United Rentals, Inc. 10-Q filed Apr 22, 2026

Modified · Global Economic Conditions

Our operations are impacted by global economic conditions, including inflation, tariffs, interest rate fluctuations and supply chain constraints, and we take actions to modify our plans to address such economic conditions. Our operations can also be impacted by geopolitical risks, including risks related to international conflicts. To date, the impact from supply chain disruptions has been limited, but we may experience more severe supply chain disruptions in the future. Interest Although interest rates have stabilized more recently, interest rates on our debt instruments have increased in recent years (the weighted average interest rates on our variable debt instruments were 1.4 percent in 2021, 6.3 percent in 2024, 5.4 percent in 2025 and 4.8 percent for the three months ended March 31, 2026). For Interest rates on our indebtedness that bears interest at fixed rates have similarly fluctuated in recent years (for example, in March 2024December 2025, United Rentals (North America), Inc. (“URNA”) issued $1.11.5 billion aggregate principal amount of senior unsecured notes at a 6 15 3/8 percent interest rate, while URNA's issuance in August 2021 of $750 aggregate principal amount of senior unsecured notes was at a 3 3⁄/4 percent interest rate). Additionally, the weighted average interest rates on our variable debt instruments were 5.5 percent and 1.4 percent for the nine months ended September 30, 2025 and the year ended December 31, 2021, respectively. We have experienced and are continuing to experience inflationary pressures. A portion of inflationary cost increases is passed on to customers. The most significant cost increases that can be, in part, are passed on to customers are for fuel and delivery, and there are other costs for which the pass through to customers is less direct, such as repairs and maintenance, and labor. Tariffs could result in the costs we incur being more than anticipated, as well as impact consumer confidence and/or result in declines in construction or industrial activity. The impact of inflation, tariffs and , interest rate fluctuations and international conflicts may be significant in the future.