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    United Rentals Inc (URI)

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    United Rentals, Inc. (URI) is the largest equipment rental company in the world, primarily operating in the United States and Canada, with a limited presence in Europe, Australia, and New Zealand. The company rents out approximately 5,000 classes of equipment to a diverse customer base, including construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities . URI's business is divided into two main segments: general rentals and specialty rentals, with equipment rentals representing a significant portion of its revenue . The company also sells new and used rental equipment, contractor supplies, parts, and services .

    1. General Rentals - Provides construction, aerial, industrial, and homeowner equipment for rent, serving a wide range of customers from construction companies to individual homeowners.
    2. Specialty Rentals - Offers trench safety equipment, power and HVAC equipment, fluid solutions, mobile storage, modular office space, and surface protection mats, focusing on cross-selling and geographic expansion for growth opportunities .
    NamePositionExternal RolesShort Bio

    Matthew J. Flannery

    ExecutiveBoard

    President and Chief Executive Officer

    None

    Matthew J. Flannery has been the CEO since 2019, previously serving as President and COO. He joined URI in 1998 and has held various leadership roles.

    View Report →

    Andrew B. Limoges

    Executive

    Vice President, Controller, and Principal Accounting Officer

    None

    Joined URI in 2017, became VP, Controller, and Principal Accounting Officer in 2018.

    Anthony S. Leopold

    Executive

    Senior Vice President, Chief Technology & Strategy Officer

    None

    Joined URI in 2010, left briefly, returned in 2019, and became Chief Technology & Strategy Officer in 2024.

    Craig A. Pintoff

    Executive

    Executive Vice President and Chief Administrative Officer

    Board Member at United Rentals (North America), Inc.

    Joined URI in 2003, has served as EVP and CAO since 2017, overseeing HR, Safety, IT, and Legal functions.

    Joli L. Gross

    Executive

    Senior Vice President, Chief Legal & Sustainability Officer

    Director at GXO Logistics, Board Member at Family Centers and Mystic Aquarium

    Joined URI in 2002, currently SVP, Chief Legal & Sustainability Officer, and Corporate Secretary.

    Michael D. Durand

    Executive

    Executive Vice President and Chief Operating Officer

    None

    Joined URI in 2002, became COO in 2023. He has held various roles including SVP of Sales and Operations.

    William E. (Ted) Grace

    Executive

    Executive Vice President and Chief Financial Officer

    None

    Joined URI in 2016 as VP of Investor Relations, became CFO in 2022. He has over 20 years of experience in financial services.

    Bobby J. Griffin

    Board

    Lead Independent Director

    Director at WESCO International, Inc.

    Joined URI's Board in 2009, became Lead Independent Director in 2019.

    Francisco J. Lopez-Balboa

    Board

    Board Member

    Trustee and Treasurer at St. Mark’s School, Emeritus Trustee at Columbia University

    Joined URI's Board in 2022, serves on Audit and Compensation Committees.

    Gracia C. Martore

    Board

    Board Member

    Director of Omnicom Group, Inc., WestRock Company, Chair of The Associated Press board, Board Member of FM Global

    Joined URI's Board in 2017, recognized for leadership and transformation expertise.

    Kim Harris Jones

    Board

    Board Member

    Board Member at TrueBlue, Inc., Fossil Group, Inc., Ethiopian North American Health Professionals Association, Consortium for Graduate Study in Management, Harris-Jones Charitable Gift Foundation, Executive Leadership Council

    Joined URI's Board in 2018, serves on Audit and Compensation Committees.

    Larry D. De Shon

    Board

    Board Member

    Director at The Hartford Financial Services Group, Inc. and Air New Zealand Limited

    Joined URI's Board in 2021, former CEO of Avis Budget Group.

    Marc A. Bruno

    Board

    Board Member

    COO of U.S. Food & Facilities at Aramark, Board Member at Special Olympics of Pennsylvania, Alex’s Lemonade Stand Foundation, Starr Restaurant Organization

    Joined URI's Board in 2018, serves on Compensation and Nominating and Corporate Governance Committees.

    Michael J. Kneeland

    Board

    Chairman of the Board of Directors

    Non-executive Chair of Maxim Crane, Board Member of America Tire Distributors

    Former CEO of URI from 2008 to 2019, became Chairman in 2019.

    Shiv Singh

    Board

    Board Member

    CEO of Savvy Matters, LLC

    Joined URI's Board in 2017, recognized for marketing and digital strategy expertise.

    Terri L. Kelly

    Board

    Board Member

    Supervisory Board Member of ASML, Trustee of Alfred I. duPont Charitable Trust and University of Delaware

    Joined URI's Board in 2018, serves on Compensation, N&CG, and Strategy Committees.

    1. "Given that equipment pricing may soften in 2025, how confident are you in your ability to continue driving rental rates higher to offset inflation, especially if the industry enters a more deflationary environment?"

