United Rentals, Inc.

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	2,530	2,575	2,424	2,105	1,386	890	1,174	1,096	1,346	566	585
Net Income
Depreciation & Amortization	3,065	2,903	2,781	2,217	1,983	1,988	2,038	1,671	1,383	1,245	1,244
Depreciation and Amortization
Share-Based Compensation Expense	135	112	94	127	119	70	61	102	87	45	49
Stock Compensation Expense, Net
Other Adjustments	-430	-778	-768	-40	-150	-287	-44	30	-615	-31	209
Amortization of Deferred Financing Costs and Original Issue Discounts
Gain on Sales of Rental Equipment
Gain on Sales of Non-Rental Equipment
Foreign Currency Transaction Gain
Goodwill Impairment Charge
Foreign Currency Transaction Loss
Non-Cash Adjustments to Equipment
Gain on Sale of Software Subsidiary
Insurance Proceeds from Damaged Equipment
Merger Related Costs
Restructuring Charge
Debt Related Activity
Gain on Retirement of Subordinated Convertible Debentures
Excess Tax Benefits from Share-Based Payment Arrangements
Change in Deferred Taxes
Changes in Trade Receivables	-177	-20	-167	-329	-300	218	39	-115	-184	15	-11
Change in Accounts Receivable
Changes in Inventories	-23	15	19	-25	9	-5	-8	-20	1	1	8
Change in Inventory
Changes in Accounts Payable	-17	-203	-45	304	307	10	-86	49	141	-29	-8
Change in Accounts Payable
Changes in Accrued Expenses	85	-31	85	238	87	2	-91	-35	70	52	-43
Change in Accrued Expenses and Other Liabilities
Changes in Other Operating Activities	-185	-27	281	-164	248	-228	-59	75	-20	77	-38
Change in Prepaid Expenses and Other Assets
Cash from Operating Activities	4,982	4,546	4,704	4,433	3,689	2,658	3,024	2,853	2,209	1,941	1,995
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-4,532	-4,127	-4,070	-3,690	-3,198	-1,158	-2,350	-2,291	-1,889	-1,339	-1,636
Purchases of Rental Equipment
Payments for Purchases of Rental Equipment
Payments for Purchases of Non-Rental Equipment and Intangible Assets
Proceeds from Sale of Property, Plant & Equipment	1,540	1,588	1,634	989	998	900	868	687	566	510	555
Proceeds from Sales of Rental Equipment
Proceeds from Sales of Non-Rental Equipment
Purchases of Investments	-3	-5	-4	-7	—	-3	-3	-3	-5	-2	-3
Purchases of Investments
Payments for Business Acquisitions	-335	-1,655	-574	-2,340	-1,436	-2	-249	-2,966	-2,377	-28	-86
Purchases of Other Companies, Net of Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Software Subsidiary
Other Investing Activities	49	51	38	32	25	40	24	22	21	12	—
Insurance Proceeds from Damaged Equipment
Cash from Investing Activities	-3,281	-4,148	-2,976	-5,016	-3,611	-223	-1,710	-4,551	-3,684	-847	-1,170
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	9,347	11,609	8,576	9,885	8,364	9,260	9,260	12,178	11,801	8,752	8,566
Proceeds from Debt
Repayments of Long-Term Debt	-8,759	-9,861	-8,574	-8,241	-8,462	-11,245	-9,678	-9,942	-10,207	-9,223	-8,482
Payments of Debt
Subordinated Convertible Debentures Repurchased and Retired
Net Issuance / (Repayments) of Long-Term Debt	588	1,748	2	1,644	-98	-1,985	-418	2,236	1,594	-471	84
Issuance of Common Shares	—	—	—	—	—	1	11	2	3	1	1
Proceeds from the Exercise of Common Stock Options
Repurchases of Common Shares	-1,741	-1,571	-1,070	-1,068	-34	-286	-870	-817	-56	-528	-789
Repurchase of Common Stock, Including Fees
Common Stock Repurchased, Including Tax Withholdings for Share Based Compensation
Net Issuance / (Repurchases) of Common Shares	-1,741	-1,571	-1,070	-1,068	-34	-285	-859	-815	-53	-527	-788
Repurchases of Preferred Shares	—	—	—	—	—	—	—	—	—	—	—
Cash Paid in Connection with Preferred Stock Redemption, Including Fees
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—	—	—	—	—	—
Common Share Dividends Paid	-458	-434	-406	—	—	—	—	—	—	—	—
Dividends Paid
Other Financing Activities	-23	-17	—	-24	-8	-23	-28	-24	-44	34	-71
Payment of Contingent Consideration
Payments of Financing and Other Debt Related Costs
Cash Paid in Connection with the 4 Percent Convertible Senior Notes and Related Hedge, Net
Cash Received in Connection with the 4 Percent Convertible Senior Notes and Related Hedge, Net
Excess Tax Benefits from Share-Based Payment Arrangements
Cash from Financing Activities	-1,657	-274	-1,474	552	-140	-2,293	-1,305	1,397	1,497	-964	-775
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	450	419	634	743	491	1,500	674	562	320	602	359
NOPAT	3,006.3	3,089.5	2,889	2,428	1,709.6	1,406.5	1,668.7	1,448.7	1,935.5	881.1	922.1
Levered Free Cash Flow	1,511	2,853	1,477	2,629	724	-486	200	2,781	2,626	102	196
Unlevered Free Cash Flow	1,399.3	1,619.5	1,940	1,308	1,145.6	2,015.5	1,112.7	897.7	1,621.5	888.1	449.1
Net Change in Cash	44	124	254	-31	-62	142	9	-301	22	130	50