Stock Analysis on Net
Stock Analysis on Net

United Rentals Inc. (NYSE:URI)

$22.49

This company has been moved to the archive! The financial data has not been updated since January 25, 2023.

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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United Rentals Inc., consolidated income statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Equipment rentals
Sales of rental equipment
Sales of new equipment
Contractor supplies sales
Service and other revenues
Revenues
Cost of equipment rentals, excluding depreciation
Depreciation of rental equipment
Cost of rental equipment sales
Cost of new equipment sales
Cost of contractor supplies sales
Cost of service and other revenues
Cost of revenues
Gross profit
Selling, general and administrative expenses
Merger related costs
Restructuring charge
Non-rental depreciation and amortization
Operating income
Interest expense, net
Other income (expense), net
Income before provision for income taxes
Provision for income taxes
Net income

Based on: 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

Revenue Trends
Revenues exhibited a generally increasing trend from 2018 through 2022, rising from $1,734 million in Q1 2018 to $3,296 million in Q4 2022. This growth was primarily driven by equipment rentals, which consistently rose from $1,459 million in Q1 2018 to a peak of $2,747 million by Q4 2022. Sales of rental equipment and service and other revenues also contributed positively, with noticeable fluctuations. Sales of rental equipment peaked notably in Q4 2021 and Q4 2022. Contractor supplies sales and sales of new equipment remained relatively stable with slight variances across periods.
Cost of Revenues and Gross Profit
The cost of revenues generally increased in line with revenue growth, from -$1,088 million in Q1 2018 to -$1,808 million in Q4 2022. The cost increases were spread across all categories, including equipment rentals, depreciation, and sales-related costs. Despite rising costs, gross profit showed an upward trend overall, increasing from $646 million in Q1 2018 to $1,488 million in Q4 2022, indicating improved operational efficiency or scale benefits over time.
Operating Expenses
Selling, general and administrative expenses rose from -$232 million in Q1 2018 to -$378 million in Q4 2022, reflecting increased spending associated with higher revenues and business growth. Merger-related and restructuring charges were sporadically present, with notable charges occurring between 2018 and 2020, and one-off entries in other periods. Non-rental depreciation and amortization remained moderately steady without major fluctuations.
Profitability
Operating income showed a positive trend with some fluctuations, increasing from $340 million in Q1 2018 to over $1,000 million ($1,024 million) by Q4 2022. This improvement aligns with increased revenues and gross profit. Interest expense mostly trended upward with some variability, peaking notably in Q3 2020, which could reflect changes in debt levels or interest rates. Income before income taxes and net income both generally improved over the period, with net income rising from $183 million in Q1 2018 to $639 million in Q4 2022, indicating stronger bottom-line profitability.
Tax Provision
The provision for income taxes showed volatility, with no clear trend, reflecting changing profitability and tax circumstances each quarter. The tax provision increased significantly in the final quarters of 2021 and 2022, in conjunction with higher income levels.
Summary of Observations
Overall, the data reflects a company exhibiting consistent growth in revenue and profitability over the years analyzed. Expenses rose but were generally well managed relative to increases in revenue, resulting in improved operating and net income. Equipment rentals, the largest revenue component, demonstrated strong growth, underpinning overall financial performance. Periodic restructuring and merger costs were present but did not materially impair long-term profitability trends. The effective tax burden varied but remained within a range that did not substantially hinder net income growth.