At a glance
United Rentals Inc is worth $72.78B, about 30 times its fiscal 2025 earnings. Revenue grew 4.9% to $16.10B in fiscal 2025, with 15.5% kept as profit; over 5 years it has grown 13.5% a year. It pays a 0.66% dividend yield, and returned $7.02B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +36.0% over the past year with dividends reinvested and +25.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 55.3% in the 2020 crash (S&P 500: 33.7%) and 35.4% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 3 months and 6 months after the lows.
The business in plain English
United Rentals describes itself as the world's largest equipment rental company. It rents out gear for job sites and plants: construction and industrial machinery, aerial work platforms (lifts that raise workers to height), generators, heating and cooling units, trench safety equipment, fluid-handling equipment, portable storage and ground-protection mats. Its main customers are large construction and industrial firms. In the year ended December 31, 2025, industrial and other non-construction work made up about 48% of rental revenue. Commercial construction made up another 48%. No single customer dominates: the top 10 together supplied 5% of revenue.
Most of its money comes from renting out equipment it owns. Of $16.1 billion in revenue for 2025, owned equipment rentals brought in about 69%. Selling older machines from its rental fleet added about 9%, and delivery and pick-up fees about 7%. Large customers can track and manage all their rentals through the company's own Total Control software.
The company reports two segments. General rentals produced $11.0 billion, or 68% of revenue. Specialty produced $5.1 billion, or 32%, and has grown through deals such as the March 2024 purchase of Yak. The United States supplied 91% of revenue, and Canada, Europe, Australia and New Zealand made up the rest. The company estimates its North American market share at about 15%.
Price history
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URI +36.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Owned equipment rentals | $11.05B | 68.6% |
| Sales of rental equipment | $1.41B | 8.8% |
| Other | $1.33B | 8.3% |
| Delivery and pick-up | $1.15B | 7.2% |
| Service and other revenues | $369.0M | 2.3% |
| Sales of new equipment | $348.0M | 2.2% |
| Re-rent revenue | $275.0M | 1.7% |
| Contractor supplies sales | $163.0M | 1% |
By business segment
| General rentals | $11.00B | 68.3% |
| Specialty | $5.10B | 31.7% |
By geography
| UNITED STATES | $14.67B | 91.1% |
| Foreign | $1.43B | 8.9% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $4.89B, up 15.7% from a year earlier, and net income was $920.0M (+31.2%).
- For fiscal 2025, revenue was $16.10B (+4.9% year over year; +13.5% a year from FY2020 to FY2025) with a 15.5% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +13.5% good |
|---|---|
| Operating margin | 24.7% good |
| Return on equity (FY2025) | 27.8% good |
| Return on assets (FY2025) | 8.4% good |
| Net cash (cash minus debt) | $-14.52B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $8.53B | $890.0M | $2.46B |
| FY2021 | $9.72B | $1.39B | $491.0M |
| FY2022 | $11.64B | $2.10B | $743.0M |
| FY2023 | $14.33B | $2.42B | $840.0M |
| FY2024 | $15.35B | $2.58B | $416.0M |
| FY2025 | $16.10B | $2.49B | — |
Valuation snapshot
| Market value | $72.78B |
|---|---|
| P/E ratio | 30.4 |
| Dividend yield | 0.66% |
Rank among 1514 US companies
Market value at each year end
United Rentals’s market value went from $8.89B at the end of 2016 to $72.78B on Nov 2, 2026, about 8.2 times as much; since the end of 2025 it is up 41%.
Show as a table
| Year end | Market value | Change |
|---|---|---|
| Nov 2, 2026 | $72.78B | +41.3% |
| 2025 | $51.50B | +11.4% |
| 2024 | $46.23B | +18.9% |
| 2023 | $38.87B | +57.8% |
| 2022 | $24.63B | +2.4% |
| 2021 | $24.06B | +43.8% |
| 2020 | $16.73B | +33.5% |
| 2019 | $12.53B | +50.7% |
| 2018 | $8.32B | -42.8% |
| 2017 | $14.54B | +63.5% |
| 2016 | $8.89B |
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| URI price data to Nov 2, 2026 | +46.1% | +36.0% | +40.8% | +25.9% | +32.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +46.1% |
| 2025 | +15.9% |
| 2024 | +24.0% |
| 2023 | +63.6% |
| 2022 | +7.0% |
| 2021 | +43.3% |
| 2020 | +39.1% |
| 2019 | +62.6% |
| 2018 | -40.4% |
| 2017 | +62.8% |
| 2016 | +45.5% |
| 2015 | -28.9% |
| 2014 | +30.9% |
| 2013 | +71.2% |
| 2012 | +54.0% |
| 2011 | +29.9% |
| 2010 | +131.9% |
| 2009 | +7.6% |
| 2008 | -50.3% |
| 2007 | -27.8% |
| 2006 | +8.7% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 90.9% over that stretch · deepest drop along the way 91.2%, back to its old high 34.3 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 53.8% over that stretch · deepest drop along the way 55.3%, back to its old high 2.6 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 16.4% over that stretch · deepest drop along the way 35.4%, back to its old high 5.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 5 sales ($27.3M).
