This page shows United Rental (URI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
United Rentals converts accounting profit into cash, but its equipment-heavy model keeps liquidity thin as reinvestment and debt stay high.
From FY2023 to FY2025, operating cash flow rose from$4.7B to$5.2B even as operating margin slipped from26.7% to24.7% , suggesting the cash engine stayed strong while each revenue dollar carried more operating cost. That matters because with a current ratio below 1.0x and debt to equity at 1.6x, the business depends more on steady utilization and collections than on a large cash cushion.
FY2025 operating cash flow of
Despite higher revenue, gross margin narrowed from
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of United Rental's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
United Rental has an operating margin of 24.7%, meaning the company retains $25 of operating profit per $100 of revenue. This strong profitability earns a score of 94/100, reflecting efficient cost management and pricing power. This is down from 26.5% the prior year.
United Rental's revenue grew a modest 4.9% year-over-year to $16.1B. This slow but positive growth earns a score of 54/100.
United Rental has elevated debt relative to equity (D/E of 1.59), meaning the company relies heavily on borrowed funds. This high leverage results in a low score of 20/100, reflecting increased financial risk.
United Rental's current ratio of 0.94 is below the typical benchmark, resulting in a score of 17/100. This tight liquidity could limit financial flexibility if cash inflows slow.
United Rental earns a strong 27.8% return on equity (ROE), meaning it generates $28 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 87/100. This is down from 29.9% the prior year.
United Rental scores 3.67, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($68.2B) relative to total liabilities ($20.9B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
United Rental passes 4 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, neither operating efficiency signal passes.
For every $1 of reported earnings, United Rental generates $2.08 in operating cash flow ($5.2B OCF vs $2.5B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Key Financial Metrics
Earnings & Revenue
United Rental generated $16.1B in revenue in fiscal year 2025. This represents an increase of 4.9% from the prior year.
United Rental's EBITDA was $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.0% from the prior year.
United Rental reported $2.5B in net income in fiscal year 2025. This represents a decrease of 3.1% from the prior year.
United Rental earned $38.61 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 0.2% from the prior year.
Cash & Balance Sheet
United Rental held $459.0M in cash against $14.3B in long-term debt as of fiscal year 2025.
United Rental paid $7.16 per share in dividends in fiscal year 2025. This represents an increase of 9.8% from the prior year.
United Rental had 63M shares outstanding in fiscal year 2025. This represents a decrease of 3.5% from the prior year.
Margins & Returns
United Rental's gross margin was 38.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 1.9 percentage points from the prior year.
United Rental's operating margin was 24.7% in fiscal year 2025, reflecting core business profitability. This is down 1.8 percentage points from the prior year.
United Rental's net profit margin was 15.5% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.3 percentage points from the prior year.
United Rental's ROE was 27.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 2.1 percentage points from the prior year.
Capital Allocation
United Rental spent $2.0B on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 25.3% from the prior year.
