United Rentals, Inc.'s Stock Analysis

United Rentals Issues $1.5 Billion in Senior Notes

United Rentals (North America), Inc. has successfully completed a private placement offering of $1.5 billion in 5.375% Senior Notes due November 15, 2033. The notes will pay interest semi-annually, starting May 15, 2026, and are guaranteed on a senior unsecured basis by United Rentals, Inc. and certain subsidiaries. The notes can be redeemed at URNA's option after November 15, 2028, with specific conditions for early redemption and change of control provisions outlined in the indenture governing the notes.

The indenture includes covenants that impose limitations on liens and mergers, as well as requirements for additional subsidiary guarantees. It also defines events of default, such as nonpayment and breaches of covenants, which could allow noteholders to accelerate payment. The covenants and requirements may not apply if the notes are rated investment grade by recognized rating agencies, provided no default is occurring at that time.

Dec 01, 2025 16:01:37

United Rentals Plans $1.5 Billion Senior Notes Offering

United Rentals, Inc. announced a proposed private offering of $1.5 billion in senior notes due 2033 through its subsidiary, United Rentals (North America), Inc. The net proceeds, estimated at approximately $1.486 billion after fees, will be used to redeem existing senior notes due 2027 and for general corporate purposes, including reducing borrowings under its revolving credit facility. The offering will be made to qualified institutional buyers and certain non-U.S. persons, and the notes will not be registered under the Securities Act.

United Rentals is the largest equipment rental company globally, operating 1,639 rental locations in North America and additional locations in Europe, Australia, and New Zealand. The company serves various customers, including construction and industrial sectors, and has a fleet of rental equipment with an original cost of approximately $22.82 billion. United Rentals is included in major stock indices such as the S&P 500 and Russell 3000 Index.

Nov 24, 2025 08:29:28

United Rentals Reports Q3 2025 Financial Results and Guidance

United Rentals, Inc. reported total revenue of $4.229 billion for the third quarter of 2025, which includes rental revenue of $3.665 billion. The company achieved a net income of $701 million, with a diluted earnings per share of $10.91 and an adjusted EPS of $11.70. Adjusted EBITDA reached $1.946 billion, reflecting a margin of 46.0%. The company also reported year-to-date net cash provided by operating activities of $3.934 billion and free cash flow of $1.192 billion. United Rentals returned $1.633 billion to shareholders through share repurchases and dividends during the year-to-date period.

The company raised its full-year guidance for total revenue and capital spending, citing strong customer demand as a driving factor. Rental revenue increased 5.8% year-over-year, with notable growth in both general and specialty rental segments. Despite a slight decrease in net income margin due to inflation and cost variability, the company maintained a strong liquidity position with total liquidity of $2.452 billion as of September 30, 2025, and a net leverage ratio of 1.86x.

Oct 22, 2025 16:33:55

United Rentals Amends Credit Agreement, Lowers Interest Rates

United Rentals, Inc. has amended its Amended and Restated Credit and Guaranty Agreement, effective August 7, 2025. This amendment reduces the interest rate margin for Term SOFR Term Loans to 1.50% and to 0.50% for Base Rate Term Loans, while the total loans outstanding remain at $987,500,000. The obligations under the amended agreement continue to be secured by Holdings and the Subsidiary Guarantors under the same terms as the previous agreement.

The amendment involves key parties including United Rentals (North America) Inc., various subsidiaries, lenders, and Bank of America, N.A. The changes to the interest rate may influence the company’s financial obligations and overall cost of borrowing, which could impact its financial performance and stock price.

Aug 07, 2025 16:17:30

United Rentals Reports Q2 2025 Results and Share Buyback Increase

United Rentals, Inc. announced its financial results for the second quarter of 2025, reporting total revenue of $3.943 billion, with rental revenue comprising $3.415 billion. The company achieved a net income of $622 million, translating to a GAAP diluted earnings per share of $9.59 and an adjusted EPS of $10.47. Year-to-date, net cash provided by operating activities reached $2.753 billion, and free cash flow was $1.198 billion. The company also reported an increase in fleet productivity and a strong performance in both general rentals and specialty businesses, which contributed to the raised outlook for total revenue and adjusted EBITDA for the year.

