United Rentals Inc. (NYSE:URI)

Total revenues demonstrate a sustained upward trajectory over the analyzed five-year period, increasing from US$ 8,047 million in 2018 to US$ 11,642 million in 2022. A temporary contraction occurred in 2020, where revenues declined to US$ 8,530 million, followed by a robust recovery and accelerated growth in 2021 and 2022.

Core Equipment Rental Performance

Equipment rentals constitute the primary revenue driver, growing from US$ 6,940 million in 2018 to US$ 10,116 million in 2022. This growth is largely propelled by owned equipment rentals, which saw a significant surge in 2022, reaching US$ 8,310 million. The performance of this segment mirrors the overall revenue trend, exhibiting a dip in 2020 before returning to a strong growth phase.

Ancillary and Supporting Revenue Streams

Ancillary and other rental revenues show consistent growth, nearly doubling from US$ 856 million in 2018 to US$ 1,571 million in 2022. Specifically, delivery and pick-up revenues and other rental-related charges have scaled in tandem with the increase in core rental activity, indicating a successful capture of additional value per rental contract.

Equipment Sales Dynamics

A divergence is observed between the sale of rental equipment and the sale of new equipment. Sales of rental equipment grew steadily from US$ 664 million in 2018 to a peak of US$ 968 million in 2021, remaining relatively stable in 2022. Conversely, sales of new equipment peaked in 2019 at US$ 268 million before entering a downward trend, falling to US$ 154 million by 2022.

Service and Secondary Revenue Growth

Service and other revenues exhibit a linear growth pattern, increasing every year from US$ 144 million in 2018 to US$ 281 million in 2022. Similarly, contractor supplies sales have grown from US$ 91 million to US$ 126 million over the same period, contributing to the overall diversification of the revenue base.