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 analysis of the financial data reveals several significant trends in revenues, operating income, and net income over the observed period.
- Revenues
- Revenues generally exhibit a growth trend over the years, increasing substantially from approximately $3.56 billion in 2005 to $11.64 billion in 2022. A notable exception occurs in 2008 and 2009, where revenues decline from $3.73 billion in 2007 to $3.27 billion in 2008 and further to $2.36 billion in 2009, reflecting a pronounced drop during this period. After this dip, revenues recover gradually, with especially strong increases beginning in 2010 and accelerating notably after 2011, peaking at $9.35 billion in 2019. Despite a slight decrease in 2020, revenues continue their upward trajectory, reaching the highest observed value in 2022.
- Operating Income (Loss)
- Operating income shows a similar overall upward trend but with greater volatility. Initial years show steady growth from $500 million in 2005 to $659 million in 2007. The company then experiences a significant operating loss of $630 million in 2008, corresponding with the global economic downturn, which aligns with the revenue decrease in the same period. Operating income recovers from 2009 onwards, with a gradual and sustained increase, reaching a record $3.23 billion in 2022. There are slight fluctuations, such as the slight decrease in 2015 and 2016, but the overall trend remains positive.
- Net Income (Loss)
- Net income follows a pattern consistent with revenues and operating income, though generally with higher sensitivity to downturns. Net income rises from $187 million in 2005 to $362 million in 2007, then plunges to a loss of $704 million in 2008, followed by smaller losses in 2009 and 2010. Starting in 2011, net income returns to positive territory, with considerable growth and some fluctuations. Especially notable is the jump between 2016 and 2017, from $566 million to $1.35 billion, more than doubling net income. Although net income dips slightly in 2020, it rebounds strongly in subsequent years, reaching $2.11 billion in 2022, the highest in the period analyzed.
In summary, the company demonstrates resilience and strong recovery following the 2008 financial crisis, with revenues, operating income, and net income all exhibiting substantial growth in the long term. The data suggest effective management of operations and profitability over time, particularly after the initial shock period. The marked increases in profitability since the mid-2010s indicate improved efficiency or successful strategic initiatives. Overall, the financial performance points to robust and increasing value generation through the end of 2022.
Balance Sheet: Assets
United Rentals Inc., selected items from assets, long-term trends
US$ 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 analysis reveals several notable trends in the financial data over the years under review.
- Current Assets
- Current assets data begins from 2006 with a value of US$ 1,005 million and exhibits a general upward trajectory with some fluctuations. Between 2006 and 2008, current assets declined from US$ 1,005 million to US$ 703 million, likely reflecting a contraction or increased liquidity management during this period. From 2009 onward, the value slowly recovers and grows, reaching US$ 1,343 million in 2012. This is followed by a more consistent increase year-over-year, culminating in US$ 2,723 million by 2022. This suggests improving short-term financial positioning and potentially enhanced operational liquidity and working capital management in recent years.
- Total Assets
- Total assets start at US$ 5,274 million in 2005 with a moderate increase to US$ 5,842 million by 2007, before sharply declining to US$ 3,859 million in 2009. This decline may be associated with asset sales, depreciation, or economic challenges impacting the asset base. From 2010 onward, total assets demonstrate a significant recovery and robust growth, particularly notable between 2011 and 2012 when total assets surged from US$ 4,143 million to US$ 11,026 million. This sharp increase could signify acquisitions, capital investments, or revaluation of asset holdings. Subsequent years maintain a general positive trend, increasing to US$ 24,183 million by 2022, indicating substantial expansion in asset base and underlying business scale.
In summary, both current and total assets reflect recovery and growth after the downturn periods around 2008-2009. The pronounced increase in total assets after 2011 suggests strategic asset accumulation, possibly through acquisitions or capital expenditures, contributing to significant balance sheet growth. The steady enhancement in current assets supports improved liquidity and operational flexibility.
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).
- Current liabilities
- Current liabilities demonstrate an overall increasing trend from 2006 through 2022. Beginning at 599 million US dollars in 2006, liabilities rose moderately with some fluctuations until 2010, followed by significant increases in 2011 and onward. The most notable growth occurred after 2016, peaking at 2603 million US dollars in 2020 before slightly declining to 2445 million US dollars in 2022.
