Think of them as the Hertz or Enterprise of construction and industrial equipment.

Imagine a Home Depot or Lowe's, but focused on renting out all the big, heavy construction and industrial machinery contractors need.

They are essentially the Amazon for professional equipment rentals, providing a vast inventory of tools and machinery on demand.

Major Products and Services of United Rentals (URI)

• General Equipment Rental: Provides a broad range of heavy and light construction equipment, tools, and industrial equipment for various projects across numerous sectors.
• Trench Safety Solutions: Offers specialized equipment and expertise for safe excavation, including shoring, shielding, and engineered systems to prevent collapses.
• Power & HVAC Solutions: Rents generators, electrical distribution, heating, cooling, and dehumidification equipment for temporary climate control and power requirements.
• Fluid Solutions: Provides pumps, tanks, and filtration equipment for water and wastewater management, dewatering, and bypass applications.
• Mobile Storage & Office Solutions: Offers portable storage containers, office trailers, and modular buildings for on-site project needs and temporary workspace.

• Construction Sector: This is United Rentals' largest customer segment, encompassing a wide range of companies involved in non-residential construction (commercial buildings, industrial facilities), residential construction (housing developers, home builders), and infrastructure projects (roads, bridges, utilities, public works).
• Industrial Sector: Customers in this category include companies operating in manufacturing, petrochemicals, refining, utilities, power generation, mining, and oil & gas. These businesses often utilize equipment for maintenance, turnarounds, and capital projects.
• Government and Other Sectors: This includes federal, state, and local government agencies for various public projects, as well as customers in diverse fields such as entertainment, special events, landscaping, environmental remediation, and facility management.

• Caterpillar Inc. (CAT)
• Deere & Company (DE)
• Oshkosh Corporation (OSK)
• Terex Corporation (TEX)
• Komatsu Ltd. (KMTUY)

Matthew J. Flannery, President and Chief Executive Officer

Mr. Flannery was appointed Chief Executive Officer of United Rentals in May 2019, and President in March 2018. He joined United Rentals in 1998 and has over 25 years of sales, management, and operations experience in the equipment rental industry. His roles within the company have included Executive Vice President and Chief Operating Officer, Executive Vice President—Operations and Sales, Senior Vice President—Operations East, and various regional, district, and branch management positions.

William "Ted" Grace, Executive Vice President and Chief Financial Officer

Mr. Grace was appointed Executive Vice President and Chief Financial Officer in November 2022, having previously served as interim CFO since July 2022. He has over 20 years of experience in financial services, including six years as United Rentals' vice president and head of investor relations. Prior to joining United Rentals, he worked as a senior analyst with Susquehanna International Group, covering the industrial machinery and building materials sectors. His career also includes senior leadership roles at Avondale Partners and positions on analysis teams at Goldman Sachs & Co., Banc of America Securities, and PaineWebber.

Michael Durand, Executive Vice President and Chief Operating Officer

Mr. Durand was promoted to Executive Vice President and Chief Operating Officer in September 2023. He joined United Rentals in 2002 as a branch manager and has since held roles of increasing responsibility, including district manager, region vice president, and senior vice president of sales and operations. Before joining United Rentals, Mr. Durand began his career in 1999 as a district manager at Ferrellgas and later worked for Dryair.

Craig A. Pintoff, Executive Vice President, Chief Administrative & Legal Officer

Mr. Pintoff was promoted to Executive Vice President, Chief Administrative and Legal Officer in March 2017. He joined United Rentals in 2003 as Director—Legal Affairs and has led the company's human resources team since 2005. Prior to his tenure at United Rentals, Mr. Pintoff served as chief benefits and employment counsel for Crompton Corporation and was an attorney at White & Case LLP.

Dale Asplund, Former Executive Vice President and Chief Operating Officer (previously with United Rentals)

Mr. Asplund served as Executive Vice President and Chief Operating Officer at United Rentals from January 1998 until September 2023. He held various strategic senior leadership roles within the company, encompassing business services, shared services, supply chain, fleet management, and information technology. Earlier in his career, he worked for United Waste Systems, Inc., a company founded by Brad Jacobs (who also founded United Rentals) and known for growth through acquisition. Mr. Asplund left United Rentals to become President and Chief Executive Officer of BrightView Landscapes, a company that received a $500 million strategic investment from private equity firm One Rock Capital Partners.

The key risks to United Rentals' (URI) business are primarily tied to the cyclical nature of its end markets, pressure on profit margins from rising costs, and its significant debt levels.

