United Rentals, Inc.

“United Rentals is the largest equipment rental company in the world, operates throughout the United States and Canada, and has a smaller presence in Europe, Australia and New Zealand.”

“Fleet OEC (in billions)$22.48$21.43 Equipment units1,095,0001,120,000 Fleet age in months49.551.3”

“our reportable segments are general rentals and specialty. The general rentals segment includes the rental of construction, aerial, industrial and homeowner equipment and related services and activities.”

“We offer our equipment for rent to a diverse customer base that includes construction and industrial companies, manufacturers, utilities, municipalities, homeowners and government entities.”

“General construction and industrial equipment39%40% Aerial work platforms22%23% General tools and light equipment9%9% Power and HVAC (heating, ventilating and air conditioning) equipment11%11%”

“Our revenues are derived from the following sources: equipment rentals, sales of rental equipment, sales of new equipment, contractor supplies sales and service and other revenues. In 2025, equipment rental revenues represented 86 percent of our total revenues.”

“We utilize a proprietary software application, Total Control®, which provides our key customers with a single in-house software application that enables them to monitor and manage all their equipment needs.”

“General rentalsSpecialtyTotal Year Ended December 31, 2025 Equipment rentals$9,165 $4,641 $13,806 Sales of rental equipment1,216 197 1,413 Sales of new equipment199 149 348 Contractor supplies sales87 76 163 Service and other revenues334 35 369 Total revenue$11,001 $5,098 $16,099”

“Equipment Rentals Gross Profit$3,225 $2,023 $5,248 Equipment Rentals Gross Margin35.2 %43.6 %38.0 %”

“On a segment basis, equipment rentals represented 83 percent and 91 percent of total revenues for general rentals and specialty, respectively. General rentals equipment rentals increased 2.5 percent as compared to 2024. Specialty rentals increased 13.6 percent, including the impact of the Yak acquisition”

“Largest supplier percent of capital expenditures11%12% Top 10 supplier percent of capital expenditures52%51%”

“Hourly employees20,30019,900 Salaried employees8,2008,000 Total employees28,50027,900”

“as exhibited by our acquisition of Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC (collectively, “Yak”) in March 2024 and other recent, smaller acquisitions in Australia”

“a North American branch network that operates in 49 U.S. states and every Canadian province, and serves 99 of the 100 largest metropolitan areas in the U.S.”

“Our competitors include small, independent businesses with one or two rental locations, regional competitors that operate in one or more states, national and global companies or divisions of national and global companies, and equipment vendors and dealers who both sell and rent equipment directly to customers.”

“inability to benefit from government spending, including spending associated with infrastructure projects, or a reduction or disruption in government spending, including as a result of a government shutdown”

“Equipment rentals increased 6.0 percent year-over-year, including the impact of the Yak acquisition; Average OEC increased 3.9 percent year-over-year; Fleet productivity increased 2.2 percent including the impact of the Yak acquisition”

“Estimated North American market share (4)15%15%”

“The continued expansion and cross-selling of adjacent specialty and services products, which enables us to provide a “one-stop” shop for our customers.”

“The most significant cost increases that are passed on to customers are for fuel and delivery, and there are other costs for which the pass through to customers is less direct, such as repairs and maintenance, and labor.”

“our business in the past has been, and in the future could be, adversely affected by limitations on fuel supplies or significant increases in fuel prices that result in higher costs to us for transporting equipment from one branch to another branch.”

“Amended our ABL facility, primarily to increase the facility size from $4.25 billion to $4.50 billion and to extend the maturity date to July 2030”

“Our revenues, operating results, and financial condition fluctuate from quarter to quarter reflecting the seasonal rental patterns of our customers, with rental activity tending to be lower in the winter.”

“our Board of Directors approved an increase in the size of the share repurchase program, from $1.5 billion to $2.0 billion. We repurchased $1.65 billion under this program in 2025, and intend to complete the program in the first quarter of 2026.”

“we identified $324 of distributable foreign earnings that we have determined should no longer be considered indefinitely reinvested. We expect to remit the cash that is no longer considered indefinitely reinvested in 2026”

“the European Union’s (“EU”) General Data Protection Regulation (Regulation (EU) 2016/679) (the “GDPR”) has stringent data protection requirements and provides for significant penalties.”

“A worsening of economic conditions, in particular with respect to North American construction and industrial activities, could cause weakness in our end-markets and adversely affect our revenues and operating results, the effect of which could be exacerbated due to end-market concentration.”

“Demand for our services and products is sensitive to the level of exploration, development and production activity of, and the corresponding capital spending by, oil and natural gas companies, including national oil companies, regional exploration and production providers, and related service providers.”

“At December 31, 2025, our total indebtedness was $14.2 billion.”

“Cyber threats are constantly evolving, especially given the advances in, and the rise of the use of, artificial intelligence, thereby increasing the difficulty of preventing, detecting and successfully defending against them.”

“inability to obtain equipment and other supplies for our business from our key suppliers on acceptable terms or at all, as a result of insolvency, financial difficulties or other factors, including tariffs, affecting our suppliers”