UNITED RENTALS, INC.

United Rentals is the largest equipment rental company in the world, operating throughout the United States and Canada, with a smaller presence in Europe, Australia, and New Zealand. For the year ended December 31, 2025, the company generated total revenues of $16,099 million, with equipment rental revenue accounting for 86% of total revenues. This is an increase from $15,345 million in total revenues and 85% equipment rental revenue for the year ended December 31, 2024. Key account customers represented 69% of equipment rental revenue in 2025, up from 68% in 2024, while national account customers made up 46% in 2025, up from 44% in 2024. As of December 31, 2025, the company's fleet had an Original Equipment Cost (OEC) of $22.48 billion, comprising 1,095,000 equipment units with an average age of 49.5 months. This compares to a fleet OEC of $21.43 billion, 1,120,000 units, and an average age of 51.3 months as of December 31, 2024. The equipment rental revenue by fleet type in 2025 was: General construction and industrial equipment (39%), Aerial work platforms (22%), General tools and light equipment (9%), Power and HVAC equipment (11%), Trench safety equipment (5%), Fluid solutions equipment (7%), Mobile storage equipment and modular office space (3%), and Surface protection mats (4%). United Rentals operates 1,768 rental locations as of December 31, 2025, up from 1,686 in 2024. The company employs 28,500 total employees, consisting of 20,300 hourly employees and 8,200 salaried employees, as of December 31, 2025. This is an increase from 27,900 total employees (19,900 hourly, 8,000 salaried) in 2024. The estimated North American market share was 15% for both 2025 and 2024.