United Rentals, Inc. Q4 FY2023 results: revenue $3.7 billion, up 13.1% on the year

United Rentals, Inc. (URI) reported revenue of $3.7 billion for Q4 FY2023, the quarter ended 31 December 2023, up 13.1% on the same quarter a year earlier. Net income was $679 million, up 6.3% on the year, and diluted earnings per share $10.01. The figures are the company's own, from the 10-K it filed with the SEC on 24 January 2024.

Revenue$3.7 billionup 13.1%

Net income$679 millionup 6.3%

Diluted EPS$10.01

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	3,728	3,765	n/a	n/a
Cost of revenue	2,166	2,180	n/a	n/a
Gross profit	1,562	1,585	n/a	n/a
Gross margin	41.9%	42.1%	n/a
Selling, general and administrative	393	374	n/a	n/a
Operating income	1,063	1,099	n/a	n/a
Operating margin	28.5%	29.2%	n/a
Pre-tax income	902	943	n/a	n/a
Income tax	223	240	n/a	n/a
Effective tax rate	24.7%	25.5%	n/a
Net income	679	703	n/a	n/a
Net margin	18.2%	18.7%	n/a
Diluted EPS	$10.01	$10.29	n/a	n/a

$ million except per share. Free 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	1,414	1,062	n/a	n/a
Capital expenditure	519	1,118	n/a	n/a
Free cash flow	895	-56.0	n/a	n/a
Free cash flow margin	24.0%	-1.5%	n/a
Depreciation and amortisation	102	107	n/a	n/a
Share-based compensation	22.0	23.0	n/a	n/a
Buybacks	264	252	n/a	n/a
Dividends paid	101	100	n/a	n/a
Dividend per share	n/a	$1.48	n/a	n/a
Diluted shares, weighted	n/a	68m	n/a	n/a
Shares outstanding at period end	67m	68m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Total assets	25,589	25,832	n/a	n/a
Cash and equivalents	363	284	n/a	n/a
Receivables	2,230	2,277	n/a	n/a
Inventory	205	201	n/a	n/a
Goodwill	5,940	5,792	n/a	n/a
Long-term debt	11,582	n/a	n/a	n/a
Long-term debt including finance leases	10,053	10,580	n/a	n/a
Operating lease liabilities	895	890	n/a	n/a
Finance lease liabilities	137	n/a	n/a	n/a
Shareholders' equity	8,130	7,756	n/a	n/a

Quarterly results, the last 12 quarters

	Q2 FY2023	Q3 FY2023	Q4 FY2023	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026
Revenue	3,554	3,765	3,728	3,485	3,773	3,992	4,095	3,719	3,943	4,229	4,208	3,985
Cost of revenue	2,129	2,180	2,166	2,139	2,255	2,344	2,457	2,363	2,410	2,564	2,618	2,516
Gross profit	1,425	1,585	1,562	1,346	1,518	1,648	1,638	1,356	1,533	1,665	1,590	1,469
Gross margin	40%	42%	42%	39%	40%	41%	40%	36%	39%	39%	38%	37%
SG&A	378	374	393	389	404	416	436	437	422	442	431	441
Operating income	925	1,099	1,063	852	1,004	1,122	1,087	804	1,003	1,114	1,052	869
Operating margin	26%	29%	29%	24%	27%	28%	27%	22%	25%	26%	25%	22%
Pre-tax income	772	943	902	695	835	949	909	688	839	937	874	701
Tax rate	23%	25%	25%	22%	24%	25%	24%	25%	26%	25%	25%	24%
Net income	591	703	679	542	636	708	689	518	622	701	653	531
Net margin	17%	19%	18%	16%	17%	18%	17%	14%	16%	17%	16%	13%
Diluted EPS	$8.58	$10.29	$10.01	$8.04	$9.54	$10.70	$10.47	$7.91	$9.59	$10.91	$10.27	$8.43
Operating cash flow	1,289	1,062	1,414	1,029	1,265	1,204	1,048	1,425	1,328	1,181	1,256	1,514
Capital expenditure	1,357	1,118	519	653	1,528	1,372	577	n/a	n/a	n/a	n/a	n/a
Free cash flow	-68.0	-56.0	895	376	-263	-168	471	n/a	n/a	n/a	n/a	n/a
Buybacks	251	252	264	415	376	377	403	289	431	618	631	421
Dividends paid	102	100	101	110	109	107	108	118	117	115	114	125
Shares outstanding	68m	68m	67m	67m	66m	66m	65m	65m	64m	64m	63m	63m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 24 January 2024, accession 0001067701-24-000007: the filing on EDGAR. All of United Rentals, Inc.'s filings: EDGAR company page.

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