UNITED RENTALS, INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED RENTALS, INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	5,762	6,641	8,047	9,351	8,530	9,716	11,642	14,332	15,345	16,099
Cost of revenue	3,359	3,872	4,683	5,681	5,347	5,863	6,646	8,519	9,195	9,955
Gross profit	2,403	2,769	3,364	3,670	3,183	3,853	4,996	5,813	6,150	6,144
Selling, general and administrative	719	903	1,038	1,092	979	1,199	1,400	1,527	1,645	1,732
Operating income	1,415	1,507	1,951	2,152	1,800	2,277	3,232	3,827	4,065	3,973
Other non-operating income	5	5	6	10	8	-7	15	19	14	81
Pre-tax income	909	1,048	1,476	1,514	1,139	1,846	2,802	3,211	3,388	3,338
Income tax	343	-298	380	340	249	460	697	787	813	844
Net income	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
EBITDA	2,660	1,766	2,259	2,559	2,187	2,649	3,596	4,258	4,502	4,411
EPS, basic	6.49	15.91	13.26	15.18	12.24	19.14	29.77	35.40	38.82	38.71
EPS, diluted	6.45	15.73	13.12	15.11	12.20	19.04	29.65	35.28	38.69	38.61
Shares, basic (weighted)	87.2	84.6	82.7	77.3	72.7	72.4	70.7	68.5	66.3	64.4
Shares, diluted (weighted)	87.8	85.6	83.5	77.7	72.9	72.8	71	68.7	66.6	64.6
Dividend per share								5.92	6.52	7.16

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	312	352	43	52	202	144	106	363	457	459
Receivables	920	1,233	1,545	1,530	1,315	1,677	2,004	2,230	2,357	2,510
Inventory	68	75	109	120	125	164	232	205	200	240
Other current assets	61	112	64	50	42	60	73	62	90	399
Total current assets	1,361	1,772	1,761	1,842	2,017	2,151	2,723	2,933	3,249	3,608
Property, plant and equipment	430	467	614	604
Lease right-of-use assets			0	669	688	784	819	1,099	1,337	1,395
Goodwill	3,260	4,082	5,058	5,154	5,168	5,528	6,026	5,940	6,900	7,119
Intangible assets	742	875	1,084	895	648	615	452	670	663	477
Other non-current assets	6	10	16	19	38	42	47	43	49	64
Total assets	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163	29,866
Accounts payable	243	409	536	454	466	816	1,139	905	748	776
Accrued liabilities	344	536	677	747	720	881	1,145	1,267	1,397	1,466
Deferred revenue	40	46	56	55	51	83	131	138	185	175
Short-term debt	597	723	903	997	704	906	161	1,465	1,178	1,577
Total current liabilities	1,184	1,668	2,116	2,198	1,890	2,603	2,445	3,637	3,323	3,819
Long-term debt	7,193	8,717	10,844	10,431	8,978	8,779	11,209	10,053	12,228	12,652
Lease liabilities			0	533	549	621	642	895	1,089	1,124
Other non-current liabilities	67	120	83	91	138	144	154	173	216	188
Total liabilities	10,340	11,924	14,730	15,140	13,323	14,301	17,121	17,459	19,541	20,898
Total debt	7,843	9,516	11,834	11,516	9,755	9,754	11,447	11,582	13,472	14,302
Paid-in capital	2,288	2,356	2,408	2,440	2,482	2,567	2,626	2,650	2,691	2,769
Retained earnings	1,654	3,005	4,101	5,275	6,165	7,551	9,656	11,672	13,813	15,843
Treasury stock	-2,077	-2,105	-2,870	-3,700	-3,957	-3,957	-4,957	-5,965	-7,478	-9,396
Other comprehensive income	-218	-151	-237	-186	-146	-171	-264	-228	-405	-249
Shareholders' equity	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622	8,968
Total equity	1,648	3,106	3,403	3,830	4,545	5,991	7,062	8,130	8,622	8,968
Total liabilities and equity	11,988	15,030	18,133	18,970	17,868	20,292	24,183	25,589	28,163	29,866
Shares outstanding	84.2	84.5	79.9	74.4	72.2	72.4	69.4	67.3	65.3	63.1

