Revenue growth accelerated to 11.8% in 2026Q2 with gross margin expanding to 39.3% from 36.1% a year earlier, while EPS grew 23.5% to $11.84, outpacing net income growth of 21% due to buybacks.
United Rentals, Inc. (URI) annual income statement — 28-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Sales/Revenue | 16.83B | 16.1B | 15.35B | 14.33B | 11.64B | 9.72B | 8.53B | 9.35B | 8.05B | 6.64B | 5.76B | 5.82B | 5.68B | 4.96B | 4.12B | 2.61B | 2.24B | 2.36B | 3.27B | 3.73B | 3.64B | 3.56B | 3.09B | 2.87B | 2.82B | 2.89B | 2.92B | 2.23B | 1.22B |
| Revenue Growth % | 6.88% | 4.91% | 7.07% | 23.11% | 19.82% | 13.9% | -8.78% | 16.2% | 21.17% | 15.26% | -0.95% | 2.32% | 14.73% | 20.35% | 57.68% | 16.72% | -5.13% | -27.82% | -12.44% | 2.5% | 2.16% | 15.16% | 7.91% | 1.64% | -2.27% | -1.11% | 30.68% | 83.04% | - |
| Cost of Goods Sold | 10.59B | 10.39B | 9.63B | 8.95B | 7.01B | 6.22B | 5.7B | 6.09B | 4.99B | 4.11B | 3.58B | 3.57B | 3.48B | 3.17B | 2.69B | 1.74B | 1.63B | 1.8B | 2.22B | 2.48B | 2.4B | 2.21B | 2.2B | 1.69B | 1.61B | 1.85B | 1.5B | 1.13B | 619.6M |
| COGS % of Revenue | - | 64.56% | 62.77% | 62.45% | 60.21% | 64.03% | 66.8% | 65.11% | 62.02% | 61.93% | 62.22% | 61.35% | 61.3% | 64.02% | 65.29% | 66.76% | 72.87% | 76.55% | 68.01% | 66.39% | 65.96% | 62.05% | 71.17% | 58.83% | 57.04% | 63.99% | 51.46% | 50.51% | 50.77% |
| Gross Profit | 6.24B | 5.71B | 5.71B | 5.38B | 4.63B | 3.5B | 2.83B | 3.26B | 3.06B | 2.53B | 2.18B | 2.25B | 2.2B | 1.78B | 1.43B | 868M | 607M | 553M | 1.04B | 1.25B | 1.24B | 1.08B | 892M | 1.18B | 1.21B | 1.04B | 1.42B | 1.11B | 600.7M |
| Gross Margin % | 37.07% | 35.44% | 37.23% | 37.55% | 39.79% | 35.97% | 33.2% | 34.89% | 37.98% | 38.07% | 37.78% | 38.65% | 38.7% | 35.98% | 34.71% | 33.24% | 27.13% | 23.45% | 31.99% | 33.61% | 34.04% | 30.23% | 28.83% | 41.17% | 42.96% | 36.01% | 48.54% | 49.49% | 49.23% |
| Gross Profit Growth % | - | -0.12% | 6.15% | 16.19% | 32.53% | 23.41% | -13.21% | 6.77% | 20.89% | 16.12% | -3.16% | 2.18% | 23.39% | 24.77% | 64.63% | 43% | 9.76% | -47.08% | -16.67% | 1.21% | 15.04% | 20.74% | -24.44% | -2.58% | 16.58% | -26.63% | 28.15% | 84.04% | - |
| Operating Expenses | 2.07B | 1.73B | 1.65B | 1.53B | 1.4B | 1.2B | 979M | 1.09B | 1.04B | 903M | 719M | 714M | 758M | 642M | 588M | 407M | 367M | 408M | 517M | 595M | 613M | 553M | 497M | 808.81M | 746.13M | 548.51M | 868.76M | 696.1M | 408M |
| OpEx % of Revenue | - | 10.76% | 10.72% | 10.65% | 12.03% | 12.34% | 11.48% | 11.68% | 12.9% | 13.6% | 12.48% | 12.27% | 13.33% | 12.96% | 14.28% | 15.59% | 16.41% | 17.3% | 15.82% | 15.95% | 16.84% | 15.52% | 16.06% | 28.21% | 26.45% | 19% | 29.76% | 31.16% | 33.43% |
| Selling, General & Admin | 1.95B | 1.73B | 1.65B | 1.53B | 1.4B | 1.2B | 979M | 1.09B | 1.04B | 903M | 719M | 714M | 758M | 642M | 588M | 407M | 367M | 408M | 528M | 595M | 613M | 596M | 497M | 451.35M | 438.92M | 441.75M | 454.33M | 352.6M | 195.6M |
| SG&A % of Revenue | - | 10.76% | 10.72% | 10.65% | 12.03% | 12.34% | 11.48% | 11.68% | 12.9% | 13.6% | 12.48% | 12.27% | 13.33% | 12.96% | 14.28% | 15.59% | 16.41% | 17.3% | 16.16% | 15.95% | 16.84% | 16.73% | 16.06% | 15.74% | 15.56% | 15.3% | 15.57% | 15.79% | 16.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 131M | 0 | 142M | 0 | 0 | 0 | 177M | 357.46M | 307.21M | 106.76M | 414.43M | 343.5M | 212.4M |
