While the OCF/NI ratio reached a robust 2.85 in 2026Q1, the company's capital intensity remains high, with CapEx as a percentage of revenue peaking at 39.5% in 2025Q2.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 |
|---|
| Cash from Operations | 5.28B | 5.19B | 4.55B | 4.7B | 4.43B | 3.69B | 2.66B | 3.02B | 2.85B | 2.23B | 1.95B | 2B | 1.8B | 1.55B | 721M | 608M | 452M | 438M | 764M | 868M | 858M | 643M | 737M | 342.31M | 517.91M | 696.71M | 512.72M | 421.4M | 216.1M |
| Operating CF Margin % | - | 32.24% | 29.63% | 32.82% | 38.08% | 37.97% | 31.16% | 32.34% | 35.45% | 33.58% | 33.89% | 34.3% | 31.68% | 31.3% | 17.51% | 23.29% | 20.21% | 18.58% | 23.39% | 23.26% | 23.57% | 18.05% | 23.82% | 11.94% | 18.36% | 24.14% | 17.57% | 18.87% | 17.71% |
| Operating CF Growth % | 29.16% | 14.17% | -3.36% | 6.11% | 20.17% | 38.79% | -12.1% | 5.99% | 27.94% | 14.18% | -2.11% | 10.77% | 16.12% | 115.12% | 18.59% | 34.51% | 3.2% | -42.67% | -11.98% | 1.17% | 33.44% | -12.75% | 115.3% | -33.91% | -25.66% | 35.88% | 21.67% | 95% | - |
| Net Income | 2.51B | 2.49B | 2.58B | 2.42B | 2.1B | 1.39B | 890M | 1.17B | 1.1B | 1.35B | 566M | 585M | 540M | 387M | 75M | 101M | -26M | -60M | -704M | 363M | 224M | 187M | -84M | -258.58M | -397.82M | 111.26M | 176.38M | 142.7M | 34.8M |
| Depreciation & Amortization | 3.15B | 3.11B | 2.9B | 2.78B | 2.22B | 1.98B | 1.99B | 2.04B | 1.67B | 1.38B | 1.25B | 1.24B | 1.19B | 1.1B | 897M | 480M | 449M | 474M | 513M | 497M | 503M | 462M | 468M | 428.32M | 396.29M | 433.9M | 414.43M | 343.5M | 212.4M |
| Stock-Based Compensation | 134M | 134M | 112M | 94M | 127M | 119M | 70M | 61M | 102M | 87M | 45M | 49M | 74M | 46M | 32M | 12M | 8M | 8M | 6M | 15M | 16M | 8M | 23M | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | 504M | 405M | -19M | 35M | 537M | 268M | -121M | 204M | 257M | -533M | 123M | 336M | 261M | 167M | -16M | 39M | -58M | 4M | -129M | 61M | 119M | 112M | -8M | -70.24M | 5.87M | 100.68M | 109.28M | 41.8M | 27.3M |
| Other Non-Cash Items | -633M | -672M | -759M | -803M | -577M | -418M | -166M | -248M | -227M | -61M | -142M | -127M | -133M | -136M | 170M | -3M | 44M | 25M | 1.06B | -88M | -66M | -90M | 188M | 258.54M | 479.39M | -29.39M | -143.58M | -200K | -39.5M |
| Working Capital Changes | -385M | -279M | -266M | 173M | 24M | 351M | -3M | -205M | -46M | 8M | 116M | -92M | -135M | -11M | -437M | -21M | 35M | -13M | 19M | 20M | 62M | -36M | 150M | -15.74M | 34.18M | 80.26M | -43.79M | -5.6M | -18.9M |
| Change in Receivables | -211M | -120M | -20M | -167M | -329M | -300M | 218M | 39M | -115M | -184M | 15M | -11M | -101M | -20M | -86M | -62M | -38M | 128M | 51M | -5M | 6M | -78M | 10M | -33.24M | -6.95M | 0 | 0 | 0 | 0 |
| Change in Inventory | -25M | -38M | 15M | 19M | -25M | 9M | -5M | -8M | -20M | 1M | 1M | 8M | 11M | -2M | -2M | -3M | 5M | 16M | 31M | 51M | 21M | -32M | 12M | 10.82M | 21.19M | 87.08M | 69.71M | -6.5M | -6.4M |
| Change in Payables | -57M | -22M | -203M | -45M | 304M | 307M | 10M | -86M | 49M | 141M | -29M | -8M | -23M | 9M | -223M | 68M | 4M | -32M | -34M | -30M | 14M | -6M | 62M | -56.24M | 2.25M | 0 | 0 | 0 | 0 |
| Cash from Investing | -3.86B | -3.37B | -4.15B | -2.98B | -5.02B | -3.61B | -223M | -1.71B | -4.55B | -3.71B | -859M | -1.17B | -2B | -1.18B | -2.1B | -861M | -223M | -94M | -446M | -604M | -648M | -553M | -453M | -537.44M | -536.25M | -409.64M | -962.94M | -1.6B | -1.35B |
| Capital Expenditures | -3.78B | -4.53B | -4.13B | -4.07B | -3.69B | -3.2B | -1.16B | -2.35B | -2.29B | -1.89B | -1.34B | -1.64B | -1.82B | -1.68B | -1.37B | -810M | -374M | -311M | -704M | -990M | -965M | -863M | -751M | -713.3M | -530.86M | -497.32M | -961.97M | -1.83B | -1.48B |
