United Rentals (URI) FY2018 results: revenue $8.0 billion, up 21.2% on the year
United Rentals, Inc. (URI) reported revenue of $8.0 billion for fiscal 2018, the year ended 31 December 2018, up 21.2% on the year before. Net income was $1.1 billion, down 18.6%, and diluted earnings per share $13.12. The figures are the company's own, from the 10-K it filed with the SEC on 23 January 2019.
Revenue
$8.0 billion
+21.2% on the year
FY2011FY2018
Operating margin
24.2%
22.7% a year earlier
FY2011FY2018
Net income
$1.1 billion
-18.6% on the year
FY2011FY2018
Diluted EPS
$13.12
-16.6% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
8,047
6,641
5,762
+21.2%
Cost of revenue
4,683
3,872
3,359
+20.9%
Gross profit
3,364
2,769
2,403
+21.5%
Gross margin
41.8%
41.7%
41.7%
Selling, general and administrative
1,038
903
719
+15.0%
Operating income
1,951
1,507
1,415
+29.5%
Operating margin
24.2%
22.7%
24.6%
Pre-tax income
1,476
1,048
909
+40.8%
Income tax
380
-298
343
Effective tax rate
25.7%
-28.4%
37.7%
Net income
1,096
1,346
566
-18.6%
Net margin
13.6%
20.3%
9.8%
Diluted EPS
$13.12
$15.73
$6.45
-16.6%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
2,853
2,209
1,941
+29.2%
Capital expenditure
185
120
93.0
+54.2%
Free cash flow
2,668
2,089
1,848
+27.7%
Free cash flow margin
33.2%
31.5%
32.1%
Cash from investing
-4,551
-3,684
-847
Cash from financing
1,397
1,497
-964
-6.7%
Depreciation and amortisation
308
259
1,245
+18.9%
Share-based compensation
102
87.0
45.0
+17.2%
Buybacks
817
56.0
528
+1,358.9%
Diluted shares, weighted
84m
86m
88m
-2.4%
Shares outstanding at period end
80m
84m
84m
-5.4%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,403
3,106
1,648
+9.6%
Debt
11,834
9,516
7,843
+24.4%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
2,896
2,408
2,497
+20.3%
Total liabilities and equity
18,133
15,030
11,988
+20.6%
Fixed assets
614
467
430
+31.5%
Goodwill
5,058
4,082
3,260
+23.9%
Intangible assets
1,084
875
742
+23.9%
Cash and equivalents
43.0
352
312
-87.8%
Receivables
1,545
1,233
920
+25.3%
Inventory
109
75.0
68.0
+45.3%
Other assets
9,680
7,946
6,256
+21.8%
Total assets
18,133
15,030
11,988
+20.6%
10-K for the year ended 31 December 2018, filed 23 January 2019: the filing.