On this page of StockholderLetter.com we present the latest annual shareholder letter from UNITED RENTALS, INC. — ticker symbol URI. Reading current and past URI letters to shareholders can bring important insights into the investment thesis.
2025 ANNUAL REPORT
general rental and specialty businesses grew year-over-year, with specialty again posting double-digit growth supported by all seven of our specialty businesses2. Letter to our Shareholders In 2025, we again committed to doubling down on being our customers partner of choice. This translated into working with our customers to provide an unmatched experience across our one-stop-shop of general rental and specialty products and services, coupled with industryleading technology and a world-class team. Our team s steadfast dedication to this commitment, in addition to our unwavering focus on safety and operational excellence, resulted in another year of record revenue and adjusted EBITDA1, strong free cash ow1 generation, and solid returns. Large projects drove most of our growth in 2025, with strong demand across non-residential construction and infrastructure, while our industrial endmarket saw particular strength within our power vertical. Both our Looking forward, we continue to make investments in the foundation for our growth over the long-term. In 2025, we added additional eet to meet customer demand, opened 60 new specialty branches, continued to invest in our market-leading technology platforms, and invested in our people to ensure that we are serving our customers with best-in-class solutions and an unmatched experience. We remain focused on pro table growth, capital e ciency and the exibility of our business model, which enable us to generate meaningful free cash ow1 throughout the cycle. In turn, we allocate capital in ways that allow us to create long-term shareholder value. We continue to strategically di erentiate ourselves in the industry and our results are a testament to this. For the full year 2025, we reported record total revenue of $16.1 billion, GAAP diluted EPS of $38.61 and adjusted EPS1 of $42.06. Net income was $2.5 billion at a margin of 15.5%1. Adjusted EBITDA was a record at $7.3 billion, translating to a healthy margin of 45.5%1. We generated $5.2 billion of net cash from operating activities and $2.2 billion of free cash ow1, a er investing $4.2 billion in gross rental capital expenditures.
Return on invested capital (ROIC) for the year was 11.7%, while, at year-end, our net leverage ratio was 1.9x, which was well within our targeted range of 1.5x 2.5x, and our liquidity was a strong $3.3 ELOOLRQ )XUWKHUPRUH D HU IXOO\ IXQGLQJ growth, we returned nearly $2.4 billion of capital to shareholders in 2025 through $1.9 billion of share repurchases and approximately $0.5 billion of dividends. In furtherance of our capital allocation strategy, in January 2026, we announced a 10% increase in our quarterly dividend to $1.97 per share and introduced a new $5 billion open-ended share repurchase program that is intended to support buybacks for the next several years. As we ve shared the last couple of years, longer-term tailwinds continue to look favorable for our industry. 