United Rentals
URIFinancial Analysis · Updated May 10, 2026 · Coverage 2026-Q2
Financial Snapshot
Step 8: Revenue Breakdown & Growth Drivers - United Rentals (URI)
Date: January 30, 2026 Subject Company: United Rentals, Inc. (NYSE: URI) Base Year: Fiscal Year 2024
8.1 Revenue Breakdown Overview
Total Revenue Composition (FY 2024)
| Revenue Category | Amount | % of Total | YoY Growth |
|---|---|---|---|
| Owned Equipment Rentals | $10.56B | 68.8% | +6.1% |
| Ancillary & Other Rental | $2.21B | 14.4% | +17.5% |
| Rental Equipment Sales | $1.52B | 9.9% | -3.4% |
| Service & Other Revenues | $0.36B | 2.3% | +8.5% |
| New Equipment Sales | $0.28B | 1.8% | +29.4% |
| Re-rent Revenue | $0.26B | 1.7% | Est. +5% |
| Contractor Supplies | $0.16B | 1.0% | Est. +3% |
| Total Revenue | $15.35B | 100% | +7.1% |
8.2 Segment Breakdown
Operating Segments (FY 2024)
| Segment | Rental Revenue | % of Rental | YoY Growth | Gross Margin |
|---|---|---|---|---|
| General Rentals | $9.72B | ~75% | +5.2% | 37.4% |
| Specialty Rentals | $3.31B | ~25% | +19.0%* | 45.5% |
| Total Rental Revenue | $13.03B | 100% | +7.0% | 39.9% |
*Specialty growth of 30.5% including Yak; 17.8% organic
General Rentals Segment
Description: Core construction and industrial equipment including:
- Earthmoving equipment (backhoes, excavators, loaders)
- Aerial work platforms (boom lifts, scissor lifts)
- Material handling (forklifts, telehandlers)
- General construction tools
Key Metrics (FY 2024):
| Metric | Value |
|---|---|
| Revenue | ~$9.72B |
| Locations | ~1,200 |
| Fleet OEC | ~$16B |
| Growth Rate | +5.2% |
| Gross Margin | 37.4% |
Growth Drivers:
- Infrastructure projects (IIJA funding)
- Manufacturing facility construction
- Commercial construction (selective)
- Market share gains from smaller competitors
Risks:
- Cyclical exposure to construction downturn
- Competitive pricing pressure
- Commercial real estate weakness
Specialty Rentals Segment
Description: Higher-margin specialty equipment and services:
| Sub-Segment | Description | Est. Revenue |
|---|---|---|
| Power & HVAC | Generators, climate control, heating | ~$800M |
| Trench Safety | Shoring, shielding, excavation safety | ~$600M |
| Fluid Solutions | Pumps, tanks, filtration | ~$500M |
| Mobile Storage | Containers, portable offices | ~$450M |
| Matting Solutions | Ground protection (Yak) | ~$400M |
| Tool Solutions | Specialty tools, job site trailers | ~$350M |
| Reliable Onsite Services | Portable sanitation, field offices | ~$200M |
Key Metrics (FY 2024):
| Metric | Value |
|---|---|
| Revenue | ~$3.31B |
| Locations | ~350 specialty |
| Growth Rate | +19.0% (30.5% incl. Yak) |
| Gross Margin | 45.5% |
| 10-Year CAGR | 24% |
Growth Drivers:
- Data center construction (power, HVAC)
- Infrastructure mega-projects
- Cross-selling to general rental customers
- M&A (Yak, BakerCorp, General Finance)
- Higher service intensity projects
Risks:
- Integration of acquired businesses
- Depreciation pressure from new fleet
- Customer concentration in mega-projects
8.3 Geographic Revenue Breakdown
Revenue by Geography (FY 2024)
| Region | Revenue | % of Total | YoY Growth | Locations |
|---|---|---|---|---|
| United States | ~$14.0B | ~91% | +7% | 1,463 |
| Canada | ~$0.9B | ~6% | +5% | 80 |
| Europe | ~$0.3B | ~2% | +15% | 38 |
| Australia/NZ | ~$0.15B | ~1% | +10% | 42 |
| Total | $15.35B | 100% | +7.1% | 1,623 |
US Regional Exposure (Estimated)
| Region | % of US Revenue | Key End Markets |
|---|---|---|
| South | ~35% | Energy, data centers, manufacturing |
| West | ~25% | Tech, infrastructure, residential |
| Midwest | ~20% | Manufacturing, agriculture, data centers |
| Northeast | ~15% | Infrastructure, commercial |
| Other | ~5% | Various |
Key Metro Markets: Serves 99 of 100 largest US metropolitan areas
8.4 End Market Customer Breakdown
Revenue by End Market (FY 2024 Estimated)
| End Market | % of Revenue | Trend | Key Drivers |
|---|---|---|---|
| Industrial/Manufacturing | ~49% | Growing | Reshoring, CHIPS Act, EV/battery |
| Commercial Construction | ~25% | Stable | Data centers offset office weakness |
| Infrastructure | ~15% | Growing | IIJA, highways, water/sewer |
| Residential Construction | ~5% | Flat | Housing starts stagnant |
| Other (Energy, Mining, etc.) | ~6% | Mixed | Power generation strong |
| Total | 100% | - | - |
Customer Concentration
| Metric | Value |
|---|---|
| Number of Customers | 300,000+ |
| Top 10 Customers | <5% of revenue |
| National Accounts | ~40% of revenue |
| Local/Regional Accounts | ~60% of revenue |
Note: Highly fragmented customer base provides revenue stability.
