United Rentals, Inc., through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals and Specialty. The General Rentals segment rents general construction and industrial equipment includes backhoes, skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms, such as boom and scissor lifts; and general tools and light equipment comprising pressure washers, water pumps, and power tools for construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities. The specialty segment rents specialty construction products, including trench safety equipment consists of trench shields, aluminum hydraulic shoring systems, slide rails, crossing plates, construction lasers, and line testing equipment for underground work; power and heating, ventilating, and air conditioning equipment, such as portable diesel generators, electrical distribution equipment, and temperature control equipment; fluid solutions equipment for fluid containment, transfer, and treatment; and mobile storage equipment and modular office space. This segment serves construction companies involved in infrastructure projects, and municipalities and industrial companies. It also sells aerial lifts, reach forklifts, telehandlers, compressors, and generators; construction consumables, tools, small equipment, and safety supplies; and parts for equipment that is owned by its customers, as well as provides repair and maintenance services. The company sells used equipment through its sales force, brokers, website, directly to manufacturers, and at auctions. The company operates a network of 1,360 rental locations in the United States, Canada, Europe, Australia, and New Zealand. United Rentals, Inc. was incorporated in 1997 and is headquartered in Stamford, Connecticut.

United Rentals, Inc.

Equipment Rentals

Equipment Rentals %Chg

Equipment Rentals Common Size

Sales of Rental Equipment

Sales of Rental Equipment %Chg

Sales of Rental Equipment Common Size

Sales of New Equipment

Sales of New Equipment %Chg

Sales of New Equipment Common Size

Contractor Supplies Sales

Contractor Supplies Sales %Chg

Contractor Supplies Sales Common Size

Service and Other Revenues

Service and Other Revenues %Chg

Service and Other Revenues Common Size

Total Revenues

Total Revenues %Chg

Total Revenues Common Size

Cost of Equipment Rentals, Excluding Depreciation

Cost of Equipment Rentals, Excluding Depreciation %Chg

Cost of Equipment Rentals, Excluding Depreciation Common Size

Depreciation of Rental Equipment

Depreciation of Rental Equipment %Chg

Depreciation of Rental Equipment Common Size

Cost of Rental Equipment Sales

Cost of Rental Equipment Sales %Chg

Cost of Rental Equipment Sales Common Size

Cost of New Equipment Sales

Cost of New Equipment Sales %Chg

Cost of New Equipment Sales Common Size

Cost of Contractor Supplies Sales

Cost of Contractor Supplies Sales %Chg

Cost of Contractor Supplies Sales Common Size

Cost of Service and Other Revenues

Cost of Service and Other Revenues %Chg

Cost of Service and Other Revenues Common Size

Total Cost of Revenues

Total Cost of Revenues %Chg

Total Cost of Revenues Common Size

Gross Profit

Gross Profit %Chg

Gross Profit Common Size

Selling, General and Administrative Expenses

Selling, General and Administrative Expenses %Chg

Selling, General and Administrative Expenses Common Size

Merger Related Costs

Merger Related Costs %Chg

Merger Related Costs Common Size

Restructuring Charge

Restructuring Charge %Chg

Restructuring Charge Common Size

Charge Related to Settlement of SEC Inquiry

Charge Related to Settlement of SEC Inquiry %Chg

Charge Related to Settlement of SEC Inquiry Common Size

Goodwill Impairment

Goodwill Impairment %Chg

Goodwill Impairment Common Size

Non-Rental Depreciation and Amortization

Non-Rental Depreciation and Amortization %Chg

Non-Rental Depreciation and Amortization Common Size

Operating Income

Operating Income %Chg

Operating Income Common Size

Interest Expense, Net

Interest Expense, Net %Chg

Interest Expense, Net Common Size

Interest Expense-Subordinated Convertible Debentures, Net

Interest Expense-Subordinated Convertible Debentures, Net %Chg

Interest Expense-Subordinated Convertible Debentures, Net Common Size

Interest Expense-Subordinated Convertible Debentures

Interest Expense-Subordinated Convertible Debentures %Chg

Interest Expense-Subordinated Convertible Debentures Common Size

Other Income, Net

Other Income, Net %Chg

Other Income, Net Common Size

Loss from Continuing Operations Before Benefit for Income Taxes

Loss from Continuing Operations Before Benefit for Income Taxes %Chg

Loss from Continuing Operations Before Benefit for Income Taxes Common Size

Benefit for Income Taxes

Benefit for Income Taxes %Chg

Benefit for Income Taxes Common Size

