Cash Flow Statement

Operating Cash Flow

+17%

+95%

10Y

Currency: USD

	Mar-2002	Jun-2002	Sep-2002	Dec-2002	Mar-2003	Jun-2003	Sep-2003	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(173)	(127)	(168)	(406)	(134)	(170)	(171)	(254)	(353)	(337)	(415)	(84)	36	46	168	202	215	224	236	249	256	264	287	363	369	339	302	(704)	(761)	(815)	(889)	(60)	(81)	(52)	(29)	(26)	(6)	9	51	101	134	55	63	75	83	218	288	387	426	437	486	540	595	587	610	585	562	610	582	566	583	590	602	1 346	1 420	1 549	1 683	1 096	1 088	1 088	1 146	1 174	1 172	1 114	931	890	920	1 001	1 202	1 386	1 550	1 750	1 947	2 105	2 189	2 287	2 384	2 424	2 515	2 560	2 565	2 575	2 551	2 537	2 530	2 494
Depreciation & Amortization	417	398	399	385	391	400	400	403	412	421	429	445	448	451	455	424	424	427	429	458	465	469	476	491	497	505	510	513	510	509	493	474	463	449	448	449	451	457	468	480	498	602	754	897	1 034	1 083	1 086	1 098	1 109	1 138	1 166	1 194	1 221	1 229	1 238	1 244	1 250	1 249	1 245	1 245	1 245	1 269	1 311	1 383	1 466	1 526	1 591	1 671	1 777	1 891	1 992	2 038	2 065	2 051	2 024	1 988	1 928	1 913	1 931	1 983	2 049	2 122	2 172	2 217	2 378	2 526	2 661	2 781	2 774	2 795	2 838	2 903	2 968	3 010	3 065	3 108
Change in Deffered Taxes	103	115	101	(2)	(11)	(29)	(31)	(46)	(113)	(98)	(90)	(8)	70	77	97	117	125	125	122	130	124	104	79	61	71	93	107	(129)	(150)	(188)	(220)	4	(17)	(36)	(27)	(58)	(43)	(15)	(7)	39	49	29	28	(16)	(14)	37	76	167	186	185	204	261	278	274	221	336	322	335	332	123	108	94	130	(533)	(506)	(480)	(440)	257	241	213	184	204	184	93	21	(121)	(119)	14	102	268	302	259	241	537	535	526	495	35	(17)	(50)	(84)	(19)	(18)	(25)	271	405
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	16	4	10	12	15	12	7	5	6	7	8	10	8	7	8	8	8	9	10	11	12	14	19	26	32	37	38	43	46	49	58	60	74	76	68	63	49	44	46	45	45	52	63	76	87	90	90	96	102	98	90	74	61	59	58	62	70	78	98	113	119	122	123	125	127	127	116	104	94	98	100	101	112	120	127	135	0
Other Non-Cash Items	270	232	243	475	188	203	207	282	420	422	550	261	114	115	(28)	(65)	(67)	(74)	(53)	(36)	(32)	(33)	(57)	(67)	(63)	(62)	(53)	1 065	1 075	1 103	1 115	33	41	27	30	52	42	36	26	9	(22)	118	157	202	225	66	13	(90)	(93)	(38)	(52)	(59)	(104)	(61)	(128)	(78)	(79)	(194)	(112)	(97)	(62)	(15)	27	5	(20)	(75)	(108)	(125)	(121)	(104)	(158)	(187)	(210)	(240)	(89)	(96)	(111)	(105)	(218)	(299)	(311)	(310)	(370)	(450)	(526)	(640)	(721)	(709)	(704)	(696)	(665)	(646)	(605)	(573)	(566)	(538)