8.5 Revenue by Equipment Type
Fleet Composition by Original Equipment Cost (OEC)
| Equipment Category | OEC | % of Fleet | Utilization |
|---|---|---|---|
| Aerial Work Platforms | ~$7.5B | 35% | 70-72% |
| Earthmoving | ~$5.5B | 26% | 68-70% |
| Material Handling | ~$3.0B | 14% | 65-68% |
| General Equipment | ~$2.5B | 12% | 60-65% |
| Specialty Equipment | ~$2.9B | 13% | 70-75% |
| Total Fleet OEC | $21.43B | 100% | ~70% |
8.6 Growth Driver Analysis
Primary Growth Drivers
1. Market Share Gains Through Consolidation
| Metric | 2014 | 2024 | Change |
|---|---|---|---|
| Market Share | ~13% | ~16% | +300 bps |
| Revenue | $5.69B | $15.35B | +170% |
| M&A Deployed | - | $9.2B | - |
Impact: Consolidation has been the primary driver of above-market growth, contributing ~50% of revenue increase.
2. Specialty Segment Expansion
| Metric | 2014 | 2024 | CAGR |
|---|---|---|---|
| Specialty Revenue | ~$0.85B | ~$3.31B | 14.6% |
| % of Total | ~15% | ~25% | +10 pts |
| Gross Margin Premium | +500 bps | +800 bps | Expanding |
Impact: Specialty has grown at 2x the rate of general rentals, improving mix and margins.
3. Rental Penetration Growth
| Metric | 2014 | 2024 | Trend |
|---|---|---|---|
| Rental Penetration (US) | ~52% | ~57% | +500 bps |
| Own vs. Rent Decision | Own favored | Rent favored | Shifting |
Drivers of Penetration:
- Labor shortage (equipment operators scarce)
- Asset-light preference
- Technology (telematics) improving experience
- Maintenance cost avoidance
4. Pricing Power
| Metric | Annual Increase |
|---|---|
| Rental Rate Growth | +2-3% |
| Ancillary Revenue Growth | +5-7% |
| Delivery/Pickup Charges | +4-6% |
Impact: Consistent pricing gains contribute ~$300-400M annual revenue growth.
