UNITED RENTALS, INC. Annual Report, Year Ended Dec 31, 2025

United Rentals, Inc. (URI) reported robust performance for the fiscal year ending December 31, 2025, with total revenues reaching $16.1 billion, a 4.9% increase year-over-year. The core equipment rental segment demonstrated strength, growing by 6.0%, driven by a 2.2% increase in fleet productivity and a 3.9% rise in average original equipment cost (OEC). The company maintained its leading market share of approximately 15% in North America. Financially, the company has actively managed its capital structure by amending its credit facilities and issuing new senior notes, enhancing its liquidity to $3.322 billion. URI also demonstrated a strong commitment to returning capital to shareholders, repurchasing $1.90 billion of its common stock in 2025, including an increase in its authorized repurchase program to $2.0 billion, with a new $5.0 billion program announced. The company also paid dividends totaling $464 million in 2025, reflecting a consistent dividend payout. While the company operates in a competitive and cyclical industry, it continues to focus on strategic growth through acquisitions and operational efficiencies. Key risks include economic downturns impacting construction and industrial activity, interest rate fluctuations, and supply chain disruptions. However, United Rentals' diversified customer base, extensive branch network, and strong brand recognition position it well to navigate these challenges and capitalize on future opportunities.