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	566	1,346	1,096	1,174	890	1,386	2,105	2,424	2,575	2,494
Depreciation and amortization	1,245	259	308	407	387	372	364	431	437	438
Stock-based compensation	45	87	102	61	70	119	127	94	112	134
Deferred income tax	123	-533	257	204	-121	268	537	35	-19	405
Change in receivables	15	-184	-115	39	218	-300	-329	-167	-20	-120
Change in inventory	1	1	-20	-8	-5	9	-25	19	15	-38
Change in payables	-29	141	49	-86	10	307	304	-45	-203	-22
Cash from operations	1,941	2,209	2,853	3,024	2,658	3,689	4,433	4,704	4,546	5,190
Capital expenditures	-93	-120	-185	-218	-197	-3,198	-3,690	-3,864	-4,130
Acquisitions	-28	-2,377	-2,966	-249	-2	-1,436	-2,340	-574	-1,655	-357
Purchases of investments	-2	-5	-3	-3	-3	0	-7	-4	-5	-3
Cash from investing	-847	-3,684	-4,551	-1,710	-223	-3,611	-5,016	-2,976	-4,148	-3,369
Debt issued	8,752	11,801	12,178	9,260	9,260	8,364	9,885	8,576	11,609	11,182
Stock issued	1	3	2	11	1	0	0
Share buybacks	-528	-56	-817	-870	-286	-34	-1,068	-1,070	-1,571	-1,969
Dividends paid						0	0	-406	-434	-464
Cash from financing	-964	1,497	1,397	-1,305	-2,293	-140	552	-1,474	-274	-1,841
Exchange rate effect	3	18	-8	0	8	4	-7	3	-30	22
Net change in cash	133	40	-309	9	150	-58	-38	257	94	2
Free cash flow	1,848	2,089	2,668	2,806	2,461	491	743	840	416
Interest paid	415	357	455	581	483	391	406	614	674	703
Income taxes paid	99	205	71	238	318	202	326	493	994	602

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $1,047.06 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	38.2%	Gross profit / revenue.
Operating margin	24.7%	Operating income / revenue.
EBITDA margin	27.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	20.5%	Pre-tax income / revenue.
Net margin	15.3%	Net income / revenue.
Operating cash flow margin	32.3%	Cash from operations / revenue.
Effective tax rate	25.2%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	28.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	8.4%	Net income / average total assets.
Return on invested capital (ROIC)	13.3%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
SG&A / revenue	10.6%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.8%	Stock-based compensation (from the cash flow statement) / revenue.
D&A / revenue	2.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	4.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	11.4%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.5%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-0.1%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	7.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	14.1%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-2.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	7.1%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	17.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-2.0%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	7.0%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	15.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.1%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	5.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	22.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-0.2%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	9.2%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	25.9%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	14.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	5.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	14.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	9.8%	Dividend per share vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	4.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	8.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	7.3%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.8%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.1%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.80x	Current assets / current liabilities.
Quick ratio	0.66x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.55x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	46.5%	Total debt / total assets.
Liabilities / assets	70.0%	Total liabilities / total assets.
Net debt	$13.73B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	3.07x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$816.0M	Current assets - current liabilities.
Goodwill and intangibles / assets	26.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.14B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.55x	Revenue / average total assets.
Inventory turnover	39.5x	Cost of revenue / average inventory.
Days inventory	9 days	365 x average inventory / cost of revenue.
Receivables turnover	6.39x	Revenue / average receivables.
Days sales outstanding	57 days	365 x average receivables / revenue.
Days payables	39 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	27 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	$39.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$259.66	Revenue / diluted weighted shares.
Operating cash flow per share	$83.76	Cash from operations / diluted weighted shares.
Book value per share	$142.96	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$18.11	Tangible book value / shares outstanding.
Cash per share	$2.49	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.8%	Dividends paid / net income, when net income is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$65.17B	Share price x shares outstanding.
Enterprise value	$78.90B	Market cap + total debt - cash - short-term investments.
P/E	26.0x	Market cap / net income. Only when net income is positive.
P/S	3.98x	Market cap / revenue.
P/B	7.27x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	57.4x	Market cap / tangible book value, when positive.
P/OCF	12.3x	Market cap / cash from operations, when positive.
EV/Sales	4.82x	Enterprise value / revenue.
EV/EBIT	19.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	17.6x	Enterprise value / EBITDA, when both are positive.
Earnings yield	3.8%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	3.9%	(Dividends paid + share buybacks) / market cap.
PEG	2.83x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was UNITED RENTALS, INC.'s revenue in fiscal 2025?

UNITED RENTALS, INC. reported revenue of $16.10B for fiscal 2025, 4.9% higher than the year before.

Was UNITED RENTALS, INC. profitable in fiscal 2025?

Yes. Net income was $2.49B, a net margin of 15.5%.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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