United Rentals, Inc. (URI) financials
NYSE · Industrials · Rental & Leasing Services · 28,500 employees · CEO Matthew J. Flannery
- Price
- $1,170.05 -2.39%
- Market cap
- $72.4B
- Enterprise value
- $88.2B
- Last report
- Q3 '26 filed 2026-10-21
- Next report
- 2027-01-27 EPS est. $14.14
Revenue (TTM)$17.5B+9.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)25.5%+0.5 pp vs a year agoOperating income $4.47B
Net income (TTM)$2.86B+12.9% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$892M+98.2% vs a year agoCapex $5.3B
Diluted EPS (TTM)$45.16+16.1% vs a year agoSum of the last 4 quarters
Net cash-$15.7B-6.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $72.4B EV $88.2B
- Revenue
- $17.5B Trailing 12 months
- Revenue growth
- +12% FY2026 consensus
- Profit margin
- 16.3% Net income / revenue, TTM
- P/E
- 25.8× Forward 22.6× (FY2026)
- P/S
- 4.1× Price / sales, TTM
- EV / EBITDA
- 11.3× TTM
- Free cash flow
- $892M Trailing 12 months
- Net income
- $2.86B Trailing 12 months
- Revenue estimate
- $18.1B FY2026 consensus
- Earnings
- 2027-01-27 Revenue est. $4.8B
- Dividend
- $7.70 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-21): revenue beat by 3.9%, EPS beat by 11.3%Revenue $4.89B vs $4.71B expected (+3.9%); EPS $15.55 vs $13.97 (+11.3%).
- Revenue growth accelerating: 15.7% year on yearQ3 '26 revenue $4.89B, against an average of 6.9% over the four quarters before.
- Operating margin 25.5% (TTM), +0.5 pp on a year agoOperating income grew 11.4% while revenue grew 9.4%.
- 17.2% of pre-tax profit is eaten by non-operating lossesPre-tax income $3.81B vs operating income $4.47B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
- Capex 30.3% of revenue (a year ago 28.3%)$5.3B invested in the last 4 quarters (+16.9% on a year earlier). Free cash flow $892M = 31.2% of net income.
- Returned $2.31B to shareholders = 258.6% of free cash flowBuybacks $1.82B (a year earlier $1.74B), dividends $485M, stock-based pay $154M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 3.1% in a year62.3M diluted shares in Q3 '26, 64.3M a year earlier.
- Net debt $15.7BCash + short-term investments $153M, debt incl. leases $15.9B; a year ago net debt $14.7B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $4.89B | $4.23B | +15.7% |
| Gross margin | 41.8% | 36.8% | +5.0 pp |
| Operating income | $1.41B | $1.11B | +26.5% |
| Operating margin | 28.8% | 26.3% | +2.5 pp |
| Net income | $920M | $701M | +31.2% |
| Diluted EPS | $14.77 | $10.91 | +35.4% |
| Operating cash flow | $1.63B | $1.18B | +37.9% |
| Capex | $1.73B | $1.55B | +12.2% |
| Free cash flow | -$105M | -$365M | +71.2% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $43M | $32M | +34.4% |
Reported vs consensus
2026-10-21| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $4.89B | $4.71B | +3.9% |
| EPS (as estimated) | $15.55 | $13.97 | +11.3% |
From the report of 2026-10-21 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Owned Equipment Rentals | $3.32B | +12.9% | 67.8% | $11.8B | +8.1% | |
| Ancillary and Other Rental Revenue | $871M | +33.0% | 17.8% | $2.96B | +21.8% | |
| Rental Equipment | $348M | +4.5% | 7.1% | $1.41B | -4.4% | |
| Re-rent Revenue | $129M | +76.7% | 2.6% | $374M | +38.5% | |
| New Equipment | $84M | -11.6% | 1.7% | $362M | +7.7% | |
| Service and Other Revenues | $98M | +5.4% | 2.0% | $381M | +4.4% | |
