$URI

UNITED RENTALS INC /DE

CIK:0001067701|SEC Filings

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Total revenues	$ 4,410	$ 3,943	$ 8,395	$ 7,662
Cost of revenues:
Cost of equipment rentals, excluding depreciation	1,644	1,443	3,136	2,821
Depreciation of rental equipment	704	651	1,385	1,288
Total cost of revenues	2,678	2,410	5,194	4,773
Gross profit	1,732	1,533	3,201	2,889
Selling, general and administrative expenses	472	422	913	859
Restructuring charge	6	0	51	1
Non-rental depreciation and amortization	116	108	230	222
Operating income	1,138	1,003	2,007	1,807
Interest expense, net	178	171	354	355
Other income, net	(47)	(7)	(55)	(75)
Income before provision for income taxes	1,007	839	1,708	1,527
Provision for income taxes	254	217	424	387
Net income	$ 753	$ 622	$ 1,284	$ 1,140
Basic earnings per share (in dollars per share)	$ 12.04	$ 9.59	$ 20.47	$ 17.51
Diluted earnings per share (in dollars per share)	$ 12.03	$ 9.59	$ 20.44	$ 17.48
Equipment rentals
Revenues:
Total revenues	$ 3,849	$ 3,415	$ 7,268	$ 6,560
Sales of rental equipment
Revenues:
Total revenues	330	317	680	694
Cost of revenues:
Cost of goods and services sold	176	171	366	381
Sales of new equipment
Revenues:
Total revenues	86	75	170	145
Cost of revenues:
Cost of goods and services sold	68	61	138	117
Contractor supplies sales
Revenues:
Total revenues	44	41	84	77
Cost of revenues:
Cost of goods and services sold	30	28	58	54
Service and other revenues
Revenues:
Total revenues	101	95	193	186
Cost of revenues:
Cost of goods and services sold	$ 56	$ 56	$ 111	$ 112

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Millions

6 Months Ended

Jun. 30, 2026

Jun. 30, 2025

Cash Flows From Operating Activities:

Net income

$ 1,284

$ 1,140

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization

1,615

1,510

Amortization of deferred financing costs and original issue discounts

Gain on sales of rental equipment

(314)

(313)

Gain on sales of non-rental equipment

(7)

(10)

Gain on sale of business

^[1]

(49)

Insurance proceeds from damaged equipment

(23)

Stock compensation expense, net

Restructuring charge

Debt related activity

^[2]

Increase (decrease) in deferred taxes

220

(38)

Changes in operating assets and liabilities, net of amounts acquired:

(Increase) decrease in accounts receivable

(272)

Increase in inventory

(54)

(41)

Decrease (increase) in prepaid expenses and other assets

(114)

Increase in accounts payable

623

529

Increase in accrued expenses and other liabilities

114

Net cash provided by operating activities

3,305

2,753

Cash Flows From Investing Activities:

Payments for purchases of rental equipment

(2,720)

(2,121)

Payments for purchases of non-rental equipment and intangible assets

(165)

(182)

Proceeds from sales of rental equipment

680

694

Proceeds from sales of non-rental equipment

Insurance proceeds from damaged equipment

Purchases of other companies, net of cash acquired

(400)

(16)

Proceeds from sale of business

^[1]

Purchases of investments

(1)

Proceeds from sales of investments

Net cash used in investing activities

(2,471)

(1,572)

Cash Flows From Financing Activities:

Proceeds from debt

4,503

4,829

Payments of debt

(4,594)

(4,952)

Payment of contingent consideration

(18)

(23)

Common stock repurchased, including tax withholdings for share-based compensation

(816)

(720)

Payments of financing and other debt related costs

^[2]

(1)

(14)

Dividends paid

(248)

(235)

Net cash used in financing activities

(1,174)

(1,115)

Effect of foreign exchange rates

(7)

Net (decrease) increase in cash and cash equivalents

(347)

Cash and cash equivalents at beginning of period

459

457

Cash and cash equivalents at end of period

112

548

Supplemental disclosure of cash flow information:

Cash paid for income taxes, net

158

540

Cash paid for interest

$ 342

$ 339

[1]	See note 3 to the condensed consolidated financial statements for a discussion of the gain recognized upon sale of part of our scaffolding business.
[2]	The amounts for the six months ended June 30, 2025 primarily reflect bridge financing fees associated with the terminated acquisition of H&E Equipment Services, Inc. d/b/a H&E Rentals (“H&E”) discussed below.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
ASSETS
Cash and cash equivalents	$ 112	$ 459
Accounts receivable, net	2,797	2,510
Inventory	294	240
Prepaid expenses and other assets	390	399
Total current assets	3,593	3,608
Goodwill	7,201	7,119
Other intangible assets, net	561	477
Operating lease right-of-use assets	1,412	1,395
Other long-term assets	63	64
Total assets	31,314	29,866
LIABILITIES AND STOCKHOLDERS’ EQUITY
Short-term debt and current maturities of long-term debt	1,541	1,577
Accounts payable	1,610	776
Accrued expenses and other liabilities	1,552	1,466
Total current liabilities	4,703	3,819
Long-term debt	12,689	12,652
Deferred taxes	3,333	3,115
Operating lease liabilities	1,155	1,124
Other long-term liabilities	210	188
Total liabilities	22,090	20,898
Common stock—$0.01 par value, 500,000,000 shares authorized, 115,441,696 and 62,337,831 shares issued and outstanding, respectively, at June 30, 2026 and 115,354,590 and 63,095,970 shares issued and outstanding, respectively, at December 31, 2025	1	1
Additional paid-in capital	2,803	2,769
Retained earnings	16,879	15,843
Treasury stock at cost—53,103,865 and 52,258,620 shares at June 30, 2026 and December 31, 2025, respectively	(10,152)	(9,396)
Accumulated other comprehensive loss	(307)	(249)
Total stockholders’ equity	9,224	8,968
Total liabilities and stockholders’ equity	31,314	29,866
Rental equipment, net
ASSETS
Equipment	17,350	16,069
Property and equipment, net
ASSETS
Equipment	$ 1,134	$ 1,134