Complexes sportifs d’un milliard

total 2020 revenues



across North America & Europe as of 31 décembre 2020



approximately as of 31 décembre 2020



return on invested capital for 2019

Letter to Stockholders

From CEO and Chairman

We executed well in a difficult year, drawing on the disciplines we’ve engineered into our business for more than a decade. Most importantly, we delivered on our promises.

Nothing about 2020 was business as usual. The year began on a positive note that dissipated as the pandemic took root. We moved quickly to establish the priorities that would guide us in the coming months: protect our employees, provide continuity of service for our customers, maintain our service capacity and safeguard the interests of our investors. We’re proud that United Rentals met all of these objectives, while providing essential services to our communities.

[continued below]

Additional Investor Relations Sections to Explore

Letter to Stockholders, cont.

[continued from above]

The trough for equipment rental came in April, and demand stayed at low ebb for several weeks before starting to improve. Our agility served us well in the unpredictable market conditions that followed. By year-end, most of our markets were on a steady path to recovery that has continued into 2021.

For the full year 2020, we reported total revenue of over $8.5 billion, GAAP diluted earnings per share of $12.20, and adjusted EPS1 of $17.44. Net income was $890 million, and adjusted EBITDA1 was $3.9 billion. Our return on invested capital (ROIC) at year-end was 8.9%, which comfortably exceeded our weighted average cost of capital of approximately 7.0%

In 2020, we achieved a net income margin of 10.4% and an adjusted EBITDA margin1 of 46.1% — within 220 and 50 basis points of 2019, respectively, despite significantly lower demand. We also generated net cash provided by operating activities of $2.7 billion and record free cash flow1 of $2.4 billion, contributing to the $3.1 billion of total liquidity we had at year-end.

These results reflect the considerable economic constraints of the pandemic, mitigated by the resilience of our business model. Beyond that, our performance reflects the fierce determination of our team, strong capital management and rigorous cost discipline.

A Purposeful Response

To manage effectively through the pandemic, we took a balanced short-term and long-term view. Each time we committed to a course of action, we considered all of the implications of that decision. For instance, with capital expenditures, we aggressively curtailed fleet purchases in 2020 while continuing with the planned opening of 15 specialty rental cold-starts. We chose to use the excess capital to reduce our net leverage ratio to 2.4x at year-end, below the mid-point of our target range of 2.0x to 3.0x.

Cost discipline is a perpetual focus for our business. At the start of the pandemic, we made a deliberate decision to avoid reactive cuts to our operations that would harm customer service, slow us down in the upcycle or impact our longer-term earnings power. To make this work, our branch teams adjusted the way they shared fleet. They also reduced their reliance on outside resources, and some team members took on cross-functional roles. The learnings we gained from these experiences have been incorporated into our operations, and we’re leveraging them as demand rebounds.

We’re tremendously proud of all our employees for their perseverance and their professionalism. 2020 asked a lot of them and they delivered. Due to the efforts of Team United, our company’s safety recordable rate remained below 1.0 for all four quarters of 2020, which is a remarkable achievement. And it’s to their credit that our COVID-19 protocols were adopted so quickly, allowing our company to serve our customers safely.


Now, in 2021, our strategy of keeping the key in the ignition on service capacity has turned out to be the right decision. Demand is continuing to recover and we have a powerful engine driving the business toward a return to growth. While visibility is still imperfect, the current trends in our end-markets are decidedly encouraging.

Our full-year guidance for 2021 is for total revenue in the range of $8.625 billion to $9.025 billion, and adjusted EBITDA of $3.925 billion to $4.125 billion. We expect net rental capex to be between $1.15 billion and $1.45 billion, after gross purchases of $2.0 billion to $2.3 billion. We’re guiding to net cash provided by operating activities in the range of $2.95 billion to $3.45 billion, and free cash flow of $1.65 billion to $1.85 billion.

The silver lining to last year is that it gave us an opportunity to show how purposefully we can operate our resilient company, to generate returns across cycles. We prevailed in 2020 by prioritizing safety, executing well, mitigating risk and maintaining our financial stability. That’s what our investors expect, and that’s what United Rentals will continue to deliver.

24 mars 2021

Matthew J. Flannery, President & Chief Executive Officer

matthew flannery headshot


Michael J. Kneeland Chairman of the Board


michael kneeland headshot

Additional Information and Notes
Additional Information and Notes
Corporate Headquarters

United Rentals, Inc.

100 First Stamford Place, Suite 700 Stamford, CT 06902
Phone: (203) 622-3131
Télécopieur : (203) 622-6080


Independent Auditors

Ernst & Young LLP

5 Times Square
New York, NY 10036
(212) 773-3000

Investor Information

Investment professionals may contact:

Ted Grace
(203) 618-7122


Wednesday, 8 mai 2019 at 9h00 Eastern Time.
Hyatt Regency Greenwich
1800 East Putnam Avenue
Old Greenwich, CT 06870

Stockholder Information

For stockholder services 24 hours a day: 

Call toll-free (800) 937-5449 in the United States please visit our and Canada, (718) 921-8200. 

E-Mail: investors@unitedrentals.com 

To speak to a stockholder services representative, please call between 8h00 and 18h00 Eastern Time, Monday through Friday. 

  • Renseignements sur le compte
  • Transfer requirements
  • Lost certificates
  • Change of address
  • Tax forms


American Stock Transfer & Trust Company
6201 15th Avenue 
Brooklyn, NY 11219

Additional Notes

Note about picture: United Rentals was the primary rental equipment provider as the New York State Thruway Authority replaced the Tappan Zee Bridge with a new 3.1-mile state-of-the-art, twin-span bridge across the Hudson River 20 miles north of New York City. The $3.98 billion Governor Mario M. Cuomo Bridge is one of the largest single design-build contracts for a transportation project in the United States.

© United Rentals, Inc., 2019. The United Rentals name and logo are registered trademarks of United Rentals, Inc. and its affiliates. Tous droits réservés. All other trademarks, service marks and brand names that appear in this document are the property of their respective owners.