| Contractor Supplies | $47M | +9.3% | 1.0% | $174M | +9.4% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $6.19B
- Capex
- -$5.3B
- Buybacks
- -$1.82B
- Dividends
- -$485M
- Acquisitions
- -$862M
- Net debt issued
- $345M
- Stock-based compensation
- $154M
- Free cash flow
- $892M
- Returned to shareholders / FCF
- 258.6%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 25.8× | 16.9× | 11.9× – 20.9× |
| EV / EBITDA | 11.3× | 8.2× | 6.8× – 9.5× |
| EV / Sales | 5.0× | 3.7× | 3.2× – 4.2× |
| Price / FCF | 81.2× | 67.0× | 33.8× – 111.5× |
| Price / Book | 7.5× | 4.7× | 3.6× – 5.8× |
| FCF yield | 1.2% | 1.8% | 0.9% – 3.0% |
| Return on invested capital | 11.4% | 11.0% | 9.2% – 12.3% |
| Return on equity | 31.0% | 28.1% | 23.1% – 29.9% |
Analysts
Consensus target $1,293.15 (+10.5%)
range $950.00 – $1,450.00 · rating Buy
Strong buy0
Buy28
Hold8
Sell5
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $18.1B | +12.2% | $51.81 | +34.2% | 22.6× | 14 |
| FY2027 | $19.9B | +10.2% | $61.31 | +18.3% | 19.1× | 14 |
| FY2028 | $21.6B | +8.4% | $69.28 | +13.0% | 16.9× | 12 |
| FY2029 | $23.6B | +9.6% | $87.47 | +26.3% | 13.4× | 9 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 225 figures United Rentals, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.69B | $1.28B | +32.1% | $776M | $748M | +3.7% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.1B | $2.58B | +20.0% | $2.51B | $2.36B | +6.5% |
| Accounts Receivable, Allowance for Credit Loss, Current | $185M | $180M | +2.8% | $180M | $186M | -3.2% |
| Accrued Income Taxes, Noncurrent | $9M2025-12-31 | $0 | – | $9M | $0 | – |
| Accrued Liabilities, Current | $1.71B | $1.39B | +23.5% | $1.47B | $1.4B | +4.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$297M | -$283M | -4.9% | -$249M | -$405M | +38.5% |
| Additional Paid in Capital | $2.85B | $2.75B | +3.5% | $2.77B | $2.69B | +2.9% |
| Amortization of Debt Issuance Costs and Discounts | $4M2026-03-31 | $4M | 0.0% | $15M | $15M | 0.0% |
| Amortization of Intangible Assets | – | – | – | $238M | $258M | -7.8% |
| Assets | $32.8B | $30.1B | +9.0% | $29.9B | $28.2B | +6.0% |
| Assets, Current | $3.99B | $3.78B | +5.3% | $3.61B | $3.25B | +11.0% |
| Business Combination, Contingent Consideration, Liability, Noncurrent | $02025-12-31 | $24M | -100.0% | $0 | $24M | -100.0% |
| Cash and Cash Equivalents, at Carrying Value | $153M | $512M | -70.1% | $459M | $457M | +0.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $153M | $512M | -70.1% | $459M | $457M | +0.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$303M2026-03-31 | $85M | -456.5% | $2M | $94M | -97.9% |
| Common Stock, Dividends, Per Share, Declared | $1.97 | $1.79 | +10.1% | $7.16 | $6.52 | +9.8% |
| Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | 0.0% | $0.01 | $0.01 | 0.0% |
| Common Stock, Shares Authorized | 500M | 500M | 0.0% | 500M | 500M | 0.0% |
| Common Stock, Shares, Issued | 115M | 115M | +0.1% | 115M | 115M | +0.2% |
| Common Stock, Shares, Outstanding | 62M | 63.8M | -2.8% | 63.1M | 65.3M | -3.4% |
| Common Stock, Value, Issued | $1M | $1M | 0.0% | $1M | $1M | 0.0% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $930M | $672M | +38.4% | $2.65B | $2.4B | +10.5% |
| Contract with Customer, Asset, after Allowance for Credit Loss | $0 | $0 | – | $0 | $0 | – |
| Contract with Customer, Liability | $243M | $181M | +34.3% | $175M | $185M | -5.4% |
