United Rentals, Inc.

URI Industrials Rental & Leasing Services

United Rentals, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $16.1 billion, up 4.91% from fiscal 2024.

Revenue
+15.7%
EPS
+35.4%
Free cash flow
+1,473.7%
Total debt
+3.70%

Quarter to September 2026, against a year earlier

1,049.20 74.59 −6.64%
Market cap
$64.6B
P/E
23.1×
Fwd P/E
24.2×
Dividend yield
0.73%
F-score
5/9
Altman Z
3.21
Beneish M
−2.84
Dividend safety
80/100

United Rentals, Inc. 10-Q filed Oct 21, 2026

Fiscal Q3 2026 · Period ended Sep 30, 2026 · Filed · accepted 4:21 PM ET · Document on sec.gov · Filing index

Red flags

  • Covenant breach

    United Rentals, Inc.’s 10-Q reports a breach of a debt covenant, or a waiver to avoid one

    The only financial covenant that currently exists under the ABL facility is the fixed charge coverage ratio.

    10-Q filed · The filing · sec.gov

What changed

Part I, Item 2, Management’s Discussion and Analysis, against the 10-Q filed Jul 22, 2026: 7 added · 7 removed · 40 modified; 17 with only figures updated

  1. 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. Although interest Interest rates have stabilized more recently, interest rates on our debt instruments have increasedfluctuated 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 sixnine months ended JuneSeptember 30, 2026). Interest rates on our indebtedness that bears interest at fixed rates have similarly fluctuated in recent years (for example, in December 2025, United Rentals (North America), Inc. (“URNA”) issued $1.5 billion principal amount of senior unsecured notes at a 5 3/8 percent interest rate, while URNA's issuance in August 2021 of $750 principal amount of senior unsecured notes was at a 3 3/4 percent interest rate). 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 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. The impact of inflation, tariffs, interest rate fluctuations and international conflicts may be significant in the future.