United Rentals (URI) FY2025 results: revenue $16.1 billion, up 4.9% on the year

United Rentals is the largest equipment rental company in the world, operating throughout the United States and Canada with a smaller presence in Europe, Australia and New Zealand. Equipment rental was 86% of what it took in during 2025, the rest coming from sales of used and new equipment, contractor supplies, and service and parts. It ran 1,768 rental locations at the end of 2025 against 1,686 a year earlier, and the filing puts its estimated North American market share at 15%, on industry estimates from the American Rental Association that exclude party and event rentals.

The fleet

The rental fleet had an original equipment cost of $22.48 billion at the end of 2025, against $21.43 billion a year earlier, covering 1,095,000 equipment units at an average age of 49.5 months. Equipment goes out on an hourly, daily, weekly or monthly basis. Measured by what equipment rental brought in, general construction and industrial equipment was 39%, aerial work platforms 22%, power and HVAC equipment 11%, general tools and light equipment 9%, fluid solutions equipment 7%, trench safety equipment 5%, surface protection mats 4% and mobile storage equipment and modular office space 3%. Key accounts were 69% of equipment rental in 2025 and national accounts 46%.

Two segments

General rentals covers the rental of construction, aerial and industrial equipment, general tools and light equipment and related services, sold to construction and industrial companies, manufacturers, utilities, municipalities and homeowners; it is the aggregation of four geographic divisions, Central, Northeast, Southeast and West, and operates throughout the United States and Canada. Specialty rents trench safety equipment such as trench shields, aluminum hydraulic shoring systems, slide rails and construction lasers, power and HVAC equipment including portable diesel generators, electrical distribution and temperature control, fluid solutions equipment used for fluid containment, transfer and treatment, mobile storage equipment and modular office space, and surface protection mats, with setup and other services provided on the rented equipment. Its customers are construction companies on infrastructure projects, municipalities and industrial companies, and it holds the smaller operations in Europe, Australia and New Zealand.

The other lines

Used rental equipment is sold routinely, both to manage repair and maintenance costs and the size and composition of the fleet and in response to customer demand for the equipment, through national and export sales forces, at auction, through brokers, directly to manufacturers and through an online database on the company's website. New equipment sold includes aerial lifts, reach forklifts, telehandlers, compressors and generators from many manufacturers, with the mix varying by location. The company also sells contractor supplies, covering construction consumables, tools, small equipment and safety supplies, and it offers repair and maintenance services and parts for equipment that customers own themselves.

Customers and suppliers

The customer base runs from Fortune 500 companies to small businesses and homeowners, and varies by branch with the equipment mix, the branch's marketing focus and the make-up of the local economy. It takes in construction companies constructing and renovating commercial buildings, warehouses, industrial and manufacturing plants, office parks, airports and residential developments; industrial companies such as manufacturers, chemical companies, paper mills, railroads, ship builders and utilities using equipment for plant maintenance, upgrades, expansion and construction; municipalities; and homeowners. Concentration sits on the supply side rather than the customer side: the largest customer was 1% of the total in 2025 and the top ten 5%, while the largest supplier was 11% of capital expenditures and the top ten 52%. Demand for rental equipment tends to be lower in the winter months.

People

There were 28,500 employees at the end of 2025, 20,300 of them hourly and 8,200 salaried, against 27,900 a year earlier. Voluntarily, 10.8% of employees left during 2025, against 11.9% in 2024 and 12.4% in 2023. Every employee holds stop-work authority, which lets them immediately stop any unsafe or potentially hazardous working condition or behaviour they observe, and safety is tracked through total recordable injury rate, preventable motor vehicle incidents per million miles, corrective actions and the frequency of close calls.

From United Rentals' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 28 January 2026: read the full 10-K.