7KHVH LQFOXGH WKH VHFXODU VKL WRZDUGV renting equipment, reshoring in North $PHULFD DQG WKH VLJQL FDQW LQYHVWPHQWV being made across manufacturing, infrastructure, energy, and technology. We have an incredible team at United Rentals, with a culture that is unmatched LQ RXU LQGXVWU\ 7KLV LV D UHDO GL HUHQWLDWRU DQG JLYHV XV FRQ GHQFH ZH FDQ WDNH RXU momentum and continue to build a bestin-class company and capitalize on the opportunities ahead of us. In 2025, we saw strong employee retention in a tight labor market and grew our employee base by over 2%. We invested in our best-in-class safety culture, resulting in another excellent safety recordable rate for the year, while also earning national recognition for our strong culture. Outlook Based on all of the market factors summarized above, we expect another year of growth in 2026. Our 2026 JXLGDQFH UH HFWV RXU H[SHFWDWLRQV IRU total revenue of $16.8 billion to $17.3 billion, and adjusted EBITDA1 of $7.575 billion to $7.825 billion. We expect to generate net cash from operating activities of $5.3 billion to $6.1 billion, D HU JURVV UHQWDO FDSLWDO H[SHQGLWXUHV RI $4.3 billion to $4.7 billion, and free cash RZ1 of $2.15 billion to $2.45 billion. March 25, 2026 Matthew J. Flannery &KLHI ([HFXWLYH 2 FHU Michael J. Kneeland Chair of the Board 1 3OHDVH VHH WKH UHFRQFLOLDWLRQV RI DGMXVWHG (%,7'$ DQG IUHH FDVK RZ WR WKH FRPSDUDEOH *$$3 PHDVXUHV FRQWDLQHG in the Management Discussion and Analysis of Financial Condition and Results of Operations section in the DFFRPSDQ\LQJ $QQXDO 5HSRUW RQ )RUP . IRU WKH \HDU HQGHG 'HFHPEHU 3OHDVH VHH RXU VFDO earnings press release furnished on Form 8-K with the Securities and Exchange Commission on January 28, IRU WKH UHFRQFLOLDWLRQ RI DGMXVWHG (36 WR WKH FRPSDUDEOH *$$3 PHDVXUH DV ZHOO DV D UHFRQFLOLDWLRQ RI IRUHFDVWHG IUHH FDVK RZ WR WKH FRPSDUDEOH *$$3 PHDVXUH DQG DQ H[SODQDWLRQ RI ZK\ IRUHFDVWHG DGMXVWHG (%,7'$ FDQQRW EH UHFRQFLOHG WR WKH FRPSDUDEOH *$$3 QDQFLDO PHDVXUHV ZLWKRXW XQUHDVRQDEOH H RUW 1HW LQFRPH margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue. 2 Specialty as discussed above is comprised of 1) the specialty reporting segment (comprised of our Fluid Solutions, Europe, Trench Safety, Power and HVAC, Mobile Storage, Matting Solutions and Australasia regions) and 2) the Site Services and Tool Solutions regions, which are included in our general rentals reporting segment.
'LUHFWRUV DQG 2 FHUV Board of Directors Senior Vice Presidents Michael J. Kneeland Chair Jason C. Barba Senior Vice President Operations, East Division Melissa H. Hanna Vice President Talent Management Neil R. Littlewood Vice President AU/NZ 6WRUDJH 0RGXODU 6ROXWLRQV 5HJLRQ Robert C. Bower Senior Vice President Operations, West Division Mitchell J. Holder Vice President Total Rewards Esiah D. McNeil Vice President Southwest Region Chris A. Burlog Senior Vice President Operations, Central Division Teresa A. Kee Vice President +HDOWK 6DIHW\ Hendrik Jan Molenaar Vice President, Europe Michael G. Cloer Senior Vice President Business Operations Ty TJ Mahoney Vice President Supply Chain Larry D. De Shon (3, 4) Director Thomas P. Jones Senior Vice President Operations, Site Solutions Division Matthew J. Flannery (4) President and Chief ([HFXWLYH 2 FHU DW United Rentals, Inc. John T. Mongan Jr. Vice President Advanced Solutions John Eddie King Senior Vice President Operations, South Division Erin C. Neumann Vice President Operations Excellence Kim Harris Jones (1, 2) Director Joseph W. Pledger Senior Vice President Finance Michael V. Sala Vice President Tax and Real Estate Craig A. Schmidt Senior Vice President National Accounts Emmanuel Noel M. Siscar Vice President ,7 ,QIUDVWUXFWXUH Cyber Security Gracia Martore (1) Lead Independent Director Julie M. Heuer Brandt Corporate Vice President and 3UHVLGHQW *OREDO &RPPHUFLDO )LHOG Operations at Johnson Controls (3, 