United Rentals (URI) financial statements
United Rentals reported revenue of $16.1B in fiscal 2025, up 12.1% a year over 9 years.
Net income was $2.5B and the operating margin 24.7%, against 24.6% in 2016.
The diluted share count fell 26% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from United Rentals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.8B | $6.6B | $8.0B | $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 | $10.0B |
| Gross profit | $2.4B | $2.8B | $3.4B | $3.7B | $3.2B | $3.9B | $5.0B | $5.8B | $6.2B | $6.1B |
| Selling, general and admin | $719M | $903M | $1.0B | $1.1B | $979M | $1.2B | $1.4B | $1.5B | $1.6B | $1.7B |
| Operating income | $1.4B | $1.5B | $2.0B | $2.2B | $1.8B | $2.3B | $3.2B | $3.8B | $4.1B | $4.0B |
| Pre-tax income | $909M | $1.0B | $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 |
| EPS (diluted) | $6.45 | $15.73 | $13.12 | $15.11 | $12.20 | $19.04 | $29.65 | $35.28 | $38.69 | $38.61 |
| Diluted shares | 88M | 86M | 84M | 78M | 73M | 73M | 71M | 69M | 67M | 65M |
| Gross margin | 41.7% | 41.7% | 41.8% | 39.2% | 37.3% | 39.7% | 42.9% | 40.6% | 40.1% | 38.2% |
| Operating margin | 24.6% | 22.7% | 24.2% | 23.0% | 21.1% | 23.4% | 27.8% | 26.7% | 26.5% | 24.7% |
| Net margin | 9.8% | 20.3% | 13.6% | 12.6% | 10.4% | 14.3% | 18.1% | 16.9% | 16.8% | 15.5% |
Balance sheet
Fiscal years, from United Rentals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and 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 | $2.0B | $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 | $2.0B | $2.2B | $2.7B | $2.9B | $3.2B | $3.6B |
| Property, plant and equipment | $430M | $467M | $614M | $604M | — | — | — | — | — | — |
| Goodwill | $3.3B | $4.1B | $5.1B | $5.2B | $5.2B | $5.5B | $6.0B | $5.9B | $6.9B | $7.1B |
| Total assets | $12.0B | $15.0B | $18.1B | $19.0B | $17.9B | $20.3B | $24.2B | $25.6B | $28.2B | $29.9B |
| 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 | $10.4B | $9.0B | $8.8B | $11.2B | $10.1B | $12.2B | $12.7B |
| 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 | $6.0B | $7.1B | $8.1B | $8.6B | $9.0B |
| Net debt | $7.5B | $9.1B | $11.7B | $11.4B | $9.5B | $9.5B | $11.3B | $11.2B | $12.9B | $13.8B |
Cash flow
Fiscal years, from United Rentals's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $1.9B | $2.2B | $2.9B | $3.0B | $2.7B | $3.7B | $4.4B | $4.7B | $4.5B | $5.2B |
| Capital spending | $93M | $120M | $185M | $218M | $197M | $3.2B | $3.7B | $3.9B | $4.1B | — |
| Free cash flow | $1.8B | $2.1B | $2.7B | $2.8B | $2.5B | $491M | $743M | $840M | $416M | — |
| Stock-based compensation | $45M | $87M | $102M | $61M | $70M | $119M | $127M | $94M | $112M | $134M |
| Dividends paid | — | — | — | — | — | $0 | $0 | $406M | $434M | $464M |
| Share buybacks (net) | -$528M | -$56M | -$817M | -$870M | -$286M | -$34M | -$1.1B | -$1.1B | -$1.6B | -$2.0B |
| Net borrowing | $8.8B | $11.8B | $12.2B | $9.3B | $9.3B | $8.4B | $9.9B | $8.6B | $11.6B | $11.2B |
| Free cash flow margin | 32.1% | 31.5% | 33.2% | 30.0% | 28.9% | 5.1% | 6.4% | 5.9% | 2.7% | — |
| Dividends per share | — | — | — | — | — | — | — | $5.91 | $6.52 | $7.18 |
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Open URI in InvestinglyQuestions
What was United Rentals's revenue in 2025?
$16.1B in fiscal 2025, from its 10-K filing.
From United Rentals's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.