5. Fleet Productivity Optimization
| Metric | 2024 | Historical Avg |
|---|---|---|
| Fleet Productivity Growth | +4.3% | +3-4% |
| Time Utilization | ~70% | 68-70% |
| Dollar Utilization | ~42% | 40-42% |
Definition: Fleet productivity = f(rates, utilization, mix)
8.7 Historical CAGR Analysis
Revenue CAGR by Period
| Period | Total Revenue CAGR | Organic CAGR | M&A Contribution |
|---|---|---|---|
| 5-Year (2019-2024) | 10.4% | ~5% | ~5% |
| 10-Year (2014-2024) | 10.4% | ~4% | ~6% |
| 3-Year (2021-2024) | 16.4% | ~8% | ~8% |
Segment CAGR (10-Year: 2014-2024)
| Segment | CAGR | Driver |
|---|---|---|
| Total Revenue | 10.4% | Balanced |
| General Rentals | ~8% | Market + share gains |
| Specialty Rentals | ~15% | M&A + organic expansion |
| Rental Revenue | 10.8% | Core business |
| Equipment Sales | 6.5% | Fleet monetization |
EBITDA CAGR (10-Year: 2014-2024)
| Metric | 2014 | 2024 | CAGR |
|---|---|---|---|
| EBITDA | $2.72B | $6.98B | 9.9% |
| EBITDA Margin | 47.8% | 45.5% | -230 bps |
| Operating Income | $1.40B | $4.07B | 11.3% |
8.8 Growth Driver Risk Assessment
Risk Matrix by Growth Driver
| Growth Driver | Contribution | Sustainability | Risk Level |
|---|---|---|---|
| M&A/Consolidation | 40% | Medium | Medium |
| Specialty Expansion | 25% | High | Low |
| Rental Penetration | 15% | High | Low |
| Pricing Power | 12% | Medium | Medium |
| Market Growth | 8% | Low | High |
Risks by Revenue Segment
| Segment | Key Risks | Mitigation |
|---|---|---|
| General Rentals | Cyclicality, competition | Diversification, scale |
| Specialty | Integration, depreciation | Proven track record |
| Equipment Sales | Used equipment values | Active fleet management |
| Geographic (US) | Concentration | Canada/Europe expansion |
| End Market (Industrial) | Manufacturing slowdown | Infrastructure offset |
8.9 Forward Growth Projections
Revenue Build (Base Case)
| Component | 2025E | 2026E | 2027E |
|---|---|---|---|
| Beginning Revenue | $15.35B | $16.04B | $16.68B |
| Organic Growth | +3.0% | +3.0% | +3.0% |
| H&E Acquisition | +$1.5B | Full Year | Full Year |
| Pricing | +2.0% | +2.0% | +2.0% |
| Specialty Mix Shift | +0.5% | +0.5% | +0.5% |
| Total Revenue | $17.3B | $18.2B | $19.2B |
| YoY Growth | +12.7% | +5.2% | +5.5% |
Note: 2025 includes H&E acquisition (~$1.5B annualized revenue contribution)
Segment Growth Projections
| Segment | 2025E Growth | 2026E Growth | 2027E Growth |
|---|---|---|---|
| General Rentals | +10% (H&E) | +3% | +3% |
| Specialty | +15% | +10% | +8% |
| Equipment Sales | +5% | +3% | +3% |
8.10 Key Metrics Summary
Revenue Breakdown Summary (FY 2024)
| Dimension | Largest Segment | % of Total |
|---|---|---|
| By Type | Owned Equipment Rentals | 69% |
| By Segment | General Rentals | 75% |
| By Geography | United States | 91% |
| By End Market | Industrial/Manufacturing | 49% |
| By Equipment | Aerial Work Platforms | 35% |
CAGR Summary
| Metric | 5-Year CAGR | 10-Year CAGR |
|---|---|---|
| Total Revenue | 10.4% | 10.4% |
| Rental Revenue | 11.0% | 10.8% |
| Specialty Revenue | 18.0% | ~15% |
| EBITDA | 10.1% | 9.9% |
| EPS | 21.8% | 22.3% |
Key Growth Driver Metrics
| Driver | Metric | 2024 Performance |
|---|---|---|
| Market Share | % of US Market | 16% |
| Specialty Mix | % of Revenue | 25% |
| Fleet Productivity | YoY Growth | +4.3% |
| Pricing | Rate Increase | +2-3% |
| Utilization | Time Utilization | ~70% |
Sources
- United Rentals Q4 2024 Results
- Bullfincher Revenue Breakdown
- Rental Equipment Register - 2024 Results
- Wikipedia - United Rentals
- Seeking Alpha - Fleet Productivity
Step 8 Complete. Awaiting confirmation to proceed to Step 9: Quarterly Growth Momentum Analysis.
Deeper Financial Analysis
The fundamental tier adds 8 additional research dimensions for $URI.
Revenue Breakdown
Segment revenue, geographic mix, product-line contribution margins, and cohort dynamics.
Financial Trends
Quarter-over-quarter momentum, leading indicators, and inflection point analysis.
Balance Sheet
Debt structure, liquidity runway, dilution risk, and working capital dynamics.
Capital Allocation
ROIC trends, buyback cadence, M&A appetite, and reinvestment efficiency.
GET /api/v1/research/URI/fundamental$1.00 · Bearer token required