# United Rentals Inc. (URI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-13  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/uri/thesis · /memo/uri

## Financial Snapshot

---
ticker: URI
step: 04
generated: 2026-05-13
source: quick-research
---

### United Rentals Inc. (URI) — Financial Snapshot

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | YoY |
|--------|--------|--------|--------|-----|
| Revenue | ~$11.6B | ~$14.3B | $15.35B | +7.3% |
| Gross Margin | ~40% | ~40% | ~38% | |
| Operating Margin | ~22% | ~24% | ~22% | |
| Net Income | ~$1.5B | ~$2.1B | ~$2.1B | flat |
| EPS (diluted) | ~$19.00 | ~$30.00 | ~$32.50 | +8.3% |

*FY2023-FY2024 revenue growth driven by specialty segment expansion (+30% in 2024) and fleet size growth. Net earnings slightly lower in FY2024 vs. FY2023 despite higher revenue — reflecting margin compression from fleet repositioning costs and higher depreciation on expanded fleet. FY2025 full-year results show ~4.9% revenue growth.*

#### Cash Flow & Balance Sheet (FY2024)

| Metric | Value |
|--------|-------|
| Free Cash Flow | $2.06B (FY2024); $2.2B (FY2025) |
| Operating Cash Flow | ~$5.5B |
| Gross Fleet Capex | $3.75B (replacement + growth) |
| Total Debt | ~$11B |
| Adjusted EBITDA | ~$7.1B (46.4% margin) |

#### Key Ratios (approximate)
- P/E: ~17x | EV/EBITDA: ~8x | FCF Yield: ~5%
- EBITDA Margin: ~46% | Rental Revenue Growth: +8% YoY FY2024
- Net Debt / EBITDA: ~1.5x — manageable leverage for capital-intensive business

#### Growth Profile
URI has delivered exceptional long-term compounding: revenue grew from $5B (2016) to $15.4B (2024) via a mix of organic growth, acquisitions, and market share gains. The Specialty segment (+30% in 2024) is the growth engine — higher-margin, less cyclical than general construction rentals. Large infrastructure, reshoring manufacturing, and data center projects represent the largest pipeline in company history per management. FY2026 guidance: ~5.9% revenue growth with plan to return ~$2B to shareholders (new $5B buyback authorization).

#### Forward Estimates
- FY2026 Guidance: ~$16.6B revenue (+5.9%); adjusted EBITDA ~$7.3B; ~$2B shareholder returns
- Q1 2026 (already reported): Earnings up ~20% YoY despite margin pressure from fleet repositioning
- Dividend: 10% increase to quarterly payout announced with FY2025 results
- Analyst consensus: 12 Buy, 4 Outperform, 5 Hold; mean target ~$990

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/URI/fundamental

## Navigation

- Overview: /stocks/uri
- Financials (this page): /stocks/uri/financials
- Thesis: /stocks/uri/thesis
- Investment Memo: /memo/uri
- Coverage universe: /stocks