| Operating Income | 4.17B | 3.97B | 4.07B | 3.85B | 3.23B | 2.3B | 1.85B | 2.17B | 2.02B | 1.63B | 1.46B | 1.53B | 1.44B | 1.14B | 841M | 461M | 240M | 145M | 528M | 659M | 626M | 524M | 395M | 39.16M | 111.88M | 462.03M | 547.94M | 409.4M | 192.7M |
| Operating Margin % | 24.79% | 24.68% | 26.51% | 26.9% | 27.76% | 23.63% | 21.72% | 23.22% | 25.08% | 24.47% | 25.3% | 26.37% | 25.36% | 23.03% | 20.43% | 17.66% | 10.73% | 6.15% | 16.16% | 17.66% | 17.2% | 14.71% | 12.77% | 1.37% | 3.97% | 16.01% | 18.77% | 18.33% | 15.79% |
| Operating Income Growth % | - | -2.31% | 5.53% | 19.28% | 40.77% | 23.91% | -14.65% | 7.58% | 24.18% | 11.45% | -4.95% | 6.38% | 26.38% | 35.67% | 82.43% | 92.08% | 65.52% | -72.54% | -19.88% | 5.27% | 19.47% | 32.66% | 908.76% | -65% | -75.78% | -15.68% | 33.84% | 112.45% | - |
| EBITDA | 6.7B | 7.08B | 6.97B | 6.64B | 5.45B | 4.26B | 3.81B | 4.21B | 3.69B | 3.01B | 2.7B | 2.78B | 2.63B | 2.23B | 1.72B | 937M | 680M | 610M | 1.04B | 1.15B | 1.11B | 978M | 840M | 467.48M | 508.18M | 895.94M | 962.37M | 752.9M | 405.1M |
| EBITDA Margin % | 39.82% | 43.99% | 45.43% | 46.3% | 46.8% | 43.9% | 44.61% | 45.01% | 45.84% | 45.29% | 46.91% | 47.76% | 46.35% | 45.11% | 41.85% | 35.89% | 30.4% | 25.87% | 31.86% | 30.74% | 30.58% | 27.45% | 27.15% | 16.3% | 18.01% | 31.04% | 32.97% | 33.71% | 33.2% |
| EBITDA Growth % | -4.64% | 1.59% | 5.05% | 21.78% | 27.76% | 12.09% | -9.6% | 14.1% | 22.64% | 11.28% | -2.7% | 5.43% | 17.9% | 29.72% | 83.88% | 37.79% | 11.48% | -41.4% | -9.24% | 3.05% | 13.8% | 16.43% | 79.69% | -8.01% | -43.28% | -6.9% | 27.82% | 85.86% | - |
| D&A (Non-Cash Add-back) | 2.53B | 3.11B | 2.9B | 2.78B | 2.22B | 1.97B | 1.95B | 2.04B | 1.67B | 1.38B | 1.25B | 1.24B | 1.19B | 1.09B | 882M | 476M | 440M | 465M | 513M | 488M | 487M | 454M | 445M | 428.32M | 396.29M | 433.9M | 414.43M | 343.5M | 212.4M |
| EBIT | 4.23B | 4.05B | 4.08B | 3.85B | 3.25B | 2.27B | 1.81B | 2.16B | 1.96B | 1.46B | 1.32B | 1.41B | 1.33B | 1.01B | 534M | 399M | 184M | 128M | -630M | 774M | 620M | 526M | 81M | 295M | 448M | 490.96M | 547.94M | 409.46M | 192.8M |
| Net Interest Income | -715M | -716M | -691M | -635M | -445M | -424M | -669M | -648M | -481M | -464M | -511M | -567M | -555M | -478M | -516M | -235M | -263M | -222M | -183M | -196M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 715M | 716M | 691M | 635M | 445M | 424M | 669M | 648M | 481M | 464M | 511M | 567M | 555M | 478M | 516M | 305M | 329M | 230M | 183M | 196M | 246M | 566M | 1.1B | 1.1B | 1.13B | 323.07M | 244.61M | 195.4M | 185.9M |
| Other Income/Expense | -654M | -636M | -680M | -644M | -430M | -450M | -714M | -657M | -542M | -577M | -549M | -571M | -592M | -536M | -753M | -297M | -303M | -252M | -1.34B | -81M | -221M | -193M | -483M | -333.67M | -228.88M | -247.48M | -246.44M | -167.65M | -114.5M |
| Pretax Income | 3.52B | 3.34B | 3.39B | 3.21B | 2.8B | 1.85B | 1.14B | 1.51B | 1.48B | 1.05B | 909M | 963M | 850M | 605M | 88M | 164M | -63M | -107M | -813M | 578M | 405M | 310M | -88M | -303.22M | -101.38M | 214.55M | 301.5M | 241.8M | 78.3M |
