United Rentals, Inc.

Company overview

Legal name and structure: United Rentals, Inc., incorporated in Delaware (1997). The company is a holding company; principal operations are conducted through United Rentals (North America), Inc. (URNA) and its subsidiaries.
Primary business model: Largest global equipment rental company, primarily operating in the United States and Canada with a smaller presence in Europe, Australia and New Zealand.
Segments:
- General Rentals: Rental of construction, aerial and industrial equipment, tools, and related services; organized into four North American geographic divisions (Central, Northeast, Southeast, West).
- Specialty: Rental of specialty equipment and provision of setup and related services (e.g., trench safety, power/HVAC, fluid solutions, mobile storage and modular space, surface protection mats); largely focused on the US/Canada market with a smaller international footprint.
Material acquisition: Yak Access, Yak Mat, and New South Access & Environmental Solutions (“Yak”) acquired in March 2024.

Total revenues: $16,099 million (2025); $15,345 million (2024).
Equipment rental revenue: 86% of total revenues (2025); 85% (2024).
Revenue drivers include year-over-year changes in fleet cost, inflation impact, fleet productivity, and ancillary/re-rent revenue.

Fleet original equipment cost (OEC): $22.48 billion (2025) vs $21.43 billion (2024).
Equipment units: 1,095,000 (2025) vs 1,120,000 (2024).
Fleet age: 49.5 months (2025) vs 51.3 months (2024).
Equipment mix by fleet type (percentage of equipment rental revenue):
- General construction and industrial: 39% (2025) vs 40% (2024)
- Aerial work platforms: 22% (2025) vs 23% (2024)
- General tools and light equipment: 9% (both years)
- Power and HVAC: 11% (both years)
- Trench safety: 5% (both years)
- Fluid solutions: 7% (both years)
- Mobile storage and modular office space: 3% (both years)
- Surface protection mats: 4% (2025) vs 2% (2024)

Rental locations: 1,768 (2025) vs 1,686 (2024).
Branch structure: approximately 5–13 branches per district; 7–11 districts per region; 3–7 regions per division.
Employees: 28,500 total (2025) — 20,300 hourly and 8,200 salaried; 27,900 total (2024) — 19,900 hourly and 8,000 salaried.

North American market share: approximately 15% (2025; unchanged from 2024).
End-market mix by rental revenue (2025): Industrial and other non-construction 48%; Commercial construction 48%; Residential 4%.

Total indebtedness: $14.2 billion.
Variable-rate debt: $4.1 billion (29% of total indebtedness).
Financing arrangements: ABL facility and accounts receivable securitization facility provide liquidity; covenants apply (e.g., fixed charge coverage ratio under the ABL facility and various ratios under the securitization facility).
Debt-related risks: potential need to refinance, covenant compliance, possible restrictions on distributions and investments, and cross-default/cross-acceleration provisions.

Equipment rental: Large fleet available on hourly, daily, weekly, or monthly terms.
Sales of rental equipment: Disposition of used rental equipment through national/export sales, auctions, brokers, manufacturers, and online listings.
Sales of new equipment: New equipment sales (e.g., aerial lifts, reach forklifts, telehandlers, compressors, generators) from leading manufacturers, varying by location.
Contractor supplies: Construction consumables, tools, safety supplies, and related items.
Service and other revenues: Repair and maintenance services and parts for customer-owned equipment.

Customer relationship tools and channels:

National Account Program: Dedicated national and multi-regional account management with a single point of contact to align local and national sales efforts.
Online rental platform: 24/7 availability checks, reservations, and access to catalogs and used equipment listings.
Total Control: Proprietary software that provides customers with a single platform to monitor and manage equipment needs; can integrate with customer ERP systems.
Advertising and marketing: Digital media, lifecycle marketing, direct marketing, tradeshows, and sponsorships.

Fleet sharing across branches and regions to maximize utilization.
Consolidation of common functions (accounts payable, payroll, benefits, risk management, IT, credit/collections) to reduce costs.
In-house IT capabilities providing real-time access to equipment availability, fleet location, utilization, maintenance histories, and customer histories; systems support fleet management and data-driven decisions and include a backup facility for continuity and upgrades.
Focus on profitability through revenue growth, margin expansion, and operational efficiency.
Continuous improvement and lean initiatives (kaizen) to reduce cycle times and improve delivery and maintenance efficiency.
Cross-selling of specialty offerings and services to create a broader one-stop solution; the Yak acquisition expanded specialty capabilities.
Growth through strategic acquisitions, including legacy assets from Ahern Rentals and other smaller acquisitions, to expand the fleet and service portfolio.

Programs across safety, wellness, compensation and benefits, training and development, retention, inclusion, and employee experience.
2025 highlights: participation in the Live Well, Safe & Healthy wellness program (59% of eligible employees completed health assessment; paid wellness day off used by 89% of eligible employees); approximately $1.7 million donated by employees to the United Compassion Fund with 415 grants totaling about $1.4 million.
Training: approximately 1.1 million hours of training in 2025, covering safety, sales, leadership, and equipment topics.
Environmental, social, and governance: operations subject to environmental and safety regulations; ongoing remediation and compliance costs where applicable.