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United Rentals cash flow, quarter by quarter

Latest: Q1 2026 · from the cash-flow statements filed with the SEC

Free cash flow$1.5B in Q1 2026 · $6.2B over twelve months

Operating cash flow$1.5B
Free cash flow+$1.5B

Analysis

In Q1 2026, United Rentals generated $1.5B of operating cash flow. That is $89.0M more than in Q1 2025 ($1.4B).

Over the twelve months to Sep 30, 2026, operating cash flow was $6.2B; the largest uses were other investing ($3.7B), buybacks ($1.8B), acquisitions ($862M); besides operations, cash came from net borrowing (+) / repaid (−) ($345M), asset & business sales ($56.0M); the cash balance fell by $359M.

Operating cash flow was $1.5B against net income of $531M — 2.9× profit, cash ran ahead of reported earnings. The largest differences: payables +$198M, depreciation & amortization +$114M, deferred taxes +$83.0M.

Its cash conversion cycle was 33 days (receivables 57 + inventory 9 − payables 33).

Free cash flow

United Rentals: free cash flow by quarterUnited Rentals: free cash flow by quarter−$168MQ3 2024$471MQ4 2024$1.4BQ1 2025$1.3BQ2 2025$1.2BQ3 2025$1.3BQ4 2025$1.5BQ1 2026
Operating cash flow less capital spending.
United Rentals: operating cash flow against capital spendingUnited Rentals: operating cash flow against capital spendingOperating cash flowCapital spending$1.2B$1.4BQ3 2024$1.0B$577MQ4 2024$1.4B$0Q1 2025$1.3B$0Q2 2025$1.2B$0Q3 2025$1.3B$0Q4 2025$1.5B$0Q1 2026
Latest (Q1 2026): Operating cash flow $1.5B, Capital spending $0.

Capital allocation, year by year

United Rentals: where the cash came from (up) and went (down), by fiscal yearUnited Rentals: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $3.7BFY2021: Net borrowing −$167MFY2021: Asset sales $30.0MFY2021: Capital spending −$3.2BFY2021: Acquisitions −$1.4BFY2021: Buybacks −$34.0M$3.7BFY2021FY2022: Operating cash flow $4.4BFY2022: Net borrowing $1.6BFY2022: Asset sales $24.0MFY2022: Capital spending −$3.7BFY2022: Acquisitions −$2.3BFY2022: Buybacks −$1.1B$6.0BFY2022FY2023: Operating cash flow $4.7BFY2023: Asset sales $60.0MFY2023: Capital spending −$3.9BFY2023: Acquisitions −$574MFY2023: Buybacks −$1.1BFY2023: Dividends −$406M$4.8BFY2023FY2024: Operating cash flow $4.5BFY2024: Net borrowing $1.7BFY2024: Asset sales $67.0MFY2024: Capital spending −$4.1BFY2024: Acquisitions −$1.7BFY2024: Buybacks −$1.6BFY2024: Dividends −$434M$6.3BFY2024FY2025: Operating cash flow $5.2BFY2025: Net borrowing $553MFY2025: Asset sales $56.0MFY2025: Acquisitions −$357MFY2025: Buybacks −$2.0BFY2025: Dividends −$464M$5.8BFY2025
Over these 5 years operating cash flow totalled $22.6B; the largest uses were capital spending ($14.9B) and acquisitions ($6.4B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$459M
Debt$14.3B
Net debt$13.8B
Due within a year$1.6B

United Rentals funds itself: free cash flow was $6.2B over the last twelve months, and $459M of cash and investments stands against $14.3B of debt ($1.6B due within a year, 0.3× covered by cash).

United Rentals: debt maturities by year (FY2025)United Rentals: debt maturities by year (FY2025)$1.6BYear 1$851MYear 2$1.7BYear 3$1.5BYear 4$3.2BYear 5$5.4BAfter year 5
Principal due in each year as disclosed in the annual report, against $459M of cash and investments now.

Where the cash came from and went

United Rentals: sources (+) and uses (−) of cash, Q1 2026United Rentals: sources (+) and uses (−) of cash, Q1 2026Operating cash flow$1.5BOther investing−$470MBuybacks−$421MAcquisitions−$396MNet borrowing (+) / repaid (−)−$394MCash drawn (+) / kept (−)$303MDividends−$125MOther financing−$18.0MAsset & business sales$13.0MExchange rates−$6.0M
United Rentals: sources (+) and uses (−) of cash, TTM to Q3 2026United Rentals: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$6.2BOther investing−$3.7BBuybacks−$1.8BAcquisitions−$862MDividends−$485MCash drawn (+) / kept (−)$359MNet borrowing (+) / repaid (−)$345MAsset & business sales$56.0MOther financing−$34.0MExchange rates−$1.0M

From profit to cash

United Rentals: net income to operating cash flow, Q1 2026United Rentals: net income to operating cash flow, Q1 2026Net income$531MDepreciation & amortization$114MStock-based pay$36.0MDeferred taxes$83.0MGains on disposals−$4.0MReceivables−$29.0MInventory−$14.0MPayables$198MAccrued liabilities−$36.0MPrepaid and other assets$75.0MOperating cash flow$1.5B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q1 20265793333
Q4 20255683628
Q3 20255494914
Q2 20255494716
Q1 20255683431
Q4 20245383724
Q3 20245485012

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q1 2026$1.5B—−$396M−$421M−$125M−$394M$303M$1.5B
Q4 2025$1.3B—−$335M−$631M−$114M$48.0M$53.0M$1.3B
Q3 2025$1.2B—−$6.0M−$618M−$115M$728M$36.0M$1.2B
Q2 2025$1.3B—$1.0M−$431M−$117M$415M−$6.0M$1.3B
Q1 2025$1.4B—−$17.0M−$289M−$118M−$538M−$85.0M$1.4B
Q4 2024$1.0B−$577M−$313M−$403M−$108M−$17.0M$22.0M$471M
Q3 2024$1.2B−$1.4B−$108M−$377M−$107M$451M−$12.0M−$168M

United Rentals: income statement and cash flow

United Rentals, Q3 2026: revenue $4.9B (+16% year over year), operating margin 28.8%. The chart follows the revenue to costs, profit and cash.

United Rentals: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.