    2. "Your updated guidance maintains the midpoints but narrows the ranges; with the ongoing normalization of used equipment margins and the impact of fleet inflation, what factors could pressure your margins going forward, and how do you plan to mitigate them?"

    3. "With new sales up significantly this quarter, partly due to acquisitions like Yak, how sustainable is this growth, and what strategies do you have to drive organic growth without relying on further acquisitions?"

    4. "You mentioned not needing to be number one in every specialty category but aiming to be number one with your customers; how does this strategy affect your competitive positioning and ability to capture market share in the Specialty Rentals space?"

    5. "Considering that your fleet age is at its lowest since pre-COVID, how are you balancing the need for capital efficiency with the risks of investing heavily in fleet CapEx, especially given potential shifts in demand between mega projects and local markets?"

    Program DetailsProgram 1Program 2
    Approval DateOctober 2022 January 2024
    End Date/DurationCompleted Q1 2024 Expected Q1 2025
    Total Additional Amount$1.25 billion $1.5 billion
    Remaining AuthorizationN/A$625 million
    DetailsN/AEnhance shareholder value
    YearAmount Due (in millions)Debt TypeInterest Rate (%)% of Total Debt
    2025$1,178 Accounts Receivable Facility, Finance Leases 5.4 8.8% = (1,178 / 13,406) * 100
    2027$3,499 ABL Facility, Senior Notes 5.5, 3.875 26.1% = (3,499 / 13,406) * 100
    2028$1,667 Senior Notes 4.875 12.4% = (1,667 / 13,406) * 100
    2029$1,490 Senior Secured Notes 6 11.1% = (1,490 / 13,406) * 100
    2030$1,491 Senior Notes 5.25, 4 11.1% = (1,491 / 13,406) * 100
    2031$2,076 Term Loan Facility, Senior Notes 3.875 15.5% = (2,076 / 13,406) * 100
    2032$745 Senior Notes 3.75 5.6% = (745 / 13,406) * 100
    2034$1,090 Senior Notes 6.125 8.1% = (1,090 / 13,406) * 100
    NameStart DateEnd DateReason for Change
    Ernst & Young LLP1997 PresentCurrent auditor

    Notable M&A activity and strategic investments in the past 3 years.

    CompanyYearDetails

    Yak Access, LLC, Yak Mat, LLC, and New South Access & Environmental Solutions, LLC (collectively "Yak")

    2024

    Deal Value & Structure: Acquired for an estimated $1.1 billion in cash with an additional up to $50 million contingent consideration, funded via issuance of $1.1 billion in 6 1/8 Senior Notes and drawdowns on a senior secured ABL facility. Strategic Rationale: The acquisition enabled entry into the matting market with a fleet of approximately 600,000 mats and expanded exposure in the energy and power sectors, enhancing cross-selling opportunities in construction and MRO. Key Assets: Included rental equipment, accounts receivable, property and equipment, customer relationships, and goodwill allocated to a specialty segment.

    Ahern Rentals, Inc.

    2022

    Deal Value & Structure: Acquired for $2 billion in cash on December 7, 2022, with the deal funded through newly issued senior secured notes and existing capacity under an asset-based loan facility. Strategic Rationale: The acquisition supported United Rentals’ “grow the core” strategy by expanding its geographic reach (East, West, Gulf regions) and adding a fleet of 60,000 rental assets across 106 locations. Key Assets: Brought in high-demand aerial and material handling equipment (over 75% of the fleet), approximately 2,100 employees, and 44,000 new customers to the network, with expectations of achieving significant cost and revenue synergies.

    Recent press releases and 8-K filings for URI.

    United Rentals Reports Q1 2025 Record Earnings Results
    URI
    Earnings
    Guidance Update
    Share Buyback
    M&A
    • Revenue climbed 6.7% YoY to $3.719 billion, including record rental revenue of $3.1 billion and net income of $518 million at a 13.9% margin .
    • Adjusted EPS reached $8.86, reflecting strong Q1 performance .
    • Adjusted EBITDA was $1.671 billion (44.9% margin), benefiting from a net $52 million merger termination impact .
    • Operational highlights include first-quarter records in used equipment sales of over $740 million and robust free cash flow of nearly $1.1 billion .
    • The company reaffirmed its full-year outlook with the approval of a new $1.5 billion share buyback program and an overall plan to return roughly $2 billion to shareholders in 2025 .
    Apr 24, 2025, 12:31 PM
    United Rentals Announces Q1 2025 Results & Share Buyback
    URI
    Earnings
    Share Buyback
    Guidance Update
    • Q1 2025 Results: United Rentals recorded total revenue of $3.719 billion, including rental revenue of $3.145 billion, net income of $518 million, and adjusted EBITDA of $1.671 billion.
    • Key earnings metrics reported include GAAP diluted EPS of $7.91, adjusted EPS of $8.86, and free cash flow of $1.082 billion.
    • The Board approved a new $1.5 billion share repurchase program, set to begin in Q2 2025, reinforcing its full-year guidance.
    Apr 23, 2025, 12:00 AM