Company file · URI

United Rentals

United Rentals' revenue rose 4.9% in FY2025, to $16.1B, and net income fell 3.1% to $2.5B

Revenue rose 4.9% to $16.1B in FY2025, from $15.3B in FY2024. Net income fell 3.1% to $2.5B. General Rentals was the largest segment, at 68% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Jan 28, 2026) · Latest quarter: 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026) · Data pulled Nov 11, 2026

Key facts

United Rentals (NYSE: URI) reported revenue of $16.1B for fiscal 2025, the year ended Dec 31, 2025, up 4.9% from fiscal 2024. Net income was $2.5B, down 3.1%. In its latest 10-Q, for the quarter ended Sep 30, 2026, revenue was $4.9B, up 15.7% from the same quarter a year earlier, and net income was $920M. The largest piece by segment was General Rentals, at 68% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Jan 28, 2026) and 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026).

Revenue$16.1BFY2025 · +4.9% vs FY2024

Net income$2.5BFY2025 · −3.1% vs FY2024

Operating cash flow$5.2BFY2025 · +14.2% vs FY2024

Cash & equivalents$153Mat Sep 30, 2026 · −66.7% vs FY2025 end

Total debt$14.7Bat Sep 30, 2026 · +3.1% vs FY2025 end

Diluted shares65MFY2025 avg · −2.9% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Jan 28, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed Apr 22, 2026 · 10-Q filed Oct 21, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
General Rentals$11.0B68%+1.4%
Specialty$5.1B32%+13.3%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: General Rentals (68%) and Specialty (32%), as shares of total revenue. Total revenue was $16.1B.

By segment: three-year mixShare of the total each fiscal year

FY2023

75%25%

FY2024

71%29%

FY2025

68%32%

General RentalsSpecialty

Source: 10-K FY2025

By product or service, FY2025

Owned Equipment Rentals$11.0B69%+4.6%

Ancillary and Other Rental Revenue$2.5B15%+12.3%

Rental Equipment$1.4B9%−7.1%

Delivery and Pick-Up$1.2B7%+7.9%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 2026 (Jul to Sep 2026) compared with Q3 2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 2026Q3 2025

Company

Revenue

$4.9B Q3 2026

$4.2B Q3 2025

15.7% increase

Net income

$920M Q3 2026

$701M Q3 2025

31.2% increase

Source: United Rentals 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

By segment

General Rentals

$3.1B Q3 2026

$2.8B Q3 2025

8.5% increase

Specialty

$1.8B Q3 2026

$1.4B Q3 2025

30.3% increase

Source: United Rentals 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026

Cash & equivalents $153M at Sep 30, 2026, vs $459M at FY2025 end.
Total debt $14.7B at Sep 30, 2026, vs $14.2B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $4.9B vs $3.9B a year earlier.

The bull case and the bear case

The bull case

Revenue rose 4.9% in FY2025 to $16.1B, from $15.3B a year earlier. 10-K, FY2025
Operating cash flow rose 14.2% in FY2025 to $5.2B. 10-K, FY2025
Diluted shares fell 2.9% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Sep 30, 2026 was $4.9B, up 15.7% on a year earlier. 10-Q, quarter ended Sep 30, 2026

The bear case

Net income fell 3.1% in FY2025 to $2.5B, from $2.6B. 10-K, FY2025
Total debt rose 6.1% in FY2025 to $14.2B. 10-K, FY2025
Rental Equipment revenue fell 7.1% in FY2025 to $1.4B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

United Rentals is in the trading companies & distributors industry, part of the industrials sector. The SEC files it under Services-Equipment Rental & Leasing, Nec.

United Rentals reports 2 segments: General Rentals and Specialty.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the trading companies & distributors industry. They are not a summary of United Rentals’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

Economic cyclesDemand for equipment and services rises and falls with business investment.
Costs and supplyMaterial, labor and supplier problems can raise costs or delay delivery.
Trade and tariffsTariffs and trade policy affect costs and sales.
Contracts and backlogLarge projects and government contracts can be delayed, cut or repriced.
Regulation and liabilitySafety, environmental and product-liability rules can raise costs.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$14.3B	$15.3B	$16.1B
Net income	$2.4B	$2.6B	$2.5B
Operating cash flow	$4.7B	$4.5B	$5.2B
Cash & equivalents (year end)	$363M	$457M	$459M
Total debt (year end)	$11.5B	$13.4B	$14.2B
Diluted shares	69M	67M	65M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: Debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Oct 21, 2026	Sep 30, 2026
10-Q	Jul 22, 2026	Jun 30, 2026
10-Q	Apr 22, 2026	Mar 31, 2026
DEF 14A	Mar 25, 2026	May 8, 2026
10-K	Jan 28, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about United Rentals

How does United Rentals make money?

United Rentals's revenue was $16.1B in fiscal 2025. By segment in FY2025: General Rentals (68%) and Specialty (32%), as shares of total revenue. Total revenue was $16.1B. Source: 10-K for fiscal 2025, filed Jan 28, 2026.

What was United Rentals's revenue in fiscal 2025?

$16.1B of revenue for the fiscal year ended Dec 31, 2025, up 4.9% from $15.3B in fiscal 2024. Fiscal 2023 was $14.3B. Source: 10-K for fiscal 2025, filed Jan 28, 2026.

Is United Rentals profitable?

United Rentals reported net income of $2.5B for fiscal 2025, down 3.1% from $2.6B in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Sep 30, 2026, net income was $920M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Jan 28, 2026.

What did United Rentals report in its latest quarterly filing?

Revenue was $4.9B in the quarter ended Sep 30, 2026, up 15.7% from $4.2B a year earlier. Net income was $920M, up 31.2% from $701M. Source: 10-Q for the quarter ended Sep 30, 2026, filed Oct 21, 2026.

How much cash and debt does United Rentals have?

United Rentals had $153M in cash and cash equivalents and $14.7B of total debt on Sep 30, 2026. Total debt here is debt and finance lease obligations, including the part due within one year, at carrying value, as the company totals it. Source: 10-Q filed Oct 21, 2026.

What are the main risks United Rentals faces?

United Rentals's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Jan 28, 2026. Risks that are common among companies in the trading companies & distributors industry include Economic cycles; costs and supply; trade and tariffs; contracts and backlog; regulation and liability. The first: Demand for equipment and services rises and falls with business investment. Source: 10-K, Item 1A Risk Factors.

Where do these United Rentals numbers come from?

From United Rentals's own SEC filings: the 10-K for fiscal 2025 (filed Jan 28, 2026) and the 10-Q for the quarter ended Sep 30, 2026 (filed Oct 21, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning United Rentals

Millennium Management: 63,995 shares, reported value $72.5M at Jun 30, 2026 (+3.5% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Bridgewater Associates: 27,950 shares, reported value $31.7M at Jun 30, 2026 (+169.9% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Markel Group: 31,150 shares, reported value $31.2M at Sep 30, 2026 (same number of shares as in the filing for Jun 30, 2026). Form 13F filed Oct 30, 2026.
Citadel Advisors: 27,019 shares, reported value $30.6M at Jun 30, 2026 (−74.7% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 14,035 shares, reported value $15.9M at Jun 30, 2026 (−81.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in URI: The editor holds no position in United Rentals (URI). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell URI from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 9, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold URI, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
United RentalsURI	FY2025	$16.1B	+4.9%	$2.5B
FastenalFAST	FY2025	$8.2B	+8.7%	$1.3B
CaterpillarCAT	FY2025	$67.6B	+4.3%	$8.9B

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.