Selected Financial Data
since 2005
Income Statement
United Rentals Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Revenues | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 11,642) | 3,232) | 2,105) |
| Dec 31, 2021 | 9,716) | 2,277) | 1,386) |
| Dec 31, 2020 | 8,530) | 1,800) | 890) |
| Dec 31, 2019 | 9,351) | 2,152) | 1,174) |
| Dec 31, 2018 | 8,047) | 1,951) | 1,096) |
| Dec 31, 2017 | 6,641) | 1,507) | 1,346) |
| Dec 31, 2016 | 5,762) | 1,415) | 566) |
| Dec 31, 2015 | 5,817) | 1,518) | 585) |
| Dec 31, 2014 | 5,685) | 1,391) | 540) |
| Dec 31, 2013 | 4,955) | 1,078) | 387) |
| Dec 31, 2012 | 4,117) | 591) | 75) |
| Dec 31, 2011 | 2,611) | 396) | 101) |
| Dec 31, 2010 | 2,237) | 197) | (26) |
| Dec 31, 2009 | 2,358) | 114) | (62) |
| Dec 31, 2008 | 3,267) | (630) | (704) |
| Dec 31, 2007 | 3,731) | 659) | 362) |
| Dec 31, 2006 | 3,640) | 626) | 224) |
| Dec 31, 2005 | 3,563) | 500) | 187) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory between 2005 and 2022 is characterized by three distinct phases: a period of stability and subsequent crisis, a long-term recovery and expansion phase, and a recent period of accelerated growth following a brief contraction.
- Revenue Trends
- Revenues remained relatively stable from 2005 to 2007 before experiencing a sharp decline starting in 2008, reaching a low of 2,237 million in 2010. A consistent upward trajectory began in 2011, with revenues increasing from 2,611 million to a peak of 9,351 million by 2019. Despite a temporary decrease to 8,530 million in 2020, the growth resumed aggressively, culminating in a period high of 11,642 million by the end of 2022.
- Operating Income Performance
- Operating results mirrored revenue patterns but with greater volatility. The company transitioned from a healthy operating income of 659 million in 2007 to a significant operating loss of 630 million in 2008. Recovery was gradual until 2012, after which operating income entered a phase of rapid expansion. From 2013 to 2022, operating income generally climbed from 1,078 million to 3,232 million, indicating a substantial improvement in operational efficiency and scalability.
- Net Income and Profitability
- Net profitability experienced severe disruptions between 2008 and 2010, with a peak loss of 704 million in 2008. Following a period of modest recovery between 2011 and 2016, net income saw a sharp increase in 2017 to 1,346 million. While there was a fluctuation in 2020, the trend returned to a strong growth path, ending 2022 with a net income of 2,105 million, the highest value in the recorded period.
Overall, the financial data indicates a strong recovery from the 2008 downturn, with the most recent years showing a marked increase in both the scale of operations and the conversion of revenue into profit. The acceleration in operating income relative to revenue growth suggests expanding margins and improved bottom-line performance in the final five years of the analysis.
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Balance Sheet: Assets
United Rentals Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 2,723) | 24,183) |
| Dec 31, 2021 | 2,151) | 20,292) |
| Dec 31, 2020 | 2,017) | 17,868) |
| Dec 31, 2019 | 1,842) | 18,970) |
| Dec 31, 2018 | 1,761) | 18,133) |
| Dec 31, 2017 | 1,772) | 15,030) |
| Dec 31, 2016 | 1,361) | 11,988) |
| Dec 31, 2015 | 1,294) | 12,083) |
| Dec 31, 2014 | 1,546) | 12,467) |
| Dec 31, 2013 | 1,362) | 11,231) |
| Dec 31, 2012 | 1,343) | 11,026) |
| Dec 31, 2011 | 723) | 4,143) |
| Dec 31, 2010 | 725) | 3,693) |
| Dec 31, 2009 | 705) | 3,859) |
| Dec 31, 2008 | 703) | 4,191) |
| Dec 31, 2007 | 1,120) | 5,842) |
| Dec 31, 2006 | 1,005) | 5,366) |
| Dec 31, 2005 | —) | 5,274) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile exhibits three distinct phases: a period of contraction and volatility between 2007 and 2010, a rapid expansion phase beginning in 2012, and a sustained growth trajectory from 2017 through 2022. Total assets grew from $5.27 billion in 2005 to $24.18 billion by the end of 2022, reflecting a significant expansion of the overall resource base.
- Total Asset Evolution
- A contraction is observed between 2007 and 2010, with total assets falling from $5.84 billion to a low of $3.69 billion. This was followed by a substantial increase in 2012, where total assets jumped from $4.14 billion to $11.03 billion, indicating a major structural expansion or acquisition. Following a period of relative stability between 2014 and 2016, assets entered a consistent growth phase, increasing from $11.99 billion in 2016 to $24.18 billion in 2022.
- Current Asset Trends
- Current assets followed a similar trajectory to total assets but with lower relative volatility. After declining to approximately $700 million between 2008 and 2010, current assets began a long-term recovery. This growth accelerated after 2016, rising from $1.36 billion to $2.72 billion by 2022, suggesting an increase in liquidity to support a larger operational scale.