| Contract with Customer, Liability, Current | $175M2025-12-31 | $185M | -5.4% | $175M | $185M | -5.4% |
| Contract with Customer, Liability, Revenue Recognized | $0 | $0 | – | $0 | $0 | – |
| Contract with Customer, Performance Obligation Satisfied in Previous Period | $0 | $0 | – | $0 | $0 | – |
| Contract with Customer, Refund Liability, Current | $217M2025-12-31 | $202M | +7.4% | $217M | $202M | +7.4% |
| Cooperative Advertising Amount | – | – | – | $63M | $64M | -1.6% |
| Cost of Revenue | $2.85B | $2.56B | +11.0% | $9.96B | $9.2B | +8.3% |
| Cost, Depreciation and Amortization | $742M | $684M | +8.5% | $2.67B | $2.47B | +8.3% |
| Current Federal Tax Expense (Benefit) | – | – | – | $267M | $628M | -57.5% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $66M | $64M | +3.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $439M | $832M | -47.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $106M | $140M | -24.3% |
| Debt and Lease Obligation | $14.7B | $14.1B | +3.7% | $14.2B | $13.4B | +6.1% |
| Debt, Current | $1.61B | $1.55B | +3.8% | $1.58B | $1.18B | +33.9% |
| Decrease in Unrecognized Tax Benefits is Reasonably Possible | $6M2025-12-31 | $12M | -50.0% | $6M | $12M | -50.0% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $363M | -$8M | +4,637.5% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $3M | -$1M | +400.0% |
| Deferred Income Tax Expense (Benefit) | $83M2026-03-31 | -$16M | +618.8% | $405M | -$19M | +2,231.6% |
| Deferred Income Tax Liabilities, Net | $3.59B | $2.97B | +21.0% | $3.12B | $2.69B | +16.0% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $39M | -$10M | +490.0% |
| Deferred Tax Assets, Gross | $679M2025-12-31 | $639M | +6.3% | $679M | $639M | +6.3% |
| Deferred Tax Assets, Net of Valuation Allowance | $675M2025-12-31 | $634M | +6.5% | $675M | $634M | +6.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals | $209M2025-12-31 | $209M | 0.0% | $209M | $209M | 0.0% |
| Deferred Tax Assets, Valuation Allowance | $4M2025-12-31 | $5M | -20.0% | $4M | $5M | -20.0% |
| Deferred Tax Liabilities, Deferred Expense, Capitalized Interest | $02025-12-31 | $2M | -100.0% | $0 | $2M | -100.0% |
| Deferred Tax Liabilities, Intangible Assets | $127M2025-12-31 | $81M | +56.8% | $127M | $81M | +56.8% |
| Deferred Tax Liabilities, Leasing Arrangements | $366M2025-12-31 | $343M | +6.7% | $366M | $343M | +6.7% |
| Deferred Tax Liabilities, Net | $3.12B2025-12-31 | $2.69B | +16.0% | $3.12B | $2.69B | +16.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $3.3B2025-12-31 | $2.89B | +14.0% | $3.3B | $2.89B | +14.0% |
| Defined Contribution Plan, Cost | – | – | – | $65M | $59M | +10.2% |
| Depreciation, Depletion and Amortization, Nonproduction | $111M | $109M | +1.8% | $438M | $437M | +0.2% |
| Direct Costs of Leased and Rented Property or Equipment | $1.76B | $1.53B | +15.0% | $5.89B | $5.37B | +9.7% |
| Earnings Per Share, Basic | $14.79 | $10.93 | +35.3% | $38.71 | $38.82 | -0.3% |
| Earnings Per Share, Diluted | $14.77 | $10.91 | +35.4% | $38.61 | $38.69 | -0.2% |
| Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | -$6M2026-03-31 | $2M | -400.0% | $22M | -$30M | +173.3% |
| Effective Income Tax Rate Reconciliation at Federal Statutory Income Tax Rate, Amount | – | – | – | $701M | $712M | -1.5% |
| Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | – | – | – | 21.0% | 21.0% | 0.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01