United Rentals
27 named things its latest annual report says its results depend on, each in the company's own words. 12 of them are also named by other companies we've read.
Customers
Industrial and non-construction end-market
earns from · approximately 48 percent of our rental revenuenamed as a riskIndustrial and other non-construction rentals represented approximately 48 percent of our rental revenue, primarily reflecting rentals to manufacturers, energy companies, chemical companies, paper mills, railroads, shipbuilders, utilities, retailers and infrastructure entities;Business (Item 1)
Commercial (private non-residential) construction
earns from · approximately 48 percent of our rental revenuenamed as a riskCommercial construction rentals represented approximately 48 percent of our rental revenue, primarily reflecting rentals related to the construction and remodeling of facilities for office space, lodging, healthcare, entertainment and other commercial purposes; andBusiness (Item 1)
Residential construction
earns from · approximately four percent of our rental revenueResidential rentals represented approximately four percent of our rental revenue, primarily reflecting rentals of equipment for the construction and renovation of homes.Business (Item 1)
National accounts
earns from · 46%National accounts are generally defined as customers with potential annual equipment rental spend of at least $500,000 or customers doing business in multiple states.Business (Item 1)
Also named by FAST
U.S. government contracting
subject tonamed as a riskChanges in applicable law, regulations or requirements, or our material failure to comply with any of them, can increase our costs and have other negative impacts on our business.Risk factors (Item 1A)
Also named by PAYC
Suppliers
Key equipment suppliers
depends on · Largest supplier percent of capital expenditures 11%; Top 10 supplier percent of capital expenditures 52%named as a riskOur centralization of equipment and non-equipment purchases has resulted in us depending on, and being exposed to, the credit risk of a group of key suppliers.Risk factors (Item 1A)
Other companies
Goodwill
$7.1 billionnamed as a riskAt December 31, 2025, we had $7.1 billion of goodwill on our consolidated balance sheet.Risk factors (Item 1A)
Variable rate indebtedness
exposed to its price · $4.1 billionnamed as a riskAs of December 31, 2025, based upon the amount of our variable rate debt outstanding, our annual after-tax earnings would decrease by approximately $31 for each one percentage point increase in the interest rates applicable to our variable rate debt.Market risk (Item 7A)
Specialty segment
earns from · 31.7 percent of our revenuesnamed as a riskSpecialty segment revenues constituted 31.7 percent of our revenues for the year ended December 31, 2025, as compared to 7.3 percent of our revenues for the year ended December 31, 2013.Risk factors (Item 1A)
ABL facility
depends onnamed as a riskIn addition to cash we generate from our business, our principal existing sources of funds to support operations and make capital expenditures on equipment and other items are borrowings available under the ABL facility and the accounts receivable securitization facility.Risk factors (Item 1A)
Yak Access, LLC (Yak)
In March 2024, we completed the acquisition of Yak Access, LLC, Yak Mat, LLC and New South Access & Environmental Solutions, LLC (collectively, “Yak”).Business (Item 1)
Ahern Rentals, Inc.
The pursuit of strategic acquisitions to continue to expand our core equipment rental business, as exhibited by our acquisition of assets of Ahern Rentals, Inc. (“Ahern Rentals”) in December 2022, as well as other smaller, more recent acquisitions.Business (Item 1)
Places
United States
operates in · 1,494 branch locationsnamed as a riskOur 1,494 branch locations in the United States are located in 49 states, and Puerto Rico, which exposes us to a host of different state and local regulations, in addition to federal law and regulatory and contractual requirements we face as a government contractor.Risk factors (Item 1A)
Also named by ABBV, ADP, AJG, AMGN, APA, AXGN, AXP, BALL and 139 more
Foreign operations (Canada, Europe, Australia, New Zealand)
earns from · $1.428 billion, or 9 percent, of our total revenuenamed as a riskDuring the year ended December 31, 2025, our foreign subsidiaries accounted for $1.428 billion, or 9 percent, of our total revenue of $16.099 billion, and $203, or 6 percent, of our total pretax income of $3.338 billion.Market risk (Item 7A)
Hazards
Winter seasonality
named as a riskOur business is seasonal, with demand for our rental equipment tending to be lower in the winter months.Business (Item 1)
Commodities and inputs
Steel
exposed to its pricenamed as a riskcommodity price pressures and the resultant increase in the cost of fuel and steel to our equipment suppliers, which can result in increased equipment costs for us;Risk factors (Item 1A)
Also named by AAON, AGX, ALSN, AM, AME, AMRC, AOS, APD and 104 more
Fuel
exposed to its pricenamed as a riskAlthough we have used, and may continue to use, futures contracts to hedge against fluctuations in fuel prices, a significant or protracted price fluctuation or disruption of fuel supplies could have a material adverse effect on our financial condition and results of operations.Risk factors (Item 1A)
Also named by ASO, CARR, COR, CPNG, CPRT, DDS, DKS, DY and 16 more
Oil and natural gas
exposed to its pricenamed as a riskDemand for our services and products is sensitive to the level of exploration, development and production activity of, and the corresponding capital spending by, oil and natural gas companies, including national oil companies, regional exploration and production providers, and related service providers.Risk factors (Item 1A)
Also named by APO, ARES, BX, FDUS, GAIN, HON, MMM, RF and 3 more
Used equipment resale market
exposed to its pricenamed as a riskSales of our used rental equipment at prices that fall significantly below our projections and/or in lesser quantities than we anticipate will have a negative impact on our results of operations and cash flows.Risk factors (Item 1A)
Laws and programs
Employee Retirement Income Security Act (ERISA) multiemployer pension plans
subject to · approximately 1,800 employeesnamed as a riskUnder the Employee Retirement Income Security Act, a contributing employer to an underfunded multiemployer plan is liable, generally upon withdrawal from a plan, for its proportionate share of the plan's unfunded vested liability.Risk factors (Item 1A)
General Data Protection Regulation (GDPR)
subject tonamed as a riskFor example, the European Union’s (“EU”) General Data Protection Regulation (Regulation (EU) 2016/679) (the “GDPR”) has stringent data protection requirements and provides for significant penalties.Risk factors (Item 1A)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
Infrastructure spending
earns fromnamed as a riskchanges in private non-residential construction spending or government funding for infrastructure and other construction projects;Risk factors (Item 1A)
Also named by CAT
Tariffs on raw materials
exposed to its pricenamed as a riskThe cost of new equipment for use in our rental fleet has increased, and could continue to increase in the future, due to increased material costs for our suppliers (including tariffs on raw materials) or other factors beyond our control.Risk factors (Item 1A)
Environmental and occupational safety laws
subject tonamed as a riskWhile our operations generally do not raise significant environmental risks, we use hazardous materials to clean and maintain equipment, dispose of solid and hazardous waste and wastewater from equipment washing, and store and dispense petroleum products from above-ground storage tanks located at certain of our locations.Risk factors (Item 1A)
Climate change regulation
subject tonamed as a riskAdditionally, potential climate change regulation could increase the overall cost of fuel to us and have a material adverse effect on us.Risk factors (Item 1A)
Section 203 of the Delaware General Corporation Law
subject toWe are also subject to Section 203 of the Delaware General Corporation Law which, under certain circumstances, restricts the ability of a publicly held Delaware corporation to engage in a business combination, such as a merger or sale of assets, with any stockholder that, together with affiliates, owns 15 percent or more of the corporation’s outstanding voting stock, which similarly could prohibit or delay the accomplishment of a change of control transaction.Risk factors (Item 1A)
Technology
Total Control®
Total Control® is a unique customer offering that enables us to develop strong, long-term relationships with our larger customers.Business (Item 1)