United Rentals (URI) FY2019 results: revenue $9.4 billion, up 16.2% on the year
United Rentals, Inc. (URI) reported revenue of $9.4 billion for fiscal 2019, the year ended 31 December 2019, up 16.2% on the year before. Net income was $1.2 billion, up 7.1%, and diluted earnings per share $15.11. The figures are the company's own, from the 10-K it filed with the SEC on 29 January 2020.
Revenue
$9.4 billion
+16.2% on the year
FY2012FY2019
Operating margin
23.0%
24.2% a year earlier
FY2012FY2019
Net income
$1.2 billion
+7.1% on the year
FY2012FY2019
Diluted EPS
$15.11
+15.2% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
9,351
8,047
6,641
+16.2%
Cost of revenue
5,681
4,683
3,872
+21.3%
Gross profit
3,670
3,364
2,769
+9.1%
Gross margin
39.2%
41.8%
41.7%
Selling, general and administrative
1,092
1,038
903
+5.2%
Operating income
2,152
1,951
1,507
+10.3%
Operating margin
23.0%
24.2%
22.7%
Pre-tax income
1,514
1,476
1,048
+2.6%
Income tax
340
380
-298
-10.5%
Effective tax rate
22.5%
25.7%
-28.4%
Net income
1,174
1,096
1,346
+7.1%
Net margin
12.6%
13.6%
20.3%
Diluted EPS
$15.11
$13.12
$15.73
+15.2%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
3,024
2,853
2,209
+6.0%
Capital expenditure
218
185
120
+17.8%
Free cash flow
2,806
2,668
2,089
+5.2%
Free cash flow margin
30.0%
33.2%
31.5%
Cash from investing
-1,710
-4,551
-3,684
Cash from financing
-1,305
1,397
1,497
Depreciation and amortisation
407
308
259
+32.1%
Share-based compensation
61.0
102
87.0
-40.2%
Buybacks
870
817
56.0
+6.5%
Diluted shares, weighted
78m
84m
86m
-7.0%
Shares outstanding at period end
74m
80m
84m
-6.9%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,830
3,403
3,106
+12.5%
Debt
11,516
11,834
9,516
-2.7%
Operating lease liabilities
533
0.0
n/a
Finance lease liabilities
69.0
n/a
n/a
Other liabilities
3,022
2,896
2,408
+4.4%
Total liabilities and equity
18,970
18,133
15,030
+4.6%
Fixed assets
604
614
467
-1.6%
Goodwill
5,154
5,058
4,082
+1.9%
Intangible assets
895
1,084
875
-17.4%
Cash and equivalents
52.0
43.0
352
+20.9%
Receivables
1,530
1,545
1,233
-1.0%
Inventory
120
109
75.0
+10.1%
Other assets
10,615
9,680
7,946
+9.7%
Total assets
18,970
18,133
15,030
+4.6%
10-K for the year ended 31 December 2019, filed 29 January 2020: the filing.