4) Marc A. Bruno (2, 3) &KLHI 2SHUDWLQJ 2 FHU 8 6 )RRG )DFLOLWLHV DW Aramark Corporation Terri L. Kelly (2, 4) Director Francisco J. Lopez-Balboa (1, 2) ([HFXWLYH 9LFH 3UHVLGHQW &KLHI )LQDQFLDO 2 FHU DW &XPXOXV 0HGLD Shiv Singh (1, 3) Founder and CEO, Savvy Matters, LLC Alexander R. Taussig (4) Board Partner at Lightspeed Venture Partners ([HFXWLYH 2 FHUV Matthew J. Flannery President and Chief Executive 2 FHU William E. Ted Grace Executive Vice President and &KLHI )LQDQFLDO 2 FHU Michael D. Durand Executive Vice President and &KLHI 2SHUDWLQJ 2 FHU &UDLJ $ 3LQWR Executive Vice President &KLHI $GPLQLVWUDWLYH 2 FHU Joli L. Gross Senior Vice President &KLHI /HJDO 6XVWDLQDELOLW\ 2 FHU Corporate Secretary Anthony S. Leopold Senior Vice President &KLHI 7HFKQRORJ\ 6WUDWHJ\ 2 FHU Andrew B. Limoges Vice President, Controller and 3ULQFLSDO $FFRXQWLQJ 2 FHU David C. Scott Senior Vice President Specialty Operations Daniel C. Sparks Senior Vice President Sales Operations and Support Corporate Vice Presidents Tomer Barkan Vice President Planning and Analysis Alfredo E. Barquin Vice President Business Development Andrea L. Brugger Vice President 6DOHV )RUFH ( HFWLYHQHVV Sybil F. Collins Vice President Treasurer John J. Fahey Vice President Internal Audit Timothy M. Fischer Jr. Vice President Vertical Sales for National Accounts Elizabeth Grenfell Vice President Investor Relations Robert N. Halsey Vice President Marketing Committees of the Board as of March 4, 2026 (1) Audit Committee, Kim Harris Jones, Chair (2) Compensation Committee, Marc A. Bruno, Chair 1RPLQDWLQJ DQG &RUSRUDWH *RYHUQDQFH &RPPLWWHH /DUU\ ' 'H 6KRQ &KDLU (4) Strategy Committee, Terri L. Kelly, Chair Matthew A. Waterman Vice President Pricing Kevin M. O Brien Vice President Mid-Central Region Audwin W. Reed Vice President South Region Nicholas M. Roberts Vice President Southeast Region Gina M. Rollins Vice President Reliable Onsite Services Region Jason L. Rose Vice President Fluid Solutions Region Stephen M. Szaniszlo Vice President Northeast Region Regional Vice Presidents Joel S. Weaver Vice President Matting Solutions Region Mattney A. Burgin Vice President Carolinas Region David G. Williams Vice President *XOI 6RXWK 5HJLRQ Leland J. Burton Vice President :HVW *XOI 5HJLRQ Larry K. Worthington Jr. Vice President 3RZHU +9$& 5HJLRQ Ryan T. Dillon Vice President Mobile Storage Region Ryan R. Eaton Vice President Midwest Region John Scott Fisher Vice President Western Canada Region 5RQ ' *UR Vice President Northwest Region Todd M. Hayes Vice President Trench Safety Region Antwan J. Houston Vice President Tools Solutions Region John J. Humphrey Vice President Mid-Atlantic Region
Michael J. Kneeland Julie M. Heuer Brandt Marc A. Bruno Larry D. De Shon Matthew J. Flannery Kim Harris Jones Terri L. Kelly Francisco J. Lopez-Balboa Gracia Martore Shiv Singh Alexander Taussig
 • shareholder letter icon 3/25/2026 Letter Continued (Full PDF)
 • stockholder letter icon 3/22/2023 URI Stockholder Letter
 • stockholder letter icon 3/27/2024 URI Stockholder Letter
 • stockholder letter icon 3/29/2024 URI Stockholder Letter
 • stockholder letter icon 3/26/2025 URI Stockholder Letter
 • stockholder letter icon More "Construction" Category Stockholder Letters
 • Benford's Law Stocks icon URI Benford's Law Stock Score = 99


URI Shareholder/Stockholder Letter Transcript:

2025
ANNUAL
REPORT

general rental and specialty businesses
grew year-over-year, with specialty again
posting double-digit growth supported by
all seven of our specialty businesses2.
