United Rentals
Rentals
Financial Summary
| 2022 | 2023 | 1Q24 | 2Q24 | 3Q24 | 4Q24 | 2024 | 1Q25 | 2Q25 | LTM | |
|---|---|---|---|---|---|---|---|---|---|---|
| OPERATING METRICS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Number of Locations (EoP) | 1,520 | 1,584 | 1,600 | 1,647 | 1,666 | 1,686 | 1,686 | 1,697 | 1,713 | 1,713 |
| INCOME STATEMENT | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Revenue | $11,642 | $14,332 | $3,485 | $3,773 | $3,992 | $4,095 | $15,345 | $3,719 | $3,943 | $15,749 |
| COGS | 6,646 | 8,519 | 2,139 | 2,255 | 2,344 | 2,457 | 9,195 | 2,363 | 2,410 | 9,574 |
| Gross Profit | 4,996 | 5,813 | 1,346 | 1,518 | 1,648 | 1,638 | 6,150 | 1,356 | 1,533 | 6,175 |
| SG&A | 1,400 | 1,527 | 389 | 404 | 416 | 436 | 1,645 | 437 | 422 | 1,711 |
| Other Opex | 730 | 822 | 290 | 233 | 256 | 319 | 1,148 | 285 | 223 | 1,084 |
| Operating Income | 2,866 | 3,464 | 667 | 881 | 976 | 883 | 3,357 | 634 | 888 | 3,380 |
| D&A | 2,217 | 2,781 | 686 | 717 | 738 | 762 | 2,903 | 751 | 759 | 3,010 |
| EBITDA | $5,083 | $6,245 | $1,353 | $1,598 | $1,714 | $1,645 | $6,260 | $1,385 | $1,647 | $6,390 |
| Adjustments | 535 | 612 | 234 | 171 | 190 | 255 | 900 | 286 | 163 | 895 |
| Adj. EBITDA | $5,618 | $6,857 | $1,587 | $1,769 | $1,904 | $1,900 | $7,160 | $1,671 | $1,810 | $7,285 |
| Interest | 445 | 635 | 160 | 173 | 178 | 180 | 691 | 184 | 171 | 713 |
| FREE CASH FLOW | ||||||||||
| Change in NWC | 24 | 173 | -13 | 85 | -108 | -230 | -266 | 300 | 95 | 57 |
| All Other CFO | 4,409 | 4,531 | 1,042 | 1,180 | 1,312 | 1,278 | 4,812 | 1,125 | 1,233 | 4,948 |
| CF From Ops | 4,433 | 4,704 | 1,029 | 1,265 | 1,204 | 1,048 | 4,546 | 1,425 | 1,328 | 5,005 |
| Capex | -3,690 | -4,127 | -569 | -1,462 | -1,413 | -683 | -4,127 | -745 | -1,558 | -4,399 |
| Free Cash Flow | 743 | 577 | 460 | -197 | -209 | 365 | 419 | 680 | -230 | 606 |
| Dividends & Share Repurchases | -1,068 | -1,476 | -525 | -485 | -484 | -511 | -2,005 | -407 | -548 | -1,950 |
| Cash Flow | -325 | -899 | -65 | -682 | -693 | -146 | -1,586 | 273 | -778 | -1,344 |
| GROWTH | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Sales Growth | 19.8% | 23.1% | 6.1% | 6.2% | 6.0% | 9.8% | 274.7% | 6.7% | 4.5% | 6.8% |
| Adj. EBITDA Growth | 27.3% | 22.1% | 5.6% | 4.4% | 2.9% | 5.0% | 276.8% | 5.3% | 2.3% | 3.8% |
| MARGINS | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Gross Margin % | 42.9% | 40.6% | 38.6% | 40.2% | 41.3% | 40.0% | 40.1% | 36.5% | 38.9% | 39.2% |
| Adj. EBITDA Margin % | 48.3% | 47.8% | 45.5% | 46.9% | 47.7% | 46.4% | 46.7% | 44.9% | 45.9% | 46.3% |
| COVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| LTM EBITDA / LTM Interest | 12.6x | 10.8x | 10.8x | 10.7x | 10.5x | 10.4x | 10.4x | 10.1x | 10.2x | 10.2x |
| BALANCE SHEET | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Cash | 106 | 363 | 429 | 467 | 479 | 457 | 457 | 542 | 548 | 548 |
| Total Debt | $12,274 | $12,717 | $13,371 | $13,877 | $14,415 | $14,872 | $14,872 | $13,993 | $14,455 | $14,455 |
| LEVERAGE | nan | nan | nan | nan | nan | nan | nan | nan | nan | nan |
| Total Leverage | 2.2x | 1.9x | 1.9x | 2.0x | 2.0x | 2.1x | 2.1x | 1.9x | 2.0x | 2.0x |
| Net Leverage | 2.2x | 1.8x | 1.9x | 1.9x | 2.0x | 2.0x | 2.0x | 1.9x | 1.9x | 1.9x |
Cap Table
As of: 06/30/2025
| Instrument | Balance | Total Leverage |
|---|---|---|
| AR Securitization Facility due 2026 | $1,184 | — |
| ABL Facility due 2027 | $2,091 | — |
| Term Loan due 2031 | $979 | — |
| 3.875% Senior Secured Notes due 2027 | $747 | — |
| 6.00% Senior Secured Notes due 2029 | $1,491 | — |
| Finance Leases | $305 | — |
| Total Secured Debt | $6,797 | 0.9x |
| 5.50% Senior Notes due 2027 | $499 | — |
| 4.875% Senior Notes due 2028 | $1,668 | — |
| 5.25% Senior Notes due 2030 | $746 | — |
| 4.00% Senior Notes due 2030 | $746 | — |
| 3.875% Senior Notes due 2031 | $1,093 | — |
| 3.75% Senior Notes due 2032 | $745 | — |
| 6.125% Senior Notes due 2034 | $1,091 | — |
| Total Debt | $13,385 | 1.8x |
| Total Traded Bonds | 8,826 | — |
| Total Traded Loans | 979 | — |
| Total Traded Debt | 9,805 | — |
Vital Signs
- Leverage: 2.0x
- Free Cash Flow: 606
Company Info
Website: https://investors.unitedrentals.com/financials/quarterly-results/default.aspx
Industry
- Rentals
Key Drivers
- TBD
- TBD
- TBD
Customers
- TBD
- TBD
- TBD
Notes
TBD;TBD;TBD