score | Momentum | Red flags |
|---|---|---|---|---|---|
| 10-Q | Oct 21, 2026 | Pro | |||
| 10-K | Jan 28, 2026 | 64 | Improving | None | |
| 10-K | Jan 29, 2025 | 64 | Improving | None | |
| 10-K | Jan 24, 2024 | 74 | Strong improvement | None | |
| 10-K | Jan 25, 2023 | 73 | Strong improvement | None | |
| 10-K | Jan 26, 2022 | 76 | Strong improvement | None | |
| 10-K | Jan 27, 2021 | 53 | Weakening | None | |
| 10-K | Jan 29, 2020 | 68 | Improving | None | |
| 10-K | Jan 23, 2019 | 73 | Strong improvement | None | |
| 10-K | Jan 24, 2018 | 76 | Strong improvement | None |
How these scores work
An AI model reads the management discussion, risk factors and legal sections of each report and records what they say, quoting the filing word for word. Fixed rules then turn those findings into a score from 0 to 100, where 60 means nothing notable either way. A score describes the report, not whether the stock is a good investment, and the AI may know how things turned out later, which can colour older scores. Read the methodology
From the 10-Q for Q3 FY2026 (period ended Sep 30, 2026), filed Oct 21, 2026. View filings on SEC EDGAR