Cash Taxes Paid	(31)	(30)	(30)	(1)	(1)	(2)	(4)	(3)	0	0	0	(10)	0	0	0	8	0	0	0	17	0	0	0	84	0	0	0	46	44	42	44	3	(48)	(43)	(44)	(49)	15	17	20	24	25	32	35	40	43	47	53	48	42	53	64	100	56	94	95	60	42	33	19	99	153	155	199	205	214	185	141	71	65	105	117	238	237	186	381	318	321	405	230	202	206	246	346	326	345	386	420	493	595	887	916	994	905	928	756	602
Cash Interest Paid	212	219	227	212	208	225	207	225	0	0	0	175	0	0	0	194	0	0	0	213	0	0	0	203	0	0	0	218	0	0	0	234	0	355	374	229	0	206	230	203	243	239	281	371	421	466	474	461	455	456	454	457	464	486	446	447	425	413	437	415	436	373	426	357	420	393	431	455	481	543	556	581	576	539	539	483	476	419	407	391	373	384	368	406	435	523	562	614	631	626	663	674	701	696	696	703
Change in Working Capital	65	(43)	37	26	87	78	42	(79)	53	62	50	111	(14)	9	(98)	(49)	33	(22)	87	57	(48)	14	(40)	20	87	111	80	19	(12)	(87)	47	(13)	26	64	6	35	44	42	24	(17)	53	(146)	(348)	(437)	(452)	(147)	(122)	(11)	22	5	98	(135)	(22)	(32)	(49)	(92)	(131)	(8)	21	116	98	97	9	8	(132)	9	(150)	(46)	(107)	(294)	148	(205)	(210)	(123)	(157)	(3)	154	308	374	351	227	(26)	(140)	24	(90)	(78)	(278)	173	226	161	258	(267)	46	56	(318)	(279)
Cash from Operating Activities	681 N/A	575 -16%	612 +6%	478 -22%	520 +9%	482 -7%	448 -7%	306 -32%	419 +37%	471 +12%	525 +11%	725 +38%	654 -10%	698 +7%	594 -15%	629 +6%	730 +16%	680 -7%	821 +21%	858 +5%	765 -11%	818 +7%	745 -9%	868 +17%	961 +11%	986 +3%	946 -4%	764 -19%	662 -13%	522 -21%	546 +5%	438 -20%	432 -1%	452 +5%	428 -5%	452 +6%	488 +8%	529 +8%	562 +6%	612 +9%	712 +16%	658 -8%	654 -1%	721 +10%	876 +21%	1 257 +43%	1 341 +7%	1 551 +16%	1 650 +6%	1 727 +5%	1 902 +10%	1 801 -5%	1 968 +9%	1 997 +1%	1 892 -5%	1 995 +5%	1 924 -4%	1 992 +4%	2 068 +4%	1 953 -6%	1 972 +1%	2 035 +3%	2 079 +2%	2 209 +6%	2 228 +1%	2 529 +14%	2 576 +2%	2 853 +11%	2 878 +1%	2 794 -3%	3 312 +19%	3 024 -9%	3 001 -1%	2 895 -4%	2 730 -6%	2 658 -3%	2 772 +4%	3 131 +13%	3 391 +8%	3 689 +9%	3 817 +3%	3 795 -1%	3 850 +1%	4 433 +15%	4 486 +1%	4 621 +3%	4 541 -2%	4 704 +4%	4 794 +2%	4 770 -1%	4 912 +3%	4 546 -7%	4 942 +9%	5 005 +1%	4 982 0%	5 190 +4%
Investing Cash Flow