| CapEx % of Revenue | 23.12% | 28.13% | 26.89% | 28.4% | 31.7% | 32.91% | 13.58% | 25.13% | 28.47% | 28.44% | 23.24% | 28.12% | 32.03% | 33.99% | 33.25% | 31.02% | 16.72% | 13.19% | 21.55% | 26.53% | 26.51% | 24.22% | 24.27% | 24.88% | 18.82% | 17.23% | 32.96% | 81.87% | 120.95% |
| Acquisitions | -340M | -357M | -1.66B | -574M | -2.34B | -1.44B | -2M | -249M | -2.97B | -2.38B | -28M | -86M | -756M | -9M | -1.17B | -276M | 0 | -25M | -17M | -23M | -39M | 0 | 0 | -5.42M | -176.93M | -57.32M | -347.34M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 261M | 1.52B | 1.64B | 1.67B | 1.02B | 1.02B | 40M | 24M | 709M | 566M | 510M | 555M | 577M | 516M | 430M | 225M | 151M | 242M | 275M | 409M | 356M | 310M | 298M | 181.28M | 171.53M | 145M | 346.37M | 233M | 126M |
| Cash from Financing | -1.82B | -1.84B | -274M | -1.47B | 552M | -140M | -2.29B | -1.3B | 1.4B | 1.5B | -964M | -775M | 196M | -295M | 1.45B | 80M | -203M | -268M | -612M | -13M | -404M | -80M | -64M | 254.96M | 9.31M | -277.99M | 468.05M | 1.18B | 1.08B |
| Debt Issued (Net) | 797M | 653M | 1.75B | 2M | 1.64B | -106M | -1.99B | -446M | 2.24B | 1.59B | -471M | 84M | 787M | -184M | 1.64B | 79M | -201M | -206M | 247M | -71M | -404M | -39M | -14M | 248M | 10M | -263.65M | 515.08M | 654.52M | 577.9M |
| Equity Issued (Net) | -2.1B | -1.97B | -1.57B | -1.07B | -1.07B | -34M | -286M | -870M | -817M | -56M | -528M | -789M | -613M | -115M | -131M | -7M | -1M | -1M | -602M | 27M | 74M | -6M | 1M | -2M | -1M | -14.34M | -30.62M | 522.49M | 207.6M |
| Dividends Paid | -471M | -464M | -434M | -406M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -257M | 0 | 0 | 0 | 0 | -18.16M | -83.04M | 0 | 0 | 0 | 0 |
| Share Repurchases | -2.1B | -1.97B | -1.57B | -1.07B | -1.07B | -34M | -286M | -870M | -817M | -56M | -528M | -789M | -613M | -115M | -131M | -7M | -1M | -1M | -605M | -5M | -4M | -8M | -5M | -3M | -26.73M | -24.76M | -30.95M | 0 | 0 |
| Other Financing | -43M | -61M | -17M | 0 | -24M | 0 | -22M | 11M | -22M | -41M | 35M | -70M | 22M | 4M | -59M | 8M | -1M | -61M | 0 | 31M | -74M | -35M | -51M | 18.16M | 83.04M | 0 | -16.41M | 0 | 296.6M |
| Net Change in Cash | -386M | 2M | 94M | 257M | -38M | -58M | 150M | 9M | -309M | 40M | 133M | 21M | -17M | 69M | 70M | -167M | 34M | 92M | -304M | 262M | -197M | 13M | 224M | 60.22M | -8.1M | -7.06M | 10.57M | 3.4M | -52M |
| Free Cash Flow | 1.5B | 662M | 419M | 634M | 743M | 491M | 1.5B | 674M | 562M | 341M | 614M | 359M | -20M | -133M | -648M | -202M | 78M | 127M | 60M | -122M | -107M | -220M | -14M | -371M | -12.95M | 199.39M | -449.25M | -1.41B | -1.26B |
| FCF Margin % | 9.14% | 4.11% | 2.73% | 4.42% | 6.38% | 5.05% | 17.59% | 7.21% | 6.98% | 5.13% | 10.66% | 6.17% | -0.35% | -2.68% | -15.74% | -7.74% | 3.49% | 5.39% | 1.84% | -3.27% | -2.94% | -6.17% | -0.45% | -12.94% | -0.46% | 6.91% | -15.39% | -63% | -103.24% |
| FCF Growth % | 134.12% | 58% | -33.91% | -14.67% | 51.32% | -67.27% | 122.55% | 19.93% | 64.81% | -44.46% | 71.03% | 1895% | 84.96% | 79.48% | -220.79% | -358.97% | -38.58% | 111.67% | 149.18% | -14.02% | 51.36% | -1471.43% | 96.23% | -2765.05% | -106.49% | 144.38% | 68.07% | -11.7% | - |
| FCF per Share | 23.52 | 10.25 | 6.29 | 9.23 | 10.47 | 6.74 | 20.57 | 8.67 | 6.73 | 3.98 | 6.99 | 3.72 | -0.19 | -1.25 | -6.84 | -2.75 | 1.29 | 2.11 | 0.80 | -1.07 | -0.94 | -2.00 | -0.13 | -4.81 | -0.16 | 2.11 | -4.90 | -15.09 | -16.80 |
| FCF Conversion (FCF/Net Income) | 0.60x | 2.08x | 1.77x | 1.94x | 2.11x | 2.66x | 2.99x | 2.58x | 2.60x | 1.66x | 3.45x | 3.41x | 3.34x | 4.01x | 9.61x | 6.02x | -17.38x | -7.06x | -1.09x | 2.40x | 3.83x | 3.44x | -8.77x | -1.40x | -1.30x | 6.26x | 2.91x | 2.95x | 16.01x |
