United Rentals, Inc. (URI) SEC Filings & Earnings Calls

Interest rate sensitivity

“Interest rates on our debt instruments have fluctuated in recent years (the weighted average interest rates on our variable debt instruments were 1.4 percent in 2021, 6.3 percent in 2024, 5.4 percent in 2025 and 4.8 percent for the nine months ended September 30, 2026).” · word for word

Inflation and tariff risk

“We have experienced and are continuing to experience inflationary pressures. A portion of inflationary cost increases is passed on to customers. Tariffs could result in the costs we incur being more than anticipated.”

Restructuring execution risk

“Restructuring charge │ 15 │ │ — │ │ —% │ │ 66 │ │ 1 │ │ 6,500.0%” · word for word

Potential impact of tariffs on equipment costs and supply chain.

“Risk factors mention tariffs affecting suppliers and maintenance costs.”

Cybersecurity and data privacy risks.

“Risk factors include security breaches, cybersecurity attacks.”

Specialty segment margin pressure

“Specialty . . . equipment rentals gross margin decreased by 140 basis points, year-over-year. Gross margin decreased primarily due to changes in revenue mix driven by growth in lower-margin ancillary and re-rent revenues”

Restructuring execution risk

“Restructuring charge 6 — —% 51 1 5,000.0%” · word for word

Inflation and tariff cost pressure

“Tariffs could result in the costs we incur being more than anticipated.” · word for word

No material risks highlighted; strong financial position with low leverage

“Net leverage ratio of 1.8x, with total liquidity of $2.999 billion”

Interest rate exposure

“Interest rates on our debt instruments have increased in recent years (the weighted average interest rates on our variable debt instruments were 1.4 percent in 2021, 6.3 percent in 2024, 5.4 percent in 2025 and 4.8 percent for the three months ended March 31, 2026).” · word for word

Tariff and inflation risk

“Tariffs could result in the costs we incur being more than anticipated. The impact of inflation, tariffs, interest rate fluctuations and international conflicts may be significant in the future.” · word for word

Restructuring execution risk

“Restructuring charge $45M in Q1 2026, primarily under the restructuring program initiated in Q4 2025.”

Gross Margin Pressure from Cost Inflation and Mix

“Gross margin from equipment rentals for the specialty segment decreased primarily due to 1) increased depreciation expense, including the impact of the Yak acquisition and growth in the acquired Yak locations, 2) inflation and normal cost variability, particularly in delivery costs, and 3) the impact of a higher proportion of 2025 revenue from ancillary reve” · word for word

Used Equipment Market Normalization

“decreased gross margin from sales of rental equipment (excluding the adjustment for the impact of the fair value mark-up of acquired fleet), which primarily reflected the normalization of the used equipment market, including pricing” · word for word

No material risks identified.

High leverage risk

“At December 31, 2025, our total indebtedness was $14.2 billion.” · word for word

Interest rate sensitivity

“As of December 31, 2025, our variable rate indebtedness represented 29 percent of our total indebtedness.” · word for word

Cybersecurity risk

“We have, from time to time, experienced threats to and breaches of our data and systems, including malware and computer virus attacks.” · word for word