# United Rentals (URI) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-10  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/URI/thesis · /stocks/URI/memo

## 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](https://investors.unitedrentals.com/press-releases/press-releases-details/2025/United-Rentals-Announces-Record-Fourth-Quarter-and-Full-Year-2024-Results-Introduces-2025-Outlook-for-Growth-and-Announces-10-Increase-to-Quarterly-Dividend/default.aspx)
- [Bullfincher Revenue Breakdown](https://bullfincher.io/companies/united-rentals/revenue-by-segment)
- [Rental Equipment Register - 2024 Results](https://www.rermag.com/news-analysis/headline-news/article/55264526/united-rentals-tops-15-billion-in-full-year-2024-revenue)
- [Wikipedia - United Rentals](https://en.wikipedia.org/wiki/United_Rentals)
- [Seeking Alpha - Fleet Productivity](https://seekingalpha.com/news/3425631-united-rentals-unveils-new-fleet-productivity-metric)

---

**Step 8 Complete. Awaiting confirmation to proceed to Step 9: Quarterly Growth Momentum Analysis.**

## 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: /stocks/URI/memo
- Coverage universe: /stocks