United Rentals (URI) investor relations material

Executive summary

• Achieved record total revenue and EBITDA for Q4 and full year 2025, with $16.1B revenue (up 4.9% YoY), driven by strong performance in Gen Rent and Specialty segments, robust demand from large projects, and operational excellence.

• Specialty segment represented 36.5% of total revenue in 2025, with a 10-year CAGR of 20.2% and expansion through 60 new cold starts and acquisitions.

• Free cash flow generation remained strong at $2.19B for 2025, with a margin of 13.6%.

• Returned $2.36B to shareholders in 2025 via dividends and share buybacks; plans for $2B in 2026, supported by a new $5B repurchase program and a 10% dividend increase.

• Focused on customer-centric strategy, digital innovation, and sustainability, with a 27.3% reduction in GHG emissions intensity since 2018.

Financial highlights

• Q4 2025 revenue was $4.208B (+2.8% YoY); rental revenue $3.581B (up 4.6% YoY); adjusted EBITDA $1.901B (45.2% margin); net income $653M (15.5% margin).

• Full year 2025 revenue reached $16.099B (+4.9% YoY), adjusted EBITDA $7.328B (45.5% margin), and adjusted EPS $42.06.

• Free cash flow for 2025 was $2.186B (13.6% margin); net cash from operations $5.19B (32.2% margin).

• Return on invested capital for 2025 was 11.7%, above the weighted average cost of capital.

• Net leverage at year-end was 1.9x; total liquidity exceeded $3.3B.

Outlook and guidance

• 2026 revenue guidance: $16.8–$17.3B, implying 5.9% growth at midpoint; adjusted EBITDA: $7.575–$7.825B; free cash flow: $2.15–$2.45B.

• Excluding used sales, revenue growth expected at 6.2% midpoint; adjusted EBITDA margins expected to be flat year-over-year at midpoint.

• Gross CapEx guidance for 2026 is $4.3–$4.7B, with $1.1B targeted for growth CapEx.

• Plans to return ~$2B to shareholders in 2026, including a 10% dividend increase and $1.5B in share repurchases, supported by a new $5B repurchase program.

• 2028 aspirational targets: ~$20B revenue, ~$7B specialty revenue, ~$10B adjusted EBITDA, and 15%+ ROIC.