Additionally, the Board of Directors approved an increase in the company's share repurchase program from $1.5 billion to $2.0 billion, with plans to repurchase $1.65 billion in 2025. This decision was influenced by expected cash flow benefits from new federal tax legislation. The company's total liquidity stood at $2.996 billion as of June 30, 2025, and it declared a quarterly dividend of $1.79 per share, payable on August 27, 2025. The increase in share repurchase capacity and strong financial performance may influence investor sentiment and stock price.

Jul 23, 2025 16:43:56

United Rentals Secures $4.5 Billion Credit Facility Agreement

United Rentals, Inc. has entered into a Fifth Amended and Restated Credit Agreement, establishing a senior secured asset-based loan facility of $4.5 billion. This facility allows for borrowings in various currencies and includes specific sub-limits for Canadian, ROW, and European loans. As of July 9, 2025, approximately $2.049 billion was drawn, leaving around $2.428 billion available for additional borrowings, subject to borrowing base limitations.

The agreement includes covenants that restrict certain corporate actions, such as incurring additional debt and making dividends, while it does not impose financial covenants except for a minimum fixed charge coverage ratio that must be maintained under specific conditions. The facility matures on July 10, 2030, and is secured by first priority interests in the tangible and intangible assets of the U.S. Guarantors, with provisions for events of default allowing lenders to accelerate advances if necessary.

Jul 11, 2025 16:15:44

United Rentals Extends Receivables Purchase Agreement Facility to 2026

United Rentals, Inc. has entered into an amendment to extend the expiration date of its receivables purchase agreement facility until June 24, 2026. This facility can be further extended on a 364-day basis through mutual agreement with the purchasers involved in the agreement. The amendment also includes the addition of Reliant as a purchaser under the agreement.

The amended facility will continue to be reflected as debt on the company's balance sheets, while the receivables in the collateral pool will be considered assets. Advances will only be permitted if the eligible receivables exceed the outstanding loans by a specified amount. The agreement includes standard termination events, such as a change of control or failure to comply with financial covenants.

Jun 06, 2025 16:15:24

United Rentals Reports Q1 Results and $1.5 Billion Buyback

United Rentals, Inc. announced its financial results for the first quarter of 2025, reporting total revenue of $3.719 billion and a net income of $518 million. The company also reaffirmed its full-year guidance and highlighted a new $1.5 billion share repurchase program approved by its Board of Directors. The first quarter saw rental revenue reach a record $3.145 billion, with adjusted EBITDA at $1.671 billion, reflecting a 5.3% year-over-year increase. The company returned $368 million to shareholders through share repurchases and dividends.

The company reported a net leverage ratio of 1.7x and total liquidity of $3.345 billion as of March 31, 2025. In addition, United Rentals experienced a 3.1% increase in fleet productivity year-over-year. Despite a decrease in net income margin and gross margins from used equipment sales, cash flow from operating activities increased by 38.5% to $1.425 billion. The new share repurchase program aims to complete $1.5 billion in buybacks by the end of the first quarter of 2026, with repurchases expected to start in the second quarter of 2025.

Apr 23, 2025 16:45:44

United Rentals Terminates Merger Agreement with H&E Equipment Services

United Rentals, Inc. and its subsidiary have decided to terminate the merger agreement with H&E Equipment Services, leading to the withdrawal of their cash tender offer for H&E's shares. This decision was made as a condition of the offer could not be satisfied, resulting in the cessation of the proposed merger activities.

As part of the termination, H&E Equipment Services is required to pay a termination fee of approximately $63.5 million to United Rentals. Additionally, the bridge facility commitment letter associated with the merger has also been terminated, indicating a complete halt to the financial arrangements initially set up for the merger.

Feb 19, 2025 08:11:04

United Rentals Ends Acquisition Pursuit; Share Repurchase Program Resumes

United Rentals, Inc. has decided not to pursue a revised acquisition proposal for H&E Equipment Services, allowing H&E to terminate their merger agreement. This decision reflects the company's commitment to financial discipline, as stated by CEO Matthew Flannery. Following H&E's notification of a superior acquisition offer from another bidder, United Rentals waived the negotiation period, which could have allowed for further discussions regarding the merger.

On a positive note, H&E is obligated to pay a termination fee of approximately $63.5 million to United Rentals due to the cancellation of the merger agreement. Additionally, United Rentals will restart its share repurchase program, with about $250 million remaining from its $1.5 billion authorization, signifying a strategy to return excess capital to shareholders.

Feb 18, 2025 07:21:58