Capital Expenditures	(474)	(486)	(559)	(536)	(556)	(502)	(389)	(412)	(475)	(482)	(586)	(649)	(640)	(805)	(864)	(801)	(896)	(935)	(902)	(951)	(987)	(958)	(980)	(990)	(845)	(802)	(755)	(704)	(617)	(399)	(305)	(311)	(301)	(333)	(386)	(374)	(440)	(613)	(722)	(810)	(1 116)	(1 283)	(1 340)	(1 369)	(1 246)	(1 537)	(1 754)	(1 684)	(1 732)	(1 698)	(1 682)	(1 821)	(1 815)	(1 807)	(1 754)	(1 636)	(1 414)	(1 334)	(1 345)	(1 339)	(1 457)	(1 543)	(1 701)	(1 889)	(1 961)	(2 227)	(2 413)	(2 291)	(2 277)	(2 211)	(2 326)	(2 350)	(2 312)	(1 579)	(1 149)	(1 158)	(1 211)	(1 964)	(2 678)	(3 198)	(3 421)	(3 414)	(3 386)	(3 690)	(4 023)	(4 440)	(4 397)	(4 070)	(3 769)	(3 874)	(4 169)	(4 127)	(4 303)	(4 399)	(4 532)	(4 528)
Other Items	39	(26)	(13)	41	97	182	128	(76)	(90)	(62)	7	205	285	305	310	260	234	212	235	303	377	397	399	386	322	305	259	258	258	277	255	217	185	134	150	151	151	14	(31)	(55)	(65)	(989)	(864)	(735)	(633)	526	508	507	499	(248)	(193)	(179)	(179)	501	468	466	452	518	502	480	481	(478)	(535)	(1 795)	(1 767)	(778)	(1 422)	(2 260)	(2 361)	(2 341)	(1 581)	640	828	834	902	935	993	(426)	(462)	(413)	(550)	619	608	(1 326)	(1 359)	(1 012)	(788)	1 094	273	260	99	(21)	1 074	1 145	1 251	1 159
Cash from Investing Activities	(435) N/A	(512) -18%	(572) -12%	(495) +13%	(460) +7%	(320) +30%	(261) +18%	(488) -87%	(564) -16%	(544) +4%	(579) -6%	(444) +23%	(355) +20%	(500) -41%	(554) -11%	(541) +2%	(662) -22%	(723) -9%	(667) +8%	(648) +3%	(610) +6%	(561) +8%	(581) -4%	(604) -4%	(523) +13%	(497) +5%	(496) +0%	(446) +10%	(359) +20%	(122) +66%	(50) +59%	(94) -88%	(116) -23%	(199) -72%	(236) -19%	(223) +6%	(289) -30%	(599) -107%	(753) -26%	(865) -15%	(1 181) -37%	(2 272) -92%	(2 204) +3%	(2 104) +5%	(1 879) +11%	(1 011) +46%	(1 246) -23%	(1 177) +6%	(1 233) -5%	(1 946) -58%	(1 875) +4%	(2 000) -7%	(1 994) +0%	(1 306) +35%	(1 286) +2%	(1 170) +9%	(962) +18%	(816) +15%	(843) -3%	(859) -2%	(976) -14%	(2 021) -107%	(2 236) -11%	(3 684) -65%	(3 728) -1%	(3 005) +19%	(3 835) -28%	(4 551) -19%	(4 638) -2%	(4 552) +2%	(3 907) +14%	(1 710) +56%	(1 484) +13%	(745) +50%	(247) +67%	(223) +10%	(218) +2%	(2 390) -996%	(3 140) -31%	(3 611) -15%	(3 971) -10%	(2 795) +30%	(2 778) +1%	(5 016) -81%	(5 382) -7%	(5 452) -1%	(5 185) +5%	(2 976) +43%	(3 496) -17%	(3 614) -3%	(4 070) -13%	(4 148) -2%	(3 229) +22%	(3 254) -1%	(3 281) -1%	(3 369) -3%
Financing Cash Flow
Net Issuance of Common Stock	45	66	14	37	0	(27)	0	1	4	1	1	1	(1)	3	0	(6)	(7)	54	58	74	77	28	29	27	0	11	(593)	(602)	(602)	0	0	(1)	(2)	(2)	(2)	0	(2)	24	25	28	28	(99)	(107)	(110)	(134)	(85)	(93)	(109)	(142)	(275)	(412)	(611)	(894)	(866)	(880)	(788)	(609)	(624)	(610)	(527)	(385)	(214)	(64)	(53)	(256)	(423)	(632)	(815)	(829)	(866)	(865)	(859)	(895)	(690)	(485)	(285)	(40)	(42)	(38)	(34)	(322)	(821)	(1 059)	(1 068)	(1 053)	(803)	(816)	(1 070)	(1 182)	(1 307)	(1 432)	(1 571)	(1 445)	(1 500)	(1 741)	(1 969)