- Asset Composition Analysis
- The composition of the balance sheet shifted toward non-current assets over the observed period. In 2006, current assets constituted approximately 18.7% of total assets. By 2022, this proportion decreased to approximately 11.3%. This trend indicates that the growth of the balance sheet was driven primarily by long-term investments and fixed assets rather than short-term liquid assets.
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Balance Sheet: Liabilities and Stockholders’ Equity
United Rentals Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Short-term debt and long-term debt | Stockholders’ equity (deficit) | |
|---|---|---|---|---|
| Dec 31, 2022 | 2,445) | 17,121) | 11,370) | 7,062) |
| Dec 31, 2021 | 2,603) | 14,301) | 9,685) | 5,991) |
| Dec 31, 2020 | 1,890) | 13,323) | 9,682) | 4,545) |
| Dec 31, 2019 | 2,198) | 15,140) | 11,428) | 3,830) |
| Dec 31, 2018 | 2,116) | 14,730) | 11,747) | 3,403) |
| Dec 31, 2017 | 1,668) | 11,924) | 9,440) | 3,106) |
| Dec 31, 2016 | 1,184) | 10,340) | 7,790) | 1,648) |
| Dec 31, 2015 | 1,233) | 10,607) | 8,162) | 1,476) |
| Dec 31, 2014 | 1,478) | 10,669) | 8,052) | 1,796) |
| Dec 31, 2013 | 1,286) | 9,383) | 7,173) | 1,828) |
| Dec 31, 2012 | 1,351) | 9,452) | 7,364) | 1,543) |
| Dec 31, 2011 | 864) | 4,040) | 3,042) | 64) |
| Dec 31, 2010 | 569) | 3,713) | 2,929) | (20) |
| Dec 31, 2009 | 461) | 3,878) | 3,075) | (19) |
| Dec 31, 2008 | 427) | 4,220) | 3,345) | (29) |
| Dec 31, 2007 | 520) | 3,824) | 2,716) | 2,018) |
| Dec 31, 2006 | 599) | 3,828) | 2,702) | 1,538) |
| Dec 31, 2005 | —) | 4,045) | 3,152) | 1,229) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial position of United Rentals Inc. from 2005 to 2022 is characterized by a significant expansion of the balance sheet, marked by a substantial increase in both total liabilities and stockholders' equity, following a period of extreme volatility between 2008 and 2010.
- Liability Trends and Obligations
- Total liabilities remained relatively stable between 2005 and 2011, hovering around US$ 4 billion. A sharp escalation occurred in 2012, where total liabilities jumped to US$ 9.45 billion, representing a more than twofold increase within a single year. This upward trajectory continued through 2022, reaching US$ 17.12 billion. Current liabilities followed a similar growth pattern, rising from US$ 599 million in 2006 to US$ 2.45 billion by 2022, indicating an increase in short-term financial obligations.
- Debt Profile Analysis
- The composition of liabilities is heavily driven by short-term and long-term debt. Debt levels remained between US$ 2.7 billion and US$ 3.3 billion from 2006 to 2011 before mirroring the spike seen in total liabilities in 2012, reaching US$ 7.36 billion. Debt peaked in 2018 at US$ 11.75 billion before experiencing a temporary decline during 2020, and subsequently rising again to US$ 11.37 billion by the end of 2022.
- Stockholders' Equity and Solvency
- A critical shift in solvency is observed between 2008 and 2010, during which stockholders' equity transitioned into a deficit, reaching a low of negative US$ 20 million in 2010. This indicates a period where total liabilities exceeded total assets. However, a recovery began in 2011, and from 2012 onward, equity grew aggressively. Stockholders' equity rose from US$ 1.54 billion in 2012 to US$ 7.06 billion in 2022, suggesting a significant strengthening of the company's net worth and internal capital base.
- Capital Structure Evolution
- The relationship between debt and equity evolved from a state of high risk and negative equity during the 2008-2010 window to a more balanced, albeit highly leveraged, structure. While total debt increased significantly over the 17-year period, the simultaneous and rapid growth in stockholders' equity since 2011 has provided a substantial buffer, improving the overall solvency profile compared to the late 2000s.
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Cash Flow Statement
United Rentals Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash used in investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 4,433) | (5,016) | 552) |
| Dec 31, 2021 | 3,689) | (3,611) | (140) |
| Dec 31, 2020 | 2,658) | (223) | (2,293) |
| Dec 31, 2019 | 3,024) | (1,710) | (1,305) |
| Dec 31, 2018 | 2,853) | (4,551) | 1,397) |
| Dec 31, 2017 | 2,230) | (3,705) | 1,497) |
| Dec 31, 2016 | 1,953) | (859) | (964) |
| Dec 31, 2015 | 1,995) | (1,170) | (775) |
| Dec 31, 2014 | 1,801) | (2,000) | 196) |
| Dec 31, 2013 | 1,551) | (1,177) | (295) |
| Dec 31, 2012 | 721) | (2,104) | 1,453) |
| Dec 31, 2011 | 608) | (861) | 80) |
| Dec 31, 2010 | 452) | (223) | (203) |
| Dec 31, 2009 | 438) | (94) | (268) |
| Dec 31, 2008 | 764) | (446) | (612) |
| Dec 31, 2007 | 859) | (671) | (13) |
| Dec 31, 2006 | 858) | (648) | (404) |
| Dec 31, 2005 | 643) | (553) | (80) |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2022 is characterized by a substantial expansion in operational cash generation and a cyclical approach to capital investment. While the initial period showed moderate stability, the latter decade demonstrates an aggressive scaling of both cash inflows from operations and outflows for investment.
