United Rentals, Inc.

NYSE-URI

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	701	622	518	689	708	636
Net Income
Depreciation & Amortization	793	759	751	762	738	717
Depreciation and Amortization
Share-Based Compensation Expense	32	34	36	33	24	27
Stock Compensation Expense, Net
Other Adjustments	137	-181	-180	-206	-158	-200
Amortization of Deferred Financing Costs and Original Issue Discounts
Gain on Sales of Rental Equipment
Gain on Sales of Non-Rental Equipment
Insurance Proceeds from Damaged Equipment
Merger Related Costs
Restructuring Charge
Debt Related Activity
Excess Tax Benefits from Share-Based Payment Arrangements
Change in Deferred Taxes
Changes in Trade Receivables	-213	-57	62	31	-117	-32
Change in Accounts Receivable
Changes in Inventories	8	-14	-27	10	12	-4
Change in Inventory
Changes in Accounts Payable	-191	296	233	-355	-98	324
Change in Accounts Payable
Changes in Accrued Expenses	2	51	-35	67	49	-98
Change in Accrued Expenses and Other Liabilities
Changes in Other Operating Activities	-88	-181	67	17	46	-105
Change in Prepaid Expenses and Other Assets
Cash from Operating Activities	1,181	1,328	1,425	1,048	1,204	1,265
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-1,546	-1,558	-745	-683	-1,413	-1,462
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	346	334	391	469	341	382
Proceeds from Sales of Rental Equipment
Proceeds from Sales of Non-Rental Equipment
Purchases of Investments	-1	—	-1	-1	-1	-1
Purchases of Investments
Payments for Business Acquisitions	-6	1	-17	-313	-108	-116
Purchases of Other Companies, Net of Cash Acquired
Other Investing Activities	13	12	11	13	14	11
Insurance Proceeds from Damaged Equipment
Cash from Investing Activities	-1,194	-1,211	-361	-515	-1,167	-1,186
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Long-Term Debt	2,638	2,731	2,098	1,880	2,818	2,302
Proceeds from Debt
Repayments of Long-Term Debt	-1,910	-2,316	-2,636	-1,897	-2,367	-1,854
Payments of Debt
Net Issuance / (Repayments) of Long-Term Debt	728	415	-538	-17	451	448
Issuance of Common Shares	—	—	—	—	—	—
Proceeds from the Exercise of Common Stock Options
Repurchases of Common Shares	-618	-431	-289	-403	-377	-376
Common Stock Repurchased, Including Tax Withholdings for Share Based Compensation
Net Issuance / (Repurchases) of Common Shares	-618	-431	-289	-403	-377	-376
Common Share Dividends Paid	-115	-117	-118	-108	-107	-109
Dividends Paid
Other Financing Activities	-9	-1	-36	—	—	-1
Payment of Contingent Consideration
Payments of Financing and Other Debt Related Costs
Excess Tax Benefits from Share-Based Payment Arrangements
Cash from Financing Activities	-14	-134	-981	-528	-33	-38
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	-365	-230	680	365	-209	-197
NOPAT	833.4	743.6	605.3	823.9	837.1	764.7
Levered Free Cash Flow	407	390	224	490	493	456
Unlevered Free Cash Flow	-188.6	96.6	849.3	641.9	171.1	136.7
Net Change in Cash	-27	-17	83	5	4	41