| Pretax Margin % | 20.91% | 20.73% | 22.08% | 22.4% | 24.07% | 19% | 13.35% | 16.19% | 18.34% | 15.78% | 15.78% | 16.55% | 14.95% | 12.21% | 2.14% | 6.28% | -2.82% | -4.54% | -24.89% | 15.49% | 11.13% | 8.7% | -2.84% | -10.58% | -3.59% | 7.43% | 10.33% | 10.83% | 6.42% |
| Income Tax | 881M | 844M | 813M | 787M | 697M | 460M | 249M | 340M | 380M | -298M | 343M | 378M | 310M | 218M | 13M | 63M | -41M | -47M | -109M | 215M | 156M | 123M | -4M | -58.91M | 8.1M | 91.98M | 125.12M | 99.1M | 43.5M |
| Effective Tax Rate % | 25.04% | 25.28% | 24% | 24.51% | 24.88% | 24.92% | 21.86% | 22.46% | 25.75% | -28.44% | 37.73% | 39.25% | 36.47% | 36.03% | 14.77% | 38.41% | 65.08% | 43.93% | 13.41% | 37.2% | 38.52% | 39.68% | 4.55% | 19.43% | -7.99% | 42.87% | 41.5% | 40.98% | 55.56% |
| Net Income | 2.64B | 2.49B | 2.58B | 2.42B | 2.1B | 1.39B | 890M | 1.17B | 1.1B | 1.35B | 566M | 585M | 540M | 387M | 75M | 101M | -26M | -62M | -704M | 362M | 224M | 187M | -84M | -244.31M | -397.82M | 111.26M | 176.38M | 142.7M | 13.5M |
| Net Margin % | 15.67% | 15.49% | 16.78% | 16.91% | 18.08% | 14.27% | 10.43% | 12.55% | 13.62% | 20.27% | 9.82% | 10.06% | 9.5% | 7.81% | 1.82% | 3.87% | -1.16% | -2.63% | -21.55% | 9.7% | 6.15% | 5.25% | -2.71% | -8.52% | -14.1% | 3.85% | 6.04% | 6.39% | 1.11% |
| Net Income Growth % | 3.98% | -3.15% | 6.23% | 15.15% | 51.88% | 55.73% | -24.19% | 7.12% | -18.57% | 137.81% | -3.25% | 8.33% | 39.53% | 416% | -25.74% | 488.46% | 58.06% | 91.19% | -294.48% | 61.61% | 19.79% | 322.62% | 65.62% | 38.59% | -457.58% | -36.92% | 23.6% | 957.04% | - |
| Net Income (Continuing) | 2.64B | 2.49B | 2.58B | 2.42B | 2.1B | 1.39B | 890M | 1.17B | 1.1B | 1.35B | 566M | 585M | 540M | 387M | 75M | 101M | -22M | -60M | -704M | 363M | 249M | 202M | -84M | -254M | -118M | 122.57M | 176.38M | 142.67M | 34.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300M | 300M | 300M |
| EPS (Diluted) | 41.48 | 38.61 | 38.69 | 35.28 | 29.66 | 19.03 | 12.20 | 15.11 | 13.13 | 15.73 | 6.45 | 6.07 | 5.15 | 3.64 | 0.79 | 1.38 | -0.43 | -1.03 | -9.42 | 3.25 | 2.06 | 1.80 | -0.81 | -3.16 | -4.78 | 1.18 | 1.89 | 1.53 | 0.18 |
| EPS Growth % | 6.77% | -0.21% | 9.67% | 18.95% | 55.86% | 55.98% | -19.26% | 15.08% | -16.53% | 143.88% | 6.26% | 17.86% | 41.48% | 360.76% | -42.75% | 420.93% | 58.25% | 89.07% | -389.85% | 57.77% | 14.44% | 322.22% | 74.37% | 33.89% | -505.08% | -37.57% | 23.53% | 750% | - |
| EPS (Basic) | - | 38.71 | 38.82 | 35.40 | 29.77 | 19.14 | 12.25 | 15.18 | 13.25 | 15.91 | 6.49 | 6.14 | 5.54 | 4.14 | 0.90 | 1.62 | -0.43 | -1.03 | -9.42 | 3.60 | 2.32 | 1.97 | -0.89 | -3.16 | -4.78 | 1.54 | 2.48 | 2.00 | 0.20 |
| Diluted Shares Outstanding | 63.6M | 64.6M | 66.57M | 68.71M | 70.97M | 72.82M | 72.93M | 77.71M | 83.5M | 85.6M | 87.8M | 96.4M | 104.96M | 106.29M | 94.8M | 73.35M | 60.45M | 60.1M | 74.73M | 113.72M | 113.79M | 110.04M | 104.2M | 77.2M | 83.2M | 94.28M | 91.64M | 93.25M | 75M |
| Basic Shares Outstanding | 63.4M | 64.4M | 66.34M | 68.47M | 70.7M | 72.43M | 72.66M | 77.34M | 82.7M | 84.6M | 87.2M | 95.2M | 97.49M | 93.44M | 83M | 62.18M | 60.45M | 60.1M | 74.73M | 100.44M | 96.61M | 94.81M | 94.61M | 77.2M | 83.2M | 72.24M | 71.12M | 71.33M | 67.5M |
| Dividend Payout Ratio | - | 18.6% | 16.85% | 16.75% | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying URI stock.
