United Rentals(US:URI)2025-10-22 20:22PART I. FINANCIAL INFORMATION This section provides comprehensive financial data, including unaudited condensed consolidated statements and management's discussion and analysis of financial condition and results of operations Item 1. Unaudited Condensed Consolidated Financial Statements This section presents the company's unaudited condensed consolidated financial statements, covering balance sheets, income, comprehensive income, equity, and cash flows, with detailed notes on key financial areas Condensed Consolidated Balance Sheets This section provides a snapshot of the company's financial position, detailing assets, liabilities, and equity at specific points in time | Metric | Sep 30, 2025 (M$) | Dec 31, 2024 (M$) | | :-------------------------- | :------------------ | :------------------ | | Total assets | 30,065 | 28,163 | | Rental equipment, net | 16,405 | 14,931 | | Total liabilities | 21,065 | 19,541 | | Long-term debt | 12,600 | 12,228 | | Total stockholders' equity | 9,000 | 8,622 | Condensed Consolidated Statements of Income This section presents the company's financial performance over specific periods, detailing revenues, expenses, and net income | Metric | Three Months Ended Sep 30, 2025 (M$) | Three Months Ended Sep 30, 2024 (M$) | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Total revenues | 4,229 | 3,992 | 11,891 | 11,250 | | Gross profit | 1,665 | 1,648 | 4,554 | 4,512 | | Operating income | 1,114 | 1,122 | 2,921 | 2,978 | | Net income | 701 | 708 | 1,841 | 1,886 | | Basic earnings per share | 10.93 | 10.73 | 28.42 | 28.33 | | Diluted earnings per share | 10.91 | 10.70 | 28.37 | 28.25 | Condensed Consolidated Statements of Comprehensive Income This section reports net income and other comprehensive income items, reflecting changes in equity from non-owner sources | Metric | Three Months Ended Sep 30, 2025 (M$) | Three Months Ended Sep 30, 2024 (M$) | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :----------------------------------- | :----------------------------------- | :---------------------------------- | :---------------------------------- | | Net income | 701 | 708 | 1,841 | 1,886 | | Foreign currency translation adjustments | (29) | 55 | 122 | (9) | | Comprehensive income | 672 | 763 | 1,963 | 1,877 | Condensed Consolidated Statements of Stockholders' Equity This section details changes in stockholders' equity, including net income, dividends, and stock repurchases over specified periods | Item | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Balance at Dec 31 (prior year) | 8,622 | 8,622 | | Net income | 1,841 | 1,886 | | Dividends declared | (350) | (327) | | Repurchase of common stock | (1,295) | (1,135) | | Balance at Sep 30 | 9,000 | 8,622 | - Dividends declared were $5.37 per share for the nine months ended September 30, 2025, and $4.89 per share for the nine months ended September 30, 202429 Condensed Consolidated Statements of Cash Flows This section summarizes cash inflows and outflows from operating, investing, and financing activities over specific periods | Cash Flow Activity | Nine Months Ended Sep 30, 2025 (M$) | Nine Months Ended Sep 30, 2024 (M$) | | :-------------------------------- | :---------------------------------- | :---------------------------------- | | Net cash provided by operating activities | 3,934 | 3,498 | | Net cash used in investing activities | (2,766) | (3,633) | | Net cash (used in) provided by financing activities | (1,129) | 254 | | Net increase in cash and cash equivalents | 55 | 116 | | Cash and cash equivalents at end of period | 512 | 479 | - Cash paid for income taxes, net, was $574 million in 2025, down from $812 million in 2024. Cash paid for interest increased to $566 million in 2025 from $544 million in 202433 Notes to Unaudited Condensed Consolidated Financial Statements This section provides detailed explanations and disclosures supporting the condensed consolidated financial statements 1. Organization, Description of Business and Basis of Presentation This note outlines the company's structure, business operations, and the accounting principles used in financial statement preparation - United Rentals, Inc. (Holdings) operates primarily through its wholly-owned subsidiary, United Rentals (North America), Inc. (URNA), renting equipment to a diverse customer base including construction and industrial companies, manufacturers, utilities, municipalities, homeowners, and government entities3637 - The company primarily operates in the United States and Canada, with a smaller presence in Europe, Australia, and New Zealand37 - New accounting pronouncements include ASU 2023-09 (Income Tax Disclosures), ASU 2024-03 (Disaggregation of Income Statement Expenses), and ASU 2025-05 (Measurement of Credit Losses for Accounts Receivable and Contract Assets), which are not expected to impact financial statement amounts but will affect disclosures404142 2. Revenue Recognition This note details the company's policies and methods for recognizing revenue from various sources, including equipment rentals and sales - Revenue is recognized under Topic 606 (contracts with customers) and Topic 842 (lease revenue), with owned equipment rentals (operating leases) being the most significant revenue type, accounting for 69% of total revenues for the nine months ended September 30, 20254348 Total Revenues by Accounting Standard (Nine Months Ended Sep 30, 2025) | Revenue Type | Topic 842 (M$) | Topic 606 (M$) | Total (M$) | | :-------------------------- | :------------- | :------------- | :--------- | | Owned equipment rentals | 8,204 | — | 8,204 | | Re-rent revenue | 196 | — | 196 | | Ancillary and other rental revenues | 788 | 1,037 | 1,825 | | Sales of rental equipment | — | 1,027 | 1,027 | | Sales of new equipment | — | 240 | 240 | | Contractor supplies sales | — | 120 | 120 | | Service and other revenues | — | 279 | 279 | | Total Revenues | 9,188 | 2,703 | 11,891 | Allowance for Credit Losses Rollforward (Nine Months Ended Sep 30) | Item | 2025 (M$) | 2024 (M$) | | :-------------------------- | :-------- | :-------- | | Beginning balance | 186 | 169 | | Charged to costs and expenses | 11 | 13 | | Charged to revenue | 41 | 40 | | Deductions and other | (58) | (38) | | Ending balance | 180 | 184 | [3. Segment Information](index=16&type=section&id=3.%20Segment%2