1. Economic Cyclicality and Dependence on Construction and Industrial Sectors: United Rentals' financial performance is highly dependent on the health of the construction and industrial sectors. A prolonged downturn in infrastructure, commercial, or industrial activity could significantly reduce demand for rental equipment, leading to decreased revenues and profit margins. Economic fluctuations, including inflation and interest rates, can directly impact customer demand and the company's profitability.
2. Margin Compression from Rising Operational Costs: The company faces a significant near-term risk from margin compression, where expenses are increasing faster than revenue. This is driven by rising internal inflationary pressures, particularly in logistics, delivery costs, and labor. Additionally, the normalization or cooling off of the used equipment market can impact profitability, as sales of used equipment are a secondary revenue stream that contributes to managing capital expenditure cycles for the fleet.
3. High Indebtedness and Interest Rate Risk: United Rentals carries substantial long-term debt, which is primarily used for fleet expansion and strategic acquisitions. This high level of indebtedness can limit the company's financial flexibility and its ability to respond to adverse economic conditions or pursue new growth opportunities. The company is also exposed to interest rate risk, as a significant portion of its debt bears interest at variable rates, meaning rising interest rates could increase debt service costs and negatively impact financial results.

The emergence and rapid expansion of technology-driven equipment rental companies, most notably EquipmentShare, presents a clear emerging threat to United Rentals. EquipmentShare leverages advanced telematics, proprietary software platforms, and a digital-first approach to streamline equipment rental, optimize asset utilization, and enhance customer experience. This model directly challenges the traditional operational framework of established rental companies by offering a modern, often more agile, alternative that prioritizes data-driven insights and digital integration throughout the rental lifecycle. Their significant funding and aggressive market expansion indicate a substantial competitive force aiming to disrupt the long-standing industry leaders.

• Growth in Specialty Rentals and Market Expansion: United Rentals consistently emphasizes the strong performance and continued expansion of its specialty rental segments. This includes categories like trench safety, power and HVAC, fluid solutions, and mobile storage. The company is actively pursuing "cold starts," which are new branch openings, to grow its presence in these higher-margin sectors. Specialty rental revenue has shown significant year-over-year growth, and management expects this trend to continue, targeting at least 50 new specialty cold-starts in 2025.
• Demand from Large Projects and Infrastructure Spending: A significant driver of future revenue is the robust demand stemming from large-scale construction and industrial projects. This includes substantial investments in infrastructure, non-residential construction, data centers, and manufacturing facilities (often linked to reshoring trends). United Rentals' leadership has expressed confidence in the project pipeline, indicating that these major undertakings will continue to fuel healthy demand for equipment rentals into 2026.
• Fleet Productivity and Strategic Capital Allocation: The company's focus on enhancing fleet productivity and disciplined capital allocation is crucial for revenue growth. This involves strategic investments in its rental fleet to meet evolving customer demand and optimize utilization. By efficiently managing its equipment and making smart capital expenditures, United Rentals can maximize the revenue generated from its assets.
• Leveraging Technology and Digital Transformation: Investments in innovative technologies are playing an increasingly important role in driving efficiency and enhancing customer experience, thereby supporting revenue growth. Initiatives such as next-generation telematics, online rental platforms, mobile applications, and digital payments streamline operations, improve equipment management, and make it easier for customers to do business with United Rentals. These technological advancements are expected to contribute to sustained profitable growth.

Share Repurchases

• United Rentals repurchased over $1.6 billion in shares in 2024, representing more than 5% of its total share count.
• The company increased its planned share repurchases for 2025 to $1.9 billion.
• Through September 30, 2025, $1.033 billion had been repurchased under the current program, with a total of $1.9 billion targeted for the full year 2025 across all programs.

Share Issuance

• Between 2020 and 2024, the number of outstanding shares decreased by 13% (from 81 million to 70 million), primarily due to share repurchases.
• Shares outstanding continued to decline, with a 2.88% year-over-year decrease for the quarter ending September 30, 2025.

Outbound Investments

• In April 2021, United Rentals acquired General Finance Corporation for approximately $996 million, including the assumption of $400 million of net debt, to expand its mobile storage and modular office offerings.
• In late 2022, United Rentals acquired Ahern Rentals, which significantly expanded its fleet and branch network.
• In January 2025, United Rentals announced an agreement to acquire H&E Equipment Services for approximately $4.8 billion; however, this acquisition was terminated in February 2025, with United Rentals receiving a $63.5 million termination fee.

Capital Expenditures

• Gross rental capital expenditures for 2024 were $3.756 billion, resulting in net rental capital expenditures of $2.235 billion after accounting for $1.698 billion in used equipment sales.
• For 2025, guidance projects gross fleet capital expenditures between $3.65 billion and $3.95 billion, with approximately $3.3 billion allocated for fleet replacement and $500 million for growth.
• The primary focus of these expenditures is on replacing aging assets and expanding capacity in high-demand segments, particularly within the Specialty business, to support strong customer demand.