Letter to our
Shareholders
In 2025, we again committed to
doubling down on being our customers   
partner of choice. This translated
into working with our customers to
provide an unmatched experience
across our one-stop-shop of general
rental and specialty products and
services, coupled with industryleading technology and a world-class
team. Our team   s steadfast dedication
to this commitment, in addition to
our unwavering focus on safety and
operational excellence, resulted in
another year of record revenue and
adjusted EBITDA1, strong free cash
  ow1 generation, and solid returns.
Large projects drove most of our
growth in 2025, with strong demand
across non-residential construction and
infrastructure, while our industrial endmarket saw particular strength within
our power vertical. Both our
Looking forward, we continue to make
investments in the foundation for our
growth over the long-term. In 2025, we
added additional   eet to meet customer
demand, opened 60 new specialty
branches, continued to invest in our
market-leading technology platforms,
and invested in our people to ensure
that we are serving our customers with
best-in-class solutions and an unmatched
experience. We remain focused on
pro  table growth, capital e  ciency and
the   exibility of our business model, which
enable us to generate meaningful free
cash   ow1 throughout the cycle. In turn,
we allocate capital in ways that allow us
to create long-term shareholder value.
We continue to strategically di  erentiate
ourselves in the industry and
our results are a testament to this.
For the full year 2025, we reported record
total revenue of $16.1 billion, GAAP
diluted EPS of $38.61 and adjusted EPS1
of $42.06. Net income was $2.5 billion at
a margin of 15.5%1. Adjusted EBITDA was
a record at $7.3 billion, translating to a
healthy margin of 45.5%1. We generated
$5.2 billion of net cash from operating
activities and $2.2 billion of free cash
  ow1, a  er investing $4.2 billion in gross
rental capital expenditures.

Return on invested capital (ROIC) for the
year was 11.7%, while, at year-end, our
net leverage ratio was 1.9x, which was
well within our targeted range of 1.5x 2.5x, and our liquidity was a strong $3.3
ELOOLRQ  )XUWKHUPRUH  D  HU IXOO\ IXQGLQJ 
growth, we returned nearly $2.4 billion of
capital to shareholders in 2025 through
$1.9 billion of share repurchases and
approximately $0.5 billion of dividends.
In furtherance of our capital allocation
strategy, in January 2026, we announced
a 10% increase in our quarterly dividend
to $1.97 per share and introduced a new
$5 billion open-ended share repurchase
program that is intended to support
buybacks for the next several years.
As we   ve shared the last couple of
years, longer-term tailwinds continue
to look favorable for our industry.
7KHVH LQFOXGH WKH VHFXODU VKL   WRZDUGV 
renting equipment, reshoring in North
$PHULFD DQG WKH VLJQL  FDQW LQYHVWPHQWV 
being made across manufacturing,
infrastructure, energy, and technology.
We have an incredible team at United
Rentals, with a culture that is unmatched
LQ RXU LQGXVWU\  7KLV LV D UHDO GL  HUHQWLDWRU 
DQG JLYHV XV FRQ  GHQFH ZH FDQ WDNH RXU 
momentum and continue to build a bestin-class company and capitalize on the
opportunities ahead of us. In 2025, we
saw strong employee retention in a tight
labor market and grew our employee
base by over 2%. We invested in our
best-in-class safety culture, resulting in
another excellent safety recordable rate
for the year, while also earning national
recognition for our strong culture.
Outlook
Based on all of the market factors
summarized above, we expect another
year of growth in 2026. Our 2026
JXLGDQFH UH  HFWV RXU H[SHFWDWLRQV IRU 
total revenue of $16.8 billion to $17.3
billion, and adjusted EBITDA1 of $7.575
billion to $7.825 billion. We expect
to generate net cash from operating
activities of $5.3 billion to $6.1 billion,
D  HU JURVV UHQWDO FDSLWDO H[SHQGLWXUHV RI 
$4.3 billion to $4.7 billion, and free cash
  RZ1 of $2.15 billion to $2.45 billion.