URI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.0B-5.3% | $4.2B-0.5% | $4.2B+7.3% | $3.9B+6.0% | $3.7B-9.2% | $4.1B+2.6% | $4.0B+5.8% | $3.8B |
| Cost of Revenue | $2.5B | N/A | $2.6B+6.4% | $2.4B+2.0% | $2.4B | N/A | $2.3B+3.9% | $2.3B |
| Gross Profit | $1.5B-7.6% | $1.6B-4.5% | $1.7B+8.6% | $1.5B+13.1% | $1.4B-17.2% | $1.6B-0.6% | $1.6B+8.6% | $1.5B |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | $441.0M | N/A | $442.0M+4.7% | $422.0M-3.4% | $437.0M | N/A | $416.0M+3.0% | $404.0M |
| Operating Income | $869.0M-17.4% | $1.1B-5.6% | $1.1B+11.1% | $1.0B+24.8% | $804.0M-26.0% | $1.1B-3.1% | $1.1B+11.8% | $1.0B |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | $170.0M | N/A | $236.0M+8.8% | $217.0M+27.6% | $170.0M | N/A | $241.0M+21.1% | $199.0M |
| Net Income | $531.0M-18.7% | $653.0M-6.8% | $701.0M+12.7% | $622.0M+20.1% | $518.0M-24.8% | $689.0M-2.7% | $708.0M+11.3% | $636.0M |
| EPS (Diluted) | $8.43-17.9% | $10.27-5.9% | $10.91+13.8% | $9.59+21.2% | $7.91-24.5% | $10.47-2.1% | $10.70+12.2% | $9.54 |
URI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $29.9B+0.1% | $29.9B-0.7% | $30.1B+2.9% | $29.2B+4.1% | $28.1B-0.4% | $28.2B-0.9% | $28.4B+2.9% | $27.6B |
| Current Assets | $3.3B-8.2% | $3.6B-4.6% | $3.8B+7.5% | $3.5B+8.6% | $3.2B-0.2% | $3.2B-2.2% | $3.3B+3.2% | $3.2B |
| Cash & Equivalents | $156.0M-66.0% | $459.0M-10.4% | $512.0M-6.6% | $548.0M+1.1% | $542.0M+18.6% | $457.0M-4.6% | $479.0M+2.6% | $467.0M |
| Inventory | $256.0M+6.7% | $240.0M+2.6% | $234.0M-3.3% | $242.0M+6.6% | $227.0M+13.5% | $200.0M-5.2% | $211.0M-3.7% | $219.0M |
| Accounts Receivable | $2.6B+2.0% | $2.5B-2.7% | $2.6B+8.9% | $2.4B+3.0% | $2.3B-2.5% | $2.4B-1.6% | $2.4B+6.0% | $2.3B |
| Goodwill | $7.3B+2.3% | $7.1B+3.4% | $6.9B-0.1% | $6.9B+0.4% | $6.9B-0.6% | $6.9B+0.7% | $6.9B+1.5% | $6.7B |
| Total Liabilities | $20.9B+0.1% | $20.9B-0.8% | $21.1B+4.4% | $20.2B+4.7% | $19.3B-1.4% | $19.5B-1.5% | $19.8B+2.6% | $19.3B |
| Current Liabilities | $4.1B+8.1% | $3.8B-9.3% | $4.2B+2.7% | $4.1B+8.1% | $3.8B+14.2% | $3.3B-17.5% | $4.0B+1.4% | $4.0B |
| Long-Term Debt | $12.3B-14.3% | $14.3B+13.5% | $12.6B+4.1% | $12.1B+5.2% | $11.5B-14.6% | $13.5B+13.4% | $11.9B+3.2% | $11.5B |
| Total Equity | $9.0B0.0% | $9.0B-0.4% | $9.0B-0.4% | $9.0B+2.8% | $8.8B+1.9% | $8.6B+0.5% | $8.6B+3.6% | $8.3B |
| Retained Earnings | $16.3B+2.6% | $15.8B+3.5% | $15.3B+4.0% | $14.7B+3.5% | $14.2B+2.9% | $13.8B+4.4% | $13.2B+4.8% | $12.6B |
URI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $1.5B+20.5% | $1.3B+6.4% | $1.2B-11.1% | $1.3B-6.8% | $1.4B+36.0% | $1.0B-13.0% | $1.2B-4.8% | $1.3B |
| Capital Expenditures | N/A | N/A | N/A | N/A | N/A | $577.0M-57.9% | $1.4B-10.2% | $1.5B |
| Free Cash Flow | N/A | N/A | N/A | N/A | N/A | $471.0M+380.4% | -$168.0M+36.1% | -$263.0M |
| Investing Cash Flow | -$853.0M-41.5% | -$603.0M+49.5% | -$1.2B+1.4% | -$1.2B-235.5% | -$361.0M+29.9% | -$515.0M+55.9% | -$1.2B+1.6% | -$1.2B |
| Financing Cash Flow | -$958.0M-34.6% | -$712.0M-4985.7% | -$14.0M+89.6% | -$134.0M+86.3% | -$981.0M-85.8% | -$528.0M-1500.0% | -$33.0M+13.2% | -$38.0M |
| Dividends Paid | $125.0M+9.6% | $114.0M-0.9% | $115.0M-1.7% | $117.0M-0.8% | $118.0M+9.3% | $108.0M+0.9% | $107.0M-1.8% | $109.0M |
| Share Buybacks | $421.0M-33.3% | $631.0M+2.1% | $618.0M+43.4% | $431.0M+49.1% | $289.0M-28.3% | $403.0M+6.9% | $377.0M+0.3% | $376.0M |
URI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 36.9%-0.9pp | 37.8%-1.6pp | 39.4%+0.5pp | 38.9%+2.4pp | 36.5%-3.5pp | 40.0%-1.3pp | 41.3%+1.1pp | 40.2% |