| Date | Insider | Type | Value |
|---|---|---|---|
| Apr 24, 2026 | Matthew John Flannery President & CEO, Director | sell | $22.4M |
| Apr 27, 2026 | Craig Adam Pintoff EVP, Chief Admin. Officer | sell | $2.4M |
| Jul 24, 2026 | William E. Grace EVP, CFO | sell | $1.7M |
| Apr 24, 2026 | Andrew B. Limoges VP, Controller | sell | $536K |
| Apr 27, 2026 | Joli L. Gross SVP, Chief LGL & Sustain. Off. | sell | $292K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.5% | Mar 31, 2026 |
| Capital Research Global Investors | 4.6% | Sep 30, 2025 |
| Capital International Investors | 1.1% | Dec 31, 2025 |
ETFs with the most weight in URI
| FTXR First Trust Nasdaq Transportation ETF | 4.33% |
| JHAC John Hancock Fundamental All Cap Core ETF | 2.72% |
| PAVE Global X US Infrastructure Development ETF | 2.72% |
| LCLG Logan Capital Broad Innovative Growth ETF | 2.08% |
| NUMV Nuveen ESG Mid-Cap Value ETF | 2% |
| BAFE Brown Advisory Flexible Equity ETF | 1.99% |
| LST Leuthold Select Industries ETF | 1.63% |
| CGMM Capital Group U.S. Small and Mid Cap ETF | 1.6% |
What could go wrong
- Heavy debt and refinancing needs. As of September 30, 2026, total debt was $14.7 billion and cash was $153 million. The company relies on credit lines to fund operations and capital spending, and refinancing terms could worsen.
- Exposure to construction and industrial cycles. About 48% of fiscal 2025 rental revenue came from industrial and other non-construction customers and another 48% from commercial construction. In past downturns, demand and rental rates fell, and fixed costs squeezed profit margins.
- Used equipment may fetch lower prices. The company sells used machines from its rental fleet, and those sales were about 9% of fiscal 2025 revenue. If resale prices drop, it may sell fewer machines, or at lower prices than expected.
- Rising fleet costs and supplier reliance. New equipment prices have risen. An aging fleet costs more to run, and 52% of fiscal 2025 capital spending went to the top 10 suppliers, so supplier problems could raise costs or delay replacements.
- Oil and gas customers can pull back. Some customers are oil and natural gas companies. When oil and gas prices fall, or are expected to stay low, they cut exploration and production activity, which reduces demand for the company's equipment and services.
- Competition in a fragmented industry. Rivals range from small renters with one or two locations to national companies and dealers that sell and rent. Despite an estimated 15% North American market share, competition has cut rental volumes and prices before.
Recent events
- Major agreement signed; Major agreement ended; New debt or financial obligation; Other company announcement
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement
- Major agreement signed; New debt or financial obligation
- Shareholder vote results
- Quarterly results released; Investor presentation or announcement
- Investor presentation or announcement
- Executive or board change; Investor presentation or announcement
- Quarterly results released; Investor presentation or announcement; Other company announcement
For income and retirement investors
United Rentals pays a dividend, but the yield is low and the record is short. It paid no dividends in fiscal 2021 or 2022. Dividends per share were $5.92 in fiscal 2023, $6.52 in 2024 and $7.16 in 2025, which makes two straight increases. The 2025 dividend used about 19% of earnings. The yield was 0.66% as of October 28, 2026, so most of an investor's return would depend on the share price. Buybacks (repurchases of its own stock) are far larger: $5.7 billion over fiscal 2021–2025, versus $1.3 billion in dividends. The share count fell about 15% from October 2021 to October 2026.
The share price has fallen hard in downturns. It lost 91% in the 2008 financial crisis and did not recover until January 2012. It dropped 55% in the 2020 COVID crash, recovering by June 2020, and 35% in the 2022 bear market, recovering by December 2022. Single stocks carry more risk than diversified funds.
Questions investors ask
How does United Rentals make money?
Mostly by renting equipment. In fiscal 2025, equipment rental made up 86% of its $16.1 billion revenue, including rent on machines it owns and fees for delivery and pick-up. Selling used fleet machines added about 9%. The general rentals segment brought in about 68% of revenue and the specialty segment about 32%. The company focuses on large construction and industrial customers, and about 91% of revenue came from the United States.
Does United Rentals pay a dividend?
Yes, but the yield was small: 0.66% as of October 28, 2026. Dividends per share rose from $5.92 in fiscal 2023 to $6.52 in 2024 and $7.16 in 2025. The company paid no dividends in fiscal 2021 or 2022, so the record is short. The 2025 dividend used about 19% of earnings. United Rentals has returned far more cash through buybacks: $5.7 billion over fiscal 2021–2025.
Is United Rentals still growing?
Yes, though the pace has varied. Revenue rose from $8.53 billion in fiscal 2020 to $16.1 billion in fiscal 2025, about 13.5% a year. Growth slowed to 4.9% in fiscal 2025, and net income fell 3.1% to $2.49 billion. In the quarter ended September 30, 2026, revenue was $4.89 billion, up 15.7% from a year earlier, and net income rose 31.2% to $920 million. Acquisitions, such as Ahern Rentals' assets in 2022 and Yak in 2024, are part of its strategy.
How much debt does United Rentals have?
It carries significant debt. As of September 30, 2026, total debt was about $14.7 billion, compared with $153 million of cash and $9.7 billion of shareholders' equity. The company relies on an asset-based credit line and an accounts receivable securitization facility (borrowing backed by money customers owe it) to fund operations and capital spending. Its annual report lists refinancing on poor terms and breaking loan covenants (conditions lenders set) among its risks.
How did United Rentals stock do in past market crashes?
It fell sharply in each one, then recovered. The stock dropped 91% from its November 2007 peak to its March 2009 low and did not regain that peak until January 2012. It fell 55% in the 2020 COVID crash but recovered by June 2020. It fell 35% in the 2022 bear market and recovered by December 2022. Long-run gains have been large: the share price rose about 32% a year over the 10 years to October 28, 2026. Past results do not guarantee future ones.