- Total liabilities
- Total liabilities remained relatively stable around the 3800 to 4300 million US dollar range from 2005 through 2007, with a dip observed in 2009 and 2010. Starting in 2011, there was a substantial jump, peaking at 14730 million US dollars in 2018 and fluctuating thereafter, eventually reaching the highest value of 17121 million US dollars in 2022. This indicates considerable growth in overall obligations over the long term.
- Short-term debt and long-term debt
- Debt levels initially hovered around 2700 to 3150 million US dollars from 2005 through 2007, followed by a significant increase commencing in 2011. Debt peaked in 2018 at 11747 million US dollars and showed a slight decrease thereafter, finishing at 11370 million US dollars in 2022. The data suggests a consistent rise in debt financing, particularly pronounced post-2010, aligning with the upward trend in total liabilities.
- Stockholders’ equity (deficit)
- Stockholders’ equity experienced considerable volatility in the earlier years, with negative values recorded in 2008 through 2010. Beginning in 2011, equity turned positive and exhibited steady growth, more than quadrupling from 64 million US dollars in 2011 to 7062 million US dollars in 2022. This progression reflects strengthening financial position and increased value for shareholders over time.
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).
- Operating Activities
- Net cash provided by operating activities exhibited a generally increasing trend over the analyzed period. Starting at $643 million in 2005, it rose markedly to $859 million in 2007 and, despite minor fluctuations, showed an overall upward trajectory. The figure experienced a dip during 2009 and 2010, correlating with a notable decline in cash flow to $438 million and $452 million respectively. However, from 2011 onward, there was consistent improvement, culminating in $4,433 million by 2022. This indicates strengthening operational cash generation capacity over the longer term.
- Investing Activities
- Net cash used in investing activities remained consistently negative throughout the period, reflecting ongoing capital expenditure or asset purchases. The outflows ranged from a low of -$94 million in 2009 to significant peaks such as -$4,551 million in 2018 and -$5,016 million in 2022. Notable large investments occurred during 2011-2012 and again from 2016 onwards, suggesting periods of increased strategic asset acquisition or expansion. The data suggests sustained investment in fixed or long-term assets, with variability likely linked to specific investment cycles or acquisitions.
- Financing Activities
- Net cash flows from financing activities demonstrated volatility, alternating between negative and positive values. Early years saw predominantly negative cash flows, indicating repayments or dividend payments exceeding new funding (-$404 million in 2006 and -$612 million in 2008). A sharp reversal occurred in 2011 and 2012, with inflows of $80 million and $1,453 million respectively, suggesting new debt issuance or equity financing. After another period of negative cash flows from 2013 to 2016, inflows resumed in 2017 and 2018, followed by volatility through 2022. This pattern reflects active management of the capital structure, including episodes of raising debt or equity capital and periods of deleveraging or returns to shareholders.
Per Share Data
United Rentals Inc., selected data per share, long-term trends
US$
| 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.
- Basic Earnings Per Share (EPS)
- The basic earnings per share exhibited considerable volatility over the analyzed period. Initially, there was an upward trend from 1.97 US$ in 2005 to 3.6 US$ in 2007. However, a sharp decline occurred in 2008, with EPS dropping to a significant negative value of -12.62 US$. The EPS remained negative but improving through 2009 and 2010, reaching -1.02 US$ and -0.44 US$ respectively. From 2011 onwards, there was a steady recovery and growth, with EPS turning positive and rising consistently, reaching 29.77 US$ by 2022. This indicates a strong recovery and improved profitability in the later years, with substantial earnings growth especially after 2016.
- Diluted Earnings Per Share (EPS)
- The diluted EPS closely followed the pattern of the basic EPS, confirming the overall earnings trend. It rose from 1.8 US$ in 2005 to 3.25 US$ in 2007, fell drastically to -12.62 US$ in 2008, and experienced a gradual improvement through 2009 and 2010. From 2011, diluted EPS steadily increased, reaching 29.65 US$ in 2022. The near-identical movement between basic and diluted EPS suggests minimal dilution impact on earnings or consistent share issuance practices over the period.
- Dividend Per Share
- No dividend payments per share were recorded throughout the entire period under review, as indicated by the absence of any data in this category. This suggests a possible reinvestment strategy of earnings into the company or other corporate policies not favoring dividend distribution.