March 25, 2026
Matthew J. Flannery
&KLHI ([HFXWLYH 2  FHU
Michael J. Kneeland
Chair of the Board
1
 3OHDVH VHH WKH UHFRQFLOLDWLRQV RI DGMXVWHG (%,7'$ DQG IUHH FDVK   RZ WR WKH FRPSDUDEOH *$$3 PHDVXUHV FRQWDLQHG 
in the    Management Discussion and Analysis of Financial Condition and Results of Operations    section in the
DFFRPSDQ\LQJ $QQXDO 5HSRUW RQ )RUP    . IRU WKH \HDU HQGHG 'HFHPEHU           3OHDVH VHH RXU   VFDO      
earnings press release furnished on Form 8-K with the Securities and Exchange Commission on January 28,
     IRU WKH UHFRQFLOLDWLRQ RI DGMXVWHG (36 WR WKH FRPSDUDEOH *$$3 PHDVXUH  DV ZHOO DV D UHFRQFLOLDWLRQ RI      
IRUHFDVWHG IUHH FDVK   RZ WR WKH FRPSDUDEOH *$$3 PHDVXUH DQG DQ H[SODQDWLRQ RI ZK\      IRUHFDVWHG DGMXVWHG 
(%,7'$ FDQQRW EH UHFRQFLOHG WR WKH FRPSDUDEOH *$$3   QDQFLDO PHDVXUHV ZLWKRXW XQUHDVRQDEOH H  RUW  1HW LQFRPH 
margin and adjusted EBITDA margin represent net income or adjusted EBITDA divided by total revenue.
2
Specialty as discussed above is comprised of 1) the specialty reporting segment (comprised of our Fluid Solutions,
Europe, Trench Safety, Power and HVAC, Mobile Storage, Matting Solutions and Australasia regions) and 2) the Site
Services and Tool Solutions regions, which are included in our general rentals reporting segment.

'LUHFWRUV DQG 2  FHUV
Board of Directors
Senior Vice Presidents
Michael J. Kneeland
Chair
Jason C. Barba
Senior Vice President
Operations, East Division
Melissa H. Hanna
Vice President
Talent Management
Neil R. Littlewood
Vice President AU/NZ
6WRUDJH   0RGXODU 6ROXWLRQV 5HJLRQ
Robert C. Bower
Senior Vice President
Operations, West Division
Mitchell J. Holder
Vice President
Total Rewards
Esiah D. McNeil
Vice President
Southwest Region
Chris A. Burlog
Senior Vice President
Operations, Central Division
Teresa A. Kee
Vice President
+HDOWK   6DIHW\
Hendrik Jan Molenaar
Vice President, Europe
Michael G. Cloer
Senior Vice President
Business Operations
Ty    TJ    Mahoney
Vice President
Supply Chain
Larry D. De Shon (3, 4)
Director
Thomas P. Jones
Senior Vice President
Operations, Site Solutions Division
Matthew J. Flannery (4)
President and Chief
([HFXWLYH 2  FHU DW
United Rentals, Inc.
John T. Mongan Jr.