| Operating Margin | 21.8%-3.2pp | 25.0%-1.3pp | 26.3%+0.9pp | 25.4%+3.8pp | 21.6%-4.9pp | 26.5%-1.6pp | 28.1%+1.5pp | 26.6% |
| Net Margin | 13.3%-2.2pp | 15.5%-1.1pp | 16.6%+0.8pp | 15.8%+1.8pp | 13.9%-2.9pp | 16.8%-0.9pp | 17.7%+0.9pp | 16.9% |
| Return on Equity | 5.9%-1.4pp | 7.3%-0.5pp | 7.8%+0.9pp | 6.9%+1.0pp | 5.9%-2.1pp | 8.0%-0.3pp | 8.3%+0.6pp | 7.7% |
| Return on Assets | 1.8%-0.4pp | 2.2%-0.1pp | 2.3%+0.2pp | 2.1%+0.3pp | 1.8%-0.6pp | 2.5%-0.0pp | 2.5%+0.2pp | 2.3% |
| Current Ratio | 0.80-0.1 | 0.94+0.0 | 0.90+0.0 | 0.860.0 | 0.85-0.1 | 0.98+0.2 | 0.82+0.0 | 0.81 |
| Debt-to-Equity | 1.37-0.2 | 1.59+0.2 | 1.40+0.1 | 1.34+0.0 | 1.31-0.3 | 1.56+0.2 | 1.380.0 | 1.39 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | 11.5%+15.7pp | -4.2%+2.8pp | -7.0% |
Note: The current ratio is below 1.0 (0.94), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is United Rental's annual revenue?
United Rental (URI) reported $16.1B in total revenue for fiscal year 2025. This represents a 4.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is United Rental's revenue growing?
United Rental (URI) revenue grew by 4.9% year-over-year, from $15.3B to $16.1B in fiscal year 2025.
Is United Rental profitable?
Yes, United Rental (URI) reported a net income of $2.5B in fiscal year 2025, with a net profit margin of 15.5%.
What is United Rental's EBITDA?
United Rental (URI) had EBITDA of $4.4B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does United Rental have?
As of fiscal year 2025, United Rental (URI) had $459.0M in cash and equivalents against $14.3B in long-term debt.
What is United Rental's gross margin?
United Rental (URI) had a gross margin of 38.2% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is United Rental's operating margin?
United Rental (URI) had an operating margin of 24.7% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is United Rental's net profit margin?
United Rental (URI) had a net profit margin of 15.5% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
Does United Rental pay dividends?
Yes, United Rental (URI) paid $7.16 per share in dividends during fiscal year 2025.
What is United Rental's return on equity (ROE)?
United Rental (URI) has a return on equity of 27.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is United Rental's operating cash flow?
United Rental (URI) generated $5.2B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are United Rental's total assets?
United Rental (URI) had $29.9B in total assets as of fiscal year 2025, including both current and long-term assets.
What is United Rental's current ratio?
United Rental (URI) had a current ratio of 0.94 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is United Rental's debt-to-equity ratio?
United Rental (URI) had a debt-to-equity ratio of 1.59 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is United Rental's return on assets (ROA)?
United Rental (URI) had a return on assets of 8.3% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is United Rental's Altman Z-Score?
United Rental (URI) has an Altman Z-Score of 3.67, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is United Rental's Piotroski F-Score?
United Rental (URI) has a Piotroski F-Score of 4 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are United Rental's earnings high quality?
United Rental (URI) has an earnings quality ratio of 2.08x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is United Rental?
United Rental (URI) scores 53 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.