Loss from Continuing Operations

Loss from Continuing Operations %Chg

Loss from Continuing Operations Common Size

Income Before Provision for Income Taxes

Income Before Provision for Income Taxes %Chg

Income Before Provision for Income Taxes Common Size

Provision for Income Taxes

Provision for Income Taxes %Chg

Provision for Income Taxes Common Size

Income from Continuing Operations

Income from Continuing Operations %Chg

Income from Continuing Operations Common Size

Loss from Discontinued Operation, Net of Taxes

Loss from Discontinued Operation, Net of Taxes %Chg

Loss from Discontinued Operation, Net of Taxes Common Size

Net Loss

Net Loss %Chg

Net Loss Common Size

Preferred Stock Redemption Charge

Cost of Sales

Cost of Sales %Chg

Cost of Sales Common Size

Gross Profit Margin

Gross Profit Margin %Chg

Gross Profit Margin Common Size

Selling, General & Administrative Expenses

Selling, General & Administrative Expenses %Chg

Selling, General & Administrative Expenses Common Size

Depreciation & Amortization Expenses

Depreciation & Amortization Expenses %Chg

Depreciation & Amortization Expenses Common Size

Other Operating Expenses

Other Operating Expenses %Chg

Other Operating Expenses Common Size

Operating Profit

Operating Profit %Chg

Operating Profit Common Size

Operating Margin

Operating Margin %Chg

Operating Margin Common Size

Interest Expense

Interest Expense %Chg

Interest Expense Common Size

Non-Operating Income

Non-Operating Income %Chg

Non-Operating Income Common Size

Revenue

EBIT

EBITDA

CapEx

Net Interest Income

Assets

Adjusted EBITDA

Adjusted Net Income

Net Revenue

Net Income

Average Assets

Adjusted EBIT

Adjusted Revenue

Adjusted EBT

Adjusted Funds From Operations

Income Statement	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Total Revenues	15,986	15,345	14,332	11,642	9,716	8,530	9,351	8,047	6,641	5,762	5,817
Total Revenues %Chg	6.7%	7.1%	23.1%	19.8%	13.9%	-8.8%	16.2%	21.2%	15.3%	-0.9%	2.3%
Equipment Rentals
Sales of Rental Equipment
Sales of New Equipment
Contractor Supplies Sales
Service and Other Revenues
Cost of Sales	9,794	9,195	8,519	6,646	5,863	5,347	5,681	4,683	3,872	3,359	3,337
Cost of Equipment Rentals, Excluding Depreciation
Depreciation of Rental Equipment
Cost of Rental Equipment Sales
Cost of New Equipment Sales
Cost of Contractor Supplies Sales
Cost of Service and Other Revenues
Gross Profit	6,192	6,150	5,813	4,996	3,853	3,183	3,670	3,364	2,769	2,403	2,480
Gross Profit
Gross Profit Margin	38.7%	40.1%	40.6%	42.9%	39.7%	37.3%	39.2%	41.8%	41.7%	41.7%	42.6%
Selling, General & Administrative Expenses	1,737	1,645	1,527	1,400	1,199	979	1,092	1,038	903	719	714
Selling, General and Administrative Expenses
Depreciation & Amortization Expenses	446	437	431	364	372	387	407	308	259	255	268
Non-Rental Depreciation and Amortization
Other Operating Expenses	1	3	28	—	3	17	19	67	100	14	-20
Merger Related Costs
Restructuring Charge
Charge Related to Settlement of SEC Inquiry
Goodwill Impairment
Operating Profit	4,008	4,065	3,827	3,232	2,277	1,800	2,152	1,951	1,507	1,415	1,518
Operating Income
Operating Margin	25.1%	26.5%	26.7%	27.8%	23.4%	21.1%	23%	24.2%	22.7%	24.6%	26.1%
Interest Expense	-713	-691	-635	-445	-424	-669	-648	-481	-464	-511	-567
Interest Expense, Net
Interest Expense-Subordinated Convertible Debentures, Net
Interest Expense-Subordinated Convertible Debentures
Non-Operating Income	-78	-14	-19	-15	7	-8	-10	-6	-5	-5	-12
Other Income, Net
Total Non-Operating Income	-791	-705	-654	-460	-417	-677	-658	-487	-469	-516	-579
Income Before Provision for Income Taxes	3,373	3,388	3,211	2,802	1,846	1,139	1,514	1,476	1,048	909	963
Income Before Provision for Income Taxes
Provision for Income Taxes	843	813	787	697	460	249	340	380	-298	343	378
Provision for Income Taxes
Consolidated Net Income	2,530	2,575	2,424	2,105	1,386	890	1,174	1,096	1,346	566	585
Net Income
Net Income Attributable to Preferred Dividends	—	—	—	—	—	—	—	—	—	—	—
Preferred Stock Redemption Charge
Net Income Attributable to Discontinued Operations	—	—	—	—	—	—	—	—	—	—	—
Loss from Discontinued Operation, Net of Taxes
Net Income Attributable to Common Shareholders	2,530	2,575	2,424	2,105	1,386	890	1,174	1,096	1,346	566	585
Basic EPS	39.7	39	31.5	29.8	19.1	12.2	15.2	13.3	15.9	6.5	6.1
Diluted EPS	38.9	38.7	35.3	29.7	19	12.2	15.1	13.1	15.7	6.5	6.1
Basic Weighted Average Shares Outstanding	65	66.3	68.5	70.7	72.4	72.7	77.3	82.7	84.6	87.2	95.2
Total Shares Outstanding	63.8	65.3	67.3	69.4	72.4	72.2	74.4	79.9	84.5	84.2	91.3
Diluted Weighted Average Shares Outstanding	65.1	66.6	68.7	71	72.8	72.9	77.7	83.5	85.6	87.8	96.4
EBITDA	7,073	6,968	6,608	5,449	4,260	3,788	4,190	3,622	2,890	2,660	2,762
Effective Tax Rate	25%	24%	24.5%	24.9%	24.9%	21.9%	22.5%	25.7%	-28.4%	37.7%	39.3%