United Rentals (URI) FY2023 results: revenue $14.3 billion, up 23.1% on the year
United Rentals, Inc. (URI) reported revenue of $14.3 billion for fiscal 2023, the year ended 31 December 2023, up 23.1% on the year before. Net income was $2.4 billion, up 15.2%, and diluted earnings per share $35.28. The figures are the company's own, from the 10-K it filed with the SEC on 24 January 2024.
Revenue
$14.3 billion
+23.1% on the year
FY2016FY2023
Operating margin
26.7%
27.8% a year earlier
FY2016FY2023
Net income
$2.4 billion
+15.2% on the year
FY2016FY2023
Diluted EPS
$35.28
+19.0% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
4,704
4,433
3,689
+6.1%
Capital expenditure
3,864
3,690
3,198
+4.7%
Free cash flow
840
743
491
+13.1%
Free cash flow margin
5.9%
6.4%
5.1%
Cash from investing
-2,976
-5,016
-3,611
Cash from financing
-1,474
552
-140
Depreciation and amortisation
431
364
372
+18.4%
Share-based compensation
94.0
127
119
-26.0%
Buybacks
1,070
1,068
34.0
+0.2%
Dividends paid
406
0.0
0.0
Dividend per share
$5.92
n/a
n/a
Diluted shares, weighted
69m
71m
73m
-3.2%
Shares outstanding at period end
67m
69m
72m
-3.0%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
8,130
7,062
5,991
+15.1%
Debt
11,582
11,447
9,754
+1.2%
Operating lease liabilities
895
642
621
+39.4%
Finance lease liabilities
137
72.0
82.0
+90.3%
Other liabilities
4,845
4,960
3,844
-2.3%
Total liabilities and equity
25,589
24,183
20,292
+5.8%
Goodwill
5,940
6,026
5,528
-1.4%
Intangible assets
670
452
615
+48.2%
Cash and equivalents
363
106
144
+242.5%
Receivables
2,230
2,004
1,677
+11.3%
Inventory
205
232
164
-11.6%
Other assets
16,181
15,363
12,164
+5.3%
Total assets
25,589
24,183
20,292
+5.8%
10-K for the year ended 31 December 2023, filed 24 January 2024: the filing.