Net Issuance of Debt	(254)	(101)	(95)	16	(36)	(126)	(96)	265	301	178	198	(14)	(72)	(9)	(11)	(39)	(41)	(29)	(229)	(481)	(464)	(404)	(258)	(71)	(87)	(520)	130	22	(77)	268	(404)	(232)	(378)	(333)	(152)	(183)	(1)	75	29	68	3 104	1 781	1 784	1 643	(1 487)	(50)	69	(184)	(158)	559	466	829	999	310	329	87	(368)	(529)	(482)	(471)	(485)	285	284	1 594	1 724	718	1 646	2 236	2 398	2 623	1 494	(418)	(131)	(1 389)	(1 852)	(1 985)	(2 746)	(495)	(71)	(98)	304	(422)	(241)	1 644	2 081	2 019	1 994	2	648	835	1 224	1 748	344	311	588	653
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(103)	(205)	(305)	(406)	(413)	(420)	(427)	(434)	(442)	(450)	(458)	(464)
Other	(28)	(38)	36	(44)	(33)	(4)	(44)	(20)	(53)	(49)	(57)	(51)	0	(16)	(34)	(35)	(35)	(34)	2	3	5	13	28	31	29	(9)	(28)	(32)	(33)	(17)	(17)	(35)	(35)	(21)	(21)	(20)	(19)	(19)	(18)	(16)	(2 844)	(84)	(87)	(80)	2 748	(12)	(9)	(2)	(22)	(24)	(24)	(22)	(26)	(78)	(22)	(74)	(23)	45	(11)	34	0	(14)	(51)	(44)	(37)	(38)	(1)	(24)	(33)	(42)	(41)	(28)	(28)	(19)	(33)	(23)	(14)	(13)	(8)	(8)	0	(17)	(9)	(24)	0	(15)	(15)	0	(16)	(17)	(17)	(17)	(37)	(37)	(46)	(61)
Cash from Financing Activities	(237) N/A	(72) +70%	(45) +38%	9 N/A	(68) N/A	(156) -129%	(139) +11%	246 N/A	251 +2%	130 -48%	142 +9%	(64) N/A	(90) -41%	(22) +76%	(45) -105%	(80) -78%	(83) -4%	(9) +89%	(169) -1 778%	(404) -139%	(382) +5%	(363) +5%	(201) +45%	(13) +94%	(34) -162%	(518) -1 424%	(491) +5%	(612) -25%	(712) -16%	(351) +51%	(421) -20%	(268) +36%	(415) -55%	(356) +14%	(175) +51%	(203) -16%	(22) +89%	80 N/A	36 -55%	80 +122%	288 +260%	1 598 +455%	1 590 -1%	1 453 -9%	1 127 -22%	(147) N/A	(33) +78%	(295) -794%	(322) -9%	260 N/A	30 -88%	196 +553%	79 -60%	(634) N/A	(573) +10%	(775) -35%	(1 000) -29%	(1 108) -11%	(1 103) +0%	(964) +13%	(870) +10%	57 N/A	169 +196%	1 497 +786%	1 431 -4%	257 -82%	1 013 +294%	1 397 +38%	1 536 +10%	1 715 +12%	588 -66%	(1 305) N/A	(1 054) +19%	(2 098) -99%	(2 370) -13%	(2 293) +3%	(2 800) -22%	(550) +80%	(117) +79%	(140) -20%	(26) +81%	(1 260) -4 746%	(1 309) -4%	552 N/A	901 +63%	996 +11%	858 -14%	(1 474) N/A	(963) +35%	(909) +6%	(652) +28%	(274) +58%	(1 580) -477%	(1 676) -6%	(1 657) +1%	(1 841) -11%
Change in Cash
