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United Rentals URI Labor and benefits — Cost of Revenue

Other product segments

All other rental expenses
$498M+29.4%
Repairs and maintenance
$287M+7.1%
Delivery
$276M+11.7%
Sales of rental equipment
$176M+2.9%
Sales of new equipment
$68M+11.5%
Service and other revenues
$56M0.0%
Contractor supplies sales
$30M+7.1%

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Other financials

Income statement

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Revenue$4.4B+11.8%
Gross profit$1.7B+13.0%
Operating income$1.1B+13.5%
Net income$753.0M+21.1%
EPS (diluted)$12.03+25.4%

Balance sheet

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Cash & equivalents$112.0M-79.6%
Total debt$17.3B+7.7%
Total equity$9.2B+2.1%
Total assets$31.3B+7.2%

Cash flow

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Operating cash flow$1.8B+34.9%
CapEx$1.4B+22.7%
Free cash flow-$168.0M-200%

Valuation

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Market cap$71.06B+22.8%
Enterprise value$88.23B+20.2%
P/E26.9×+4.1×
P/S4.2×+0.5×

Profitability

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Gross margin38.4%-0.9pp
Operating margin24.8%-0.7pp
Net margin15.7%-0.4pp
FCF margin33.9%—

Returns & leverage

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Return on equity28.9%-0.4pp
Debt / equity1.9×+0.1×
Current ratio0.8×-0.1×

Where this comes from

Reported directly by United Rentals in its filing.

Tagged under the XBRL concept us-gaap:CostOfRevenue.

The official record: United Rentals’s 10-Q, filed July 22, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is United Rentals's labor and benefits — cost of revenue?
United Rentals (URI) reported labor and benefits — cost of revenue of $583M in Q2 2026.
How has United Rentals's labor and benefits — cost of revenue changed year-over-year?
United Rentals's labor and benefits — cost of revenue increased by 7.4% year-over-year, from $543M to $583M.
What is the long-term trend for United Rentals's labor and benefits — cost of revenue?
Over 3 years (2022 to 2025), United Rentals's labor and benefits — cost of revenue has grown at a 11.6% compound annual growth rate (CAGR), from $1.55B to $2.16B.
What does labor and benefits — cost of revenue mean?
This metric represents the direct personnel-related expenses, including wages, salaries, benefits, and payroll taxes, associated with the delivery of rental services and equipment maintenance. It captures the human capital investment required to support the operational capacity of the rental fleet and field service activities. As a component of the cost of revenue, this figure reflects the variable and semi-fixed labor costs necessary to generate rental and related service income.