UNITED RENTALS, INC. (URI)

United Rentals is the largest equipment rental company in the world. It operates mainly in the United States and Canada, with a smaller presence in Europe, Australia and New Zealand. In 2025 it generated total revenues of about $16.1 billion, of which 86% came from equipment rental. Its strategy centers on improving the profitability of its core rental business through customer and fleet mix optimization, rate management, Lean operating techniques, cross-selling of specialty products and services, and strategic acquisitions. Recent deals include Ahern Rentals assets (December 2022) and Yak (March 2024).

The company has two reportable segments. General rentals covers construction, aerial and industrial equipment, general tools and light equipment, and related services. It aggregates four geographic divisions (Central, Northeast, Southeast and West) across the U.S. and Canada. The specialty segment rents trench safety equipment, power and HVAC equipment, fluid solutions equipment, mobile storage and modular office space, and surface protection mats, and provides setup and other services on them. Its rental fleet has an original equipment cost of $22.5 billion and about 1,095,000 units, offered on an hourly, daily, weekly or monthly basis. Fleet revenue is led by general construction and industrial equipment (39% of rental revenue) and aerial work platforms (22%). The company also sells used rental equipment, new equipment, and contractor supplies, and provides repair and maintenance services and parts for customer-owned equipment.

Customers range from Fortune 500 companies to small businesses and homeowners. They include construction companies, industrial companies such as manufacturers, chemical companies, paper mills, railroads, shipbuilders and utilities, and municipalities. By end market, industrial and other non-construction rentals made up about 48% of 2025 rental revenue, commercial construction about 48%, and residential about 4%. Key accounts, managed through a single point of contact, represented 69% of equipment rental revenue, and national accounts 46%. The largest customer was 1% of revenue and the top 10 were 5%. The company estimates its North American market share at about 15%, based on American Rental Association estimates.

The company runs 1,768 rental locations organized into branches, districts, regions and divisions, covering 49 U.S. states and every Canadian province. It had about 28,500 employees at year-end 2025. Branches in a region share equipment to raise utilization. A Customer Care Center in Charlotte, North Carolina handles calls, and common functions are consolidated centrally. It uses proprietary and licensed information technology systems, including the Total Control platform for key customers. Its largest supplier accounted for 11% of capital expenditures and its top 10 suppliers for 52%. It sells used equipment through its sales forces, auctions, brokers, direct sales to manufacturers and its website.