Effect of Foreign Exchange Rates	(5)	(3)	(1)	0	10	1	5	(4)	(12)	(15)	(14)	7	6	6	7	5	4	6	4	(3)	0	2	9	11	7	5	(5)	(10)	(10)	(4)	8	16	23	8	4	8	8	18	11	6	2	(1)	2	0	(3)	(7)	(5)	(10)	(15)	(4)	(14)	(14)	(23)	(27)	(30)	(29)	0	(3)	4	3	(8)	2	15	18	10	(2)	(13)	(8)	(2)	1	2	0	(2)	0	1	8	11	18	12	4	3	(8)	(7)	(7)	(7)	(6)	(6)	3	(5)	(7)	5	(30)	(20)	6	(11)	22
Net Change in Cash	5 N/A	(12) N/A	(7) +47%	(8) -23%	2 N/A	7 +261%	53 +708%	60 +14%	94 +57%	42 -56%	73 +74%	224 +207%	215 -4%	182 -15%	2 -99%	13 +550%	(11) N/A	(46) -318%	(11) +76%	(197) -1 691%	(227) -15%	(104) +54%	(28) +73%	262 N/A	411 +57%	(24) N/A	(46) -92%	(304) -561%	(419) -38%	45 N/A	83 +84%	92 +11%	(76) N/A	(95) -25%	21 N/A	34 +62%	185 +444%	28 -85%	(144) N/A	(167) -16%	(179) -7%	(17) +91%	42 N/A	70 +67%	121 +73%	92 -24%	57 -38%	69 +21%	80 +16%	37 -54%	43 +16%	(17) N/A	30 N/A	30 N/A	3 -90%	21 +600%	(38) N/A	65 N/A	126 +94%	133 +6%	118 -11%	73 -38%	27 -63%	40 +48%	(59) N/A	(221) -275%	(259) -17%	(309) -19%	(226) +27%	(42) +81%	(5) +88%	9 N/A	461 +5 022%	52 -89%	114 +119%	150 +32%	(235) N/A	209 N/A	146 -30%	(58) N/A	(177) -205%	(268) -51%	(244) +9%	(38) +84%	(2) +95%	159 N/A	208 +31%	257 +24%	330 +28%	240 -27%	195 -19%	94 -52%	113 +20%	81 -28%	33 -59%	2 -94%
Free Cash Flow
Free Cash Flow	208 N/A	88 -57%	53 -41%	(58) N/A	(36) +38%	(20) +44%	59 N/A	(106) N/A	(55) +48%	(12) +79%	(61) -434%	76 N/A	14 -82%	(107) N/A	(270) -152%	(172) +36%	(166) +3%	(255) -54%	(81) +68%	(93) -15%	(222) -139%	(140) +37%	(235) -68%	(122) +48%	116 N/A	184 +59%	191 +4%	60 -69%	45 -25%	123 +173%	241 +96%	127 -47%	131 +3%	119 -9%	42 -65%	78 +86%	48 -38%	(84) N/A	(160) -90%	(198) -24%	(404) -104%	(625) -55%	(686) -10%	(648) +6%	(370) +43%	(280) +24%	(413) -48%	(133) +68%	(82) +38%	29 N/A	220 +659%	(20) N/A	153 N/A	190 +24%	138 -27%	359 +160%	510 +42%	658 +29%	723 +10%	614 -15%	515 -16%	492 -4%	378 -23%	320 -15%	267 -17%	302 +13%	163 -46%	562 +245%	601 +7%	583 -3%	986 +69%	674 -32%	689 +2%	1 316 +91%	1 581 +20%	1 500 -5%	1 561 +4%	1 167 -25%	713 -39%	491 -31%	396 -19%	381 -4%	464 +22%	743 +60%	463 -38%	181 -61%	144 -20%	634 +340%	1 025 +62%	896 -13%	743 -17%	419 -44%	639 +53%	606 -5%	450 -26%	662 +47%

Income Statement Balance Sheet Cash Flow Statement

United Rentals Inc
F:UR3

Cash Flow Statement

Cash Flow Statement
United Rentals Inc

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United Rentals Inc F:UR3

Cash Flow Statement

Cash Flow Statement United Rentals Inc

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United Rentals Inc
F:UR3

Cash Flow Statement
United Rentals Inc