联合租赁公司United Rentals（URI）2025年年度报告「NYSE」（英文版）（128页）.pdf

1、UNITED RENTALS,INC.2025 ANNUAL REPORTANNUAL REPORT2025In 2025,we again committed to doubling down on being our customers partner of choice.This translated into working with our customers to provide an unmatched experience across our one-stop-shop of general rental and specialty products and services

2、,coupled with industry-leading technology and a world-class team.Our teams steadfast dedication to this commitment,in addition to our unwavering focus on safety and operational excellence,resulted in another year of record revenue and adjusted EBITDA1,strong free cash flow1 generation,and solid retu

3、rns.Large projects drove most of our growth in 2025,with strong demand across non-residential construction and infrastructure,while our industrial end-market saw particular strength within our power vertical.Both our general rental and specialty businesses grew year-over-year,with specialty again po

4、sting double-digit growth supported by all seven of our specialty businesses2.Looking forward,we continue to make investments in the foundation for our growth over the long-term.In 2025,we added additional fleet to meet customer demand,opened 60 new specialty branches,continued to invest in our mark

5、et-leading technology platforms,and invested in our people to ensure that we are serving our customers with best-in-class solutions and an unmatched experience.We remain focused on profitable growth,capital efficiency and the flexibility of our business model,which enable us to generate meaningful f

6、ree cash flow1 throughout the cycle.In turn,we allocate capital in ways that allow us to create long-term shareholder value.We continue to strategically differentiate ourselves in the industry and our results are a testament to this.For the full year 2025,we reported record total revenue of$16.1 bil