United Rentals, Inc
United Rentals is a U.S.-based equipment rental company that provides construction, industrial, specialty, and general tools and light equipment through a large branch network. Its business combines short- and long-term rental of fleet equipment with related services such as delivery, pickup, maintenance, repair, and resale of used rental assets across North America and select international markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRental of construction, aerial, industrial, tools, and light equipment plus related services.
Specialized jobsite equipment including trench safety, power/HVAC, fluid solutions, and mats.
Delivery, pickup, damage waiver, fuel, environmental, and other rental-related charges.
Sale of used rental fleet assets when equipment is retired or rotated out of service.
Repair and maintenance services and parts sales for customer-owned equipment.
Products
Reported · share of revenue- Rental Equipment38.2 %
- Delivery and Pick Up31.2 %
- Serviceand Other Revenues10.0 %
- New Equipment9.4 %
- Other Rental Revenue6.7 %
- Contractor Supplies4.4 %
Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.
Customers
United Rentals serves a broad mix of construction and industrial customers, with demand tied to jobsite activity, maintenance cycles, and infrastructure spending. Its customer base also includes municipalities, utilities, homeowners, and other small businesses that need temporary access to equipment rather than ownership. The specialty business is more concentrated in infrastructure, industrial, and municipal projects that require application-specific equipment and setup services.
Rent general and specialty equipment for commercial, residential, and infrastructure projects.
Rent equipment for plant maintenance, upgrades, expansion, and shutdown work.
Rent equipment for public works, utility maintenance, and infrastructure support.
Rent tools and light equipment for repairs, renovations, and smaller projects.
Buy coordinated fleet access and multi-site service across United Rentals' branch network.
Strategy
United Rentals focuses on expanding its specialty and services mix, using adjacent products and onsite capabilities to provide a broader jobsite solution. It also emphasizes fleet optimization, customer segmentation, digital tools, and strategic acquisitions to deepen coverage, improve service, and strengthen its position in fragmented rental markets.
Raises share of wallet and makes the company a one-stop jobsite provider.
Adds fleet, locations, and customer relationships in a fragmented market.
Improves returns by matching equipment and service levels to target accounts.
Supports retention, cross-selling, and efficient account management.
Geography
2025United Rentals primarily operates in the United States and Canada, with a smaller presence in Europe, Australia, and New Zealand. Its branch network spans 49 U.S. states and every Canadian province, which supports national account coverage, equipment transfers, and local service density. The international footprint is smaller and mainly extends the specialty and general rental platform into select markets outside North America.
Share of the revenue the company reports by geography.
Risks
United Rentals is exposed to cyclical demand in construction and industrial end markets, so weaker economic activity can reduce rental volumes and pricing. The business also faces credit risk from customer nonpayment, cybersecurity and IT disruption risk, and asset impairment risk because its fleet and goodwill are large balance-sheet items. Seasonal winter softness, competition in a fragmented market, and dependence on equipment utilization can also affect results.
- Cyclical end-market demandImpact: HighLikelihood: Medium
Rental demand depends on construction, industrial activity, and infrastructure spending.
Exposure: North American construction and industrial markets
- Customer credit lossesImpact: HighLikelihood: Medium
Some customers rent instead of own because of capital constraints, increasing collection risk.
Exposure: Trade receivables and rental contracts
- Cybersecurity and IT disruptionImpact: HighLikelihood: Medium
Operations rely on online ordering, branch systems, and third-party technology.
Exposure - Goodwill and long-lived asset impairmentImpact: MediumLikelihood: Medium
Large acquired goodwill and rental fleet values depend on future cash flows and utilization.
Exposure - SeasonalityImpact: MediumLikelihood: Low
Rental activity tends to be lower in winter, affecting quarterly comparability.
Exposure: Quarterly revenue and utilization
Accounting
Judgemental itemsThe company earns revenue from rentals, used equipment sales, new equipment sales, supplies, and services, each with different timing and recognition patterns.
Impact: Affects quarterly revenue mix and comparability
Receivables are exposed to customer financial stress and collection risk.
Impact: Can change operating results when economic conditions weaken
Goodwill is large due to acquisitions and must be tested annually and when conditions change.
Impact: Potential non-cash charges to earnings
Rental equipment, lease assets, and other fixed assets depend on future utilization and resale values.
Impact: Can lead to impairment charges if fleet economics deteriorate
Winter demand is typically lower, making quarterly results less comparable.
Impact: Affects revenue, utilization, and margin trends
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Last updated: 24/09/2026