Vice President
Advanced Solutions
John    Eddie    King
Senior Vice President
Operations, South Division
Erin C. Neumann
Vice President
Operations Excellence
Kim Harris Jones (1, 2)
Director
Joseph W. Pledger
Senior Vice President
Finance
Michael V. Sala
Vice President
Tax and Real Estate
Craig A. Schmidt
Senior Vice President
National Accounts
Emmanuel    Noel    M. Siscar
Vice President
,7 ,QIUDVWUXFWXUH                         
Cyber Security
Gracia Martore (1)
Lead Independent Director
Julie M. Heuer Brandt
Corporate Vice President and
3UHVLGHQW  *OREDO &RPPHUFLDO   )LHOG 
Operations at Johnson Controls
(3, 4)
Marc A. Bruno (2, 3)
&KLHI 2SHUDWLQJ 2  FHU 8 6            
)RRG   )DFLOLWLHV DW
Aramark Corporation
Terri L. Kelly (2, 4)
Director
Francisco J. Lopez-Balboa (1, 2)
([HFXWLYH 9LFH 3UHVLGHQW   &KLHI 
)LQDQFLDO 2  FHU DW &XPXOXV 0HGLD
Shiv Singh (1, 3)
Founder and CEO,
Savvy Matters, LLC
Alexander R. Taussig (4)
Board Partner at Lightspeed
Venture Partners
([HFXWLYH 2  FHUV
Matthew J. Flannery
President and Chief Executive
2  FHU
William E.    Ted    Grace
Executive Vice President and
&KLHI )LQDQFLDO 2  FHU
Michael D. Durand
Executive Vice President and
&KLHI 2SHUDWLQJ 2  FHU
&UDLJ $  3LQWR  
Executive Vice President
&KLHI $GPLQLVWUDWLYH 2  FHU
Joli L. Gross
Senior Vice President
&KLHI /HJDO   6XVWDLQDELOLW\ 2  FHU  
Corporate Secretary
Anthony S. Leopold
Senior Vice President
&KLHI 7HFKQRORJ\   6WUDWHJ\ 2  FHU
Andrew B. Limoges
Vice President, Controller and
3ULQFLSDO $FFRXQWLQJ 2  FHU
David C. Scott
Senior Vice President
Specialty Operations
Daniel C. Sparks
Senior Vice President
Sales Operations and Support
Corporate Vice Presidents
Tomer Barkan
Vice President
Planning and Analysis
Alfredo E. Barquin
Vice President
Business Development
Andrea L. Brugger
Vice President
6DOHV )RUFH (  HFWLYHQHVV
Sybil F. Collins
Vice President
Treasurer
John J. Fahey
Vice President
Internal Audit
Timothy M. Fischer Jr.
Vice President
Vertical Sales for National Accounts
Elizabeth Grenfell
Vice President
Investor Relations
Robert N. Halsey
Vice President
Marketing
Committees of the Board as of March 4, 2026
(1) Audit Committee, Kim Harris Jones, Chair
(2) Compensation Committee, Marc A. Bruno, Chair
    1RPLQDWLQJ DQG &RUSRUDWH *RYHUQDQFH &RPPLWWHH  /DUU\ '  'H 6KRQ  &KDLU
(4) Strategy Committee, Terri L. Kelly, Chair
Matthew A. Waterman
Vice President
Pricing
Kevin M. O   Brien
Vice President
Mid-Central Region
Audwin W. Reed
Vice President
South Region
Nicholas M. Roberts
Vice President
Southeast Region
Gina M. Rollins
Vice President
Reliable Onsite Services Region
Jason L. Rose
Vice President
Fluid Solutions Region
Stephen M. Szaniszlo
Vice President
Northeast Region
Regional Vice Presidents
Joel S. Weaver
Vice President
Matting Solutions Region
Mattney A. Burgin
Vice President
Carolinas Region
David G. Williams
Vice President
*XOI 6RXWK 5HJLRQ
Leland J. Burton
Vice President
:HVW *XOI 5HJLRQ
Larry K. Worthington Jr.
Vice President
3RZHU   +9$& 5HJLRQ 
Ryan T. Dillon
Vice President
Mobile Storage Region
Ryan R. Eaton
Vice President
Midwest Region
John    Scott    Fisher
Vice President
Western Canada Region
5RQ '  *UR  
Vice President
Northwest Region
Todd M. Hayes
Vice President
Trench Safety Region
Antwan J. Houston
Vice President
Tools Solutions Region
John J. Humphrey
Vice President
Mid-Atlantic Region

Michael J. Kneeland
Julie M. Heuer Brandt
Marc A. Bruno
Larry D. De Shon
Matthew J. Flannery
Kim Harris Jones
Terri L. Kelly
Francisco J. Lopez-Balboa
Gracia Martore
Shiv Singh
Alexander Taussig


shareholder letter icon 3/25/2026 Letter Continued (Full PDF)
 

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