United Rentals (NYSE: URI) is an equipment rental company that rents construction and industrial equipment to customers across North America. Revenue comes primarily from time-based equipment rental fees, which represented 86% of total revenues in FY2025. URI held an estimated 15% North American market share as of FY2025, operating from 1,768 rental locations with a fleet of approximately 1,095,000 equipment units and an original equipment cost (OEC) of $22.48 billion as of FY2025. Total revenues reached $16.1 billion in FY2025, up from $15.3 billion in FY2024. Key accounts represented 69% of equipment rental revenue in FY2025, and national accounts represented 46%, indicating heavy reliance on large, repeat commercial customers. The largest single customer accounted for less than 1% of total revenues in FY2025. CEO Matthew J. Flannery leads the company. The fleet spans general construction and industrial equipment (39% of rental revenue), aerial work platforms (22%), power and HVAC (11%), general tools and light equipment (9%), fluid solutions (7%), trench safety (5%), surface protection mats (4%), and mobile storage and modular office space (3%), as of FY2025.

Revenue model

Transactional rental fees charged on a time basis for equipment use, comprising 86% of total revenues in FY2025. Ancillary and re-rent revenue contributed an additional 1.4 percentage points to equipment rental revenue growth in FY2025.

Products and services

Equipment rental across fleet categories including general construction and industrial equipment, aerial work platforms, general tools and light equipment, power and HVAC equipment, trench safety equipment, fluid solutions equipment, mobile storage and modular office space, and surface protection mats. Fleet OEC was $22.48 billion across approximately 1,095,000 units as of FY2025.

Customers and end markets

Key accounts (69% of equipment rental revenue, FY2025) and national accounts (46% of equipment rental revenue, FY2025). No single customer exceeded 1% of total revenues in FY2025. End markets include construction, industrial, and infrastructure sectors across North America.

Value-chain role

Equipment owner and lessor sitting between original equipment manufacturers and end-user contractors or industrial operators. URI purchases, maintains, and redeploys equipment across 1,768 branches, handling fleet management, logistics, and maintenance in-house.

Geographic exposure

North American operations with 1,768 rental locations as of FY2025. The filing references operations in the United States, Canada, and mentions UK and EU data protection regulations, indicating some international presence, though specific non-North American revenue is not disclosed in the excerpts.

Source: SEC 10-K, filed 2026-01-28

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