For fiscal year 2025, United Rentals, Inc. (URI) reported total revenue of $16.10B. This represents a 1219.3% increase compared to $1.22B in 1998.
United Rentals, Inc. (URI) is profitable, generating $2.49B in net income for the fiscal year ending 2025 with a net profit margin of 15.5%.
United Rentals, Inc. (URI) reported an operating income of $3.97B, resulting in an operating profit margin of 24.7%. This margin reflects the operational efficiency of the business before interest and taxes.
United Rentals, Inc. (URI) generated $5.71B in gross profit for the year, representing a gross profit margin of 35.4%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cyclical end-market exposure
Metrics are mathematically derived from official filings.
Revenue Growth Accelerates on Mega-Projects
Revenue growth accelerated to 11.8% in 2026Q2, up from 4.5% a year earlier, driven by strong demand from infrastructure and mega-projects, as reported in the latest quarterly results.
The sequential acceleration from 7.2% in 2026Q1 to 11.8% in 2026Q2 suggests a strengthening demand environment, likely supported by large-scale projects in semiconductors and EV batteries. This growth appears durable given the long-duration nature of these projects, but investors should monitor for any signs of deferral in the backlog.
Gross Margin Expansion Reflects Pricing Power
Gross margin improved to 39.3% in 2026Q2, up from 36.1% in the prior-year quarter, indicating strong rental rate pricing and favorable mix shift toward Specialty, as per the income statement data.
The 320 basis point year-over-year expansion in gross margin suggests URI is successfully passing through inflationary costs and benefiting from a higher-margin Specialty segment. This trend may continue if mega-project demand persists, but any softening in used equipment residual values could pressure margins.
Operating Leverage Drives Margin Gains
Operating income grew 10% in 2026Q2 despite a 7% increase in SG&A, demonstrating positive operating leverage, as evidenced by the 25.8% operating margin, up from 25.4% a year ago.
The modest SG&A increase relative to revenue growth indicates that overhead costs are scaling efficiently, allowing operating income to outpace revenue. This leverage is a key driver of the margin expansion, but it may be cyclical; a downturn could quickly reverse these gains.
EPS Growth Outpaces Net Income
Diluted EPS grew 23.5% in 2026Q2, outpacing net income growth of 21%, likely due to share buybacks, as reported in the financial statements, enhancing per-share metrics.
The faster EPS growth relative to net income suggests capital return activities are boosting shareholder value. However, the reported EPS of $11.84 in 2026Q2 is below the street estimate of $12.76, indicating potential one-off costs or conservative guidance; investors should monitor the quality of earnings next quarter.
SG&A Efficiency Improves Despite Scale
SG&A as a percentage of revenue declined to 10.7% in 2026Q2 from 10.8% in the prior year, reflecting disciplined cost control, as per the income statement data.
The slight improvement in SG&A efficiency suggests management is effectively managing overhead costs despite expanding operations. This discipline supports margin expansion, but any significant increase in labor or maintenance costs could erode these gains.
Cyclicality and EPS Miss Pose Risks
Despite strong revenue growth, the 2026Q2 EPS miss of $12.76 actual versus $13.84 estimate raises concerns about underlying cost pressures, as reported in the latest earnings release.
The EPS miss, despite record revenue and raised guidance, may indicate margin pressure from higher depreciation or operating costs that are not yet visible in the gross margin. Additionally, URI's heavy exposure to cyclical end markets like construction and infrastructure means any macroeconomic slowdown could rapidly reverse the current growth acceleration, making the stock vulnerable to multiple compression.