| Interest Paid | 677M | 703M | 674M | 614M | 406M | 391M | 483M | 581M | 455M | 357M | 415M | 447M | 457M | 461M | 371M | 203M | 229M | 234M | 218M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 577M | 602M | 994M | 493M | 326M | 202M | 318M | 238M | 71M | 205M | 99M | 60M | 100M | 48M | 40M | 24M | -49M | 3M | 46M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Cyclical capital intensity
As reported in financial statements, United Rentals consistently demonstrates an OCF/NI ratio significantly above 1.0, peaking at 2.85 in 2026Q1, which highlights the substantial non-cash depreciation charges inherent in the company's heavy equipment rental model and suggests high-quality cash generation relative to accounting net income.
The persistent gap between net income and operating cash flow is primarily driven by the massive depreciation of the rental fleet, which acts as a non-cash shield. Investors should interpret this as a sign that the company's reported earnings are conservative, though the quality of this cash flow remains tethered to the company's ability to maintain high fleet utilization.
Based on quarterly data, URI's free cash flow trajectory appears highly seasonal and sensitive to capital expenditure cycles, with margins swinging from a negative 8.6% in 2025Q3 to a robust 38.0% in 2026Q1, reflecting the company's aggressive but discretionary approach to fleet investment.
The extreme volatility in FCF margins suggests that management retains significant control over capital outflows, allowing them to throttle spending during periods of lower demand. This flexibility is a critical defensive feature, though it complicates short-term cash flow forecasting for institutional investors.
According to recent SEC filings, URI's capital intensity, measured by CapEx as a percentage of revenue, reached a peak of 39.5% in 2025Q2, underscoring the company's reliance on continuous fleet renewal to maintain its competitive position in the industrial and infrastructure rental markets.
The high level of CapEx relative to revenue indicates that a significant portion of cash flow is reinvested to prevent fleet obsolescence and maintain service reliability. Analysts should monitor whether this capital intensity begins to yield diminishing returns on invested capital as the company reaches greater market saturation.
As evidenced by the provided cash flow data, working capital changes have been erratic, ranging from a $482 million outflow in 2025Q3 to a $300 million inflow in 2025Q1, which suggests that the company's cash conversion cycle is highly susceptible to the timing of large-scale project payments.
These swings in working capital may indicate that URI is absorbing the impact of project-based payment delays or inventory build-ups associated with its mega-project focus. Investors should monitor these movements as they can temporarily obscure the underlying cash-generating efficiency of the core rental operations.
Quick answers to the most common questions about buying URI stock.
United Rentals, Inc. (URI) generated $5.19B in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
United Rentals, Inc. (URI) generated $662.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
United Rentals, Inc. (URI) spent $4.53B on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, United Rentals, Inc. (URI) returned $464.0M to shareholders via cash dividends and spent $1.97B on share repurchases. This shows the company's commitment to returning capital to its equity investors.