- Net Cash Provided by Operating Activities
- A consistent long-term upward trend is evident in operating cash flows. Following a period of volatility between 2008 and 2010, where cash flow dipped to a low of 438 million USD in 2009, a period of rapid acceleration began in 2013. Operating cash flows grew from 721 million USD in 2012 to 4,433 million USD by 2022, representing a significant increase in the company's ability to generate liquidity from its core business operations.
- Net Cash Used in Investing Activities
- Investing activities remained consistently negative throughout the period, reflecting continuous capital expenditures. Spending patterns are marked by distinct surges of investment. Notable peaks occurred in 2012 (2,104 million USD), 2017-2018 (reaching 4,551 million USD), and 2021-2022, where outflows peaked at 5,016 million USD. A sharp contraction in investing activities was observed in 2020, with outflows dropping to 223 million USD, before returning to aggressive expansion levels in the subsequent years.
- Net Cash Provided by or Used in Financing Activities
- Financing cash flows exhibit high volatility, alternating between net inflows and outflows. Significant inflows were recorded in 2012, 2017, and 2018, which correlate with the spikes in investing activities, suggesting a strategy of utilizing external financing to fund fleet expansion. Conversely, substantial outflows occurred in 2019 and 2020, with 2020 recording a net use of 2,293 million USD, indicating a period of debt reduction or shareholder distributions. The period ended with a return to positive financing cash flows of 552 million USD in 2022.
The synthesis of these trends reveals a business model that leverages increasing operational efficiency to support massive capital reinvestment. The correlation between financing inflows and investing outflows suggests a strategic reliance on capital markets to accelerate growth, while the recent surge in operating cash flow provides a stronger internal foundation for sustaining high levels of capital expenditure.
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Per Share Data
United Rentals Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 29.77 | 29.65 | 0.00 |
| Dec 31, 2021 | 19.14 | 19.04 | 0.00 |
| Dec 31, 2020 | 12.24 | 12.20 | 0.00 |
| Dec 31, 2019 | 15.18 | 15.11 | 0.00 |
| Dec 31, 2018 | 13.26 | 13.12 | 0.00 |
| Dec 31, 2017 | 15.91 | 15.73 | 0.00 |
| Dec 31, 2016 | 6.49 | 6.45 | 0.00 |
| Dec 31, 2015 | 6.14 | 6.07 | 0.00 |
| Dec 31, 2014 | 5.54 | 5.15 | 0.00 |
| Dec 31, 2013 | 4.14 | 3.64 | 0.00 |
| Dec 31, 2012 | 0.91 | 0.79 | 0.00 |
| Dec 31, 2011 | 1.62 | 1.38 | 0.00 |
| Dec 31, 2010 | -0.44 | -0.44 | 0.00 |
| Dec 31, 2009 | -1.02 | -1.02 | 0.00 |
| Dec 31, 2008 | -12.62 | -12.62 | 0.00 |
| Dec 31, 2007 | 3.60 | 3.25 | 0.00 |
| Dec 31, 2006 | 2.32 | 2.06 | 0.00 |
| Dec 31, 2005 | 1.97 | 1.80 | 0.00 |
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The earnings profile from 2005 to 2022 is characterized by three distinct phases: initial volatility linked to the global financial crisis, a period of steady recovery, and a phase of rapid earnings acceleration.
- Earnings Volatility and Crisis Impact (2005–2010)
- Basic earnings per share grew from 1.97 USD in 2005 to 3.60 USD in 2007 before experiencing a severe contraction in 2008, plummeting to -12.62 USD. Negative earnings persisted through 2010, although the magnitude of the losses narrowed significantly to -0.44 USD by the end of that year.
- Recovery and Stabilization (2011–2016)
- A return to profitability was established in 2011 with basic earnings per share of 1.62 USD. This initiated a period of consistent growth, with basic earnings rising steadily each year to reach 6.49 USD by 2016.
- Accelerated Growth Trajectory (2017–2022)
- A significant inflection point occurred in 2017, where basic earnings per share surged to 15.91 USD. Despite a moderate decline to 12.24 USD in 2020, the trend shifted toward aggressive expansion, culminating in a peak of 29.77 USD in 2022.
- Dilution Analysis
- Diluted earnings per share tracked basic earnings closely throughout the entire period. The minimal variance between basic and diluted figures indicates that the impact of dilutive securities was negligible relative to the total earnings.
- Dividend Distribution
- No dividend payments per share were recorded between 2005 and 2022, reflecting a consistent policy of retaining earnings rather than distributing them to shareholders.
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